Aim International Mutual Funds NCSRS Certified semi-annual shareholder report (management investment company)

Aim International Mutual Funds N-CSRSCertified semi-annual shareholder report (management investment company)

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: 04/30/21

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, 2021

		Invesco Advantage International Fund
		Nasdaq:
		A: QMGAX ∎ C: QMGCX ∎ R: QMGRX ∎ Y: QMGYX ∎ R5: GMAGX ∎ R6: QMGIX

LOGO


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

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

Unless otherwise noted, all data 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, 10/31/20 to 4/30/21, 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	21.23	%

Class C Shares	20.81

Class R Shares	21.04

Class Y Shares	21.44

Class R5 Shares	21.32

Class R6 Shares	21.40

MSCI All Country World ex USA Index^q	27.40
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 Advantage International Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (8/27/15)	6.56	%
5 Years	7.26
1 Year	26.25

Class C Shares
Inception (8/27/15)	6.84	%
5 Years	7.69
1 Year	31.67

Class R Shares
Inception (8/27/15)	7.38	%
5 Years	8.23
1 Year	33.33

Class Y Shares
Inception (8/27/15)	7.83	%
5 Years	8.70
1 Year	34.11

Class R5 Shares
Inception	7.73	%
5 Years	8.59
1 Year	34.01

Class R6 Shares
Inception (8/27/15)	7.92	%
5 Years	8.77
1 Year	34.17

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 22-24, 2021, 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, 2020 through December 31, 2020 (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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests-60.24%

Australia-3.09%
BHP Group Ltd.		3,363	$	122,246

BHP Group PLC		3,104		93,777

Brambles Ltd.		2,506		20,090

Coles Group Ltd.		883		11,109

Fortescue Metals Group Ltd.		5,000		87,062

Glencore PLC		6,935		28,247

Goodman Group		779		11,358

Macquarie Group Ltd.		26		3,217

Newcrest Mining Ltd.		286		5,805

Rio Tinto Ltd.		831		77,709

Rio Tinto PLC		1,740		146,232

Telstra Corp. Ltd.		4,350		11,368

Wesfarmers Ltd.		883		36,841

Woolworths Group Ltd.		779		23,607

				678,668


Austria-0.04%
OMV AG		195		9,586


Belgium-0.35%
Anheuser-Busch InBev S.A./N.V.		831		58,927

Groupe Bruxelles Lambert S.A.		39		4,265

KBC Group N.V.^(a)		78		6,062

UCB S.A.		78		7,231

				76,485


Brazil-2.01%
Ambev S.A.		4,300		11,827

B3 S.A. - Brasil, Bolsa, Balcao		2,400		22,754

Banco Bradesco S.A., Preference Shares		4,862		21,347

Banco do Brasil S.A.		1,100		6,002

CCR S.A.		2,900		6,428

Gerdau S.A., Preference Shares		1,100		6,727

Itau Unibanco Holding S.A., Preference Shares		1,600		8,109

Itausa S.A., Preference Shares		2,200		4,074

Lojas Renner S.A.		800		5,950

Magazine Luiza S.A.		3,400		12,537

Natura & Co. Holding S.A.^(a)		700		6,281

Petroleo Brasileiro S.A., Preference Shares		26,000		113,055

Suzano S.A.^(a)		200		2,528

Vale S.A.		8,900		178,621

WEG S.A.		4,400		28,358

XP, Inc., Class A^(a)		208		8,237

				442,835


Chile-0.09%
Cencosud S.A.		1,597		3,315

Empresas CMPC S.A.		1,117		3,104

Falabella S.A.		3,039		13,726

				20,145


	Shares		Value
China-8.94%
Agricultural Bank of China Ltd., H Shares		18,000	$	6,983

Alibaba Group Holding Ltd., ADR^(a)		688		158,894

Alibaba Health Information Technology Ltd.^(a)		4,000		12,179

Anhui Conch Cement Co. Ltd., H Shares		1,500		8,963

ANTA Sports Products Ltd.		1,000		17,916

Autohome, Inc., ADR		78		7,233

Baidu, Inc., ADR^(a)		818		172,050

Bank of China Ltd., H Shares		65,000		25,848

Bank of Communications Co. Ltd., H Shares		24,000		15,353

BeiGene Ltd., ADR^(a)		65		22,330

Beijing Enterprises Holdings Ltd.		1,000		3,266

Bilibili, Inc., ADR^(a)		104		11,529

BOC Hong Kong Holdings Ltd.		1,500		5,286

Brilliance China Automotive Holdings Ltd.^(b)		6,000		5,639

BYD Co. Ltd., H Shares		1,500		30,756

China CITIC Bank Corp. Ltd., H Shares		9,000		4,707

China Construction Bank Corp., H Shares		105,000		83,091

China Everbright Bank Co. Ltd., H Shares		8,000		3,343

China Feihe Ltd.^(c)		3,000		8,569

China Galaxy Securities Co. Ltd., H Shares		4,500		2,675

China Life Insurance Co. Ltd., H Shares		10,000		20,313

China Mengniu Dairy Co. Ltd.		1,000		5,353

China Merchants Bank Co. Ltd., H Shares		6,000		48,293

China Minsheng Banking Corp. Ltd., H Shares		13,000		6,662

China Overseas Land & Investment Ltd.		11,500		29,050

China Pacific Insurance (Group) Co. Ltd., H Shares		3,200		11,540

China Petroleum & Chemical Corp., H Shares		34,000		16,815

China Resources Beer Holdings Co. Ltd.		2,000		16,191

China Resources Cement Holdings Ltd.		2,000		2,181

China Resources Land Ltd.		2,000		9,375

China Resources Pharmaceutical Group Ltd.^(c)		5,000		3,374

China Shenhua Energy Co. Ltd., H Shares		2,000		4,164

China Taiping Insurance Holdings Co. Ltd.		3,000		5,562

China Tower Corp. Ltd., H Shares^(c)		80,000		11,496

CITIC Ltd.		8,000		8,421

CITIC Securities Co. Ltd., H Shares		3,500		8,420

Country Garden Holdings Co. Ltd.		4,000		4,761

Country Garden Services Holdings Co. Ltd.		2,000		20,901

CSPC Pharmaceutical Group Ltd.		12,640		15,640

ENN Energy Holdings Ltd.		500		8,513

GDS Holdings Ltd., ADR^(a)		52		4,314

Geely Automobile Holdings Ltd.		6,000		15,489

GF Securities Co. Ltd., H Shares		2,400		3,474

Great Wall Motor Co. Ltd., H Shares		7,500		18,436

GSX Techedu, Inc., ADR^(a)		130		4,153

Haier Smart Home Co. Ltd., H Shares^(a)		1,600		6,891

Haitong Securities Co. Ltd., H Shares		3,200		2,860

Hengan International Group Co. Ltd.		1,000		6,482

Huazhu Group Ltd., ADR^(a)		78		4,599

Industrial & Commercial Bank of China Ltd., H Shares		80,000		52,114

Innovent Biologics, Inc.^(a)(c)		1,000		10,818

JD.com, Inc., ADR^(a)		1,390		107,530

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

5 Invesco Advantage International Fund


	Shares		Value

China-(continued)
Kunlun Energy Co. Ltd.		6,000	$	6,430

Lenovo Group Ltd.		22,000		30,130

Li Ning Co. Ltd.		3,000		24,379

Longfor Group Holdings Ltd.^(c)		1,000		6,215

Meituan, B Shares^(a)(c)		1,900		72,342

Momo, Inc., ADR		805		11,801

NetEase, Inc., ADR		1,390		155,763

New China Life Insurance Co. Ltd., H Shares		1,100		4,237

New Oriental Education & Technology Group, Inc., ADR^(a)		4,532		69,158

Nongfu Spring Co. Ltd., H Shares^(a)(c)		2,200		11,666

PetroChina Co. Ltd., H Shares		56,000		20,182

PICC Property & Casualty Co. Ltd., H Shares		6,000		5,884

Pinduoduo, Inc., ADR^(a)		519		69,510

Ping An Insurance (Group) Co. of China Ltd., H Shares		3,500		38,241

Postal Savings Bank of China Co. Ltd., H Shares^(c)		6,000		3,895

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		4,000		8,950

Shenzhou International Group Holdings Ltd.		600		13,128

Shimao Group Holdings Ltd.		1,500		4,342

Sino Biopharmaceutical Ltd.		11,500		12,368

Sinopharm Group Co. Ltd., H Shares		2,800		8,680

Sunac China Holdings Ltd.		1,000		3,888

Sunny Optical Technology Group Co. Ltd.		500		12,065

TAL Education Group, ADR^(a)		78		4,442

Tencent Holdings Ltd.		1,500		119,960

Tencent Music Entertainment Group, ADR^(a)		1,545		26,914

Trip.com Group Ltd., ADR^(a)		260		10,161

Vipshop Holdings Ltd., ADR^(a)		182		5,600

Want Want China Holdings Ltd.		6,000		4,346

Weibo Corp., ADR^(a)		143		7,207

Weichai Power Co. Ltd., H Shares		4,000		9,235

Wilmar International Ltd.		1,800		7,063

WuXi AppTec Co. Ltd., H Shares^(c)		200		4,713

Wuxi Biologics Cayman, Inc.^(a)(c)		3,000		42,080

Yihai International Holding Ltd.		1,000		9,772

Yum China Holdings, Inc.		91		5,726

Zhongsheng Group Holdings Ltd.		500		3,778

Zijin Mining Group Co. Ltd., H Shares		4,000		5,596

ZTO Express Cayman, Inc., ADR		156		5,017

				1,965,659


Colombia-0.03%
Bancolombia S.A., Preference Shares		584		4,357

Interconexion Electrica S.A. ESP		455		2,592

				6,949


Denmark-1.69%
AP Moller - Maersk A/S, Class B		13		32,271

Carlsberg A/S, Class B		26		4,554

Coloplast A/S, Class B		91		15,057

Danske Bank A/S		675		12,835

DSV Panalpina A/S		104		23,154

Genmab A/S^(a)		39		14,388

Novo Nordisk A/S, Class B		2,597		191,947

Novozymes A/S, Class B		169		12,022

Orsted A/S^(c)		156		22,683


	Shares		Value

Denmark-(continued)
Vestas Wind Systems A/S		1,040	$	43,177

				372,088


Finland-0.36%
Fortum OYJ		260		6,840

Kone OYJ, Class B		221		17,367

Neste OYJ		273		16,564

Nokia OYJ^(a)		5,272		24,979

UPM-Kymmene OYJ		364		14,238

				79,988


France-4.27%
Air Liquide S.A.		273		45,981

AXA S.A.		753		21,303

BNP Paribas S.A.^(a)		584		37,498

Bouygues S.A.		247		10,581

Bureau Veritas S.A.^(a)		104		3,110

Capgemini SE		104		19,049

Carrefour S.A.		636		12,312

Cie de Saint-Gobain^(a)		571		36,031

Cie Generale des Etablissements Michelin S.C.A.		130		18,805

Credit Agricole S.A.^(a)		818		12,662

Danone S.A.		273		19,240

Dassault Systemes SE		26		6,030

Electricite de France S.A.^(a)		558		8,150

ENGIE S.A.^(a)		1,558		23,164

Faurecia SE^(a)		13		700

Gecina S.A.		91		13,307

Hermes International		26		32,626

Kering S.A.		52		41,655

Legrand S.A.		104		10,125

L’Oreal S.A.		182		74,746

LVMH Moet Hennessy Louis Vuitton SE		91		68,491

Orange S.A.		1,415		17,635

Pernod Ricard S.A.		78		16,005

Sanofi		948		99,408

Sartorius Stedim Biotech		52		23,892

Schneider Electric SE		610		97,528

Societe Generale S.A.^(a)		1,364		38,830

Thales S.A.		65		6,623

TOTAL SE		1,169		51,755

Veolia Environnement S.A.		234		7,451

Vinci S.A.		493		54,157

Vivendi SE		273		9,516

				938,366


Germany-3.70%
adidas AG^(a)		130		40,144

Allianz SE		221		57,496

BASF SE		792		63,874

Bayer AG		636		41,142

Bayerische Motoren Werke AG		117		11,727

Beiersdorf AG		26		2,935

Continental AG^(a)		100		13,545

Daimler AG		455		40,495

Deutsche Bank AG^(a)		1,104		15,400

Deutsche Post AG		844		49,672

Deutsche Telekom AG		1,870		36,018

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

6 Invesco Advantage International Fund


	Shares		Value

Germany-(continued)
Deutsche Wohnen SE		818	$	44,311

Evonik Industries AG		831		29,096

Fresenius Medical Care AG & Co. KGaA		182		14,486

Fresenius SE & Co. KGaA		623		30,668

Henkel AG & Co. KGaA, Preference Shares		117		13,439

Infineon Technologies AG		532		21,484

Knorr-Bremse AG		42		5,159

Merck KGaA		200		35,206

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		78		22,560

RWE AG		169		6,404

SAP SE		221		31,086

Sartorius AG, Preference Shares		78		44,004

Siemens AG		390		65,090

Volkswagen AG, Preference Shares		247		64,501

Vonovia SE		208		13,679

				813,621


Hong Kong-1.59%
AIA Group Ltd.		6,800		86,444

CK Asset Holdings Ltd.		5,000		31,351

CK Hutchison Holdings Ltd.		3,500		28,680

CK Infrastructure Holdings Ltd.		500		3,063

CLP Holdings Ltd.		500		4,933

Henderson Land Development Co. Ltd.		1,000		4,444

Hong Kong & China Gas Co. Ltd. (The)		7,850		12,588

Hong Kong Exchanges & Clearing Ltd.		1,900		114,761

Hongkong Land Holdings Ltd.		1,900		9,406

Link REIT		1,800		17,008

MTR Corp. Ltd.		500		2,784

Sun Hung Kai Properties Ltd.		1,500		22,643

WH Group Ltd.		7,500		6,548

Wharf Real Estate Investment Co. Ltd.		1,000		5,746

				350,399


Indonesia-0.27%
PT Astra International Tbk		18,900		7,174

PT Bank Central Asia Tbk		4,800		10,620

PT Bank Mandiri (Persero) Tbk		9,100		3,885

PT Indofood Sukses Makmur Tbk		6,900		3,115

PT Kalbe Farma Tbk		31,500		3,139

PT Telkom Indonesia (Persero) Tbk		137,300		30,353

				58,286


Ireland-0.32%
CRH PLC		195		9,214

Flutter Entertainment PLC^(a)		247		50,609

Kerry Group PLC, Class A		78		10,108

				69,931


Israel-0.01%
Check Point Software Technologies Ltd.^(a)		26		3,037


Italy-0.73%
Assicurazioni Generali S.p.A.^(a)		792		15,923

Atlantia S.p.A.^(a)		468		9,149

Enel S.p.A.		4,272		42,552

Eni S.p.A.		3,026		36,106

Ferrari N.V.		39		8,360

Intesa Sanpaolo S.p.A.^(a)		7,935		22,197


	Shares		Value

Italy-(continued)
Poste Italiane S.p.A.^(c)		468	$	6,148

UniCredit S.p.A.		1,831		18,915

				159,350


Japan-10.00%
Aeon Co. Ltd.		600		16,382

Ajinomoto Co., Inc.		400		7,995

Asahi Group Holdings Ltd.		200		8,358

Asahi Kasei Corp.		400		4,210

Astellas Pharma, Inc.		1,400		21,025

Bridgestone Corp.		800		32,060

Canon, Inc.		700		16,587

Central Japan Railway Co.		100		14,615

Chubu Electric Power Co., Inc.		700		8,474

Chugai Pharmaceutical Co. Ltd.		600		22,544

Dai-ichi Life Holdings, Inc.		1,600		28,797

Daiichi Sankyo Co. Ltd.		700		17,860

Daikin Industries Ltd.		200		40,154

Denso Corp.		500		32,319

East Japan Railway Co.		100		6,836

Eisai Co. Ltd.		200		13,060

FANUC Corp.		200		46,112

FUJIFILM Holdings Corp.		100		6,488

Fujitsu Ltd.		100		15,842

Hitachi Ltd.		400		19,707

Honda Motor Co. Ltd.		1,400		41,424

Hoya Corp.		400		45,541

INPEX Corp.		3,300		22,346

ITOCHU Corp.		1,400		43,678

Japan Post Holdings Co. Ltd.^(a)		900		7,560

Japan Tobacco, Inc.		800		14,967

Kao Corp.		400		25,693

KDDI Corp.		1,700		51,445

Keyence Corp.		110		52,904

Kirin Holdings Co. Ltd.		500		9,384

Komatsu Ltd.		700		20,546

Kubota Corp.		500		11,764

Kyocera Corp.		200		12,152

M3, Inc.		500		34,582

MEIJI Holdings Co. Ltd.		100		6,195

Mitsubishi Corp.		1,700		47,000

Mitsubishi Electric Corp.		900		13,862

Mitsubishi Estate Co. Ltd.		500		8,219

Mitsubishi UFJ Financial Group, Inc.		9,600		51,301

Mitsui & Co. Ltd.		1,400		29,526

Mitsui Fudosan Co. Ltd.		400		8,679

Mizuho Financial Group, Inc.		1,270		18,090

MS&AD Insurance Group Holdings, Inc.		500		14,165

Murata Manufacturing Co. Ltd.		400		31,768

Nexon Co. Ltd.		200		6,628

Nidec Corp.		920		106,643

Nintendo Co. Ltd.		200		114,584

Nippon Paint Holdings Co. Ltd.		1,400		20,000

Nippon Telegraph & Telephone Corp.		3,700		93,165

Nissan Motor Co. Ltd.^(a)		900		4,514

Nitori Holdings Co. Ltd.		100		17,922

Nomura Holdings, Inc.		3,100		16,716

NTT Data Corp.		300		4,664

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

7 Invesco Advantage International Fund


	Shares		Value

Japan-(continued)
Olympus Corp.		1,100	$ 22,630

Ono Pharmaceutical Co. Ltd.		500	12,592

Oriental Land Co. Ltd.		100	14,166

ORIX Corp.		1,300	21,018

Otsuka Holdings Co. Ltd.		300	11,545

Panasonic Corp.		1,300	15,344

Recruit Holdings Co. Ltd.		1,400	63,326

Renesas Electronics Corp.^(a)		700	8,144

Secom Co. Ltd.		100	8,308

Sekisui House Ltd.		1,100	22,243

Seven & i Holdings Co. Ltd.		700	30,138

Shin-Etsu Chemical Co. Ltd.		100	16,897

Shionogi & Co. Ltd.		300	15,783

Shiseido Co. Ltd.		100	7,258

SMC Corp.		50	29,048

Softbank Corp.		1,800	23,221

SoftBank Group Corp.		500	45,113

Sompo Holdings, Inc.		300	11,153

Sony Group Corp.		700	70,059

Subaru Corp.		200	3,713

Sumitomo Corp.		1,100	14,985

Sumitomo Mitsui Financial Group, Inc.		1,600	55,705

Sumitomo Mitsui Trust Holdings, Inc.		300	10,218

Sumitomo Realty & Development Co. Ltd.		100	3,331

Suzuki Motor Corp.		100	3,799

Sysmex Corp.		200	20,001

Takeda Pharmaceutical Co. Ltd.		938	31,372

Terumo Corp.		200	7,566

Tokio Marine Holdings, Inc.		300	14,375

Tokyo Electron Ltd.		100	44,046

Tokyo Gas Co. Ltd.		1,000	20,254

Toyota Industries Corp.		100	8,010

Toyota Motor Corp.		1,300	97,484

Unicharm Corp.		200	7,751

Z Holdings Corp.		4,400	20,296

			2,197,944


Macau-0.04%
Galaxy Entertainment Group Ltd.^(a)		1,000	8,780


Malaysia-0.28%
Axiata Group Bhd.		15,000	14,166

CIMB Group Holdings Bhd.		3,400	3,435

Genting Bhd.		2,700	3,282

Hartalega Holdings Bhd.		3,600	9,039

IHH Healthcare Bhd.		3,600	4,727

MISC Bhd.		2,200	3,640

Petronas Chemicals Group Bhd.		2,200	4,402

Petronas Gas Bhd.		900	3,457

RHB Bank Bhd.		2,400	3,050

Sime Darby Bhd.		10,700	5,901

Tenaga Nasional Bhd.		2,500	6,078

			61,177


Mexico-0.62%
Fomento Economico Mexicano, S.A.B. de C.V., ADR		104	8,060

Gruma S.A.B. de C.V., Class B		245	2,664

Grupo Bimbo S.A.B. de C.V., Series A		2,000	4,003


	Shares		Value

Mexico-(continued)
Grupo Elektra S.A.B. de C.V.		155	$ 11,645

Grupo Financiero Banorte S.A.B. de C.V., Class O		1,000	5,689

Grupo Mexico S.A.B. de C.V., Class B		2,300	10,397

Industrias Penoles S.A.B. de C.V.^(a)		200	2,576

Wal-Mart de Mexico S.A.B. de C.V., Series V		28,173	92,222

			137,256


Netherlands-2.44%
Adyen N.V.^(a)(c)		26	63,843

Akzo Nobel N.V.		91	10,928

ASML Holding N.V.		299	194,666

EXOR N.V.		221	18,206

Heineken Holding N.V.		104	10,327

ING Groep N.V.		1,961	25,071

Koninklijke Ahold Delhaize N.V.		1,753	47,184

Koninklijke DSM N.V.		143	25,643

Koninklijke KPN N.V.		3,273	11,275

Koninklijke Philips N.V.^(a)		701	39,501

NXP Semiconductors N.V.		299	57,560

Prosus N.V.^(a)		117	12,686

Wolters Kluwer N.V.		221	20,005

			536,895


Norway-0.12%
DNB ASA		429	9,217

Equinor ASA		416	8,414

Telenor ASA		544	9,708

			27,339


Peru-0.04%
Credicorp Ltd.		65	7,761


Philippines-0.09%
Ayala Corp.		350	5,390

Ayala Land, Inc.		10,900	7,289

SM Prime Holdings, Inc.		10,500	7,509

			20,188


Poland-0.09%
Bank Polska Kasa Opieki S.A.^(a)		416	8,783

KGHM Polska Miedz S.A.^(a)		195	9,994

			18,777


Russia-1.13%
Gazprom PJSC, ADR		3,311	20,164

Lukoil PJSC, ADR^(d)		254	19,416

Lukoil PJSC, ADR^(d)		356	27,497

Magnit PJSC, GDR^(c)		182	2,563

MMC Norilsk Nickel PJSC, ADR		493	16,841

Novatek PJSC, GDR^(c)		13	2,340

Polyus PJSC, GDR^(c)		78	7,227

Rosneft Oil Co. PJSC, GDR^(c)		584	4,038

Sberbank of Russia PJSC, ADR		6,155	97,064

Severstal PAO, GDR^(c)		234	5,508

Surgutneftegas PJSC, ADR		5,454	24,488

Tatneft PJSC, ADR		221	10,056

Yandex N.V., Class A^(a)		182	11,930

			249,132

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

8 Invesco Advantage International Fund


	Shares		Value
Saudi Arabia-0.04%
Delivery Hero SE^(a)(c)		52	$ 8,256

Singapore-0.09%
CapitaLand Ltd.		1,000	2,791
Oversea-Chinese Banking Corp. Ltd.		1,200	11,007
Singapore Telecommunications Ltd.		2,700	5,067
			18,865

South Africa-0.67%
Absa Group Ltd.		1,273	10,748
Anglo American PLC		1,545	65,606
Discovery Ltd.^(a)		961	8,751
FirstRand Ltd.		2,260	7,950
Gold Fields Ltd.		1,441	13,507
Naspers Ltd., Class N		91	20,791
Shoprite Holdings Ltd.		1,312	13,074
Standard Bank Group Ltd.		818	6,653
			147,080

South Korea-2.12%
Celltrion, Inc.^(a)		39	9,306
Hyundai Mobis Co. Ltd.		143	34,582
Hyundai Motor Co.		52	9,861
KB Financial Group, Inc.		403	19,801
Kia Corp.		78	5,382
LG Chem Ltd.		26	21,727
LG Household & Health Care Ltd.		3	4,144
NAVER Corp.		260	83,783
POSCO		13	4,246
Samsung Biologics Co. Ltd.^(a)(c)		13	9,378
Samsung Electronics Co. Ltd.		2,039	148,994
Samsung SDS Co. Ltd.		65	10,656
SK Hynix, Inc.		701	80,259
SK Telecom Co. Ltd.		91	24,782
			466,901

Spain-1.10%
Aena SME S.A.^(a)(c)		52	9,044
Amadeus IT Group S.A.^(a)		338	23,016
Banco Bilbao Vizcaya Argentaria S.A.		3,519	19,718
Banco Santander S.A.		11,467	44,302
CaixaBank S.A.		1,558	4,997
Cellnex Telecom S.A.^(c)		104	5,884
Endesa S.A.		404	10,617
Ferrovial S.A.		299	8,496
Iberdrola S.A.		3,324	44,972
Industria de Diseno Textil S.A.		325	11,571
Naturgy Energy Group S.A.		390	9,999
Repsol S.A.		1,351	16,103
Siemens Gamesa Renewable Energy S.A., Class R^(a)		312	11,286
Telefonica S.A.		4,779	22,167
			242,172

Sweden-1.07%
Atlas Copco AB, Class A		351	21,277
Epiroc AB, Class A^(a)		922	19,989
Essity AB, Class B		182	5,941
H & M Hennes & Mauritz AB, Class B^(a)		260	6,409
Hexagon AB, Class B		78	7,439


	Shares		Value
Sweden-(continued)
Investor AB, Class B		584	$ 49,606
Sandvik AB		1,260	31,124
Skandinaviska Enskilda Banken AB, Class A		493	6,326
Telefonaktiebolaget LM Ericsson, Class B		3,104	42,671
Telia Co. AB		2,000	8,287
Volvo AB, Class B		1,454	35,693
			234,762

Switzerland-3.98%
ABB Ltd.		701	22,756
Credit Suisse Group AG		1,000	10,547
EMS-Chemie Holding AG		13	12,141
Geberit AG		26	17,138
Givaudan S.A.		4	16,755
Kuehne + Nagel International AG, Class R		26	7,771
LafargeHolcim Ltd.^(a)		299	18,424
Lonza Group AG		52	33,089
Nestle S.A.		1,922	229,137
Novartis AG		1,909	163,064
Partners Group Holding AG		26	37,139
Roche Holding AG		480	156,389
Schindler Holding AG, PC		26	7,395
Sika AG		130	38,757
STMicroelectronics N.V.		234	8,774
Swatch Group AG (The), BR		39	11,960
Swiss Re AG		208	19,337
Swisscom AG		13	7,050
UBS Group AG		2,338	35,761
Zurich Insurance Group AG		52	21,340
			874,724

Taiwan-4.05%
ASE Technology Holding Co. Ltd., ADR		3,195	26,550
Asustek Computer, Inc.		3,000	40,547
Catcher Technology Co. Ltd.		1,000	7,058
Cathay Financial Holding Co. Ltd.		8,000	15,054
China Development Financial Holding Corp.		10,000	4,689
China Steel Corp.		5,000	7,021
Chunghwa Telecom Co. Ltd., ADR		844	34,477
Delta Electronics, Inc.		2,000	21,836
Far Eastern New Century Corp.		5,000	5,944
Far EasTone Telecommunications Co. Ltd.		3,000	7,000
Formosa Chemicals & Fibre Corp.		1,000	3,247
Hon Hai Precision Industry Co. Ltd.		26,000	108,833
MediaTek, Inc.		2,000	85,789
Mega Financial Holding Co. Ltd.		3,000	3,508
Nanya Technology Corp.		2,000	6,605
Pegatron Corp.		10,000	26,318
Quanta Computer, Inc.		7,000	24,605
Sea Ltd., ADR^(a)		416	105,057
Taiwan Cement Corp.		3,200	5,985
Taiwan Cooperative Financial Holding Co. Ltd.		12,600	9,660
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,883	219,821
Uni-President Enterprises Corp.		4,000	10,788
United Microelectronics Corp., ADR		9,233	91,591
Yuanta Financial Holding Co. Ltd.		18,600	17,272
			889,255

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

9 Invesco Advantage International Fund


	Shares		Value
Tanzania- 0.01%
AngloGold Ashanti Ltd.		143	$ 2,947

Turkey-0.13%
Eregli Demir ve Celik Fabrikalari TAS		12,181	28,001

United Kingdom-3.95%
Associated British Foods PLC^(a)		117	3,728
AstraZeneca PLC		468	49,859
Aviva PLC		4,610	25,476
BAE Systems PLC		2,013	14,087
Barclays PLC		8,233	19,945
BP PLC		11,441	47,760
British American Tobacco PLC		2,182	80,960
BT Group PLC^(a)		13,596	30,965
Coca-Cola European Partners PLC		182	10,341
Diageo PLC		1,286	57,730
Experian PLC		792	30,567
GlaxoSmithKline PLC		2,636	48,758
Imperial Brands PLC		1,571	32,698
Legal & General Group PLC		4,987	18,768
Lloyds Banking Group PLC^(a)		57,191	35,870
London Stock Exchange Group PLC		221	22,579
National Grid PLC		1,870	23,573
Natwest Group PLC		3,311	8,988
Prudential PLC		1,415	29,973
Reckitt Benckiser Group PLC		545	48,580
RELX PLC		701	18,192
Royal Dutch Shell PLC, Class A		2,896	54,397
Smith & Nephew PLC		636	13,790
SSE PLC		338	6,851
Standard Chartered PLC		2,649	19,013
Tesco PLC		3,792	11,570
Unilever PLC		935	54,823
Vodafone Group PLC		25,959	48,833
			868,674

United States-0.69%
Atlassian Corp. PLC, Class A^(a)		91	21,618
Ferguson PLC		438	55,228
JBS S.A.		1,800	9,981
Spotify Technology S.A.^(a)		169	42,608
Stellantis N.V.		1,377	22,950
			152,385

Vietnam-0.00%
Vietnam Dairy Products JSC		2	8
Total Common Stocks & Other Equity Interests (Cost $10,249,958)			13,244,672


	Shares		Value
Preferred Stocks-0.64%
Multinational-0.64%
Harambee Re Ltd., Pfd.^(b)		775	$ 4,198
Lion Rock Re Ltd., Pfd.^(b)		25	15,525
Lorenz Re Ltd., Pfd.^(b)		144	9,187
Mt. Logan Re Ltd., Pfd.^(b)		116	73,873
NCM Re Ltd., Pfd.^(b)		1,361	23,019
Thopas Re Ltd., Pfd.^(b)		95	9,682
Turing Re Ltd., Series 2019-1, Pfd.^(b)(c)		886	3,055
Viribus Re Ltd., Pfd.^(b)		38,090	2,918
Total Preferred Stocks (Cost $271,907)			141,457

	Principal
	Amount
Event-Linked Bonds-0.48%
Multinational-0.48%
Alturas RE Segregated Account, Catastrophe Linked Notes, 12/31/2022^(b)(c)(e)	$	1,000	0
Eden RE II Ltd., Class A, Catastrophe Linked Notes, 03/22/2023^(b)(c)(e)		720	14,594
Limestone Re Ltd., Class A, Catastrophe Linked Notes, 09/09/2022^(b)(c)(e)		1,174	13,780
Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 03/01/2024^(b)(c)(e)		120,000	70,451
Versutus Ltd., Catastrophe Linked Notes, 12/31/2022^(b)(e)		6,601	7,587
Total Event-Linked Bonds (Cost $129,495)			106,412

	Shares
Money Market Funds-28.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(f)(g)		2,168,172	2,168,172
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(f)(g)		1,535,344	1,535,958
Invesco Treasury Portfolio, Institutional Class, 0.01%^(f)(g)		2,477,910	2,477,910
Total Money Market Funds (Cost $6,182,040)			6,182,040
TOTAL INVESTMENTS IN SECURITIES-89.48% (Cost $16,833,400)			19,674,581
OTHER ASSETS LESS LIABILITIES-10.52%			2,312,314
NET ASSETS-100.00%			$21,986,895


Investment Abbreviations:
ADR		- American Depositary Receipt
BR		- Bearer Shares
GDR		- Global Depositary Receipt
PC		- Participation Certificate
Pfd.		- Preferred
REIT		- Real Estate Investment Trust

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, 2021 was $423,960, which represented 1.93% of the Fund’s Net Assets.

^(d)	The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. (e) Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(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, 2021.


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	507,570		$	5,101,278		$	(3,440,676	)		$	-		$	-			$	2,168,172		$	150
Invesco Liquid Assets Portfolio, Institutional Class			362,484			3,643,770			(2,470,304	)			36			(28	)			1,535,958			153
Invesco Treasury Portfolio, Institutional Class			580,080			5,830,032			(3,932,202	)			-			-				2,477,910			64
Total		$	1,450,134		$	14,575,080		$	(9,843,182	)		$	36		$	(28	)		$	6,182,040		$	367

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.


Open Exchange-Traded Index Options Written
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Premiums Received				Notional Value*			Value				Unrealized Appreciation
Equity Risk
MSCI EAFE Index		Call		05/21/2021		30		$	2,305.00		$	(43,409	)		$	6,915,000		$	(22,650	)		$	20,759
MSCI Emerging Markets Index		Call		05/21/2021		25			1,400.00			(24,924	)			3,500,000			(6,500	)			18,424
Total Index Options Written											$	(68,333	)					$	(29,150	)		$	39,183

*	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
Currency Risk
Canadian Dollar		18		June-2021		$	1,465,920		$	25,496	$25,496
Equity Risk
S&P/TSX 60 Index		8		June-2021			1,477,964			21,194	21,194
Total Futures Contracts									$	46,690	$46,690

^(a)	Futures contracts collateralized by $93,623 cash held with Merrill Lynch International, the futures commission merchant.

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

Equity Risk

Goldman Sachs International

Receive

MSCI EAFE Minimum Volatility Index

1 Month

USD LIBOR
+ 0.40%

Monthly

2,575

July-2021

5,363,303

$45,484

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Notes

1 Month

USD LIBOR

+ 0.83%

Monthly

390

June-2021

798,264

4,610

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Notes

1 Month

USD LIBOR

+ 1.30%

Monthly

420

July-2021

858,694

5,939

Total - Total Return Swap Agreements

$56,033

^(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

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

11 Invesco Advantage International Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Financials	9.25	%
Information Technology	7.57
Consumer Discretionary	7.44
Industrials	7.28
Health Care	6.71
Communication Services	6.62
Materials	5.99
Consumer Staples	5.56
Energy	2.39
Other Sectors, Each Less than 2% of Net Assets	2.55
Money Market Funds Plus Other Assets Less Liabilities	38.64

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $10,651,360)	$	13,492,541
Investments in affiliated money market funds, at value (Cost $6,182,040)		6,182,040
Other investments:
Variation margin receivable – futures contracts		1,945,325
Unrealized appreciation on swap agreements – OTC		56,033
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		93,623
Cash		105,426
Foreign currencies, at value (Cost $95,347)		95,816
Receivable for:
Investments sold		47
Fund shares sold		39,500
Dividends		86,190
Interest		16,547
Investment for trustee deferred compensation and retirement plans		7,874
Other assets		70,530
Total assets		22,191,492

Liabilities:
Other investments:
Options written, at value (premiums received $68,333)		29,150
Swaps payable - OTC		3,132
Payable for:
Fund shares reacquired		11,956
Accrued foreign taxes		5,007
Accrued fees to affiliates		66,269
Accrued trustees’ and officers’ fees and benefits		117
Accrued other operating expenses		81,094
Trustee deferred compensation and retirement plans		7,872
Total liabilities		204,597
Net assets applicable to shares outstanding	$	21,986,895


Net assets consist of:

Shares of beneficial interest	$	17,834,335

Distributable earnings		4,152,560

	$	21,986,895

Net Assets:

Class A	$	12,405,626

Class C	$	3,746,486

Class R	$	4,596,369

Class Y	$	1,223,586

Class R5	$	12,846

Class R6	$	1,982

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		945,485

Class C		294,955

Class R		353,816

Class Y		92,446

Class R5		974

Class R6		149.6

Class A:
Net asset value per share	$	13.12
Maximum offering price per share (Net asset value of $13.12 ÷ 94.50%)	$	13.88

Class C:
Net asset value and offering price per share	$	12.70

Class R:
Net asset value and offering price per share	$	12.99

Class Y:
Net asset value and offering price per share	$	13.24

Class R5:
Net asset value and offering price per share	$	13.19

Class R6:
Net asset value and offering price per share	$	13.25

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, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $21,615)	$	235,250

Interest		34,933

Dividends from affiliated money market funds		367

Total investment income		270,550


Expenses:
Advisory fees		51,356

Administrative services fees		1,319

Custodian fees		13,096

Distribution fees:
Class A		13,497

Class C		18,463

Class R		10,898

Transfer agent fees – A, C, R and Y		35,045

Transfer agent fees – R5		6

Transfer agent fees – R6		1

Trustees’ and officers’ fees and benefits		13,235

Registration and filing fees		36,663

Reports to shareholders		14,609

Professional services fees		69,243

Taxes		1,885

Other		5,435

Total expenses		284,751

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(177,028	)

Net expenses		107,723

Net investment income		162,827


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,333,001

Affiliated investment securities		(28	)

Foreign currencies		1,359

Futures contracts		282,763

Swap agreements		253,079

		1,870,174

Change in net unrealized appreciation of:
Unaffiliated investment securities		1,460,251

Affiliated investment securities		36

Foreign currencies		595

Futures contracts		101,835

Option contracts written		39,183

Swap agreements		146,830

		1,748,730

Net realized and unrealized gain		3,618,904

Net increase in net assets resulting from operations	$	3,781,731

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	162,827		$	495,366

Net realized gain		1,870,174			692,803

Change in net unrealized appreciation (depreciation)		1,748,730			(4,788,977	)

Net increase (decrease) in net assets resulting from operations		3,781,731			(3,600,808	)


Distributions to shareholders from distributable earnings:
Class A		(8,308	)		(368,895	)

Class C		(2,808	)		(19,719	)

Class R		(3,184	)		(19,406	)

Class Y		(732	)		(8,268	)

Class R5		(9	)		(61	)

Class R6		(1	)		(63	)

Total distributions from distributable earnings		(15,042	)		(416,412	)


Share transactions–net:
Class A		361,038			(50,065,965	)

Class C		(171,398	)		(5,740	)

Class R		209,483			405,109

Class Y		136,393			(516,154	)

Class R6		130			(9,024	)

Net increase (decrease) in net assets resulting from share transactions		535,646			(50,191,774	)

Net increase (decrease) in net assets		4,302,335			(54,208,994	)


Net assets:
Beginning of period		17,684,560			71,893,554

End of period	$	21,986,895		$	17,684,560

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 04/30/21		$	10.83		$	0.11		$	2.19			$	2.30			$	–			$	(0.01	)		$	(0.01	)		$	13.12		21.23	%^(e)		$	12,406		0.86	%^(e)(f)		2.52	%^(e)(f)		1.72	%^(e)(f)		82	%
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
Year ended 10/31/16			10.30			0.14			0.14				0.28				(0.09	)			–				(0.09	)			10.49		2.73				53,579		1.10			1.42			1.38			61
Class C
Six months ended 04/30/21			10.52			0.06			2.13				2.19				–				(0.01	)			(0.01	)			12.70		20.81				3,746		1.61	^(f)		3.29	^(f)		0.97	^(f)		82
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
Year ended 10/31/16			10.29			0.04			0.15				0.19				(0.07	)			–				(0.07	)			10.41		1.88				522		1.85			3.05			0.36			61
Class R
Six months ended 04/30/21			10.74			0.09			2.17				2.26				–				(0.01	)			(0.01	)			12.99		21.04				4,596		1.11	^(f)		2.79	^(f)		1.47	^(f)		82
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
Year ended 10/31/16			10.30			0.04			0.21				0.25				(0.08	)			–				(0.08	)			10.47		2.43				1,204		1.33			2.07			0.43			61
Class Y
Six months ended 04/30/21			10.91			0.13			2.21				2.34				–				(0.01	)			(0.01	)			13.24		21.44				1,224		0.61	^(f)		2.29	^(f)		1.97	^(f)		82
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
Year ended 10/31/16			10.31			0.12			0.17				0.29				(0.09	)			–				(0.09	)			10.51		2.86				89		0.94			1.52			1.13			61
Class R5
Six months ended 04/30/21			10.88			0.13			2.19				2.32				–				(0.01	)			(0.01	)			13.19		21.32				13		0.61	^(f)		2.06	^(f)		1.97	^(f)		82
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	^(h)		1.26	^(h)		1.11	^(h)		43
Class R6
Six months ended 04/30/21			10.93			0.13			2.20				2.33				–				(0.01	)			(0.01	)			13.25		21.31				2		0.61	^(f)		2.06	^(f)		1.97	^(f)		82
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
Year ended 10/31/16			10.31			0.16			0.13				0.29				(0.09	)			–				(0.09	)			10.51		2.91				11		0.85			1.19			1.61			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)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.14%, 0.17%, 0.15% and 0.11% for the years ended October 31, 2019, 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)	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.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $11,924, $3,723, $4,395, $1,079, $12 and $2 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(h)	Annualized.

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, 2021

(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.

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 ten 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 tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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.

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.

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.

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.

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

Accounting Estimates - The 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.

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.

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

18 Invesco Advantage International Fund

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.

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.

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 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.

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

19 Invesco Advantage International Fund

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 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.

LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

Q.	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.

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		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, 2021, 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.

20 Invesco Advantage International Fund

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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $51,356, reimbursed fund level expenses of $90,463 and reimbursed class level expenses of $19,784, $6,178, $7,293, $1,790, $6 and $1 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, 2021, 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, 2021, 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 Plan, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $8,101 in front-end sales commissions from the sale of Class A shares and $0 and $0 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, 2021. 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.

During the six months ended April 30, 2021, there were transfers from Level 2 to Level 3 of $3,416, due to lack of availability of market data for this security.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Australia	$	–	$	678,668	$	–	$	678,668

Austria		–		9,586		–		9,586

Belgium		–		76,485		–		76,485

Brazil		442,835		–		–		442,835

Chile		20,145		–		–		20,145

China		863,931		1,096,089		5,639		1,965,659

Colombia		6,949		–		–		6,949

Denmark		–		372,088		–		372,088

Finland		–		79,988		–		79,988

France		700		937,666		–		938,366	��

Germany		–		813,621		–		813,621

Hong Kong		–		350,399		–		350,399

21 Invesco Advantage International Fund


	Level 1			Level 2		Level 3		Total

Indonesia		$ –			$ 58,286		$ –		$ 58,286

Ireland		–			69,931		–		69,931

Israel		3,037			–		–		3,037

Italy		–			159,350		–		159,350

Japan		–			2,197,944		–		2,197,944

Macau		–			8,780		–		8,780

Malaysia		–			61,177		–		61,177

Mexico		137,256			–		–		137,256

Multinational		–			–		247,869		247,869

Netherlands		57,560			479,335		–		536,895

Norway		–			27,339		–		27,339

Peru		7,761			–		–		7,761

Philippines		–			20,188		–		20,188

Poland		–			18,777		–		18,777

Russia		229,716			19,416		–		249,132

Saudi Arabia		–			8,256		–		8,256

Singapore		–			18,865		–		18,865

South Africa		–			147,080		–		147,080

South Korea		–			466,901		–		466,901

Spain		–			242,172		–		242,172

Sweden		–			234,762		–		234,762

Switzerland		–			874,724		–		874,724

Taiwan		477,496			411,759		–		889,255

Tanzania		–			2,947		–		2,947

Turkey		–			28,001		–		28,001

United Kingdom		10,341			858,333		–		868,674

United States		74,207			78,178		–		152,385

Vietnam		–			8		–		8

Money Market Funds		6,182,040			–		–		6,182,040

Total Investments in Securities		8,513,974			10,907,099		253,508		19,674,581


Other Investments - Assets*

Futures Contracts		46,690			–		–		46,690

Swap Agreements		–			56,033		–		56,033

		46,690			56,033		–		102,723


Other Investments - Liabilities*

Options Written		(29,150	)		–		–		(29,150	)

Total Other Investments		17,540			56,033		–		73,573

Total Investments		$8,531,514			$10,963,132		$253,508		$19,748,154

*	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, 2021:


	Value 10/31/2020			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 04/30/2021
Common Stocks & Other Equity Interests		$	-		$	1,781		$	-			$	-		$	-			$	442			$	3,416		$	-		$	5,639
Preferred Stocks			320,343			-			(113,026	)			-			(1,502	)			(64,358	)			-			-			141,457
U.S. Dollar Denominated Bonds & Notes			92,649			-			(8,313	)			-			723				21,353				-			-			106,412
Total		$	412,992		$	1,781		$	(121,339	)		$	-		$	(779	)		$	(42,563	)		$	3,416		$	-		$	253,508

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.

22 Invesco Advantage International Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:


	Value
Derivative Assets	Currency Risk	Equity Risk	Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$ 25,496	$ 21,194		$ 46,690

Unrealized appreciation on swap agreements – OTC	-	56,033		56,033

Total Derivative Assets	25,496	77,227		102,723

Derivatives not subject to master netting agreements	(25,496)	(21,194)		(46,690	)

Total Derivative Assets subject to master netting agreements	$ -	$ 56,033		$ 56,033

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


	Value
Derivative Liabilities	Currency Risk	Equity Risk	Total

Options written, at value – Exchange-Traded	$-	$(29,150)		$(29,150	)

Derivatives not subject to master netting agreements	-	29,150		29,150

Total Derivative Liabilities subject to master netting agreements	$-	$ -		$ -

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, 2021.

Financial

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Swap

Net Value of

Net

Counterparty

Agreement

Derivatives

Non-Cash

Cash

Amount

Goldman Sachs International

56,033

Effect of Derivative Investments for the six months ended April 30, 2021

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			Equity
	Risk			Risk			Total
Realized Gain:
Futures contracts		$	62,727		$	220,036		$	282,763
Swap agreements			-			253,079			253,079
Change in Net Unrealized Appreciation:
Futures contracts			36,637			65,198			101,835
Options written			-			39,183			39,183
Swap agreements			-			146,830			146,830
Total		$	99,364		$	724,326		$	823,690

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


				Index
	Futures			Options			Swap
	Contracts			Written			Agreements
Average notional value		$	2,661,315		$	10,415,000		$	4,346,538

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $157.

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

23 Invesco Advantage International Fund

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. 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 carryforwards 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, 2020.

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, 2021 was $12,517,975 and $15,748,136, 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	$	3,015,644

Aggregate unrealized (depreciation) of investments		(310,890	)

Net unrealized appreciation of investments	$	2,704,754

Cost of investments for tax purposes is $ 17,043,400.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	April 30, 2021						October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		165,241		$	2,125,207			236,032		$	2,539,796

Class C		30,101			373,227			80,417			845,253

Class R		72,239			903,426			117,852			1,265,985

Class Y		17,912			230,231			39,742			367,333

Class R6		10			130			140			1,500


Issued as reinvestment of dividends:
Class A		668			8,294			4,863			55,103

Class C		231			2,785			1,776			19,657

Class R		259			3,184			1,720			19,343

Class Y		57			714			720			8,205


Automatic conversion of Class C shares to Class A shares:
Class A		10,596		��	133,263			2,605			28,708

Class C		(10,921	)		(133,263	)		(2,680	)		(28,708	)


Reacquired:
Class A		(148,338	)		(1,905,726	)		(5,186,883	)		(52,689,572	)

Class C		(32,412	)		(414,147	)		(80,549	)		(841,942	)

Class R		(54,684	)		(697,127	)		(85,304	)		(880,219	)

Class Y		(7,075	)		(94,552	)		(89,689	)		(891,692	)

Class R6		-			-			(1,000	)		(10,524	)

Net increase (decrease) in share activity		43,884		$	535,646			(4,960,238	)	$	(50,191,774	)

24 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, 2020 through April 30, 2021.

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 (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,212.30	$4.72	$1,020.53	$4.31	0.86%
Class C	1,000.00	1,208.10	8.81	1,016.81	8.05	1.61
Class R	1,000.00	1,210.40	6.08	1,019.29	5.56	1.11
Class Y	1,000.00	1,214.40	3.35	1,021.77	3.06	0.61
Class R5	1,000.00	1,213.20	3.35	1,021.77	3.06	0.61
Class R6	1,000.00	1,214.00	3.35	1,021.77	3.06	0.61

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, 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.

25 Invesco Advantage International Fund

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LOGO

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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

∎

Quarterly statements

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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 fiscal 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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		O-GLMAG-SAR-1



		Semiannual Report to Shareholders		April 30, 2021
		Invesco Asia Pacific Growth Fund
		Nasdaq:
		A: ASIAX ∎ C: ASICX ∎ Y: ASIYX ∎ R6: ASISX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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		15.12%
Class C Shares		14.70
Class Y Shares		15.30
Class R6 Shares		15.39
MSCI All Country Asia Pacific ex-Japan Index^q (Broad Market/Style-Specific Index)		22.89
Lipper Pacific ex-Japan Funds Index^∎ (Peer Group Index)		21.65

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

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 Lipper Pacific ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex-Japan 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 Asia Pacific Growth Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	9.29	%
10 Years	7.08
5 Years	11.18
1 Year	35.04

Class C Shares
Inception (11/3/97)	9.28	%
10 Years	7.04
5 Years	11.60
1 Year	40.81

Class Y Shares
Inception (10/3/08)	12.16	%
10 Years	7.96
5 Years	12.72
1 Year	43.28

Class R6 Shares
10 Years	7.88	%
5 Years	12.84
1 Year	43.53

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

Class 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.

3 Invesco Asia Pacific Growth Fund

Liquidity Risk Management Program

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 Asia Pacific Growth Fund

Schedule of Investments

April 30, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests-93.51%
Australia-1.37%
CSL Ltd.		52,753	$ 10,997,614

China-36.14%
Alibaba Group Holding Ltd., ADR^(a)		178,249	41,166,607
Angel Yeast Co. Ltd., A Shares		673,900	6,103,829
China Feihe Ltd.^(b)		3,989,000	11,394,332
China Mengniu Dairy Co. Ltd.		5,245,000	28,076,495
Henan Shuanghui Investment & Development Co. Ltd., A Shares		621,724	3,516,123
JD.com, Inc., ADR^(a)		302,440	23,396,758
Kweichow Moutai Co. Ltd., A Shares		14,927	4,620,211
Meituan, B Shares^(a)(b)		87,500	3,331,554
Minth Group Ltd.		2,288,000	9,283,277
New Oriental Education & Technology Group, Inc., ADR^(a)		734,696	11,211,461
Qingdao Port International Co. Ltd., H Shares^(b)		7,070,000	4,344,930
Sunny Optical Technology Group Co. Ltd.		553,800	13,363,121
Tencent Holdings Ltd.		623,000	49,823,217
Tongcheng-Elong Holdings Ltd.^(a)(b)		8,385,600	20,976,410
Wuliangye Yibin Co. Ltd., A Shares		496,360	21,837,943
Yum China Holdings, Inc.		610,489	38,411,968
			290,858,236

Hong Kong-3.89%
Hongkong Land Holdings Ltd.		1,093,700	5,414,588
Swire Properties Ltd.		8,678,600	25,913,963
			31,328,551

India-3.66%
Emami Ltd.		891,213	5,913,146
HDFC Bank Ltd., ADR^(a)		335,491	23,578,307
			29,491,453

Indonesia-7.24%
PT Bank Central Asia Tbk		8,897,400	19,684,794
PT Kalbe Farma Tbk		79,813,500	7,953,693
PT Pakuwon Jati Tbk^(a)		537,616,700	19,704,493
PT Telkom Indonesia (Persero) Tbk		49,442,100	10,930,189
			58,273,169

Macau-2.70%
Galaxy Entertainment Group Ltd.^(a)		2,480,000	21,774,086

Malaysia-2.40%
Bursa Malaysia Bhd.		5,400,550	11,114,205
Heineken Malaysia Bhd.		1,306,900	8,246,428
			19,360,633


	Shares		Value

New Zealand-1.40%
Auckland International Airport Ltd.^(a)		1,026,860	$	5,570,525
Freightways Ltd.		716,915		5,709,269
				11,279,794

Philippines-4.23%
BDO Unibank, Inc.		6,559,010		14,042,942
SM Investments Corp.		511,646		10,212,577
SM Prime Holdings, Inc.		13,653,700		9,764,206
				34,019,725

Singapore-4.16%
Keppel REIT		21,808,200		20,314,672
United Overseas Bank Ltd.		658,700		13,167,548
				33,482,220

South Korea-8.79%
NAVER Corp.		53,315		17,180,335
Samsung Electronics Co. Ltd.		733,170		53,574,428
				70,754,763

Taiwan-6.33%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,350,464		50,934,108

Thailand-1.97%
Central Pattana PCL, Foreign Shares		9,477,600		15,890,235

United States-7.04%
Amcor PLC, CDI		1,289,330		15,058,848
Broadcom, Inc.		91,144		41,579,893
				56,638,741

Vietnam-2.19%
Vietnam Dairy Products JSC		4,351,690		17,600,077
Total Common Stocks & Other Equity Interests (Cost $439,702,700)				752,683,405

Money Market Funds-6.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		18,242,902		18,242,902
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		13,346,458		13,351,796
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		20,849,031		20,849,031
Total Money Market Funds (Cost $52,439,552)				52,443,729
TOTAL INVESTMENTS IN SECURITIES–100.03% (Cost $492,142,252)				805,127,134
OTHER ASSETS LESS LIABILITIES-(0.03)%				(251,133	)
NET ASSETS-100.00%			$	804,876,001

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

REIT - Real Estate Investment Trust

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

5 Invesco Asia Pacific Growth Fund

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, 2021 was $40,047,226, which represented 4.98% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$23,355,433		$25,272,647		$(30,385,178)		$ -		$ -		$18,242,902	$2,598
Invesco Liquid Assets Portfolio, Institutional Class		17,003,608		18,051,891		(21,703,699)		870		(874)		13,351,796	3,452
Invesco Treasury Portfolio, Institutional Class		26,691,924		28,883,025		(34,725,918)		-		-		20,849,031	1,250
Total		$67,050,965		$72,207,563		$(86,814,795)		$870		$(874)		$52,443,729	$7,300

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Consumer Discretionary	21.07	%
Information Technology	19.81
Consumer Staples	13.33
Real Estate	12.05
Financials	10.14
Communication Services	9.68
Industrials	3.21
Health Care	2.35
Materials	1.87
Money Market Funds Plus Other Assets Less Liabilities	6.49

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

6 Invesco Asia Pacific Growth Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $439,702,700)		$752,683,405
Investments in affiliated money market funds, at value (Cost $52,439,552)		52,443,729
Foreign currencies, at value (Cost $29,757)		28,824
Receivable for:
Fund shares sold		327,209
Dividends		1,265,255
Investment for trustee deferred compensation and retirement plans		132,233
Other assets		43,918
Total assets		806,924,573

Liabilities:
Payable for:
Fund shares reacquired		393,903
Amount due custodian		595,299
Accrued foreign taxes		139,409
Accrued fees to affiliates		378,329
Accrued trustees’ and officers’ fees and benefits		530
Accrued other operating expenses		395,703
Trustee deferred compensation and retirement plans		145,399
Total liabilities		2,048,572
Net assets applicable to shares outstanding		$804,876,001

Net assets consist of:
Shares of beneficial interest		$461,630,421
Distributable earnings		343,245,580
		$804,876,001


Net Assets:
Class A	$	495,596,286

Class C	$	19,649,465

Class Y	$	195,961,231

Class R6	$	93,669,019


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,784,977

Class C		562,476

Class Y		5,043,455

Class R6		2,412,390

Class A:
Net asset value per share	$	38.76

Maximum offering price per share (Net asset value of $38.76 ÷ 94.50%)	$	41.02

Class C:
Net asset value and offering price per share	$	34.93

Class Y:
Net asset value and offering price per share	$	38.85

Class R6:
Net asset value and offering price per share	$	38.83

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

7 Invesco Asia Pacific Growth Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $527,839)	$	5,622,997

Dividends from affiliated money market funds		7,300

Total investment income		5,630,297


Expenses:
Advisory fees		3,664,438

Administrative services fees		53,594

Custodian fees		89,271

Distribution fees:

Class A		617,219

Class C		110,605

Transfer agent fees – A, C and Y		598,428

Transfer agent fees – R6		3,023

Trustees’ and officers’ fees and benefits		20,569

Registration and filing fees		38,067

Reports to shareholders		48,916

Professional services fees		30,091

Other		15,975

Total expenses		5,290,196

Less: Fees waived and/or expense offset arrangement(s)		(23,812	)

Net expenses		5,266,384

Net investment income		363,913


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		30,444,133

Affiliated investment securities		(874	)

Foreign currencies		(50,967	)

		30,392,292

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $139,409)		78,808,495

Affiliated investment securities		870

Foreign currencies		(7,014	)

		78,802,351

Net realized and unrealized gain		109,194,643

Net increase in net assets resulting from operations	$	109,558,556

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

8 Invesco Asia Pacific Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	363,913		$	3,393,922

Net realized gain		30,392,292			54,458,297

Change in net unrealized appreciation		78,802,351			45,402,259

Net increase in net assets resulting from operations		109,558,556			103,254,478


Distributions to shareholders from distributable earnings:
Class A		(33,752,095	)		(28,385,727	)

Class C		(1,877,272	)		(1,894,754	)

Class Y		(12,868,796	)		(11,193,927	)

Class R6		(8,742,429	)		(7,091,434	)

Total distributions from distributable earnings		(57,240,592	)		(48,565,842	)


Share transactions–net:
Class A		24,603,331			(28,296,505	)

Class C		(4,876,174	)		(9,566,312	)

Class Y		30,339,511			(26,920,201	)

Class R6		(20,752,703	)		2,027,173

Net increase (decrease) in net assets resulting from share transactions		29,313,965			(62,755,845	)

Net increase (decrease) in net assets		81,631,929			(8,067,209	)


Net assets:
Beginning of period		723,244,072			731,311,281

End of period	$	804,876,001		$	723,244,072

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

9 Invesco Asia Pacific 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 04/30/21		$36.20		$(0.00)			$5.37		$5.37		$(0.10)			$(2.71)		$(2.81)			$38.76		15.12	%		$495,596		1.39	%^(d)		1.40	%^(d)		0.01	%^(d)		7	%
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
Year ended 10/31/16		29.35		0.31			2.83		3.14		(0.89	)		–		(0.89	)		31.60		11.15			467,191		1.45			1.47			1.06			9
Class C
Six months ended 04/30/21		32.90		(0.13	)		4.87		4.74		–			(2.71)		(2.71)			34.93		14.70			19,649		2.14	^(d)		2.15	^(d)		(0.74	)^(d)		7
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
Year ended 10/31/16		27.10		0.08			2.63		2.71		(0.64)			–		(0.64)			29.17		10.34			72,872		2.20			2.22			0.31			9
Class Y
Six months ended 04/30/21		36.31		0.05			5.38		5.43		(0.18)			(2.71)		(2.89)			38.85		15.28			195,961		1.14	^(d)		1.15	^(d)		0.26	^(d)		7
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
Year ended 10/31/16		29.45		0.39			2.82		3.21		(0.97)			–		(0.97)			31.69		11.42			329,748		1.20			1.22			1.31			9
Class R6
Six months ended 04/30/21		36.32		0.08			5.39		5.47		(0.25)			(2.71)		(2.96)			38.83		15.39			93,669		0.98	^(d)		0.99	^(d)		0.42	^(d)		7
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	^(f)		1.03	^(f)		1.29	^(f)		18

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $497,867, $22,304, $189,597 and $104,030 for Class A, Class C, Class Y and Class R6 shares, respectively.

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

^(f)	Annualized.

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

10 Invesco Asia Pacific Growth Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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 ten 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 tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

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

11 Invesco Asia Pacific Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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

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.

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.

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.

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.

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.

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.

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.

12 Invesco Asia Pacific Growth Fund

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.91%.

The Adviser has contractually agreed, through at least June 30, 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 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $22,946.

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $46,976 in front-end sales commissions from the sale of Class A shares and $201 and $368 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

13 Invesco Asia Pacific Growth 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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	10,997,614	$	–	$10,997,614
China		114,186,794		176,671,442		–	290,858,236
Hong Kong		–		31,328,551		–	31,328,551
India		23,578,307		5,913,146		–	29,491,453
Indonesia		–		58,273,169		–	58,273,169
Macau		–		21,774,086		–	21,774,086
Malaysia		–		19,360,633		–	19,360,633
New Zealand		–		11,279,794		–	11,279,794
Philippines		–		34,019,725		–	34,019,725
Singapore		–		33,482,220		–	33,482,220
South Korea		–		70,754,763		–	70,754,763
Taiwan		–		50,934,108		–	50,934,108
Thailand		–		15,890,235		–	15,890,235
United States		41,579,893		15,058,848		–	56,638,741
Vietnam		–		17,600,077		–	17,600,077
Money Market Funds		52,443,729		–		–	52,443,729
Total Investments	$	231,788,723		$573,338,411	$	–	$805,127,134

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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.

The Fund did not have a capital loss carryforward as of October 31, 2020.

14 Invesco Asia Pacific Growth 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, 2021 was $54,630,425 and $67,684,958, 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	$	318,787,836

Aggregate unrealized (depreciation) of investments		(5,884,615	)

Net unrealized appreciation of investments	$	312,903,221


Cost of investments for tax purposes is $492,223,913.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		702,921		$	27,788,927			937,686		$	30,145,626

Class C		89,815			3,245,553			82,500			2,426,842

Class Y		810,068			31,708,453			1,400,491			43,505,433

Class R6		82,985			3,222,950			297,210			9,691,972


Issued as reinvestment of dividends:
Class A		825,110			30,834,363			807,939			25,926,744

Class C		51,722			1,746,651			58,740			1,724,616

Class Y		282,750			10,580,517			291,878			9,375,121

Class R6		204,038			7,626,943			192,554			6,175,199


Automatic conversion of Class C shares to Class A shares:
Class A		175,978			6,693,757			118,184			3,920,812

Class C		(194,818	)		(6,693,757	)		(129,652	)		(3,920,812	)


Reacquired:
Class A		(1,032,964	)		(40,713,716	)		(2,813,581	)		(88,289,687	)

Class C		(88,420	)		(3,174,621	)		(345,611	)		(9,796,958	)

Class Y		(301,014	)		(11,949,459	)		(2,560,256	)		(79,800,755	)

Class R6		(826,683	)		(31,602,596	)		(439,230	)		(13,839,998	)

Net increase (decrease) in share activity		781,488		$	29,313,965			(2,101,148	)	$	(62,755,845	)

^(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.

15 Invesco Asia Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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.


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)¹		Expenses Paid During Period²		Ending Account Value (04/30/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,151.20		$7.41		$1,017.90		$6.95		1.39	%
Class C		1,000.00		1,147.00		11.39		1,014.18		10.69		2.14
Class Y		1,000.00		1,153.00		6.09		1,019.14		5.71		1.14
Class R6		1,000.00		1,153.90		5.23		1,019.93		4.91		0.98

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 Asia Pacific Growth Fund

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Fund holdings and proxy voting information


The Fund provides a complete list of its portfolio holdings four times each fiscal 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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		APG-SAR-1



		Semiannual Report to Shareholders		April 30, 2021
		Invesco European Growth Fund
		Nasdaq:
		A: AEDAX ∎ C: AEDCX ∎ R: AEDRX ∎ Y: AEDYX ∎ Investor: EGINX ∎ R6: AEGSX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	30.90	%
Class C Shares	30.43
Class R Shares	30.73
Class Y Shares	31.07
Investor Class Shares	30.98
Class R6 Shares	31.16
MSCI Europe Index^q (Broad Market Index)	33.32
MSCI Europe Growth Index^q (Style-Specific Index)	26.41
Lipper European Funds Index^∎ (Peer Group Index)	34.47

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

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 MSCI Europe Growth Index is an unmanaged index considered representative of European growth stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper European Funds Index is an unmanaged index considered representative of European 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

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 European Growth Fund


Average Annual Total Returns As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	9.23	%
10 Years	4.80
5 Years	5.33
1 Year	32.15

Class C Shares
Inception (11/3/97)	9.24	%
10 Years	4.77
5 Years	5.73
1 Year	37.80

Class R Shares
Inception (6/3/02)	8.13	%
10 Years	5.14
5 Years	6.27
1 Year	39.53

Class Y Shares
Inception (10/3/08)	7.42	%
10 Years	5.67
5 Years	6.80
1 Year	40.24

Investor Class Shares
Inception (9/30/03)	8.92	%
10 Years	5.45
5 Years	6.59
1 Year	40.00

Class R6 Shares
10 Years	5.56	%
5 Years	6.85
1 Year	40.38

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.

3 Invesco European Growth Fund

Liquidity Risk Management Program

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 European Growth Fund

Schedule of Investments

April 30, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.79%
Denmark–2.55%
Carlsberg A/S, Class B		95,104	$	16,659,479
Novo Nordisk A/S, Class B		171,557		12,679,963
				29,339,442

France–12.72%
Bollore S.A.		5,030,456		25,391,092
Criteo S.A., ADR^(a)		463,261		18,405,359
Kaufman & Broad S.A.		466,050		21,186,204
LVMH Moet Hennessy Louis Vuitton SE		14,341		10,793,764
Metropole Television S.A.^(a)		730,831		16,234,108
Pernod Ricard S.A.		49,018		10,057,981
Sanofi		120,221		12,606,437
Schneider Electric SE		199,049		31,824,318
				146,499,263

Germany–6.95%
Deutsche Boerse AG		189,816		32,757,675
Knorr-Bremse AG		98,424		12,089,610
MorphoSys AG^(a)		244,541		22,904,273
MTU Aero Engines AG		48,798		12,314,098
				80,065,656

Hungary–1.63%
Gedeon Richter PLC		656,489		18,784,512

Ireland–5.66%
CRH PLC		352,224		16,643,795
Flutter Entertainment PLC^(a)		102,531		21,007,929
ICON PLC^(a)		59,593		12,928,702
Origin Enterprises PLC		3,142,459		14,657,472
				65,237,898

Italy–5.83%
Danieli & C. Officine Meccaniche S.p.A., RSP		1,381,700		22,164,133
FinecoBank Banca Fineco S.p.A.^(a)		1,860,747		32,105,240
Technogym S.p.A.^(a)(b)		956,273		12,853,081
				67,122,454

Netherlands–10.08%
Aalberts N.V.		223,332		12,091,559
ASML Holding N.V.		16,522		10,756,742
Heineken N.V.		106,403		12,335,300
Prosus N.V.		270,673		29,349,061
SBM Offshore N.V.^(c)		1,145,920		19,896,737
Signify N.V.^(a)		181,346		10,310,539
Wolters Kluwer N.V.		236,246		21,384,654
				116,124,592

Norway–1.30%
TGS NOPEC Geophysical Co. ASA		990,078		14,973,259

Russia–5.72%
Sberbank of Russia PJSC, Preference Shares		17,485,510		65,900,474


	Shares		Value
Spain–1.03%
Construcciones y Auxiliar de Ferrocarriles S.A.		246,561	$	11,873,337

Sweden–6.12%
Investor AB, Class B		308,722		26,223,191
Lifco AB, Class B^(c)		168,932		18,183,323
Sandvik AB^(c)		1,055,809		26,080,439
				70,486,953

Switzerland–7.86%
Alcon, Inc.^(a)		96,687		7,257,909
Kuehne + Nagel International AG, Class R^(c)		59,636		17,825,117
Logitech International S.A., Class R		64,615		7,228,605
Nestle S.A.		178,113		21,234,195
OC Oerlikon Corp. AG		1,473,634		17,270,766
Roche Holding AG		60,666		19,765,560
				90,582,152

Turkey–0.91%
Haci Omer Sabanci Holding A.S.		10,715,695		10,465,970

United Kingdom–26.11%
Ashtead Group PLC		179,701		11,539,340
Clarkson PLC		289,032		12,114,152
DCC PLC		644,575		55,923,875
Diploma PLC		242,649		9,617,316
Gamesys Group PLC^(c)		873,733		23,372,408
Hays PLC^(a)		9,169,590		20,715,022
HomeServe PLC		1,291,440		19,506,472
IG Group Holdings PLC		2,357,021		29,813,322
Jupiter Fund Management PLC		2,319,564		8,285,483
Linde PLC		66,728		19,073,532
Savills PLC		2,060,016		33,989,637
Travis Perkins PLC^(a)		457,818		9,726,786
Ultra Electronics Holdings PLC		1,168,972		32,640,134
Wickes Group PLC^(a)		512,990		1,770,807
WPP PLC		942,856		12,699,179
				300,787,465

United States–2.32%
Philip Morris International, Inc.		281,760		26,767,200
Total Common Stocks & Other Equity Interests (Cost $713,744,727)				1,115,010,627

Money Market Funds–2.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		8,339,212		8,339,212
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		9,891,423		9,895,380
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		9,530,528		9,530,528
Total Money Market Funds (Cost $27,758,217)				27,765,120
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.20% (Cost $741,502,944)				1,142,775,747

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

5 Invesco European Growth Fund


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.97%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		13,714,230	$	13,714,230

Invesco Private Prime Fund, 0.11%^(d)(e)(f)		20,563,120		20,571,346

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,285,576)				34,285,576

TOTAL INVESTMENTS IN SECURITIES–102.17% (Cost $775,788,520)				1,177,061,323

OTHER ASSETS LESS LIABILITIES–(2.17)%				(25,044,728	)

NET ASSETS–100.00%			$	1,152,016,595

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, 2021 represented 1.12% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2021.

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	22,919,264		$	33,297,973		$	(47,878,025)		$	-		$	-		$	8,339,212		$	1,520
Invesco Liquid Assets Portfolio, Institutional Class			20,309,891			23,784,266			(34,198,587)			(6,158)			5,968			9,895,380			3,446
Invesco Treasury Portfolio, Institutional Class			26,193,444			38,054,826			(54,717,742)			-			-			9,530,528			802
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			29,663,731			(15,949,501)			-			-			13,714,230			185	*
Invesco Private Prime Fund			-			62,048,589			(41,477,243)			-			-			20,571,346			1,789	*
Total		$	69,422,599		$	186,849,385		$	(194,221,098)		$	(6,158)		$	5,968		$	62,050,696		$	7,742

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, 2021.

^(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 European Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Industrials	33.43	%
Financials	17.85
Consumer Discretionary	10.45
Health Care	9.28
Consumer Staples	8.82
Communication Services	6.31
Materials	3.11
Energy	3.03
Real Estate	2.95
Information Technology	1.56
Money Market Funds Plus Other Assets Less Liabilities	3.21

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

7 Invesco European Growth Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $713,744,727)*	$	1,115,010,627
Investments in affiliated money market funds, at value (Cost $62,043,793)		62,050,696
Foreign currencies, at value (Cost $2,997,391)		2,977,363
Receivable for:
Investments sold		4,614,981
Fund shares sold		134,677
Dividends		5,998,237
Investment for trustee deferred compensation and retirement plans		216,415
Other assets		55,447
Total assets		1,191,058,443

Liabilities:
Payable for:
Investments purchased		2,187,684
Fund shares reacquired		599,480
Amount due custodian		844,128
Collateral upon return of securities loaned		34,285,576
Accrued fees to affiliates		486,196
Accrued trustees’ and officers’ fees and benefits		492
Accrued other operating expenses		400,297
Trustee deferred compensation and retirement plans		237,995
Total liabilities		39,041,848
Net assets applicable to shares outstanding	$	1,152,016,595

Net assets consist of:
Shares of beneficial interest	$	740,053,593
Distributable earnings		411,963,002
	$	1,152,016,595


Net Assets:
Class A	$	357,886,979
Class C	$	23,003,496
Class R	$	7,363,082
Class Y	$	628,951,800
Investor Class	$	128,387,649
Class R6	$	6,423,589

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,212,440
Class C		566,300
Class R		169,389
Class Y		14,415,822
Investor Class		2,954,093
Class R6		147,309
Class A:
Net asset value per share	$	43.58
Maximum offering price per share (Net asset value of $43.58 ÷ 94.50%)	$	46.12
Class C:
Net asset value and offering price per share	$	40.62
Class R:
Net asset value and offering price per share	$	43.47
Class Y:
Net asset value and offering price per share	$	43.63
Investor Class:
Net asset value and offering price per share	$	43.46
Class R6:
Net asset value and offering price per share	$	43.61

*	At April 30, 2021, securities with an aggregate value of $34,976,628 were on loan to brokers.

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

8 Invesco European Growth Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $994,596)	$	9,918,784

Dividends from affiliated money market funds (includes securities lending income of $16,510)		22,278

Total investment income		9,941,062


Expenses:
Advisory fees		4,940,123

Administrative services fees		76,473

Custodian fees		84,134

Distribution fees:
Class A		419,885

Class C		117,366

Class R		17,502

Investor Class		100,261

Transfer agent fees – A, C, R, Y and Investor		830,088

Transfer agent fees – R6		1,249

Trustees’ and officers’ fees and benefits		22,150

Registration and filing fees		51,675

Reports to shareholders		33,916

Professional services fees		48,001

Other		35,830

Total expenses		6,778,653

Less: Fees waived and/or expense offset arrangement(s)		(21,480	)

Net expenses		6,757,173

Net investment income		3,183,889


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		46,986,288

Affiliated investment securities		5,968

Foreign currencies		141,990

		47,134,246

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		238,048,975

Affiliated investment securities		(6,158	)

Foreign currencies		(51,433	)

		237,991,384

Net realized and unrealized gain		285,125,630

Net increase in net assets resulting from operations	$	288,309,519

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

9 Invesco European Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	3,183,889		$	10,555,692

Net realized gain (loss)		47,134,246			(14,539,601	)

Change in net unrealized appreciation (depreciation)		237,991,384			(132,311,706	)

Net increase (decrease) in net assets resulting from operations		288,309,519			(136,295,615	)


Distributions to shareholders from distributable earnings:
Class A		(4,332,934	)		(9,968,449	)

Class C		(132,308	)		(650,979	)

Class R		(71,734	)		(178,444	)

Class Y		(9,434,694	)		(19,903,510	)

Investor Class		(1,665,385	)		(3,532,061	)

Class R6		(160,084	)		(268,019	)

Total distributions from distributable earnings		(15,797,139	)		(34,501,462	)


Share transactions–net:
Class A		(13,187,308	)		(48,369,989	)

Class C		(5,293,396	)		(11,622,355	)

Class R		(468,205	)		(678,098	)

Class Y		(45,583,209	)		(79,494,966	)

Investor Class		(5,426,818	)		(11,699,480	)

Class R6		(4,083,979	)		1,231,154

Net increase (decrease) in net assets resulting from share transactions		(74,042,915	)		(150,633,734	)

Net increase (decrease) in net assets		198,469,465			(321,430,811	)


Net assets:
Beginning of period		953,547,130			1,274,977,941

End of period	$	1,152,016,595		$	953,547,130

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

10 Invesco European 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 04/30/21	$33.73		$	0.09			$	10.27			$	10.36			$	(0.51	)		$	–			$	(0.51	)		$	43.58		30.90	%		$	357,887		1.36	%^(d)		1.36	%^(d)		0.45	%^(d)			9	%
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
Year ended 10/31/16	36.65			0.50				(2.61	)			(2.11	)			(0.51	)			(1.15	)			(1.66	)			32.88		(5.94	)			453,114		1.34			1.36			1.47				16
Class C
Six months ended 04/30/21	31.31			(0.06	)			9.57				9.51				(0.20	)			–				(0.20	)			40.62		30.43				23,003		2.11	^(d)		2.11	^(d)		(0.30	)^(d)			9
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
Year ended 10/31/16	34.12			0.22				(2.42	)			(2.20	)			(0.27	)			(1.15	)			(1.42	)			30.50		(6.63	)			86,303		2.09			2.11			0.72				16
Class R
Six months ended 04/30/21	33.59			0.04				10.25				10.29				(0.41	)			–				(0.41	)			43.47		30.77				7,363		1.61	^(d)		1.61	^(d)		0.20	^(d)			9
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
Year ended 10/31/16	36.48			0.41				(2.60	)			(2.19	)			(0.43	)			(1.15	)			(1.58	)			32.71		(6.19	)			12,893		1.59			1.61			1.22				16
Class Y
Six months ended 04/30/21	33.81			0.14				10.29				10.43				(0.61	)			–				(0.61	)			43.63		31.07				628,952		1.11	^(d)		1.11	^(d)		0.70	^(d)		��	9
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
Year ended 10/31/16	36.76			0.58				(2.62	)			(2.04	)			(0.59	)			(1.15	)			(1.74	)			32.98		(5.71	)			696,907		1.09			1.11			1.72				16
Investor Class
Six months ended 04/30/21	33.65			0.11				10.25				10.36				(0.55	)			–				(0.55	)			43.46		30.98	^(e)			128,388		1.28	^(d)(e)		1.28	^(d)(e)		0.53	^(d)(e)			9
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
Year ended 10/31/16	36.56			0.51				(2.61	)			(2.10	)			(0.51	)			(1.15	)			(1.66	)			32.80		(5.91	)^(e)			147,804		1.31	^(e)		1.33	^(e)		1.50	^(e)			16
Class R6
Six months ended 04/30/21	33.81			0.16				10.30				10.46				(0.66	)			–				(0.66	)			43.61		31.16				6,424		0.99	^(d)		0.99	^(d)		0.82	^(d)			9
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	^(g)		0.97	^(g)		1.74	^(g)			22

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $338,692, $23,668, $7,059, $608,702 , $121,548 and $7,847 for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares, respectively.

^(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 0.17%, 0.16%, 0.19%, 0.20%, 0.19% and 0.22% for six months ended April 30, 2021 and for each of the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

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

^(g)	Annualized.

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

11 Invesco European Growth Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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 ten 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 tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

12 Invesco European Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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 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.

13 Invesco European 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.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.90%.

The Adviser has contractually agreed, through at least June 30, 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 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $20,355.

14 Invesco European Growth 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $12,148 in front-end sales commissions from the sale of Class A shares and $1,088 and $169 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $391 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


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Denmark	$	–	$	29,339,442		$–	$	29,339,442
France		18,405,359		128,093,904		–		146,499,263
Germany		–		80,065,656		–		80,065,656
Hungary		–		18,784,512		–		18,784,512
Ireland		12,928,702		52,309,196		–		65,237,898
Italy		–		67,122,454		–		67,122,454
Netherlands		–		116,124,592		–		116,124,592
Norway		–		14,973,259		–		14,973,259
Russia		–		65,900,474		–		65,900,474
Spain		–		11,873,337		–		11,873,337
Sweden		–		70,486,953		–		70,486,953
Switzerland		–		90,582,152		–		90,582,152
Turkey		–		10,465,970		–		10,465,970
United Kingdom		20,844,339		279,943,126		–		300,787,465
United States		26,767,200		–		–		26,767,200
Money Market Funds		27,765,120		34,285,576		–		62,050,696
Total Investments	$	106,710,720	$	1,070,350,603		$–	$	1,177,061,323

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

15 Invesco European Growth 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 Fund had a capital loss carryforward as of October 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	17,898,324		$	1,832,287		$	19,730,611

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $95,168,569 and $144,357,235, 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	$	407,410,882

Aggregate unrealized (depreciation) of investments		(25,857,478	)

Net unrealized appreciation of investments	$	381,553,404

Cost of investments for tax purposes is $795,507,919.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		250,659		$	10,144,357			530,820		$	18,920,411

Class C		23,251			888,247			46,143			1,507,318

Class R		14,264			573,513			30,865			1,080,156

Class Y		872,820			35,239,968			4,385,537			147,163,758

Investor Class		39,370			1,600,835			45,833			1,620,704

Class R6		14,423			586,693			133,117			4,834,990


Issued as reinvestment of dividends:
Class A		97,439			3,811,815			220,799			8,713,438

Class C		2,977			108,822			14,787			545,333

Class R		1,825			71,265			4,499			177,209

Class Y		204,943			8,017,382			416,542			16,440,918

Investor Class		38,415			1,498,177			81,165			3,193,834

Class R6		4,018			157,063			6,621			261,078


Automatic conversion of Class C shares to Class A shares:
Class A		73,448			2,967,702			86,439			3,132,991

Class C		(78,696	)		(2,967,702	)		(92,835	)		(3,132,991	)

16 Invesco European Growth Fund


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(747,356	)	$	(30,111,182	)		(2,268,059	)	$	(79,136,829	)

Class C		(89,148	)		(3,322,763	)		(323,151	)		(10,542,015	)

Class R		(28,041	)		(1,112,983	)		(56,231	)		(1,935,463	)

Class Y		(2,187,771	)		(88,840,559	)		(7,313,281	)		(243,099,642	)

Investor Class		(212,686	)		(8,525,830	)		(481,353	)		(16,514,018	)

Class R6		(121,851	)		(4,827,735	)		(110,664	)		(3,864,914	)

Net increase (decrease) in share activity		(1,827,697	)	$	(74,042,915	)		(4,642,407	)	$	(150,633,734	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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 European Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,309.00	$7.79	$1,018.05	$6.80	1.36%
Class C	1,000.00	1,304.30	12.06	1,014.33	10.54	2.11
Class R	1,000.00	1,307.30	9.21	1,016.81	8.05	1.61
Class Y	1,000.00	1,310.70	6.36	1,019.29	5.56	1.11
Investor Class	1,000.00	1,309.80	7.33	1,018.45	6.41	1.28
Class R6	1,000.00	1,311.60	5.67	1,019.89	4.96	0.99

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 European Growth Fund

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Fund holdings and proxy voting information


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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		EGR-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco Global Fund
		Nasdaq:
		A: OPPAX ∎ C: OGLCX ∎ R: OGLNX ∎ Y: OGLYX ∎ R5: GFDDX ∎ R6: OGLIX

LOGO



	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 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, 10/31/20 to 4/30/21, 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	28.55	%
Class C Shares	28.08
Class R Shares	28.37
Class Y Shares	28.69
Class R5 Shares	28.80
Class R6 Shares	28.78
MSCI All Country World Index	28.29
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

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2 Invesco Global Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (12/22/69)	11.61	%
10 Years	10.26
5 Years	16.05
1 Year	47.23
Class C Shares
Inception (10/2/95)	10.34	%
10 Years	10.23
5 Years	16.47
1 Year	53.62
Class R Shares
Inception (3/1/01)	8.17	%
10 Years	10.58
5 Years	17.05
1 Year	55.38
Class Y Shares
Inception (11/17/98)	10.48	%
10 Years	11.16
5 Years	17.64
1 Year	56.15
Class R5 Shares
10 Years	10.97	%
5 Years	17.53
1 Year	56.42
Class R6 Shares
Inception (1/27/12)	14.09	%
5 Years	17.83
1 Year	56.37

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 Oppen-heimer 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.

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

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

3 Invesco Global Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–99.87%

Argentina–0.23%

Reservas de Maternidad-Swiss Medical^(a)(b)		1,029,617,880	$	30,698,057


Brazil–0.83%

StoneCo Ltd., Class A^(c)		1,713,077		110,733,297


China–3.98%

JD.com, Inc., ADR^(c)		6,161,480		476,652,092


Meituan, B Shares^(c)(d)		1,384,600		52,718,517

				529,370,609


Denmark–0.40%

Ambu A/S, Class B		809,116		45,276,347


Ascendis Pharma A/S, ADR^(c)		51,902		7,524,233

				52,800,580


France–11.48%

Airbus SE^(c)		3,129,088		375,801,094


Dassault Systemes SE		178,332		41,358,016


Kering S.A.		476,057		381,347,456


LVMH Moet Hennessy Louis Vuitton SE		967,224		727,981,851

				1,526,488,417


Germany–2.54%

SAP SE		2,404,878		338,275,662


India–3.22%

DLF Ltd.		70,355,450		234,651,530


ICICI Bank Ltd., ADR		11,904,539		194,043,986

				428,695,516


Italy–0.30%

Brunello Cucinelli S.p.A.^(c)		773,116		39,417,827


Japan–13.76%

Capcom Co. Ltd.		4,424,000		143,478,620


FANUC Corp.		598,400		137,967,555


Keyence Corp.		656,012		315,505,119


Murata Manufacturing Co. Ltd.		4,330,212		343,903,158


Nidec Corp.		3,819,432		442,735,233


Omron Corp.		2,246,400		170,523,311


Takeda Pharmaceutical Co. Ltd.		1,848,289		61,817,612


TDK Corp.		1,587,300		215,050,195

				1,830,980,803


Netherlands–0.87%

ASML Holding N.V.		127,086		82,740,066


uniQure N.V.^(c)		1,031,898		33,299,349

				116,039,415


Spain–1.29%

Industria de Diseno Textil S.A.		4,822,745		171,698,585


Sweden–3.20%

Assa Abloy AB, Class B		6,401,588		182,528,809


Atlas Copco AB, Class A		3,998,937		242,413,119

				424,941,928


	Shares		Value

Switzerland–0.43%

Zur Rose Group AG^(c)		172,835	$	57,527,806


United Kingdom–2.58%

Farfetch Ltd., Class A^(c)		3,672,396		179,910,680


Prudential PLC		7,726,408		163,662,654

				343,573,334


United States–54.76%
Adobe, Inc.^(c)		1,036,938		527,117,063

Agilent Technologies, Inc.		1,856,680		248,126,715

Alphabet, Inc., Class A^(c)		615,013		1,447,433,096

Amazon.com, Inc.^(c)		36,690		127,219,640

Analog Devices, Inc.		172,447		26,411,983

Avantor, Inc.^(c)		5,874,297		188,212,476

Blueprint Medicines Corp.^(c)		666,014		64,150,468

Boston Scientific Corp.^(c)		1,675,490		73,051,364

Castle Biosciences, Inc.^(c)		406,818		28,082,647

Charles River Laboratories International, Inc.^(c)		188,480		62,660,176

Dun & Bradstreet Holdings, Inc.^(c)		1,003,057		23,832,634

Electronic Arts, Inc.		789,437		112,163,209

Equifax, Inc.		1,047,869		240,203,011

Facebook, Inc., Class A^(c)		2,050,329		666,520,951

Fate Therapeutics, Inc.^(c)		296,684		25,927,215

Fidelity National Information Services, Inc.		1,169,301		178,786,123

Illumina, Inc.^(c)		223,661		87,862,987

Intuit, Inc.		1,384,920		570,808,627

Ionis Pharmaceuticals,Inc.^(c)		1,240,416		53,114,613

IQVIA Holdings, Inc.^(c)		356,418		83,647,740

Marriott International, Inc., Class A		125,102		18,580,149

Maxim Integrated Products, Inc.		3,892,205		365,867,270

Microsoft Corp.		544,749		137,374,803

PayPal Holdings, Inc.^(c)		1,391,114		364,875,291

Pegasystems, Inc.		590,801		74,996,279

Phathom Pharmaceuticals, Inc.^(c)		1,123,410		43,273,753


Qualtrics International, Inc., Class A^(c)		427,926		15,983,036


S&P Global, Inc.		1,519,633		593,249,527


Sage Therapeutics, Inc.^(c)		450,794		35,504,535


Twist Bioscience Corp.^(c)		58,158		7,804,222


United Parcel Service, Inc., Class B		1,455,595		296,737,597


Veracyte, Inc.^(c)		1,657,477		82,459,481


Visa, Inc., Class A		615,172		143,679,572


Walt Disney Co. (The)^(c)		1,447,460		269,256,509

				7,284,974,762

Total Common Stocks & Other Equity Interests (Cost $4,359,240,546)				13,286,216,598


Preferred Stocks–0.00%

India–0.00%

Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		15,040,130		389,849

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

5 Invesco Global Fund


	Shares		Value
Money Market Funds–0.07%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(e)		3,042,901	$	3,042,901

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(e)		2,378,467		2,379,418

Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(e)		3,477,602		3,477,602

Total Money Market Funds (Cost $8,899,921)				8,899,921

TOTAL INVESTMENTS IN SECURITIES–99.94% (Cost $4,368,140,467)				13,295,506,368

OTHER ASSETS LESS LIABILITIES–0.06%				8,465,867

NET ASSETS–100.00%			$	13,303,972,235

Investment Abbreviations:

ADR – American Depositary Receipt

Pfd. – Preferred

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, 2021.


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,269,509		$	195,657,465		$	(196,884,073	)		$	-			$	-			$	3,042,901		$	1,090
Invesco Liquid Assets Portfolio, Institutional Class			3,048,843			139,755,332			(140,424,733	)			192				(216	)			2,379,418			1,237
Invesco Treasury Portfolio, Institutional Class			4,879,438			223,608,531			(225,010,367	)			-				-				3,477,602			511
Investments in Other Affiliates:
Reservas de Maternidad - Swiss Medical			36,663,663			-			-				(5,965,606	)			-				30,698,057			-
Total		$	48,861,453		$	559,021,328		$	(562,319,173	)		$	(5,965,414	)		$	(216	)		$	39,597,978		$	2,838

^(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, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	30.25	%
Communication Services	19.84
Consumer Discretionary	16.35
Industrials	14.83
Health Care	9.26
Financials	7.15
Other Sectors, Each Less than 2% of Net Assets	2.19
Money Market Funds Plus Other Assets Less Liabilities	0.13

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, 2021

(Unaudited)


Assets:

Investments in securities, at value (Cost $4,328,850,546)	$	13,255,908,390


Investments in affiliates, at value (Cost $39,289,921)		39,597,978

Cash		126,499

Foreign currencies, at value (Cost $3,950,931)		3,929,891

Receivable for:
Fund shares sold		5,488,660

Dividends		19,784,826

Investment for trustee deferred compensation and retirement plans		963,977

Other assets		132,255

Total assets		13,325,932,476


Liabilities:
Payable for:
Fund shares reacquired		11,925,460

Accrued foreign taxes		1,309,477

Accrued fees to affiliates		5,515,360

Accrued trustees’ and officers’ fees and benefits		549,148

Accrued other operating expenses		1,696,819

Trustee deferred compensation and retirement plans		963,977

Total liabilities		21,960,241

Net assets applicable to shares outstanding	$	13,303,972,235


Net assets consist of:
Shares of beneficial interest	$	4,013,554,873

Distributable earnings		9,290,417,362

	$	13,303,972,235


Net Assets:
Class A	$	7,717,393,778

Class C	$	247,459,491

Class R	$	238,331,242

Class Y	$	2,559,812,785

Class R5	$	14,697

Class R6	$	2,540,960,242


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		62,432,541

Class C		2,258,767

Class R		1,950,466

Class Y		20,588,326

Class R5		118

Class R6		20,369,613

Class A:
Net asset value per share	$	123.61

Maximum offering price per share (Net asset value of $123.61 ÷ 94.50%)	$	130.80

Class C:
Net asset value and offering price per share	$	109.56

Class R:
Net asset value and offering price per share	$	122.19

Class Y:
Net asset value and offering price per share	$	124.33

Class R5:
Net asset value and offering price per share	$	124.55

Class R6:
Net asset value and offering price per share	$	124.74

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, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $3,653,610)	$	35,288,285

Dividends from affiliates		2,838

Total investment income		35,291,123


Expenses:
Advisory fees		39,338,354

Administrative services fees		902,026

Custodian fees		231,746

Distribution fees:
Class A		8,399,428

Class C		1,269,016

Class R		570,080

Transfer agent fees – A, C, R and Y		7,604,054

Transfer agent fees – R6		70,664

Trustees’ and officers’ fees and benefits		143,280

Registration and filing fees		85,134

Reports to shareholders		343,652

Professional services fees		90,118

Other		214,231

Total expenses		59,261,783

Less: Fees waived and/or expense offset arrangement(s)		(19,799	)

Net expenses		59,241,984

Net investment income (loss)		(23,950,861	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		412,086,565

Affiliated investment securities		(216	)

Foreign currencies		109,336

		412,195,685

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $366,265)		2,654,429,133

Affiliated investment securities		(5,965,414	)

Foreign currencies		54,963

		2,648,518,682

Net realized and unrealized gain		3,060,714,367

Net increase in net assets resulting from operations	$	3,036,763,506

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:

Net investment income (loss)	$	(23,950,861	)	$	(16,019,844	)

Net realized gain		412,195,685			694,147,295

Change in net unrealized appreciation		2,648,518,682			713,539,849

Net increase in net assets resulting from operations		3,036,763,506			1,391,667,300


Distributions to shareholders from distributable earnings:

Class A		(401,495,954	)		(88,267,939	)

Class C		(17,266,924	)		(4,268,191	)

Class R		(12,789,747	)		(2,930,684	)

Class Y		(135,222,108	)		(28,337,555	)

Class R5		(780	)		(153	)

Class R6		(125,000,218	)		(26,220,136	)

Total distributions from distributable earnings		(691,775,731	)		(150,024,658	)


Share transactions–net:

Class A		98,642,235			(711,388,987	)

Class C		(42,745,107	)		(56,798,927	)

Class R		(1,022,694	)		(35,630,303	)

Class Y		9,743,315			(124,020,139	)

Class R6		169,659,767			(360,415,404	)

Net increase (decrease) in net assets resulting from share transactions		234,277,516			(1,288,253,760	)

Net increase (decrease) in net assets		2,579,265,291			(46,611,118	)


Net assets:
Beginning of period		10,724,706,944			10,771,318,062

End of period	$	13,303,972,235		$	10,724,706,944

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 04/30/21		$	101.84		$	(0.28	)		$	28.66			$	28.38			$	-			$	(6.61	)		$	(6.61	)		$	123.61		28.55	%		$	7,717,394		1.04	%^(e)		1.04	%^(e)		(0.48	)%^(e)		4	%
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
Year ended 09/30/16			74.79			0.47				3.75				4.22				(0.52	)			(3.36	)			(3.88	)			75.13		5.62				6,391,711		1.13			1.13			0.64			6
Class C
Six months ended 04/30/21			91.23			(0.64	)			25.58				24.94				-				(6.61	)			(6.61	)			109.56		28.08				247,459		1.81	^(e)		1.81	^(e)		(1.25	)^(e)		4
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
Year ended 09/30/16			69.37			(0.08	)			3.46				3.38				-				(3.36	)			(3.36	)			69.39		4.80				626,045		1.90			1.90			(0.12	)		6
Class R
Six months ended 04/30/21			100.86			(0.43	)			28.37				27.94				-				(6.61	)			(6.61	)			122.19		28.40				238,331		1.31	^(e)		1.31	^(e)		(0.75	)^(e)		4
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
Year ended 09/30/16			74.35			0.28				3.72				4.00				(0.30	)			(3.36	)			(3.66	)			74.69		5.33				210,141		1.39			1.39			0.39			6
Class Y
Six months ended 04/30/21			102.29			(0.14	)			28.79				28.65				-				(6.61	)			(6.61	)			124.33		28.69				2,559,813		0.81	^(e)		0.81	^(e)		(0.25	)^(e)		4
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
Year ended 09/30/16			75.00			0.65				3.76				4.41				(0.73	)			(3.36	)			(4.09	)			75.32		5.87				1,182,183		0.90			0.90			0.90			6
Class R5
Six months ended 04/30/21			102.39			(0.06	)			28.83				28.77				-				(6.61	)			(6.61	)			124.55		28.80				15		0.67	^(e)		0.67	^(e)		(0.11	)^(e)		4
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 04/30/21			102.54			(0.06	)			28.87				28.81				-				(6.61	)			(6.61	)			124.74		28.78				2,540,960		0.67	^(e)		0.67	^(e)		(0.11	)^(e)		4
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
Year ended 09/30/16			75.07			0.80				3.77				4.57				(0.88	)			(3.36	)			(4.24	)			75.40		6.05				663,292		0.71			0.71			1.11			6

^(a)	Calculated using average shares outstanding.

^(b)

^(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, 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)	Ratios are annualized and based on average daily net assets (000’s omitted) of $7,354,806, $255,907, $229,922, $2,440,945, $14 and $2,360,257 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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, 2021

(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 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.

11 Invesco Global Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

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

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.

12 Invesco Global Fund

The ongoing effects of COVID-19 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


Average Daily Net Assets*	Rate

Up to $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, 2021, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through May 31, 2021, 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 1.15%, 1.89%, 1.39%, 0.89%, 0.75% and 0.70%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has 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. 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $9,956.

13 Invesco Global 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, 2021, IDI advised the Fund that IDI retained $180,446 in front-end sales commissions from the sale of Class A shares and $8,136 and $3,986 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

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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina	$	–	$	–	$	30,698,057	$	30,698,057
Brazil		110,733,297		–		–		110,733,297
China		476,652,092		52,718,517		–		529,370,609
Denmark		7,524,233		45,276,347		–		52,800,580
France		–		1,526,488,417		–		1,526,488,417
Germany		–		338,275,662		–		338,275,662
India		194,433,835		234,651,530		–		429,085,365
Italy		–		39,417,827		–		39,417,827
Japan		–		1,830,980,803		–		1,830,980,803
Netherlands		33,299,349		82,740,066		–		116,039,415
Spain		–		171,698,585		–		171,698,585
Sweden		–		424,941,928		–		424,941,928
Switzerland		–		57,527,806		–		57,527,806
United Kingdom		179,910,680		163,662,654		–		343,573,334
United States		7,284,974,762		–		–		7,284,974,762
Money Market Funds		8,899,921		–		–		8,899,921
Total Investments	$	8,296,428,169	$	4,968,380,142	$	30,698,057	$	13,295,506,368

NOTE 4—Expense Offset Arrangement(s)

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 Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $445,194,077 and $903,202,802, 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	$8,926,143,365

Aggregate unrealized (depreciation) of investments	(9,370,257	)

Net unrealized appreciation of investments	$8,916,773,108

Cost of investments for tax purposes is $4,378,733,260.

NOTE 9—Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:

Class A		2,317,021		$	271,381,534			3,782,735		$	350,384,952

Class C		128,324			13,380,847			303,998			25,377,820

Class R		152,048			17,648,765			269,148			24,522,766

Class Y		1,800,830			211,816,051			4,755,938			445,453,852

Class R6		2,270,982			266,378,502			4,101,314			394,861,223

Issued as reinvestment of dividends:

Class A		3,349,634			374,355,108			868,190			82,417,312

Class C		168,181			16,707,111			47,743			4,087,714

Class R		115,245			12,744,947			30,963			2,917,943

Class Y		1,103,599			123,945,145			266,718			25,378,194

Class R6		1,104,877			124,431,282			273,804			26,082,561

Automatic conversion of Class C shares to Class A shares:
Class A		402,242			46,308,569			248,014			23,320,549

Class C		(452,728	)		(46,308,569	)		(275,802	)		(23,320,549	)

Reacquired:

Class A		(5,070,661	)		(593,402,976	)		(12,590,846	)		(1,167,511,800	)

Class C		(255,137	)		(26,524,496	)		(762,131	)		(62,943,912	)

Class R		(270,597	)		(31,416,406	)		(682,904	)		(63,071,012	)

Class Y		(2,782,501	)		(326,017,881	)		(6,466,015	)		(594,852,185	)

Class R6		(1,870,872	)		(221,150,017	)		(8,133,986	)		(781,359,188	)

Net increase (decrease) in share activity		2,210,487		$	234,277,516			(13,963,119	)	$	(1,288,253,760	)

^(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. 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.

15 Invesco Global Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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.



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,285.50	$5.89	$1,019.64	$5.21	1.04%
Class C	1,000.00	1,280.80	10.24	1,015.82	9.05	1.81
Class R	1,000.00	1,283.70	7.42	1,018.30	6.56	1.31
Class Y	1,000.00	1,286.90	4.59	1,020.78	4.06	0.81
Class R5	1,000.00	1,288.00	3.80	1,021.47	3.36	0.67
Class R6	1,000.00	1,287.80	3.80	1,021.47	3.36	0.67

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

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Fund holdings and proxy voting information


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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		O-GLBL-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco Global Focus Fund
		Nasdaq:
		A: GLVAX ∎ C: GLVCX ∎ R: GLVNX ∎ Y: GLVYX ∎ R5: GFFDX ∎ R6: GLVIX

LOGO



		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes Cumulative total returns, 10/31/20 to 4/30/21, 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	16.79	%
Class C Shares	16.34
Class R Shares	16.65
Class Y Shares	16.92
Class R5 Shares	16.99
Class R6 Shares	16.99
MSCI All Country World Index^▼	28.29

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

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 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (10/1/07)	9.22	%
10 Years	11.68
5 Years	18.88
1 Year	48.09

Class C Shares
Inception (10/1/07)	9.25	%
10 Years	11.63
5 Years	19.32
1 Year	54.52

Class R Shares
Inception (10/1/07)	9.47	%
10 Years	12.03
5 Years	19.93
1 Year	56.32

Class Y Shares
Inception (10/1/07)	10.06	%
10 Years	12.61
5 Years	20.52
1 Year	57.08

Class R5 Shares
10 Years	12.40	%
5 Years	20.40
1 Year	57.25

Class R6 Shares
Inception (8/28/12)	16.11	%
5 Years	20.73
1 Year	57.28

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. Note: 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.

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.

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

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.

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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.03%
Apparel, Accessories & Luxury Goods–3.23%

Hermes International (France)		25,348	$	31,807,936


Application Software–8.61%

Alteryx, Inc., Class A^(b)		97,500		7,970,625

Nice Ltd., ADR (Israel)^(b)		93,632		22,586,847

salesforce.com, Inc.^(b)		174,600		40,213,872

Splunk, Inc.^(b)		110,166		13,927,186

				84,698,530


Biotechnology–3.52%
BeiGene Ltd., ADR (China)^(b)		58,310		20,031,817

Twist Bioscience Corp.^(b)		108,334		14,537,340

				34,569,157


Data Processing & Outsourced Services–11.44%
Adyen N.V. (Netherlands)^(b)(c)		6,806		16,712,264

Amadeus IT Group S.A. (Spain)^(b)		407,564		27,753,525

Mastercard, Inc., Class A		92,503		35,341,696

PayPal Holdings, Inc.^(b)		124,755		32,721,989

				112,529,474


Health Care Equipment–1.67%
ABIOMED, Inc.^(b)		21,533		6,906,279

Edwards Lifesciences Corp.^(b)		99,283		9,483,512

				16,389,791


Integrated Telecommunication Services–3.10%
Cellnex Telecom S.A. (Spain)^(c)		539,049		30,496,226


Interactive Home Entertainment–1.02%
Sea Ltd., ADR (Taiwan)^(b)		39,883		10,072,053

Interactive Media & Services–15.08%
Alphabet, Inc., Class A^(b)		16,059		37,794,856

Facebook, Inc., Class A^(b)		264,882		86,107,841

Tencent Holdings Ltd. (China)		305,400		24,423,773

				148,326,470


Internet & Direct Marketing Retail–13.11%
Alibaba Group Holding Ltd., ADR (China)^(b)		219,225		50,630,014

Amazon.com, Inc.^(b)		13,879		48,124,322

Farfetch Ltd., Class A (United Kingdom)^(b)		192,103		9,411,126

HelloFresh SE (Germany)^(b)		77,752		6,449,767


	Shares		Value
Internet & Direct Marketing Retail–(continued)
Zalando SE (Germany)^(b)(c)		137,416	$	14,293,884

				128,909,113


Internet Services & Infrastructure–8.32%
Okta, Inc.^(b)		50,589		13,643,853

Twilio, Inc., Class A^(b)		185,250		68,134,950

				81,778,803


Life Sciences Tools & Services–14.89%
Biotage AB (Sweden)		224,355		4,857,726

Illumina, Inc.^(b)		83,623		32,850,459

Lonza Group AG (Switzerland)		28,125		17,896,846

Tecan Group AG, Class R (Switzerland)		47,562		23,162,166

Thermo Fisher Scientific, Inc.		84,494		39,731,614

Wuxi Biologics Cayman, Inc. (China)^(b)(c)		1,994,000		27,969,436

				146,468,247


Pharmaceuticals–2.83%
Novo Nordisk A/S, Class B (Denmark)		376,277		27,811,039


Semiconductors–1.81%
Infineon Technologies AG (Germany)		440,932		17,806,284


Systems Software–6.96%
Crowdstrike Holdings, Inc., Class A^(b)		228,752		47,697,080

ServiceNow, Inc.^(b)		40,952		20,736,864

				68,433,944


Trucking–1.44%
Uber Technologies, Inc.^(b)		258,968		14,183,677

Total Common Stocks & Other Equity Interests (Cost $578,051,137)				954,280,744


Money Market Funds–2.90%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		9,974,004		9,974,004

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		7,120,473		7,123,321

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		11,398,862		11,398,862

Total Money Market Funds (Cost $28,496,130)				28,496,187

TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $606,547,267)				982,776,931

OTHER ASSETS LESS LIABILITIES—0.07%				721,636

NET ASSETS–100.00%			$	983,498,567

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2021 was $89,471,810, which represented 9.10% of the Fund’s Net Assets.

^(d)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 5,675,088		$ 57,687,125		$ (53,388,209)		$ -		$ -			$ 9,974,004		$ 760
Invesco Liquid Assets Portfolio, Institutional Class		4,052,847		41,205,090		(38,134,435)		492		(673	)		7,123,321		958
Invesco Treasury Portfolio, Institutional Class		6,485,815		65,928,143		(61,015,096)		-		-			11,398,862		348
Total		$16,213,750		$164,820,358		$(152,537,740)		$492		$(673)			$28,496,187		$2,066

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	37.14	%
Health Care	22.90
Communication Services	19.21
Consumer Discretionary	16.34
Industrials	1.44
Money Market Funds Plus Other Assets Less Liabilities	2.97

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $578,051,137)			$954,280,744
Investments in affiliated money market funds, at value (Cost $28,496,130)			28,496,187
Foreign currencies, at value (Cost $98,957)			99,388
Receivable for:
Fund shares sold			1,679,847
Dividends			600,031
Investment for trustee deferred compensation and retirement plans			21,478
Other assets			116,508
Total assets			985,294,183

Liabilities:
Payable for:
Fund shares reacquired			734,878
Amount due custodian			507,532
Accrued fees to affiliates			362,388
Accrued trustees’ and officers’ fees and benefits			658
Accrued other operating expenses			168,682
Trustee deferred compensation and retirement plans			21,478
Total liabilities			1,795,616
Net assets applicable to shares outstanding			$983,498,567

Net assets consist of:
Shares of beneficial interest			$573,130,528
Distributable earnings			410,368,039
			$983,498,567


Net Assets:
Class A	$	384,338,343
Class C	$	75,901,658
Class R	$	34,102,816
Class Y	$	426,766,036
Class R5	$	16,157
Class R6	$	62,373,557

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,769,683
Class C		1,045,156
Class R		438,699
Class Y		5,139,715
Class R5		199
Class R6		738,756
Class A:
Net asset value per share	$	80.58
Maximum offering price per share
(Net asset value of $80.58 ÷ 94.50%)	$	85.27
Class C:
Net asset value and offering price per share	$	72.62
Class R:
Net asset value and offering price per share	$	77.74
Class Y:
Net asset value and offering price per share	$	83.03
Class R5:
Net asset value and offering price per share	$	81.19
Class R6:
Net asset value and offering price per share	$	84.43

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, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $87,316)	$	733,079
Dividends from affiliated money market funds		2,066
Total investment income		735,145

Expenses:
Advisory fees		3,303,353
Administrative services fees		62,308
Custodian fees		10,704
Distribution fees:
Class A		411,739
Class C		380,295
Class R		72,886
Transfer agent fees – A, C, R and Y		509,081
Transfer agent fees – R5		2
Transfer agent fees – R6		4,631
Trustees’ and officers’ fees and benefits		16,813
Registration and filing fees		70,978
Reports to shareholders		48,101
Professional services fees		25,150
Other		26,342
Total expenses		4,942,383
Less: Fees waived and/or expense offset arrangement(s)		(8,248	)
Net expenses		4,934,135
Net investment income (loss)		(4,198,990	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		45,595,432
Affiliated investment securities		(673	)
Foreign currencies		35,551
Forward foreign currency contracts		19,982
		45,650,292
Change in net unrealized appreciation of:
Unaffiliated investment securities		82,514,703
Affiliated investment securities		492
Foreign currencies		11,312
		82,526,507
Net realized and unrealized gain		128,176,799
Net increase in net assets resulting from operations		$123,977,809

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(4,198,990	)	$	(4,016,375	)
Net realized gain		45,650,292			37,290,188
Change in net unrealized appreciation		82,526,507			165,860,292
Net increase in net assets resulting from operations		123,977,809			199,134,105

Distributions to shareholders from distributable earnings:
Class A		(14,021,672	)		(14,079,195	)
Class C		(4,016,167	)		(4,595,162	)
Class R		(1,267,019	)		(980,122	)
Class Y		(15,198,819	)		(12,860,913	)
Class R5		(702	)		(1,022	)
Class R6		(1,794,069	)		(3,992,853	)
Total distributions from distributable earnings		(36,298,448	)		(36,509,267	)

Share transactions–net:
Class A		76,776,343			66,103,196
Class C		(5,482,857	)		12,749,165
Class R		8,369,763			8,535,222
Class Y		83,645,355			96,991,564
Class R5		-			199
Class R6		23,947,929			(89,286,939	)
Net increase in net assets resulting from share transactions		187,256,533			95,092,407
Net increase in net assets		274,935,894			257,717,245

Net assets:
Beginning of period		708,562,673			450,845,428
End of period	$	983,498,567		$	708,562,673

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 investment 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 04/30/21		$	72.26		$	(0.40	)		$	12.26			$	11.86			$	(3.54	)		$	80.58		16.79	%^(e)		$	384,338		1.18	%^(e)(f)		1.18	%^(e)(f)		(1.01	)%^(e)(f)		18	%
Year ended 10/31/20			52.99			(0.51	)			25.00				24.49				(5.22	)			72.26		50.31	^(e)			273,684		1.26	^(e)		1.26	^(e)		(0.84	)^(e)		43
Six months ended 10/31/19			54.20			(0.16	)			(1.05	)			(1.21	)			–				52.99		(2.23	)			145,332		1.27	^(g)		1.31	^(g)		(0.60	)^(g)		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
Year ended 04/30/16			42.91			(0.08	)			(3.57	)			(3.65	)			–				39.26		(8.53	)			176,181		1.30			1.30			(0.20	)		89
Class C
Six months ended 04/30/21			65.69			(0.62	)			11.09				10.47				(3.54	)			72.62		16.34				75,902		1.94	^(f)		1.94	^(f)		(1.77	)^(f)		18
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	^(g)		2.07	^(g)		(1.34	)^(g)		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
Year ended 04/30/16			41.18			(0.37	)			(3.42	)			(3.79	)			–				37.39		(9.20	)			70,795		2.06			2.06			(0.96	)		89
Class R
Six months ended 04/30/21			69.91			(0.48	)			11.85				11.37				(3.54	)			77.74		16.65				34,103		1.44	^(f)		1.44	^(f)		(1.27	)^(f)		18
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	^(g)		1.57	^(g)		(0.85	)^(g)		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
Year ended 04/30/16			42.27			(0.18	)			(3.52	)			(3.70	)			–				38.57		(8.76	)			7,709		1.55			1.55			(0.46	)		89
Class Y
Six months ended 04/30/21			74.28			(0.31	)			12.60				12.29				(3.54	)			83.03		16.92				426,766		0.94	^(f)		0.94	^(f)		(0.77	)^(f)		18
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	^(g)		1.07	^(g)		(0.36	)^(g)		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
Year ended 04/30/16			43.38			0.02				(3.62	)			(3.60	)			–				39.78		(8.28	)			109,761		1.05			1.05			0.04			89
Class R5
Six months ended 04/30/21			72.67			(0.26	)			12.32				12.06				(3.54	)			81.19		16.99				16		0.84	^(f)		0.84	^(f)		(0.67	)^(f)		18
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	^(g)		0.92	^(g)		(0.23	)^(g)		20
Class R6
Six months ended 04/30/21			75.43			(0.27	)			12.81				12.54				(3.54	)			84.43		16.99				62,374		0.84	^(f)		0.84	^(f)		(0.67	)^(f)		18
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	^(g)		0.87	^(g)		(0.18	)^(g)		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
Year ended 04/30/16			43.53			0.08				(3.61	)			(3.53	)			–				40.00		(8.11	)			72,137		0.86			0.86			0.20			89

^(a)	Calculated using average shares outstanding.

^(b)

^(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, 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)	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, 2021 and the year ended October 31, 2020.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $341,503, $76,689, $29,396, $374,442, $16 and $49,569 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(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, 2021

(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 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.

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

11 Invesco Global Focus Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

12 Invesco Global Focus Fund

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

*	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, 2021, the effective advisory fee rate incurred by the Fund was 0.76%.

The Adviser has contractually agreed, through at least 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 1.27%, 2.01%, 1.52%, 1.02%, 0.90%, and 0.85%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $7,215.

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, 2021, 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.

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, 2021, IDI advised the Fund that IDI retained $111,042 in front-end sales commissions from the sale of Class A shares and $1,702 and $2,160 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.

13 Invesco Global Focus Fund

NOTE 3–Additional Valuation Information

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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$682,839,872		$271,440,872		$–		$954,280,744
Money Market Funds		28,496,187		–		–		28,496,187
Total Investments		$711,336,059		$271,440,872		$–		$982,776,931

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the six months ended April 30, 2021

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		$19,982

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


	Forward Foreign Currency Contracts
Average notional value		$4,676,217

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

14 Invesco Global Focus Fund

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.

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $284,786,341 and $151,290,874, 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	$378,168,222
Aggregate unrealized (depreciation) of investments	(5,567,801	)
Net unrealized appreciation of investments	$372,600,421

Cost of investments for tax purposes is $610,176,510.

NOTE 10–Share Information


	Summary of Share Activity
	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,163,300		$	91,290,623			1,477,048		$	94,017,750
Class C		191,696			13,567,688			457,147			25,579,112
Class R		131,912			9,964,831			213,155			13,458,838
Class Y		1,397,047			113,024,348			2,307,997			142,268,923
Class R5		-			-			3			199
Class R6		399,201			32,669,470			213,640			13,870,191

Issued as reinvestment of dividends:
Class A		179,137			13,379,754			261,532			13,338,160
Class C		55,442			3,742,875			89,929			4,196,996
Class R		17,538			1,264,827			19,687			973,520
Class Y		166,685			12,818,076			207,499			10,856,339
Class R6		22,625			1,768,392			74,981			3,977,731

Automatic conversion of Class C shares to Class A shares:
Class A		181,009			14,186,240			45,306			2,890,416
Class C		(200,365	)		(14,186,240	)		(49,713	)		(2,890,416	)

Reacquired:
Class A		(541,044	)		(42,080,274	)		(739,057	)		(44,143,130	)
Class C		(121,866	)		(8,607,180	)		(267,217	)		(14,136,527	)
Class R		(37,662	)		(2,859,895	)		(93,975	)		(5,897,136	)
Class Y		(527,142	)		(42,197,069	)		(966,519	)		(56,133,698	)
Class R6		(129,077	)		(10,489,933	)		(1,915,245	)		(107,134,861	)
Net increase in share activity		2,348,436		$	187,256,533			1,336,198		$	95,092,407

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the 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

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)¹		Expenses Paid During Period²		Ending Account Value (04/30/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,167.90		$6.34		$1,018.94		$5.91		1.18%
Class C		1,000.00		1,163.40		10.41		1,015.17		9.69		1.94
Class R		1,000.00		1,166.50		7.74		1,017.65		7.20		1.44
Class Y		1,000.00		1,169.20		5.06		1,020.13		4.71		0.94
Class R5		1,000.00		1,169.90		4.52		1,020.63		4.21		0.84
Class R6		1,000.00		1,169.90		4.52		1,020.63		4.21		0.84

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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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

Fund holdings and proxy voting information

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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		O-GLF-SAR-1


		Semiannual Report to Shareholders		April 30, 2021
		Invesco Global Growth Fund
		Nasdaq:
		A: AGGAX ∎ C: AGGCX ∎ Y: AGGYX ∎ R5: GGAIX ∎ R6: AGGFX

LOGO



		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	28.61	%
Class C Shares	28.11
Class Y Shares	28.79
Class R5 Shares	28.86
Class R6 Shares	28.86
MSCI All Country World Index^▼ (Broad Market Index)	28.29
MSCI All Country World Growth Index^▼ (Style-Specific Index)	22.98
Lipper Global Multi-Cap Growth Funds Index^∎ (Peer Group Index)	26.78
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

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 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	7.37	%
10 Years	8.44
5 Years	10.96
1 Year	41.54

Class C Shares
Inception (8/4/97)	5.72	%
10 Years	8.41
5 Years	11.38
1 Year	47.67

Class Y Shares
Inception (10/3/08)	10.04	%
10 Years	9.33
5 Years	12.52
1 Year	50.23

Class R5 Shares
Inception (9/28/07)	6.67	%
10 Years	9.49
5 Years	12.63
1 Year	50.37

Class R6 Shares
10 Years	9.43	%
5 Years	12.63
1 Year	50.41

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.

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

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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.70%
Brazil–1.33%
B3 S.A.-Brasil, Bolsa, Balcao		1,395,431	$	13,229,756

Canada–3.38%
Bank of Nova Scotia (The)		120,038		7,643,798
CGI, Inc., Class A^(a)		121,947		10,789,355
Ritchie Bros. Auctioneers, Inc.		102,923		6,547,248
Tourmaline Oil Corp.		397,711		8,580,967
				33,561,368

China–6.99%
Alibaba Group Holding Ltd., ADR^(a)		51,081		11,797,157
China Mengniu Dairy Co. Ltd.		1,166,000		6,241,600
JD.com, Inc., ADR^(a)		160,800		12,439,488
New Oriental Education & Technology Group, Inc., ADR^(a)		624,510		9,530,023
Tencent Holdings Ltd.		199,000		15,914,639
Wuliangye Yibin Co. Ltd., A Shares		66,456		2,923,810
Yum China Holdings, Inc.		165,935		10,440,630
				69,287,347

Denmark–0.47%
Novo Nordisk A/S, Class B		63,602		4,700,893

France–2.50%
Criteo S.A., ADR^(a)		273,952		10,884,113
Sanofi		67,416		7,069,277
Schneider Electric SE		42,788		6,841,024
				24,794,414

Germany–1.42%
Deutsche Boerse AG		47,750		8,240,501
MorphoSys AG^(a)		62,563		5,859,795
				14,100,296

Hong Kong–1.07%
AIA Group Ltd.		834,200		10,604,659

India–1.35%
HDFC Bank Ltd., ADR^(a)		189,886		13,345,188

Ireland–2.05%
CRH PLC		204,114		9,645,089
Flutter Entertainment PLC^(a)		52,285		10,712,853
				20,357,942

Italy–1.08%
FinecoBank Banca Fineco S.p.A.^(a)		618,558		10,672,570

Japan–4.00%
Hoya Corp.		52,200		5,943,133
Koito Manufacturing Co. Ltd.		118,900		7,414,746
Olympus Corp.		568,800		11,701,890
Sony Group Corp.		145,700		14,582,300
				39,642,069

Macau–0.67%
Galaxy Entertainment Group Ltd.^(a)		753,000		6,611,245


	Shares		Value
Mexico–3.72%
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B^(a)		926,800	$	9,527,414
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		8,180,250		14,133,818
Wal-Mart de Mexico S.A.B. de C.V., Series V		4,024,369		13,173,516
				36,834,748

Netherlands–1.97%
Heineken N.V.		104,319		12,093,702
Prosus N.V.		68,518		7,429,403
				19,523,105

South Korea–1.20%
Samsung Electronics Co. Ltd.		163,114		11,919,117

Sweden–1.49%
Sandvik AB		597,663		14,763,383

Switzerland–0.88%
Logitech International S.A., Class R		27,791		3,109,033
Roche Holding AG		17,123		5,578,836
				8,687,869

Taiwan–1.17%
Taiwan Semiconductor Manufacturing Co. Ltd.		537,428		11,645,963

United Kingdom–6.21%
Ashtead Group PLC		140,177		9,001,342
Clinigen Group PLC		1,929,884		22,745,764
DCC PLC		133,844		11,612,419
HomeServe PLC		789,972		11,932,080
IG Group Holdings PLC		494,982		6,260,894
				61,552,499

United States–55.75%
Activision Blizzard, Inc.		115,962		10,574,575
Advance Auto Parts, Inc.		50,940		10,196,150
Alphabet, Inc., Class A^(a)		12,778		30,073,023
Alphabet, Inc., Class C^(a)		5,122		12,344,635
Amazon.com, Inc.^(a)		16,079		55,752,646
Aon PLC, Class A		40,454		10,171,754
Apollo Global Management, Inc.		179,406		9,933,710
Apple, Inc.		112,254		14,756,911
Aptiv PLC^(a)		84,945		12,222,736
Assurant, Inc.		64,847		10,090,193
Automatic Data Processing, Inc.		40,963		7,659,671
Booking Holdings, Inc.^(a)		5,250		12,946,920
Broadcom, Inc.		21,122		9,635,856
Cognizant Technology Solutions Corp., Class A		186,037		14,957,375
ConocoPhillips		140,166		7,168,089
Dropbox, Inc., Class A^(a)		346,750		8,911,475
FedEx Corp.		44,851		13,020,694
Fidelity National Information Services, Inc.		125,061		19,121,827
Fortive Corp.		89,015		6,304,042
General Motors Co.^(a)		170,755		9,770,601
Horizon Therapeutics PLC^(a)		172,035		16,277,952

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

5 Invesco Global Growth Fund


	Shares		Value
United States–(continued)
KLA Corp.		28,621	$ 9,025,632
L3Harris Technologies, Inc.		46,643	9,759,115
LPL Financial Holdings, Inc.		96,015	15,045,551
Medtronic PLC		99,049	12,967,495
Microsoft Corp.		81,494	20,551,157
ModivCare, Inc.^(a)		74,247	10,400,520
Mondelez International, Inc., Class A		147,511	8,970,144
NCR Corp.^(a)		400,377	18,317,248
NIKE, Inc., Class B		34,342	4,554,436
PayPal Holdings, Inc.^(a)		75,087	19,694,569
Paysafe Ltd.^(a)(b)		611,483	8,438,465
Philip Morris International, Inc.		122,113	11,600,735
PTC, Inc.^(a)		72,919	9,548,014
Shoals Technologies Group, Inc., Class A^(a)		126,154	4,045,759
Synopsys, Inc.^(a)		26,566	6,563,396
Terminix Global Holdings, Inc.^(a)		220,049	11,198,294
Thermo Fisher Scientific, Inc.		20,417	9,600,686
Tradeweb Markets, Inc., Class A		100,182	8,142,793
UnitedHealth Group, Inc.		32,862	13,105,366
Vertiv Holdings Co.		753,100	17,095,370
Visa, Inc., Class A		64,274	15,011,835
Wyndham Hotels & Resorts, Inc.		99,291	7,259,165
			552,786,580
Total Common Stocks & Other Equity Interests (Cost $624,957,528)			978,621,011


	Shares		Value
Money Market Funds–1.66%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		3,205,750	$ 3,205,750
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		9,561,455	9,565,279
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		3,663,715	3,663,715
Total Money Market Funds (Cost $16,430,614)			16,434,744
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.36% (Cost $641,388,142)			995,055,755
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.09%
Invesco Private Government Fund, 0.01%^(c)(d)(e)		353,400	353,400
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		529,888	530,100
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $883,500)			883,500
TOTAL INVESTMENTS IN SECURITIES–100.45% (Cost $642,271,642)			995,939,255
OTHER ASSETS LESS LIABILITIES–(0.45)%			(4,457,781)
NET ASSETS–100.00%			$991,481,474

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, 2021.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$2,452,294	$	40,129,166	$	(39,375,710	)		$ -	$	-	$	3,205,750	$2,444
Invesco Liquid Assets Portfolio, Institutional Class		11,836,755		28,663,690		(30,935,219	)		(441)		494		9,565,279	5,767
Invesco Treasury Portfolio, Institutional Class		2,802,622		45,861,904		(45,000,811	)		-		-		3,663,715	1,571
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		910,700		11,175,562		(11,732,862	)		-		-		353,400	124*
Invesco Private Prime Fund		1,366,050		13,919,781		(14,756,026	)		-		295		530,100	1,092*
Total		$19,368,421	$	139,750,103	$	(141,800,628	)		$(441)		$789		$17,318,244	$10,998

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(e)	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 Global Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology			22.16%
Consumer Discretionary			21.67
Health Care			12.70
Financials			12.44
Industrials			12.15
Communication Services			8.05
Consumer Staples			6.97
Other Sectors, Each Less than 2% of Net Assets			2.56
Money Market Funds Plus Other Assets Less Liabilities			1.30

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

7 Invesco Global Growth Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $624,957,528)*		$978,621,011
Investments in affiliated money market funds, at value (Cost $17,314,114)		17,318,244
Foreign currencies, at value (Cost $222,483)		221,665
Receivable for:
Fund shares sold		78,464
Dividends		1,434,217
Investment for trustee deferred compensation and retirement plans		329,780
Other assets		45,686
Total assets		998,049,067

Liabilities:
Payable for:
Investments purchased		3,464,444
Fund shares reacquired		482,358
Amount due custodian		610,364
Collateral upon return of securities loaned		883,500
Accrued fees to affiliates		497,882
Accrued trustees’ and officers’ fees and benefits		1,491
Accrued other operating expenses		273,084
Trustee deferred compensation and retirement plans		354,470
Total liabilities		6,567,593
Net assets applicable to shares outstanding		$991,481,474

Net assets consist of:
Shares of beneficial interest		$564,608,710
Distributable earnings		426,872,764
		$991,481,474


Net Assets:
Class A		$810,218,254
Class C		$ 15,166,670
Class Y		$ 37,366,856
Class R5		$ 928,388
Class R6		$127,801,306

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		21,679,763
Class C		457,935
Class Y		995,298
Class R5		24,960
Class R6		3,436,846
Class A:
Net asset value per share		$ 37.37
Maximum offering price per share (Net asset value of $37.37 ÷ 94.50%)		$ 39.54
Class C:
Net asset value and offering price per share		$ 33.12
Class Y:
Net asset value and offering price per share		$ 37.54
Class R5:
Net asset value and offering price per share		$ 37.20
Class R6:
Net asset value and offering price per share		$ 37.19
* At April 30, 2021, a security with a value of $858,080 was on loan to brokers.

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

8 Invesco Global Growth Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $305,262)	$	5,250,663

Dividends from affiliated money market funds (includes securities lending income of $5,716)		15,498

Total investment income		5,266,161


Expenses:
Advisory fees		3,619,702

Administrative services fees		62,528

Custodian fees		17,081

Distribution fees:
Class A		949,829

Class C		75,539

Transfer agent fees – A, C and Y		664,517

Transfer agent fees – R5		33

Transfer agent fees – R6		675

Trustees’ and officers’ fees and benefits		24,641

Registration and filing fees		38,264

Reports to shareholders		31,084

Professional services fees		34,601

Other		18,019

Total expenses		5,536,513

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(82,416	)

Net expenses		5,454,097

Net investment income (loss)		(187,936	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		82,580,825

Affiliated investment securities		789

Foreign currencies		(119,954	)

		82,461,660

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		146,052,267

Affiliated investment securities		(441	)

Foreign currencies		23,716

		146,075,542

Net realized and unrealized gain		228,537,202

Net increase in net assets resulting from operations	$	228,349,266

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

9 Invesco Global Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income (loss)	$	(187,936	)	$	(297,168	)

Net realized gain		82,461,660			85,124,947

Change in net unrealized appreciation		146,075,542			20,717,826

Net increase in net assets resulting from operations		228,349,266			105,545,605


Distributions to shareholders from distributable earnings:
Class A		(72,638,086	)		(24,908,096	)

Class C		(1,758,251	)		(580,124	)

Class Y		(3,338,952	)		(1,191,872	)

Class R5		(75,636	)		(7,808	)

Class R6		(12,341,173	)		(11,309,854	)

Total distributions from distributable earnings		(90,152,098	)		(37,997,754	)


Share transactions–net:
Class A		38,602,091			300,246,353

Class C		(1,469,739	)		6,263,501

Class Y		3,154,900			12,862,631

Class R5		141,684			444,496

Class R6		869,348			(22,381,326	)

Net increase in net assets resulting from share transactions		41,298,284			297,435,655

Net increase in net assets		179,495,452			364,983,506


Net assets:
Beginning of period		811,986,022			447,002,516

End of period	$	991,481,474		$	811,986,022

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

10 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 04/30/21		$32.19		$(0.02	)		$8.79			$8.77			$ -			$(3.59)			$(3.59)			$37.37		28.61	%		$810,218		1.22	%^(d)		1.23	%^(d)		(0.09	)%^(d)		29	%
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
Year ended 10/31/16		28.63		0.19			0.32			0.51			(0.15	)		(0.99	)		(1.14	)		28.00		2.00			311,412		1.29			1.38			0.70			19
Class C
Six months ended 04/30/21		28.99		(0.13	)		7.85			7.72			-			(3.59	)		(3.59	)		33.12		28.11			15,167		1.97	^(d)		1.98	^(d)		(0.84	)^(d)		29
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
Year ended 10/31/16		26.45		(0.01	)		0.29			0.28			-			(0.99	)		(0.99	)		25.74		1.24			23,755		2.04			2.13			(0.05	)		19
Class Y
Six months ended 04/30/21		32.30		0.03			8.81			8.84			(0.01	)		(3.59	)		(3.60	)		37.54		28.75			37,367		0.97	^(d)		0.98	^(d)		0.16	^(d)		29
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
Year ended 10/31/16		28.72		0.26			0.32			0.58			(0.22	)		(0.99	)		(1.21	)		28.09		2.27			12,562		1.04			1.13			0.95			19
Class R5
Six months ended 04/30/21		32.03		0.05			8.75			8.80			(0.04	)		(3.59	)		(3.63	)		37.20		28.86			928		0.83	^(d)		0.83	^(d)		0.30	^(d)		29
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
Year ended 10/31/16		28.57		0.30			0.30			0.60			(0.27	)		(0.99	)		(1.26	)		27.91		2.35			11		0.89			0.90			1.10			19
Class R6
Six months ended 04/30/21		32.03		0.05			8.74			8.79			(0.04	)		(3.59	)		(3.63	)		37.19		28.86			127,801		0.82	^(d)		0.82	^(d)		0.31	^(d)		29
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
Year ended 10/31/16		28.56		0.31			0.30			0.61			(0.27	)		(0.99	)		(1.26	)		27.91		2.39			320,339		0.89			0.90			1.10			19

^(a)	Calculated using average shares outstanding.

^(b)

^(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)	Ratios are annualized and based on average daily net assets (000’s omitted) of $766,160, $15,217, $34,639, $834 and $123,861 for Class A, Class C, Class Y, Class R5 and Class R6 shares,respectively.

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

11 Invesco Global Growth Fund

Notes to Financial Statements

April 30, 2021

(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 ten 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 tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

12 Invesco Global Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

13 Invesco Global 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.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.78%.

The Adviser has contractually agreed, through at least February 28, 2022, 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 February 28, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $6,928 and reimbursed class level expenses of $69,236, $1,387, $3,120, $0 and $0 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

14 Invesco Global Growth 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 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $29,677 in front-end sales commissions from the sale of Class A shares and $38 and $116 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $5,756 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


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	13,229,756	$	–		$–	$ 13,229,756
Canada		33,561,368		–		–	33,561,368
China		44,207,298		25,080,049		–	69,287,347
Denmark		–		4,700,893		–	4,700,893
France		10,884,113		13,910,301		–	24,794,414
Germany		–		14,100,296		–	14,100,296
Hong Kong		–		10,604,659		–	10,604,659
India		13,345,188		–		–	13,345,188
Ireland		–		20,357,942		–	20,357,942
Italy		–		10,672,570		–	10,672,570
Japan		–		39,642,069		–	39,642,069
Macau		–		6,611,245		–	6,611,245
Mexico		36,834,748		–		–	36,834,748
Netherlands		–		19,523,105		–	19,523,105
South Korea		–		11,919,117		–	11,919,117
Sweden		–		14,763,383		–	14,763,383
Switzerland		–		8,687,869		–	8,687,869
Taiwan		–		11,645,963		–	11,645,963
United Kingdom		–		61,552,499		–	61,552,499
United States		552,786,580		–		–	552,786,580
Money Market Funds		16,434,744		883,500		–	17,318,244
Total Investments	$	721,283,795	$	274,655,460		$–	$995,939,255

NOTE 4– Expense Offset Arrangement(s)

15 Invesco Global Growth Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $253,955,159 and $302,279,089, 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	$	347,232,390

Aggregate unrealized (depreciation) of investments		(2,212,942	)

Net unrealized appreciation of investments	$	345,019,448

Cost of investments for tax purposes is $650,919,807.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		341,259		$	12,125,180			498,034		$	15,325,818
Class C		40,159			1,274,518			73,032			2,033,422
Class Y		161,620			5,780,911			175,682			5,464,935
Class R5		2,074			70,310			3,063			98,851
Class R6		40,015			1,403,913			292,181			7,352,939

Issued as reinvestment of dividends:
Class A		2,033,819			67,705,837			728,048			22,496,680
Class C		56,446			1,670,223			19,433			544,308
Class Y		84,932			2,837,589			31,560			976,162
Class R5		2,217			73,367			219			6,712
Class R6		372,590			12,325,273			369,101			11,305,578

Automatic conversion of Class C shares to Class A shares:
Class A		77,188			2,635,453			33,509			1,047,015
Class C		(86,859	)		(2,635,453	)		(37,142	)		(1,047,015	)

Issued in connection with acquisitions:^(b)
Class A		-			-			12,268,714			331,385,465
Class C		-			-			325,621			7,951,237
Class Y		-			-			498,214			13,481,249
Class R5		-			-			79,171			2,123,036
Class R6		-			-			68,630			1,839,906

16 Invesco Global Growth Fund


	Summary of Share Activity
	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,235,168	)	$	(43,864,379	)		(2,270,221	)	$	(70,008,625	)
Class C		(56,485	)		(1,779,027	)		(114,979	)		(3,218,451	)
Class Y		(153,638	)		(5,463,600	)		(232,786	)		(7,059,715	)
Class R5		(56	)		(1,993	)		(62,112	)		(1,784,103	)
Class R6		(372,180	)		(12,859,838	)		(1,389,483	)		(42,879,749	)
Net increase in share activity		1,307,933		$	41,298,284			11,357,489		$	297,435,655

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Global Small & Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,240,350 shares of the Fund for 25,876,586 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $356,780,893, including $46,380,795 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $388,600,725 and $745,381,619 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period are as follows:


Net investment income (loss)	$	(346,513	)

Net realized/unrealized gains (losses)		52,746,697

Change in net assets resulting from operations	$	52,400,184

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

17 Invesco Global Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,286.10	$6.92	$1,018.74	$6.11	1.22%
Class C	1,000.00	1,281.10	11.14	1,015.03	9.84	1.97
Class Y	1,000.00	1,287.90	5.50	1,019.98	4.86	0.97
Class R5	1,000.00	1,288.60	4.71	1,020.68	4.16	0.83
Class R6	1,000.00	1,288.60	4.65	1,020.73	4.11	0.82

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 Global Growth Fund

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

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Fund holdings and proxy voting information

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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		GLG-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco Global Opportunities Fund

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

LOGO


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	29.72	%
Class C Shares	29.23
Class R Shares	29.54
Class Y Shares	29.86
Class R5 Shares	29.93
Class R6 Shares	29.92
MSCI All Country World Index^q	28.29

Source(s): ^q 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

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 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (10/22/90)	12.52	%
10 Years	13.12
5 Years	19.51
1 Year	55.51

Class C Shares
Inception (12/1/93)	12.63	%
10 Years	13.08
5 Years	19.96
1 Year	62.30

Class R Shares
Inception (3/1/01)	10.72	%
10 Years	13.44
5 Years	20.56
1 Year	64.15

Class Y Shares
Inception (2/1/01)	10.69	%
10 Years	14.05
5 Years	21.16
1 Year	64.95

Class R5 Shares
10 Years	13.84	%
5 Years	21.05
1 Year	65.22

Class R6 Shares
Inception (1/27/12)	16.59	%
5 Years	21.36
1 Year	65.17

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.

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.

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

3 Invesco Global Opportunities Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests-99.27%
Belgium-1.67%
Biocartis Group N.V.^(a)(b)(c)		6,000,000	$	30,905,352

Ion Beam Applications		400,000		8,212,759

Materialise N.V., ADR^(a)(c)		2,900,000		86,768,000

Umicore S.A.		600,000		36,458,972

				162,345,083


Canada-0.18%
BlackBerry Ltd.^(c)		2,000,000		17,660,000


Denmark-3.44%
Bang & Olufsen A/S^(c)		6,000,000		31,825,080

Bavarian Nordic A/S^(c)		2,880,000		131,904,326

Genmab A/S^(c)		200,000		73,785,459

H Lundbeck A/S		2,000,000		61,568,736

Novozymes A/S, Class B		500,000		35,567,106

				334,650,707


Finland-0.38%
Rovio Entertainment OYJ^(a)(b)		4,700,000		37,415,062


France-2.03%
Adevinta ASA, Class B^(c)		900,000		16,467,890

Mersen S.A.^(c)		1,000,000		34,738,969

Technicolor S.A.		8,983,319		31,095,276

Technicolor S.A., Wts., expiring 09/22/2024^(c)		1,100,000		396,742

Teleperformance		200,000		77,232,021

Ubisoft Entertainment S.A.^(c)		500,000		37,540,812

				197,471,710


Germany-5.38%
AIXTRON SE^(c)		4,000,000		85,655,858

Aumann AG^(a)(b)(c)		1,000,000		14,470,468

Basler AG^(a)		600,000		78,344,540

Carl Zeiss Meditec AG, BR		300,000		52,844,590

CompuGroup Medical SE & Co. KGaA		500,000		45,801,912

Manz AG^(a)		500,000		32,868,704

MorphoSys AG^(c)		400,000		37,464,921

PVA TePla AG^(a)		2,150,000		63,834,996

Rational AG		80,000		66,905,623

SLM Solutions Group AG^(a)(c)		2,000,000		44,831,837

				523,023,449


Ireland-0.86%
Flutter Entertainment PLC^(c)		406,701		83,330,366


Israel-1.63%
Wix.com Ltd.^(c)		500,000		158,940,000


Italy–1.48%
Amplifon S.p.A.^(c)		1,000,000		42,215,136

Brunello Cucinelli S.p.A.^(c)		1,500,000		76,478,486

Freni Brembo S.p.A.^(c)		2,000,000		24,936,370

				143,629,992


Japan-11.18%
Comture Corp.^(a)		3,000,000		72,444,730


	Shares		Value

Japan-(continued)
CyberAgent, Inc.		5,200,000	$	106,718,914

Disco Corp.		200,000		64,615,349

Jeol Ltd.^(a)		2,500,000		140,761,086

M3, Inc.		3,000,000		207,490,207

Nidec Corp.		600,000		69,549,907

Nikon Corp.		2,000,000		18,778,171

Optex Group Co. Ltd.^(a)		2,000,000		30,483,940

PeptiDream, Inc.^(c)		3,000,000		128,657,456

Rakuten Group, Inc.		6,000,000		76,233,490

Rheon Automatic Machinery Co. Ltd.		1,000,000		10,584,048

THK Co. Ltd.		2,000,000		68,116,272

Yaskawa Electric Corp.		2,000,000		92,325,661

				1,086,759,231


Luxembourg-2.04%
Eurofins Scientific SE^(c)		2,000,000		197,961,410


Norway-2.48%
Mowi ASA		4,000,000		98,895,279

Nordic Semiconductor ASA^(c)		5,750,358		142,622,025

				241,517,304


Sweden-6.68%
AddTech AB, Class B		4,000,000		69,890,133

Beijer Ref AB		6,000,000		93,236,032

Boozt AB^(a)(b)(c)		3,750,000		87,301,973

CELLINK AB, Class B^(c)		1,000,000		57,620,518

Hansa Biopharma AB^(c)		1,938,841		38,642,514

Indutrade AB		6,000,000		156,818,599

Midsona AB, Class B		1,000,000		9,273,742

Oncopeptides AB^(b)(c)		2,000,000		30,984,327

RaySearch Laboratories AB^(a)(c)		4,000,000		39,405,274

Tobii AB^(c)		3,000,000		25,485,961

Xvivo Perfusion AB^(c)		1,000,000		40,453,120

				649,112,193


Switzerland-0.83%
GeNeuro S.A.^(a)		1,661,017		9,787,153

STMicroelectronics N.V.		1,000,000		37,442,842

Zur Rose Group AG^(c)		100,000		33,284,813

				80,514,808


United Kingdom-12.97%
Allied Minds PLC^(c)		10,000,000		3,247,275

AO World PLC^(c)		20,000,000		76,757,379

ASOS PLC^(c)		700,000		50,505,182

Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		5,125,000		137,306,757

Blue Prism Group PLC^(c)		3,000,000		50,584,624

boohoo Group PLC^(c)		30,000,000		140,868,708

Fevertree Drinks PLC		2,000,000		69,278,498

First Derivatives PLC^(c)		1,200,000		48,465,579

Frontier Developments PLC^(a)(c)		3,000,000		133,649,943

Future PLC		1,000,000		32,615,843

Gooch & Housego PLC^(a)(c)		2,000,000		33,012,133

IG Group Holdings PLC		3,000,000		37,946,190

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)
IP Group PLC^(c)		20,785,545	$	36,851,271

IQE PLC^(a)(c)		140,000,000		113,370,714

M&C Saatchi PLC^(a)(c)		6,600,000		12,032,834

Napster Group PLC^(a)		127,612,652		3,525,317

Ocado Group PLC^(c)		1,000,000		28,957,045

Rentokil Initial PLC		14,500,000		100,184,744

Spirax-Sarco Engineering PLC		464,285		75,742,848

WANdisco PLC^(a)(c)		5,000,000		32,405,042

Xaar PLC^(a)(c)		4,000,000		9,887,906

Zoo Digital Group PLC^(a)		7,000,000		11,304,144

Zotefoams PLC^(a)		4,000,000		22,772,871

				1,261,272,847


United States-46.04%
3D Systems Corp.^(a)(c)		5,000,000		107,700,000

Acacia Research Corp.^(a)(c)		2,500,000		15,200,000

Advanced Micro Devices, Inc.^(c)		6,000,000		489,720,000

Align Technology, Inc.^(c)		200,000		119,106,000

Applied Materials, Inc.		1,000,000		132,710,000

Arrowhead Pharmaceuticals, Inc.^(c)		3,000,000		218,280,000

Cloudera, Inc.^(c)		8,220,000		104,311,800

Cognex Corp.		1,200,000		103,344,000

Corning, Inc.		1,000,000		44,210,000

Cree, Inc.^(c)		1,000,000		99,420,000

Dolby Laboratories, Inc., Class A		800,000		81,176,000

Exact Sciences Corp.^(c)		1,800,000		237,276,000

FireEye, Inc.^(c)		6,000,000		119,250,000

First Solar, Inc.^(c)		1,300,000		99,489,000

Globant S.A.^(c)		200,000		45,836,000

Halozyme Therapeutics, Inc.^(c)		1,000,000		49,950,000

II-VI Incorporated^(c)		1,000,000		67,140,000

Illumina, Inc.^(c)		200,000		78,568,000

IPG Photonics Corp.^(c)		600,000		130,266,000

iRobot Corp.^(c)		700,000		76,160,000


	Shares		Value

United States-(continued)
Littelfuse, Inc.		400,000	$	106,096,000

Manhattan Associates, Inc.^(c)		600,000		82,344,000

Nektar Therapeutics^(a)(c)		34,750,000		681,447,500

Nevro Corp.^(c)		1,000,000		172,810,000

ON Semiconductor Corp.^(c)		2,000,000		78,000,000

PDF Solutions, Inc.^(a)(c)		3,000,000		53,190,000

PTC, Inc.^(c)		1,200,000		157,128,000

QUALCOMM, Inc.		1,000,000		138,800,000

Rigel Pharmaceuticals, Inc.^(c)		5,000,000		18,600,000

Rite Aid Corp.^(c)		2,500,000		43,800,000

Rollins, Inc.		2,250,000		83,880,000

Shake Shack, Inc., Class A^(c)		1,000,000		108,750,000

Unity Software, Inc.^(c)		200,000		20,316,000

Veeco Instruments, Inc.^(a)(c)		4,000,000		92,040,000

Vicor Corp.^(c)		500,000		46,115,000

Xeris Pharmaceuticals, Inc.^(c)		2,000,000		7,660,000

Yelp, Inc.^(c)		2,000,000		78,600,000

Zendesk, Inc.^(c)		600,000		87,690,000

				4,476,379,300

Total Common Stocks & Other Equity Interests (Cost $5,906,841,545)				9,651,983,462


Money Market Funds-0.67%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(d)		22,714,255		22,714,255

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(d)		16,217,951		16,224,438

Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(d)		25,959,148		25,959,148

Total Money Market Funds (Cost $64,897,841)				64,897,841

TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $5,971,739,386)				9,716,881,303

OTHER ASSETS LESS LIABILITIES-0.06%				6,296,799

NET ASSETS-100.00%			$	9,723,178,102

Investment Abbreviations:


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

Notes to Schedule of Investments:

^(a)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2021		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	30,167,300	$	149,471,159	$	(156,924,204	)	$	-	$	-	$	22,714,255	$	5,218

Invesco Liquid Assets Portfolio, Institutional Class		21,540,716		106,765,113		(112,081,187	)		546		(750)		16,224,438		4,381

Invesco Treasury Portfolio, Institutional Class		34,476,914		170,824,181		(179,341,947	)		-		-		25,959,148		2,272

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

6 Invesco Global Opportunities Fund


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value April 30, 2021		Dividend Income

Investments in Other Affiliates:

3D Systems Corp.*	$	45,520,000	$	-	$	(76,889,338	)	$	103,332,981	$	35,736,357		$	107,700,000		$ -

Acacia Research Corp.		7,875,000		-		-			7,325,000		-			15,200,000		-

Aston Martin Lagonda Global Holdings PLC*		72,096,831		-		-			65,209,926		-			137,306,757		-

Aumann AG		10,653,002		-		-			3,817,466		-			14,470,468		-

Basler AG		35,803,703		-		-			42,540,837		-			78,344,540		-

Biocartis Group N.V.		26,079,669		-		-			4,825,683		-			30,905,352		-

Boozt AB		60,619,871		-		-			26,682,102		-			87,301,973		-

Comture Corp.		76,676,996		-		-			(4,232,266)		-			72,444,730		368,692

Frontier Developments PLC		101,399,171		-		-			32,250,772		-			133,649,943		-

GeNeuro S.A.		5,166,059		-		-			4,621,094		-			9,787,153		-

Gooch & Housego PLC		27,322,902		-		-			5,689,231		-			33,012,133		-

IQE PLC		99,620,341		-		-			13,750,373		-			113,370,714		-

Jeol Ltd.		79,306,977		-		-			61,454,109		-			140,761,086		230,362

M&C Saatchi PLC		4,907,870		-		-			7,124,964		-			12,032,834		-

Manz AG		16,783,053		-		-			16,085,651		-			32,868,704		-

Materialise N.V., ADR		105,307,000		-		(13,904,334	)		(15,203,000)		10,568,334			86,768,000		-

Napster Group PLC*		3,473,558		2,950,123		-			(2,898,364)		-			3,525,317		-

Nektar Therapeutics		551,707,200		-		(1,327,306	)		133,650,468		(2,582,862	)		681,447,500		-

Optex Group Co. Ltd.		29,809,221		-		-			674,719		-			30,483,940		245,369

PDF Solutions, Inc.		56,220,000		-		-			(3,030,000)		-			53,190,000		-

PVA TePla AG		25,028,147		3,165,817		-			35,641,032		-			63,834,996		-

RaySearch Laboratories AB		33,901,495		-		-			5,503,779		-			39,405,274		-

Rovio Entertainment OYJ		28,109,172		-		-			9,305,890		-			37,415,062		563,271

SLM Solutions Group AG		23,879,745		-		-			20,952,092		-			44,831,837		-

Veeco Instruments, Inc.		50,920,000		-		-			41,120,000		-			92,040,000		-

WANdisco PLC		29,152,089		-		-			3,252,953		-			32,405,042		-

Xaar PLC		6,788,454		-		-			3,099,452		-			9,887,906		-

Zoo Digital Group PLC		4,988,526		-		-			6,315,618		-			11,304,144		-

Zotefoams PLC		21,302,651		-		-			1,470,220		-			22,772,871		-

Total	$	1,726,603,633	$	433,176,393	$	(540,468,316)		$	630,333,328	$	43,721,079		$	2,293,366,117		$ 1,419,565

At April 30, 2021, this security was no longer an affiliate of the Fund.

^(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, 2021 was $338,383,939, which represented 3.48% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

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

7 Invesco Global Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	37.44	%
Health Care	30.44
Industrials	11.52
Consumer Discretionary	10.47
Communication Services	5.00
Consumer Staples	2.62
Other Sectors, Each Less than 2% of Net Assets	1.78
Money Market Funds Plus Other Assets Less Liabilities	0.73

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

8 Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $4,154,892,127)	$	7,672,047,260

Investments in affiliates, at value (Cost $1,816,847,259)		2,044,834,043

Foreign currencies, at value (Cost $2,456,052)		2,447,132

Receivable for:
Fund shares sold		12,083,178

Dividends		8,556,125

Interest		24

Investment for trustee deferred compensation and retirement plans		332,614

Other assets		227,842

Total assets		9,740,528,218


Liabilities:
Payable for:
Fund shares reacquired		11,573,164

Amount due custodian		1,263,713

Accrued fees to affiliates		3,175,065

Accrued trustees’ and officers’ fees and benefits		158,272

Accrued other operating expenses		847,288

Trustee deferred compensation and retirement plans		332,614

Total liabilities		17,350,116

Net assets applicable to shares outstanding	$	9,723,178,102


Net assets consist of:
Shares of beneficial interest	$	5,740,144,478

Distributable earnings		3,983,033,624

	$	9,723,178,102


Net Assets:
Class A	$	4,264,604,256

Class C	$	465,313,130

Class R	$	288,988,695

Class Y	$	2,580,287,256

Class R5	$	19,604

Class R6	$	2,123,965,161


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		52,399,439

Class C		6,913,701

Class R		3,768,511

Class Y		30,956,166

Class R5		239

Class R6		25,205,896

Class A:
Net asset value per share	$	81.39

Maximum offering price per share (Net asset value of $81.39 ÷ 94.50%)	$	86.13

Class C:
Net asset value and offering price per share	$	67.30

Class R:
Net asset value and offering price per share	$	76.69

Class Y:
Net asset value and offering price per share	$	83.35

Class R5:
Net asset value and offering price per share	$	82.03

Class R6:
Net asset value and offering price per share	$	84.26

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

9 Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $ 902,501)	$	13,895,216

Dividends from affiliates		1,419,565

Total investment income		15,314,781


Expenses:
Advisory fees		30,221,834

Administrative services fees		671,377

Custodian fees		124,006

Distribution fees:
Class A		4,984,230

Class C		2,396,300

Class R		710,044

Transfer agent fees – A, C, R and Y		3,800,231

Transfer agent fees – R6		45,763

Trustees’ and officers’ fees and benefits		68,029

Registration and filing fees		124,123

Reports to shareholders		242,987

Professional services fees		47,541

Other		104,481

Total expenses		43,540,946

Less: Fees waived and/or expense offset arrangement(s)		(50,512	)

Net expenses		43,490,434

Net investment income (loss)		(28,175,653	)


Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		229,659,480

Affiliated investment securities		43,721,079

Foreign currencies		158,481

		273,539,040

Change in net unrealized appreciation of:
Unaffiliated investment securities		1,356,809,206

Affiliated investment securities		630,333,328

Foreign currencies		118,793

		1,987,261,327

Net realized and unrealized gain		2,260,800,367

Net increase in net assets resulting from operations	$	2,232,624,714

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

10 Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income (loss)	$	(28,175,653	)	$	(46,356,555	)

Net realized gain		273,539,040			766,889,344

Change in net unrealized appreciation		1,987,261,327			864,954,929

Net increase in net assets resulting from operations		2,232,624,714			1,585,487,718


Distributions to shareholders from distributable earnings:
Class A		(339,287,360	)		(197,647,554	)

Class C		(50,327,366	)		(34,387,552	)

Class R		(25,015,142	)		(14,772,775	)

Class Y		(197,213,266	)		(130,780,055	)

Class R5		(1,196	)		(645	)

Class R6		(155,622,626	)		(80,621,014	)

Total distributions from distributable earnings		(767,466,956	)		(458,209,595	)


Share transactions–net:
Class A		253,454,154			(255,705,590	)

Class C		(28,627,373	)		(102,393,928	)

Class R		12,177,764			(24,995,841	)

Class Y		254,350,995			(447,927,410	)

Class R5		5,547			–

Class R6		252,388,423			26,581,446

Net increase (decrease) in net assets resulting from share transactions		743,749,510			(804,441,323	)

Net increase in net assets		2,208,907,268			322,836,800


Net assets:
Beginning of period		7,514,270,834			7,191,434,034

End of period	$	9,723,178,102		$	7,514,270,834

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

11 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 04/30/21		$	68.56		$	(0.28	)		$	20.11			$	19.83			$	–			$	(7.00	)		$	(7.00	)		$	81.39		29.72	%		$	4,264,604		1.02	%^(e)		1.02	%^(e)		(0.69	)%^(e)		4	%
Year ended 10/31/20			57.92			(0.45	)			14.86				14.41				–				(3.77	)			(3.77	)			68.56		25.88	^(f)			3,359,360		1.10	^(f)		1.10	^(f)		(0.74	)^(f)		12
One month ended 10/31/19			56.16			(0.04	)			1.80				1.76				–				–				–				57.92		3.13				3,099,689		1.09	^(g)		1.09	^(g)		(0.90	)^(g)		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
Year ended 09/30/16			39.42			(0.17	)			11.81				11.64				(0.05	)			(0.25	)			(0.30	)			50.76		29.66				2,529,288		1.18			1.18			(0.39	)		26
Class C
Six months ended 04/30/21			57.90			(0.48	)			16.88				16.40				–				(7.00	)			(7.00	)			67.30		29.23				465,313		1.78	^(e)		1.78	^(e)		(1.45	)^(e)		4
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	^(g)		1.84	^(g)		(1.65	)^(g)		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
Year ended 09/30/16			35.75			(0.45	)			10.67				10.22				–				(0.25	)			(0.25	)			45.72		28.71				475,199		1.94			1.94			(1.14	)		26
Class R
Six months ended 04/30/21			65.02			(0.36	)			19.03				18.67				–				(7.00	)			(7.00	)			76.69		29.54				288,989		1.28	^(e)		1.28	^(e)		(0.95	)^(e)		4
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	^(g)		1.34	^(g)		(1.15	)^(g)		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
Year ended 09/30/16			38.19			(0.27	)			11.43				11.16				–				(0.25	)			(0.25	)			49.10		29.34				123,310		1.44			1.44			(0.64	)		26
Class Y
Six months ended 04/30/21			70.00			(0.18	)			20.53				20.35				–				(7.00	)			(7.00	)			83.35		29.86				2,580,287		0.78	^(e)		0.78	^(e)		(0.45	)^(e)		4
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	^(g)		0.84	^(g)		(0.65	)^(g)		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
Year ended 09/30/16			39.82			(0.06	)			11.92				11.86				(0.15	)			(0.25	)			(0.40	)			51.28		29.98				544,742		0.94			0.94			(0.14	)		26
Class R5
Six months ended 04/30/21			68.95			(0.14	)			20.22				20.08				–				(7.00	)			(7.00	)			82.03		29.93				20		0.68	^(e)		0.68	^(e)		(0.35	)^(e)		4
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	^(g)		0.68	^(g)		(0.50	)^(g)		3
Period ended 09/30/19^(h)			58.48			0.03				(2.28	)			(2.25	)			–				–				–				56.23		(3.85	)			10		0.74	^(g)		0.74	^(g)		0.12	^(g)		12
Class R6
Six months ended 04/30/21			70.67			(0.15	)			20.74				20.59				–				(7.00	)			(7.00	)			84.26		29.92				2,123,965		0.68	^(e)		0.68	^(e)		(0.35	)^(e)		4
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	^(g)		0.69	^(g)		(0.50	)^(g)		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
Year ended 09/30/16			39.93			0.02				11.97				11.99				(0.24	)			(0.25	)			(0.49	)			51.43		30.21				127,643		0.75			0.75			0.04			26

^(a)	Calculated using average shares outstanding.

^(b)

^(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, 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)	Ratios are annualized and based on average daily net assets (000’s omitted) of $4,162,057, $483,232, $286,371, $2,471,328, $16 and $1,997,545 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	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 year ended October 31, 2020.

^(g)	Annualized.

^(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.

12 Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2021

(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 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.

13 Invesco Global Opportunities Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

14 Invesco Global Opportunities Fund

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.17%, 1.92%, 1.42%, 0.92%, 0.78% and 0.73%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements 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. 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, facilities and maintenance fees; (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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $43,758.

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, 2021, IDI advised the Fund that IDI retained $285,674 in front-end sales commissions from the sale of Class A shares and $4,594 and $7,374 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $2,005 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

15 Invesco Global Opportunities Fund

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

NOTE 3–Additional Valuation Information


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Belgium		$ 86,768,000		$ 75,577,083		$–	$ 162,345,083
Canada		17,660,000		–		–	17,660,000
Denmark		–		334,650,707		–	334,650,707
Finland		–		37,415,062		–	37,415,062
France		396,742		197,074,968		–	197,471,710
Germany		–		523,023,449		–	523,023,449
Ireland		–		83,330,366		–	83,330,366
Israel		158,940,000		–		–	158,940,000
Italy		–		143,629,992		–	143,629,992
Japan		–		1,086,759,231		–	1,086,759,231
Luxembourg		–		197,961,410		–	197,961,410
Norway		–		241,517,304		–	241,517,304
Sweden		–		649,112,193		–	649,112,193
Switzerland		–		80,514,808		–	80,514,808
United Kingdom		–		1,261,272,847		–	1,261,272,847
United States		4,476,379,300		–		–	4,476,379,300
Money Market Funds		64,897,841		–		–	64,897,841
Total Investments		$4,805,041,883		$4,911,839,420		$–	$9,716,881,303

NOTE 4–Expense Offset Arrangement(s)

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.

16 Invesco Global Opportunities Fund

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $400,923,277 and $434,842,488, 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	$	4,635,201,613

Aggregate unrealized (depreciation) of investments		(896,984,052	)

Net unrealized appreciation of investments	$	3,738,217,561

Cost of investments for tax purposes is $5,978,663,742.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		3,186,520		$	257,368,788			4,727,712		$	285,002,521

Class C		499,465			33,596,802			823,749			41,342,484

Class R		347,671			26,472,543			594,844			33,424,390

Class Y		5,527,853			456,544,646			8,377,955			505,921,561

Class R5		68			5,550			-			-

Class R6		4,323,055			361,599,950			6,010,630			369,817,219


Issued as reinvestment of dividends:
Class A		4,232,610			319,308,136			3,133,432			186,313,864

Class C		764,058			47,799,481			645,674			32,638,825

Class R		350,770			24,957,283			260,276			14,710,790

Class Y		2,223,327			171,640,821			1,884,458			114,160,465

Class R6		1,937,551			151,167,699			1,286,607			78,585,952


Automatic conversion of Class C shares to Class A shares:
Class A		716,260			57,059,921			420,017			25,839,357

Class C		(863,688	)		(57,059,921	)		(495,251	)		(25,839,357	)


Reacquired:
Class A		(4,733,903	)		(380,282,691	)		(12,799,564	)		(752,861,332	)

Class C		(789,818	)		(52,963,735	)		(3,064,705	)		(150,535,880	)

Class R		(515,833	)		(39,252,062	)		(1,283,676	)		(73,131,021	)

Class Y		(4,513,933	)		(373,834,472	)		(18,407,715	)		(1,068,009,436	)

Class R5		(0	)		(3	)		-			-

Class R6		(3,109,693	)		(260,379,226	)		(6,941,434	)		(421,821,725	)

Net increase (decrease) in share activity		9,582,340		$	743,749,510			(14,826,991	)	$	(804,441,323	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the 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 Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)

	Beginning Account Value (11/01/20)			Ending Account Value (04/30/21)¹			Expenses Paid During Period²			Ending Account Value (04/30/21)			Expenses Paid During Period²			Annualized Expense Ratio
Class A		$	1,000.00		$	1,297.20		$	5.81		$	1,019.74		$	5.11		1.02	%
Class C			1,000.00			1,292.30			10.12			1,015.97			8.90		1.78
Class R			1,000.00			1,295.40			7.28			1,018.45			6.41		1.28
Class Y			1,000.00			1,298.60			4.45			1,020.93			3.91		0.78
Class R5			1,000.00			1,299.30			3.88			1,021.42			3.41		0.68
Class R6			1,000.00			1,299.20			3.88			1,021.42			3.41		0.68

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 Global Opportunities Fund

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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

Fund holdings and proxy voting information

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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		O-GLOPP-SAR-1



		Semiannual Report to Shareholders		April 30, 2021
		Invesco International Core Equity Fund
		Nasdaq:
		A: IBVAX ∎ C: IBVCX ∎ R: IIBRX ∎ Y: IBVYX ∎ Investor: IIBCX ∎ R5: IBVIX ∎ R6: IBVFX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	33.20	%
Class C Shares	32.73
Class R Shares	32.94
Class Y Shares	33.40
Investor Class Shares	33.14
Class R5 Shares	33.34
Class R6 Shares	33.34
MSCI EAFE Index^q (Broad Market/Style-Specific Index)	28.84
Lipper International Large-Cap Core Funds Index ^∎(Peer Group Index)	32.92

Source(s):^qRIMES 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

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 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	4.92	%
10 Years	3.82
5 Years	8.20
1 Year	48.42

Class C Shares
Inception (2/14/00)	3.40	%
10 Years	3.78
5 Years	8.62
1 Year	54.76

Class R Shares
Inception (11/24/03)	5.50	%
10 Years	4.15
5 Years	9.16
1 Year	56.65

Class Y Shares
Inception (10/3/08)	5.50	%
10 Years	4.67
5 Years	9.72
1 Year	57.44

Investor Class Shares
Inception (10/28/98)	4.52	%
10 Years	4.40
5 Years	9.43
1 Year	56.99

Class R5 Shares
Inception (4/30/04)	5.82	%
10 Years	4.84
5 Years	9.70
1 Year	57.42

Class R6 Shares
10 Years	4.75	%
5 Years	9.73
1 Year	57.42

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.

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.

3 Invesco International Core Equity Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–98.92%
Argentina–0.70%
MercadoLibre, Inc.^(a)		329	$	516,852


Australia–6.40%
Ansell Ltd.		51,101		1,665,108

Australia & New Zealand Banking Group Ltd.		93,472		2,071,730

Treasury Wine Estates Ltd.		131,622		1,018,506

				4,755,344


Austria–2.22%
ams AG^(a)		36,981		641,742

Wienerberger AG		25,665		1,006,296

				1,648,038


Belgium–2.35%
Umicore S.A.		21,922		1,332,089

Unifiedpost Group S.A.^(a)		18,490		411,818

				1,743,907


Brazil–0.85%
Yara International ASA		12,129		632,922


Canada–1.71%
CAE, Inc.		40,513		1,268,967


China–2.71%
Alibaba Group Holding Ltd., ADR^(a)		5,098		1,177,383

Autohome, Inc., ADR		8,969		831,696

				2,009,079


Denmark–0.83%
NKT A/S^(a)		14,779		612,920


Finland–0.61%
QT Group OYJ^(a)		3,841		454,723


France–8.73%
Cie Plastic Omnium S.A.		29,403		988,031

Orange S.A.		73,049		910,416

Sanofi		13,018		1,365,074

TOTAL SE		43,949		1,945,749

Veolia Environnement S.A.		40,026		1,274,464

				6,483,734


Germany–9.07%
Deutsche Telekom AG		56,369		1,085,716

Just Eat Takeaway.com N.V.^(a)(b)		11,914		1,231,566

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		7,061		2,042,291

Nordex SE^(a)		31,793		919,346

Siemens Energy AG^(a)		43,558		1,455,685

				6,734,604


Hong Kong–1.86%
AIA Group Ltd.		108,800		1,383,106


India–2.27%
Fairfax India Holdings Corp.^(a)(b)		58,251		703,090


	Shares		Value

India–(continued)
Housing Development Finance Corp. Ltd.		30,149	$	983,860

				1,686,950


Italy–1.60%
Enel S.p.A.		119,671		1,191,992


Japan–16.07%
ASKUL Corp.		9,700		354,068

FANUC Corp.		3,500		806,963

Hitachi Ltd.		39,300		1,936,168

Hoya Corp.		8,700		990,522

KDDI Corp.		38,000		1,149,952

Koito Manufacturing Co. Ltd.		16,000		997,779

Shin-Etsu Chemical Co. Ltd.		7,100		1,199,692

SoftBank Group Corp.		4,000		360,905

Sony Group Corp.		10,600		1,060,895

Toyota Motor Corp.		21,300		1,597,242

Yakult Honsha Co. Ltd.		30,400		1,480,327

				11,934,513


Netherlands–8.03%
Heineken N.V.		10,694		1,239,756

Koninklijke Ahold Delhaize N.V.		40,400		1,087,402

Prosus N.V.		19,586		2,123,709

Signify N.V.^(a)		26,631		1,514,122

				5,964,989


Singapore–1.63%
DBS Group Holdings Ltd.		53,760		1,209,039


South Korea–1.36%
Samsung Electronics Co. Ltd.		13,784		1,007,229


Spain–5.84%
Bankinter S.A.		274,871		1,506,430

Iberdrola S.A.		169,339		2,291,078

Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(a)		274,871		538,655

				4,336,163


Sweden–3.57%
Elekta AB, Class B		40,804		546,030

SkiStar AB^(a)		50,911		771,110

Volvo AB, Class B		54,433		1,336,218

				2,653,358


Switzerland–7.27%
ALSO Holding AG		5,365		1,631,029

Burckhardt Compression Holding AG		1,658		595,387

Meyer Burger Technology AG^(a)		886,697		414,206

Novartis AG, ADR		12,665		1,079,565

Roche Holding AG		5,159		1,680,851

				5,401,038


United Kingdom–12.12%
AstraZeneca PLC		10,785		1,148,985

BP PLC		713,077		2,976,727

Experian PLC		29,656		1,144,573

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

5 Invesco International Core Equity Fund


	Shares		Value

United Kingdom–(continued)
National Express Group PLC^(a)		344,256	$	1,424,064

Prudential PLC		36,803		779,570

Reckitt Benckiser Group PLC		8,259		736,188

WH Smith PLC^(a)		31,603		789,504

				8,999,611


United States–1.12%
Stellantis N.V.		50,000		833,318

Total Common Stocks & Other Equity Interests (Cost $59,800,065)				73,462,396


Money Market Funds–0.28%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		122,649		122,649

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		81,766		81,766

Total Money Market Funds (Cost $204,415)				204,415

TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.20% (Cost $60,004,480)				73,666,811


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.51%
Invesco Private Government Fund, 0.01%^(c)(d)(e)		153,000	$	153,000

Invesco Private Prime Fund, 0.11%^(c)(d)(e)		229,409		229,500

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $382,500)				382,500

TOTAL INVESTMENTS IN SECURITIES–99.71% (Cost $60,386,980)				74,049,311

OTHER ASSETS LESS LIABILITIES–0.29%				215,718

NET ASSETS–100.00%			$	74,265,029

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2021 was $1,934,656, which represented 2.61% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2021		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 6,892,106		$ (6,769,457	)		$-		$-		$122,649		$ 28

Invesco Treasury Portfolio, Institutional Class		-		4,594,737		(4,512,971)			-		-		81,766		7

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		230,700		1,519,515		(1,597,215)			-		-		153,000		12	*

Invesco Private Prime Fund		345,000		2,276,992		(2,392,492)			-		-		229,500		116	*

Total		$575,700		$15,283,350		$(15,272,135	)		$-		$-		$586,915		$163

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(e)	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 International Core Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Industrials		17.52	%
Consumer Discretionary		16.75
Financials		15.11
Health Care		11.41
Consumer Staples		7.49
Energy	��	6.63
Utilities		6.41
Information Technology		6.14
Communication Services		5.84
Materials		5.62
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 Core Equity Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $59,800,065)	$	73,462,396

Investments in affiliated money market funds, at value (Cost $586,915)		586,915

Cash		24,265

Foreign currencies, at value (Cost $126,656)		125,290

Receivable for:
Investments sold		258,249

Fund shares sold		87,807

Dividends		243,583

Investment for trustee deferred compensation and retirement plans		93,831

Other assets		60,219

Total assets		74,942,555


Liabilities:
Payable for:
Fund shares reacquired		24,850

Accrued foreign taxes		16,177

Collateral upon return of securities loaned		382,500

Accrued fees to affiliates		72,276

Accrued trustees’ and officers’ fees and benefits		114

Accrued other operating expenses		80,348

Trustee deferred compensation and retirement plans		101,261

Total liabilities		677,526

Net assets applicable to shares outstanding	$	74,265,029

Net assets consist of:
Shares of beneficial interest	$	61,495,532

Distributable earnings		12,769,497

	$	74,265,029


Net Assets:
Class A	$	32,379,395
Class C	$	1,922,724
Class R	$	1,776,497
Class Y	$	7,029,273
Investor Class	$	10,065,784
Class R5	$	4,408,087
Class R6	$	16,683,269

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,328,932
Class C		141,042
Class R		127,207
Class Y		496,052
Investor Class		710,704
Class R5		319,553
Class R6		1,210,043
Class A:
Net asset value per share	$	13.90
Maximum offering price per share (Net asset value of $13.90 ÷ 94.50%)	$	14.71
Class C:
Net asset value and offering price per share	$	13.63
Class R:
Net asset value and offering price per share	$	13.97
Class Y:
Net asset value and offering price per share	$	14.17
Investor Class:
Net asset value and offering price per share	$	14.16
Class R5:
Net asset value and offering price per share	$	13.79
Class R6:
Net asset value and offering price per share	$	13.79

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

8 Invesco International Core Equity Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $81,461)	$	721,863

Non-cash dividend income		76,731

Dividends from affiliated money market funds (includes securities lending income of $366)		401

Total investment income		798,995


Expenses:

Advisory fees		259,902

Administrative services fees		4,317

Custodian fees		7,797

Distribution fees:
Class A		37,680

Class C		9,991

Class R		4,139

Investor Class		12,126

Transfer agent fees – A, C, R, Y and Investor		76,760

Transfer agent fees – R5		35

Transfer agent fees – R6		86

Trustees’ and officers’ fees and benefits		12,341

Registration and filing fees		41,949

Reports to shareholders		12,322

Professional services fees		15,464

Other		13,358

Total expenses		508,267

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(142,942	)

Net expenses		365,325

Net investment income		433,670


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		8,658,771

Foreign currencies		(790	)

		8,657,981

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $16,177)		9,308,851

Foreign currencies		(466	)

		9,308,385

Net realized and unrealized gain		17,966,366

Net increase in net assets resulting from operations	$	18,400,036

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

9 Invesco International Core Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	433,670		$	721,364

Net realized gain (loss)		8,657,981			(5,663,264	)

Change in net unrealized appreciation		9,308,385			4,365,282

Net increase (decrease) in net assets resulting from operations		18,400,036			(576,618	)


Distributions to shareholders from distributable earnings:
Class A		(262,403	)		(595,374	)

Class C		(2,288	)		(35,022	)

Class R		(10,609	)		(23,237	)

Class Y		(59,408	)		(110,748	)

Investor Class		(83,908	)		(187,346	)

Class R5		(45,382	)		(80,744	)

Class R6		(171,257	)		(468,107	)

Total distributions from distributable earnings		(635,255	)		(1,500,578	)


Share transactions-net:
Class A		155,451			(2,730,222	)

Class C		(467,013	)		(913,796	)

Class R		15,411			260,135

Class Y		1,208,983			85,849

Investor Class		(298,020	)		(908,558	)

Class R5		30,440			78,941

Class R6		174,192			(5,523,012	)

Net increase (decrease) in net assets resulting from share transactions		819,444			(9,650,663	)

Net increase (decrease) in net assets		18,584,225			(11,727,859	)


Net assets:
Beginning of period		55,680,804			67,408,663

End of period	$	74,265,029		$	55,680,804

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

10 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 04/30/21		$10.53		$0.08		$3.40			$3.48			$(0.11	)		$ –			$(0.11	)		$13.90		33.20	%		$32,379		1.12	%^(d)		1.62	%^(d)		1.19	%^(d)		61	%
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
Year ended 10/31/16		10.73		0.12		(0.26	)		(0.14	)		(0.11	)		–			(0.11	)		10.48		(1.26	)		35,406		1.41			1.61			1.18			37
Class C
Six months ended 04/30/21		10.28		0.03		3.33			3.36			(0.01	)		–			(0.01	)		13.63		32.73			1,923		1.87	^(d)		2.37	^(d)		0.44	^(d)		61
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
Year ended 10/31/16		10.44		0.04		(0.26	)		(0.22	)		(0.02	)		–			(0.02	)		10.20		(2.06	)		8,581		2.16			2.36			0.43			37
Class R
Six months ended 04/30/21		10.57		0.06		3.42			3.48			(0.08	)		–			(0.08	)		13.97		33.04			1,776		1.37	^(d)		1.87	^(d)		0.94	^(d)		61
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
Year ended 10/31/16		10.74		0.09		(0.26	)		(0.17	)		(0.08	)		–			(0.08	)		10.49		(1.54	)		2,180		1.66			1.86			0.93			37
Class Y
Six months ended 04/30/21		10.74		0.10		3.47			3.57			(0.14	)		–			(0.14	)		14.17		33.40			7,029		0.87	^(d)		1.37	^(d)		1.44	^(d)		61
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
Year ended 10/31/16		10.92		0.15		(0.27	)		(0.12	)		(0.14	)		–			(0.14	)		10.66		(1.06	)		3,431		1.16			1.36			1.43			37
Investor Class
Six months ended 04/30/21		10.73		0.08		3.46			3.54			(0.11	)		–			(0.11	)		14.16		33.14			10,066		1.12	^(d)		1.62	^(d)		1.19	^(d)		61
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
Year ended 10/31/16		10.90		0.12		(0.26	)		(0.14	)		(0.11	)		–			(0.11	)		10.65		(1.24	)		10,280		1.41			1.61			1.18			37
Class R5
Six months ended 04/30/21		10.46		0.09		3.38			3.47			(0.14	)		–			(0.14	)		13.79		33.34			4,408		0.87	^(d)		1.06	^(d)		1.44	^(d)		61
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
Year ended 10/31/16		10.71		0.16		(0.26	)		(0.10	)		(0.17	)		–			(0.17	)		10.44		(0.83	)		2,832		1.03			1.04			1.56			37
Class R6
Six months ended 04/30/21		10.46		0.09		3.38			3.47			(0.14	)		–			(0.14	)		13.79		33.34			16,683		0.87	^(d)		1.06	^(d)		1.44	^(d)		61
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
Year ended 10/31/16		10.71		0.16		(0.27	)		(0.11	)		(0.17	)		–			(0.17	)		10.43		(0.91	)		26,480		1.02			1.03			1.57			37

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $30,394, $2,015, $1,669, $6,066, $9,782, $4,175 and $15,782 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

11 Invesco International Core Equity Fund

Notes to Financial Statements

April 30, 2021

(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 ten 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 tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

12 Invesco International Core Equity Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

13 Invesco International Core 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.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least 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, 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, 2022. 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.

The Adviser has contractually agreed, through at least June 30, 2023, 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, 2021, the Adviser waived advisory fees of $65,800 and reimbursed class level expenses of $46,731, $3,098, $2,566, $9,326, $15,040, $35 and $86 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

14 Invesco International Core 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, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $2,811 in front-end sales commissions from the sale of Class A shares and $0 and $52 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $289 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


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.


	Level 1			Level 2			Level 3			Total
Investments in Securities
Argentina		$	516,852		$	–		$	–	$ 516,852
Australia			–			4,755,344			–	4,755,344
Austria			–			1,648,038			–	1,648,038
Belgium			–			1,743,907			–	1,743,907
Brazil			–			632,922			–	632,922
Canada			1,268,967			–			–	1,268,967
China			2,009,079			–			–	2,009,079
Denmark			–			612,920			–	612,920
Finland			–			454,723			–	454,723
France			–			6,483,734			–	6,483,734
Germany			–			6,734,604			–	6,734,604
Hong Kong			–			1,383,106			–	1,383,106
India			703,090			983,860			–	1,686,950
Italy			–			1,191,992			–	1,191,992
Japan			–			11,934,513			–	11,934,513
Netherlands			–			5,964,989			–	5,964,989
Singapore			–			1,209,039			–	1,209,039
South Korea			–			1,007,229			–	1,007,229
Spain			538,655			3,797,508			–	4,336,163
Sweden			–			2,653,358			–	2,653,358
Switzerland			1,079,565			4,321,473			–	5,401,038
United Kingdom			–			8,999,611			–	8,999,611
United States			–			833,318			–	833,318
Money Market Funds			204,415			382,500			–	586,915
Total Investments		$	6,320,623		$	67,728,688		$	–	$74,049,311

15 Invesco International Core Equity Fund

NOTE 4–Expense Offset Arrangement(s)

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 Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$–

$9,348,271

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $41,312,506 and $41,550,558, 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	$	13,941,522

Aggregate unrealized (depreciation) of investments		(606,649	)

Net unrealized appreciation of investments	$	13,334,873

Cost of investments for tax purposes is $60,714,438.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)				Year ended October 31, 2020

	Shares		Amount		Shares		Amount

Sold:
Class A		157,157	$	2,136,801		184,539	$	1,890,072

Class C		49,437		629,404		31,411		310,780

Class R		15,189		201,862		47,193		498,094

Class Y		187,353		2,597,590		160,486		1,685,967

Investor Class		12,107		160,604		24,356		260,480

Class R5		112		1,511		296		2,911

Class R6		1,402		18,622		682		7,326

16 Invesco International Core Equity Fund


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Class A		19,390		$	245,478			50,386		$	553,747

Class C		179			2,231			3,122			33,715

Class R		833			10,604			2,103			23,237

Class Y		4,367			56,287			9,061			101,302

Investor Class		6,234			80,414			16,321			182,631

Class R5		3,615			45,375			7,413			80,731

Class R6		13,657			171,257			42,985			468,107


Automatic conversion of Class C shares to Class A shares:
Class A		29,782			382,995			24,578			255,644

Class C		(30,327	)		(382,995	)		(25,107	)		(255,644	)


Reacquired:
Class A		(197,938	)		(2,609,823	)		(538,063	)		(5,429,685	)

Class C		(55,885	)		(715,653	)		(98,659	)		(1,002,647	)

Class R		(14,579	)		(197,055	)		(26,905	)		(261,196	)

Class Y		(105,853	)		(1,444,894	)		(170,187	)		(1,701,420	)

Investor Class		(39,150	)		(539,038	)		(127,867	)		(1,351,669	)

Class R5		(1,318	)		(16,446	)		(423	)		(4,701	)

Class R6		(1,174	)		(15,687	)		(659,879	)		(5,998,445	)

Net increase (decrease) in share activity		54,590		$	819,444			(1,042,158	)	$	(9,650,663	)

^(a)

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

17 Invesco International Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/20)	(04/30/21)¹	Period²	(04/30/21)	Period²	Ratio
Class A	$1,000.00	$1,332.00	$6.48	$1,019.24	$5.61	1.12%
Class C	1,000.00	1,327.30	10.79	1,015.52	9.35	1.87
Class R	1,000.00	1,329.40	7.91	1,018.00	6.85	1.37
Class Y	1,000.00	1,334.00	5.03	1,020.48	4.36	0.87
Investor Class	1,000.00	1,331.40	6.47	1,019.24	5.61	1.12
Class R5	1,000.00	1,333.40	5.03	1,020.48	4.36	0.87
Class R6	1,000.00	1,333.40	5.03	1,020.48	4.36	0.87

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 Core Equity Fund

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

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Fund holdings and proxy voting information

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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		I-ICE-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco International Equity Fund
		Nasdaq:
		A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	22.32	%
Class C Shares	21.90
Class R Shares	22.22
Class Y Shares	22.59
Class R5 Shares	22.60
Class R6 Shares	22.59
MSCI All Country World ex USA Index▼	27.40
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

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

2 Invesco International Equity Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (7/2/90)	6.63	%
10 Years	4.66
5 Years	8.76
1 Year	34.16

Class C Shares
Inception (9/1/93)	6.58	%
10 Years	4.61
5 Years	9.19
1 Year	39.98

Class R Shares
Inception (3/1/01)	4.48	%
10 Years	4.98
5 Years	9.73
1 Year	41.69

Class Y Shares
Inception (11/13/08)	10.10	%
10 Years	5.60
5 Years	10.38
1 Year	42.59

Class R5 Shares
10 Years	5.34	%
5 Years	10.19
1 Year	42.65

Class R6 Shares
Inception (3/28/13)	7.70	%
5 Years	10.47
1 Year	42.61

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.

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.

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

3 Invesco International Equity Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests-94.31%
Australia-1.44%
BHP Group Ltd., ADR		305,482	$	22,226,870

China-9.19%
Alibaba Group Holding Ltd., ADR^(a)		109,115		25,200,109
Autohome, Inc., ADR		64,494		5,980,529
Baidu, Inc., ADR^(a)		150,211		31,593,880
China Resources Cement Holdings Ltd.		11,594,000		12,642,291
Geely Automobile Holdings Ltd.		2,811,000		7,256,635
JD.com, Inc., ADR^(a)		79,291		6,133,952
Tencent Holdings Ltd.		248,300		19,857,311
Tencent Music Entertainment Group, ADR^(a)		568,849		9,909,349
Trip.com Group Ltd., ADR^(a)		518,742		20,272,437
Weimob, Inc.^(a)(b)		1,378,000		2,997,915
				141,844,408

Denmark-2.84%
Carlsberg A/S, Class B		114,589		20,072,690
Novo Nordisk A/S, Class B		320,719		23,704,687
				43,777,377

France-9.35%
Air Liquide S.A.		217,447		36,624,688
Airbus SE^(a)		135,261		16,244,744
Edenred		109,906		6,228,968
Kering S.A.		24,473		19,604,199
L’Oreal S.A.		20,241		8,312,782
Societe Generale S.A.^(a)		1,276,344		36,334,677
Valeo S.A.		362,970		11,752,142
Worldline S.A.^(a)(b)		93,906		9,213,311
				144,315,511

Germany-11.63%
adidas AG^(a)		96,950		29,938,398
Continental AG^(a)		159,907		21,659,334
Fresenius Medical Care AG & Co. KGaA		198,876		15,829,663
Infineon Technologies AG		460,039		18,577,888
SAP SE		257,512		36,222,229
Siemens AG		169,122		28,226,146
Siemens Healthineers AG^(b)		198,995		11,378,948
Volkswagen AG, Preference Shares		67,801		17,705,323
				179,537,929

Japan-18.51%
Bandai Namco Holdings, Inc.		163,500		11,991,217
Hitachi Ltd.		582,600		28,702,579
ITOCHU Corp.		195,600		6,102,444
Komatsu Ltd.		702,400		20,616,152
Marubeni Corp.		3,227,500		26,853,484
Mitsubishi Electric Corp.		1,627,900		25,072,948
Nabtesco Corp.		77,500		3,488,153
Nintendo Co. Ltd.		30,200		17,302,141
ORIX Corp.		1,149,000		18,576,998
Recruit Holdings Co. Ltd.		461,800		20,888,494
SCREEN Holdings Co. Ltd.		166,900		15,995,772


	Shares		Value
Japan-(continued)
Sekisui House Ltd.		807,900	$	16,336,245
Shiseido Co. Ltd.		83,700		6,074,774
Sony Group Corp.		388,800		38,912,823
TDK Corp.		211,900		28,708,585
				285,622,809

Macau-1.38%
Wynn Macau Ltd.^(a)		11,106,400		21,331,634

Netherlands-4.61%
Akzo Nobel N.V.		180,977		21,732,612
ING Groep N.V.		1,663,445		21,266,825
NXP Semiconductors N.V.		99,556		19,165,525
Prosus N.V.		82,248		8,918,147
				71,083,109

New Zealand-0.99%
Spark New Zealand Ltd.		4,843,510		15,236,100

Singapore-0.95%
Oversea-Chinese Banking Corp. Ltd.		1,605,200		14,723,112

South Africa-3.35%
Anglo American PLC		1,216,315		51,648,595

South Korea-6.97%
Kangwon Land, Inc.^(a)		200,206		4,549,401
Korea Zinc Co. Ltd.		20,890		8,362,179
Samsung Electro-Mechanics Co. Ltd.		174,840		27,951,292
Samsung Electronics Co. Ltd.		409,403		29,916,024
SK Hynix, Inc.		321,650		36,826,525
				107,605,421

Spain-0.99%
Amadeus IT Group S.A.^(a)		115,981		7,897,856
Repsol S.A.		621,659		7,409,988
				15,307,844

Switzerland-6.39%
Adecco Group AG		171,610		11,617,890
Cie Financiere Richemont S.A.		241,779		24,809,231
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(a)		138,702		59,232
SGS S.A.		5,628		16,669,053
STMicroelectronics N.V., New York Shares		571,279		21,302,994
UBS Group AG		1,582,911		24,211,122
				98,669,522

Taiwan-0.65%
Hon Hai Precision Industry Co. Ltd.		2,386,000		9,987,528

Thailand-0.54%
CP ALL PCL, Foreign Shares^(a)		4,121,800		8,268,941

United Kingdom-8.56%
Burberry Group PLC^(a)		183,958		5,234,280
Diageo PLC		633,291		28,428,984
Entain PLC^(a)		1,019,708		23,811,049

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

5 Invesco International Equity Fund


	Shares		Value
United Kingdom–(continued)
Prudential PLC		657,283	$	13,922,728
Royal Dutch Shell PLC, Class B, ADR		724,845		25,956,699
Standard Chartered PLC		1,369,864		9,832,332
THG PLC^(a)		556,522		4,764,675
Unilever PLC		344,760		20,214,821
				132,165,568

United States–5.97%
James Hardie Industries PLC, CDI		490,687		16,242,115
Las Vegas Sands Corp.^(a)		197,469		12,096,951
Medtronic PLC		230,070		30,120,765
QUALCOMM, Inc.		191,964		26,644,603
TE Connectivity Ltd.		52,783		7,097,730
				92,202,164
Total Common Stocks & Other Equity Interests (Cost $1,084,165,053)				1,455,554,442


	Shares		Value
Money Market Funds–4.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		22,282,869	$	22,282,869

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		15,909,557		15,915,921

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		25,466,136		25,466,136

Total Money Market Funds (Cost $63,664,926)				63,664,926

TOTAL INVESTMENTS IN SECURITIES–98.44% (Cost $1,147,829,979)				1,519,219,368

OTHER ASSETS LESS LIABILITIES–1.56%				24,152,461

NET ASSETS–100.00%			$	1,543,371,829

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

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 aggregate value of these securities at April 30, 2021 was $23,590,174, which represented 1.53% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$25,030,837		$	157,831,845		$	(160,579,813	)		$ -		$ -		$	22,282,869		$1,431
Invesco Liquid Assets Portfolio, Institutional Class		17,877,708			112,737,032			(114,698,991	)		1,074		(902)			15,915,921		1,354
Invesco Treasury Portfolio, Institutional Class		28,606,671			180,379,251			(183,519,786	)		-		-			25,466,136		638
Total		$71,515,216		$	450,948,128		$	(458,798,590	)		$1,074		$(902)		$	63,664,926		$3,423

(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Consumer Discretionary	21.52	%
Information Technology	19.75
Industrials	13.25
Materials	10.98
Financials	9.00
Communication Services	6.48
Consumer Staples	5.92
Health Care	5.25
Energy	2.16
Money Market Funds Plus Other Assets Less Liabilities	5.69

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

6 Invesco International Equity Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:

Investments in securities, at value (Cost $1,084,165,053)	$	1,455,554,442

Investments in affiliated money market funds, at value (Cost $63,664,926)		63,664,926

Cash		1,579,886

Foreign currencies, at value (Cost $2,129,498)		2,141,604

Receivable for:
Investments sold		20,099,225

Fund shares sold		126,780

Dividends		7,869,678

Interest		46

Investment for trustee deferred compensation and retirement plans		88,648

Other assets		89,155

Total assets		1,551,214,390


Liabilities:
Payable for:
Investments purchased		6,375,350

Fund shares reacquired		735,908

Accrued fees to affiliates		451,471

Accrued trustees’ and officers’ fees and benefits		6,715

Accrued other operating expenses		126,158

Trustee deferred compensation and retirement plans		146,959

Total liabilities		7,842,561

Net assets applicable to shares outstanding	$	1,543,371,829


Net assets consist of:
Shares of beneficial interest	$	1,173,908,474

Distributable earnings		369,463,355

	$	1,543,371,829


Net Assets:

Class A	$	196,044,175

Class C	$	14,508,869

Class R	$	25,544,901

Class Y	$	103,966,289

Class R5	$	13,797

Class R6	$	1,203,293,798

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,367,016

Class C		614,910

Class R		973,453

Class Y		3,869,604

Class R5		518

Class R6		45,417,531

Class A:
Net asset value per share	$	26.61

Maximum offering price per share (Net asset value of $26.61 ÷ 94.50%)	$	28.16

Class C:
Net asset value and offering price per share	$	23.60

Class R:
Net asset value and offering price per share	$	26.24

Class Y:
Net asset value and offering price per share	$	26.87

Class R5:
Net asset value and offering price per share	$	26.64

Class R6:
Net asset value and offering price per share	$	26.49

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

7 Invesco International Equity Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $1,593,479)	$	13,617,504

Dividends from affiliated money market funds		3,423

Total investment income		13,620,927


Expenses:
Advisory fees		5,682,572

Administrative services fees		108,861

Custodian fees		64,592

Distribution fees:
Class A		240,735

Class C		78,296

Class R		60,911

Transfer agent fees – A, C, R and Y		343,258

Trustees’ and officers’ fees and benefits		10,959

Registration and filing fees		58,748

Reports to shareholders		31,241

Professional services fees		27,360

Other		17,374

Total expenses		6,724,907

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(111,826	)

Net expenses		6,613,081

Net investment income		7,007,846


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:

Unaffiliated investment securities		209,951,218

Affiliated investment securities		(902	)

Foreign currencies		(172,707	)

		209,777,609


Change in net unrealized appreciation of:
Unaffiliated investment securities		79,019,657

Affiliated investment securities		1,074

Foreign currencies		88,958

		79,109,689

Net realized and unrealized gain		288,887,298

Net increase in net assets resulting from operations	$	295,895,144

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

8 Invesco International Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	7,007,846		$	11,969,422

Net realized gain		209,777,609			35,333,021

Change in net unrealized appreciation		79,109,689			51,177,632

Net increase in net assets resulting from operations		295,895,144			98,480,075


Distributions to shareholders from distributable earnings:
Class A		(892,289	)		(2,775,282	)

Class C		–			(169,926	)

Class R		(65,532	)		(265,548	)

Class Y		(717,019	)		(1,354,131	)

Class R5		(112	)		(208	)

Class R6		(10,102,777	)		(29,039,080	)

Total distributions from distributable earnings		(11,777,729	)		(33,604,175	)


Share transactions–net:
Class A		(8,959,440	)		(20,472,900	)

Class C		(3,789,885	)		(5,550,925	)

Class R		414,314			(316,461	)

Class Y		11,368,110			(1,192,937	)

Class R6		(71,810,052	)		(518,104,676	)

Net increase (decrease) in net assets resulting from share transactions		(72,776,953	)		(545,637,899	)

Net increase (decrease) in net assets		211,340,462			(480,761,999	)


Net assets:
Beginning of period		1,332,031,367			1,812,793,366

End of period	$	1,543,371,829		$	1,332,031,367

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

9 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				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 04/30/21		$	21.86		$	0.07			$	4.80			$	4.87			$	(0.12	)		$	26.61		22.32	%		$	196,044		1.23	%^(e)		1.25	%^(e)		0.57	%^(e)		52	%
Year ended 10/31/20			20.82			0.08				1.28				1.36				(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	)			20.82		8.38				181,695		1.22	^(f)		1.24	^(f)		1.69	^(f)		54
Year ended 11/30/18			22.23			0.27				(3.06	)			(2.79	)			(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	)			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	)			17.40		(0.31	)			166,493		1.31			1.32			1.43			79
Year ended 11/30/15			18.39			0.11				(0.60	)			(0.49	)			(0.34	)			17.56		(2.60	)			169,107		1.30			1.30			0.59			79
Class C
Six months ended 04/30/21			19.36			(0.02	)			4.26				4.24				-				23.60		21.90				14,509		1.98	^(e)		2.00	^(e)		(0.18	)^(e)		52
Year ended 10/31/20			18.45			(0.07	)			1.14				1.07				(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	)			18.45		7.59				20,057		1.98	^(f)		1.99	^(f)		0.93	^(f)		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	)			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
Year ended 11/30/15			16.51			(0.03	)			(0.53	)			(0.56	)			(0.22	)			15.73		(3.34	)			35,938		2.06			2.06			(0.17	)		79
Class R
Six months ended 04/30/21			21.53			0.04				4.74				4.78				(0.07	)			26.24		22.22				25,545		1.48	^(e)		1.50	^(e)		0.32	^(e)		52
Year ended 10/31/20			20.52			0.03				1.25				1.28				(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	)			20.52		8.10				20,044		1.47	^(f)		1.49	^(f)		1.44	^(f)		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	)			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	)			17.21		(0.55	)			8,410		1.56			1.57			1.18			79
Year ended 11/30/15			18.20			0.06				(0.59	)			(0.53	)			(0.30	)			17.37		(2.89	)			8,098		1.56			1.56			0.33			79
Class Y
Six months ended 04/30/21			22.10			0.12				4.85				4.97				(0.20	)			26.87		22.59				103,966		0.85	^(e)		1.00	^(e)		0.95	^(e)		52
Year ended 10/31/20			21.04			0.16				1.29				1.45				(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	)			21.04		8.73				74,540		0.84	^(f)		0.99	^(f)		2.06	^(f)		54
Year ended 11/30/18			22.46			0.35				(3.07	)			(2.72	)			(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	)			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	)			17.59		(0.03	)			15,965		1.06			1.07			1.54			79
Year ended 11/30/15			18.59			0.15				(0.60	)			(0.45	)			(0.39	)			17.75		(2.37	)			10,789		1.06			1.06			0.84			79
Class R5
Six months ended 04/30/21			21.92			0.13				4.81				4.94				(0.22	)			26.64		22.60				14		0.79	^(e)		0.79	^(e)		1.01	^(e)		52
Year ended 10/31/20			20.86			0.17				1.29				1.46				(0.40	)			21.92		7.04				11		0.79			0.79			0.83			69
Period ended 10/31/19^(g)			19.31			0.18				1.37				1.55				-				20.86		8.03				11		0.82	^(f)		0.82	^(f)		2.09	^(f)		54
Class R6
Six months ended 04/30/21			21.80			0.13				4.78				4.91				(0.22	)			26.49		22.59				1,203,294		0.79	^(e)		0.79	^(e)		1.01	^(e)		52
Year ended 10/31/20			20.75			0.17				1.28				1.45				(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	)			20.75		8.77				1,516,446		0.79	^(f)		0.80	^(f)		2.11	^(f)		54
Year ended 11/30/18			22.17			0.35				(3.03	)			(2.68	)			(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	)			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	)			17.36		0.11				689,409		0.86			0.87			1.85			79
Year ended 11/30/15			18.37			0.19				(0.60	)			(0.41	)			(0.43	)			17.53		(2.16	)			716,793		0.86			0.86			1.03			79

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.01%, 0.01%, 0.00%, 0.01% and 0.01% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017, 2016 and 2015, respectively.

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

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $194,184, $15,789, $24,566, $95,234, $13 and $1,195,764 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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 International Equity Fund

Notes to Financial Statements

April 30, 2021

(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 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.

11 Invesco International Equity Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

12 Invesco International Equity Fund

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least 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 February 28, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $12,250 and reimbursed class level expenses of $21,772, $1,717, $2,773, $72,389, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $10,192 in front-end sales commissions from the sale of Class A shares and $0 and $113 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

13 Invesco International Equity Fund

For the six months ended April 30, 2021, the Fund incurred $31,057 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


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.


	Level 1		Level 2		Level 3	Total
Investments in Securities
Australia	$	22,226,870	$	–	$–	$	22,226,870
China		99,090,256		42,754,152	–		141,844,408
Denmark		–		43,777,377	–		43,777,377
France		–		144,315,511	–		144,315,511
Germany		–		179,537,929	–		179,537,929
Japan		–		285,622,809	–		285,622,809
Macau		–		21,331,634	–		21,331,634
Netherlands		19,165,525		51,917,584	–		71,083,109
New Zealand		–		15,236,100	–		15,236,100
Singapore		–		14,723,112	–		14,723,112
South Africa		–		51,648,595	–		51,648,595
South Korea		–		107,605,421	–		107,605,421
Spain		–		15,307,844	–		15,307,844
Switzerland		21,362,226		77,307,296	–		98,669,522
Taiwan		–		9,987,528	–		9,987,528
Thailand		8,268,941		–	–		8,268,941
United Kingdom		25,956,699		106,208,869	–		132,165,568
United States		75,960,049		16,242,115	–		92,202,164
Money Market Funds		63,664,926		–	–		63,664,926
Total Investments	$	335,695,492	$	1,183,523,876	$–	$	1,519,219,368

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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 International Equity Fund

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$185,578,418

$20,854,704

$206,433,122

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $743,961,791 and $803,663,377, 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	$	372,157,895
Aggregate unrealized (depreciation) of investments		(12,940,162	)
Net unrealized appreciation of investments	$	359,217,733

Cost of investments for tax purposes is $1,160,001,635.

NOTE 9–Share Information


	Summary of Share Activity
	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		419,707		$	10,771,934			692,436		$	14,038,067
Class C		63,231			1,451,584			114,026			2,087,210
Class R		130,491			3,349,934			244,930			5,060,552
Class Y		1,095,371			28,712,746			1,419,957			30,169,133
Class R6		1,101,575			29,141,385			2,256,324			44,129,576

Issued as reinvestment of dividends:
Class A		32,590			803,351			116,635			2,519,320
Class C		—			—			8,411			161,900
Class R		2,691			65,479			12,437			265,283
Class Y		26,706			663,640			55,002			1,196,848
Class R6		412,337			10,102,244			1,352,711			29,029,171

Automatic conversion of Class C shares to Class A shares:
Class A		121,300			3,098,997			81,171			1,691,345
Class C		(136,523	)		(3,098,997	)		(91,367	)		(1,691,345	)

Reacquired:
Class A		(920,577	)		(23,633,722	)		(1,903,130	)		(38,721,632	)
Class C		(92,546	)		(2,142,472	)		(337,212	)		(6,108,690	)
Class R		(117,222	)		(3,001,099	)		(276,642	)		(5,642,296	)
Class Y		(681,560	)		(18,008,276	)		(1,589,474	)		(32,558,918	)
Class R6		(4,349,338	)		(111,053,681	)		(28,424,686	)		(591,263,423	)
Net increase (decrease) in share activity		(2,891,767	)	$	(72,776,953	)		(26,268,471	)	$	(545,637,899	)

^(a⁾	75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

15 Invesco International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)¹		Expenses Paid During Period²		Ending Account Value (04/30/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A	$	1,000.00	$	1,223.20	$	6.78	$	1,018.70	$	6.16		1.23	%
Class C		1,000.00		1,219.00		10.89		1,014.98		9.89		1.98
Class R		1,000.00		1,222.20		8.15		1,017.46		7.40		1.48
Class Y		1,000.00		1,225.90		4.69		1,020.58		4.26		0.85
Class R5		1,000.00		1,226.00		4.36		1,020.88		3.96		0.79
Class R6		1,000.00		1,225.90		4.36		1,020.88		3.96		0.79

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 Equity Fund

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

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Fund holdings and proxy voting information

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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		O-IEQ-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco International Growth Fund
		Nasdaq:
		A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	22.21	%
Class C Shares	21.73
Class R Shares	22.03
Class Y Shares	22.33
Class R5 Shares	22.39
Class R6 Shares	22.44
MSCI All Country World ex-USA Index^q (Broad Market Index)	27.40
Custom Invesco International Growth Index^∎ (Style-Specific Index)	20.14
Lipper International Large-Cap Growth Funds Index^¨ (Peer Group Index)	22.66

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, 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 Custom Invesco International Growth Index is composed of the MSCI EAFE Growth Index through February 28, 2013, and the MSCI All Country World ex-USA Growth Index thereafter. The MSCI EAFE^®Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East. The MSCI All Country World ex-USA Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets, excluding the US. Both MSCI indexes are computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper International Large-Cap Growth Funds Index is an unmanaged index considered representative of international large-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

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 Growth Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/7/92)	7.51	%
10 Years	5.25
5 Years	7.68
1 Year	33.08

Class C Shares
Inception (8/4/97)	5.55	%
10 Years	5.21
5 Years	8.09
1 Year	38.76

Class R Shares
Inception (6/3/02)	7.25	%
10 Years	5.58
5 Years	8.64
1 Year	40.45

Class Y Shares
Inception (10/3/08)	7.79	%
10 Years	6.11
5 Years	9.17
1 Year	41.13

Class R5 Shares
Inception (3/15/02)	7.96	%
10 Years	6.21
5 Years	9.27
1 Year	41.27

Class R6 Shares
10 Years	6.23	%
5 Years	9.36
1 Year	41.42

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.

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

3 Invesco International Growth Fund

Liquidity Risk Management Program

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 Growth Fund

Schedule of Investments

April 30, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.47%

Australia–0.57%
CSL Ltd.		102,836	$ 21,438,603

Brazil–2.10%
B3 S.A. - Brasil, Bolsa, Balcao		8,303,802	78,726,411

Canada–7.91%
Bank of Nova Scotia (The)		461,577	29,392,370
Canadian National Railway Co.		620,154	66,765,634
CGI, Inc., Class A^(a)		1,334,267	118,050,308
Magna International, Inc.		510,319	48,194,142
Ritchie Bros. Auctioneers, Inc.		531,885	33,834,836
			296,237,290

China–13.09%
Alibaba Group Holding Ltd., ADR^(a)		417,127	96,335,481
China Mengniu Dairy Co. Ltd.^(a)		9,498,000	50,842,811
JD.com, Inc., ADR^(a)		878,477	67,958,981
Kweichow Moutai Co. Ltd., A Shares		51,574	15,963,207
New Oriental Education & Technology Group, Inc., ADR^(a)		3,071,118	46,865,261
Tencent Holdings Ltd.		1,398,000	111,802,339
Wuliangye Yibin Co. Ltd., A Shares		546,576	24,047,255
Yum China Holdings, Inc.		1,209,098	76,076,446
			489,891,781

Denmark–2.56%
Carlsberg A/S, Class B		285,693	50,045,177
Novo Nordisk A/S, Class B		621,438	45,931,153
			95,976,330

France–5.48%
LVMH Moet Hennessy Louis Vuitton SE		51,391	38,679,474
Pernod Ricard S.A.		151,920	31,172,394
Sanofi		409,136	42,902,215
Schneider Electric SE		577,061	92,261,567
			205,015,650

Germany–2.64%
Deutsche Boerse AG		378,676	65,350,368
Knorr-Bremse AG		272,743	33,501,548
			98,851,916

Hong Kong–2.15%
AIA Group Ltd.		6,323,600	80,387,939

India–2.09%
HDFC Bank Ltd., ADR^(a)		1,112,623	78,195,144

Ireland–4.02%
CRH PLC		1,198,512	56,633,815
Flutter Entertainment PLC^(a)		242,316	49,648,958
ICON PLC^(a)		203,571	44,164,729
			150,447,502

Italy–2.22%
FinecoBank Banca Fineco S.p.A.^(a)		4,811,064	83,009,869


	Shares		Value
Japan–12.53%
Asahi Group Holdings Ltd.		698,700	$ 29,199,832
FANUC Corp.		101,812	23,473,851
Hoya Corp.		369,000	42,011,804
Keyence Corp.		47,200	22,700,563
Koito Manufacturing Co. Ltd.		794,000	49,514,787
Komatsu Ltd.		1,765,400	51,816,280
Nidec Corp.		211,800	24,551,117
Olympus Corp.		3,819,800	78,584,529
SMC Corp.		52,500	30,500,657
Sony Group Corp.		878,500	87,924,163
TIS, Inc.		1,162,700	28,782,485
			469,060,068

Macau–1.49%
Galaxy Entertainment Group Ltd.^(a)		6,373,090	55,954,923

Mexico–2.67%
Wal-Mart de Mexico S.A.B. de C.V., Series V		30,568,848	100,065,178

Netherlands–5.17%
ASML Holding N.V.		67,726	44,093,399
Heineken N.V.		343,251	39,793,088
Prosus N.V.		313,889	34,034,970
Wolters Kluwer N.V.		835,089	75,591,076
			193,512,533

Singapore–1.08%
United Overseas Bank Ltd.		2,017,566	40,331,557

South Korea–4.30%
NAVER Corp.		221,459	71,363,403
Samsung Electronics Co. Ltd.		1,227,640	89,706,494
			161,069,897

Sweden–4.68%
Investor AB, Class B		1,112,940	94,534,365
Sandvik AB^(b)		3,272,831	80,844,989
			175,379,354

Switzerland–5.83%
Alcon, Inc.^(a)		272,115	20,426,591
Kuehne + Nagel International AG, Class R		195,053	58,301,069
Logitech International S.A., Class R		279,227	31,237,663
Nestle S.A.		587,475	70,037,330
Roche Holding AG		117,213	38,189,111
			218,191,764

Taiwan–2.76%
Taiwan Semiconductor Manufacturing Co. Ltd.		4,772,887	103,427,554

United Kingdom–4.00%
Ashtead Group PLC		618,043	39,687,084
Linde PLC		230,854	65,987,307
WPP PLC		3,268,094	44,017,444
			149,691,835

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

5 Invesco International Growth Fund


		Shares		Value
United States–8.13%
Amcor PLC, CDI			4,899,219	$	57,220,880
Booking Holdings, Inc.^(a)			21,141		52,135,397
Broadcom, Inc.			222,285		101,406,417
Philip Morris International, Inc.			983,933		93,473,635
					304,236,329
Total Common Stocks & Other Equity Interests (Cost $2,144,879,923)					3,649,099,427

Money Market Funds–1.60%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)			20,641,002		20,641,002
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)			15,806,208		15,812,530
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)			23,589,717		23,589,717
Total Money Market Funds (Cost $60,039,431)					60,043,249
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.07% (Cost $2,204,919,354)	��				3,709,142,676


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.23%
Invesco Private Government Fund, 0.01%^(c)(d)(e)		33,356,066	$	33,356,066

Invesco Private Prime Fund, 0.11%^(c)(d)(e)		50,014,094		50,034,100

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $83,390,166)				83,390,166

TOTAL INVESTMENTS IN SECURITIES–101.30% (Cost $2,288,309,520)				3,792,532,842

OTHER ASSETS LESS LIABILITIES–(1.30)%				(48,596,374	)

NET ASSETS–100.00%			$	3,743,936,468

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, 2021.

^(c)


	Value October 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$26,972,261		$	170,933,709		$	(177,264,968	)		$	-		$	-			$	20,641,002		$	3,268
Invesco Liquid Assets Portfolio, Institutional Class		20,334,690			122,095,507			(126,617,834	)			1,145			(978	)			15,812,530			4,533
Invesco Treasury Portfolio, Institutional Class		30,825,441			195,352,810			(202,588,534	)			-			-				23,589,717			1,541
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			90,489,428			(57,133,362	)			-			-				33,356,066			302	*
Invesco Private Prime Fund		-			191,212,136			(141,178,036	)			-			-				50,034,100			3,722	*
Total		$78,132,392		$	770,083,590		$	(704,782,734	)		$	1,145		$	(978	)		$	143,433,415		$	13,366

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(e)	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 International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Consumer Discretionary	18.79	%
Industrials	16.32
Financials	14.69
Information Technology	14.41
Consumer Staples	13.48
Health Care	8.91
Communication Services	6.07
Materials	4.80
Money Market Funds Plus Other Assets Less Liabilities	2.53

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

7 Invesco International Growth Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $2,144,879,923)*		$3,649,099,427
Investments in affiliated money market funds, at value (Cost $143,429,597)		143,433,415
Cash		6,934,237
Foreign currencies, at value (Cost $6,577,781)		6,531,749
Receivable for:
Investments sold		26,360,090
Fund shares sold		1,985,039
Dividends		15,049,131
Investment for trustee deferred compensation and retirement plans		848,702
Other assets		91,686
Total assets		3,850,333,476

Liabilities:
Payable for:
Investments purchased		14,807,335
Fund shares reacquired		4,465,198
Collateral upon return of securities loaned		83,390,166
Accrued fees to affiliates		1,572,779
Accrued trustees’ and officers’ fees and benefits		401
Accrued other operating expenses		1,218,447
Trustee deferred compensation and retirement plans		942,682
Total liabilities		106,397,008
Net assets applicable to shares outstanding		$3,743,936,468

Net assets consist of:
Shares of beneficial interest		$1,888,849,706
Distributable earnings		1,855,086,762
		$3,743,936,468


Net Assets:
Class A	$	1,401,146,692

Class C	$	32,835,799

Class R	$	50,456,658

Class Y	$	793,718,710

Class R5	$	511,110,400

Class R6	$	954,668,209


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,359,538

Class C		1,085,801

Class R		1,512,947

Class Y		23,363,998

Class R5		14,759,993

Class R6		27,630,341

Class A:

Net asset value per share	$	33.88

Maximum offering price per share (Net asset value of $33.88 ÷ 94.50%)	$	35.85

Class C:
Net asset value and offering price per share	$	30.24

Class R:
Net asset value and offering price per share	$	33.35

Class Y:
Net asset value and offering price per share	$	33.97

Class R5:
Net asset value and offering price per share	$	34.63

Class R6:
Net asset value and offering price per share	$	34.55

*	At April 30, 2021, a security with a value of $76,732,409 was on loan to brokers.

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

8 Invesco International Growth Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $2,893,688)	$	27,929,449

Dividends from affiliated money market funds (includes securities lending income of $3,828)		13,170

Total investment income		27,942,619


Expenses:
Advisory fees		16,428,953

Administrative services fees		273,519

Custodian fees		265,101

Distribution fees:
Class A		1,750,766

Class C		178,680

Class R		130,703

Transfer agent fees – A, C, R and Y		1,994,813

Transfer agent fees – R5		225,017

Transfer agent fees – R6		29,755

Trustees’ and officers’ fees and benefits		47,641

Registration and filing fees		87,672

Reports to shareholders		175,922

Professional services fees		149,072

Other		61,963

Total expenses		21,799,577

Less: Fees waived and/or expense offset arrangement(s)		(28,712	)

Net expenses		21,770,865

Net investment income		6,171,754


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		422,378,673

Affiliated investment securities		(978	)

Foreign currencies		(285,186	)

		422,092,509

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		330,653,441

Affiliated investment securities		1,145

Foreign currencies		(197,961	)

		330,456,625

Net realized and unrealized gain		752,549,134

Net increase in net assets resulting from operations	$	758,720,888

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

9 Invesco International Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	6,171,754		$	24,285,537

Net realized gain		422,092,509			457,164,198

Change in net unrealized appreciation (depreciation)		330,456,625			(460,154,375	)

Net increase in net assets resulting from operations		758,720,888			21,295,360


Distributions to shareholders from distributable earnings:
Class A		(162,363,303	)		(154,710,175	)

Class C		(4,686,976	)		(5,609,245	)

Class R		(6,009,271	)		(5,979,322	)

Class Y		(95,393,068	)		(111,599,569	)

Class R5		(60,741,990	)		(62,024,150	)

Class R6		(119,582,621	)		(160,535,126	)

Total distributions from distributable earnings		(448,777,229	)		(500,457,587	)


Share transactions–net:
Class A		27,236,381			(129,056,281	)

Class C		(5,900,484	)		(14,011,693	)

Class R		(1,258,162	)		(9,275,895	)

Class Y		(23,262,835	)		(238,469,069	)

Class R5		(20,109,054	)		(193,580,515	)

Class R6		(41,968,487	)		(440,097,022	)

Net increase (decrease) in net assets resulting from share transactions		(65,262,641	)		(1,024,490,475	)

Net increase (decrease) in net assets		244,681,018			(1,503,652,702	)


Net assets:
Beginning of period		3,499,255,450			5,002,908,152

End of period	$	3,743,936,468		$	3,499,255,450

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

10 Invesco 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 ^(b)			Total return			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 04/30/21		$	31.34		$	0.02			$	6.63			$	6.65			$	(0.30	)		$	(3.81	)		$	(4.11	)		$	33.88		22.21	%		$	1,401,147		1.34	%^(d)		1.34	%^(d)		0.13	%^(d)		16	%
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
Year ended 10/31/16			31.91			0.36				(1.06	)			(0.70	)			(0.38	)			–				(0.38	)			30.83		(2.16	)			2,332,125		1.31			1.32			1.15			12
Class C
Six months ended 04/30/21			28.22			(0.09	)			5.94				5.85				(0.02	)			(3.81	)			(3.83	)			30.24		21.73				32,836		2.09	^(d)		2.09	^(d)		(0.62	)^(d)		16
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
Year ended 10/31/16			29.25			0.11				(0.95	)			(0.84	)			(0.16	)			–				(0.16	)			28.25		(2.88	)			160,642		2.06			2.07			0.40			12
Class R
Six months ended 04/30/21			30.87			(0.02	)			6.52				6.50				(0.21	)			(3.81	)			(4.02	)			33.35		22.03				50,457		1.59	^(d)		1.59	^(d)		(0.12	)^(d)		16
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
Year ended 10/31/16			31.49			0.28				(1.05	)			(0.77	)			(0.31	)			–				(0.31	)			30.41		(2.44	)			100,493		1.56			1.57			0.90			12
Class Y
Six months ended 04/30/21			31.46			0.06				6.64				6.70				(0.38	)			(3.81	)			(4.19	)			33.97		22.33				793,719		1.09	^(d)		1.09	^(d)		0.38	^(d)		16
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
Year ended 10/31/16			32.04			0.44				(1.05	)			(0.61	)			(0.47	)			–				(0.47	)			30.96		(1.89	)			3,393,370		1.06			1.07			1.40			12
Class R5
Six months ended 04/30/21			32.02			0.08				6.76				6.84				(0.42	)			(3.81	)			(4.23	)			34.63		22.39				511,110		1.01	^(d)		1.01	^(d)		0.46	^(d)		16
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
Year ended 10/31/16			32.47			0.47				(1.08	)			(0.61	)			(0.49	)			–				(0.49	)			31.37		(1.85	)			1,471,592		0.97			0.98			1.49			12
Class R6
Six months ended 04/30/21			31.97			0.09				6.75				6.84				(0.45	)			(3.81	)			(4.26	)			34.55		22.44				954,668		0.93	^(d)		0.93	^(d)		0.54	^(d)		16
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
Year ended 10/31/16			32.48			0.50				(1.08	)			(0.58	)			(0.52	)			—				(0.52	)			31.38		(1.76	)			764,437		0.88			0.89			1.58			12

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,412,220, $36,032, $52,715, $805,657, $527,836 and $1,005,984 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.

11 Invesco International Growth Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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 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.

12 Invesco International Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

13 Invesco 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.

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 ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.86%.

The Adviser has contractually agreed, through at least June 30, 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 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $26,878.

14 Invesco International Growth 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 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $71,530 in front-end sales commissions from the sale of Class A shares and $2,490 and $832 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $248 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


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	21,438,603		$–	$	21,438,603
Brazil		78,726,411		–		–		78,726,411
Canada		296,237,290		–		–		296,237,290
China		287,236,169		202,655,612		–		489,891,781
Denmark		–		95,976,330		–		95,976,330
France		–		205,015,650		–		205,015,650
Germany		–		98,851,916		–		98,851,916
Hong Kong		–		80,387,939		–		80,387,939
India		78,195,144		–		–		78,195,144
Ireland		44,164,729		106,282,773		–		150,447,502
Italy		–		83,009,869		–		83,009,869
Japan		–		469,060,068		–		469,060,068
Macau		–		55,954,923		–		55,954,923
Mexico		100,065,178		–		–		100,065,178
Netherlands		–		193,512,533		–		193,512,533
Singapore		–		40,331,557		–		40,331,557
South Korea		–		161,069,897		–		161,069,897
Sweden		–		175,379,354		–		175,379,354
Switzerland		–		218,191,764		–		218,191,764
Taiwan		–		103,427,554		–		103,427,554
United Kingdom		65,987,307		83,704,528		–		149,691,835
United States		247,015,449		57,220,880		–		304,236,329

15 Invesco International Growth Fund


	Level 1		Level 2		Level 3	Total
Money Market Funds	$	60,043,249	$	83,390,166	$–	$	143,433,415
Total Investments	$	1,257,670,926	$	2,534,861,916	$–	$	3,792,532,842

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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.

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $566,550,801 and $1,055,527,332, 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	$	1,433,685,886

Aggregate unrealized (depreciation) of investments		(6,364,387	)

Net unrealized appreciation of investments	$	1,427,321,499


Cost of investments for tax purposes is $2,365,211,343.

NOTE 9–Share Information


			Summary of Share Activity

	Six months ended April 30, 2021^(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		1,258,856	$	42,196,554		3,021,736	$	91,353,669

Class C		60,642		1,817,265		130,363		3,577,274

Class R		116,056		3,827,090		241,319		7,128,370

Class Y		1,707,392		56,702,872		4,672,896		140,357,208

Class R5		869,296		29,683,446		1,978,447		61,678,959

Class R6		2,664,468		90,667,663		12,442,813		392,370,901

16 Invesco International Growth Fund


				Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		4,683,377		$	147,432,644			4,316,223		$	137,514,849

Class C		153,799			4,334,053			175,747			5,073,827

Class R		193,675			6,007,801			189,966			5,972,526

Class Y		2,274,006			71,722,134			2,263,480			72,227,659

Class R5		1,851,390			59,485,152			1,844,768			59,844,271

Class R6		3,350,388			107,379,925			4,460,323			144,380,668


Automatic conversion of Class C shares to Class A shares:
Class A		208,262			6,770,408			254,538			8,004,884

Class C		(232,787	)		(6,770,408	)		(281,778	)		(8,004,884	)


Reacquired:
Class A		(5,070,159	)		(169,163,225	)		(12,317,676	)		(365,929,683	)

Class C		(175,343	)		(5,281,394	)		(543,223	)		(14,657,910	)

Class R		(335,444	)		(11,093,053	)		(737,251	)		(22,376,791	)

Class Y		(4,505,230	)		(151,687,841	)		(14,958,315	)		(451,053,936	)

Class R5		(3,165,811	)		(109,277,652	)		(9,782,237	)		(315,103,745	)

Class R6		(7,000,559	)		(240,016,075	)		(32,166,042	)		(976,848,591	)

Net increase (decrease) in share activity		(1,093,726	)	$	(65,262,641	)		(34,793,903	)	$	(1,024,490,475	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% 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 International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,222.10	$7.38	$1,018.15	$6.71	1.34%
Class C	1,000.00	1,217.30	11.49	1,014.43	10.44	2.09
Class R	1,000.00	1,220.30	8.75	1,016.91	7.95	1.59
Class Y	1,000.00	1,223.30	6.01	1,019.39	5.46	1.09
Class R5	1,000.00	1,223.90	5.57	1,019.79	5.06	1.01
Class R6	1,000.00	1,224.40	5.13	1,020.18	4.66	0.93

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 Growth Fund

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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

Fund holdings and proxy voting information


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 numbers: 811-06463 and 033-44611		Invesco Distributors, Inc.		IGR-SAR-1



		Semiannual Report to Shareholders		April 30, 2021

		Invesco International Small-Mid Company Fund Nasdaq: A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		Notes to Financial Statements
		19		Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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				19.08%
Class C Shares				18.62
Class R Shares				18.91
Class Y Shares				19.21
Class R5 Shares				19.26
Class R6 Shares				19.29
MSCI All Country World ex USA SMID Cap Index^▼				31.42
MSCI All Country World ex USA Small Cap Index^▼				34.44

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

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 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (11/17/97)	12.84	%
10 Years	12.00
5 Years	13.57
1 Year	37.91

Class C Shares
Inception (11/17/97)	12.81	%
10 Years	11.96
5 Years	14.00
1 Year	43.81

Class R Shares
Inception (3/1/01)	13.70	%
10 Years	12.33
5 Years	14.57
1 Year	45.56

Class Y Shares
Inception (9/7/05)	12.72	%
10 Years	12.95
5 Years	15.14
1 Year	46.28

Class R5 Shares
10 Years	12.71	%
5 Years	15.02
1 Year	46.44

Class R6 Shares
Inception (12/29/11)	16.72	%
5 Years	15.33
1 Year	46.47

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.

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.

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

3 Invesco International Small-Mid Company Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–99.02%

Australia–5.10%
ALS Ltd.		7,418,531	$	59,968,814
Ansell Ltd.		1,841,220		59,995,517
Bravura Solutions Ltd.^(a)		26,108,932		56,454,792
carsales.com Ltd.		3,738,998		57,176,310
Cochlear Ltd.		667,730		114,286,512
IPH Ltd.^(a)		14,550,983		79,428,470
				427,310,415

Brazil–1.48%
Odontoprev S.A.^(a)		32,081,300		75,418,710
TOTVS S.A.		8,434,237		48,288,357
				123,707,067

Canada–0.91%
Descartes Systems Group, Inc. (The)^(b)		1,188,064		76,001,686

Denmark–3.13%
Chemometec A/S		618,580		67,154,828
Chr. Hansen Holding A/S^(b)		1,125,795		103,444,773
SimCorp A/S		691,470		91,312,855
				261,912,456

Finland–0.57%
Nokian Renkaat OYJ		1,270,899		47,325,243

France–2.83%
Alten S.A.^(b)		695,379		87,009,578
Gaztransport Et Technigaz S.A.		845,070		72,172,171
Interparfums S.A.^(b)		581,742		40,224,377
Neurones		846,217		27,881,016
Vetoquinol S.A.		76,647		9,747,367
				237,034,509

Germany–9.03%
Amadeus Fire AG^(a)(b)		298,252		51,774,938
Atoss Software AG		195,465		43,559,821
Carl Zeiss Meditec AG, BR		1,058,098		186,382,516
Fielmann AG^(b)		552,516		42,045,146
FUCHS PETROLUB SE, Preference Shares		1,209,319		64,540,145
Nemetschek SE		1,028,719		76,671,513
New Work SE		226,685		68,798,906
Sartorius AG, Preference Shares		157,696		88,964,683
STRATEC SE		356,244		50,485,602
Symrise AG		642,032		82,921,015
				756,144,285

Iceland–2.47%
Marel HF^(c)		10,282,621		73,677,839
Ossur HF^(b)		17,278,765		133,219,077
				206,896,916

India–1.63%
AIA Engineering Ltd.		1,549,053		38,939,865
Britannia Industries Ltd.		481,270		22,402,272
Larsen & Toubro Infotech Ltd.^(c)		1,347,093		70,701,520


	Shares		Value
India–(continued)
Triveni Turbine Ltd.^(b)		2,972,032	$	4,032,747
				136,076,404

Ireland–0.65%
ICON PLC^(b)		250,061		54,250,734

Israel–2.02%
Nice Ltd., ADR^(b)		702,573		169,481,685

Italy–3.44%
DiaSorin S.p.A.		396,075		67,254,517
GVS S.p.A.^(b)(c)		2,621,514		45,681,256
Interpump Group S.p.A.		896,242		47,754,307
Recordati Industria Chimica e Farmaceutica S.p.A.		1,221,433		67,299,668
Tinexta S.p.A.		2,008,698		60,420,081
				288,409,829

Japan–19.57%
Ariake Japan Co. Ltd.^(a)		1,683,700		97,684,405
As One Corp.		402,163		50,252,786
Azbil Corp.		3,135,000		126,616,183
Benefit One, Inc.		1,990,300		49,986,989
Daifuku Co. Ltd.		1,380,100		136,750,930
Disco Corp.		204,200		65,972,271
Eiken Chemical Co. Ltd.^(a)		2,235,100		44,560,788
Fukui Computer Holdings, Inc.^(a)		1,058,700		41,091,213
Infomart Corp.		5,121,826		48,078,754
Japan Elevator Service Holdings Co. Ltd.		2,958,800		59,494,355
Mani, Inc.		1,786,900		42,142,608
Meitec Corp.		1,369,986		76,123,149
MISUMI Group, Inc.		1,351,200		38,095,188
MonotaRO Co. Ltd.		3,484,420		88,741,334
NSD Co. Ltd.		2,257,900		36,811,984
OBIC Business Consultants Co. Ltd.		1,697,800		99,461,743
Obic Co. Ltd.		841,800		161,962,132
SCSK Corp.		1,010,700		58,659,069
SHO-BOND Holdings Co. Ltd.		842,400		35,161,988
TechnoPro Holdings, Inc.		923,900		67,932,407
TKC Corp.		1,132,382		35,602,634
Trend Micro, Inc.		1,254,044		59,624,244
Tsuruha Holdings, Inc.		449,200		51,920,189
USS Co. Ltd.		3,665,248		66,476,132
				1,639,203,475

Jersey–1.11%
JTC PLC^(c)		2,798,862		26,007,832
Sanne Group PLC		7,524,179		67,131,180
				93,139,012

Netherlands–1.90%
IMCD N.V.		716,784		104,212,594
Intertrust N.V.^(b)(c)		2,982,960		55,258,651
				159,471,245

New Zealand–0.91%
Fisher & Paykel Healthcare Corp. Ltd.		2,969,042		76,332,522

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–0.97%
Medistim ASA		859,892		$	28,163,955
TGS NOPEC Geophysical Co. ASA		3,527,255			53,343,779
					81,507,734

Spain–0.49%
Applus Services S.A.^(b)		3,909,528			41,350,539

Sweden–11.72%
AddTech AB, Class B		3,005,701			52,517,211
Alfa Laval AB		2,111,886			71,722,353
Biotage AB		2,392,572			51,803,883
Bravida Holding AB^(c)		4,684,784			69,743,952
Cellavision AB		115,515			4,915,112
Elekta AB, Class B		4,594,507			61,482,626
Epiroc AB, Class A^(b)		3,352,112			72,675,567
Fortnox AB		1,094,347			56,301,668
Hexpol AB		6,005,654			74,185,550
Karnov Group AB^(a)		6,834,401			40,282,447
Lifco AB, Class B		504,123			54,262,256
Loomis AB		3,320,218			108,984,513
MIPS AB^(c)		716,580			57,953,401
Mycronic AB		1,669,419			49,219,521
Sdiptech AB, Class B^(a)(b)		2,581,680			115,914,469
Vitec Software Group AB, Class B		842,341			39,848,725
					981,813,254

Switzerland–10.34%
Belimo Holding AG		244,896			97,914,336
Bossard Holding AG, Class A		207,390			49,839,041
dormakaba Holding AG		116,365			76,440,968
Forbo Holding AG		25,718			49,331,396
Interroll Holding AG		10,388			35,573,362
Kardex Holding AG		312,209			64,659,169
LEM Holding S.A.		29,093			54,473,077
Partners Group Holding AG		145,001			207,120,254
Tecan Group AG, Class R		214,342			104,382,176
VAT Group AG^(b)(c)		206,213			59,061,866
VZ Holding AG		784,864			67,552,190
					866,347,835

United Kingdom–17.97%
Abcam PLC^(b)		4,037,658			85,525,556


	Shares		Value
United Kingdom–(continued)
Ascential PLC^(b)		8,427,939		$	40,646,534
Ashmore Group PLC		12,728,966			70,307,274
Auction Technology Group PLC^(b)		1,675,897			21,733,124
AVEVA Group PLC		1,336,789			64,236,370
Croda International PLC		1,658,982			154,946,731
Diploma PLC		2,303,668			91,305,146
FDM Group Holdings PLC		3,466,296			48,908,285
Halma PLC		3,326,571			118,872,226
Hill & Smith Holdings PLC		1,172,033			23,819,858
Howden Joinery Group PLC^(b)		6,032,186			67,364,457
IMI PLC		3,466,530			76,343,917
Intertek Group PLC		841,600			71,322,817
Johnson Service Group PLC^(a)(b)		23,915,512			51,453,194
Moneysupermarket.com Group PLC		13,248,853			49,987,534
Ocado Group PLC^(b)		1,962,949			56,841,203
Restore PLC^(a)(b)		14,142,177			78,107,546
Rightmove PLC		6,402,609			54,281,199
Rotork PLC		10,143,669			48,301,052
Spirax-Sarco Engineering PLC		752,102			122,696,936
SSP Group PLC^(b)		3,447,633			15,251,391
Victrex PLC		2,855,784			92,597,219
					1,504,849,569

United States–0.78%
Bruker Corp.		953,119			65,307,714
Total Common Stocks & Other Equity Interests (Cost $5,191,051,910)					8,293,874,128

Money Market Funds–0.86%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(d)		25,219,189			25,219,189
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(d)		17,999,732			18,006,932
Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(d)		28,821,930			28,821,930
Total Money Market Funds (Cost $72,048,051)					72,048,051
TOTAL INVESTMENTS IN SECURITIES–99.88% (Cost $5,263,099,961)					8,365,922,179
OTHER ASSETS LESS LIABILITIES–0.12%					10,442,989
NET ASSETS–100.00%				$	8,376,365,168

Investment Abbreviations:


ADR	–	American Depositary Receipt
BR	–	Bearer Shares

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)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	39,277,690		$	235,195,634		$	(249,254,135	)		$	-			$	-			$	25,219,189		$	3,309
Invesco Liquid Assets Portfolio, Institutional Class			28,049,904			167,996,882			(178,038,668	)			2,540				(3,726	)			18,006,932			4,608
Invesco Treasury Portfolio, Institutional Class			44,888,789			268,795,010			(284,861,869	)			-				-				28,821,930			1,639
Investments in Other Affiliates:
Amadeus Fire AG			27,870,081			6,264,247			(2,739,809)				20,276,653				103,766				51,774,938			-
Ariake Japan Co. Ltd.			103,344,508			4,597,294			-				(10,257,397	)			-				97,684,405			736,936
Bravura Solutions Ltd.			40,415,125			14,870,457			-				1,169,210				-				56,454,792			472,294
Eiken Chemical Co. Ltd.			35,633,038			7,620,659			-				1,307,091				-				44,560,788			446,029
Fukui Computer Holdings, Inc.			27,035,280			6,462,472			-				7,593,461				-				41,091,213			406,290
IPH Ltd.			58,796,540			9,348,670			-				11,283,260				-				79,428,470			1,610,154
Johnson Service Group PLC			28,576,830			9,067,997			(11,406,380	)			24,352,113				862,634				51,453,194			-
Karnov Group AB			17,815,351			24,061,284			-				(1,594,188	)			-				40,282,447			-
Odontoprev S.A.			61,975,106			9,249,921			-				4,193,683				-				75,418,710			1,998,377
Restore PLC			37,754,427			25,243,992			-				15,109,127				-				78,107,546			-
Sdiptech AB, Class B			44,803,829			3,371,061			-				67,739,579				-				115,914,469			-
Total		$	596,236,498		$	792,145,580		$	(726,300,861	)		$	141,175,132			$	962,674			$	804,219,023		$	5,679,636

^(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, 2021 was $458,086,317, which represented 5.47% of the Fund’s Net Assets.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Open Forward Foreign Currency Contracts

Contract to

Unrealized

Appreciation

Settlement

Date

Counterparty

Deliver

Receive

Currency Risk

05/03/2021

State Street Bank & Trust Co.

DKK 16,610,097

USD 2,700,842

15,470

Abbreviations:

DKK – Danish Krone

USD – U.S. Dollar

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

7 Invesco International Small-Mid Company Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Industrials				32.30%
Information Technology				22.84
Health Care				19.52
Materials				7.12
Financials				5.23
Consumer Discretionary				4.86
Communication Services				3.12
Consumer Staples				2.53
Energy				1.50
Money Market Funds Plus Other Assets Less Liabilities				0.98

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

8 Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)


Assets:

Investments in securities, at value (Cost $4,617,917,198)	$	7,561,703,156
Investments in affiliates, at value (Cost $645,182,763)		804,219,023
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		15,470
Foreign currencies, at value (Cost $5,190,113)		5,196,644
Receivable for:
Investments sold		11,649,765
Fund shares sold		5,429,703
Dividends		37,267,866
Investment for trustee deferred compensation and retirement plans		255,137
Other assets		157,467
Total assets		8,425,894,231

Liabilities:
Payable for:
Investments purchased		31,318,396
Fund shares reacquired		7,497,459
Amount due custodian		3,273,323
Accrued foreign taxes		3,290,419
Accrued fees to affiliates		2,530,723
Accrued trustees’ and officers’ fees and benefits		54,639
Accrued other operating expenses		1,308,967
Trustee deferred compensation and retirement plans		255,137
Total liabilities		49,529,063
Net assets applicable to shares outstanding	$	8,376,365,168

Net assets consist of:
Shares of beneficial interest	$	4,809,838,344
Distributable earnings		3,566,526,824
	$	8,376,365,168


Net Assets:
Class A	$	1,340,781,742
Class C	$	127,483,534
Class R	$	100,743,262
Class Y	$	3,736,948,278
Class R5	$	423,773
Class R6	$	3,069,984,579

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		23,649,028
Class C		2,550,444
Class R		1,895,256
Class Y		66,389,924
Class R5		7,423
Class R6		54,239,526
Class A:
Net asset value per share	$	56.70
Maximum offering price per share (Net asset value of $56.70 ÷ 94.50%)	$	60.00
Class C:
Net asset value and offering price per share	$	49.98
Class R:
Net asset value and offering price per share	$	53.16
Class Y:
Net asset value and offering price per share	$	56.29
Class R5:
Net asset value and offering price per share	$	57.09
Class R6:
Net asset value and offering price per share	$	56.60

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

9 Invesco International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $6,645,612)	$	47,634,345
Dividends from affiliates		5,679,636
Total investment income		53,313,981

Expenses:
Advisory fees		36,197,378
Administrative services fees		574,875
Custodian fees		401,831
Distribution fees:
Class A		1,576,634
Class C		680,450
Class R		243,800
Transfer agent fees – A, C, R and Y		3,600,337
Transfer agent fees – R5		115
Transfer agent fees – R6		57,194
Trustees’ and officers’ fees and benefits		59,080
Registration and filing fees		97,069
Reports to shareholders		284,145
Professional services fees		74,279
Other		155,152
Total expenses		44,002,339
Less: Fees waived and/or expense offset arrangement(s)		(36,029	)
Net expenses		43,966,310
Net investment income		9,347,671

Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		554,805,256
Affiliated investment securities		962,674
Foreign currencies		576,662
Forward foreign currency contracts		7,909
		556,352,501
Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $2,318,899)		660,138,240
Affiliated investment securities		141,175,132
Foreign currencies		63,833
Forward foreign currency contracts		15,470
		801,392,675
Net realized and unrealized gain		1,357,745,176
Net increase in net assets resulting from operations	$	1,367,092,847

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

10 Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	9,347,671		$	1,132,568

Net realized gain		556,352,501			660,987,254

Change in net unrealized appreciation		801,392,675			9,826,187

Net increase in net assets resulting from operations		1,367,092,847			671,946,009


Distributions to shareholders from distributable earnings:

Class A		(102,620,780	)		(68,564,322	)

Class C		(12,866,556	)		(9,282,895	)

Class R		(8,163,910	)		(4,821,631	)

Class Y		(284,649,017	)		(199,590,573	)

Class R5		(30,241	)		(1,005	)

Class R6		(220,448,627	)		(135,725,491	)

Total distributions from distributable earnings		(628,779,131	)		(417,985,917	)


Share transactions-net:

Class A		20,158,777			(273,141,625	)

Class C		(18,862,864	)		(46,452,075	)

Class R		3,887,575			(11,979,326	)

Class Y		164,082,227			(894,900,951	)

Class R5		196,754			144,499

Class R6		272,460,353			(367,793,076	)

Net increase (decrease) in net assets resulting from share transactions		441,922,822			(1,594,122,554	)

Net increase (decrease) in net assets		1,180,236,538			(1,340,162,462	)


Net assets:

Beginning of period		7,196,128,630			8,536,291,092

End of period	$	8,376,365,168		$	7,196,128,630

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

11 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 04/30/21		$	51.69		$	0.00			$	9.51			$	9.51			$	-			$	(4.50	)		$	(4.50	)		$	56.70		19.10	%^(e)		$	1,340,782		1.33	%^(e)(f)		1.33	%^(e)(f)		0.00	%^(e)(f)		16	%
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	^(g)		1.31	^(g)		(0.37	)^(g)		0	^(h)
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
Year ended 08/31/16			36.38			0.05				1.87				1.92				(0.02	)			-				(0.02	)			38.28		5.29				2,678,644		1.29			1.29			(0.14	)		19
Class C
Six months ended 04/30/21			46.22			(0.18	)			8.44				8.26				-				(4.50	)			(4.50	)			49.98		18.62				127,484		2.09	^(f)		2.09	^(f)		(0.76	)^(f)		16
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	^(g)		2.07	^(g)		(1.13	)^(g)		0	^(h)
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
Year ended 08/31/16			33.92			(0.21	)			1.74				1.53				-				-				-				35.45		4.48				339,118		2.04			2.04			(0.62	)		19
Class R
Six months ended 04/30/21			48.78			(0.06	)			8.94				8.88				-				(4.50	)			(4.50	)			53.16		18.93				100,743		1.59	^(f)		1.59	^(f)		(0.26	)^(f)		16
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	^(g)		1.57	^(g)		(0.63	)^(g)		0	^(h)
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
Year ended 08/31/16			34.92			(0.05	)			1.80				1.75				-				-				-				36.67		5.01				73,150		1.53			1.53			(0.15	)		19
Class Y
Six months ended 04/30/21			51.29			0.07				9.43				9.50				-				(4.50	)			(4.50	)			56.29		19.23				3,736,948		1.09	^(f)		1.09	^(f)		0.24	^(f)		16
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	^(g)		1.07	^(g)		(0.13	)^(g)		0	^(h)
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
Year ended 08/31/16			36.16			0.15				1.85				2.00				(0.10	)			-				(0.10	)			38.06		5.53				2,239,385		1.04			1.04			0.41			19
Class R5
Six months ended 04/30/21			51.94			0.09				9.56				9.65				-				(4.50	)			(4.50	)			57.09		19.28				424		1.01	^(f)		1.01	^(f)		0.32	^(f)		16
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	^(g)		1.01	^(g)		(0.07	)^(g)		0	^(h)
Period ended 08/31/19⁽ⁱ⁾			46.97			0.04				(0.72	)			(0.68	)			-				-				-				46.29		(1.45	)			19		1.01	^(g)		1.01	^(g)		0.29	^(g)		28
Class R6
Six months ended 04/30/21			51.52			0.10				9.48				9.58				-				(4.50	)			(4.50	)			56.60		19.31				3,069,985		0.95	^(f)		0.95	^(f)		0.38	^(f)		16
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	)^(j)			1.96				1.96				-				-				-				47.90		4.27				2,759,984		0.94	^(g)		0.94	^(g)		0.00	^(g)(h)		0	^(h)
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
Year ended 08/31/16			36.23			0.21				1.87				2.08				(0.14	)			-				(0.14	)			38.17		5.75				1,272,537		0.85			0.85			0.57			19

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, 0.01% , 0.01% and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 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)	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, 2021 and the year ended October 31, 2020, respectively.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,316,799, $137,218, $98,328, $3,630,959, $392 and $2,883,413 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	Amount represents less than 0.005%.

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

^(j)	Amount represents less than $(0.005) per share.

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

12 Invesco International Small-Mid Company Fund

Notes to Financial Statements

April 30, 2021

(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 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.

13 Invesco International Small-Mid Company Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

14 Invesco International Small-Mid Company Fund

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.90%.

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.38%, 2.13%, 1.63%, 1.14%, 1.01%, and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to limit expenses for 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. 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, facilities and maintenance fees; (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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $34,184.

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, 2021, IDI advised the Fund that IDI retained $22,326 in front-end sales commissions from the sale of Class A shares and $78 and $754 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.

15 Invesco International Small-Mid Company Fund

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	427,310,415		$–	$	427,310,415
Brazil		123,707,067		–		–		123,707,067
Canada		76,001,686		–		–		76,001,686
Denmark		–		261,912,456		–		261,912,456
Finland		–		47,325,243		–		47,325,243
France		–		237,034,509		–		237,034,509
Germany		–		756,144,285		–		756,144,285
Iceland		–		206,896,916		–		206,896,916
India		–		136,076,404		–		136,076,404
Ireland		54,250,734		–		–		54,250,734
Israel		169,481,685		–		–		169,481,685
Italy		–		288,409,829		–		288,409,829
Japan		–		1,639,203,475		–		1,639,203,475
Jersey		–		93,139,012		–		93,139,012
Netherlands		–		159,471,245		–		159,471,245
New Zealand		–		76,332,522		–		76,332,522
Norway		–		81,507,734		–		81,507,734
Spain		–		41,350,539		–		41,350,539
Sweden		–		981,813,254		–		981,813,254
Switzerland		–		866,347,835		–		866,347,835
United Kingdom		21,733,124		1,483,116,445		–		1,504,849,569
United States		65,307,714		–		–		65,307,714
Money Market Funds		72,048,051		–		–		72,048,051
Total Investments in Securities		582,530,061		7,783,392,118		–		8,365,922,179

Other Investments - Assets*
Forward Foreign Currency Contracts		–		15,470		–		15,470
Total Investments	$	582,530,061	$	7,783,407,588		$–	$	8,365,937,649

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

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

16 Invesco International Small-Mid Company Fund

Effect of Derivative Investments for the six months ended April 30, 2021

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		$7,909
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		15,470
Total		$23,379

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


		Forward Foreign Currency Contracts
Average notional value		$2,685,371

NOTE 5–Expense Offset Arrangement(s)

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 Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $1,219,017,575 and $1,333,927,021, 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	$	3,071,580,954
Aggregate unrealized (depreciation) of investments		(69,104,328	)
Net unrealized appreciation of investments	$	3,002,476,626

Cost of investments for tax purposes is $5,363,461,023.

17 Invesco International Small-Mid Company Fund

NOTE 10–Share Information


		Summary of Share Activity

	Six months ended April 30, 2021^(a)							Year ended October 31, 2020

	Shares			Amount				Shares			Amount
Sold:

Class A		1,015,000			$	56,059,698			2,296,145			$	106,337,027
Class C		444,084				21,589,025			107,287				4,388,339
Class R		108,043				5,618,163			194,950				8,540,896
Class Y		6,751,884				370,019,260			12,902,285				595,865,488
Class R5		3,921				207,493			3,377				150,580
Class R6		6,657,057				370,505,586			8,492,922				391,167,074

Issued as reinvestment of dividends:

Class A		1,742,904				91,554,723			1,234,547				59,060,718
Class C		252,489				11,728,099			194,910				8,392,805
Class R		164,658				8,117,615			105,881				4,790,061
Class Y		4,462,728				232,552,777			3,355,855				158,933,304
Class R5		554				29,282			10				497
Class R6		4,022,670				210,667,252			2,728,217				129,644,859

Automatic conversion of Class C shares to Class A shares:
Class A		360,815				19,828,762			353,764				17,096,218
Class C		(408,243	)			(19,828,762	)		(394,301	)			(17,096,218	)

Reacquired:

Class A		(2,668,197	)			(147,284,406	)		(10,099,267	)			(455,635,588	)
Class C		(664,377	)			(32,351,226	)		(1,044,217	)			(42,137,001	)
Class R		(190,038	)			(9,848,203	)		(577,762	)			(25,310,283	)
Class Y		(8,004,257	)			(438,489,810	)		(38,648,222	)			(1,649,699,743	)
Class R5		(730	)			(40,021	)		(130	)			(6,578	)
Class R6		(5,588,766	)			(308,712,485	)		(19,689,164	)			(888,605,009	)
Net increase (decrease) in share activity		8,462,199			$	441,922,822			(38,482,913	)		$	(1,594,122,554	)

^(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. 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.

In addition, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

18 Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,190.80	$7.22	$1,018.20	$6.66	1.33%
Class C	1,000.00	1,186.20	11.33	1,014.43	10.44	2.09
Class R	1,000.00	1,189.10	8.63	1,016.91	7.95	1.59
Class Y	1,000.00	1,192.10	5.92	1,019.39	5.46	1.09
Class R5	1,000.00	1,192.60	5.49	1,019.79	5.06	1.01
Class R6	1,000.00	1,192.90	5.17	1,020.08	4.76	0.95

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.

19 Invesco International Small-Mid Company Fund

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SEC file numbers: 811-06463 and 033-44611	Invesco Distributors, Inc.	O-ISMC-SAR-1



		Semiannual Report to Shareholders		April 30, 2021


		Invesco International Select Equity Fund
		Nasdaq:
		A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	18.98	%
Class C Shares	18.67
Class R Shares	18.90
Class Y Shares	19.16
Class R5 Shares	19.16
Class R6 Shares	19.25
MSCI All Country World ex-USA Index^▼ (Broad Market Index)	27.40
MSCI All Country World ex-U.S. Growth Index^▼ (Style-Specific Index)	20.14
Lipper International Multi-Cap Growth Funds Index^∎ (Peer Group Index)	25.21
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

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


2		Invesco International Select Equity Fund



Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (12/21/15)	12.64	%
5 Years	12.58
1 Year	43.84

Class C Shares
Inception (12/21/15)	13.00	%
5 Years	13.04
1 Year	50.25

Class R Shares
Inception (12/21/15)	13.53	%
5 Years	13.57
1 Year	52.04

Class Y Shares
Inception (12/21/15)	14.10	%
5 Years	14.16
1 Year	52.69

Class R5 Shares
Inception (12/21/15)	14.10	%
5 Years	14.14
1 Year	52.69

Class R6 Shares
Inception (12/21/15)	14.10	%
5 Years	14.16
1 Year	52.84

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


3		Invesco International Select Equity Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–96.97%
Australia–3.87%
Corporate Travel Management Ltd.^(a)(b)		777,680	$	11,103,485



Belgium–2.54%
Anheuser-Busch InBev S.A./N.V.		103,000		7,303,851



Canada–4.45%
Dye & Durham Ltd.		177,926		6,179,605


Ritchie Bros. Auctioneers, Inc.		103,700		6,595,320


				12,774,925



China–31.57%
Alibaba Group Holding Ltd., ADR^(a)		90,000		20,785,500


Autohome, Inc., ADR		100,000		9,273,000


China National Building Material Co. Ltd., H Shares		4,094,000		5,913,312


Focus Media Information Technology Co. Ltd., A Shares		2,614,834		4,351,710


Gree Electric Appliances, Inc. of Zhuhai, A Shares		1,488,044		13,764,677


KE Holdings, Inc., ADR^(a)		160,700		8,364,435


Kuaishou Technology^(a)(c)		36,800		1,183,673


Kweichow Moutai Co. Ltd., A Shares		23,171		7,171,898


Tencent Holdings Ltd.		180,000		14,395,151


Virscend Education Co. Ltd.^(c)		26,668,000		5,415,416


				90,618,772



Denmark–1.71%
DSV Panalpina A/S		22,000		4,898,046



Finland–2.41%
Enento Group OYJ^(c)		160,682		6,921,089



France–4.70%
Bureau Veritas S.A.^(a)		120,000		3,589,124


Edenred		174,600		9,895,527


				13,484,651



Germany–8.57%
Eckert & Ziegler Strahlen- und Medizintechnik AG		91,865		9,027,858


Scout24 AG^(c)		186,999		15,576,630


				24,604,488



Hong Kong–2.66%
AIA Group Ltd.		600,000		7,627,422



Japan–10.15%
FANUC Corp.		27,900		6,432,645


Hoya Corp.		4,700		535,110


Pan Pacific International Holdings Corp.		268,000		5,776,661


SMC Corp.		3,900		2,265,763


SoftBank Group Corp.		45,700		4,123,337


	Shares		Value


Japan–(continued)
Sony Group Corp.		100,000	$	10,008,442


				29,141,958



Luxembourg–3.59%
Eurofins Scientific SE^(a)		104,000		10,293,993



Macau–6.24%
Sands China Ltd.^(a)		3,778,000		17,908,823



Netherlands–2.91%
Prosus N.V.		77,000		8,349,106



South Korea–2.45%
Samsung Electronics Co. Ltd., Preference Shares		107,400		7,048,135



Spain–1.28%
Amadeus IT Group S.A.^(a)		54,000		3,677,190



United Kingdom–7.87%
Auto Trader Group PLC^(a)(c)		553,600		4,358,112


Howden Joinery Group PLC^(a)		1,123,000		12,541,106


Liberty Global PLC, Class A^(a)		153,499		4,129,123


Trainline PLC^(a)(c)		246,502		1,557,774


				22,586,115


Total Common Stocks & Other Equity Interests (Cost $211,655,674)				278,342,049



Money Market Funds–3.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		3,116,097		3,116,097


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		2,218,362		2,219,249


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		3,561,254		3,561,254


Total Money Market Funds (Cost $8,896,599)				8,896,600


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–100.07% (Cost $220,552,273)				287,238,649



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.02%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		24,616		24,616


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		35,770		35,784


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $60,400)				60,400


TOTAL INVESTMENTS IN SECURITIES–100.09% (Cost $220,612,673)				287,299,049


OTHER ASSETS LESS LIABILITIES–(0.09)%				(249,952	)


NET ASSETS–100.00%			$	287,049,097

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2021.

^(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, 2021 was $35,012,694, which represented 12.20% of the Fund’s Net Assets.

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,062,975		$	20,799,938		$	(21,746,816	)		$	-		$	-			$	3,116,097		$	494
Invesco Liquid Assets Portfolio, Institutional Class			2,895,665			14,857,098			(15,533,440	)			235			(309	)			2,219,249			668
Invesco Treasury Portfolio, Institutional Class			4,643,401			23,771,358			(24,853,505	)			-			-				3,561,254			231
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			399,924			(375,308	)			-			-				24,616			2*
Invesco Private Prime Fund			-			592,266			(556,482	)			-			-				35,784			21*
Total		$	11,602,041		$	60,420,584		$	(63,065,551	)		$	235		$	(309	)		$	8,957,000		$	1,416

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(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, 2021


Consumer Discretionary	32.98	%
Communication Services	19.99
Industrials	15.07
Information Technology	9.34
Health Care	6.92
Consumer Staples	5.04
Real Estate	2.91
Financials	2.66
Materials	2.06
Money Market Funds Plus Other Assets Less Liabilities	3.03

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $211,655,674)*	$	278,342,049


Investments in affiliated money market funds, at value (Cost $8,956,999)		8,957,000


Foreign currencies, at value (Cost $870,175)		876,749


Receivable for:
Fund shares sold		72,173


Dividends		131,624


Investment for trustee deferred compensation and retirement plans		18,341


Other assets		56,625


Total assets		288,454,561



Liabilities:
Payable for:
Investments purchased		1,020,310


Fund shares reacquired		10,348


Amount due custodian		189,134


Collateral upon return of securities loaned		60,400


Accrued fees to affiliates		23,676


Accrued trustees’ and officers’ fees and benefits		423


Accrued other operating expenses		82,833


Trustee deferred compensation and retirement plans		18,340


Total liabilities		1,405,464


Net assets applicable to shares outstanding	$	287,049,097



Net assets consist of:
Shares of beneficial interest	$	210,100,025


Distributable earnings		76,949,072


	$287,049,097


Net Assets:
Class A	$	22,130,202


Class C	$	913,053


Class R	$	734,359


Class Y	$	7,455,049


Class R5	$	16,189


Class R6	$	255,800,245



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,373,336


Class C		57,922


Class R		45,944


Class Y		460,949


Class R5		1,001


Class R6		15,819,397


Class A:
Net asset value per share	$	16.11


Maximum offering price per share
(Net asset value of $16.11 ÷ 94.50%)	$	17.05


Class C:
Net asset value and offering price per share	$	15.76


Class R:
Net asset value and offering price per share	$	15.98


Class Y:
Net asset value and offering price per share	$	16.17


Class R5:
Net asset value and offering price per share	$	16.17


Class R6:
Net asset value and offering price per share	$	16.17

*	At April 30, 2021, a security with a value of $57,111 was 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, 2021

(Unaudited)



Investment income:
Dividends (net of foreign withholding taxes of $121,426)	$	937,665


Non-cash dividend income		166,184


Dividends from affiliated money market funds (includes securities lending income of $279)		1,672


Total investment income		1,105,521



Expenses:
Advisory fees		1,173,395


Administrative services fees		19,499


Distribution fees:
Class A		21,614


Class C		4,581


Class R		1,260


Transfer agent fees – A, C, R and Y		26,206


Transfer agent fees – R6		85


Trustees’ and officers’ fees and benefits		13,481


Registration and filing fees		38,201


Reports to shareholders		6,381


Professional services fees		33,433


Other		2,003


Total expenses		1,340,139


Less: Fees waived and/or expenses reimbursed		(224,962	)


Net expenses		1,115,177


Net investment income (loss)		(9,656	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,849,668


Affiliated investment securities		(309	)


Foreign currencies		(6,158	)


		13,843,201


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		26,806,561


Affiliated investment securities		235


Foreign currencies		(1,791	)


		26,805,005


Net realized and unrealized gain		40,648,206


Net increase in net assets resulting from operations	$	40,638,550

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income (loss)	$	(9,656	)	$	(242,489	)


Net realized gain		13,843,201			533,783


Change in net unrealized appreciation		26,805,005			26,539,955


Net increase in net assets resulting from operations		40,638,550			26,831,249



Distributions to shareholders from distributable earnings:
Class A		–			(119,834	)


Class C		–			(10,848	)


Class R		–			(4,091	)


Class Y		–			(72,461	)


Class R5		–			(257	)


Class R6		–			(2,419,527	)


Total distributions from distributable earnings		–			(2,627,018	)



Share transactions–net:
Class A		9,953,510			2,902,705


Class C		(28,774	)		(138,544	)


Class R		382,103			20,555


Class Y		2,728,526			144,870


Class R6		20,807,042			63,982,441


Net increase in net assets resulting from share transactions		33,842,407			66,912,027


Net increase in net assets		74,480,957			91,116,258



Net assets:
Beginning of period		212,568,140			121,451,882


End of period	$	287,049,097		$	212,568,140

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 04/30/21	$	13.54	$	(0.02	)	$	2.59		$	2.57		$	–		$	–		$	–		$	16.11		18.98	%	$	22,130		1.12	%^(d)		1.49	%^(d)		(0.24	)%^(d)		25%
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	^(e)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	^(e)		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
Period ended 10/31/16^(f)		10.00		0.07			0.91			0.98			–			–			–			10.98		9.80			3,378		1.32	^(g)		1.90	^(g)		0.81	^(g)		35
Class C
Six months ended 04/30/21		13.28		(0.08	)		2.56			2.48			–			–			–			15.76		18.67			913		1.87	^(d)		2.24	^(d)		(0.99	)^(d)		25
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	^(e)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	^(e)		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
Period ended 10/31/16^(f)		10.00		0.01			0.90			0.91			–			–			–			10.91		9.10			50		2.07	^(g)		2.65	^(g)		0.06	^(g)		35
Class R
Six months ended 04/30/21		13.44		(0.04	)		2.58			2.54			–			–			–			15.98		18.90			734		1.37	^(d)		1.74	^(d)		(0.49	)^(d)		25
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	^(e)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	^(e)		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
Period ended 10/31/16^(f)		10.00		0.05			0.90			0.95			–			–			–			10.95		9.50			15		1.57	^(g)		2.15	^(g)		0.56	^(g)		35
Class Y
Six months ended 04/30/21		13.57		0.00			2.60			2.60			–			–			–			16.17		19.16			7,455		0.87	^(d)		1.24	^(d)		0.01	^(d)		25
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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	^(e)		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
Period ended 10/31/16^(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			2,810		1.07	^(g)		1.65	^(g)		1.06	^(g)		35
Class R5
Six months ended 04/30/21		13.57		0.00			2.60			2.60			–			–			–			16.17		19.16			16		0.87	^(d)		1.02	^(d)		0.01	^(d)		25
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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	^(e)		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
Period ended 10/31/16^(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			11		1.07	^(g)		1.61	^(g)		1.06	^(g)		35
Class R6
Six months ended 04/30/21		13.56		0.00			2.61			2.61			–			–			–			16.17		19.25			255,800		0.87	^(d)		1.02	^(d)		0.01	^(d)		25
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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	^(e)		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
Period ended 10/31/16^(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			52,208		1.07	^(g)		1.61	^(g)		1.06	^(g)		35

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $17,434, $924, $508, $5,255, $16 and $229,021 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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.

^(f)	Commencement date of December 21, 2015.

^(g)	Annualized.

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, 2021

(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 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.


11		Invesco International Select Equity Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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

Accounting Estimates – The 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.


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.

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 ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M.	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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.93% .

The Adviser has contractually agreed, through at least 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 1.12%, 1.87%, 1.37%, 0.87%, 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $198,671 and reimbursed class level expenses of $18,947, $1,007, $552, $5,700, $0 and $85 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, 2021, 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.


13		Invesco International Select Equity Fund

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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $2,869 in front-end sales commissions from the sale of Class A shares and $532 and $194 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $761 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


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities

Australia	$	–	$	11,103,485	$	–	$	11,103,485

Belgium		–		7,303,851		–		7,303,851

Canada		12,774,925		–		–		12,774,925

China		38,422,935		52,195,837		–		90,618,772

Denmark		–		4,898,046		–		4,898,046

Finland		–		6,921,089		–		6,921,089

France		–		13,484,651		–		13,484,651

Germany		–		24,604,488		–		24,604,488

Hong Kong		–		7,627,422		–		7,627,422

Japan		–		29,141,958		–		29,141,958

Luxembourg		–		10,293,993		–		10,293,993

Macau		–		17,908,823		–		17,908,823

Netherlands		–		8,349,106		–		8,349,106

South Korea		–		7,048,135		–		7,048,135

Spain		–		3,677,190		–		3,677,190

United Kingdom		4,129,123		18,456,992		–		22,586,115

Money Market Funds		8,896,600		60,400		–		8,957,000

Total Investments	$	64,223,583	$	223,075,466	$	–	$	287,299,049

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances


14		Invesco International Select Equity 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.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$—

$1,963,423

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

NOTE 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, 2021 was $95,793,030 and $59,506,463, 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	$	68,529,275


Aggregate unrealized (depreciation) of investments		(3,247,413	)


Net unrealized appreciation of investments	$	65,281,862

Cost of investments for tax purposes is $222,017,187.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		741,225		$	11,656,363			542,344		$	6,391,283


Class C		14,980			231,597			22,898			259,990


Class R		26,497			415,631			7,869			93,582


Class Y		212,138			3,364,322			164,218			1,836,390


Class R6		1,864,518			30,225,781			10,757,097			135,655,541



Issued as reinvestment of dividends:
Class A		-			-			9,178			108,578


Class C		-			-			925			10,796


Class R		-			-			330			3,885


Class Y		-			-			5,899			69,729


Class R6		-			-			204,676			2,419,270



Automatic conversion of Class C shares to Class A shares:
Class A		3,101			48,258			152			1,730


Class C		(3,166	)		(48,258	)		(154	)		(1,730	)



Reacquired:
Class A		(111,762	)		(1,751,111	)		(320,234	)		(3,598,886	)


Class C		(13,506	)		(212,113	)		(35,893	)		(407,600	)


Class R		(2,094	)		(33,528	)		(6,509	)		(76,912	)


Class Y		(40,529	)		(635,796	)		(167,457	)		(1,761,249	)


Class R6		(606,491	)		(9,418,739	)		(6,067,824	)		(74,092,370	)


Net increase in share activity		2,084,911		$	33,842,407			5,117,515		$	66,912,027

^(a)	88% 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

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,189.80	$6.08	$1,019.24	$5.61	1.12%
Class C	1,000.00	1,186.70	10.14	1,015.52	9.35	1.87
Class R	1,000.00	1,189.00	7.44	1,018.00	6.85	1.37
Class Y	1,000.00	1,191.60	4.73	1,020.48	4.36	0.87
Class R5	1,000.00	1,191.60	4.73	1,020.48	4.36	0.87
Class R6	1,000.00	1,192.50	4.73	1,020.48	4.36	0.87

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

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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.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. ICO-SAR-1



		Semiannual Report to Shareholders		April 30, 2021


		Invesco MSCI World SRI Index Fund
		Nasdaq:
		A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	26.43	%
Class C Shares	25.93
Class R Shares	26.22
Class Y Shares	26.63
Class R5 Shares	26.63
Class R6 Shares	26.63
MSCI World SRI Index^▼(Broad Market Index)	26.60
Custom Invesco MSCI World SRI Index^∎ (Style-Specific Index)	26.60
Lipper Global Multi-Cap Core Funds Index^◆ (Peer Group Index)	30.35
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.
The MSCI World SRI Index is an unmanaged index composed 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 comprised of the MSCI World Index through June 30, 2020, and the MSCI World SRI Index thereafter. 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

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 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (7/1/16)	8.84	%
1 Year	34.42
Class C Shares
Inception (7/1/16)	9.30	%
1 Year	40.17
Class R Shares
Inception (7/1/16)	9.84	%
1 Year	41.80
Class Y Shares
Inception (7/1/16)	10.39	%
1 Year	42.67
Class R5 Shares
Inception (7/1/16)	10.39	%
1 Year	42.67
Class R6 Shares
Inception (7/1/16)	10.39	%
1 Year	42.67

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.


3		Invesco MSCI World SRI Index Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–94.73%
Australia–1.76%
APA Group		849	$	6,563
ASX Ltd.		141		7,931
Aurizon Holdings Ltd.		1,285		3,717
BlueScope Steel Ltd.		545		9,091
Brambles Ltd.		1,106		8,867
Cochlear Ltd.		46		7,873
Coles Group Ltd.		954		12,002
Dexus		805		6,312
Evolution Mining Ltd.		1,133		4,014
Goodman Group		1,199		17,482
GPT Group (The)		1,406		5,009
Insurance Australia Group Ltd.		1,610		6,070
Lendlease Corp. Ltd.		495		4,851
Macquarie Group Ltd.		255		31,551
Mirvac Group		2,727		5,658
Newcrest Mining Ltd.		580		11,772
Ramsay Health Care Ltd.		123		6,388
SEEK Ltd.^(a)		284		6,783
Stockland		1,744		6,296
Sydney Airport^(a)		1,102		5,260
Transurban Group		2,053		22,431
				195,921

Austria–0.11%
Erste Group Bank AG^(a)		203		7,221
Verbund AG		64		5,254
				12,475

Belgium–0.21%
KBC Group N.V.^(a)		189		14,688
Umicore S.A.		141		8,568
				23,256

Canada–4.20%
Agnico Eagle Mines Ltd.		160		10,000
Bank of Montreal		467		44,076
Bank of Nova Scotia (The)		893		56,865
BlackBerry Ltd.^(a)		482		4,263
Canadian National Railway Co.		525		56,521
Canadian Tire Corp. Ltd., Class A		47		7,492
CGI, Inc., Class A^(a)		198		17,518
FirstService Corp.		33		5,360
Fortis, Inc.		321		14,319
Franco-Nevada Corp.		129		17,971
Gildan Activewear, Inc.		175		6,074
Intact Financial Corp.		119		15,818
Magna International, Inc.		235		22,193
Manulife Financial Corp.		1,491		32,558
Metro, Inc.		148		6,781
Open Text Corp.		250		11,772
Ritchie Bros. Auctioneers, Inc.		103		6,552
Rogers Communications, Inc., Class B		252		12,412
Shopify, Inc., Class A^(a)		83		97,974
Wheaton Precious Metals Corp.		316		13,109


	Shares		Value


Canada–(continued)
WSP Global, Inc.		68	$	7,061
				466,689

China–0.08%
BOC Hong Kong Holdings Ltd.		2,500		8,810

Denmark–1.66%
Coloplast A/S, Class B		85		14,064
GN Store Nord A/S		88		7,944
Novo Nordisk A/S, Class B		1,246		92,093
Novozymes A/S, Class B		148		10,528
Orsted A/S^(b)		141		20,502
Pandora A/S		85		9,641
Vestas Wind Systems A/S		725		30,099
				184,871

Finland–0.43%
Elisa OYJ		86		4,881
Neste OYJ		307		18,627
Orion OYJ, Class B		101		4,475
UPM-Kymmene OYJ		347		13,573
Wartsila OYJ Abp		507		6,558
				48,114

France–2.71%
Accor S.A.^(a)		152		6,115
Amundi S.A.^(a)(b)		52		4,632
AXA S.A.		1,445		40,880
Carrefour S.A.		431		8,343
Cie Generale des Etablissements Michelin S.C.A.		124		17,937
Danone S.A.		459		32,348
Gecina S.A.		33		4,826
Getlink SE^(a)		314		4,993
L’Oreal S.A.		189		77,620
Natixis S.A.^(a)		1,026		5,012
Orange S.A.		1,462		18,221
Schneider Electric SE		378		60,435
SEB S.A.		29		5,281
Unibail-Rodamco-Westfield^(a)		102		8,411
Valeo S.A.		190		6,152
				301,206

Germany–3.91%
adidas AG^(a)		136		41,997
Allianz SE		297		77,269
Beiersdorf AG		70		7,903
Deutsche Boerse AG		141		24,333
Henkel AG & Co. KGaA, Preference Shares		178		20,445
Merck KGaA		87		15,315
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		97		28,056
SAP SE		789		110,982
Sartorius AG, Preference Shares		25		14,104
Siemens AG		568		94,798
				435,202

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


5		Invesco MSCI World SRI Index Fund


	Shares		Value


Hong Kong–0.64%
Hang Seng Bank Ltd.		600	$	11,773
Hong Kong Exchanges & Clearing Ltd.		900		54,360
MTR Corp. Ltd.		1,000		5,569
				71,702

Ireland–0.38%
CRH PLC		598		28,258
Kerry Group PLC, Class A		110		14,255
				42,513

Italy–0.41%
Intesa Sanpaolo S.p.A.^(a)		11,284		31,565
Snam S.p.A.		1,299		7,317
Terna Rete Elettrica Nazionale S.p.A.		929		6,845
				45,727

Japan–6.89%
Aeon Co. Ltd.		500		13,651
Ajinomoto Co., Inc.		400		7,995
Asahi Kasei Corp.		900		9,473
Astellas Pharma, Inc.		1,400		21,025
Daifuku Co. Ltd.		100		9,909
Dai-ichi Life Holdings, Inc.		800		14,399
Daiichi Sankyo Co. Ltd.		1,200		30,618
Daikin Industries Ltd.		177		35,537
Daiwa House Industry Co. Ltd.		400		11,846
Denso Corp.		300		19,392
Eisai Co. Ltd.		200		13,060
Fujitsu Ltd.		100		15,842
Hankyu Hanshin Holdings, Inc.		100		3,147
Honda Motor Co. Ltd.		1,200		35,507
Kansai Paint Co. Ltd.		200		5,041
Kao Corp.		300		19,270
KDDI Corp.		1,200		36,314
Keio Corp.		100		6,502
Kikkoman Corp.		100		6,144
Kobe Bussan Co. Ltd.		200		5,349
Komatsu Ltd.		600		17,611
Mitsui Chemicals, Inc.		200		6,300
Miura Co. Ltd.		100		5,246
MS&AD Insurance Group Holdings, Inc.		300		8,499
Murata Manufacturing Co. Ltd.		400		31,768
Nintendo Co. Ltd.		80		45,833
Nippon Express Co. Ltd.		100		7,644
Nippon Paint Holdings Co. Ltd.		500		7,143
Nitto Denko Corp.		100		8,296
Nomura Real Estate Master Fund, Inc.		3		4,750
Nomura Research Institute Ltd.		300		9,218
Odakyu Electric Railway Co. Ltd.		200		5,408
Omron Corp.		100		7,591
Panasonic Corp.		1,600		18,885
Rakuten Group, Inc.		600		7,623
Resona Holdings, Inc.		1,500		6,168
Sekisui Chemical Co. Ltd.		300		5,224
Sekisui House Ltd.		600		12,132
SG Holdings Co. Ltd.		200		4,539
Shimizu Corp.		500		4,092
Shionogi & Co. Ltd.		200		10,522
Sompo Holdings, Inc.		200		7,435
Sony Group Corp.		900		90,076


	Shares		Value


Japan–(continued)
Sumitomo Chemical Co. Ltd.		1,400	$	7,140
Sumitomo Metal Mining Co. Ltd.		200		8,498
Sumitomo Mitsui Trust Holdings, Inc.		200		6,812
Suntory Beverage & Food Ltd.		100		3,377
Sysmex Corp.		100		10,001
Tokyo Electron Ltd.		100		44,046
Tokyu Corp.		300		3,859
Toray Industries, Inc.		900		5,587
West Japan Railway Co.		100		5,513
Yamaha Corp.		100		5,447
Yaskawa Electric Corp.		200		9,233
Yokogawa Electric Corp.		300		5,450
				766,987

Netherlands–2.41%
Akzo Nobel N.V.		144		17,292
ASML Holding N.V.		315		205,083
Koninklijke DSM N.V.		125		22,415
Koninklijke Vopak N.V.		76		3,482
Wolters Kluwer N.V.		213		19,280
				267,552

New Zealand–0.19%
Auckland International Airport Ltd.^(a)		1,011		5,485
Fisher & Paykel Healthcare Corp. Ltd.		417		10,721
Meridian Energy Ltd.		1,313		5,025
				21,231

Norway–0.21%
Mowi ASA		283		6,997
Orkla ASA		740		7,556
Telenor ASA		492		8,780
				23,333

Portugal–0.04%
Jeronimo Martins SGPS S.A.		233		4,255

Singapore–0.36%
CapitaLand Ltd.		2,000		5,582
DBS Group Holdings Ltd.		1,300		29,236
Singapore Exchange Ltd.		700		5,489
				40,307

Spain–0.57%
Banco Bilbao Vizcaya Argentaria S.A.		5,064		28,375
Industria de Diseno Textil S.A.		818		29,122
Red Electrica Corp. S.A.		322		5,913
				63,410

Sweden–0.73%
Boliden AB		242		9,432
Essity AB, Class B		489		15,962
Husqvarna AB, Class B		397		5,529
ICA Gruppen AB		87		4,008
Skandinaviska Enskilda Banken AB, Class A		1,158		14,858
Svenska Cellulosa AB S.C.A., Class B		423		7,422
Svenska Handelsbanken AB, Class A		1,089		12,632
Tele2 AB, Class B		329		4,257
Telia Co. AB		1,832		7,591
				81,691

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


6		Invesco MSCI World SRI Index Fund


	Shares		Value


Switzerland–2.85%
Alcon, Inc.^(a)		366	$	27,474
Coca-Cola HBC AG		164		5,671
Givaudan S.A.		7		29,321
Kuehne + Nagel International AG, Class R		37		11,059
Lonza Group AG		51		32,453
Roche Holding AG		520		169,421
Sonova Holding AG, Class A^(a)		38		11,248
Swiss Re AG		217		20,174
Swisscom AG		18		9,762
				316,583

United Kingdom–4.37%
Associated British Foods PLC^(a)		234		7,456
Barratt Developments PLC		695		7,407
Berkeley Group Holdings PLC		79		5,047
British Land Co. PLC (The)		716		5,124
Burberry Group PLC^(a)		280		7,967
Coca-Cola European Partners PLC		143		8,125
Compass Group PLC^(a)		1,320		28,655
Croda International PLC		84		7,846
DCC PLC		66		5,726
Informa PLC^(a)		982		7,622
InterContinental Hotels Group PLC^(a)		122		8,680
J Sainsbury PLC		1,618		5,310
JD Sports Fashion PLC^(a)		523		6,631
Johnson Matthey PLC		161		7,225
Kingfisher PLC^(a)		1,562		7,707
Liberty Global PLC, Class C^(a)		418		11,311
Linde PLC		387		110,620
Mondi PLC		307		8,328
National Grid PLC		2,391		30,141
RELX PLC		1,431		37,136
Schroders PLC		112		5,579
Segro PLC		825		11,454
Taylor Wimpey PLC		2,441		6,052
Unilever PLC		1,934		113,399
Whitbread PLC^(a)		156		6,987
WM Morrison Supermarkets PLC		1,748		4,196
WPP PLC		1,046		14,088
				485,819

United States–59.61%
ABIOMED, Inc.^(a)		33		10,584
Accenture PLC, Class A		480		139,186
Agilent Technologies, Inc.		229		30,604
Allegion PLC		65		8,735
Ally Financial, Inc.		283		14,560
American Express Co.		490		75,141
American Tower Corp.		321		81,781
AmerisourceBergen Corp.		122		14,738
Amgen, Inc.		435		104,243
Aptiv PLC^(a)		201		28,922
Axalta Coating Systems Ltd.^(a)		190		6,059
Baker Hughes Co., Class A		489		9,819
Ball Corp.		242		22,661
Bank of New York Mellon Corp. (The)		593		29,579
Becton, Dickinson and Co.		218		54,241
Best Buy Co., Inc.		174		20,231
Biogen, Inc.^(a)		111		29,674


	Shares		Value


United States–(continued)
BlackRock, Inc.		114	$	93,400
BorgWarner, Inc.		146		7,093
Boston Properties, Inc.		106		11,591
Bunge Ltd.		100		8,442
C.H. Robinson Worldwide, Inc.		102		9,902
Cable One, Inc.		3		5,370
Campbell Soup Co.		140		6,685
Cardinal Health, Inc.		230		13,878
Caterpillar, Inc.		406		92,613
CBRE Group, Inc., Class A^(a)		246		20,959
Centene Corp.^(a)		397		24,511
CenterPoint Energy, Inc.		377		9,233
Cerner Corp.		222		16,661
Charles Schwab Corp. (The)		1,095		77,088
Cheniere Energy, Inc.^(a)		165		12,791
Chubb Ltd.		337		57,826
Cigna Corp.		270		67,233
Clorox Co. (The)		90		16,425
CME Group, Inc., Class A		268		54,133
Colgate-Palmolive Co.		594		47,936
Consolidated Edison, Inc.		250		19,352
CSX Corp.		549		55,312
Cummins, Inc.		109		27,472
DaVita, Inc.^(a)		71		8,274
Deere & Co.		222		82,329
DENTSPLY SIRONA, Inc.		158		10,667
Ecolab, Inc.		191		42,807
Edwards Lifesciences Corp.^(a)		468		44,703
Electronic Arts, Inc.		199		28,274
Equinix, Inc.		63		45,408
Eversource Energy		245		21,124
Expeditors International of Washington, Inc.		125		13,732
FactSet Research Systems, Inc.		28		9,414
Fastenal Co.		422		22,062
Ferguson PLC		171		21,562
Fortune Brands Home & Security, Inc.		97		10,183
Franklin Resources, Inc.		221		6,630
General Mills, Inc.		449		27,326
Gilead Sciences, Inc.		937		59,471
Hasbro, Inc.		95		9,448
HCA Healthcare, Inc.		202		40,614
Healthpeak Properties, Inc.		366		12,568
Henry Schein, Inc.^(a)		98		7,105
Hologic, Inc.^(a)		185		12,127
Home Depot, Inc. (The)		804		260,231
Humana, Inc.		99		44,079
IDEX Corp.		55		12,331
IDEXX Laboratories, Inc.^(a)		63		34,586
IHS Markit Ltd.		282		30,338
Illinois Tool Works, Inc.		226		52,084
International Flavors & Fragrances, Inc.		164		23,316
Iron Mountain, Inc.		203		8,144
Jazz Pharmaceuticals PLC^(a)		37		6,083
Johnson Controls International PLC		530		33,040
Kansas City Southern		70		20,455
Kellogg Co.		184		11,485
KeyCorp		728		15,841
Kimberly-Clark Corp.		256		34,130
Lowe’s Cos., Inc.		523		102,639

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)
lululemon athletica, inc.^(a)		85	$	28,498
M&T Bank Corp.		97		15,296
Marsh & McLennan Cos., Inc.		380		51,566
Mettler-Toledo International, Inc.^(a)		18		23,640
Microsoft Corp.		5,272		1,329,493
Mohawk Industries, Inc.^(a)		44		9,042
Moody’s Corp.		127		41,492
Mosaic Co. (The)		335		11,785
Newmont Corp.		592		36,947
NIKE, Inc., Class B		938		124,398
Norfolk Southern Corp.		181		50,542
Northern Trust Corp.		147		16,729
NVIDIA Corp.		462		277,375
ONEOK, Inc.		329		17,220
Owens Corning		83		8,035
PepsiCo, Inc.		1,025		147,764
Phillips 66		327		26,458
PNC Financial Services Group, Inc. (The)		309		57,767
Principal Financial Group, Inc.		197		12,582
Procter & Gamble Co. (The)		1,851		246,960
Prologis, Inc.		557		64,907
Prudential Financial, Inc.		295		29,606
Quest Diagnostics, Inc.		94		12,397
Regions Financial Corp.		721		15,718
ResMed, Inc.		106		19,925
Robert Half International, Inc.		82		7,184
Rockwell Automation, Inc.		85		22,462
Roper Technologies, Inc.		79		35,269
salesforce.com, Inc.^(a)		677		155,927
Sempra Energy		198		27,239
State Street Corp.		266		22,331
Steel Dynamics, Inc.		155		8,404
STERIS PLC		59		12,450
SVB Financial Group^(a)		38		21,729


	Shares		Value


United States–(continued)
T. Rowe Price Group, Inc.		156	$	27,955
Teladoc Health, Inc.^(a)		83		14,305
Teledyne Technologies, Inc.^(a)		27		12,089
Tesla, Inc.^(a)		562		398,706
Tractor Supply Co.		83		15,654
Trane Technologies PLC		178		30,942
Travelers Cos., Inc. (The)		190		29,385
UGI Corp.		154		6,731
Vail Resorts, Inc.^(a)		30		9,755
Vertex Pharmaceuticals, Inc.^(a)		188		41,022
VF Corp.		247		21,652
W.W. Grainger, Inc.		33		14,307
Walt Disney Co. (The)^(a)		1,350		251,127
Waters Corp.^(a)		45		13,494
West Pharmaceutical Services, Inc.		51		16,754
Xylem, Inc.		134		14,827
Zoetis, Inc.		358		61,945
				6,631,061
Total Common Stocks & Other Equity Interests (Cost $7,861,826)				10,538,715



Money Market Funds–5.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		196,068		196,068
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		140,256		140,312
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		224,078		224,078
Total Money Market Funds (Cost $560,458)				560,458


TOTAL INVESTMENTS IN SECURITIES–99.77%
(Cost $8,422,284)				11,099,173


OTHER ASSETS LESS LIABILITIES–0.23%				25,123
NET ASSETS–100.00%			$	11,124,296

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, 2021 was $25,134, which represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	47,900		$	436,534		$	(288,366	)		$	-		$	-		$	196,068		$	15
Invesco Liquid Assets Portfolio, Institutional Class			34,477			311,810			(205,975	)			-			-			140,312			14
Invesco Treasury Portfolio, Institutional Class			54,743			498,896			(329,561	)			-			-			224,078			7
Total		$	137,120		$	1,247,240		$	(823,902	)		$	-		$	-		$	560,458		$	36

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation

Equity Risk

MSCI World Index		5		June-2021		$	439,700		$	7,982		$	7,982

^(a)

Futures contracts collateralized by $31,370 cash held with Meril Lynch International, the futures commission merchant.

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


8		Invesco MSCI World SRI Index Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	22.15	%
Consumer Discretionary	13.24
Financials	12.93
Health Care	12.12
Industrials	10.77
Consumer Staples	8.68
Materials	5.00
Communication Services	4.25
Real Estate	3.13
Other Sectors, Each Less than 2% of Net Assets	2.46
Money Market Funds Plus Other Assets Less Liabilities	5.27

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $7,861,826)	$	10,538,715


Investments in affiliated money market funds, at value (Cost $560,458)		560,458


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		31,370


Foreign currencies, at value (Cost $2,082)		2,036


Receivable for:
Investments sold		5,122


Fund shares sold		5,351


Dividends		26,064


Investment for trustee deferred compensation and retirement plans		16,768


Other assets		35,930


Total assets		11,221,814



Liabilities:
Other investments:
Variation margin payable – futures contracts		2,387


Payable for:
Fund shares reacquired		4,675


Accrued fees to affiliates		24,373


Accrued other operating expenses		49,315


Trustee deferred compensation and retirement plans		16,768


Total liabilities		97,518


Net assets applicable to shares outstanding	$	11,124,296



Net assets consist of:
Shares of beneficial interest	$	9,217,952


Distributable earnings		1,906,344


	$11,124,296


Net Assets:
Class A	$	1,200,766


Class C	$	176,833


Class R	$	478,899


Class Y	$	738,923


Class R5	$	28,255


Class R6	$	8,500,620



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		81,798


Class C		12,196


Class R		32,775


Class Y		50,070


Class R5		1,915


Class R6		576,001


Class A:
Net asset value per share	$	14.68


Maximum offering price per share
(Net asset value of $14.68 ÷ 94.50%)	$	15.53


Class C:
Net asset value and offering price per share	$	14.50


Class R:
Net asset value and offering price per share	$	14.61


Class Y:
Net asset value and offering price per share	$	14.76


Class R5:
Net asset value and offering price per share	$	14.76


Class R6:
Net asset value and offering price per share	$	14.76

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, 2021

(Unaudited)



Investment income:
Dividends (net of foreign withholding taxes of $ 5,559)	$	78,605


Dividends from affiliated money market funds		36


Total investment income		78,641



Expenses:
Advisory fees		6,899


Administrative services fees		646


Custodian fees		1,654


Distribution fees:
Class A		1,368


Class C		844


Class R		1,004


Transfer agent fees – A, C, R and Y		4,303


Transfer agent fees – R5		10


Trustees’ and officers’ fees and benefits		8,786


Registration and filing fees		42,632


Licensing fees		1,971


Reports to shareholders		26,034


Professional services fees		110,484


Other		9,062


Total expenses		215,697


Less: Fees waived and/or expenses reimbursed		(203,190	)


Net expenses		12,507


Net investment income		66,134



Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		37,773


Foreign currencies		774


Futures contracts		26,912


		65,459


Change in net unrealized appreciation of:
Unaffiliated investment securities		2,078,882


Foreign currencies		188


Futures contracts		9,245


		2,088,315


Net realized and unrealized gain		2,153,774


Net increase in net assets resulting from operations	$	2,219,908

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income	$	66,134		$	142,483


Net realized gain (loss)		65,459			(274,967	)


Change in net unrealized appreciation		2,088,315			150,487


Net increase in net assets resulting from operations		2,219,908			18,003



Distributions to shareholders from distributable earnings:
Class A		(15,067	)		(27,376	)


Class C		(2,386	)		(2,218	)


Class R		(5,252	)		(492	)


Class Y		(7,779	)		(9,965	)


Class R5		(374	)		(389	)


Class R6		(107,235	)		(118,725	)


Total distributions from distributable earnings		(138,093	)		(159,165	)



Share transactions–net:
Class A		47,392			(411,764	)


Class C		(17,701	)		(78,067	)


Class R		70,381			273,845


Class Y		132,781			(54,620	)


Class R5		403			1,201


Class R6		554,924			(18,698	)


Net increase (decrease) in net assets resulting from share transactions		788,180			(288,103	)


Net increase (decrease) in net assets		2,869,995			(429,265	)



Net assets:
Beginning of period		8,254,301			8,683,566


End of period	$	11,124,296		$	8,254,301

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 04/30/21		$	11.78		$	0.08		$	3.01			$	3.09			$	(0.19	)		$	–			$	(0.19	)		$	14.68		26.43	%		$	1,201		0.44	%^(d)		4.86	%^(d)		1.16	%^(d)		4	%
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
Period ended 10/31/16^(e)			10.17			0.04			0.24				0.28				–				–				–				10.45		2.75				46		0.84	^(f)		31.57	^(f)		1.13	^(f)		18
Class C
Six months ended 04/30/21			11.67			0.03			2.98				3.01				(0.18	)			–				(0.18	)			14.50		25.93				177		1.19	^(d)		5.61	^(d)		0.41	^(d)		4
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
Period ended 10/31/16^(e)			10.17			0.01			0.24				0.25				–				–				–				10.42		2.46				10		1.59	^(f)		32.32	^(f)		0.38	^(f)		18
Class R
Six months ended 04/30/21			11.74			0.06			3.00				3.06				(0.19	)			–				(0.19	)			14.61		26.22				479		0.69	^(d)		5.11	^(d)		0.91	^(d)		4
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
Period ended 10/31/16^(e)			10.17			0.03			0.24				0.27				–				–				–				10.44		2.65				10		1.09	^(f)		31.82	^(f)		0.88	^(f)		18
Class Y
Six months ended 04/30/21			11.83			0.10			3.03				3.13				(0.20	)			–				(0.20	)			14.76		26.63				739		0.19	^(d)		4.61	^(d)		1.41	^(d)		4
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
Period ended 10/31/16^(e)			10.17			0.05			0.24				0.29				–				–				–				10.46		2.85				42		0.59	^(f)		31.32	^(f)		1.38	^(f)		18
Class R5
Six months ended 04/30/21			11.83			0.10			3.03				3.13				(0.20	)			–				(0.20	)			14.76		26.63				28		0.19	^(d)		4.30	^(d)		1.41	^(d)		4
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
Period ended 10/31/16^(e)			10.17			0.05			0.24				0.29				–				–				–				10.46		2.85				10		0.59	^(f)		29.53	^(f)		1.38	^(f)		18
Class R6
Six months ended 04/30/21			11.83			0.10			3.03				3.13				(0.20	)			–				(0.20	)			14.76		26.63				8,501		0.19	^(d)		4.22	^(d)		1.41	^(d)		4
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

Period ended 10/31/16^(e)			10.17			0.05			0.24				0.29				–				–				–				10.46		2.85				1,353		0.59	^(f)		29.53	^(f)		1.38	^(f)		18

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,104, $170, $405, $563, $26 and $7,670 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Commencement date of July 1, 2016.

^(f)	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, 2021

(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 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.


14		Invesco MSCI World SRI Index Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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

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.


15		Invesco MSCI World SRI Index Fund

The ongoing effects of COVID-19 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


Average Daily Net Assets	Rate


First $2 billion		0.140%


Over $2 billion		0.120%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.14%.

The Adviser has contractually agreed, through at least February 28, 2022, 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $6,899, reimbursed fund level expenses of $191,979 and reimbursed class level expenses of $2,122, $328, $776, $1,076, $10 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, 2021, 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 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, 2021, 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


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.


16		Invesco MSCI World SRI Index Fund


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	195,921	$	–	$	195,921
Austria		–		12,475		–		12,475
Belgium		–		23,256		–		23,256
Canada		466,689		–		–		466,689
China		–		8,810		–		8,810
Denmark		–		184,871		–		184,871
Finland		–		48,114		–		48,114
France		8,411		292,795		–		301,206
Germany		–		435,202		–		435,202
Hong Kong		–		71,702		–		71,702
Ireland		–		42,513		–		42,513
Italy		–		45,727		–		45,727
Japan		–		766,987		–		766,987
Netherlands		–		267,552		–		267,552
New Zealand		–		21,231		–		21,231
Norway		–		23,333		–		23,333
Portugal		–		4,255		–		4,255
Singapore		–		40,307		–		40,307
Spain		–		63,410		–		63,410
Sweden		–		81,691		–		81,691
Switzerland		–		316,583		–		316,583
United Kingdom		130,056		355,763		–		485,819
United States		6,609,499		21,562		–		6,631,061
Money Market Funds		560,458		–		–		560,458
Total Investments in Securities		7,775,113		3,324,060		–		11,099,173
Other Investments - Assets*
Futures Contracts		7,982		–		–		7,982
Total Investments	$	7,783,095	$	3,324,060	$	–	$	11,107,155

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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, 2021:


	Value
	Equity
Derivative Assets	Risk



Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	7,982

Derivatives not subject to master netting agreements		(7,982	)

Total Derivative Assets subject to master netting agreements	$	–

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


17		Invesco MSCI World SRI Index Fund

Effect of Derivative Investments for the six months ended April 30, 2021

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
	Equity
	Risk


Realized Gain:
Futures contracts		$26,912


Change in Net Unrealized Appreciation:
Futures contracts		9,245


Total		$36,157

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


	Futures Contracts


Average notional value		$274,902

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.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$638,583	$	245,867	$	884,450

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $684,383 and $353,667, 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	$	2,739,700


Aggregate unrealized (depreciation) of investments		(54,127	)


Net unrealized appreciation of investments	$	2,685,573

Cost of investments for tax purposes is $8,421,582.


18		Invesco MSCI World SRI Index Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		3,416		$	47,297			33,428		$	398,098


Class C		1,847			24,513			6,883			68,917


Class R		4,734			65,456			25,737			286,140


Class Y		11,049			159,476			18,179			197,875


Class R5		22			300			102			1,143


Class R6		64,282			892,594			88,565			1,017,782



Issued as reinvestment of dividends:
Class A		1,093			14,452			1,938			23,472


Class C		169			2,208			175			2,109


Class R		385			5,065			27			329


Class Y		509			6,760			710			8,620


Class R5		13			176			14			171


Class R6		6,734			89,424			8,164			99,114



Automatic conversion of Class C shares to Class A shares:
Class A		1,661			22,161			1,217			14,874


Class C		(1,677	)		(22,161	)		(1,228	)		(14,874	)



Reacquired:
Class A		(2,640	)		(36,518	)		(83,400	)		(848,208	)


Class C		(1,685	)		(22,261	)		(12,939	)		(134,219	)


Class R		(10	)		(140	)		(1,076	)		(12,624	)


Class Y		(2,486	)		(33,455	)		(21,764	)		(261,115	)


Class R5		(5	)		(73	)		(10	)		(113	)


Class R6		(30,974	)		(427,094	)		(96,623	)		(1,135,594	)


Net increase (decrease) in share activity		56,437		$	788,180			(31,901	)	$	(288,103	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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, 13% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


19		Invesco MSCI World SRI Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,264.30	$2.47	$1,022.61	$2.21	0.44%
Class C	1,000.00	1,259.30	6.67	1,018.89	5.96	1.19
Class R	1,000.00	1,262.20	3.87	1,021.37	3.46	0.69
Class Y	1,000.00	1,266.30	1.07	1,023.85	0.95	0.19
Class R5	1,000.00	1,266.30	1.07	1,023.85	0.95	0.19
Class R6	1,000.00	1,266.30	1.07	1,023.85	0.95	0.19

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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		Semiannual Report to Shareholders		April 30, 2021


		Invesco Oppenheimer International Growth Fund
		Nasdaq:
		A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	23.70	%
Class C Shares	23.26
Class R Shares	23.52
Class Y Shares	23.84
Class R5 Shares	23.95
Class R6 Shares	23.93
MSCI All Country World ex USA Index^▼	27.40
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

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 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (3/25/96)	8.17	%
10 Years	6.46
5 Years	8.69
1 Year	38.16

Class C Shares
Inception (3/25/96)	8.15	%
10 Years	6.43
5 Years	9.10
1 Year	44.11

Class R Shares
Inception (3/1/01)	6.19	%
10 Years	6.79
5 Years	9.65
1 Year	45.82

Class Y Shares
Inception (9/7/05)	7.90	%
10 Years	7.37
5 Years	10.19
1 Year	46.55

Class R5 Shares
10 Years	7.15	%
5 Years	10.09
1 Year	46.82

Class R6 Shares
Inception (3/29/12)	9.05	%
5 Years	10.38
1 Year	46.75

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.

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

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

3 Invesco Oppenheimer International Growth Fund

Liquidity Risk Management Program

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–96.78%
Australia–1.21%
CSL Ltd.		734,022	$153,024,291



Belgium–0.32%
Galapagos N.V.^(a)		512,193	39,921,267



Canada–4.40%
Alimentation Couche-Tard, Inc., Class B		4,603,520	155,991,220


CAE, Inc.		5,901,473	184,848,644


Dollarama, Inc.		2,489,370	116,007,903


Shopify, Inc., Class A^(a)		84,749	100,038,501


			556,886,268



China–3.49%
Alibaba Group Holding Ltd., ADR^(a)		812,547	187,657,730


Tencent Holdings Ltd.		3,183,400	254,586,242


			442,243,972



Denmark–2.25%
Ascendis Pharma A/S, ADR^(a)		475,201	68,889,889


Novo Nordisk A/S, Class B		2,926,332	216,288,353


			285,178,242



France–17.26%
Adevinta ASA, Class B^(a)		5,692,459	104,158,651


Airbus SE^(a)		1,538,518	184,774,844


Dassault Systemes SE^(b)		598,218	138,736,232


Edenred		2,182,039	123,667,962


EssilorLuxottica S.A.		384,815	64,016,185


Hermes International		295,759	371,133,154


Kering S.A.		158,666	127,100,065


L’Oreal S.A.^(b)		309,308	127,029,785


LVMH Moet Hennessy Louis Vuitton SE		421,723	317,410,124


Sartorius Stedim Biotech		364,759	167,592,696


SEB S.A.		636,053	115,834,765


Ubisoft Entertainment S.A.^(a)		935,176	70,214,533


Worldline S.A.^(a)(c)		2,793,690	274,094,682


			2,185,763,678



Germany–5.55%
CTS Eventim AG & Co. KGaA^(a)		2,446,457	169,341,447


Infineon Technologies AG		5,241,485	211,668,404


SAP SE		466,916	65,677,477


Siemens AG		632,340	105,536,365


Siemens Healthineers AG^(c)		2,640,507	150,989,681


			703,213,374



Hong Kong–0.67%
WH Group Ltd.		96,963,500	84,651,361



India–2.74%
Dr Lal PathLabs Ltd.^(c)		2,154,987	85,309,866


Reliance Industries Ltd.		9,719,251	261,514,734


			346,824,600



Ireland–1.79%
Flutter Entertainment PLC^(a)		1,108,717	227,168,837


	Shares		Value
Italy–1.15%
Davide Campari-Milano N.V.		12,320,162	$145,519,910



Japan–7.60%
Daikin Industries Ltd.		867,400	174,149,432


Hitachi Ltd.		1,459,500	71,904,247


Hoya Corp.		996,910	113,501,320


Keyence Corp.		341,784	164,379,008


Kobe Bussan Co. Ltd.		2,210,700	59,129,551


Nidec Corp.		1,530,840	177,449,632


Nihon M&A Center, Inc.		5,030,600	131,577,240


Nitori Holdings Co. Ltd.		392,500	70,345,556


			962,435,986



Netherlands–6.81%
Aalberts N.V.		4,112,786	222,672,942


Adyen N.V.^(a)(c)		66,056	162,201,778


ASML Holding N.V.		571,815	372,283,422


Boskalis Westminster		755,407	24,114,222


Shop Apotheke Europe N.V.^(a)(b)(c)		391,110	80,723,831


			861,996,195



New Zealand–1.21%
Xero Ltd.^(a)(b)		1,408,792	152,695,778



Spain–1.43%
Amadeus IT Group S.A.^(a)		2,201,155	149,890,104


Prosegur Cash S.A.^(c)		33,755,967	30,457,251


			180,347,355



Sweden–6.38%
Atlas Copco AB, Class A		3,598,089	218,113,958


Epiroc AB, Class A^(a)		10,949,817	237,397,844


SKF AB, Class B		6,660,339	172,034,998


Swedish Match AB		2,194,389	180,206,093


			807,752,893



Switzerland–6.35%
Barry Callebaut AG		51,618	113,954,633


IWG PLC^(a)		13,153,915	66,590,288


Lonza Group AG		114,214	72,678,057


Sika AG		593,850	177,043,337


STMicroelectronics N.V.		5,027,228	188,233,707


Temenos AG		402,122	59,097,598


VAT Group AG^(a)(c)		441,787	126,533,074


			804,130,694



Taiwan–2.64%
Taiwan Semiconductor Manufacturing Co. Ltd.		15,402,000	333,758,412



United Kingdom–15.77%
Blue Prism Group PLC^(a)		1,182,902	19,945,551
boohoo Group PLC^(a)		39,806,120	186,914,556
Britvic PLC		10,547,500	128,525,088
Compass Group PLC^(a)		8,412,616	182,621,898
Electrocomponents PLC		6,479,056	95,354,823
Entain PLC^(a)		9,380,001	219,030,997

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

5 Invesco Oppenheimer International Growth Fund


	Shares		Value


United Kingdom–(continued)
Legal & General Group PLC		28,541,785	$	107,413,404


London Stock Exchange Group PLC		1,702,975		173,986,637


Melrose Industries PLC		92,468,169		208,179,711


Next PLC^(a)		2,315,785		249,706,289


Ocado Group PLC^(a)		5,374,927		155,642,004


Rightmove PLC		15,072,192		127,781,761


Trainline PLC^(a)(c)		22,422,626		141,700,194


				1,996,802,913



United States–7.76%
Atlassian Corp. PLC, Class A^(a)		435,817		103,532,687


EPAM Systems, Inc.^(a)		515,028		235,754,067


Ferguson PLC		1,064,991		134,287,479


James Hardie Industries PLC, CDI		6,398,161		211,784,028


Medtronic PLC		859,310		112,500,865


ResMed, Inc.		985,265		185,200,262


				983,059,388


Total Common Stocks & Other Equity Interests (Cost $6,393,546,853)				12,253,375,414



Preferred Stocks–0.00%
India–0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		17,213,928		446,195



Money Market Funds–1.68%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		74,275,540		74,275,540


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		53,031,433	$	53,052,645


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		84,886,331		84,886,331


Total Money Market Funds (Cost $212,212,983)				212,214,516


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–98.46% (Cost $6,605,759,836)				12,466,036,125



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.08%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		54,939,872		54,939,872


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		82,376,857		82,409,809


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $137,349,681)				137,349,681


TOTAL INVESTMENTS IN SECURITIES–99.54% (Cost $6,743,109,517)				12,603,385,806


OTHER ASSETS LESS LIABILITIES–0.46%				58,154,763


NET ASSETS–100.00%			$	12,661,540,569

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Pfd. – Preferred

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, 2021.

^(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, 2021 was $1,052,010,357, which represented 8.31% of the Fund’s Net Assets.

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	65,131,259		$	512,640,973		$	(503,496,692	)		$	-		$	-			$	74,275,540		$	8,172
Invesco Liquid Assets Portfolio, Institutional Class			46,513,152			366,172,124			(359,633,822	)			5,794			(4,603	)			53,052,645			11,680
Invesco Treasury Portfolio, Institutional Class			74,435,724			585,875,398			(575,424,791	)			-			-				84,886,331			3,992
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			76,572,394			(21,632,522	)			-			-				54,939,872			135	*
Invesco Private Prime Fund			-			107,316,450			(24,906,675	)			-			34				82,409,809			2,008	*
Total		$	186,080,135		$	1,648,577,339		$	(1,485,094,502	)		$	5,794		$	(4,569	)		$	349,564,197		$	25,987

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

6 Invesco Oppenheimer International Growth Fund

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(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, 2021


Information Technology	22.55	%
Consumer Discretionary	22.22
Industrials	19.74
Health Care	10.79
Consumer Staples	7.86
Communication Services	5.74
Materials	3.07
Financials	2.22
Energy	2.07
Real Estate	0.52
Money Market Funds Plus Other Assets Less Liabilities	3.22

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $6,393,546,853)*	$	12,253,821,609
Investments in affiliated money market funds, at value (Cost $349,562,664)		349,564,197
Cash		13,141,303
Foreign currencies, at value (Cost $14,162,335)		14,158,859
Receivable for:
Investments sold		154,893,053
Fund shares sold		6,129,909
Dividends		61,382,140
Investment for trustee deferred compensation and retirement plans		701,965
Other assets		166,571
Total assets		12,853,959,606

Liabilities:
Payable for:
Investments purchased		30,002,938
Fund shares reacquired		15,896,718
Accrued foreign taxes		793,528
Collateral upon return of securities loaned		137,349,681
Accrued fees to affiliates		3,350,571
Accrued trustees’ and officers’ fees and benefits		76,717
Accrued other operating expenses		4,246,919
Trustee deferred compensation and retirement plans		701,965
Total liabilities		192,419,037
Net assets applicable to shares outstanding	$	12,661,540,569

Net assets consist of:
Shares of beneficial interest	$	5,351,141,213
Distributable earnings		7,310,399,356
	$	12,661,540,569


Net Assets:
Class A	$	1,690,191,060
Class C	$	165,448,836
Class R	$	308,988,064
Class Y	$	4,896,630,321
Class R5	$	31,764
Class R6	$	5,600,250,524

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		34,296,620
Class C		3,602,149
Class R		6,432,164
Class Y		99,951,043
Class R5		643.5
Class R6		114,320,980
Class A:
Net asset value per share	$	49.28
Maximum offering price per share (Net asset value of $49.28 ÷ 94.50%)	$	52.15
Class C:
Net asset value and offering price per share	$	45.93
Class R:
Net asset value and offering price per share	$	48.04
Class Y:
Net asset value and offering price per share	$	48.99
Class R5:
Net asset value and offering price per share	$	49.36
Class R6:
Net asset value and offering price per share	$	48.99

*	At April 30, 2021, securities with an aggregate value of $129,357,156 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, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $5,069,614)	$	68,028,162

Dividends from affiliates (includes securities lending income of $4,759)		28,603

Total investment income		68,056,765


Expenses:
Advisory fees		40,855,130

Administrative services fees		905,925

Custodian fees		669,853

Distribution fees:
Class A		2,018,892

Class C		915,961

Class R		748,628

Transfer agent fees – A, C, R and Y		4,946,945

Transfer agent fees – R6		36,650

Trustees’ and officers’ fees and benefits		77,588

Registration and filing fees		93,839

Reports to shareholders		768,631

Professional services fees		84,853

Other		275,638

Total expenses		52,398,533

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(240,057	)

Net expenses		52,158,476

Net investment income		15,898,289


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,440,564,554

Affiliated investment securities		(4,569	)

Foreign currencies		(343,669	)

		1,440,216,316

Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $793,528)		1,206,313,146

Affiliated investment securities		5,794

Foreign currencies		571,310

		1,206,890,250

Net realized and unrealized gain		2,647,106,566

Net increase in net assets resulting from operations	$	2,663,004,855

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	15,898,289		$	28,786,139

Net realized gain		1,440,216,316			2,271,347,718

Change in net unrealized appreciation (depreciation)		1,206,890,250			(1,042,368,332	)

Net increase in net assets resulting from operations		2,663,004,855			1,257,765,525


Distributions to shareholders from distributable earnings:
Class A		(216,288,538	)		(14,967,695	)

Class C		(28,578,549	)		(389,252	)

Class R		(40,236,466	)		(2,024,284	)

Class Y		(629,263,155	)		(66,722,610	)

Class R5		(1,827	)		(136	)

Class R6		(802,185,808	)		(92,899,212	)

Total distributions from distributable earnings		(1,716,554,343	)		(177,003,189	)


Share transactions–net:
Class A		94,341,597			(416,354,710	)

Class C		(30,543,942	)		(75,863,463	)

Class R		24,934,085			(75,420,935	)

Class Y		423,360,553			(2,263,086,692	)

Class R5		18,520			–

Class R6		(322,620,862	)		(2,408,915,153	)

Net increase (decrease) in net assets resulting from share transactions		189,489,951			(5,239,640,953	)

Net increase (decrease) in net assets		1,135,940,463			(4,158,878,617	)


Net assets:
Beginning of period		11,525,600,106			15,684,478,723

End of period		$12,661,540,569			$11,525,600,106

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 04/30/21		$	45.87		$	(0.00	)		$	10.36			$	10.36			$	—			$	(6.95	)		$	(6.95	)		$	49.28		23.68	%		$	1,690,191		1.08	%^(e)		1.08	%^(e)		0.00	%^(e)		11	%
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	^(f)		1.10	^(f)		0.93	^(f)		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
Year ended 11/30/15			36.45			0.31				0.68				0.99				(0.30	)			—				(0.30	)			37.14		2.76				5,394,512		1.14			1.14			0.85			10
Class C
Six months ended 04/30/21			43.30			(0.17	)			9.75				9.58				—				(6.95	)			(6.95	)			45.93		23.23				165,449		1.83	^(e)		1.83	^(e)		(0.75	)^(e)		11
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	^(f)		1.85	^(f)		0.18	^(f)		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
Year ended 11/30/15			34.49			0.05				0.63				0.68				(0.07	)			—				(0.07	)			35.10		1.99				543,536		1.89			1.89			0.14			10
Class R
Six months ended 04/30/21			44.92			(0.06	)			10.13				10.07				—				(6.95	)			(6.95	)			48.04		23.52				308,988		1.33	^(e)		1.33	^(e)		(0.25	)^(e)		11
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	^(f)		1.35	^(f)		0.68	^(f)		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
Year ended 11/30/15			35.80			0.23				0.65				0.88				(0.24	)			—				(0.24	)			36.44		2.50				400,622		1.39			1.39			0.64			10
Class Y
Six months ended 04/30/21			45.63			0.06				10.30				10.36				(0.05	)			(6.95	)			(7.00	)			48.99		23.70				4,896,630		0.83	^(e)		0.83	^(e)		0.25	^(e)		11
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	^(f)		0.85	^(f)		1.18	^(f)		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
Year ended 11/30/15			36.36			0.42				0.64				1.06				(0.41	)			—				(0.41	)			37.01		2.99				10,782,234		0.89			0.89			1.13			10
Class R5
Six months ended 04/30/21			45.97			0.09				10.39				10.48				(0.14	)			(6.95	)			(7.09	)			49.36		23.60				32		0.69	^(e)		0.69	^(e)		0.39	^(e)		11
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^(g)			38.79			0.23				2.78				3.01				—				—				—				41.80		7.76				11		0.74	^(f)		0.74	^(f)		1.29	^(f)		10
Class R6
Six months ended 04/30/21			45.67			0.09				10.32				10.41				(0.14	)			(6.95	)			(7.09	)			48.99		23.93				5,600,251		0.69	^(e)		0.69	^(e)		0.39	^(e)		11
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	^(f)		0.69	^(f)		1.34	^(f)		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
Year ended 11/30/15			36.43			0.48				0.65				1.13				(0.47	)			—				(0.47	)			37.09		3.19				4,381,328		0.70			0.70			1.31			10

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017, 2016 and 2015, respectively.

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

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,657,921, $184,710, $301,933, $4,742,890, $20 and $5,817,174 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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 Oppenheimer International Growth Fund

Notes to Financial Statements

April 30, 2021

(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 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.

12 Invesco Oppenheimer International Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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 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.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has contractually agreed, through May 31, 2021, 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 1.10%, 1.85%, 1.35%, 0.85%, 0.74% and 0.69%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Invesco Cash Reserve, 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. 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, 2022. 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.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $200,004 and reimbursed class level expenses of $0, $0, $0, $0, $0 and $36,650 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, 2021, 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.

14 Invesco Oppenheimer International Growth 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, 2021, IDI advised the Fund that IDI retained $60,590 in front-end sales commissions from the sale of Class A shares and $1,809 and $2,303 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


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.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	153,024,291		$–	$	153,024,291
Belgium		39,921,267		–		–		39,921,267
Canada		556,886,268		–		–		556,886,268
China		187,657,730		254,586,242		–		442,243,972
Denmark		68,889,889		216,288,353		–		285,178,242
France		–		2,185,763,678		–		2,185,763,678
Germany		–		703,213,374		–		703,213,374
Hong Kong		–		84,651,361		–		84,651,361
India		446,195		346,824,600		–		347,270,795
Ireland		–		227,168,837		–		227,168,837
Italy		–		145,519,910		–		145,519,910
Japan		–		962,435,986		–		962,435,986
Netherlands		–		861,996,195		–		861,996,195
New Zealand		–		152,695,778		–		152,695,778
Spain		–		180,347,355		–		180,347,355
Sweden		–		807,752,893		–		807,752,893
Switzerland		–		804,130,694		–		804,130,694
Taiwan		–		333,758,412		–		333,758,412
United Kingdom		–		1,996,802,913		–		1,996,802,913
United States		636,987,881		346,071,507		–		983,059,388
Money Market Funds		212,214,516		137,349,681		–		349,564,197
Total Investments	$	1,703,003,746	$	10,900,382,060		$–	$	12,603,385,806

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

15 Invesco Oppenheimer International Growth Fund

compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. 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.

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $1,318,232,429 and $2,951,427,393, 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	$	5,986,310,516

Aggregate unrealized (depreciation) of investments		(133,177,589	)

Net unrealized appreciation of investments	$	5,853,132,927

Cost of investments for tax purposes is $6,750,252,879.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		2,373,360		$	115,115,212			4,929,736		$	208,440,031

Class C		145,016			6,562,089			253,152			10,099,321

Class R		454,022			21,483,079			770,790			31,990,751

Class Y		10,792,506			518,697,253			24,120,356			985,899,217

Class R5		385			18,520			-			-

Class R6		8,178,711			392,575,655			20,059,354			800,379,878


Issued as reinvestment of dividends:
Class A		4,214,602			193,703,125			308,046			13,550,936

Class C		614,969			26,419,071			8,380			350,394

Class R		896,402			40,194,683			46,843			2,022,225

Class Y		10,643,741			485,886,766			1,056,005			46,105,173

Class R6		15,502,468			707,222,576			1,861,159			81,220,968


Automatic conversion of Class C shares to Class A shares:
Class A		841,481			40,013,051			539,885			24,031,600

Class C		(900,763	)		(40,013,051	)		(570,354	)		(24,031,600	)

16 Invesco Oppenheimer International Growth Fund


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Reacquired:
Class A		(5,225,795	)	$	(254,489,791	)		(15,530,731	)	$	(662,377,277	)

Class C		(514,414	)		(23,512,051	)		(1,567,297	)		(62,281,578	)

Class R		(776,060	)		(36,743,677	)		(2,618,221	)		(109,433,911	)

Class Y		(12,050,072	)		(581,223,466	)		(78,997,222	)		(3,295,091,082	)

Class R6		(29,212,815	)		(1,422,419,093	)		(79,925,626	)		(3,290,515,999	)

Net increase (decrease) in share activity		5,977,744		$	189,489,951			(125,255,745	)	$	(5,239,640,953	)

^(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. 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

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,236.80	$5.99	$1,019.44	$5.41	1.08%
Class C	1,000.00	1,232.30	10.13	1,015.72	9.15	1.83
Class R	1,000.00	1,235.20	7.37	1,018.20	6.66	1.33
Class Y	1,000.00	1,237.00	4.60	1,020.68	4.16	0.83
Class R5	1,000.00	1,236.00	3.83	1,021.37	3.46	0.69
Class R6	1,000.00	1,239.30	3.83	1,021.37	3.46	0.69

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

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Fund holdings and proxy voting information

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.

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SEC file numbers: 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 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 18, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 18, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 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 8, 2021

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 8, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		July 8, 2021

Average Daily Net Assets*

First $500 million

Next $500 million

Over $1 billion