Aim International Mutual Funds NCSRS Certified 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: 04/30/22

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

LOGO



Semiannual Report to Shareholders		April 30, 2022

Invesco Advantage International Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

13		Financial Statements

16		Financial Highlights

17		Notes to Financial Statements

26		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

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

For more information about your Fund

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

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


2		Invesco Advantage International Fund



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

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

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

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

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

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

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

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


3		Invesco Advantage International Fund

Liquidity Risk Management Program

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

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

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

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

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

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

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

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

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


4		Invesco Advantage International Fund

Schedule of Investments

April 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–63.44%
Australia–2.47%
Australia & New Zealand Banking Group Ltd.		201	$	3,815


BHP Group Ltd.		3,467		116,529


Coles Group Ltd.		858		11,236


Fortescue Metals Group Ltd.		1,308		19,829


Glencore PLC		8,840		54,491


Goodman Group		895		14,887


Macquarie Group Ltd.		54		7,738


Newcrest Mining Ltd.		295		5,530


Rio Tinto Ltd.		952		75,460


Rio Tinto PLC		1,418		100,581


Telstra Corp. Ltd.		12,970		36,750


Transurban Group		2,135		21,342


Wesfarmers Ltd.		455		15,693


Woolworths Group Ltd.		826		22,311


				506,192



Austria–0.05%
OMV AG		201		10,262



Belgium–0.38%
Anheuser-Busch InBev S.A./N.V.		799		46,066


Groupe Bruxelles Lambert S.A.		40		3,780


KBC Group N.V.		241		16,415


UCB S.A.		94		10,697


				76,958



Brazil–2.59%
B3 S.A. - Brasil, Bolsa, Balcao		16,200		43,581


Banco Bradesco S.A., Preference Shares		5,678		20,650


Banco do Brasil S.A.		5,600		37,628


CCR S.A.		2,000		5,020


Centrais Eletricas Brasileiras S.A.		500		4,094


Cia de Saneamento Basico do Estado de Sao Paulo		500		4,503


Cia Siderurgica Nacional S.A.		1,100		4,688


Cosan S.A.		900		3,823


ENGIE Brasil Energia S.A.		500		4,237


Gerdau S.A., Preference Shares		800		4,526


Itau Unibanco Holding S.A., Preference Shares		4,500		21,727


Itausa S.A., Preference Shares		3,600		6,706


Localiza Rent a Car S.A.		400		4,283


Lojas Renner S.A.		900		4,323


Petroleo Brasileiro S.A., Preference Shares		24,700		151,279


Telefonica Brasil S.A., ADR		1,515		16,059


Vale S.A.		9,900		166,784


Vibra Energia S.A.		800		3,418


WEG S.A.		4,000		24,353


				531,682



Chile–0.13%
Banco de Chile		49,108		4,904


	Shares		Value


Chile–(continued)
Banco Santander Chile		76,509	$	3,681


Cencosud S.A.		4,419		7,073


Falabella S.A.		4,241		11,911


				27,569



China–8.09%
Agricultural Bank of China Ltd., H Shares		29,000		10,889


Alibaba Group Holding Ltd.^(a)		5,600		68,442


Aluminum Corp. of China Ltd., H Shares^(a)		12,000		5,563


Anhui Conch Cement Co. Ltd., H Shares		3,000		16,245


ANTA Sports Products Ltd.		1,400		16,101


Autohome, Inc., ADR		227		6,599


Baidu, Inc., ADR^(a)		483		59,974


Bank of China Ltd., H Shares		140,000		55,108


Bank of Communications Co. Ltd., H Shares		39,000		27,205


BeiGene Ltd., ADR^(a)		69		11,040


Beijing Enterprises Holdings Ltd.		1,500		5,069


BOC Hong Kong Holdings Ltd.		2,000		7,214


Brilliance China Automotive Holdings Ltd.^(b)		6,000		1,147


BYD Co. Ltd., H Shares		4,500		132,213


CGN Power Co. Ltd., H Shares^(c)		18,000		5,053


China CITIC Bank Corp. Ltd., H Shares		31,000		15,766


China Coal Energy Co. Ltd., H Shares		5,000		4,266


China Conch Environment Protection Holdings Ltd.^(a)		1,000		856


China Conch Venture Holdings Ltd.		1,000		2,608


China Construction Bank Corp., H Shares		160,000		113,693


China Everbright Bank Co. Ltd., H Shares		11,000		3,986


China Feihe Ltd.^(c)		4,000		3,770


China Life Insurance Co. Ltd., H Shares		5,000		7,255


China Mengniu Dairy Co. Ltd.		2,000		10,760


China Merchants Bank Co. Ltd., H Shares		4,500		27,088


China Merchants Port Holdings Co. Ltd.		2,000		3,484


China Minsheng Banking Corp. Ltd., H Shares		16,500		6,258


China Overseas Land & Investment Ltd.		8,000		24,638


China Pacific Insurance (Group) Co. Ltd., H Shares		1,400		3,093


China Petroleum & Chemical Corp., H Shares		50,000		24,625


China Resources Cement Holdings Ltd.		6,000		4,965


China Resources Land Ltd.		2,000		8,878


China Resources Power Holdings Co. Ltd.		8,000		14,973


China Shenhua Energy Co. Ltd., H Shares		2,000		6,375


China Taiping Insurance Holdings Co. Ltd.		3,000		3,422


China Tower Corp. Ltd., H Shares^(c)		108,000		12,599


China Vanke Co. Ltd., H Shares		1,900		4,438


CITIC Ltd.		17,000		17,620


COSCO SHIPPING Holdings Co. Ltd., H Shares^(a)		7,850		12,291


Country Garden Holdings Co. Ltd.		5,000		3,417


CSPC Pharmaceutical Group Ltd.		30,640		31,201


ENN Energy Holdings Ltd.		400		5,318


Fuyao Glass Industry Group Co. Ltd., H Shares^(c)		800		3,263


Ganfeng Lithium Co. Ltd., H Shares^(c)		200		2,400


Genscript Biotech Corp.^(a)		4,000		11,166


Great Wall Motor Co. Ltd., H Shares		4,500		6,303

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


5		Invesco Advantage International Fund


	Shares		Value


China–(continued)
Haier Smart Home Co. Ltd., H Shares		2,400	$	8,577


Hengan International Group Co. Ltd.		1,000		4,732


Industrial & Commercial Bank of China Ltd., H Shares		108,000		65,092


JD.com, Inc., A Shares^(a)		1,516		47,254


Kingsoft Corp. Ltd.		1,400		4,248


Kunlun Energy Co. Ltd.		10,000		8,260


Lenovo Group Ltd.		14,000		13,580


Li Auto, Inc., ADR^(a)		468		10,497


Li Ning Co. Ltd.		5,500		43,009


Longfor Group Holdings Ltd.^(c)		1,000		4,872


Lufax Holding Ltd., ADR		3,168		17,582


NetEase, Inc.		1,300		24,842


New China Life Insurance Co. Ltd., H Shares		1,100		2,779


Nongfu Spring Co. Ltd., H Shares^(c)		1,400		7,410


NXP Semiconductors N.V.		276		47,168


PetroChina Co. Ltd., H Shares		104,000		49,807


PICC Property & Casualty Co. Ltd., H Shares		4,000		4,065


Pinduoduo, Inc., ADR^(a)		867		37,359


Ping An Insurance (Group) Co. of China Ltd., H Shares		8,500		54,663


Postal Savings Bank of China Co. Ltd., H Shares^(c)		8,000		6,082


Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		2,800		2,967


Shenzhou International Group Holdings Ltd.		1,000		13,748


Sino Biopharmaceutical Ltd.		7,000		3,645


Sinopharm Group Co. Ltd., H Shares		4,800		11,014


SITC International Holdings Co. Ltd.		3,000		10,015


Smoore International Holdings Ltd.^(c)		1,000		2,103


Sunny Optical Technology Group Co. Ltd.		700		10,242


Tencent Holdings Ltd.		4,200		197,003


Tencent Music Entertainment Group, ADR^(a)		1,122		4,768


Tingyi Cayman Islands Holding Corp.		2,000		3,632


Trip.com Group Ltd., ADR^(a)		412		9,744


Vipshop Holdings Ltd., ADR^(a)		554		4,244


Want Want China Holdings Ltd.		11,000		9,903


Weibo Corp., ADR^(a)		184		4,258


Weichai Power Co. Ltd., H Shares		6,000		8,355


WuXi AppTec Co. Ltd., H Shares^(c)		440		5,893


Wuxi Biologics Cayman, Inc.^(a)(c)		2,000		14,514


Xiaomi Corp., B Shares^(a)(c)		12,000		18,228


XPeng, Inc., ADR^(a)		335		8,244


Yankuang Energy Group Co. Ltd., H Shares		4,000		11,273


Yum China Holdings, Inc.		242		10,116


Zhongsheng Group Holdings Ltd.		1,000		6,584


				1,661,008



Colombia–0.02%
Bancolombia S.A., Preference Shares		362		3,512



Denmark–2.45%
AP Moller - Maersk A/S, Class B		28		80,342
Carlsberg A/S, Class B		43		5,443


Danske Bank A/S		590		8,944


DSV A/S		54		8,821


Genmab A/S^(a)		40		14,110


Novo Nordisk A/S, Class B		3,211		367,248


Novozymes A/S, Class B		161		11,186


	Shares		Value


Denmark–(continued)
Vestas Wind Systems A/S		295	$	7,590


				503,684



Finland–0.67%
Fortum OYJ		509		8,371


Kone OYJ, Class B		121		5,806


Neste OYJ		348		14,960


Nokia OYJ^(a)		7,945		40,431


Nordea Bank Abp		3,498		34,841


Sampo OYJ, Class A		675		32,527


				136,936



France–5.31%
Air Liquide S.A.		134		23,134


AXA S.A.		2,960		78,368


BNP Paribas S.A.		1,694		86,879


Bouygues S.A.		331		11,373


Bureau Veritas S.A.		228		6,534


Capgemini SE		94		19,122


Carrefour S.A.		483		10,239


Cie de Saint-Gobain		950		55,284


Cie Generale des Etablissements Michelin S.C.A.		161		19,904


Credit Agricole S.A.		1,220		13,095


Danone S.A.		317		19,057


Dassault Systemes SE		427		18,995


Electricite de France S.A.		737		6,664


EssilorLuxottica S.A.		554		93,984


Hermes International		14		17,226


Kering S.A.		56		29,745


Legrand S.A.		121		10,681


L’Oreal S.A.		185		67,303


LVMH Moet Hennessy Louis Vuitton SE		99		63,350


Orange S.A.		2,493		29,692


Pernod Ricard S.A.		80		16,483


Sanofi		1,515		159,455


Sartorius Stedim Biotech		13		4,231


Schneider Electric SE		161		22,930


Societe Generale S.A.		563		13,376


Thales S.A.		94		12,041


TotalEnergies SE		1,969		97,016


Veolia Environnement S.A.		348		10,030


Vinci S.A.		372		35,892


Vivendi SE		2,837		32,531


Worldline S.A.^(a)(c)		107		4,194


				1,088,808



Germany–3.81%
adidas AG		67		13,647


Allianz SE		413		94,067


Bayer AG		468		30,847


Bayerische Motoren Werke AG		441		36,514


Beiersdorf AG		54		5,458


Continental AG^(a)		40		2,785


Deutsche Bank AG^(a)		1,666		17,014


Deutsche Post AG		813		35,095


Deutsche Telekom AG		4,158		76,589


Deutsche Wohnen SE		134		3,853


E.ON SE		1,179		12,357

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


6		Invesco Advantage International Fund


	Shares		Value


Germany–(continued)
Evonik Industries AG		228	$	6,029


Fresenius Medical Care AG & Co. KGaA		385		24,114


Fresenius SE & Co. KGaA		1,184		42,213


Hannover Rueck SE		13		2,043


Henkel AG & Co. KGaA, Preference Shares		206		13,319


Knorr-Bremse AG		54		3,891


Mercedes-Benz Group AG		1,074		76,002


Merck KGaA		242		44,878


Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		94		22,493


RWE AG		385		16,084


SAP SE		729		75,191


Sartorius AG, Preference Shares		27		10,227


Siemens AG		331		41,171


Siemens Energy AG		442		8,558


Siemens Healthineers AG^(c)		121		6,540


Volkswagen AG, Preference Shares		384		60,242


				781,221



Greece–0.07%
Hellenic Telecommunications Organization S.A.		796		15,115



Hong Kong–1.22%
CK Asset Holdings Ltd.		5,000		33,849


CK Hutchison Holdings Ltd.		3,000		21,003


CK Infrastructure Holdings Ltd.		1,000		6,728


CLP Holdings Ltd.		2,000		19,469


Hong Kong & China Gas Co. Ltd. (The)		26,292		28,967


Hong Kong Exchanges & Clearing Ltd.		700		29,687


Jardine Matheson Holdings Ltd.		300		15,854


Link REIT		3,000		25,868


New World Development Co. Ltd.		2,000		7,648


Power Assets Holdings Ltd.		1,500		10,079


Sun Hung Kai Properties Ltd.		2,000		23,042


Techtronic Industries Co. Ltd.		500		6,675


WH Group Ltd.		24,840		17,097


Wharf Real Estate Investment Co. Ltd.		1,000		4,689


				250,655



Hungary–0.06%
OTP Bank Nyrt^(a)		441		13,019



Indonesia–0.51%
PT Astra International Tbk		44,100		23,011


PT Bank Central Asia Tbk		31,500		17,618


PT Bank Mandiri (Persero) Tbk		18,600		11,461


PT Bank Negara Indonesia (Persero) Tbk		6,900		4,364


PT Kalbe Farma Tbk		30,300		3,427


PT Telkom Indonesia (Persero) Tbk		139,000		44,293


				104,174



Ireland–0.04%
Kerry Group PLC, Class A		80		8,838



Italy–0.69%
Assicurazioni Generali S.p.A.		1,666		31,441


Atlantia S.p.A.^(a)		201		4,772


Enel S.p.A.		3,704		23,939


Eni S.p.A.		1,327		18,621


	Shares		Value


Italy–(continued)
Ferrari N.V.		40	$	8,437


Intesa Sanpaolo S.p.A.		16,661		33,506


Poste Italiane S.p.A.^(c)		844		8,194


Snam S.p.A.		536		2,941


UniCredit S.p.A.		1,112		10,142


				141,993



Japan–9.73%
Asahi Group Holdings Ltd.		200		7,467


Asahi Kasei Corp.		700		5,761


Astellas Pharma, Inc.		2,700		41,108


Bridgestone Corp.		1,800		65,882


Canon, Inc.		1,300		29,871


Chugai Pharmaceutical Co. Ltd.		200		6,002


Dai-ichi Life Holdings, Inc.		600		12,046


Daiichi Sankyo Co. Ltd.		600		15,079


Daikin Industries Ltd.		200		30,752


Daiwa House Industry Co. Ltd.		800		19,323


Denso Corp.		400		24,410


Eisai Co. Ltd.		100		4,356


FUJIFILM Holdings Corp.		600		33,138


Fujitsu Ltd.		200		28,275


Hitachi Ltd.		900		41,910


Honda Motor Co. Ltd.		3,300		86,650


Hoya Corp.		400		39,852


ITOCHU Corp.		1,200		36,301


Japan Post Holdings Co. Ltd.		5,800		40,644


Japan Tobacco, Inc.		1,000		17,108


Kao Corp.		300		12,064


KDDI Corp.		1,100		36,471


Keyence Corp.		100		40,346


Kirin Holdings Co. Ltd.		400		5,874


Komatsu Ltd.		700		15,704


Kubota Corp.		300		5,110


Kyocera Corp.		300		15,862


Mitsubishi Corp.		3,500		117,447


Mitsubishi Electric Corp.		1,100		11,562


Mitsubishi Estate Co. Ltd.		1,100		15,933


Mitsubishi UFJ Financial Group, Inc.		13,300		77,298


Mitsui & Co. Ltd.		2,100		50,893


Mitsui Fudosan Co. Ltd.		300		6,330


Mizuho Financial Group, Inc.		2,070		25,157


MS&AD Insurance Group Holdings, Inc.		200		5,977


Murata Manufacturing Co. Ltd.		400		23,948


Nexon Co. Ltd.		200		4,567


Nintendo Co. Ltd.		100		46,086


Nippon Telegraph & Telephone Corp.		3,100		91,577


Nissan Motor Co. Ltd.^(a)		1,600		6,345


Nomura Holdings, Inc.		1,400		5,359


NTT Data Corp.		500		9,215


Olympus Corp.		2,400		42,510


ORIX Corp.		1,500		27,364


Otsuka Holdings Co. Ltd.		300		10,068


Panasonic Holdings Corp.		2,000		17,826


Rakuten Group, Inc.		700		4,934


Recruit Holdings Co. Ltd.		1,500		55,331


Renesas Electronics Corp.^(a)		400		4,283


Secom Co. Ltd.		200		14,109

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


7		Invesco Advantage International Fund


	Shares		Value


Japan–(continued)
Sekisui House Ltd.		800	$	13,797


Seven & i Holdings Co. Ltd.		400		17,606


Shimano, Inc.		100		17,477


Shionogi & Co. Ltd.		300		16,769


Softbank Corp.		1,300		15,107


SoftBank Group Corp.		600		24,223


Sompo Holdings, Inc.		500		20,389


Sony Group Corp.		400		34,381


Subaru Corp.		600		9,027


Sumitomo Corp.		1,100		17,447


Sumitomo Mitsui Financial Group, Inc.		1,200		36,124


Sumitomo Mitsui Trust Holdings, Inc.		300		9,294


Sumitomo Realty & Development Co. Ltd.		100		2,638


Suzuki Motor Corp.		200		5,999


Sysmex Corp.		100		6,477


Takeda Pharmaceutical Co. Ltd.		3,738		108,438


Terumo Corp.		300		8,968


Tokio Marine Holdings, Inc.		600		32,379


Tokyo Electron Ltd.		100		42,421


Toshiba Corp.		600		25,070


Toyota Industries Corp.		100		5,976


Toyota Motor Corp.		8,000		136,320


				1,997,812



Luxembourg–0.10%
ArcelorMittal S.A.		716		20,901



Malaysia–0.36%
Axiata Group Bhd.		11,800		9,490


Hartalega Holdings Bhd.		3,100		3,128


IHH Healthcare Bhd.		7,300		10,996


Malayan Banking Bhd.		5,700		11,847


MISC Bhd.		4,800		8,592


Petronas Chemicals Group Bhd.		2,200		5,164


RHB Bank Bhd.		3,300		4,729


Tenaga Nasional Bhd.		5,500		11,423


Top Glove Corp. Bhd.		20,400		7,868


				73,237



Mexico–0.55%
Arca Continental S.A.B. de C.V.		700		4,442


Cemex S.A.B. de C.V., ADR^(a)		2,387		10,503


Fomento Economico Mexicano, S.A.B. de C.V., ADR		256		19,133


Grupo Bimbo S.A.B. de C.V., Series A		2,400		7,397


Grupo Elektra S.A.B. de C.V.		65		3,898


Grupo Financiero Banorte S.A.B. de C.V., Class O		500		3,301


Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		4,000		6,780


Wal-Mart de Mexico S.A.B. de C.V., Series V		16,173		57,190


				112,644



Netherlands–3.34%
Adyen N.V.^(a)(c)		28		46,829


Akzo Nobel N.V.		124		10,699


ASML Holding N.V.		426		241,018


EXOR N.V.		165		11,359


ING Groep N.V.		4,998		46,772


Koninklijke Ahold Delhaize N.V.		2,189		64,663


	Shares		Value


Netherlands–(continued)
Koninklijke DSM N.V.		142	$	23,784


Koninklijke KPN N.V.		2,667		9,224


Koninklijke Philips N.V.		908		23,821


Shell PLC		6,403		173,304


Wolters Kluwer N.V.		344		34,796


				686,269



Peru–0.02%
Credicorp Ltd.		31		4,306



Philippines–0.05%
Manila Electric Co.		740		4,991


SM Prime Holdings, Inc.		9,200		6,150


				11,141



Poland–0.13%
Bank Polska Kasa Opieki S.A.		242		5,313


KGHM Polska Miedz S.A.		369		11,932


Polskie Gornictwo Naftowe i Gazownictwo S.A.		2,643		3,705


Powszechny Zaklad Ubezpieczen S.A.		754		5,183


				26,133



Russia–0.00%
Sberbank of Russia PJSC, ADR^(b)		2,450		0


Tatneft PJSC, ADR^(b)		330		0


VTB Bank PJSC, GDR^(b)(c)		4,858		0


				0



Singapore–0.14%
DBS Group Holdings Ltd.		600		14,533


Singapore Telecommunications Ltd.		2,700		5,367


STMicroelectronics N.V.		214		7,931


				27,831



South Africa–1.09%
Absa Group Ltd.		1,122		12,146


Anglo American PLC		1,129		50,100


Capitec Bank Holdings Ltd.		79		11,024


Discovery Ltd.^(a)		739		7,098


FirstRand Ltd.		10,897		46,934


Impala Platinum Holdings Ltd.		881		11,498


Remgro Ltd.		938		8,434


Sasol Ltd.^(a)		1,492		36,535


Sibanye Stillwater Ltd.		995		3,437


Standard Bank Group Ltd.		3,401		36,069


				223,275



South Korea–2.13%
Hyundai Mobis Co. Ltd.		185		30,219


Kakao Corp.		427		29,764


KB Financial Group, Inc.		67		3,096


Kia Corp.		270		17,762


NAVER Corp.		138		31,216


Samsung Electronics Co. Ltd.		3,481		184,960


Samsung SDI Co. Ltd.		43		20,478


SK Hynix, Inc.		810		70,569


SK Telecom Co. Ltd.		1,108		49,889


				437,953



Spain–1.21%
Banco Bilbao Vizcaya Argentaria S.A.		2,707		14,244

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


8		Invesco Advantage International Fund


	Shares		Value


Spain–(continued)
Banco Santander S.A.		4,771	$	13,980


CaixaBank S.A.		4,214		13,448


Cellnex Telecom S.A.^(c)		289		13,509


Endesa S.A.		241		5,069


Ferrovial S.A.		389		9,932


Grifols S.A.		255		4,243


Iberdrola S.A.		7,449		85,110


Naturgy Energy Group S.A.		121		3,625


Repsol S.A.		2,905		43,588


Telefonica S.A.		8,344		40,601


				247,349



Sweden–1.18%
Assa Abloy AB, Class B		702		17,710


Atlas Copco AB, Class A^(d)		441		19,971


Epiroc AB, Class A		710		14,439


EQT AB		1,005		28,382


Essity AB, Class B		228		6,072


Evolution AB^(c)		121		12,442


Hexagon AB, Class B		1,193		15,425


Investor AB, Class B		898		17,252


Sandvik AB		867		16,302


Skandinaviska Enskilda Banken AB, Class A		1,886		21,090


Svenska Handelsbanken AB, Class A		1,287		12,973


Swedbank AB, Class A		804		12,687


Telefonaktiebolaget LM Ericsson, Class B		3,360		26,981


Telia Co. AB		952		3,944


Volvo AB, Class B		1,087		17,251


				242,921



Switzerland–4.26%
ABB Ltd.		1,253		37,534


Alcon, Inc.		161		11,423


Chocoladefabriken Lindt & Spruengli AG, PC		1		11,189


Cie Financiere Richemont S.A.		220		25,573


Credit Suisse Group AG		5,728		38,735


Geberit AG		43		24,536


Givaudan S.A.		4		15,895


Holcim AG		468		22,890


Kuehne + Nagel International AG, Class R		54		15,142


Lonza Group AG		42		24,658


Novartis AG		2,368		209,491


Partners Group Holding AG		27		28,610


Roche Holding AG		682		252,590


Schindler Holding AG, PC		80		15,410


SGS S.A.		3		7,704


Sika AG		54		16,420


Straumann Holding AG		280		33,017


Swisscom AG		27		15,991


UBS Group AG		3,924		66,388


				873,196



Taiwan–3.42%
ASE Technology Holding Co. Ltd., ADR		2,003		12,899


Asustek Computer, Inc.		2,000		24,101


Catcher Technology Co. Ltd.		5,000		24,449


Cathay Financial Holding Co. Ltd.		2,000		4,212


Chailease Holding Co. Ltd.		1,100		8,727


Cheng Shin Rubber Industry Co. Ltd.		3,000		3,373


	Shares		Value


Taiwan–(continued)
China Steel Corp.		9,000	$	10,894


Chunghwa Telecom Co. Ltd., ADR		852		37,335


CTBC Financial Holding Co. Ltd.		16,000		15,773


Delta Electronics, Inc.		1,000		8,347


Evergreen Marine Corp. Taiwan Ltd.		5,000		24,242


Far Eastern New Century Corp.		6,000		6,075


First Financial Holding Co. Ltd.		6,000		5,639


Formosa Chemicals & Fibre Corp.		3,000		8,077


Fubon Financial Holding Co. Ltd.		3,000		7,511


Hon Hai Precision Industry Co. Ltd.		31,000		106,060


MediaTek, Inc.		2,000		54,802


Mega Financial Holding Co. Ltd.		7,000		9,822


Nan Ya Plastics Corp.		1,000		2,921


Nanya Technology Corp.		2,000		4,341


Novatek Microelectronics Corp.		1,000		13,294


Pegatron Corp.		3,000		7,107


Quanta Computer, Inc.		6,000		16,899


Sea Ltd., ADR^(a)		344		28,469


Taiwan Cement Corp.		7,200		11,192


Taiwan Cooperative Financial Holding Co. Ltd.		5,000		4,819


Taiwan Mobile Co. Ltd.		1,000		3,674


Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,748		162,442


Uni-President Enterprises Corp.		7,000		16,152


United Microelectronics Corp., ADR		4,618		36,759


Wan Hai Lines Ltd.		1,300		6,337


Yang Ming Marine Transport Corp.^(a)		2,000		8,334


Yuanta Financial Holding Co. Ltd.		8,600		7,552


				702,630



Turkey–0.02%
Eregli Demir ve Celik Fabrikalari TAS		2,231		4,989



United Kingdom–4.40%
Ashtead Group PLC		592		30,608


Associated British Foods PLC		134		2,671


AstraZeneca PLC		668		88,738


BAE Systems PLC		2,974		27,701


Barclays PLC		14,182		25,914


BP PLC		7,339		35,833


British American Tobacco PLC		2,444		102,998


BT Group PLC		7,725		17,095


Coca-Cola Europacific Partners PLC		228		11,389


Diageo PLC		2,358		116,851


Experian PLC		729		25,268


HSBC Holdings PLC		7,284		45,465


Imperial Brands PLC		992		20,708


Lloyds Banking Group PLC		31,421		17,715


National Grid PLC		2,203		32,755


NatWest Group PLC		2,131		5,729


Prudential PLC		950		11,809


Reckitt Benckiser Group PLC		276		21,531


RELX PLC		1,116		33,330


Smith & Nephew PLC		295		4,773


SSE PLC		1,748		40,718


Standard Chartered PLC		3,290		22,539


Tesco PLC		16,702		56,739


Unilever PLC		1,212		56,295

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


9		Invesco Advantage International Fund


	Shares		Value


United Kingdom–(continued)
Vodafone Group PLC		31,628	$	47,850


				903,022



United Republic of Tanzania–0.02%
AngloGold Ashanti Ltd.		170		3,480



United States–2.73%
Atlassian Corp. PLC, Class A^(a)		284		63,852


Ferguson PLC		372		46,914


GlaxoSmithKline PLC		4,613		103,871


JBS S.A.		1,700		13,015


Nestle S.A.		2,259		291,649


Spotify Technology S.A.^(a)		54		5,489


Stellantis N.V.		1,045		13,922


Swiss Re AG		256		20,995


				559,707



Vietnam–0.00%
Vietnam Dairy Products JSC		2		6


Total Common Stocks & Other Equity Interests (Cost $12,591,405)				13,020,428



	Principal Amount

Event-Linked Bonds–0.46%
Multinational–0.46%
Alturas RE Segregated Account, Catastrophe Linked Notes, 0.00%, 12/31/2022^(b)(c)(e)	$	1,000		1,986


Eden RE II Ltd., Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023^(b)(c)(e)		720		7,699


Limestone Re Ltd., Class A, Catastrophe Linked Notes, 0.00%, 09/09/2022^(b)(c)(e)		1,175		2,825


Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024^(b)(c)(e)		120,000		80,678


Total Event-Linked Bonds (Cost $122,895)				93,188

Investment Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

PC – Participation Certificate

Pfd. – Preferred


	Shares		Value


Preferred Stocks–0.36%
Multinational–0.36%
Harambee Re Ltd., Pfd.^(b)		80	$	3,527


Lion Rock Re Ltd., Series S, Pfd.^(b)		25		1,480


Mt. Logan Re Ltd., Pfd.^(b)		116		62,655


Thopas Re Ltd., Pfd.^(b)		5		0


Turing Re Ltd., Series 2019-1, Pfd.^(b)(c)		886		2,256


Viribus Re Ltd., Pfd.^(b)		38,090		4,380


Total Preferred Stocks (Cost $246,525)				74,298



Money Market Funds–26.58%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(f)(g)		1,778,076		1,778,076


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(f)(g)		1,646,203		1,645,874


Invesco Treasury Portfolio, Institutional Class, 0.23%^(f)(g)		2,032,087		2,032,087


Total Money Market Funds (Cost $5,456,474)				5,456,037


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–90.38% (Cost $18,294,404)				18,550,763



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.10%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		6,569		6,569


Invesco Private Prime Fund, 0.35%^(f)(g)(h)		14,220		14,220


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,789)				20,789


TOTAL INVESTMENTS IN SECURITIES–90.94% (Cost $18,438,088)				18,664,740


OTHER ASSETS LESS LIABILITIES–9.06%				1,860,061


NET ASSETS–100.00%			$	20,524,801

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


10		Invesco Advantage International Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $273,339, which represented 1.33% of the Fund’s Net Assets.

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

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

^(f)

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


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

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

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

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

Open Exchange-Traded Index Options Written

Description

Type of

Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value*

Value

Equity Risk

MSCI EAFE Markets Index

Put

05/20/2022

USD 2,060.00

USD 6,180,000

(226,200

)

MSCI Emerging Markets Index

Put

05/20/2022

USD 1,080.00

USD 2,808,000

(95,680

)

Total Index Options Written

(321,880

)

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


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts	Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
Canadian Dollar	22	June-2022	$	1,713,910		$	(18,348	)	$	(18,348	)
Equity Risk
S&P/TSX 60 Index	8	June-2022		1,559,335			(48,164	)		(48,164	)
Subtotal-Long Futures Contracts							(66,512	)		(66,512	)

Short Futures Contracts
Equity Risk
MSCI EAFE Index	61	June-2022		(6,089,630	)		539,221			539,221
MSCI Emerging Markets Index	52	June-2022		(2,749,240	)		277,580			277,580
Subtotal-Short Futures Contracts							816,801			816,801
Total Futures Contracts						$	750,289		$	750,289

^(a)	Futures contracts collateralized by $500,667 cash held with Merrill Lynch International, the futures commission merchant.

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


11		Invesco Advantage International Fund

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

Counterparty

Pay/
Receive

Reference
Entity

Floating
Rate Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR

Monthly

794

June–2022

��

USD

1,661,961

$–

$(71,682

)

$(71,682

)

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR +
0.220%

Monthly

779

June–2022

USD

1,604,086

–

(43,850

)

(43,850

)

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month
USD LIBOR
+ 0.720%

Monthly

345

June–2022

USD

669,950

–

(18,920

)

(18,920

)

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

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month
USD LIBOR
+ 0.790%

Monthly

274

May–2022

USD

5,559,002

–

(15,026

)

(15,026

)

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

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR +
0.920%

Monthly

231

May–2022

USD

468,662

–

(12,668

)

(12,668

)

Total – Total Return Swap Agreements

$–

$(162,146

)

$(162,146

)

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

Abbreviations:


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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Financials	11.09	%

Health Care	9.20

Information Technology	7.91

Industrials	7.10

Consumer Discretionary	6.98

Consumer Staples	6.00

Communication Services	5.52

Materials	4.41

Energy	3.16

Other Sectors, Each Less than 2% of Net Assets	2.89

Money Market Funds Plus Other Assets Less Liabilities	35.74

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


12		Invesco Advantage International Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $12,960,825)*	$	13,187,914


Investments in affiliated money market funds, at value (Cost $5,477,263)		5,476,826


Other investments:
Variation margin receivable – futures contracts		1,588,653


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		500,667


Cash		98,102


Foreign currencies, at value (Cost $66,335)		64,693


Receivable for:
Fund shares sold		12,474


Dividends		114,841


Interest		324


Investment for trustee deferred compensation and retirement plans		13,829


Other assets		27,377


Total assets		21,085,700



Liabilities:
Other investments:
Options written, at value (premiums received $120,570)		321,880


Swaps payable – OTC		1,465


Unrealized depreciation on swap agreements–OTC		162,146


Payable for:
Investments purchased		4,141


Collateral upon return of securities loaned		20,789


Accrued fees to affiliates		8,633


Accrued other operating expenses		28,016


Trustee deferred compensation and retirement plans		13,829


Total liabilities		560,899


Net assets applicable to shares outstanding	$	20,524,801



Net assets consist of:
Shares of beneficial interest	$	20,096,107


Distributable earnings		428,694


	$	20,524,801


Net Assets:
Class A	$	11,734,662


Class C	$	3,236,921


Class R	$	3,786,538


Class Y	$	1,754,299


Class R5	$	10,817


Class R6	$	1,564



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,062,802


Class C		303,835


Class R		346,720


Class Y		157,322


Class R5		974


Class R6		140


Class A:
Net asset value per share	$	11.04


Maximum offering price per share (Net asset value of $11.04 ÷ 94.50%)	$	11.68


Class C:
Net asset value and offering price per share	$	10.65


Class R:
Net asset value and offering price per share	$	10.92


Class Y:
Net asset value and offering price per share	$	11.15


Class R5:
Net asset value and offering price per share	$	11.11


Class R6:
Net asset value and offering price per share	$	11.17

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

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


13		Invesco Advantage International Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Interest	$	4,689


Dividends (net of foreign withholding taxes of $8,062)		308,997


Dividends from affiliated money market funds (includes securities lending income of $21)		1,401


Non-cash dividend income		27,007


Foreign withholding tax claims		169


Total investment income		342,263



Expenses:
Advisory fees		51,124


Administrative services fees		1,456


Distribution fees:
Class A		13,953


Class C		16,587


Class R		10,341


Transfer agent fees – A, C, R and Y		20,348


Transfer agent fees – R5		2


Trustees’ and officers’ fees and benefits		8,478


Registration and filing fees		39,766


Professional services fees		58,241


Other		(26,187	)


Total expenses		194,109


Less: Fees waived and/or expenses reimbursed		(90,241	)


Net expenses		103,868


Net investment income		238,395



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(279,804	)


Affiliated investment securities		(333	)


Foreign currencies		598


Forward foreign currency contracts		(12	)


Futures contracts		200,388


Option contracts written		200,413


Swap agreements		(152,001	)


		(30,751	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,691,501	)


Affiliated investment securities		(361	)


Foreign currencies		(7,336	)


Futures contracts		667,205


Option contracts written		(259,271	)


Swap agreements		(206,425	)


		(1,497,689	)


Net realized and unrealized gain (loss)		(1,528,440	)


Net increase (decrease) in net assets resulting from operations	$	(1,290,045	)

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


14		Invesco Advantage International Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income	$	238,395		$	372,232


Net realized gain (loss)		(30,751	)		2,948,430


Change in net unrealized appreciation (depreciation)		(1,497,689	)		867,477


Net increase (decrease) in net assets resulting from operations		(1,290,045	)		4,188,139



Distributions to shareholders from distributable earnings:
Class A		(1,513,571	)		(8,308	)


Class C		(394,740	)		(2,808	)


Class R		(529,023	)		(3,184	)


Class Y		(138,310	)		(732	)


Class R5		(1,617	)		(9	)


Class R6		(232	)		(1	)


Total distributions from distributable earnings		(2,577,493	)		(15,042	)



Share transactions–net:
Class A		1,492,850			212,515


Class C		503,232			(619,837	)


Class R		206,566			(110,212	)


Class Y		784,053			65,517


Class R6		–			(2	)


Net increase (decrease) in net assets resulting from share transactions		2,986,701			(452,019	)


Net increase (decrease) in net assets		(880,837	)		3,721,078



Net assets:
Beginning of period		21,405,638			17,684,560


End of period	$	20,524,801		$	21,405,638

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


15		Invesco Advantage International Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

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

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

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

^(f)	Annualized.

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

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


16		Invesco Advantage International Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

Prior to February 10, 2020, the Fund sought to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer Global Multi-Asset Growth Fund (Cayman) Ltd. (the “Subsidiary”), a wholly owned and controlled subsidiary by the Fund that was organized under the laws of the Cayman Islands. Effective February 10, 2020, the Subsidiary liquidated and ceased operations. For the period November 1, 2019 through February 10, 2020, the Subsidiary operations were consolidated on the Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights.

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2022, the Fund did not enter into any closing agreements.

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

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.

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


18		Invesco Advantage International Fund

collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, there were no securities lending transactions with the Adviser.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

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


19		Invesco Advantage International Fund

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.

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

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

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

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

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the


20		Invesco Advantage International Fund

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

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*	Rate


First $500 million		0.490%


Next $500 million		0.470%


Next $4.0 billion		0.440%


Over $5.0 billion		0.420%

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

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.49%.

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

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $6,585 in front-end sales commissions from the sale of Class A shares and $0 and $1 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	506,192	$	–	$	506,192


Austria		–		10,262		–		10,262


Belgium		–		76,958		–		76,958


Brazil		531,682		–		–		531,682


Chile		27,569		–		–		27,569


China		232,449		1,427,412		1,147		1,661,008


Colombia		3,512		–		–		3,512


Denmark		–		503,684		–		503,684


Finland		–		136,936		–		136,936


France		–		1,088,808		–		1,088,808


Germany		–		781,221		–		781,221


Greece		–		15,115		–		15,115


Hong Kong		–		250,655		–		250,655


Hungary		–		13,019		–		13,019


Indonesia		–		104,174		–		104,174


Ireland		–		8,838		–		8,838


Italy		–		141,993		–		141,993


Japan		–		1,997,812		–		1,997,812


Luxembourg		–		20,901		–		20,901


Malaysia		–		73,237		–		73,237


Mexico		112,644		–		–		112,644


Multinational		–		–		167,486		167,486


Netherlands		–		686,269		–		686,269


Peru		4,306		–		–		4,306


Philippines		–		11,141		–		11,141


Poland		–		26,133		–		26,133


Russia		–		–		–		–


Singapore		–		27,831		–		27,831


22		Invesco Advantage International Fund


	Level 1			Level 2			Level 3		Total


South Africa	$	–		$	223,275		$	–	$	223,275


South Korea		–			437,953			–		437,953


Spain		–			247,349			–		247,349


Sweden		–			242,921			–		242,921


Switzerland		–			873,196			–		873,196


Taiwan		277,904			424,726			–		702,630


Turkey		–			4,989			–		4,989


United Kingdom		11,389			891,633			–		903,022


United Republic of Tanzania		–			3,480			–		3,480


United States		82,356			477,351			–		559,707


Vietnam		–			6			–		6


Money Market Funds		5,456,037			20,789			–		5,476,826


Total Investments in Securities		6,739,848			11,756,259			168,633		18,664,740



Other Investments - Assets*


Futures Contracts		816,801			–			–		816,801



Other Investments - Liabilities*


Futures Contracts		(66,512	)		–			–		(66,512	)


Options Written		(321,880	)		–			–		(321,880	)


Swap Agreements		–			(162,146	)		–		(162,146	)


		(388,392	)		(162,146	)		–		(550,538	)


Total Other Investments		428,409			(162,146	)		–		266,263


Total Investments	$	7,168,257		$	11,594,113		$	168,633	$	18,931,003

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

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

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

Value
10/31/21

Purchases
at Cost

Proceeds
from Sales

Accrued
Discounts/
Premiums

Realized
Gain
(Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Transfers
into
Level 3

Transfers
out of
Level 3

Value
04/30/22

Event-Linked Bonds

$101,488

$–

$ (1,250)

$–

$ (5,351)

$ (1,699)

$–

$ 93,188

Preferred Stocks

106,327

–

(22,495)

–

14,822

(24,356)

–

74,298

Common Stocks & Other Equity Interests

1,157

–

(10)

–

1,147

Total

$208,972

$–

$(23,745)

$–

$ 9,471

$(26,065)

$–

$168,633

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

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:


	Value
Derivative Assets	Equity Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	816,801


Derivatives not subject to master netting agreements		(816,801	)


Total Derivative Assets subject to master netting agreements	$	–


23		Invesco Advantage International Fund


				Value

Derivative Liabilities	Currency Risk			Equity Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(18,348	)	$	(48,164	)	$	(66,512	)


Unrealized depreciation on swap agreements – OTC		–			(162,146	)		(162,146	)


Options written, at value – Exchange-Traded		–			(321,880	)		(321,880	)


Total Derivative Liabilities		(18,348	)		(532,190	)		(550,538	)


Derivatives not subject to master netting agreements		18,348			370,044			388,392


Total Derivative Liabilities subject to master netting agreements	$	–		$	(162,146	)	$	(162,146	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022.


	Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements			Net Value of Derivatives			Non-Cash	Cash	Net Amount


BNP Paribas S.A.	$	(116,036	)	$	(116,036	)	$–	$–	$	(116,036	)


Goldman Sachs International		(19,307	)		(19,307	)	–	–		(19,307	)


J.P. Morgan Chase Bank, N.A.		(28,268	)		(28,268	)	–	–		(28,268	)


Total	$	(163,611	)	$	(163,611	)	$–	$–	$	(163,611	)

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

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


	Location of Gain (Loss) on Statement of Operations

	Currency Risk			Equity Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(12	)	$	-		$	(12	)


Futures contracts		(9,128	)		209,516			200,388


Options written		-			200,413			200,413


Swap agreements		-			(152,001	)		(152,001	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(52,877	)		720,082			667,205


Options written		-			(259,271	)		(259,271	)


Swap agreements		-			(206,425	)		(206,425	)


Total	$	(62,017	)	$	512,314		$	450,297

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

Forward
Foreign Currency
Contracts

Futures
Contracts

Index
Options
Written

Swap
Agreements

Average notional value

$9,756

$5,703,835

$3,323,200

$4,594,772

Average contracts

–

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


24		Invesco Advantage International Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $10,822,187 and $12,464,755, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 1,929,092


Aggregate unrealized (depreciation) of investments	(1,620,335	)


Net unrealized appreciation of investments	$ 308,757

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

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		95,390		$	1,121,180			265,567		$	3,466,204


Class C		40,941			471,944			52,280			661,111


Class R		38,763			452,053			97,739			1,239,930


Class Y		77,775			875,795			20,242			261,063


Class R6		-			-			10			130



Issued as reinvestment of dividends:
Class A		128,932			1,505,924			668			8,294


Class C		34,576			390,706			231			2,785


Class R		44,248			511,946			259			3,184


Class Y		8,680			102,345			57			714



Automatic conversion of Class C shares to Class A shares:
Class A		3,269			36,755			12,864			163,378


Class C		(3,388	)		(36,755	)		(13,269	)		(163,378	)



Reacquired:
Class A		(99,527	)		(1,171,009	)		(261,679	)		(3,425,361	)


Class C		(28,041	)		(322,663	)		(87,451	)		(1,120,355	)


Class R		(65,934	)		(757,433	)		(104,357	)		(1,353,326	)


Class Y		(16,365	)		(194,087	)		(14,619	)		(196,260	)


Class R6		-			-			(10	)		(132	)


Net increase (decrease) in share activity		259,319		$	2,986,701			(31,468	)	$	(452,019	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.


25		Invesco Advantage International Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


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

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

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


26		Invesco Advantage International Fund

(This page intentionally left blank)

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

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Semiannual Report to Shareholders			April 30, 2022

Invesco EQV Asia Pacific Equity Fund

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

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

7		Financial Statements

10		Financial Highlights

11		Notes to Financial Statements

17		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.65	%
Class C Shares	-12.95
Class Y Shares	-12.57
Class R6 Shares	-12.55
MSCI All Country Asia Pacific ex Japan Index^▼ (Broad Market/Style-Specific Index)	-12.88

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country Asia Pacific ex Japan Index is an unmanaged index considered representative of Asia Pacific region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco EQV Asia Pacific Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	8.05	%
10 Years	5.08
5 Years	3.94
1 Year	-21.87

Class C Shares
Inception (11/3/97)	8.05	%
10 Years	5.04
5 Years	4.34
1 Year	-18.67

Class Y Shares
Inception (10/3/08)	9.68	%
10 Years	5.94
5 Years	5.39
1 Year	-17.14

Class R6 Shares
10 Years	5.90	%
5 Years	5.57
1 Year	-17.06

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

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 EQV Asia Pacific 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 EQV Asia Pacific Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.26%
Australia–2.80%
CSL Ltd.		81,549	$ 15,433,895

China–28.83%
Airtac International Group		224,000	6,085,342
Alibaba Group Holding Ltd., ADR^(a)		36,046	3,499,706
Angel Yeast Co. Ltd., A Shares		445,470	2,581,523
China Mengniu Dairy Co. Ltd.		3,827,000	20,589,818
China Resources Beer Holdings Co. Ltd.		1,450,000	8,463,285
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		732,988	3,825,951
Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		1,557,600	6,352,888
JD.com, Inc., A Shares^(a)		24,766	771,968
JD.com, Inc., ADR^(a)(c)		338,337	20,861,859
Minth Group Ltd.		1,838,000	4,334,131
Sunny Optical Technology Group Co. Ltd.		183,400	2,683,277
Tencent Holdings Ltd.		443,700	20,811,917
Tongcheng Travel Holdings Ltd.^(a)(b)		9,879,200	17,389,785
Wuliangye Yibin Co. Ltd., A Shares		648,938	15,782,455
Yum China Holdings, Inc.		599,316	25,051,409
			159,085,314

Hong Kong–4.77%
Hongkong Land Holdings Ltd.		1,093,700	5,091,551
Swire Properties Ltd.		8,914,200	21,229,190
			26,320,741

India–4.81%
Emami Ltd.		1,412,464	9,045,380
HDFC Bank Ltd., ADR		316,741	17,487,271
			26,532,651

Indonesia–11.62%
PT Bank Central Asia Tbk		26,531,800	14,839,223
PT Kalbe Farma Tbk		112,036,100	12,672,289
PT Mitra Keluarga Karyasehat Tbk^(b)		58,880,900	10,277,410
PT Pakuwon Jati Tbk^(a)		484,554,400	18,726,963
PT Telkom Indonesia (Persero) Tbk		23,918,700	7,621,853
			64,137,738

Macau–1.29%
Galaxy Entertainment Group Ltd.		1,247,000	7,122,922

Malaysia–3.52%
Bursa Malaysia Bhd.		7,666,250	12,285,837
Heineken Malaysia Bhd.		1,306,900	7,120,489
			19,406,326

New Zealand–1.99%
Auckland International Airport Ltd.^(a)		1,304,042	6,557,199
Freightways Ltd.		558,671	4,408,552
			10,965,751

Philippines–6.86%
BDO Unibank, Inc.		7,545,740	18,625,915


	Shares		Value
Philippines–(continued)
SM Investments Corp.		511,646	$ 8,312,398
SM Prime Holdings, Inc.		16,339,500	10,921,559
			37,859,872

Singapore–3.57%
Keppel REIT		6,370,200	5,590,120
United Overseas Bank Ltd.		658,700	14,116,688
			19,706,808

South Korea–7.48%
Douzone Bizon Co. Ltd.		87,490	2,811,676
LEENO Industrial, Inc.		35,688	4,967,449
NAVER Corp.		41,419	9,369,080
Samsung Electronics Co. Ltd.		454,545	24,151,846
			41,300,051

Taiwan–6.20%
MediaTek, Inc.		196,000	5,370,568
Taiwan Semiconductor Manufacturing Co. Ltd.		1,582,464	28,864,141
			34,234,709

Thailand–3.52%
Central Pattana PCL, Foreign Shares		11,085,500	19,423,074

United States–7.33%
Amcor PLC, CDI		594,287	7,027,140
Broadcom, Inc.		60,319	33,440,250
			40,467,390

Vietnam–1.67%
Vietnam Dairy Products JSC		2,861,490	9,236,547
Total Common Stocks & Other Equity Interests (Cost $396,188,292)			531,233,789

Money Market Funds–3.57%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		6,883,290	6,883,290
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		4,937,636	4,936,647
Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		7,866,617	7,866,617
Total Money Market Funds (Cost $19,686,136)			19,686,554
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.83% (Cost $415,874,428)			550,920,343

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.57%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		943,520	943,520

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


5		Invesco EQV Asia Pacific Equity Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		2,201,548	$	2,201,548


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,145,062)				3,145,068


TOTAL INVESTMENTS IN SECURITIES–100.40% (Cost $419,019,490)				554,065,411


OTHER ASSETS LESS LIABILITIES–(0.40)%				(2,186,795	)


NET ASSETS–100.00%			$	551,878,616

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $34,020,083, which represented 6.16% of the Fund’s Net Assets.

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

^(d)


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022


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

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


6		Invesco EQV Asia Pacific Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $396,188,292)*		$531,233,789
Investments in affiliated money market funds, at value (Cost $22,831,198)		22,831,622
Foreign currencies, at value (Cost $311,908)		285,065
Receivable for:
Investments sold		1,089,758
Fund shares sold		210,291
Dividends		1,507,599
Investment for trustee deferred compensation and retirement plans		105,798
Other assets		45,985
Total assets		557,309,907

Liabilities:
Payable for:
Investments purchased		749,189
Fund shares reacquired		303,428
Accrued foreign taxes		575,309
Collateral upon return of securities loaned		3,145,062
Accrued fees to affiliates		356,940
Accrued other operating expenses		184,691
Trustee deferred compensation and retirement plans		116,672
Total liabilities		5,431,291
Net assets applicable to shares outstanding		$551,878,616


Net assets consist of:
Shares of beneficial interest	$	390,524,469
Distributable earnings		161,354,147
	$	551,878,616

Net Assets:
Class A	$	367,764,413
Class C	$	11,891,663
Class Y	$	146,810,277
Class R6	$	25,412,263

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,362,843
Class C		449,782
Class Y		4,924,698
Class R6		853,913
Class A:
Net asset value per share	$	29.75
Maximum offering price per share (Net asset value of $29.75 ÷ 94.50%)	$	31.48
Class C:
Net asset value and offering price per share	$	26.44
Class Y:
Net asset value and offering price per share	$	29.81
Class R6:
Net asset value and offering price per share	$	29.76

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

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


7		Invesco EQV Asia Pacific Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $288,887)	$	4,510,421


Dividends from affiliated money market funds (includes securities lending income of $1,020)		11,101


Non-cash dividend income		903,398


Total investment income		5,424,920



Expenses:
Advisory fees		2,981,865


Administrative services fees		47,204


Custodian fees		99,616


Distribution fees:
Class A		513,953


Class C		68,296


Transfer agent fees – A, C and Y		559,284


Transfer agent fees – R6		12,420


Trustees’ and officers’ fees and benefits		10,815


Registration and filing fees		34,965


Reports to shareholders		36,377


Professional services fees		33,352


Other		6,617


Total expenses		4,404,764


Less: Fees waived and/or expense offset arrangement(s)		(9,842	)


Net expenses		4,394,922


Net investment income		1,029,998



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		26,563,588


Affiliated investment securities		(292	)


Foreign currencies		(31,576	)


		26,531,720


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $23,923)		(113,403,454	)


Affiliated investment securities		(2,246	)


Foreign currencies		(44,304	)


		(113,450,004	)


Net realized and unrealized gain (loss)		(86,918,284	)


Net increase (decrease) in net assets resulting from operations	$	(85,888,286	)

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


8		Invesco EQV Asia Pacific Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2022			2021


Operations:
Net investment income	$	1,029,998		$	2,066,034


Net realized gain		26,531,720			51,103,824


Change in net unrealized appreciation (depreciation)		(113,450,004	)		13,836,921


Net increase (decrease) in net assets resulting from operations		(85,888,286	)		67,006,779



Distributions to shareholders from distributable earnings:
Class A		(30,871,680	)		(33,752,095	)


Class C		(1,135,129	)		(1,877,272	)


Class Y		(11,823,956	)		(12,868,796	)


Class R6		(6,813,606	)		(8,742,429	)


Total distributions from distributable earnings		(50,644,371	)		(57,240,592	)



Share transactions–net:
Class A		5,307,513			3,390,566


Class C		(738,098	)		(7,801,060	)


Class Y		12,289,192			11,664,145


Class R6		(51,884,241	)		(16,827,003	)


Net increase (decrease) in net assets resulting from share transactions		(35,025,634	)		(9,573,352	)


Net increase (decrease) in net assets		(171,558,291	)		192,835



Net assets:
Beginning of period		723,436,907			723,244,072


End of period	$	551,878,616		$	723,436,907

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


9		Invesco EQV Asia Pacific Equity Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

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


10		Invesco EQV Asia Pacific Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

The 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 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.


11		Invesco EQV Asia Pacific 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.

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.

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


12		Invesco EQV Asia Pacific Equity Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

Other Risks – Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. In addition, the risks of expropriation and/or nationalization of assets, confiscatory taxation, and armed conflict as a result of religious, ethnic, socio- economic and/or political unrest may adversely affect the value of the Fund’s Asia Pacific investments.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $250 million		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Amount over $10 billion		0.760%

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.


13		Invesco EQV Asia Pacific Equity Fund

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $26,879 in front-end sales commissions from the sale of Class A shares and $442 and $382 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $173 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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


14		Invesco EQV Asia Pacific Equity Fund

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $126.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $51,097,273 and $121,741,922, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	159,238,555


Aggregate unrealized (depreciation) of investments		(24,607,951	)


Net unrealized appreciation of investments	$	134,630,604

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

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		393,878		$	12,957,697			1,055,106		$	40,878,456


Class C		57,105			1,673,221			109,717			3,916,065


Class Y		826,585			26,312,736			1,071,817			41,374,912


Class R6		140,004			4,386,485			255,879			9,560,023



Issued as reinvestment of dividends:
Class A		848,289			28,137,754			825,110			30,834,363


Class C		34,846			1,030,040			51,722			1,746,651


Class Y		284,922			9,462,263			282,750			10,580,517


Class R6		42,783			1,418,688			204,038			7,626,943



Automatic conversion of Class C shares to Class A shares:
Class A		39,324			1,280,498			218,755			8,279,134


Class C		(44,124	)		(1,280,498	)		(242,383	)		(8,279,134	)


15		Invesco EQV Asia Pacific Equity Fund


	Summary of Share Activity


	Six months ended April 30, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,126,336	)	$	(37,068,436	)		(2,005,215	)	$	(76,601,387	)


Class C		(72,522	)		(2,160,861	)		(148,756	)		(5,184,642	)


Class Y		(722,911	)		(23,485,807	)		(1,070,116	)		(40,291,284	)


Class R6		(1,848,915	)		(57,689,414	)		(891,926	)		(34,013,969	)


Net increase (decrease) in share activity		(1,147,072	)	$	(35,025,634	)		(283,502	)	$	(9,573,352	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		Invesco EQV Asia Pacific Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


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

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


17		Invesco EQV Asia Pacific Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco EQV European Equity Fund

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

Nasdaq:

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



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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-21.07	%
Class C Shares	-21.36
Class R Shares	-21.17
Class Y Shares	-20.97
Investor Class Shares	-21.05
Class R6 Shares	-20.93
MSCI Europe Index^▼ (Broad Market Index)	-11.73

Source(s): ^▼RIMES Technologies Corp.
The MSCI Europe Index is an unmanaged index considered representative of stocks of developed European countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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


2		Invesco EQV European Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	7.98	%
10 Years	3.44
5 Years	-0.61
1 Year	-22.18

Class C Shares
Inception (11/3/97)	7.98	%
10 Years	3.41
5 Years	-0.23
1 Year	-19.00

Class R Shares
Inception (6/3/02)	6.65	%
10 Years	3.78
5 Years	0.28
1 Year	-17.85

Class Y Shares
Inception (10/3/08)	5.36	%
10 Years	4.30
5 Years	0.78
1 Year	-17.43

Investor Class Shares
Inception (9/30/03)	7.30	%
10 Years	4.09
5 Years	0.59
1 Year	-17.58

Class R6 Shares
10 Years	4.23	%
5 Years	0.90
1 Year	-17.36

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

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

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

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


3		Invesco EQV European 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 EQV European Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests-96.19%
Denmark-3.45%
Carlsberg A/S, Class B		86,634	$	10,965,722


Novo Nordisk A/S, Class B		142,499		16,297,890


				27,263,612



France-16.07%
Air Liquide S.A.		74,307		12,828,585


Arkema S.A.		138,422		15,622,363


Bollore SE		4,921,823		22,855,818


Criteo S.A., ADR^(a)		328,228		8,133,490


Kaufman & Broad S.A.		466,579		14,226,469


Kering S.A.		12,784		6,790,263


LVMH Moet Hennessy Louis Vuitton SE		16,426		10,510,927


Metropole Television S.A.		556,365		10,290,029


Pernod Ricard S.A.		45,676		9,410,848


Schneider Electric SE		115,255		16,415,086


				127,083,878



Germany-4.44%
Deutsche Boerse AG		118,434		20,758,297


flatexDEGIRO AG^(a)		514,968		8,895,984


MTU Aero Engines AG		27,053		5,471,139


				35,125,420



Hungary-1.87%
Gedeon Richter PLC		742,769		14,763,534



Ireland-5.94%
CRH PLC		375,284		14,886,671


Flutter Entertainment PLC^(a)		93,039		9,347,381


ICON PLC^(a)		60,739		13,739,769


Origin Enterprises PLC		1,997,294		8,970,707


				46,944,528



Italy-6.43%
Danieli & C. Officine Meccaniche S.p.A., RSP		1,245,111		19,426,415


FinecoBank Banca Fineco S.p.A.		1,555,986		21,435,936


Technogym S.p.A.^(b)		1,329,540		10,018,547


				50,880,898



Netherlands-11.69%
Aalberts N.V.		218,509		10,534,138


ASML Holding N.V.		14,699		8,316,237


Heineken N.V.		189,036		18,437,255


Prosus N.V.		294,470		14,199,550


SBM Offshore N.V.		1,057,816		15,334,952


Signify N.V.		308,011		13,005,213


Wolters Kluwer N.V.		124,512		12,594,419


				92,421,764



Norway-0.80%
TGS ASA		411,377		6,355,405



Russia-0.00%
Sberbank of Russia PJSC, Preference Shares^(c)		11,172,332		11


	Shares		Value


Russia-(continued)
Yandex N.V., Class A^(a)(c)		301,028	$	1


				12



Spain-2.53%
Amadeus IT Group S.A.^(a)		175,830		10,963,570


Construcciones y Auxiliar de Ferrocarriles S.A.		293,713		9,039,044


				20,002,614



Sweden-8.18%
Husqvarna AB, Class B^(d)		851,637		8,147,280


Investor AB, Class B		911,024		17,502,317


Lifco AB, Class B		372,302		7,811,207


Sandvik AB^(d)		1,377,743		25,905,611


Svenska Handelsbanken AB, Class A		524,007		5,282,142


				64,648,557



Switzerland-5.17%
Kuehne + Nagel International AG, Class R		28,218		7,912,641


Logitech International S.A., Class R		185,884		12,044,983


OC Oerlikon Corp. AG		558,622		3,974,172


Roche Holding AG		45,780		16,955,385


				40,887,181



Turkey-1.09%
Haci Omer Sabanci Holding A.S.		6,421,892		8,582,280



United Kingdom-26.79%
Ashtead Group PLC		174,429		9,018,287


Clarkson PLC		329,590		15,120,307


DCC PLC		450,060		34,005,396


Diploma PLC		237,409		8,121,401


FDM Group Holdings PLC		554,228		7,092,267


Hays PLC		6,823,238		10,378,836


HomeServe PLC		1,716,509		21,154,682


IG Group Holdings PLC		2,408,854		24,595,346


Jupiter Fund Management PLC		2,269,473		5,047,067


Linde PLC		21,253		6,630,086


Reckitt Benckiser Group PLC		244,284		19,057,008


Savills PLC		1,764,234		23,613,171


Travis Perkins PLC		515,033		7,841,062


Ultra Electronics Holdings PLC		492,806		20,116,476


				211,791,392



United States-1.74%
Nestle S.A.		106,612		13,764,193


Total Common Stocks & Other Equity Interests (Cost $663,055,447)				760,515,268



Money Market Funds-3.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)		8,111,593		8,111,593


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(e)(f)		7,293,913		7,292,455

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


5		Invesco EQV European Equity Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.23%^(e)(f)		9,270,392	$	9,270,392


Total Money Market Funds (Cost $24,673,446)				24,674,440


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.31% (Cost $687,728,893)				785,189,708



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.46%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		10,581,844		10,581,844


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		24,690,969	$	24,690,969


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,272,813)				35,272,813


TOTAL INVESTMENTS IN SECURITIES–103.77% (Cost $723,001,706)				820,462,521


OTHER ASSETS LESS LIABILITIES–(3.77)%				(29,826,219	)


NET ASSETS–100.00%			$	790,636,302

Investment Abbreviations:

ADR – American Depositary Receipt

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented 1.27% of the Fund’s Net Assets.

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

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

^(e)


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

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

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

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


6		Invesco EQV European Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Industrials	33.64	%

Financials	14.18

Consumer Staples	10.20

Consumer Discretionary	8.23

Health Care	7.81

Materials	6.32

Communication Services	5.22

Information Technology	4.86

Real Estate	2.99

Energy	2.74

Money Market Funds Plus Other Assets Less Liabilities	3.81

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


7		Invesco EQV European Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $663,055,447)*	$	760,515,268



Investments in affiliated money market funds, at value (Cost $59,946,259)		59,947,253


Foreign currencies, at value (Cost $617,703)		613,331


Receivable for:
Investments sold		4,541,890


Fund shares sold		410,914


Dividends		6,578,515


Investment for trustee deferred compensation and retirement plans		174,310


Other assets		66,763


Total assets		832,848,244



Liabilities:

Payable for:
Investments purchased		5,403,636


Fund shares reacquired		730,013


Collateral upon return of securities loaned		35,272,813


Accrued fees to affiliates		440,030


Accrued other operating expenses		173,317


Trustee deferred compensation and retirement plans		192,133


Total liabilities		42,211,942


Net assets applicable to shares outstanding	$	790,636,302



Net assets consist of:

Shares of beneficial interest	$	657,444,017


Distributable earnings		133,192,285


	$	790,636,302


Net Assets:

Class A	$	264,548,626


Class C	$	12,314,678


Class R	$	5,405,822


Class Y	$	408,312,772


Investor Class	$	95,917,016


Class R6	$	4,137,388



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

Class A		8,085,873


Class C		405,927


Class R		165,618


Class Y		12,466,134


Investor Class		2,941,259


Class R6		126,406


Class A:
Net asset value per share	$	32.72


Maximum offering price per share (Net asset value of $32.72 ÷ 94.50%)	$	34.62


Class C:
Net asset value and offering price per share	$	30.34


Class R:
Net asset value and offering price per share	$	32.64


Class Y:
Net asset value and offering price per share	$	32.75


Investor Class:
Net asset value and offering price per share	$	32.61


Class R6:
Net asset value and offering price per share	$	32.73

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

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


8		Invesco EQV European Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Interest	$	7,654


Dividends (net of foreign withholding taxes of $2,416,556)		9,132,709


Dividends from affiliated money market funds (includes securities lending income of $21,476)		26,843


Foreign withholding tax claims		1,523,564


Total investment income		10,690,770



Expenses:
Advisory fees		4,485,663


Administrative services fees		76,596


Custodian fees		86,475


Distribution fees:
Class A		396,294


Class C		82,966


Class R		15,986


Investor Class		119,468


Transfer agent fees – A, C, R, Y and Investor		698,609


Transfer agent fees – R6		792


Trustees’ and officers’ fees and benefits		12,153


Registration and filing fees		46,399


Reports to shareholders		40,726


Professional services fees		30,994


Other		7,850


Total expenses		6,100,971


Less: Fees waived and/or expense offset arrangement(s)		(5,174	)


Net expenses		6,095,797


Net investment income		4,594,973



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		59,341,705


Affiliated investment securities		(309	)


Foreign currencies		(67,126	)


		59,274,270


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(291,314,298	)


Affiliated investment securities		(4,516	)


Foreign currencies		(321,921	)


		(291,640,735	)


Net realized and unrealized gain (loss)		(232,366,465	)


Net increase (decrease) in net assets resulting from operations	$	(227,771,492	)

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


9		Invesco EQV European Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022				October 31, 2021


Operations:
Net investment income	$	4,594,973			$	13,222,530


Net realized gain		59,274,270				99,979,868


Change in net unrealized appreciation (depreciation)		(291,640,735	)			225,496,596


Net increase (decrease) in net assets resulting from operations		(227,771,492	)			338,698,994



Distributions to shareholders from distributable earnings:

Class A		(30,271,909	)			(4,332,934	)


Class C		(1,645,602	)			(132,308	)


Class R		(595,162	)			(71,734	)


Class Y		(53,433,019	)			(9,434,694	)


Investor Class		(10,970,302	)			(1,665,385	)


Class R6		(597,707	)			(160,084	)


Total distributions from distributable earnings		(97,513,701	)	��		(15,797,139	)



Share transactions–net:

Class A		8,593,384				(27,347,605	)


Class C		(2,841,004	)			(8,577,015	)


Class R		46,851				(716,021	)


Class Y		(44,414,615	)			(74,124,325	)


Investor Class		4,839,892				(11,181,237	)


Class R6		(1,030,430	)			(3,775,365	)


Net increase (decrease) in net assets resulting from share transactions		(34,805,922	)			(125,721,568	)


Net increase (decrease) in net assets		(360,091,115	)			197,180,287



Net assets:

Beginning of period		1,150,727,417				953,547,130


End of period	$	790,636,302			$	1,150,727,417

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


10		Invesco EQV European Equity Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

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

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

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


11		Invesco EQV European Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

The 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 EQV European 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 EQV European Equity Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.90%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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


14		Invesco EQV European Equity Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R, Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $11,294 in front-end sales commissions from the sale of Class A shares and $15 and $249 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $331 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3– Additional Valuation Information


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	$	–	$	27,263,612		$ –	$	27,263,612


France		8,133,490		118,950,388		–		127,083,878


Germany		–		35,125,420		–		35,125,420


Hungary		–		14,763,534		–		14,763,534


Ireland		13,739,769		33,204,759		–		46,944,528


Italy		–		50,880,898		–		50,880,898


Netherlands		–		92,421,764		–		92,421,764


Norway		–		6,355,405		–		6,355,405


Russia		–		–		12		12


Spain		–		20,002,614		–		20,002,614


Sweden		–		64,648,557		–		64,648,557


Switzerland		–		40,887,181		–		40,887,181


Turkey		–		8,582,280		–		8,582,280


United Kingdom		6,630,086		205,161,306		–		211,791,392


United States		–		13,764,193		–		13,764,193


Money Market Funds		24,674,440		35,272,813		–		59,947,253


Total Investments	$	53,177,785	$	767,284,724		$12	$	820,462,521

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco EQV European Equity Fund

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $140,373,237 and $280,896,517, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$157,218,396


Aggregate unrealized (depreciation) of investments	(87,310,528	)


Net unrealized appreciation of investments	$ 69,907,868

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

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		239,701		$	9,463,240			487,483		$	20,795,527


Class C		10,912			396,672			39,070			1,552,563


Class R		10,434			402,045			25,349			1,068,463


Class Y		817,153			31,392,623			1,560,556			66,111,697


Investor Class		14,692			585,802			60,517			2,552,827


Class R6		25,871			951,356			39,698			1,731,663



Issued as reinvestment of dividends:
Class A		671,928			26,816,643			97,439			3,811,815


Class C		37,200			1,380,497			2,977			108,822


Class R		14,784			589,150			1,825			71,265


Class Y		928,843			37,079,406			204,943			8,017,382


Investor Class		243,268			9,677,197			38,415			1,498,177


Class R6		13,696			546,053			4,018			157,063



Automatic conversion of Class C shares to Class A shares:
Class A		64,889			2,446,749			112,073			4,704,313


Class C		(69,868	)		(2,446,749	)		(120,210	)		(4,704,313	)


16		Invesco EQV European Equity Fund


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(790,061	)	$	(30,133,248	)		(1,335,829	)	$	(56,659,260	)


Class C		(60,113	)		(2,171,424	)		(141,957	)		(5,534,087	)


Class R		(23,426	)		(944,344	)		(44,689	)		(1,855,749	)


Class Y		(3,065,934	)		(112,886,644	)		(3,505,257	)		(148,253,404	)


Investor Class		(142,541	)		(5,423,107	)		(362,086	)		(15,232,241	)


Class R6		(67,314	)		(2,527,839	)		(140,282	)		(5,664,091	)


Net increase (decrease) in share activity		(1,125,886	)	$	(34,805,922	)		(2,975,947	)	$	(125,721,568	)

⁽^a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


17		Invesco EQV European Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


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

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


18		Invesco EQV European Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco Global Focus Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

7		Financial Statements

10		Financial Highlights

11		Notes to Financial Statements

16		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-31.86	%
Class C Shares	-32.11
Class R Shares	-31.94
Class Y Shares	-31.77
Class R5 Shares	-31.73
Class R6 Shares	-31.73
MSCI All Country World Index^▼	-11.63

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Global Focus Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (10/1/07)	6.20	%
10 Years	8.96
5 Years	8.13
1 Year	-31.46

Class C Shares
Inception (10/1/07)	6.22	%
10 Years	8.91
5 Years	8.53
1 Year	-28.70

Class R Shares
Inception (10/1/07)	6.41	%
10 Years	9.30
5 Years	9.09
1 Year	-27.66

Class Y Shares
Inception (10/1/07)	6.98	%
10 Years	9.85
5 Years	9.62
1 Year	-27.30

Class R5 Shares
10 Years	9.70	%
5 Years	9.59
1 Year	-27.21

Class R6 Shares
Inception (8/28/12)	10.64	%
5 Years	9.79
1 Year	-27.21

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

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

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

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

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

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

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

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

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


4		Invesco Global Focus Fund

Schedule of Investments^(a)

April 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–100.11%
Apparel, Accessories & Luxury Goods–4.96%
Hermes International (France)		26,274	$	32,327,650



Application Software–5.93%
Nice Ltd., ADR (Israel)^(b)		70,558		14,563,877


salesforce.com, inc.^(b)		137,228		24,143,894


				38,707,771



Biotechnology–1.49%
BeiGene Ltd., ADR (China)^(b)		45,222		7,235,520


Twist Bioscience Corp.^(b)		86,109		2,483,383


				9,718,903



Data Processing & Outsourced Services–14.44%
Adyen N.V. (Netherlands)^(b)(c)		16,228		27,140,651


Amadeus IT Group S.A. (Spain)^(b)		293,562		18,304,542


Mastercard, Inc., Class A		98,736		35,878,688


Visa, Inc., Class A		60,608		12,917,383


				94,241,264



Food Retail–0.63%
HelloFresh SE (Germany)^(b)		96,127		4,110,980



Health Care Equipment–4.05%
ABIOMED, Inc.^(b)		19,210		5,505,202


Edwards Lifesciences Corp.^(b)		18,256		1,931,120


Stryker Corp.		78,809		19,013,459


				26,449,781



Hotels, Resorts & Cruise Lines–1.88%
Airbnb, Inc., Class A^(b)		79,946		12,248,527



Integrated Telecommunication Services–0.37%
Cellnex Telecom S.A. (Spain)^(c)		51,516		2,407,990



Interactive Home Entertainment–1.91%
Sea Ltd., ADR (Taiwan)^(b)		150,554		12,459,849



Interactive Media & Services–17.33%
Alphabet, Inc., Class A^(b)		14,788		33,749,026


Meta Platforms, Inc., Class A^(b)		229,763		46,060,588


Tencent Holdings Ltd. (China)		709,600		33,284,058


				113,093,672



Internet & Direct Marketing Retail–9.23%
Alibaba Group Holding Ltd., ADR (China)^(b)		228,645		22,199,143


Amazon.com, Inc.^(b)		13,370		33,232,873



Investment Abbreviations:

ADR - American Depositary Receipt


	Shares		Value


Internet & Direct Marketing Retail–(continued)
JD.com, Inc., A Shares (China)^(b)		153,092	$	4,771,951


				60,203,967



Internet Services & Infrastructure–3.23%
Twilio, Inc., Class A^(b)		188,719		21,102,559



Life Sciences Tools & Services–17.67%
Biotage AB (Sweden)		206,557		4,244,813


Illumina, Inc.^(b)		115,451		34,248,539


Lonza Group AG (Switzerland)		24,778		14,547,066


Tecan Group AG, Class R (Switzerland)		43,792		13,160,284


Thermo Fisher Scientific, Inc.		66,253		36,632,609


Wuxi Biologics Cayman, Inc. (China)^(b)(c)		1,712,500		12,427,421


				115,260,732



Pharmaceuticals–4.58%
Novo Nordisk A/S, Class B (Denmark)		261,444		29,901,863



Semiconductor Equipment–1.48%
ASML Holding N.V. (Netherlands)		17,038		9,639,570



Semiconductors–0.59%
Infineon Technologies AG (Germany)		133,844		3,872,154



Systems Software–7.46%
Crowdstrike Holdings, Inc., Class A^(b)		154,116		30,632,096


ServiceNow, Inc.^(b)		37,707		18,027,717


				48,659,813



Trucking–2.88%
Uber Technologies, Inc.^(b)		597,600		18,812,448


Total Common Stocks & Other Equity Interests (Cost $542,060,997)				653,219,493



Money Market Funds–0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		320,756		320,756


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		229,157		229,111


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		366,578		366,578


Total Money Market Funds (Cost $916,445)				916,445


TOTAL INVESTMENTS IN SECURITIES–100.25% (Cost $542,977,442)				654,135,938


OTHER ASSETS LESS LIABILITIES–(0.25)%				(1,653,100	)


NET ASSETS–100.00%			$	652,482,838

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


5		Invesco Global Focus Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $41,976,062, which represented 6.43% of the Fund’s Net Assets.

^(d)


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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022


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

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


6		Invesco Global Focus Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $542,060,997)	$	653,219,493
Investments in affiliated money market funds, at value (Cost $916,445)		916,445
Cash		100,000
Foreign currencies, at value (Cost $238,190)		234,337
Receivable for:
Fund shares sold		354,109
Dividends		571,778
Investment for trustee deferred compensation and retirement plans		27,920
Other assets		63,738
Total assets		655,487,820

Liabilities:
Payable for:
Investments purchased		1,660,194
Fund shares reacquired		911,123
Accrued fees to affiliates		338,613
Accrued other operating expenses		67,132
Trustee deferred compensation and retirement plans		27,920
Total liabilities		3,004,982
Net assets applicable to shares outstanding	$	652,482,838

Net assets consist of:
Shares of beneficial interest	$	533,439,443
Distributable earnings		119,043,395
	$	652,482,838


Net Assets:
Class A	$	270,721,796
Class C	$	35,840,894
Class R	$	27,012,402
Class Y	$	281,818,954
Class R5	$	8,405
Class R6	$	37,080,387

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,822,266
Class C		717,151
Class R		500,758
Class Y		4,853,623
Class R5		148
Class R6		626,907
Class A:
Net asset value per share	$	56.14
Maximum offering price per share (Net asset value of $56.14 ÷ 94.50%)	$	59.41
Class C:
Net asset value and offering price per share	$	49.98
Class R:
Net asset value and offering price per share	$	53.94
Class Y:
Net asset value and offering price per share	$	58.06
Class R5:
Net asset value and offering price per share	$	56.79
Class R6:
Net asset value and offering price per share	$	59.15

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


7		Invesco Global Focus Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $98,192)	$	934,843


Dividends from affiliated money market funds		521


Non-cash dividend income		1,066,671


Total investment income		2,002,035



Expenses:
Advisory fees		3,224,442


Administrative services fees		58,492


Custodian fees		32,921


Distribution fees:
Class A		418,631


Class C		260,918


Class R		82,587


Transfer agent fees – A, C, R and Y		588,606


Transfer agent fees – R5		2


Transfer agent fees – R6		7,008


Trustees’ and officers’ fees and benefits		11,717


Registration and filing fees		59,496


Professional services fees		24,602


Other		(59,254	)


Total expenses		4,710,168


Less: Fees waived and/or expense offset arrangement(s)		(371	)


Net expenses		4,709,797


Net investment income (loss)		(2,707,762	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,996,322


Affiliated investment securities		(266	)


Foreign currencies		(25,377	)


		13,970,679


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(328,491,777	)


Foreign currencies		(45,883	)


		(328,537,660	)


Net realized and unrealized gain (loss)		(314,566,981	)


Net increase (decrease) in net assets resulting from operations	$	(317,274,743	)

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


8		Invesco Global Focus Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2022			2021


Operations:
Net investment income (loss)	$	(2,707,762	)	$	(9,298,896	)


Net realized gain		13,970,679			50,274,094


Change in net unrealized appreciation (depreciation)		(328,537,660	)		145,930,865


Net increase (decrease) in net assets resulting from operations		(317,274,743	)		186,906,063



Distributions to shareholders from distributable earnings:
Class A		(14,955,682	)		(14,021,673	)


Class C		(2,706,492	)		(4,016,167	)


Class R		(1,493,566	)		(1,267,019	)


Class Y		(15,895,479	)		(15,198,819	)


Class R5		(462	)		(702	)


Class R6		(1,926,473	)		(1,794,069	)


Total distributions from distributable earnings		(36,978,154	)		(36,298,449	)



Share transactions–net:
Class A		750,047			82,391,644


Class C		(12,695,426	)		(14,730,005	)


Class R		1,480,334			11,632,732


Class Y		(17,537,427	)		82,239,319


Class R5		–			(4,299	)


Class R6		1,154,011			12,884,518


Net increase (decrease) in net assets resulting from share transactions		(26,848,461	)		174,413,909


Net increase (decrease) in net assets		(381,101,358	)		325,021,523



Net assets:
Beginning of period		1,033,584,196			708,562,673


End of period	$	652,482,838		$	1,033,584,196

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


9		Invesco Global Focus Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)

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

^(f)	Annualized.

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

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

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


10		Invesco Global Focus Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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 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.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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


Average Daily Net Assets*	Rate
First $500 million		0.800	%
Next $500 million		0.750	%
Over $1 billion		0.720	%

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

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.

Effective March 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to March 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.27%, 2.01%, 1.52%, 1.02%, 0.09% and 0.85%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $54,048 in front-end sales commissions from the sale of Class A shares and $3,758 and $3,783 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $241 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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


13		Invesco Global Focus Fund

NOTE 3–Additional Valuation Information

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


	Level 1		Level 2		Level 3	Total


Investments in Securities


Common Stocks & Other Equity Interests	$	443,078,500	$	210,140,993	$–	$	653,219,493


Money Market Funds		916,445		–	–		916,445


Total Investments	$	443,994,945	$	210,140,993	$–	$	654,135,938

NOTE 4–Expense Offset Arrangement(s)

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, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $148,829,269 and $216,227,735, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	164,117,703


Aggregate unrealized (depreciation) of investments		(56,257,894	)


Net unrealized appreciation of investments	$	107,859,809

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


14		Invesco Global Focus Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		360,141		$	25,364,615			1,744,703		$	140,088,002


Class C		58,446			3,737,596			274,423			19,831,291


Class R		73,688			4,925,268			208,636			16,147,088


Class Y		829,992			56,717,171			2,038,492			168,361,173


Class R6		128,384			9,384,893			568,403			47,476,776



Issued as reinvestment of dividends:
Class A		187,077			14,217,814			179,137			13,379,755


Class C		37,120			2,518,578			55,442			3,742,875


Class R		20,415			1,492,133			17,538			1,264,827


Class Y		156,123			12,261,933			166,685			12,818,076


Class R6		23,043			1,842,783			22,625			1,768,392



Automatic conversion of Class C shares to Class A shares:
Class A		113,518			7,619,141			251,407			20,223,985


Class C		(127,205	)		(7,619,141	)		(278,661	)		(20,223,985	)



Reacquired:
Class A		(667,803	)		(46,451,523	)		(1,133,195	)		(91,300,098	)


Class C		(173,238	)		(11,332,459	)		(249,425	)		(18,080,186	)


Class R		(72,718	)		(4,937,067	)		(73,712	)		(5,779,183	)


Class Y		(1,255,171	)		(86,516,531	)		(1,185,623	)		(98,939,930	)


Class R5		-			-			(51	)		(4,299	)


Class R6		(141,063	)		(10,073,665	)		(420,492	)		(36,360,650	)


Net increase (decrease) in share activity		(449,251	)	$	(26,848,461	)		2,186,332		$	174,413,909

^(a)

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


15		Invesco Global Focus Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


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

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.

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

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Semiannual Report to Shareholders		April 30, 2022
Invesco Global Fund

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


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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-26.57%
Class C Shares			-26.84
Class R Shares			-26.67
Class Y Shares			-26.47
Class R5 Shares			-26.44
Class R6 Shares			-26.44
MSCI All Country World Index^▼			-11.63

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

2 Invesco Global Fund


Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (12/22/69)	10.91	%
10 Years	8.95
5 Years	6.88
1 Year	-24.15

Class C Shares
Inception (10/2/95)	9.03	%
10 Years	8.91
5 Years	7.27
1 Year	-21.09

Class R Shares
Inception (3/1/01)	6.64	%
10 Years	9.28
5 Years	7.81
1 Year	-19.94

Class Y Shares
Inception (11/17/98)	9.00	%
10 Years	9.84
5 Years	8.35
1 Year	-19.55

Class R5 Shares
10 Years	9.69	%
5 Years	8.33
1 Year	-19.45

Class R6 Shares
Inception (1/27/12)	10.28	%
10 Years	10.02
5 Years	8.51
1 Year	-19.45

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

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

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 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, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–100.05%
Argentina–0.41%
Reservas de Maternidad - Swiss Medical^(a)(b)		1,029,617,880	$	39,852,390


Brazil–0.18%
StoneCo Ltd., Class A^(c)		1,884,756		17,754,402


China–4.82%
JD.com, Inc., ADR^(c)		6,728,822		414,899,164

Meituan, B Shares^(c)(d)		2,483,400		53,303,665

				468,202,829


Denmark–2.81%
Ambu A/S, Class B		1,163,626		15,294,513

Novo Nordisk A/S, Class B		2,255,890		258,010,560

				273,305,073


France–12.21%
Airbus SE		3,129,088		340,280,741

Dassault Systemes SE		891,660		39,665,309

Kering S.A.		484,091		257,126,517

LVMH Moet Hennessy Louis Vuitton SE		858,037		549,054,211

				1,186,126,778


Germany–1.78%
SAP SE		1,675,574		172,823,811


India–5.06%
DLF Ltd.		69,296,191		330,465,126

ICICI Bank Ltd., ADR		8,461,827		161,113,186

				491,578,312


Italy–0.41%
Brunello Cucinelli S.p.A.^(c)		773,116		39,406,502


Japan–9.73%
FANUC Corp.		130,800		20,230,249

Keyence Corp.		656,012		264,672,207

Murata Manufacturing Co. Ltd.		4,330,212		259,252,617

Nidec Corp.		2,798,032		183,296,418

Omron Corp.		1,737,600		102,955,301

TDK Corp.		3,682,900		115,038,910

				945,445,702


Netherlands–0.85%
ASML Holding N.V.		145,989		82,596,032


Sweden–3.53%
Assa Abloy AB, Class B		6,401,588		161,499,339

Atlas Copco AB, Class A		3,998,937		181,095,123

				342,594,462


Switzerland–0.86%
Lonza Group AG		105,827		62,130,615


	Shares		Value

Switzerland–(continued)
Zur Rose Group AG^(c)		172,835	$	21,183,982

				83,314,597


United Kingdom–0.42%
Farfetch Ltd., Class A^(c)		3,672,396		41,130,835


United States–56.98%
Adobe, Inc.^(c)		977,278		386,953,224

Agilent Technologies, Inc.		1,120,378		133,627,484

Alphabet, Inc., Class A^(c)		483,507		1,103,454,840

Amazon.com, Inc.^(c)		36,690		91,197,765

Analog Devices, Inc.		2,624,536		405,175,868

Avantor, Inc.^(c)		5,249,288		167,347,301

Boston Scientific Corp.^(c)		1,029,537		43,353,803

Castle Biosciences, Inc.^(c)		406,818		9,088,314

Charles River Laboratories International, Inc.^(c)		188,480		45,519,805

Danaher Corp.		159,976		40,174,773

Datadog, Inc., Class A^(c)		214,992		25,966,734

Dun & Bradstreet Holdings, Inc.^(c)		1,003,057		15,838,270

Ecolab, Inc.		90,246		15,282,258

Equifax, Inc.		999,871		203,493,746

Fidelity National Information Services, Inc.		526,628		52,215,166

IDEXX Laboratories, Inc.^(c)		63,815		27,471,081

Illumina, Inc.^(c)		275,948		81,859,974

Intuit, Inc.		1,348,079		564,508,081

Intuitive Surgical, Inc.^(c)		221,755		53,065,972

IQVIA Holdings, Inc.^(c)		382,899		83,468,153

Lam Research Corp.		20,496		9,546,217

Marriott International, Inc., Class A^(c)		260,261		46,201,533

Marvell Technology, Inc.		2,416,988		140,378,663

Meta Platforms, Inc., Class A^(c)		2,050,329		411,029,455

Microsoft Corp.		489,160		135,751,683

NVIDIA Corp.		255,111		47,315,437

Omnicell, Inc.^(c)		340,841		37,209,612

Phathom Pharmaceuticals, Inc.^(c)		1,123,410		14,536,925

Qualtrics International, Inc., Class A^(c)		1,949,224		36,138,613

S&P Global, Inc.		1,506,146		567,063,969

Splunk, Inc.^(c)		524,375		63,984,238

United Parcel Service, Inc., Class B		1,455,595		261,977,988

Veracyte, Inc.^(c)		1,657,477		33,928,554

Visa, Inc., Class A		769,753		164,057,457

Walt Disney Co. (The)^(c)		169,200		18,887,796

				5,537,070,752

TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $4,388,534,335)				9,721,202,477

OTHER ASSETS LESS LIABILITIES-(0.05)%				(4,496,826	)

NET ASSETS-100.00%			$	9,716,705,651

Investment Abbreviations:

ADR – American Depositary Receipt

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

5 Invesco Global Fund

Notes to Schedule of Investments:

^(a)

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


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

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

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022


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

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

6 Invesco Global Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $4,358,144,335)	$	9,681,350,087
Investments in affiliates, at value (Cost $30,390,000)		39,852,390
Foreign currencies, at value (Cost $10,778,331)		10,677,147
Receivable for:
Investments sold		1,740,594
Fund shares sold		3,290,291
Dividends		14,154,956
Investment for trustee deferred compensation and retirement plans		823,996
Other assets		166,745
Total assets		9,752,056,206

Liabilities:
Payable for:
Fund shares reacquired		11,031,394
Amount due custodian		1,904,118
Accrued foreign taxes		14,716,478
Accrued fees to affiliates		4,728,846
Accrued trustees’ and officers’ fees and benefits		531,707
Accrued other operating expenses		814,016
IRS closing agreement fees for foreign withholding tax claims		800,000
Trustee deferred compensation and retirement plans		823,996
Total liabilities		35,350,555
Net assets applicable to shares outstanding	$	9,716,705,651

Net assets consist of:
Shares of beneficial interest	$	3,758,748,550
Distributable earnings		5,957,957,101
	$	9,716,705,651


Net Assets:
Class A	$	5,622,940,665
Class C	$	162,484,667
Class R	$	175,860,003
Class Y	$	1,865,178,431
Class R5	$	813,521
Class R6	$	1,889,428,364

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		60,786,367
Class C		2,016,830
Class R		1,930,248
Class Y		19,989,407
Class R5		8,691
Class R6		20,153,275
Class A:
Net asset value per share	$	92.50
Maximum offering price per share (Net asset value of $92.50 ÷ 94.50%)	$	97.88
Class C:
Net asset value and offering price per share	$	80.56
Class R:
Net asset value and offering price per share	$	91.11
Class Y:
Net asset value and offering price per share	$	93.31
Class R5:
Net asset value and offering price per share	$	93.60
Class R6:
Net asset value and offering price per share	$	93.75

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

7 Invesco Global Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Interest		$	17,523

Dividends (net of foreign withholding taxes of $6,904,503)			41,596,171

Dividends from affiliated money market funds			939

Foreign withholding tax claims			4,209,591

Total investment income			45,824,224


Expenses:
Advisory fees	��		38,185,804

Administrative services fees			846,335

Custodian fees			521,177

Distribution fees:
Class A			8,106,854

Class C			1,056,527

Class R			540,525

Transfer agent fees – A, C, R and Y			7,011,278

Transfer agent fees – R5			53

Transfer agent fees – R6			348,074

Trustees’ and officers’ fees and benefits			134,304

Registration and filing fees			95,667

Professional services fees			51,337

Other			(653,803	)

Total expenses			56,244,132

Less: Fees waived and/or expense offset arrangement(s)			(2,409	)

Net expenses			56,241,723

Net investment income (loss)			(10,417,499	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			692,396,469

Affiliated investment securities			110

Foreign currencies			(328,828	)

			692,067,751

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $2,881,925)			(4,267,244,938	)

Affiliated investment securities			(7,013,757	)

Foreign currencies			(989,782	)

			(4,275,248,477	)

Net realized and unrealized gain (loss)			(3,583,180,726	)

Net increase (decrease) in net assets resulting from operations		$	(3,593,598,225	)

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

8 Invesco Global Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2022			2021

Operations:
Net investment income (loss)	$	(10,417,499	)	$	(42,757,387	)

Net realized gain		692,067,751			989,363,951

Change in net unrealized appreciation (depreciation)		(4,275,248,477	)		3,314,245,442

Net increase (decrease) in net assets resulting from operations		(3,593,598,225	)		4,260,852,006


Distributions to shareholders from distributable earnings:
Class A		(527,301,083	)		(401,499,276	)

Class C		(18,273,693	)		(17,266,924	)

Class R		(16,351,348	)		(12,789,748	)

Class Y		(177,321,555	)		(135,222,107	)

Class R5		(1,053	)		(780	)

Class R6		(171,095,528	)		(125,000,218	)

Total distributions from distributable earnings		(910,344,260	)		(691,779,053	)


Share transactions–net:
Class A		155,494,752			(250,965,242	)

Class C		(4,596,473	)		(63,045,551	)

Class R		9,303,399			(13,049,350	)

Class Y		27,244,331			(76,298,994	)

Class R5		933,711			–

Class R6		120,035,452			21,812,204

Net increase (decrease) in net assets resulting from share transactions		308,415,172			(381,546,933	)

Net increase (decrease) in net assets		(4,195,527,313	)		3,187,526,020


Net assets:
Beginning of period		13,912,232,964			10,724,706,944

End of period	$	9,716,705,651		$	13,912,232,964

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

9 Invesco Global Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Annualized.

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

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

10 Invesco Global Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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.

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.

12 Invesco Global Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
First $250 million		0.800%
Next $250 million		0.770%
Next $500 million		0.750%
Next $1 billion		0.690%
Next $1.5 billion		0.670%
Next $2.5 billion		0.650%
Next $2.5 billion		0.630%
Next $2.5 billion		0.600%
Next $4 billion		0.580%
Next $8 billion		0.560%
Over $23 billion		0.540%

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

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

13 Invesco Global Fund

customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $149,756 in front-end sales commissions from the sale of Class A shares and $3,421 and $2,713 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

14 Invesco Global Fund

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $692,312,349 and $1,307,871,721, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	5,703,203,636

Aggregate unrealized (depreciation) of investments		(389,625,445	)

Net unrealized appreciation of investments	$	5,313,578,191

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

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended April 30, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		1,557,324		$	176,842,522			3,660,050		$	445,852,844

Class C		106,216			10,537,755			225,219			24,481,370

Class R		191,835			20,913,570			247,221			29,926,712

Class Y		1,631,274			189,668,341			3,076,347			379,177,809

Class R5		10,911			1,167,025			-			-

Class R6		1,768,997			196,206,959			3,450,228			421,553,485


Issued as reinvestment of dividends:
Class A		3,986,430			489,772,576			3,349,658			374,357,712

Class C		164,422			17,644,163			168,181			16,707,111

Class R		134,571			16,300,614			115,245			12,744,947

Class Y		1,297,998			160,718,093			1,103,599			123,945,145

Class R6		1,369,177			170,270,798			1,104,877			124,431,282


Automatic conversion of Class C shares to Class A shares:
Class A		120,414			13,258,239			499,921			59,156,588

Class C		(137,824	)		(13,258,239	)		(563,177	)		(59,156,588	)


Reacquired:
Class A		(4,630,324	)		(524,378,585	)		(9,191,411	)		(1,130,332,386	)

Class C		(200,530	)		(19,520,152	)		(415,804	)		(45,077,444	)

Class R		(252,148	)		(27,910,785	)		(460,246	)		(55,721,009	)

Class Y		(2,880,270	)		(323,142,103	)		(4,705,939	)		(579,421,948	)

Class R5		(2,338	)		(233,314	)		-			-

Class R6		(2,238,299	)		(246,442,305	)		(4,166,331	)		(524,172,563	)

Net increase (decrease) in share activity		1,997,836		$	308,415,172			(2,502,362	)	$	(381,546,933	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 Invesco Global Fund

Calculating your ongoing Fund expenses

Example

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.



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

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco Global Growth Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

7		Financial Statements

10		Financial Highlights

11		Notes to Financial Statements

17		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-27.22	%
Class C Shares	-27.54
Class Y Shares	-27.12
Class R5 Shares	-27.11
Class R6 Shares	-27.11
MSCI All Country World Index^▼ (Broad Market Index)	-11.63
MSCI All Country World Growth Index^▼ (Style-Specific Index)	-19.20
Lipper Global Multi-Cap Growth Funds Index^∎ (Peer Group Index)	-23.99

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

The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper Global Multi-Cap Growth Funds Index is an unmanaged index considered representative of global multicap growth funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Global Growth Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	5.86	%
10 Years	5.39
5 Years	2.01
1 Year	-31.35

Class C Shares
Inception (8/4/97)	4.13	%
10 Years	5.35
5 Years	2.40
1 Year	-28.54

Class Y Shares
Inception (10/3/08)	6.74	%
10 Years	6.26
5 Years	3.44
1 Year	-27.19

Class R5 Shares
Inception (9/28/07)	3.92	%
10 Years	6.39
5 Years	3.53
1 Year	-27.15

Class R6 Shares
10 Years	6.38	%
5 Years	3.54
1 Year	-27.14

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

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.17%
Brazil–0.18%
StoneCo Ltd., Class A^(a)(b)		108,417	$	1,021,288



China–4.79%
JD.com, Inc., ADR^(a)		386,696		23,843,675


Meituan, B Shares^(a)(c)		142,600		3,060,765


				26,904,440



Denmark–2.81%
Ambu A/S, Class B^(b)		66,935		879,783


Novo Nordisk A/S, Class B		130,212		14,892,602


				15,772,385



France–12.06%
Airbus SE		179,994		19,573,912


Dassault Systemes SE		51,291		2,281,669


Kering S.A.		27,846		14,790,494


LVMH Moet Hennessy Louis Vuitton SE		48,598		31,097,653


				67,743,728



Germany–1.78%
SAP SE		96,651		9,968,879



India–5.05%
DLF Ltd.		4,001,677		19,083,512


ICICI Bank Ltd., ADR		487,156		9,275,450


				28,358,962



Italy–0.40%
Brunello Cucinelli S.p.A.^(a)		44,472		2,266,783



Japan–9.69%
FANUC Corp.		7,500		1,159,991


Keyence Corp.		37,700		15,210,304


Murata Manufacturing Co. Ltd.		249,100		14,913,779


Nidec Corp.		161,400		10,573,161


Omron Corp.		99,900		5,919,219


TDK Corp.		211,900		6,618,900


				54,395,354



Netherlands–0.85%
ASML Holding N.V.		8,398		4,751,327



Sweden–3.51%
Assa Abloy AB, Class B		368,238		9,289,913


Atlas Copco AB, Class A^(b)		230,031		10,417,141


				19,707,054



Switzerland–0.85%
Lonza Group AG		6,087		3,573,654


Zur Rose Group AG^(a)		9,942		1,218,567


				4,792,221



United Kingdom–0.42%
Farfetch Ltd., Class A^(a)		211,247		2,365,966



United States–56.78%
Adobe, Inc.^(a)		56,435		22,345,438


	Shares		Value


United States–(continued)
Agilent Technologies, Inc.		64,669	$	7,713,072


Alphabet, Inc., Class A^(a)		27,764		63,362,723


Amazon.com, Inc.^(a)		2,111		5,247,165


Analog Devices, Inc.		150,971		23,306,903


Avantor, Inc.^(a)		302,145		9,632,383


Boston Scientific Corp.^(a)		59,358		2,499,565


Castle Biosciences, Inc.^(a)		23,401		522,778


Charles River Laboratories International, Inc.^(a)		10,842		2,618,451


Danaher Corp.		9,202		2,310,898


Datadog, Inc., Class A^(a)		12,410		1,498,880


Dun & Bradstreet Holdings, Inc.^(a)(b)		57,699		911,067


Ecolab, Inc.		5,199		880,399


Equifax, Inc.		57,714		11,745,953


Fidelity National Information Services, Inc.		30,336		3,007,814


IDEXX Laboratories, Inc.^(a)		3,664		1,577,279


Illumina, Inc.^(a)		15,873		4,708,726


Intuit, Inc.		77,848		32,598,850


Intuitive Surgical, Inc.^(a)		12,756		3,052,511


IQVIA Holdings, Inc.^(a)		22,025		4,801,230


Lam Research Corp.		1,179		549,131


Marriott International, Inc., Class A^(a)		14,992		2,661,380


Marvell Technology, Inc.		139,032		8,074,979


Meta Platforms, Inc., Class A^(a)		117,941		23,643,632


Microsoft Corp.		28,138		7,808,858


NVIDIA Corp.		14,675		2,721,772


Omnicell, Inc.^(a)(b)		19,606		2,140,387


Phathom Pharmaceuticals, Inc.^(a)		64,622		836,209


Qualtrics International, Inc., Class A^(a)		112,511		2,085,954


S&P Global, Inc.		86,976		32,746,464


Splunk, Inc.^(a)		30,164		3,680,611


United Parcel Service, Inc., Class B		83,730		15,069,725


Veracyte, Inc.^(a)(b)		95,343		1,951,671


Visa, Inc., Class A^(b)		44,278		9,436,970


Walt Disney Co. (The)^(a)		9,733		1,086,495


				318,836,323


Total Common Stocks & Other Equity Interests (Cost $714,542,955)				556,884,710



Money Market Funds–0.47%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		926,127		926,127


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		665,931		665,798


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		1,058,431		1,058,431


Total Money Market Funds (Cost $2,650,348)				2,650,356


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.64% (Cost $717,193,303)				559,535,066

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


5		Invesco Global Growth Fund


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.21%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		7,092,010	$	7,092,010


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		16,548,022		16,548,022


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,639,500)				23,640,032


TOTAL INVESTMENTS IN SECURITIES–103.85% (Cost $740,832,803)				583,175,098


OTHER ASSETS LESS LIABILITIES–(3.85)%				(21,608,684	)


NET ASSETS–100.00%			$	561,566,414

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(d)


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

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

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


Portfolio Composition

By sector, based on Net Assets as of April 30, 2022

Information Technology	31.66	%
Communication Services	15.69
Consumer Discretionary	15.20
Industrials	14.02
Health Care	11.34
Financials	7.48
Real Estate	3.40
Other Sectors, Each Less than 2% of Net Assets	0.38
Money Market Funds Plus Other Assets Less Liabilities	0.83

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


6		Invesco Global Growth Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $714,542,955)*	$	556,884,710


Investments in affiliated money market funds, at value (Cost $26,289,848)		26,290,388


Foreign currencies, at value (Cost $644,388)		636,649


Receivable for:
Investments sold		74,564


Fund shares sold		140,597


Dividends		1,995,311


Investment for trustee deferred compensation and retirement plans		251,624


Other assets		94,753


Total assets		586,368,596



Liabilities:
Payable for:
Fund shares reacquired		456,323


Collateral upon return of securities loaned		23,639,500


Accrued fees to affiliates		338,153


Accrued other operating expenses		96,190


Trustee deferred compensation and retirement plans		272,016


Total liabilities		24,802,182


Net assets applicable to shares outstanding	$	561,566,414



Net assets consist of:
Shares of beneficial interest	$	492,659,987


Distributable earnings		68,906,427


	$	561,566,414


Net Assets:
Class A	$	527,355,132


Class C	$	9,045,702


Class Y	$	21,494,041


Class R5	$	496,415


Class R6	$	3,175,124



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,741,043


Class C		453,782


Class Y		919,526


Class R5		21,479


Class R6		137,425


Class A:
Net asset value per share	$	23.19


Maximum offering price per share (Net asset value of $23.19 ÷ 94.50%)	$	24.54


Class C:
Net asset value and offering price per share	$	19.93


Class Y:
Net asset value and offering price per share	$	23.38


Class R5:
Net asset value and offering price per share	$	23.11


Class R6:
Net asset value and offering price per share	$	23.10

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

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


7		Invesco Global Growth Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Interest	$	603


Dividends (net of foreign withholding taxes of $363,576)		4,057,342


Dividends from affiliated money market funds (includes securities lending income of $14,808)		15,529


Foreign withholding tax claims		105,384


Total investment income		4,178,858



Expenses:
Advisory fees		2,758,546


Administrative services fees		58,068


Custodian fees		21,052


Distribution fees:
Class A		825,834


Class C		58,488


Transfer agent fees – A, C and Y		493,534


Transfer agent fees – R5		307


Transfer agent fees – R6		679


Trustees’ and officers’ fees and benefits		11,431


Registration and filing fees		52,589


Reports to shareholders		21,068


Professional services fees		61,490


Other		4,521


Total expenses		4,367,607


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(49,727	)


Net expenses		4,317,880


Net investment income (loss)		(139,022	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $141)		233,377,854


Affiliated investment securities		(13,566	)


Foreign currencies		13,643


		233,377,931


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(449,634,560	)


Affiliated investment securities		(2,695	)


Foreign currencies		(57,942	)


		(449,695,197	)


Net realized and unrealized gain (loss)		(216,317,266	)


Net increase (decrease) in net assets resulting from operations	$	(216,456,288	)

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


8		Invesco Global Growth Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2022			2021


Operations:
Net investment income (loss)	$	(139,022	)	$	(595,460	)


Net realized gain		233,377,931			143,710,817


Change in net unrealized appreciation (depreciation)		(449,695,197	)		84,373,446


Net increase (decrease) in net assets resulting from operations		(216,456,288	)		227,488,803



Distributions to shareholders from distributable earnings:
Class A		(8,761,351	)		(179,126,956	)


Class C		(182,123	)		(3,954,487	)


Class Y		(396,758	)		(8,392,337	)


Class R5		(9,155	)		(181,428	)


Class R6		(58,924	)		(29,738,165	)


Total distributions from distributable earnings		(9,408,311	)		(221,393,373	)



Share transactions–net:
Class A		(31,693,978	)		106,927,183


Class C		(1,145,641	)		(360,732	)


Class Y		(4,768,959	)		6,329,576


Class R5		(84,623	)		95,013


Class R6		(924,720	)		(105,023,558	)


Net increase (decrease) in net assets resulting from share transactions		(38,617,921	)		7,967,482


Net increase (decrease) in net assets		(264,482,520	)		14,062,912



Net assets:
Beginning of period		826,048,934			811,986,022


End of period	$	561,566,414		$	826,048,934

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


9		Invesco Global Growth Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

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

^(d)	Annualized.

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


10		Invesco Global Growth Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

The 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 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.


11		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.

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.

Foreign Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

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

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.

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


12		Invesco Global Growth Fund

in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the Fund paid the Adviser $807 in fees for securities lending agent services.

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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $ 250 million		0.800%
Next $250 million		0.780%
Next $500 million		0.760%
Next $1.5 billion		0.740%
Next $2.5 billion		0.720%
Next $2.5 billion		0.700%
Next $2.5 billion		0.680%
Over $10 billion		0.660%

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets. Prior to March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.


13		Invesco Global Growth Fund

For the six months ended April 30, 2022, the Adviser waived advisory fees of $1,891 and reimbursed class level expenses of $44,427, $791, $2,008, $172 and $173 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $22,120 in front-end sales commissions from the sale of Class A shares and $3 and $207 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,521 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


14		Invesco Global Growth Fund

NOTE 4–Expense Offset Arrangement(s)

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 did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $788,278,548 and $828,874,269, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	13,661,352


Aggregate unrealized (depreciation) of investments		(177,645,079	)


Net unrealized appreciation (depreciation) of investments	$	(163,983,727	)

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

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		343,955		$	9,933,597			554,150		$	19,998,215


Class C		24,355			601,392			73,269			2,351,067


Class Y		85,871			2,482,730			312,894			11,421,293


Class R5		4,423			125,969			2,491			85,655


Class R6		25,948			711,135			130,862			4,745,901



Issued as reinvestment of dividends:
Class A		268,898			8,263,225			5,100,734			167,533,426


Class C		6,668			176,650			131,344			3,778,617


Class Y		10,874			336,551			212,498			7,017,919


Class R5		295			9,025			5,429			177,527


Class R6		1,864			57,011			908,338			29,699,578



Automatic conversion of Class C shares to Class A shares:
Class A		18,281			491,039			98,873			3,430,174


Class C		(21,227	)		(491,039	)		(111,462	)		(3,430,174	)


15		Invesco Global Growth Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,781,256	)	$	(50,381,839	)		(2,325,257	)	$	(84,034,632	)


Class C		(58,022	)		(1,432,644	)		(95,817	)		(3,060,242	)


Class Y		(269,928	)		(7,588,240	)		(335,067	)		(12,109,636	)


Class R5		(7,236	)		(219,617	)		(4,648	)		(168,169	)


Class R6		(57,205	)		(1,692,866	)		(4,268,803	)		(139,469,037	)


Net increase (decrease) in share activity		(1,403,442	)	$	(38,617,921	)		389,828		$	7,967,482

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		Invesco Global Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio²
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period^2,3	Ending Account Value (04/30/22)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$727.80	$5.23	$1,018.74	$6.11	1.22%
Class C	1,000.00	724.60	8.42	1,015.03	9.84	1.97
Class Y	1,000.00	728.80	4.16	1,019.98	4.86	0.97
Class R5	1,000.00	728.90	3.77	1,020.43	4.41	0.88
Class R6	1,000.00	728.90	3.69	1,020.53	4.31	0.86

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

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

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


17		Invesco Global Growth Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco Global Opportunities Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

17		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-31.61	%
Class C Shares	-31.87
Class R Shares	-31.68
Class Y Shares	-31.52
Class R5 Shares	-31.50
Class R6 Shares	-31.48
MSCI All Country World Index^▼	-11.63

Source(s): ^▼RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Global Opportunities Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (10/22/90)	10.68	%
10 Years	9.35
5 Years	4.04
1 Year	-36.81

Class C Shares
Inception (12/1/93)	10.58	%
10 Years	9.31
5 Years	4.43
1 Year	-34.25

Class R Shares
Inception (3/1/01)	8.10	%
10 Years	9.66
5 Years	4.95
1 Year	-33.30

Class Y Shares
Inception (2/1/01)	8.10	%
10 Years	10.24
5 Years	5.47
1 Year	-32.96

Class R5 Shares
10 Years	10.08	%
5 Years	5.44
1 Year	-32.89

Class R6 Shares
Inception (1/27/12)	10.48	%
10 Years	10.42
5 Years	5.63
1 Year	-32.88

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

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

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 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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.25%
Belgium–1.02%
Biocartis Group N.V.^(a)(b)(c)		6,000,000	$	13,018,917


Ion Beam Applications		74,005		1,211,676


Materialise N.V., ADR^(a)(c)		2,900,000		45,240,000


				59,470,593



Canada–0.73%
Shopify, Inc., Class A^(c)		100,000		42,682,000



Denmark–2.38%
Atlantic Sapphire ASA		4,411,000		12,230,009


Bang & Olufsen A/S^(c)		855,540		2,025,412


Bavarian Nordic A/S^(c)		2,880,000		54,181,692


Genmab A/S^(c)		100,000		35,275,304


Novozymes A/S, Class B		500,000		34,739,747


				138,452,164



Finland–0.74%
Rovio Entertainment OYJ^(a)(b)		4,700,000		43,208,696



France–2.69%
Mersen S.A.		1,000,000		32,733,679


Technicolor S.A.^(c)		8,983,319		30,003,138


Technicolor S.A., Wts., expiring 09/22/2024^(c)		1,100,000		232,089


Teleperformance		200,000		71,508,245


Ubisoft Entertainment S.A.^(c)		500,000		22,575,576


				157,052,727



Germany–7.38%
AIXTRON SE		4,000,000		104,435,686


Aumann AG^(a)(b)(c)		1,000,000		15,018,983


Basler AG^(a)		600,000		67,147,568


Carl Zeiss Meditec AG, BR		300,000		37,892,026


CompuGroup Medical SE & Co. KGaA		500,000		26,927,083


Manz AG^(a)		500,000		20,647,946


MorphoSys AG^(c)		400,000		8,570,684


PVA TePla AG^(a)(c)		2,887,082		71,866,514


Rational AG		80,000		49,212,822


SLM Solutions Group AG^(a)(c)		2,400,000		28,402,272


				430,121,584



Ireland–0.97%
Ads-Tec Energy PLC		2,319,856		15,728,624


Flutter Entertainment PLC^(c)		406,701		40,860,167


				56,588,791



Isle of Man–0.30%
Kape Technologies PLC^(c)		4,000,000		17,250,298



Israel–0.52%
Wix.com Ltd.^(c)		400,000		30,184,000



Italy–1.99%
Amplifon S.p.A.		1,000,000		39,790,874


Brunello Cucinelli S.p.A.^(c)		1,500,000		76,456,512


				116,247,386


	Shares		Value


Japan–11.59%
Comture Corp.^(a)		3,000,000	$	65,190,574


CyberAgent, Inc.		5,200,000		55,274,434


Disco Corp.		200,000		49,294,816


Jeol Ltd.		2,500,000		113,695,204


M3, Inc.		3,000,000		96,593,190


Nidec Corp.		600,000		39,305,430


Nikon Corp.		2,000,000		22,583,474


Optex Group Co. Ltd.^(a)		2,000,000		26,436,332


PeptiDream, Inc.^(c)		3,000,000		48,356,949


Rakuten Group, Inc.		6,000,000		42,295,074


Rheon Automatic Machinery Co. Ltd.		1,000,000		8,377,985


THK Co. Ltd.		2,000,000		39,762,767


Yaskawa Electric Corp.		2,000,000		68,236,031


				675,402,260



Luxembourg–0.80%
Eurofins Scientific SE		500,000		46,465,751



Norway–3.66%
Mowi ASA		4,000,000		113,408,357


Nordic Semiconductor ASA^(c)		4,999,999		99,875,120


				213,283,477



Singapore–0.64%
STMicroelectronics N.V.		1,000,000		37,036,960



Sweden–7.19%
AddTech AB, Class B		4,000,000		70,539,867


Beijer Ref AB		6,000,000		97,566,546


BICO Group AB, Class B^(c)		1,000,000		10,047,722


Boozt AB^(a)(b)(c)		3,750,000		38,905,400


Hansa Biopharma AB		1,938,841		10,690,116


Indutrade AB		6,000,000		141,806,675


Midsona AB, Class B		1,000,000		2,573,001


RaySearch Laboratories AB^(a)(c)		4,000,000		17,472,273


Tobii AB^(c)		3,000,000		7,865,007


Xvivo Perfusion AB^(c)		1,000,000		21,596,641


				419,063,248



Switzerland–0.30%
GeNeuro S.A. (Acquired 01/31/2020; Cost $758,969)^(a)(d)		1,661,017		5,193,534


Zur Rose Group AG^(c)		100,000		12,256,766


				17,450,300



United Kingdom–13.83%
Allied Minds PLC^(c)		10,000,000		2,133,126


AO World PLC^(c)		20,000,000		18,870,256


ASOS PLC^(c)		700,000		12,133,060


Aston Martin Lagonda Global Holdings PLC^(b)(c)		12,734,485		132,457,027


boohoo Group PLC^(c)		30,000,000		30,202,273


Darktrace PLC^(c)		6,170,000		33,221,244


FD Technologies PLC^(c)		1,200,000		35,282,684


Fevertree Drinks PLC		2,000,000		45,130,933


Frontier Developments PLC^(a)(c)		3,000,000		48,396,640


Future PLC		1,000,000		27,352,079

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


5		Invesco Global Opportunities Fund


	Shares		Value


United Kingdom–(continued)
Gooch & Housego PLC^(a)		2,000,000	$	21,103,129


IG Group Holdings PLC		3,000,000		30,631,179


IP Group PLC		20,785,545		21,373,858


IQE PLC^(a)(c)		140,000,000		52,868,194


M&C Saatchi PLC^(a)(c)		6,600,000		16,288,960


Ocado Group PLC^(c)		1,000,000		11,400,790


Oxford Nanopore Technologies PLC^(c)		9,056,590		34,080,024


Rentokil Initial PLC		14,500,000		99,623,621


Spirax-Sarco Engineering PLC		464,285		70,220,187


WANdisco PLC^(a)(c)		5,000,000		17,213,452


Xaar PLC^(a)(c)		6,000,000		18,489,696


Zoo Digital Group PLC^(a)(c)		7,000,000		10,433,922


Zotefoams PLC^(a)		4,000,000		16,951,533


				805,857,867



United States–41.52%
3D Systems Corp.^(c)		5,000,000		56,700,000


Acacia Research Corp.^(a)(c)		2,500,000		11,725,000


Advanced Micro Devices, Inc.^(c)		4,000,000		342,080,000


Align Technology, Inc.^(c)		100,000		28,991,000


Applied Materials, Inc.		600,000		66,210,000


Arrowhead Pharmaceuticals, Inc.^(c)		2,000,000		82,220,000


Cognex Corp.		1,200,000		81,156,000


Dolby Laboratories, Inc., Class A		800,000		61,976,000


Exact Sciences Corp.^(c)		1,800,000		99,090,000


First Solar, Inc.^(c)		1,000,000		73,030,000


Globant S.A.^(c)		200,000		43,198,000


Halozyme Therapeutics, Inc.^(c)		1,000,000		39,900,000


II-VI Incorporated^(c)		1,000,000		61,210,000


Illumina, Inc.^(c)		200,000		59,330,000


IPG Photonics Corp.^(c)		600,000		56,688,000


iRobot Corp.^(c)		700,000		35,455,000


Littelfuse, Inc.		400,000		91,700,000


Manhattan Associates, Inc.^(c)		600,000		78,330,000


Nektar Therapeutics (Acquired 06/04/2002-11/05/2021; Cost $314,153)^(a)(c)(d)		35,770,000		147,730,100


	Shares		Value


United States–(continued)
Nevro Corp.^(c)		1,000,000	$	61,690,000


ON Semiconductor Corp.^(c)		1,000,000		52,110,000


PDF Solutions, Inc.^(a)(c)		3,000,000		69,750,000


PTC, Inc.^(c)		1,200,000		137,052,000


QUALCOMM, Inc.		500,000		69,845,000


Rigel Pharmaceuticals, Inc.^(c)		5,000,000		11,800,000


Rite Aid Corp.^(c)		2,500,000		15,925,000


Rollins, Inc.		2,250,000		75,465,000


Shake Shack, Inc., Class A^(c)		1,000,000		57,830,000


Unity Software, Inc.^(c)		200,000		13,282,000


Veeco Instruments, Inc.^(a)(c)		3,207,868		73,524,334


Vicor Corp.^(c)		500,000		30,260,000


Wolfspeed, Inc.^(c)		1,000,000		91,710,000


Xeris Biopharma Holdings, Inc.^(c)		2,000,000		4,880,000


Yelp, Inc.^(c)		2,000,000		65,060,000


Zendesk, Inc.^(c)		600,000		73,224,000


				2,420,126,434


Total Common Stocks & Other Equity Interests (Cost $5,673,800,239)				5,725,944,536



Money Market Funds–1.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(a)(e)		35,924,721		35,924,721


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(a)(e)		18,822,042		18,818,278


Invesco Treasury Portfolio, Institutional Class, 0.23%^(a)(e)		41,056,824		41,056,824


Total Money Market Funds (Cost $95,797,743)				95,799,823


TOTAL INVESTMENTS IN SECURITIES–99.89% (Cost $5,769,597,982)				5,821,744,359


OTHER ASSETS LESS LIABILITIES–0.11%				6,339,761


NET ASSETS–100.00%			$	5,828,084,120

Investment Abbreviations:


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

Notes to Schedule of Investments:

^(a)


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

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


6		Invesco Global Opportunities Fund


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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $242,609,023, which represented 4.16% of the Fund’s Net Assets.

^(c)	Non-income producing security.

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Information Technology	42.32	%

Health Care	19.85

Industrials	16.57

Consumer Discretionary	8.75

Communication Services	5.29

Consumer Staples	3.65

Other Sectors, Each Less than 2% of Net Assets	1.82

Money Market Funds Plus Other Assets Less Liabilities	1.75

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


7		Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $3,931,587,905)	$	4,763,720,567



Investments in affiliates, at value (Cost $1,838,010,077)		1,058,023,792


Cash		4,000,000


Foreign currencies, at value (Cost $1,249,532)		1,244,201


Receivable for:
Investments sold		4,071,387


Fund shares sold		4,999,511


Dividends		8,562,333


Interest		24


Investment for trustee deferred compensation and retirement plans		309,268


Other assets		166,759


Total assets		5,845,097,842



Liabilities:

Payable for:
Investments purchased		1,495,266


Fund shares reacquired		11,856,904


Accrued fees to affiliates		2,675,630


Accrued trustees’ and officers’ fees and benefits		147,847


Accrued other operating expenses		528,807


Trustee deferred compensation and retirement plans		309,268


Total liabilities		17,013,722


Net assets applicable to shares outstanding	$	5,828,084,120



Net assets consist of:

Shares of beneficial interest	$	5,302,142,979


Distributable earnings		525,941,141


	$	5,828,084,120


Net Assets:

Class A	$	2,567,767,001


Class C	$	241,741,631


Class R	$	183,108,787


Class Y	$	1,375,532,829


Class R5	$	917,151


Class R6	$	1,459,016,721



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

Class A		49,792,163


Class C		5,780,727


Class R		3,791,319


Class Y		25,945,433


Class R5		17,574


Class R6		27,169,987


Class A:
Net asset value per share	$	51.57


Maximum offering price per share (Net asset value of $51.57 ÷ 94.50%)	$	54.57


Class C:
Net asset value and offering price per share	$	41.82


Class R:
Net asset value and offering price per share	$	48.30


Class Y:
Net asset value and offering price per share	$	53.02


Class R5:
Net asset value and offering price per share	$	52.19


Class R6:
Net asset value and offering price per share	$	53.70

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


8		Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:
Interest	$	6,776


Dividends (net of foreign withholding taxes of $1,857,464)		14,453,803


Dividends from affiliates		1,464,557


Foreign withholding tax claims		465,528


Total investment income		16,390,664



Expenses:
Advisory fees		25,306,882


Administrative services fees		535,984


Custodian fees		155,619


Distribution fees:
Class A		4,060,428


Class C		1,696,933


Class R		584,879


Transfer agent fees – A, C, R and Y		4,845,499


Transfer agent fees – R5		500


Transfer agent fees – R6		307,339


Trustees’ and officers’ fees and benefits		63,137


Registration and filing fees		145,856


Professional services fees		64,689


Other		(58,070	)


Total expenses		37,709,675


Less: Fees waived and/or expense offset arrangement(s)		(15,505	)


Net expenses		37,694,170


Net investment income (loss)		(21,303,506	)



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		510,084,942


Affiliated investment securities		5,228,071


Foreign currencies		10,590


		515,323,603


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,559,141,175	)


Affiliated investment securities		(732,831,502	)


Foreign currencies		(563,902	)


		(3,292,536,579	)


Net realized and unrealized gain (loss)		(2,777,212,976	)


Net increase (decrease) in net assets resulting from operations	$	(2,798,516,482	)

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


9		Invesco Global Opportunities Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income (loss)	$	(21,303,506	)	$	(57,842,876	)


Net realized gain		515,323,603			498,242,547


Change in net unrealized appreciation (depreciation)		(3,292,536,579	)		1,585,999,042


Net increase (decrease) in net assets resulting from operations		(2,798,516,482	)		2,026,398,713



Distributions to shareholders from distributable earnings:

Class A		(194,328,115	)		(339,297,321	)


Class C		(24,420,792	)		(50,327,508	)


Class R		(14,273,037	)		(25,015,143	)


Class Y		(113,074,056	)		(197,213,266	)


Class R5		(66,097	)		(1,196	)


Class R6		(101,013,872	)		(155,622,626	)


Total distributions from distributable earnings		(447,175,969	)		(767,477,060	)



Share transactions–net:

Class A		(11,384,663	)		71,983,213


Class C		(28,955,430	)		(63,886,987	)


Class R		8,664,237			4,106,384


Class Y		(230,149,954	)		147,484,680


Class R5		305,552			1,105,075


Class R6		112,661,198			288,650,779


Net increase (decrease) in net assets resulting from share transactions		(148,859,060	)		449,443,144


Net increase (decrease) in net assets		(3,394,551,511	)		1,708,364,797



Net assets:

Beginning of period		9,222,635,631			7,514,270,834


End of period	$	5,828,084,120		$	9,222,635,631

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


10		Invesco Global Opportunities Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Annualized.

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

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


11		Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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 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.

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.

Foreign Withholding Taxes –The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

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.


13		Invesco Global Opportunities Fund

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, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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


14		Invesco Global Opportunities Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $198,371 in front-end sales commissions from the sale of Class A shares and $9,059 and $9,476 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $8,327 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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	$	45,240,000	$	14,230,593		$–	$	59,470,593


Canada		42,682,000		–		–		42,682,000


Denmark		–		138,452,164		–		138,452,164


Finland		–		43,208,696		–		43,208,696


France		232,089		156,820,638		–		157,052,727


Germany		–		430,121,584		–		430,121,584


Ireland		15,728,624		40,860,167		–		56,588,791


Isle of Man		–		17,250,298		–		17,250,298


Israel		30,184,000		–		–		30,184,000


Italy		–		116,247,386		–		116,247,386


Japan		–		675,402,260		–		675,402,260


Luxembourg		–		46,465,751		–		46,465,751


Norway		–		213,283,477		–		213,283,477


Singapore		–		37,036,960		–		37,036,960


Sweden		–		419,063,248		–		419,063,248


Switzerland		–		17,450,300		–		17,450,300


United Kingdom		–		805,857,867		–		805,857,867


United States		2,420,126,434		–		–		2,420,126,434


Money Market Funds		95,799,823		–		–		95,799,823


Total Investments	$	2,649,992,970	$	3,171,751,389		$–	$	5,821,744,359

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


15		Invesco Global Opportunities Fund

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $236,770,944 and $926,598,381, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 2,296,064,476


Aggregate unrealized (depreciation) of investments	(2,262,784,232	)


Net unrealized appreciation of investments	$ 33,280,244

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

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,776,450		$	117,344,645			4,875,396		$	393,802,172


Class C		224,448			11,932,342			756,235			50,644,040


Class R		321,414			19,620,525			609,103			46,265,081


Class Y		2,775,789			188,886,761			8,288,976			684,796,223


Class R5		4,149			303,750			13,459			1,110,671


Class R6		4,208,672			283,189,916			7,512,295			627,833,253



Issued as reinvestment of dividends:
Class A		2,569,653			182,162,927			4,232,742			319,318,097


Class C		402,014			23,172,101			764,060			47,799,623


Class R		214,377			14,245,371			350,770			24,957,284


Class Y		1,308,410			95,265,309			2,223,327			171,640,821


Class R5		906			64,942			-			-


Class R6		1,304,716			96,170,583			1,937,551			151,167,699



Automatic conversion of Class C shares to Class A shares:
Class A		271,317			16,872,391			877,602			70,149,842


Class C		(333,572	)		(16,872,391	)		(1,059,201	)		(70,149,842	)



Reacquired:
Class A		(4,981,819	)		(327,764,626	)		(8,827,130	)		(711,286,898	)


Class C		(897,948	)		(47,187,482	)		(1,378,993	)		(92,180,808	)


Class R		(406,807	)		(25,201,659	)		(883,441	)		(67,115,981	)


Class Y		(7,794,403	)		(514,302,024	)		(8,575,585	)		(708,952,364	)


Class R5		(1,038	)		(63,140	)		(73	)		(5,596	)


Class R6		(3,994,740	)		(266,699,301	)		(5,853,490	)		(490,350,173	)


Net increase (decrease) in share activity		(3,028,012	)	$	(148,859,060	)		5,863,603		$	449,443,144

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		Invesco Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


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

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


17		Invesco Global Opportunities Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco International Core Equity Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

7		Financial Statements

10		Financial Highlights

11		Notes to Financial Statements

17		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.62	%
Class C Shares	-12.92
Class R Shares	-12.70
Class Y Shares	-12.46
Investor Class Shares	-12.59
Class R5 Shares	-12.50
Class R6 Shares	-12.44
MSCI EAFE Index^▼ (Broad Market/Style-Specific Index)	-11.80
Lipper International Large-Cap Core Funds Index^∎ (Peer Group Index)	-11.66

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

The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco International Core Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	3.95	%
10 Years	4.03
5 Years	3.09
1 Year	-17.67

Class C Shares
Inception (2/14/00)	2.61	%
10 Years	4.02
5 Years	3.49
1 Year	-14.33

Class R Shares
Inception (11/24/03)	4.40	%
10 Years	4.37
5 Years	4.00
1 Year	-13.07

Class Y Shares
Inception (10/3/08)	4.05	%
10 Years	4.89
5 Years	4.54
1 Year	-12.64

Investor Class Shares
Inception (10/28/98)	3.71	%
10 Years	4.63
5 Years	4.27
1 Year	-12.84

Class R5 Shares
Inception (4/30/04)	4.70	%
10 Years	5.02
5 Years	4.53
1 Year	-12.63

Class R6 Shares
10 Years	5.01	%
5 Years	4.55
1 Year	-12.63

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

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.


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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.10%
Australia–7.06%
Ansell Ltd.		63,860	$	1,223,007


Australia & New Zealand Banking Group Ltd.		86,239		1,636,894


Treasury Wine Estates Ltd.		131,622		1,027,999


Worley Ltd.		75,936		740,173


				4,628,073



Austria–3.75%
ams-OSRAM AG^(a)		63,544		779,255


BAWAG Group AG^(b)		21,691		1,028,767


Wienerberger AG		23,213		648,899


				2,456,921



Canada–2.21%
CAE, Inc.^(a)		61,010		1,450,866



China–1.39%
Alibaba Group Holding Ltd., ADR^(a)		9,384		911,093



Denmark–0.99%
ISS A/S^(a)		39,626		646,870



Finland–1.61%
Metso Outotec OYJ		72,152		610,534


QT Group OYJ^(a)		5,076		442,685


				1,053,219



France–10.68%
Coface S.A.^(a)		81,297		966,180


Thales S.A.		13,508		1,730,386


TotalEnergies SE		27,875		1,373,446


Veolia Environnement S.A.		56,914		1,640,405


Verallia S.A.^(b)		47,469		1,294,225


				7,004,642



Germany–11.95%
AIXTRON SE		27,089		707,265


Deutsche Telekom AG		108,105		1,991,256


Hensoldt AG		36,131		1,010,903


Infineon Technologies AG		34,915		1,010,103


Mercedes-Benz Group AG		17,713		1,253,462


SAP SE		12,653		1,305,069


TeamViewer AG^(a)(b)		45,901		556,768


				7,834,826



Hong Kong–2.01%
AIA Group Ltd.		135,000		1,318,939



India–3.62%
Fairfax India Holdings Corp.^(a)(b)		128,882		1,549,161


Housing Development Finance Corp. Ltd.		28,735		827,330


				2,376,491



Italy–1.96%
Ariston Holding N.V.^(a)		128,730		1,286,429


	Shares		Value


Japan–19.28%
ASKUL Corp.		35,400	$	429,243


Disco Corp.		1,900		468,301


FANUC Corp.		6,600		1,020,792


Hitachi Ltd.		36,600		1,704,329


Hoya Corp.		11,400		1,135,774


KDDI Corp.		28,700		951,562


Koito Manufacturing Co. Ltd.		16,000		587,544


Nintendo Co. Ltd.		2,000		921,720


Recruit Holdings Co. Ltd.		16,800		619,712


Shin-Etsu Chemical Co. Ltd.		6,400		882,368


SoftBank Group Corp.		18,500		746,866


Sony Group Corp.		13,200		1,134,559


Toyota Motor Corp.		119,500		2,036,275


				12,639,045



Netherlands–5.69%
BE Semiconductor Industries N.V.		9,820		594,639


EXOR N.V.		14,505		998,598


Koninklijke Ahold Delhaize N.V.		51,397		1,518,273


OCI N.V.^(a)		16,300		618,188


				3,729,698



Singapore–1.99%
DBS Group Holdings Ltd.		53,760		1,302,130



Spain–3.83%
Iberdrola S.A.		106,862		1,220,976


Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(c)		902,425		1,291,615


				2,512,591



Sweden–2.09%
SkiStar AB		37,537		725,831


SSAB AB, Class B		108,989		642,016


				1,367,847



Switzerland–11.25%
ALSO Holding AG		5,456		1,237,506


DKSH Holding AG		8,749		750,626


Novartis AG, ADR		21,896		1,927,505


Roche Holding AG		6,941		2,570,715


Swatch Group AG (The), BR		3,447		890,146


				7,376,498



United Kingdom–7.74%
AstraZeneca PLC		12,689		1,685,631


BP PLC		300,760		1,468,490


Tate & Lyle PLC		197,249		1,922,142


				5,076,263


Total Common Stocks & Other Equity Interests (Cost $64,990,204)				64,972,441



Money Market Funds–2.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		805,842		805,842

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


5		Invesco International Core Equity Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		537,228	$	537,228


Total Money Market Funds (Cost $1,343,070)				1,343,070


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–101.15% (Cost $66,333,274)				66,315,511



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.94%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		186,038		186,038


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		434,089	$	434,089


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $620,097)				620,127


TOTAL INVESTMENTS IN SECURITIES–102.09% (Cost $66,953,371)				66,935,638


OTHER ASSETS LESS LIABILITIES–(2.09)%				(1,372,590	)


NET ASSETS–100.00%			$	65,563,048

Investment Abbreviations:


ADR	–	American Depositary Receipt
BR	–	Bearer Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $4,428,921, which represented 6.76% of the Fund’s Net Assets.

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

^(d)


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022


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

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


6		Invesco International Core Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $64,990,204)*	$	64,972,441


Investments in affiliated money market funds, at value (Cost $1,963,167)		1,963,197


Cash		980


Foreign currencies, at value (Cost $148,251)		144,166


Receivable for:
Investments sold		128


Fund shares sold		8,972


Dividends		226,539


Investment for trustee deferred compensation and retirement plans		72,873


Other assets		60,524


Total assets		67,449,820



Liabilities:
Payable for:
Investments purchased		162,199


Fund shares reacquired		945,962


Accrued foreign taxes		11,902


Collateral upon return of securities loaned		620,097


Accrued fees to affiliates		26,867


Accrued other operating expenses		39,649


Trustee deferred compensation and retirement plans		80,096


Total liabilities		1,886,772


Net assets applicable to shares outstanding	$	65,563,048



Net assets consist of:
Shares of beneficial interest	$	65,547,867


Distributable earnings		15,181


	$	65,563,048


Net Assets:
Class A	$	28,495,350


Class C	$	1,718,357


Class R	$	1,514,340


Class Y	$	6,196,424


Investor Class	$	8,211,042


Class R5	$	4,830,706


Class R6	$	14,596,829



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,449,709


Class C		150,489


Class R		129,521


Class Y		522,498


Investor Class		692,469


Class R5		418,938


Class R6		1,266,662


Class A:
Net asset value per share	$	11.63


Maximum offering price per share (Net asset value of $11.63 ÷ 94.50%)	$	12.31


Class C:
Net asset value and offering price per share	$	11.42


Class R:
Net asset value and offering price per share	$	11.69


Class Y:
Net asset value and offering price per share	$	11.86


Investor Class:
Net asset value and offering price per share	$	11.86


Class R5:
Net asset value and offering price per share	$	11.53


Class R6:
Net asset value and offering price per share	$	11.52

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

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


7		Invesco International Core Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Interest	$	373


Dividends (net of foreign withholding taxes of $151,467)		860,596


Dividends from affiliated money market funds (includes securities lending income of $2,537)		2,675


Non-cash dividend income		287,531


Foreign withholding tax claims		68,477


Total investment income		1,219,652



Expenses:
Advisory fees		264,295


Administrative services fees		4,870


Custodian fees		8,246


Distribution fees:
Class A		39,067


Class C		9,280


Class R		4,253


Investor Class		11,261


Transfer agent fees – A, C, R, Y and Investor		54,174


Transfer agent fees – R5		1,226


Transfer agent fees – R6		2,690


Trustees’ and officers’ fees and benefits		8,488


Registration and filing fees		42,705


Reports to shareholders		7,440


Professional services fees		28,872


Other		6,362


Total expenses		493,229


Less: Fees waived and/or expenses reimbursed		(122,856	)


Net expenses		370,373


Net investment income		849,279



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(55,104	)


Affiliated investment securities		(130	)


Foreign currencies		(15,922	)


		(71,156	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $26,969)		(10,442,737	)


Affiliated investment securities		30


Foreign currencies		(14,545	)


		(10,457,252	)


Net realized and unrealized gain (loss)		(10,528,408	)


Net increase (decrease) in net assets resulting from operations	$	(9,679,129	)

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


8		Invesco International Core Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021

Operations:
Net investment income	$	849,279		$	916,662


Net realized gain (loss)		(71,156	)		11,204,735


Change in net unrealized appreciation (depreciation)		(10,457,252	)		6,069,366


Net increase (decrease) in net assets resulting from operations		(9,679,129	)		18,190,763



Distributions to shareholders from distributable earnings:
Class A		(1,247,203	)		(262,403	)


Class C		(58,262	)		(2,288	)


Class R		(66,809	)		(10,609	)


Class Y		(217,355	)		(59,408	)


Investor Class		(364,280	)		(83,908	)


Class R5		(223,313	)		(45,382	)


Class R6		(688,692	)		(171,257	)


Total distributions from distributable earnings		(2,865,914	)		(635,255	)



Share transactions–net:
Class A		2,212,139			(158,263	)


Class C		88,479			(428,513	)


Class R		(61,773	)		119,942


Class Y		1,839,018			(440,909	)


Investor Class		(71,714	)		(479,304	)


Class R5		331,203			1,025,262


Class R6		618,732			277,480


Net increase (decrease) in net assets resulting from share transactions		4,956,084			(84,305	)


Net increase (decrease) in net assets		(7,588,959	)		17,471,203



Net assets:
Beginning of period		73,152,007			55,680,804


End of period	$	65,563,048		$	73,152,007

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


9		Invesco International Core Equity Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Six months ended 04/30/22		$13.86		$0.15		$(1.86	)		$(1.71	)		$(0.19	)		$(0.33	)		$(0.52	)		$11.63		(12.62	)%		$28,495		1.12	%^(d)		1.52	%^(d)		2.34	%^(d)		46	%
Year ended 10/31/21		10.53		0.16		3.28			3.44			(0.11	)		–			(0.11	)		13.86		32.82			31,958		1.12			1.52			1.20			86
Year ended 10/31/20		10.66		0.12		(0.02	)		0.10			(0.23	)		–			(0.23	)		10.53		0.86			24,443		1.12			1.68			1.13			61
Year ended 10/31/19		10.59		0.20		0.71			0.91			(0.15	)		(0.69	)		(0.84	)		10.66		9.74			27,707		1.12			1.66			1.97			28
Year ended 10/31/18		12.43		0.19		(1.84	)		(1.65	)		(0.19	)		–			(0.19	)		10.59		(13.53	)		33,798		1.12			1.67			1.54			73
Year ended 10/31/17		10.48		0.15		1.97			2.12			(0.17	)		–			(0.17	)		12.43		20.54			40,865		1.15			1.70			1.38			61
Class C
Six months ended 04/30/22		13.54		0.10		(1.82	)		(1.72	)		(0.07	)		(0.33	)		(0.40	)		11.42		(12.92	)		1,718		1.87	^(d)		2.27	^(d)		1.59	^(d)		46
Year ended 10/31/21		10.28		0.06		3.21			3.27			(0.01	)		–			(0.01	)		13.54		31.85			1,947		1.87			2.27			0.45			86
Year ended 10/31/20		10.40		0.04		(0.03	)		0.01			(0.13	)		–			(0.13	)		10.28		0.06			1,827		1.87			2.43			0.38			61
Year ended 10/31/19		10.31		0.12		0.71			0.83			(0.05	)		(0.69	)		(0.74	)		10.40		8.98			2,775		1.87			2.41			1.22			28
Year ended 10/31/18		12.10		0.09		(1.79	)		(1.70	)		(0.09	)		–			(0.09	)		10.31		(14.14	)		6,022		1.87			2.42			0.79			73
Year ended 10/31/17		10.20		0.07		1.92			1.99			(0.09	)		–			(0.09	)		12.10		19.64			8,476		1.90			2.45			0.63			61
Class R
Six months ended 04/30/22		13.90		0.13		(1.85	)		(1.72	)		(0.16	)		(0.33	)		(0.49	)		11.69		(12.70	)		1,514		1.37	^(d)		1.77	^(d)		2.09	^(d)		46
Year ended 10/31/21		10.57		0.13		3.28			3.41			(0.08	)		–			(0.08	)		13.90		32.37			1,872		1.37			1.77			0.95			86
Year ended 10/31/20		10.69		0.09		(0.01	)		0.08			(0.20	)		–			(0.20	)		10.57		0.67			1,329		1.37			1.93			0.88			61
Year ended 10/31/19		10.60		0.17		0.73			0.90			(0.12	)		(0.69	)		(0.81	)		10.69		9.52			1,105		1.37			1.91			1.72			28
Year ended 10/31/18		12.44		0.16		(1.84	)		(1.68	)		(0.16	)		–			(0.16	)		10.60		(13.73	)		1,414		1.37			1.92			1.29			73
Year ended 10/31/17		10.49		0.12		1.97			2.09			(0.14	)		–			(0.14	)		12.44		20.21			2,201		1.40			1.95			1.13			61
Class Y
Six months ended 04/30/22		14.14		0.17		(1.89	)		(1.72	)		(0.23	)		(0.33	)		(0.56	)		11.86		(12.46	)		6,196		0.87	^(d)		1.27	^(d)		2.59	^(d)		46
Year ended 10/31/21		10.74		0.20		3.34			3.54			(0.14	)		–			(0.14	)		14.14		33.12			5,380		0.87			1.27			1.45			86
Year ended 10/31/20		10.87		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.74		1.11			4,407		0.87			1.43			1.38			61
Year ended 10/31/19		10.78		0.23		0.73			0.96			(0.18	)		(0.69	)		(0.87	)		10.87		10.09			4,465		0.87			1.41			2.22			28
Year ended 10/31/18		12.65		0.22		(1.87	)		(1.65	)		(0.22	)		–			(0.22	)		10.78		(13.33	)		5,738		0.87			1.42			1.79			73
Year ended 10/31/17		10.66		0.19		2.00			2.19			(0.20	)		–			(0.20	)		12.65		20.88			6,226		0.90			1.45			1.63			61
Investor Class
Six months ended 04/30/22		14.12		0.15		(1.89	)		(1.74	)		(0.19	)		(0.33	)		(0.52	)		11.86		(12.59	)		8,211		1.12	^(d)		1.52	^(d)		2.34	^(d)		46
Year ended 10/31/21		10.73		0.17		3.33			3.50			(0.11	)		–			(0.11	)		14.12		32.77			9,851		1.12			1.52			1.20			86
Year ended 10/31/20		10.85		0.12		(0.01	)		0.11			(0.23	)		–			(0.23	)		10.73		0.94			7,848		1.12			1.68			1.13			61
Year ended 10/31/19		10.76		0.20		0.73			0.93			(0.15	)		(0.69	)		(0.84	)		10.85		9.77			8,886		1.12			1.66			1.97			28
Year ended 10/31/18		12.63		0.19		(1.87	)		(1.68	)		(0.19	)		–			(0.19	)		10.76		(13.55	)		9,037		1.12			1.67			1.54			73
Year ended 10/31/17		10.65		0.16		1.99			2.15			(0.17	)		–			(0.17	)		12.63		20.50			14,503		1.15			1.70			1.38			61
Class R5
Six months ended 04/30/22		13.77		0.16		(1.84	)		(1.68	)		(0.23	)		(0.33	)		(0.56	)		11.53		(12.50	)		4,831		0.87	^(d)		1.10	^(d)		2.59	^(d)		46
Year ended 10/31/21		10.46		0.20		3.25			3.45			(0.14	)		–			(0.14	)		13.77		33.14			5,393		0.87			1.03			1.45			86
Year ended 10/31/20		10.59		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.46		1.14			3,318		0.87			1.12			1.38			61
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			3,282		0.87			1.10			2.22			28
Year ended 10/31/18		12.36		0.22		(1.83	)		(1.61	)		(0.22	)		–			(0.22	)		10.53		(13.32	)		3,017		0.87			1.15			1.79			73
Year ended 10/31/17		10.44		0.18		1.95			2.13			(0.21	)		–			(0.21	)		12.36		20.82			3,474		0.90			1.15			1.63			61
Class R6
Six months ended 04/30/22		13.76		0.16		(1.84	)		(1.68	)		(0.23	)		(0.33	)		(0.56	)		11.52		(12.52	)		14,597		0.87	^(d)		1.09	^(d)		2.59	^(d)		46
Year ended 10/31/21		10.46		0.20		3.24			3.44			(0.14	)		–			(0.14	)		13.76		33.05			16,752		0.87			1.03			1.45			86
Year ended 10/31/20		10.59		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.46		1.14			12,508		0.87			1.12			1.38			61
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			19,188		0.87			1.10			2.22			28
Year ended 10/31/18		12.35		0.22		(1.82	)		(1.60	)		(0.22	)		–			(0.22	)		10.53		(13.25	)		11,560		0.87			1.15			1.79			73
Year ended 10/31/17		10.43		0.18		1.96			2.14			(0.22	)		–			(0.22	)		12.35		20.85			15,702		0.90			1.15			1.63			61

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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


10		Invesco International Core Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

The 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 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.


12		Invesco International Core Equity Fund

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

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, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 1.12%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.


13		Invesco International Core Equity Fund

For the six months ended April 30, 2022, the Adviser waived advisory fees of $64,766 and reimbursed class level expenses of $34,063, $2,023, $1,859, $6,397, $9,832, $1,226 and $2,690 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $2,480 in front-end sales commissions from the sale of Class A shares and $309 and $49 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $483 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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	$	–	$	4,628,073	$	–	$	4,628,073


Austria		–		2,456,921		–		2,456,921


Canada		1,450,866		–		–		1,450,866


China		911,093		–		–		911,093


Denmark		–		646,870		–		646,870


Finland		–		1,053,219		–		1,053,219


France		–		7,004,642		–		7,004,642


Germany		–		7,834,826		–		7,834,826


Hong Kong		–		1,318,939		–		1,318,939


India		1,549,161		827,330		–		2,376,491


Italy		–		1,286,429		–		1,286,429


Japan		–		12,639,045		–		12,639,045


Netherlands		–		3,729,698		–		3,729,698


Singapore		–		1,302,130		–		1,302,130


Spain		–		2,512,591		–		2,512,591


Sweden		–		1,367,847		–		1,367,847


Switzerland		1,927,505		5,448,993		–		7,376,498


United Kingdom		–		5,076,263		–		5,076,263


14		Invesco International Core Equity Fund


	Level 1		Level 2		Level 3	Total


Money Market Funds	$	1,343,070	$	620,127	$–	$	1,963,197


Total Investments	$	7,181,695	$	59,753,943	$–	$	66,935,638

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $35,296,484 and $32,181,130, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 5,468,038


Aggregate unrealized (depreciation) of investments	(5,582,881	)


Net unrealized appreciation (depreciation) of investments	$ (114,843	)

Cost of investments for tax purposes is $67,050,481.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	April 30, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		390,067	$	5,064,542		291,986	$	4,031,325


Class C		17,676		223,058		37,454		497,284


Class R		13,427		168,477		35,076		480,721


Class Y		162,587		2,101,900		245,351		3,426,704


Investor Class		83,606		1,007,079		25,155		347,218


Class R5		21,034		251,956		72,716		1,002,580


Class R6		221		2,775		9,533		131,407


15		Invesco International Core Equity Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		92,107		$	1,174,370			19,390		$	245,478


Class C		4,546			57,058			179			2,231


Class R		5,132			65,791			833			10,604


Class Y		14,654			190,210			4,367			56,287


Investor Class		26,226			340,672			6,234			80,414


Class R5		17,693			223,285			3,615			45,375


Class R6		54,572			688,693			13,657			171,257



Automatic conversion of Class C shares to Class A shares:
Class A		4,969			61,503			35,707			465,485


Class C		(5,063	)		(61,503	)		(36,380	)		(465,485	)



Reacquired:
Class A		(343,558	)		(4,088,276	)		(361,500	)		(4,900,551	)


Class C		(10,463	)		(130,134	)		(35,098	)		(462,543	)


Class R		(23,672	)		(296,041	)		(27,039	)		(371,383	)


Class Y		(35,143	)		(453,092	)		(279,503	)		(3,923,900	)


Investor Class		(115,154	)		(1,419,465	)		(65,111	)		(906,936	)


Class R5		(11,494	)		(144,038	)		(1,770	)		(22,693	)


Class R6		(5,609	)		(72,736	)		(1,870	)		(25,184	)


Net increase (decrease) in share activity		358,361		$	4,956,084			(7,018	)	$	(84,305	)

^(a)

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


16		Invesco International Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$873.80	$5.20	$1,019.24	$5.61	1.12%
Class C	1,000.00	870.80	8.67	1,015.52	9.35	1.87
Class R	1,000.00	873.00	6.36	1,018.00	6.85	1.37
Class Y	1,000.00	875.40	4.05	1,020.48	4.36	0.87
Investor Class	1,000.00	874.10	5.20	1,019.24	5.61	1.12
Class R5	1,000.00	875.00	4.04	1,020.48	4.36	0.87
Class R6	1,000.00	875.60	4.05	1,020.48	4.36	0.87

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


17		Invesco International Core Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco International Equity Fund

Nasdaq:

A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.99	%
Class C Shares	-14.26
Class R Shares	-14.04
Class Y Shares	-13.79
Class R5 Shares	-13.79
Class R6 Shares	-13.82
MSCI All Country World ex USA Index^▼	-11.87

Source(s): ^▼RIMES Technologies Corp. The MSCI All Country World ex USA^®Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco International Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (7/2/90)	5.82	%
10 Years	5.36
5 Years	2.41
1 Year	-20.89
Class C Shares
Inception (9/1/93)	5.69	%
10 Years	5.33
5 Years	2.81
1 Year	-17.71
Class R Shares
Inception (3/1/01)	3.38	%
10 Years	5.70
5 Years	3.33
1 Year	-16.47
Class Y Shares
Inception (11/13/08)	7.91	%
10 Years	6.29
5 Years	3.95
1 Year	-15.97
Class R5 Shares
10 Years	6.10	%
5 Years	3.84
1 Year	-15.92
Class R6 Shares
Inception (3/28/13)	4.80	%
5 Years	4.02
1 Year	-15.93

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

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

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

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

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–86.88%
Australia–2.93%
Northern Star Resources Ltd.		2,549,755	$	17,337,339


Santos Ltd.		2,604,979		14,547,632


				31,884,971



Canada–3.78%
Agnico Eagle Mines Ltd.		320,131		18,641,228


Dollarama, Inc.		405,614		22,550,074


				41,191,302



Denmark–3.30%
Carlsberg A/S, Class B		150,513		19,051,224


Novo Nordisk A/S, Class B		148,329		16,964,678


				36,015,902



France–12.54%
Adevinta ASA, Class B^(a)		369,506		2,885,661


Air Liquide S.A.		196,673		33,954,221


Airbus SE		204,505		22,239,423


Kering S.A.		15,866		8,427,278


L’Oreal S.A.		32,031		11,652,899


LVMH Moet Hennessy Louis Vuitton SE		9,763		6,247,302


Safran S.A.		114,008		12,133,590


Societe Generale S.A.		786,142		18,678,107


Veolia Environnement S.A.		488,596		14,082,569


Vinci S.A.		66,777		6,442,926


				136,743,976



Germany–6.38%
adidas AG		68,607		13,973,757


Bayer AG		95,352		6,284,909


Infineon Technologies AG		215,465		6,233,478


Puma SE		61,386		4,583,654


SAP SE		127,275		13,127,532


Siemens AG		160,507		19,964,662


Zalando SE^(a)(b)		135,378		5,369,423


				69,537,415



Ireland–0.62%
Flutter Entertainment PLC^(a)		67,136		6,744,975



Japan–19.28%
Asahi Group Holdings Ltd.		499,000		18,631,374


Bandai Namco Holdings, Inc.		113,800		7,744,473


Disco Corp.		26,100		6,432,973


Hitachi Ltd.		293,200		13,653,263


Inpex Corp.		2,881,100		34,057,539


Konami Holdings Corp.		271,500		16,778,544


Marubeni Corp.		1,211,900		13,262,481


Nidec Corp.		80,200		5,253,826


ORIX Corp.		397,500		7,251,354


Pan Pacific International Holdings Corp.		148,400		2,294,120


Recruit Holdings Co. Ltd.		277,200		10,225,252


Renesas Electronics Corp.^(a)		1,346,500		14,416,837


SCREEN Holdings Co. Ltd.		81,800		6,701,140


	Shares		Value


Japan–(continued)
Sekisui House Ltd.		1,095,800	$	18,898,778


Seven & i Holdings Co. Ltd.		266,800		11,743,227


Sony Group Corp.		212,000		18,221,711


TDK Corp.		145,800		4,554,203


				210,121,095



Netherlands–7.55%
ASML Holding N.V.		10,777		6,097,291


ING Groep N.V.		2,413,989		22,590,597


Shell PLC, ADR		679,438		36,302,372


Universal Music Group N.V.		748,228		17,310,563


				82,300,823



New Zealand–2.30%
Spark New Zealand Ltd.		7,913,757		25,048,894



Singapore–1.20%
STMicroelectronics N.V., New York Shares		357,135		13,078,284



South Africa–3.01%
Anglo American PLC		739,945		32,835,445



South Korea–3.14%
Korea Zinc Co. Ltd.		43,862		20,003,379


POSCO Holdings, Inc.		31,278		7,087,549


Samsung Electro-Mechanics Co. Ltd.		55,162		7,139,153


				34,230,081



Spain–2.73%
Amadeus IT Group S.A.^(a)		208,725		13,014,681


Repsol S.A.		1,119,479		16,797,172


				29,811,853



Sweden–1.82%
Swedish Match AB		2,484,316		19,796,799



Switzerland–4.82%
Alcon, Inc.		177,730		12,656,153


Cie Financiere Richemont S.A.		143,926		16,730,380


Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(a)		138,702		98,385


SGS S.A.		4,808		12,347,013


UBS Group AG		634,538		10,735,388


				52,567,319



Taiwan–0.28%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		32,478		3,018,181



United Kingdom–7.32%
Coca-Cola Europacific Partners PLC		248,373		12,406,231


Diageo PLC		497,592		24,658,221


Entain PLC^(a)		306,157		5,756,244


Lloyds Banking Group PLC		23,324,893		13,150,235


London Stock Exchange Group PLC		88,729		8,804,296


Rentokil Initial PLC		1,546,938		10,628,384


Vodafone Group PLC		2,870,219		4,342,395


				79,746,006

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


5		Invesco International Equity Fund


	Shares		Value


United States–3.88%
Medtronic PLC		236,432	$	24,674,044


Oracle Corp.		165,500		10,661,991


QUALCOMM, Inc.		50,044		6,990,646


				42,326,681


Total Common Stocks & Other Equity Interests (Cost $872,845,083)				947,000,002



Money Market Funds–12.37%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d)		47,395,829		47,395,829

Investment Abbreviations:


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(c)(d)		33,337,005	$	33,330,338


Invesco Treasury Portfolio, Institutional Class, 0.23%^(c)(d)		54,166,661		54,166,661


Total Money Market Funds (Cost $134,891,990)				134,892,828


TOTAL INVESTMENTS IN SECURITIES–99.25% (Cost $1,007,737,073)				1,081,892,830


OTHER ASSETS LESS LIABILITIES-0.75%				8,175,153


NET ASSETS-100.00%			$	1,090,067,983

ADR – American Depositary Receipt

Wts. – Warrants

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	12,601,716		$	196,008,347		$	(161,214,234	)		$	-		$	-			$	47,395,829		$	4,981
Invesco Liquid Assets Portfolio, Institutional Class			8,486,409			140,005,962			(115,153,025	)			1,187			(10,195	)			33,330,338			7,822
Invesco Treasury Portfolio, Institutional Class			14,401,962			224,009,539			(184,244,840	)			-			-				54,166,661			8,905
Total		$	35,490,087		$	560,023,848		$	(460,612,099	)		$	1,187		$	(10,195	)		$	134,892,828		$	21,708

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

Open Forward Foreign Currency Contracts

Contract to

Unrealized

Settlement Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

07/15/2022

Barclays Bank PLC

JPY 19,692,000,000

USD 159,782,473

7,611,320

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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


6		Invesco International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Consumer Discretionary	12.63	%

Materials	11.91

Industrials	11.57

Consumer Staples	10.82

Information Technology	10.23

Energy	9.33

Financials	7.45

Communication Services	6.09

Health Care	5.56

Other Sectors, Each Less than 2% of Net Assets	1.29

Money Market Funds Plus Other Assets Less Liabilities	13.12

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


7		Invesco International Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $872,845,083)	$	947,000,002


Investments in affiliated money market funds, at value (Cost $134,891,990)		134,892,828


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		7,611,320


Cash		4,836,066


Foreign currencies, at value (Cost $1,753,788)		1,738,522


Receivable for:
Investments sold		5,209,653


Fund shares sold		124,180


Dividends		7,450,572


Investment for trustee deferred compensation and retirement plans		89,832


Other assets		36,114


Total assets		1,108,989,089



Liabilities:
Payable for:
Investments purchased		18,200,946


Fund shares reacquired		221,084


Accrued fees to affiliates		220,814


Accrued trustees’ and officers’ fees and benefits		2,957


Accrued other operating expenses		128,453


Trustee deferred compensation and retirement plans		146,852


Total liabilities		18,921,106


Net assets applicable to shares outstanding	$	1,090,067,983



Net assets consist of:
Shares of beneficial interest	$	1,007,359,363


Distributable earnings		82,708,620


	$	1,090,067,983


Net Assets:
Class A	$	155,355,927


Class C	$	9,694,318


Class R	$	22,152,688


Class Y	$	69,453,947


Class R5	$	1,206,515


Class R6	$	832,204,588



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,244,863


Class C		511,616


Class R		1,048,100


Class Y		3,208,438


Class R5		56,234


Class R6		39,007,470


Class A:
Net asset value per share	$	21.44


Maximum offering price per share (Net asset value of $21.44 ÷ 94.50%)	$	22.69


Class C:
Net asset value and offering price per share	$	18.95


Class R:
Net asset value and offering price per share	$	21.14


Class Y:
Net asset value and offering price per share	$	21.65


Class R5:
Net asset value and offering price per share	$	21.46


Class R6:
Net asset value and offering price per share	$	21.33

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


8		Invesco International Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $1,404,917)	$	13,352,881


Dividends from affiliated money market funds		21,708


Total investment income		13,374,589



Expenses:
Advisory fees		5,075,228


Administrative services fees		94,061


Custodian fees		103,605


Distribution fees:
Class A		217,262


Class C		57,598


Class R		60,848


Transfer agent fees – A, C, R and Y		267,700


Transfer agent fees – R5		1,061


Transfer agent fees – R6		177,172


Trustees’ and officers’ fees and benefits		22,433


Registration and filing fees		51,577


Professional services fees		28,655


Other		(82,206	)


Total expenses		6,074,994


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(144,723	)


Net expenses		5,930,271


Net investment income		7,444,318



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(226,964	)


Affiliated investment securities		(10,195	)


Foreign currencies		(407,537	)


Forward foreign currency contracts		13,212,904


		12,568,208


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(213,986,300	)


Affiliated investment securities		1,187


Foreign currencies		(424,230	)


Forward foreign currency contracts		7,871,634


		(206,537,709	)


Net realized and unrealized gain (loss)		(193,969,501	)


Net increase (decrease) in net assets resulting from operations	$	(186,525,183	)

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


9		Invesco International Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income	$	7,444,318		$	17,051,653


Net realized gain		12,568,208			243,209,917


Change in net unrealized appreciation (depreciation)		(206,537,709	)		(4,587,291	)


Net increase (decrease) in net assets resulting from operations		(186,525,183	)		255,674,279



Distributions to shareholders from distributable earnings:
Class A		(6,721,473	)		(892,282	)


Class C		(413,159	)		–


Class R		(888,242	)		(65,532	)


Class Y		(4,438,964	)		(717,019	)


Class R5		(408,095	)		(112	)


Class R6		(47,138,761	)		(10,102,777	)


Total distributions from distributable earnings		(60,008,694	)		(11,777,722	)



Share transactions–net:
Class A		2,117,746			(14,241,327	)


Class C		(1,043,207	)		(5,033,298	)


Class R		898,813			1,362,415


Class Y		(25,141,239	)		21,442,470


Class R5		(8,123,000	)		10,058,902


Class R6		(141,595,122	)		(80,029,217	)


Net increase (decrease) in net assets resulting from share transactions		(172,886,009	)		(66,440,055	)


Net increase (decrease) in net assets		(419,419,886	)		177,456,502



Net assets:
Beginning of period		1,509,487,869			1,332,031,367


End of period	$	1,090,067,983		$	1,509,487,869

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


10		Invesco International Equity Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Six months ended 04/30/22		$25.89		$0.09			$(3.60	)		$(3.51	)		$(0.26	)		$(0.68	)		$(0.94	)		$21.44		(13.96	)%		$ 155,356		1.22	%^(e)		1.22	%^(e)		0.78	%^(e)		40	%
Year ended 10/31/21		21.86		0.20			3.95			4.15			(0.12	)		–			(0.12	)		25.89		19.01			185,393		1.23			1.24			0.76			98
Year ended 10/31/20		20.82		0.08			1.28			1.36			(0.32	)		–			(0.32	)		21.86		6.57			168,596		1.23			1.28			0.39			69
Eleven months ended 10/31/19		19.44		0.31			1.29			1.60			(0.22	)		–			(0.22	)		20.82		8.38			181,695		1.22	^(e)		1.24	^(e)		1.69	^(e)		54
Year ended 11/30/18		22.23		0.27			(3.06	)		(2.79	)		(0.00	)		–			(0.00	)		19.44		(12.55	)		189,130		1.23			1.24			1.23			85
Year ended 11/30/17		17.40		0.18			5.00			5.18			(0.35	)		–			(0.35	)		22.23		30.33			222,358		1.27			1.28			0.92			83
Year ended 11/30/16		17.56		0.25			(0.31	)		(0.06	)		(0.10	)		–			(0.10	)		17.40		(0.31	)		166,493		1.31			1.32			1.43			79
Class C
Six months ended 04/30/22		22.87		0.00			(3.17	)		(3.17	)		(0.07	)		(0.68	)		(0.75	)		18.95		(14.26	)		9,694		1.97	^(e)		1.97	^(e)		0.03	^(e)		40
Year ended 10/31/21		19.36		0.00			3.51			3.51			–			–			–			22.87		18.13			12,844		1.98			1.99			0.01			98
Year ended 10/31/20		18.45		(0.07	)		1.14			1.07			(0.16	)		–			(0.16	)		19.36		5.81			15,113		1.98			2.03			(0.36	)		69
Eleven months ended 10/31/19		17.23		0.15			1.15			1.30			(0.08	)		–			(0.08	)		18.45		7.59			20,057		1.98	^(e)		1.99	^(e)		0.93	^(e)		54
Year ended 11/30/18		19.84		0.09			(2.70	)		(2.61	)		–			–			–			17.23		(13.20	)		34,738		1.98			1.99			0.48			85
Year ended 11/30/17		15.56		0.03			4.47			4.50			(0.22	)		–			(0.22	)		19.84		29.42			40,178		2.03			2.04			0.19			83
Year ended 11/30/16		15.73		0.10			(0.27	)		(0.17	)		–			–			–			15.56		(1.08	)		30,895		2.07			2.08			0.66			79
Class R
Six months ended 04/30/22		25.50		0.06			(3.54	)		(3.48	)		(0.20	)		(0.68	)		(0.88	)		21.14		(14.04	)		22,153		1.47	^(e)		1.47	^(e)		0.53	^(e)		40
Year ended 10/31/21		21.53		0.13			3.91			4.04			(0.07	)		–			(0.07	)		25.50		18.77			25,742		1.48			1.49			0.51			98
Year ended 10/31/20		20.52		0.03			1.25			1.28			(0.27	)		–			(0.27	)		21.53		6.27			20,619		1.48			1.53			0.14			69
Eleven months ended 10/31/19		19.18		0.26			1.27			1.53			(0.19	)		–			(0.19	)		20.52		8.10			20,044		1.47	^(e)		1.49	^(e)		1.44	^(e)		54
Year ended 11/30/18		21.98		0.21			(3.01	)		(2.80	)		–			–			–			19.18		(12.74	)		17,112		1.48			1.49			0.98			85
Year ended 11/30/17		17.21		0.13			4.94			5.07			(0.30	)		–			(0.30	)		21.98		29.99			13,223		1.52			1.53			0.65			83
Year ended 11/30/16		17.37		0.20			(0.30	)		(0.10	)		(0.06	)		–			(0.06	)		17.21		(0.55	)		8,410		1.56			1.57			1.18			79
Class Y
Six months ended 04/30/22		26.19		0.14			(3.63	)		(3.49	)		(0.37	)		(0.68	)		(1.05	)		21.65		(13.79	)		69,454		0.88	^(e)		0.97	^(e)		1.12	^(e)		40
Year ended 10/31/21		22.10		0.30			3.99			4.29			(0.20	)		–			(0.20	)		26.19		19.48			111,226		0.85			0.99			1.14			98
Year ended 10/31/20		21.04		0.16			1.29			1.45			(0.39	)		–			(0.39	)		22.10		6.94			75,777		0.85			1.03			0.77			69
Eleven months ended 10/31/19		19.67		0.38			1.30			1.68			(0.31	)		–			(0.31	)		21.04		8.73			74,540		0.84	^(e)		0.99	^(e)		2.06	^(e)		54
Year ended 11/30/18		22.46		0.35			(3.07	)		(2.72	)		(0.07	)		–			(0.07	)		19.67		(12.16	)		138,750		0.85			1.00			1.63			85
Year ended 11/30/17		17.59		0.21			5.06			5.27			(0.40	)		–			(0.40	)		22.46		30.63			57,166		1.02			1.03			1.01			83
Year ended 11/30/16		17.75		0.27			(0.28	)		(0.01	)		(0.15	)		–			(0.15	)		17.59		(0.03	)		15,965		1.06			1.07			1.54			79
Class R5
Six months ended 04/30/22		25.98		0.15			(3.61	)		(3.46	)		(0.38	)		(0.68	)		(1.06	)		21.46		(13.79	)		1,207		0.82	^(e)		0.82	^(e)		1.18	^(e)		40
Year ended 10/31/21		21.92		0.31			3.97			4.28			(0.22	)		–			(0.22	)		25.98		19.56			10,186		0.81			0.81			1.18			98
Year ended 10/31/20		20.86		0.17			1.29			1.46			(0.40	)		–			(0.40	)		21.92		7.04			11		0.79			0.79			0.83			69
Period ended 10/31/19^(f)		19.31		0.18			1.37			1.55			–			–			–			20.86		8.03			11		0.82	^(e)		0.82	^(e)		2.09	^(e)		54
Class R6
Six months ended 04/30/22		25.83		0.14			(3.58	)		(3.44	)		(0.38	)		(0.68	)		(1.06	)		21.33		(13.78	)		832,205		0.80	^(e)		0.82	^(e)		1.20	^(e)		40
Year ended 10/31/21		21.80		0.31			3.94			4.25			(0.22	)		–			(0.22	)		25.83		19.54			1,164,098		0.80			0.81			1.19			98
Year ended 10/31/20		20.75		0.17			1.28			1.45			(0.40	)		–			(0.40	)		21.80		7.04			1,051,915		0.79			0.79			0.83			69
Eleven months ended 10/31/19		19.40		0.38			1.29			1.67			(0.32	)		–			(0.32	)		20.75		8.77			1,516,446		0.79	^(e)		0.80	^(e)		2.11	^(e)		54
Year ended 11/30/18		22.17		0.35			(3.03	)		(2.68	)		(0.09	)		–			(0.09	)		19.40		(12.20	)		1,566,488		0.81			0.82			1.65			85
Year ended 11/30/17		17.36		0.23			5.01			5.24			(0.43	)		–			(0.43	)		22.17		30.96			1,505,578		0.83			0.83			1.17			83
Year ended 11/30/16		17.53		0.32			(0.30	)		0.02			(0.19	)		–			(0.19	)		17.36		0.11			689,409		0.86			0.87			1.85			79

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.00% and 0.01% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

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

^(e)	Annualized.

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

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


11		Invesco International Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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 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.

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.


13		Invesco International Equity Fund

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, 2022, the effective advisory fee rate incurred by the Fund was 0.76%.

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets. Prior to March 1, 2022, the Adviser had contractually agreed, through February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.85%, 0.85% and 0.80%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $10,081 and reimbursed class level expenses of $0, $0, $0, $40,231, $0 and $94,275 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $10,035 in front-end sales commissions from the sale of Class A shares and $0 and $101 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.


14		Invesco International Equity Fund

For the six months ended April 30, 2022, the Fund incurred $33,478 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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	$	–	$	31,884,971	$–	$	31,884,971


Canada		41,191,302		–	–		41,191,302


Denmark		–		36,015,902	–		36,015,902


France		–		136,743,976	–		136,743,976


Germany		–		69,537,415	–		69,537,415


Ireland		–		6,744,975	–		6,744,975


Japan		–		210,121,095	–		210,121,095


Netherlands		36,302,372		45,998,451	–		82,300,823


New Zealand		–		25,048,894	–		25,048,894


Singapore		13,078,284		–	–		13,078,284


South Africa		–		32,835,445	–		32,835,445


South Korea		–		34,230,081	–		34,230,081


Spain		–		29,811,853	–		29,811,853


Sweden		–		19,796,799	–		19,796,799


Switzerland		12,754,538		39,812,781	–		52,567,319


Taiwan		3,018,181		–	–		3,018,181


United Kingdom		12,406,231		67,339,775	–		79,746,006


United States		31,664,690		10,661,991	–		42,326,681


Money Market Funds		134,892,828		–	–		134,892,828


Total Investments in Securities		285,308,426		796,584,404	–		1,081,892,830



Other Investments - Assets*


Forward Foreign Currency Contracts		–		7,611,320	–		7,611,320


Total Investments	$	285,308,426	$	804,195,724	$–	$	1,089,504,150

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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


15		Invesco International Equity Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:


	Value

Derivative Assets	Currency Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	7,611,320


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	7,611,320

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022.

Financial
Derivative
Assets

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net

Amount

Barclays Bank PLC

$7,611,320

$–

$7,611,320

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

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


		Location of Gain on Statement of Operations

		Currency Risk


Realized Gain:
Forward foreign currency contracts		$13,212,904


Change in Net Unrealized Appreciation:
Forward foreign currency contracts		7,871,634


Total		$21,084,538

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


	Forward Foreign Currency Contracts


Average notional value		$171,542,345

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information


16		Invesco International Equity Fund

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $496,589,256 and $810,911,306, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$132,737,744


Aggregate unrealized (depreciation) of investments	(60,376,480	)


Net unrealized appreciation of investments	$ 72,361,264

Cost of investments for tax purposes is $1,017,142,886.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		369,818		$	8,910,719			775,946		$	20,342,361


Class C		55,703			1,167,939			91,106			2,103,332


Class R		131,851			3,115,201			244,941			6,333,593


Class Y		428,718			10,403,434			1,924,333			50,845,416


Class R5		18,224			447,738			402,310			10,338,201


Class R6		561,591			13,851,522			3,097,786			81,918,835



Issued as reinvestment of dividends:
Class A		255,259			6,167,058			32,590			803,344


Class C		18,392			393,769			-			-


Class R		37,246			887,583			2,691			65,480


Class Y		158,917			3,871,221			26,706			663,640


Class R5		16,883			407,548			-			-


Class R6		1,950,446			46,810,697			412,337			10,102,244



Automatic conversion of Class C shares to Class A shares:
Class A		28,317			660,924			138,995			3,564,235


Class C		(32,017	)		(660,924	)		(156,521	)		(3,564,235	)



Reacquired:
Class A		(568,263	)		(13,620,955	)		(1,501,795	)		(38,951,267	)


Class C		(92,009	)		(1,943,991	)		(153,786	)		(3,572,395	)


Class R		(130,402	)		(3,103,971	)		(195,720	)		(5,036,658	)


Class Y		(1,625,538	)		(39,415,894	)		(1,133,785	)		(30,066,586	)


Class R5		(370,966	)		(8,978,286	)		(10,735	)		(279,299	)


Class R6		(8,563,562	)		(202,257,341	)		(6,704,085	)		(172,050,296	)


Net increase (decrease) in share activity		(7,351,392	)	$	(172,886,009	)		(2,706,686	)	$	(66,440,055	)

^(a)	72% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


17		Invesco International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period^2,3	Ending Account Value (04/30/22)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$860.10	$5.63	$1,018.74	$6.11	1.22%
Class C	1,000.00	857.40	9.07	1,015.03	9.84	1.97
Class R	1,000.00	859.60	6.78	1,017.50	7.35	1.47
Class Y	1,000.00	862.10	4.06	1,020.43	4.41	0.88
Class R5	1,000.00	862.10	3.79	1,020.73	4.11	0.82
Class R6	1,000.00	861.80	3.69	1,020.83	4.01	0.80

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.22%, 1.97%, 1.47%, 0.97%, 0.82% and 0.82% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.63, $9.07, $6.78, $4.48, $3.78 and $3.79 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.11, $9.84, $7.35, $4.86, $4.10 and $4.11 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


18		Invesco International Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco EQV International Equity Fund

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

Nasdaq:

A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-16.18	%
Class C Shares	-16.50
Class R Shares	-16.26
Class Y Shares	-16.07
Class R5 Shares	-16.05
Class R6 Shares	-16.02
MSCI All Country World ex USA Index^▼ (Broad Market Index)	-11.87

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country World ex USA^®Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco EQV International Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (4/7/92)	6.62	%
10 Years	4.12
5 Years	2.47
1 Year	-20.93
Class C Shares
Inception (8/4/97)	4.56	%
10 Years	4.09
5 Years	2.86
1 Year	-17.59
Class R Shares
Inception (6/3/02)	5.91	%
10 Years	4.45
5 Years	3.39
1 Year	-16.51
Class Y Shares
Inception (10/3/08)	5.81	%
10 Years	4.97
5 Years	3.90
1 Year	-16.10
Class R5 Shares
Inception (3/15/02)	6.61	%
10 Years	5.06
5 Years	3.98
1 Year	-16.07
Class R6 Shares
10 Years	5.14	%
5 Years	4.07
1 Year	-15.99

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

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


3		Invesco EQV 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 EQV International Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.75%
Australia–1.80%
CSL Ltd.		220,420	$	41,716,504



Brazil–2.51%
B3 S.A. – Brasil, Bolsa, Balcao		13,358,906		35,937,550


Rede D’Or Sao Luiz S.A.^(a)		2,986,600		22,188,294


				58,125,844



Canada–6.83%
Bank of Nova Scotia (The)		610,426		38,655,007


CGI, Inc., Class A^(b)		521,645		41,596,788


Magna International, Inc.		574,027		34,593,991


Ritchie Bros. Auctioneers, Inc.		784,443		43,208,023


				158,053,809



China–7.84%
Airtac International Group		290,000		7,878,344


China Mengniu Dairy Co. Ltd.		8,727,000		46,952,533


China Resources Beer Holdings Co. Ltd.		6,124,000		35,744,248


JD.com, Inc., ADR^(b)		381,976		23,552,640


Wuliangye Yibin Co. Ltd., A Shares		1,001,098		24,347,139


Yum China Holdings, Inc.		1,029,214		43,021,145


				181,496,049



Denmark–3.23%
Carlsberg A/S, Class B		179,082		22,667,353


Novo Nordisk A/S, Class B		455,337		52,077,785


				74,745,138



France–9.08%
Air Liquide S.A.		212,603		36,704,424


Arkema S.A.		401,023		45,259,619


Kering S.A.		38,157		20,267,215


LVMH Moet Hennessy Louis Vuitton SE		49,067		31,397,764


Pernod Ricard S.A.		127,965		26,365,249


Schneider Electric SE		352,287		50,174,149


				210,168,420



Germany–1.24%
Deutsche Boerse AG		163,729		28,697,292



Hong Kong–2.53%
AIA Group Ltd.		4,815,200		47,044,100


Techtronic Industries Co. Ltd.		866,000		11,561,634


				58,605,734



India–2.54%
HDFC Bank Ltd., ADR		1,063,380		58,709,210



Ireland–4.94%
CRH PLC		1,058,675		41,995,253


Flutter Entertainment PLC^(b)		222,487		22,352,677


ICON PLC^(b)		220,519		49,883,603


				114,231,533



Italy–2.18%
FinecoBank Banca Fineco S.p.A.		3,667,757		50,528,608


	Shares		Value


Japan–13.02%
Asahi Group Holdings Ltd.		826,200	$	30,848,179


FANUC Corp.		203,612		31,491,754


Hoya Corp.		294,100		29,300,969


Keyence Corp.		28,100		11,337,124


Koito Manufacturing Co. Ltd.		986,500		36,225,738


Komatsu Ltd.		1,472,900		33,043,039


Olympus Corp.		3,019,800		53,487,666


SMC Corp.		30,100		14,548,732


Sony Group Corp.		363,300		31,226,168


TIS, Inc.		1,329,600		29,927,047


				301,436,416



Mexico–1.67%
Wal–Mart de Mexico S.A.B. de C.V., Series V		10,913,248		38,590,644



Netherlands–4.99%
ASML Holding N.V.		59,447		33,633,262


Heineken N.V.		403,835		39,387,254


Wolters Kluwer N.V.		420,444		42,528,015


				115,548,531



Singapore–2.03%
United Overseas Bank Ltd.		2,190,866		46,952,743



South Korea–4.08%
NAVER Corp.		176,993		40,036,254


Samsung Electronics Co. Ltd.		1,024,972		54,460,979


				94,497,233



Spain–1.28%
Amadeus IT Group S.A.^(b)		476,730		29,725,661



Sweden–7.31%
Husqvarna AB, Class B^(c)		2,726,769		26,085,938


Investor AB, Class B		3,228,476		62,024,503


Sandvik AB^(c)		3,696,691		69,508,637


Svenska Handelsbanken AB, Class A		1,154,972		11,642,452


				169,261,530



Switzerland–3.70%
Kuehne + Nagel International AG, Class R^(c)		85,379		23,941,220


Logitech International S.A., Class R		529,991		34,342,562


Roche Holding AG		73,613		27,263,800


				85,547,582



Taiwan–2.57%
Taiwan Semiconductor Manufacturing Co. Ltd.		3,257,887		59,423,855



United Kingdom–6.79%
Ashtead Group PLC		580,362		30,005,740


DCC PLC		472,743		35,719,267


Linde PLC		118,925		37,099,843


Reckitt Benckiser Group PLC		695,611		54,265,790


				157,090,640

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


5		Invesco EQV International Equity Fund


	Shares		Value


United States–5.59%
Amcor PLC, CDI		1,187,981	$	14,047,267


Broadcom, Inc.		131,743		73,037,002


Nestle S.A.		326,844		42,197,350


				129,281,619


Total Common Stocks & Other Equity Interests (Cost $1,769,875,975)				2,262,434,595



Money Market Funds–2.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		16,502,801		16,502,801


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		11,641,745		11,639,417


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		18,860,344		18,860,344


Total Money Market Funds (Cost $47,001,853)				47,002,562


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.78% (Cost $1,816,877,828)				2,309,437,157


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.87%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		26,867,831	$	26,867,831


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		62,691,604		62,691,604


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $89,559,435)				89,559,435


TOTAL INVESTMENTS IN SECURITIES–103.65% (Cost $1,906,437,263)				2,398,996,592


OTHER ASSETS LESS LIABILITIES–(3.65)%				(84,528,801	)


NET ASSETS–100.00%			$	2,314,467,791

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(b)	Non-income producing security.

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

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	19,221,547		$	176,177,356		$	(178,896,102	)		$	-			$	-			$	16,502,801		$	6,287
Invesco Liquid Assets Portfolio, Institutional Class			13,158,402			125,840,970			(127,353,316	)			(2,526	)			(4,113	)			11,639,417			6,795
Invesco Treasury Portfolio, Institutional Class			21,967,482			201,345,550			(204,452,688	)			-				-				18,860,344			7,461
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,320,731			64,166,430			(63,619,330	)			-				-				26,867,831			4,853*
Invesco Private Prime Fund			61,415,040			137,276,020			(135,995,982	)			-				(3,474	)			62,691,604			14,294*
Total		$	142,083,202		$	704,806,326		$	(710,317,418	)		$	(2,526	)		$	(7,587	)		$	136,561,997		$	39,690

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

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

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


6		Invesco EQV International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Industrials	18.13	%

Financials	16.43

Information Technology	15.88

Consumer Staples	15.61

Health Care	11.92

Consumer Discretionary	10.48

Materials	7.57

Other Sectors, Each Less than 2% of Net Assets	1.73

Money Market Funds Plus Other Assets Less Liabilities	2.25

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


7		Invesco EQV International Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,769,875,975)*	$	2,262,434,595


Investments in affiliated money market funds, at value (Cost $136,561,288)		136,561,997


Foreign currencies, at value (Cost $3,439,716)		3,438,251


Receivable for:
Investments sold		11,960,497


Fund shares sold		771,079


Dividends		11,556,239


Investment for trustee deferred compensation and retirement plans		680,319


Other assets		123,606


Total assets		2,427,526,583



Liabilities:
Payable for:
Investments purchased		18,198,147


Fund shares reacquired		2,942,163


Collateral upon return of securities loaned		89,559,435


Accrued fees to affiliates		1,205,193


Accrued other operating expenses		395,914


Trustee deferred compensation and retirement plans		757,940


Total liabilities		113,058,792


Net assets applicable to shares outstanding	$	2,314,467,791



Net assets consist of:
Shares of beneficial interest	$	1,614,423,669


Distributable earnings		700,044,122


	$	2,314,467,791


Net Assets:
Class A	$	1,028,716,812


Class C	$	19,392,509


Class R	$	35,409,419


Class Y	$	455,854,101


Class R5	$	138,619,888


Class R6	$	636,475,062



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,741,736


Class C		993,780


Class R		1,604,810


Class Y		20,208,665


Class R5		5,999,856


Class R6		27,637,540


Class A:
Net asset value per share	$	22.49


Maximum offering price per share (Net asset value of $22.49 ÷ 94.50%)	$	23.80


Class C:
Net asset value and offering price per share	$	19.51


Class R:
Net asset value and offering price per share	$	22.06


Class Y:
Net asset value and offering price per share	$	22.56


Class R5:
Net asset value and offering price per share	$	23.10


Class R6:
Net asset value and offering price per share	$	23.03

*	At April 30, 2022, securities with an aggregate value of $74,964,860 were on loan to brokers.

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


8		Invesco EQV International Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Interest	$	17,943


Dividends (net of foreign withholding taxes of $6,266,627)		22,738,598


Dividends from affiliated money market funds (includes securities lending income of $63,032)		83,575


Foreign withholding tax claims		3,892,354


Total investment income		26,732,470



Expenses:

Advisory fees		12,171,473


Administrative services fees		214,459


Custodian fees		157,944


Distribution fees:
Class A		1,508,467


Class C		123,070


Class R		101,893


Transfer agent fees – A, C, R and Y		1,614,228


Transfer agent fees – R5		91,425


Transfer agent fees – R6		126,919


Trustees’ and officers’ fees and benefits		20,339


Registration and filing fees		64,654


Professional services fees		53,814


Other		(54,895	)


Total expenses		16,193,790


Less: Fees waived and/or expense offset arrangement(s)		(14,790	)


Net expenses		16,179,000


Net investment income		10,553,470



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		278,163,489


Affiliated investment securities		(7,587	)


Foreign currencies		116,554


		278,272,456


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(739,989,659	)


Affiliated investment securities		(2,526	)


Foreign currencies		(470,163	)


		(740,462,348	)


Net realized and unrealized gain (loss)		(462,189,892	)


Net increase (decrease) in net assets resulting from operations	$	(451,636,422	)

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


9		Invesco EQV International Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021

Operations:
Net investment income	$	10,553,470		$	12,139,574


Net realized gain		278,272,456			685,724,085


Change in net unrealized appreciation (depreciation)		(740,462,348	)		58,372,427


Net increase (decrease) in net assets resulting from operations		(451,636,422	)		756,236,086



Distributions to shareholders from distributable earnings:
Class A		(269,566,656	)		(162,361,243	)


Class C		(5,944,677	)		(4,686,976	)


Class R		(9,009,500	)		(6,009,271	)


Class Y		(147,915,684	)		(95,393,068	)


Class R5		(36,378,164	)		(60,741,990	)


Class R6		(160,121,795	)		(119,582,621	)


Total distributions from distributable earnings		(628,936,476	)		(448,775,169	)



Share transactions–net:
Class A		161,628,175			(33,236,883	)


Class C		1,625,674			(10,699,534	)


Class R		7,342,778			(7,607,797	)


Class Y		(40,570,932	)		(78,388,009	)


Class R5		(194,827,403	)		(136,521,130	)


Class R6		122,903,138			(203,323,755	)


Net increase (decrease) in net assets resulting from share transactions		58,101,430			(469,777,108	)


Net increase (decrease) in net assets		(1,022,471,468	)		(162,316,191	)



Net assets:
Beginning of period		3,336,939,259			3,499,255,450


End of period	$	2,314,467,791		$	3,336,939,259

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


10		Invesco EQV International Equity Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 04/30/22		$33.82		$0.08			$(4.47	)		$(4.39	)		$(0.55	)		$(6.39	)		$(6.94	)		$22.49		(16.18	)%		$1,028,717		1.33	%^(d)		1.33	%^(d)		0.59	%^(d)		22	%
Year ended 10/31/21		31.34		0.05			6.54			6.59			(0.30	)		(3.81	)		(4.11	)		33.82		21.99			1,338,896		1.32			1.32			0.14			25
Year ended 10/31/20		34.10		0.11			0.62			0.73			(0.65	)		(2.84	)		(3.49	)		31.34		1.97			1,262,456		1.35			1.35			0.36			35
Year ended 10/31/19		31.92		0.38			4.55			4.93			(0.29	)		(2.46	)		(2.75	)		34.10		17.23			1,534,830		1.33			1.33			1.20			22
Year ended 10/31/18		36.61		0.42			(4.18	)		(3.76	)		(0.60	)		(0.33	)		(0.93	)		31.92		(10.55	)		1,665,413		1.30			1.31			1.20			26
Year ended 10/31/17		30.83		0.30			5.85			6.15			(0.37	)		–			(0.37	)		36.61		20.19			2,396,149		1.31			1.32			0.89			25
Class C
Six months ended 04/30/22		30.08		(0.02	)		(3.90	)		(3.92	)		(0.26	)		(6.39	)		(6.65	)		19.51		(16.50	)		19,393		2.08	^(d)		2.08	^(d)		(0.16	)^(d)		22
Year ended 10/31/21		28.22		(0.19	)		5.88			5.69			(0.02	)		(3.81	)		(3.83	)		30.08		21.09			27,874		2.07			2.07			(0.61	)		25
Year ended 10/31/20		31.01		(0.11	)		0.56			0.45			(0.40	)		(2.84	)		(3.24	)		28.22		1.20			36,108		2.10			2.10			(0.39	)		35
Year ended 10/31/19		29.20		0.13			4.16			4.29			(0.02	)		(2.46	)		(2.48	)		31.01		16.37			55,768		2.08			2.08			0.45			22
Year ended 10/31/18		33.55		0.14			(3.83	)		(3.69	)		(0.33	)		(0.33	)		(0.66	)		29.20		(11.22	)		105,735		2.05			2.06			0.45			26
Year ended 10/31/17		28.25		0.04			5.38			5.42			(0.12	)		–			(0.12	)		33.55		19.28			144,710		2.06			2.07			0.14			25
Class R
Six months ended 04/30/22		33.25		0.04			(4.39	)		(4.35	)		(0.45	)		(6.39	)		(6.84	)		22.06		(16.30	)		35,409		1.58	^(d)		1.58	^(d)		0.34	^(d)		22
Year ended 10/31/21		30.87		(0.04	)		6.44			6.40			(0.21	)		(3.81	)		(4.02	)		33.25		21.66			44,016		1.57			1.57			(0.11	)		25
Year ended 10/31/20		33.64		0.03			0.61			0.64			(0.57	)		(2.84	)		(3.41	)		30.87		1.71			47,493		1.60			1.60			0.11			35
Year ended 10/31/19		31.49		0.30			4.51			4.81			(0.20	)		(2.46	)		(2.66	)		33.64		16.99			62,045		1.58			1.58			0.95			22
Year ended 10/31/18		36.13		0.33			(4.13	)		(3.80	)		(0.51	)		(0.33	)		(0.84	)		31.49		(10.78	)		66,981		1.55			1.56			0.95			26
Year ended 10/31/17		30.41		0.21			5.80			6.01			(0.29	)		–			(0.29	)		36.13		19.94			99,556		1.56			1.57			0.64			25
Class Y
Six months ended 04/30/22		33.96		0.11			(4.48	)		(4.37	)		(0.64	)		(6.39	)		(7.03	)		22.56		(16.07	)		455,854		1.08	^(d)		1.08	^(d)		0.84	^(d)		22
Year ended 10/31/21		31.46		0.13			6.56			6.69			(0.38	)		(3.81	)		(4.19	)		33.96		22.30			738,512		1.07			1.07			0.39			25
Year ended 10/31/20		34.21		0.19			0.62			0.81			(0.72	)		(2.84	)		(3.56	)		31.46		2.22			751,518		1.10			1.10			0.61			35
Year ended 10/31/19		32.05		0.46			4.55			5.01			(0.39	)		(2.46	)		(2.85	)		34.21		17.51			1,091,697		1.08			1.08			1.45			22
Year ended 10/31/18		36.75		0.51			(4.19	)		(3.68	)		(0.69	)		(0.33	)		(1.02	)		32.05		(10.31	)		1,635,426		1.05			1.06			1.45			26
Year ended 10/31/17		30.96		0.38			5.87			6.25			(0.46	)		–			(0.46	)		36.75		20.47			2,427,028		1.06			1.07			1.14			25
Class R5
Six months ended 04/30/22		34.62		0.13			(4.60	)		(4.47	)		(0.66	)		(6.39	)		(7.05	)		23.10		(16.05	)		138,620		1.01	^(d)		1.01	^(d)		0.91	^(d)		22
Year ended 10/31/21		32.02		0.16			6.67			6.83			(0.42	)		(3.81	)		(4.23	)		34.62		22.35			392,893		0.99			0.99			0.47			25
Year ended 10/31/20		34.76		0.22			0.63			0.85			(0.75	)		(2.84	)		(3.59	)		32.02		2.32			486,808		1.00			1.00			0.71			35
Year ended 10/31/19		32.48		0.50			4.63			5.13			(0.39	)		(2.46	)		(2.85	)		34.76		17.66			735,592		0.98			0.98			1.55			22
Year ended 10/31/18		37.24		0.55			(4.25	)		(3.70	)		(0.73	)		(0.33	)		(1.06	)		32.48		(10.25	)		1,124,979		0.97			0.98			1.53			26
Year ended 10/31/17		31.37		0.41			5.95			6.36			(0.49	)		–			(0.49	)		37.24		20.57			1,543,192		0.98			0.99			1.22			25
Class R6
Six months ended 04/30/22		34.56		0.13			(4.57	)		(4.44	)		(0.70	)		(6.39	)		(7.09	)		23.03		(16.02	)		636,475		0.95	^(d)		0.95	^(d)		0.97	^(d)		22
Year ended 10/31/21		31.97		0.19			6.66			6.85			(0.45	)		(3.81	)		(4.26	)		34.56		22.48			794,749		0.91			0.91			0.55			25
Year ended 10/31/20		34.71		0.25			0.63			0.88			(0.78	)		(2.84	)		(3.62	)		31.97		2.41			914,873		0.91			0.91			0.80			35
Year ended 10/31/19		32.49		0.53			4.61			5.14			(0.46	)		(2.46	)		(2.92	)		34.71		17.74			1,522,977		0.90			0.90			1.63			22
Year ended 10/31/18		37.25		0.58			(4.25	)		(3.67	)		(0.76	)		(0.33	)		(1.09	)		32.49		(10.15	)		1,792,725		0.89			0.90			1.61			26
Year ended 10/31/17		31.38		0.45			5.94			6.39			(0.52	)		–			(0.52	)		37.25		20.68			2,427,136		0.89			0.90			1.31			25

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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


11		Invesco EQV International Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The 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 EQV 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.


13		Invesco EQV International Equity Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.87%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $14,524.


14		Invesco EQV International Equity Fund

(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $65,809 in front-end sales commissions from the sale of Class A shares and $15,540 and $1,130 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,642 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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	$	–	$	41,716,504		$–	$	41,716,504
Brazil		58,125,844		–		–		58,125,844
Canada		158,053,809		–		–		158,053,809
China		66,573,785		114,922,264		–		181,496,049
Denmark		–		74,745,138		–		74,745,138
France		–		210,168,420		–		210,168,420
Germany		–		28,697,292		–		28,697,292
Hong Kong		–		58,605,734		–		58,605,734
India		58,709,210		–		–		58,709,210
Ireland		49,883,603		64,347,930		–		114,231,533
Italy		–		50,528,608		–		50,528,608
Japan		–		301,436,416		–		301,436,416
Mexico		38,590,644		–		–		38,590,644
Netherlands		–		115,548,531		–		115,548,531
Singapore		–		46,952,743		–		46,952,743
South Korea		–		94,497,233		–		94,497,233
Spain		–		29,725,661		–		29,725,661
Sweden		–		169,261,530		–		169,261,530
Switzerland		–		85,547,582		–		85,547,582
Taiwan		–		59,423,855		–		59,423,855
United Kingdom		37,099,843		119,990,797		–		157,090,640
United States		73,037,002		56,244,617		–		129,281,619


15		Invesco EQV International Equity Fund


	Level 1		Level 2		Level 3	Total
Money Market Funds	$	47,002,562	$	89,559,435	$–	$	136,561,997
Total Investments	$	587,076,302	$	1,811,920,290	$–	$	2,398,996,592

NOTE 4–Expense Offset Arrangement(s)

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

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, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $613,925,867 and $1,176,383,038, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	536,233,394


Aggregate unrealized (depreciation) of investments		(123,751,110	)


Net unrealized appreciation of investments	$	412,482,284

Cost of investments for tax purposes is $1,986,514,308.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	April 30, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		1,470,740	$	38,797,762		2,472,063	$	83,272,497


Class C		72,680		1,722,227		99,116		2,984,995


Class R		138,464		3,587,103		210,021		6,966,650


Class Y		2,564,289		68,291,086		3,395,750		114,436,058


Class R5		399,546		11,381,334		1,542,256		53,192,219


Class R6		2,952,094		78,201,859		4,059,082		139,074,649


16		Invesco EQV International Equity Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		9,377,468		$	249,815,742			4,683,312		$	147,430,584


Class C		240,218			5,565,840			153,799			4,334,053


Class R		344,332			9,007,726			193,675			6,007,801


Class Y		3,840,165			102,494,007			2,274,005			71,722,134


Class R5		1,253,150			34,248,586			1,851,390			59,485,152


Class R6		4,995,991			136,090,803			3,350,388			107,379,925



Automatic conversion of Class C shares to Class A shares:
Class A		96,134			2,484,431			285,485			9,393,276


Class C		(110,302	)		(2,484,431	)		(319,462	)		(9,393,276	)



Reacquired:
Class A		(4,790,807	)		(129,469,760	)		(8,131,861	)		(273,333,240	)


Class C		(135,580	)		(3,177,962	)		(286,179	)		(8,625,306	)


Class R		(201,671	)		(5,252,051	)		(618,671	)		(20,582,248	)


Class Y		(7,943,717	)		(211,356,025	)		(7,809,657	)		(264,546,201	)


Class R5		(7,000,231	)		(240,457,323	)		(7,251,373	)		(249,198,501	)


Class R6		(3,305,868	)		(91,389,524	)		(13,030,191	)		(449,778,329	)


Net increase (decrease) in share activity		4,257,095		$	58,101,430			(12,877,052	)	$	(469,777,108	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


17		Invesco EQV International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$838.20	$6.06	$1,018.20	$6.66	1.33%
Class C	1,000.00	835.00	9.46	1,014.48	10.39	2.08
Class R	1,000.00	837.40	7.20	1,016.96	7.90	1.58
Class Y	1,000.00	839.30	4.93	1,019.44	5.41	1.08
Class R5	1,000.00	839.50	4.61	1,019.79	5.06	1.01
Class R6	1,000.00	839.80	4.33	1,020.08	4.76	0.95

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


18		Invesco EQV International Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco International Select Equity Fund

Nasdaq:

A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

7		Financial Statements

10		Financial Highlights

11		Notes to Financial Statements

16		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-23.94	%
Class C Shares	-24.23
Class R Shares	-23.98
Class Y Shares	-23.77
Class R5 Shares	-23.77
Class R6 Shares	-23.77
MSCI All Country World ex USA Index^▼ (Broad Market Index)	-11.87
MSCI All Country World ex U.S. Growth Index^▼ (Style-Specific Index)	-18.00
Lipper International Multi-Cap Growth Funds Index^∎ (Peer Group Index)	-19.70

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc. The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The MSCI All Country World ex U.S. Growth Index is an unmanaged index considered representative of growth stocks across developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper International Multi-Cap Growth Funds Index is an unmanaged index considered representative of international multi-cap growth funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco International Select Equity Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/21/15)	3.14	%
5 Years	0.05
1 Year	-39.20
Class C Shares
Inception (12/21/15)	3.29	%
5 Years	0.44
1 Year	-36.78
Class R Shares
Inception (12/21/15)	3.80	%
5 Years	0.96
1 Year	-35.78
Class Y Shares
Inception (12/21/15)	4.32	%
5 Years	1.45
1 Year	-35.46
Class R5 Shares
Inception (12/21/15)	4.32	%
5 Years	1.45
1 Year	-35.46
Class R6 Shares
Inception (12/21/15)	4.32	%
5 Years	1.47
1 Year	-35.46

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

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.61%
Australia–3.35%
Corporate Travel Management Ltd.^(a)		332,500	$	5,982,277



Canada–6.24%
Dye & Durham Ltd.		278,000		4,589,873


Ritchie Bros. Auctioneers, Inc.		118,762		6,542,598


				11,132,471



China–23.26%
Alibaba Group Holding Ltd., ADR^(a)		35,000		3,398,150


China National Building Material Co. Ltd., H Shares		6,728,000		8,917,330


Gree Electric Appliances, Inc. of Zhuhai, A Shares		1,750,074		8,236,364


KE Holdings, Inc., ADR^(a)(b)		314,500		4,459,610


Kweichow Moutai Co. Ltd., A Shares		25,571		7,039,267


Tencent Holdings Ltd.		180,000		8,442,968


Virscend Education Co. Ltd.^(c)(d)		26,668,000		1,016,150


				41,509,839



Denmark–1.95%
DSV A/S		21,300		3,479,298



Finland–2.14%
Enento Group OYJ^(b)(c)		160,000		3,825,935



France–7.99%
Bureau Veritas S.A.		156,800		4,493,254


Edenred		195,000		9,774,349


				14,267,603



Germany–9.96%
Eckert & Ziegler Strahlen- und Medizintechnik AG		80,000		4,073,530


Evotec SE^(a)		68,000		1,651,606


Scout24 SE^(c)		189,000		12,059,060


				17,784,196



Hong Kong–4.22%
AIA Group Ltd.		770,000		7,522,835



Japan–17.52%
FANUC Corp.		30,600		4,732,765


Fast Retailing Co. Ltd.		8,600		3,940,924


Freee KK^(a)(b)		51,000		1,470,760


Hoya Corp.		16,200		1,613,994


M3, Inc.		60,900		1,960,842


Pan Pacific International Holdings Corp.		452,000		6,987,482


SMC Corp.		3,900		1,885,052


Sony Group Corp.		101,000		8,681,098


				31,272,917

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Luxembourg–5.47%
Eurofins Scientific SE		105,000	$	9,757,808



Netherlands–3.28%
Adyen N.V.^(a)(c)		3,500		5,853,604



South Korea–2.19%
Samsung Electronics Co. Ltd., Preference Shares		83,609		3,904,416



Spain–1.08%
Amadeus IT Group S.A.^(a)		31,000		1,932,951



Taiwan–1.77%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		34,000		3,159,620



United Kingdom–7.19%
Auto Trader Group PLC^(c)		475,000		3,753,715


Howden Joinery Group PLC		960,000		9,073,701


				12,827,416


Total Common Stocks & Other Equity Interests (Cost $180,922,895)				174,213,186



Money Market Funds–0.99%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)		615,952		615,952


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(e)(f)		440,054		439,966


Invesco Treasury Portfolio, Institutional Class, 0.23%^(e)(f)		703,946		703,946


Total Money Market Funds (Cost $1,759,864)				1,759,864


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.60% (Cost $182,682,759)				175,973,050



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.96%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		513,162		513,162


Invesco Private Prime Fund, 0.35%^(e)(f)(g)		1,197,379		1,197,379


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,710,469)				1,710,541


TOTAL INVESTMENTS IN SECURITIES–99.56% (Cost $184,393,228)				177,683,591


OTHER ASSETS LESS LIABILITIES–0.44%				784,860


NET ASSETS–100.00%			$	178,468,451

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


5		Invesco International Select Equity Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $26,508,464, which represented 14.85% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 7,083,647		$	32,096,230		$	(38,563,925	)		$ -		$	-		$	615,952		$637
Invesco Liquid Assets Portfolio, Institutional Class		5,043,949			22,925,879			(27,529,319	)		-			(543)			439,966		996
Invesco Treasury Portfolio, Institutional Class		8,095,597			36,681,406			(44,073,057	)		-			-			703,946		1,095
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			3,107,174			(2,594,012	)		-			-			513,162		174*
Invesco Private Prime Fund		-			7,159,772			(5,963,100	)		72			635			1,197,379		399*
Total		$20,223,193		$	101,970,461		$	(118,723,413	)		$72		$	92		$	3,470,405		$3,301

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Consumer Discretionary	21.43	%

Industrials	19.07

Information Technology	17.19

Communication Services	13.59

Health Care	10.68

Materials	5.00

Financials	4.22

Consumer Staples	3.94

Real Estate	2.50

Money Market Funds Plus Other Assets Less Liabilities	2.38

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


6		Invesco International Select Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $180,922,895)*	$	174,213,186


Investments in affiliated money market funds, at value (Cost $3,470,333)		3,470,405


Cash		110


Foreign currencies, at value (Cost $2,033,411)		1,973,532


Receivable for:
Fund shares sold		72,786


Dividends		488,493


Investment for trustee deferred compensation and retirement plans		26,007


Other assets		58,885


Total assets		180,303,404



Liabilities:

Payable for:
Fund shares reacquired		3,405


Collateral upon return of securities loaned		1,710,469


Accrued fees to affiliates		30,190


Accrued other operating expenses		64,882


Trustee deferred compensation and retirement plans		26,007


Total liabilities		1,834,953


Net assets applicable to shares outstanding	$	178,468,451



Net assets consist of:

Shares of beneficial interest	$	233,928,356


Distributable earnings (loss)		(55,459,905	)


	$	178,468,451


Net Assets:

Class A	$	9,623,240


Class C	$	582,301


Class R	$	573,714


Class Y	$	6,754,192


Class R5	$	7,591


Class R6	$	160,927,413



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

Class A		949,763


Class C		59,237


Class R		57,195


Class Y		664,911


Class R5		747


Class R6		15,847,002


Class A:
Net asset value per share	$	10.13


Maximum offering price per share (Net asset value of $10.13 ÷ 94.50%)	$	10.72


Class C:
Net asset value and offering price per share	$	9.83


Class R:
Net asset value and offering price per share	$	10.03


Class Y:
Net asset value and offering price per share	$	10.16


Class R5:
Net asset value and offering price per share	$	10.16


Class R6:
Net asset value and offering price per share	$	10.16

*	At April 30, 2022, securities with an aggregate value of $1,732,128 were on loan to brokers.

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


7		Invesco International Select Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $155,917)	$	1,271,145


Dividends from affiliated money market funds (includes securities lending income of $295)		3,023


Non-cash dividend income		573,205


Total investment income		1,847,373



Expenses:

Advisory fees		1,374,993


Administrative services fees		20,125


Custodian fees		29,992


Distribution fees:
Class A		14,330


Class C		3,348


Class R		1,559


Transfer agent fees – A, C, R and Y		19,256


Transfer agent fees – R5		2


Transfer agent fees – R6		46,464


Trustees’ and officers’ fees and benefits		9,305


Registration and filing fees		39,259


Reports to shareholders		6,746


Professional services fees		25,421


Other		3,998


Total expenses		1,594,798


Less: Fees waived and/or expenses reimbursed		(252,794	)


Net expenses		1,342,004


Net investment income		505,369



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(44,543,321	)


Affiliated investment securities		92


Foreign currencies		(51,570	)


		(44,594,799	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(34,268,490	)


Affiliated investment securities		72


Foreign currencies		(86,692	)


		(34,355,110	)


Net realized and unrealized gain (loss)		(78,949,909	)


Net increase (decrease) in net assets resulting from operations	$	(78,444,540	)

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


8		Invesco International Select Equity Fund

Statement of Changes in Net Assets

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

(Unaudited)


		April 30,			October 31,
		2022			2021


Operations:

Net investment income		$	505,369		$	1,389,950


Net realized gain (loss)			(44,594,799	)		5,788,676


Change in net unrealized appreciation (depreciation)			(34,355,110	)		(12,329,172	)


Net increase (decrease) in net assets resulting from operations			(78,444,540	)		(5,150,546	)



Distributions to shareholders from distributable earnings:

Class A			(280,283	)		–


Class C			(16,203	)		–


Class R	��		(14,844	)		–


Class Y			(239,531	)		–


Class R5			(252	)		–


Class R6			(7,624,228	)		–


Total distributions from distributable earnings			(8,175,341	)		–



Share transactions–net:

Class A			(153,912	)		4,058,320


Class C			39,963			(57,772	)


Class R			95,781			436,326


Class Y			(289,309	)		6,224,505


Class R5			–			(4,000	)


Class R6			(56,456,690	)		103,777,526


Net increase (decrease) in net assets resulting from share transactions			(56,764,167	)		114,434,905


Net increase (decrease) in net assets			(143,384,048	)		109,284,359



Net assets:

Beginning of period			321,852,499			212,568,140


End of period		$	178,468,451		$	321,852,499

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


9		Invesco International Select Equity Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 04/30/22		$13.63		$0.01			$(3.21	)		$(3.20	)		$(0.01	)		$(0.29	)		$(0.30	)		$10.13		(23.94	)%		$9,623		1.15	%^(d)		1.46	%^(d)		0.10	%^(d)		24	%
Year ended 10/31/21		13.54		0.05			0.04	^(e)		0.09			–			–			–			13.63		0.66			13,189		1.12			1.48			0.30			45
Year ended 10/31/20		11.49		(0.05	)		2.33			2.28			(0.23	)		–			(0.23	)		13.54		20.15			10,027		1.12			1.60			(0.41	)		59
Year ended 10/31/19		10.52		0.22	^(f)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	^(f)		35
Year ended 10/31/18		13.01		0.09			(1.51	)		(1.42	)		(0.10	)		(0.97	)		(1.07	)		10.52		(11.93	)		4,333		1.11			1.62			0.72			46
Year ended 10/31/17		10.98		0.08			2.41			2.49			(0.10	)		(0.36	)		(0.46	)		13.01		23.77			5,436		1.14			1.70			0.71			43
Class C
Six months ended 04/30/22		13.28		(0.04	)		(3.12	)		(3.16	)		–			(0.29	)		(0.29	)		9.83		(24.23	)		582		1.90	^(d)		2.21	^(d)		(0.65	)^(d)		24
Year ended 10/31/21		13.28		(0.07	)		0.07	^(e)		0.00			–			–			–			13.28		0.00			745		1.87			2.23			(0.45	)		45
Year ended 10/31/20		11.28		(0.13	)		2.28			2.15			(0.15	)		–			(0.15	)		13.28		19.22			792		1.87			2.35			(1.16	)		59
Year ended 10/31/19		10.35		0.14	^(f)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	^(f)		35
Year ended 10/31/18		12.86		(0.00	)		(1.48	)		(1.48	)		(0.06	)		(0.97	)		(1.03	)		10.35		(12.55	)		1,192		1.86			2.37			(0.03	)		46
Year ended 10/31/17		10.91		(0.00	)		2.38			2.38			(0.07	)		(0.36	)		(0.43	)		12.86		22.88			2,167		1.89			2.45			(0.04	)		43
Class R
Six months ended 04/30/22		13.50		(0.01	)		(3.17	)		(3.18	)		–			(0.29	)		(0.29	)		10.03		(23.98	)		574		1.40	^(d)		1.71	^(d)		(0.15	)^(d)		24
Year ended 10/31/21		13.44		0.01			0.05	^(e)		0.06			–			–			–			13.50		0.45			665		1.37			1.73			0.05			45
Year ended 10/31/20		11.41		(0.08	)		2.32			2.24			(0.21	)		–			(0.21	)		13.44		19.85			290		1.37			1.85			(0.66	)		59
Year ended 10/31/19		10.46		0.19	^(f)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	^(f)		35
Year ended 10/31/18		12.95		0.06			(1.49	)		(1.43	)		(0.09	)		(0.97	)		(1.06	)		10.46		(12.09	)		89		1.36			1.87			0.47			46
Year ended 10/31/17		10.95		0.05			2.40			2.45			(0.09	)		(0.36	)		(0.45	)		12.95		23.44			61		1.39			1.95			0.46			43
Class Y
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		6,754		0.90	^(d)		1.21	^(d)		0.35	^(d)		24
Year ended 10/31/21		13.57		0.08			0.04	^(e)		0.12			–			–			–			13.69		0.88			9,434		0.87			1.23			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.34			2.32			(0.26	)		–			(0.26	)		13.57		20.46			3,926		0.87			1.35			(0.16	)		59
Year ended 10/31/19		10.56		0.25	^(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	^(f)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		8,594		0.86			1.37			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			7,499		0.89			1.45			0.96			43
Class R5
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		8		0.89	^(d)		1.05	^(d)		0.36	^(d)		24
Year ended 10/31/21		13.57		0.08			0.04	^(e)		0.12			–			–			–			13.69		0.88			10		0.87			1.05			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.34			2.32			(0.26	)		–			(0.26	)		13.57		20.46			14		0.87			1.12			(0.16	)		59
Year ended 10/31/19		10.56		0.25	^(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	^(f)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		11		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			13		0.89			1.30			0.96			43
Class R6
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		160,927		0.89	^(d)		1.05	^(d)		0.36	^(d)		24
Year ended 10/31/21		13.56		0.08			0.05	^(e)		0.13			–			–			–			13.69		0.96			297,809		0.87			1.05			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.33			2.31			(0.26	)		–			(0.26	)		13.56		20.37			197,521		0.87			1.12			(0.16	)		59
Year ended 10/31/19		10.56		0.25	^(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	^(f)		35
Year ended 10/31/18		13.03		0.12			(1.50	)		(1.38	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.61	)		103,172		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.39			2.50			(0.11	)		(0.36	)		(0.47	)		13.03		23.94			91,527		0.89			1.30			0.96			43

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(f)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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


10		Invesco International Select Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Select Equity Fund (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified during the period. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

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

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

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


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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.


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.

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.93%.

Effective March 1, 2022, the Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to March 1, 2022 the Adviser contractually agreed, through February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of the Fund’s average daily net asset. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $187,073 and reimbursed class level expenses of $10,624, $620, $577, $7,435, $1 and $46,464 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


13		Invesco International Select Equity Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $1,605 in front-end sales commissions from the sale of Class A shares and $53 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,573 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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		$ –		$ 5,982,277		$ –		$ 5,982,277


Canada		11,132,471		–		–		11,132,471


China		7,857,760		32,635,929		1,016,150		41,509,839


Denmark		–		3,479,298		–		3,479,298


Finland		–		3,825,935		–		3,825,935


France		–		14,267,603		–		14,267,603


Germany		–		17,784,196		–		17,784,196


Hong Kong		–		7,522,835		–		7,522,835


Japan		–		31,272,917		–		31,272,917


Luxembourg		–		9,757,808		–		9,757,808


Netherlands		–		5,853,604		–		5,853,604


South Korea		–		3,904,416		–		3,904,416


Spain		–		1,932,951		–		1,932,951


Taiwan		3,159,620		–		–		3,159,620


United Kingdom		–		12,827,416		–		12,827,416


Money Market Funds		1,759,864		1,710,541		–		3,470,405


Total Investments		$23,909,715		$152,757,726		$1,016,150		$177,683,591

NOTE 4–Trustees’ and Officers’ Fees and Benefits


14		Invesco International Select Equity Fund

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $66,927,264 and $120,696,181, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	29,253,179


Aggregate unrealized (depreciation) of investments		(40,427,671	)


Net unrealized appreciation (depreciation) of investments	$	(11,174,492	)

Cost of investments for tax purposes is $188,858,083.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:

Class A		227,655		$	2,885,445			877,051		$	13,717,786


Class C		6,745			75,315			33,464			510,598


Class R		22,734			262,627			41,924			643,804


Class Y		153,765			1,810,240			526,337			8,114,418


Class R6		3,192,619			38,549,566			8,227,171			120,033,132



Issued as reinvestment of dividends:

Class A		21,470			266,450			-			-


Class C		1,328			16,033			-			-


Class R		1,208			14,844			-			-


Class Y		17,759			220,740			-			-


Class R6		613,847			7,623,976			-			-



Automatic conversion of Class C shares to Class A shares:

Class A		2,727			29,032			4,804			74,511


Class C		(2,809	)		(29,032	)		(4,909	)		(74,511	)



Reacquired:

Class A		(270,054	)		(3,334,839	)		(654,662	)		(9,733,977	)


Class C		(2,127	)		(22,353	)		(32,069	)		(493,859	)


Class R		(15,998	)		(181,690	)		(14,214	)		(207,478	)


Class Y		(195,537	)		(2,320,289	)		(126,753	)		(1,889,913	)


Class R5		-			-			(254	)		(4,000	)


Class R6		(9,713,090	)		(102,630,232	)		(1,034,915	)		(16,255,606	)


Net increase (decrease) in share activity		(5,937,758	)	$	(56,764,167	)		7,842,975		$	114,434,905

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 31% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 54% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


15		Invesco International Select Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio

Class A	$1,000.00	$760.60	$5.02	$1,019.09	$5.76	1.15%

Class C	1,000.00	757.70	8.28	1,015.37	9.49	1.90

Class R	1,000.00	760.20	6.11	1,017.85	7.00	1.40

Class Y	1,000.00	762.30	3.93	1,020.33	4.51	0.90

Class R5	1,000.00	762.30	3.89	1,020.38	4.46	0.89

Class R6	1,000.00	762.30	3.89	1,020.38	4.46	0.89

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco International Small-Mid Company Fund

Nasdaq:

A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-25.37	%
Class C Shares	-25.64
Class R Shares	-25.45
Class Y Shares	-25.27
Class R5 Shares	-25.26
Class R6 Shares	-25.24
MSCI All Country World ex USA SMID Cap Index^▼	-13.63
MSCI All Country World ex USA Small Cap Index^▼	-13.36
Source(s): ^▼RIMES Technologies Corp. The MSCI All Country World ex USA SMID Cap Index is designed to measure the equity market performance of small-and mid-cap developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The MSCI All Country World ex USA Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco International Small-Mid Company Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/17/97)	11.46	%
10 Years	10.85
5 Years	6.39
1 Year	-21.16
Class C Shares
Inception (11/17/97)	11.43	%
10 Years	10.81
5 Years	6.79
1 Year	-17.93
Class R Shares
Inception (3/1/01)	12.04	%
10 Years	11.19
5 Years	7.33
1 Year	-16.77
Class Y Shares
Inception (9/7/05)	10.71	%
10 Years	11.78
5 Years	7.86
1 Year	-16.35
Class R5 Shares
10 Years	11.59	%
5 Years	7.81
1 Year	-16.31
Class R6 Shares
Inception (12/29/11)	13.03	%
10 Years	11.94
5 Years	8.01
1 Year	-16.26

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

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

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 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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.93%
Australia–3.86%
ALS Ltd.		5,339,911	$	48,347,853


carsales.com Ltd.		3,317,459		48,575,476


Cochlear Ltd.		487,153		78,269,249


IPH Ltd.^(a)		12,134,048		64,026,100


				239,218,678



Austria–0.25%
Fabasoft AG		616,109		15,534,829



Brazil–2.52%
Boa Vista Servicos S.A.		13,946,844		22,652,567


Odontoprev S.A.^(a)		35,487,540		72,856,427


TOTVS S.A.		9,383,637		60,679,188


				156,188,182



Canada–0.81%
Descartes Systems Group, Inc. (The)^(b)		804,257		49,952,646



Denmark–2.74%
Chemometec A/S		505,316		56,665,687


Chr. Hansen Holding A/S		788,988		61,483,922


SimCorp A/S		733,865		51,481,912


				169,631,521



France–3.83%
Alten S.A.		360,299		48,256,073


Gaztransport Et Technigaz S.A. (Acquired 04/20/2020-08/03/2021; Cost $30,639,561)^(c)		395,280		46,976,641


Interparfums S.A.		555,761		30,617,497


Lectra		973,503		40,287,132


Neurones		921,048		34,991,962


Thermador Groupe		116,836		11,864,540


Vetoquinol S.A.		185,642		24,123,559


				237,117,404



Germany–8.46%
Amadeus Fire AG		278,227		39,263,334


Atoss Software AG		247,712		36,073,918


Carl Zeiss Meditec AG, BR		735,986		92,960,001


CTS Eventim AG & Co. KGaA^(b)		787,113		54,702,323


Fuchs Petrolub SE, Preference Shares		1,313,697		41,823,779


Knorr-Bremse AG		395,831		28,521,088


Nemetschek SE		565,342		45,391,935


New Work SE^(a)		326,237		55,025,323


Sartorius AG, Preference Shares		121,853		46,156,030


STRATEC SE		359,685		40,917,816


Symrise AG		361,594		43,234,989


				524,070,536



Iceland–1.93%
Marel HF^(d)		10,194,193		52,898,244


Ossur HF^(b)		13,469,863		66,450,499


				119,348,743


	Shares		Value


India–2.82%
AIA Engineering Ltd.		1,226,068	$	30,922,799


Britannia Industries Ltd.		908,684		38,794,046


Larsen & Toubro Infotech Ltd.^(d)		1,199,697		74,799,642


Triveni Turbine Ltd.		12,014,057		29,990,527


				174,507,014



Ireland–0.86%
ICON PLC^(b)		234,183		52,974,536



Israel–1.72%
Nice Ltd., ADR^(b)		515,218		106,346,147



Italy–3.93%
Antares Vision S.p.A.^(b)		1,596,895		13,805,728


DiaSorin S.p.A.		415,877		54,363,272


GVS S.p.A.^(d)		3,763,900		31,213,831


Interpump Group S.p.A.		768,887		30,940,508


Recordati Industria Chimica e Farmaceutica S.p.A.		1,283,799		61,458,934


Technoprobe S.p.A.^(b)		2,542,410		17,787,960


Tinexta S.p.A.		1,353,304		33,629,834


				243,200,067



Japan–19.64%
Ariake Japan Co. Ltd.^(a)		1,791,900		71,776,486


As One Corp.		1,246,726		65,467,632


Azbil Corp.		3,305,800		100,912,172


Benefit One, Inc.		2,547,300		38,214,294


Daifuku Co. Ltd.		1,453,400		89,713,548


Disco Corp.		294,000		72,463,379


Fukui Computer Holdings, Inc.^(a)		1,494,100		37,295,916


Infomart Corp.		8,786,026		44,101,618


Japan Elevator Service Holdings Co. Ltd.		4,058,000		53,309,783


Meitec Corp.^(a)		1,473,086		78,358,891


MISUMI Group, Inc.		1,332,200		33,508,381


MonotaRO Co. Ltd.		2,770,220		48,031,223


NSD Co. Ltd.		2,826,300		50,113,345


OBIC Business Consultants Co. Ltd.		1,614,100		58,220,581


Obic Co. Ltd.		782,600		115,805,833


SCSK Corp.		3,097,400		49,399,216


Seria Co. Ltd.		1,387,600		26,809,035


SHO-BOND Holdings Co. Ltd.		959,700		40,439,029


TechnoPro Holdings, Inc.		1,903,200		47,637,002


TKC Corp.		1,368,818		35,921,695


USS Co. Ltd.		3,554,248		58,663,435


				1,216,162,494



Jersey–0.72%
JTC PLC^(d)		4,566,188		44,450,278



Netherlands–1.16%
IMCD N.V.		451,781		71,771,438



New Zealand–0.48%
Fisher & Paykel Healthcare Corp. Ltd.		2,152,584		29,618,657

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


5		Invesco International Small-Mid Company Fund


	Shares		Value


Norway–0.38%
Medistim ASA		859,892	$	23,415,649



South Korea–0.39%
NICE Information Service Co. Ltd.		1,671,168		24,328,356



Spain–0.61%
Applus Services S.A.		4,820,907		37,652,002



Sweden–14.82%
AddTech AB, Class B		2,451,563		43,233,232


Alfa Laval AB		1,980,488		54,969,504


Biotage AB		2,827,660		58,109,326


Bravida Holding AB^(d)		3,610,682		36,891,136


Cellavision AB		1,087,959		34,139,004


Elekta AB, Class B		6,030,716		40,328,886


Epiroc AB, Class A		2,628,314		53,452,063


Fortnox AB		11,708,760		62,549,919


Hexpol AB		4,642,085		39,538,511


Karnov Group AB^(a)		8,078,034		54,553,207


Lifco AB, Class B		2,529,181		53,064,331


Lime Technologies AB^(a)		763,284		21,310,357


Loomis AB		3,210,507		79,938,267


MIPS AB^(d)		713,213		50,752,116


Mycronic AB		2,368,800		41,351,504


Sdiptech AB, Class B^(a)(b)		2,414,636		84,253,035


SmartCraft ASA^(b)		8,464,068		13,584,241


Vitec Software Group AB, Class B		1,176,028		58,910,138


Vitrolife AB		1,450,290		36,831,354


				917,760,131



Switzerland–9.64%
Belimo Holding AG		133,502		65,946,347


Bossard Holding AG, Class A		116,963		25,408,241


dormakaba Holding AG		117,035		54,373,040


Forbo Holding AG		24,038		35,218,971


Interroll Holding AG, Class R		8,944		27,109,263


Kardex Holding AG		264,500		50,186,757


LEM Holding S.A.		26,905		61,815,492


Partners Group Holding AG		126,254		133,783,288


Tecan Group AG, Class R		163,271		49,065,875


VAT Group AG^(d)		133,700		41,491,403


VZ Holding AG		702,144		52,385,209


				596,783,886

Investment Abbreviations:

ADR – American Depositary Receipt

BR – Bearer Shares


	Shares		Value


Taiwan–0.58%
Advantech Co. Ltd.		2,908,000	$	36,021,642



United Kingdom–15.78%
Alpha Financial Markets Consulting PLC^(a)		5,666,234		28,955,171


Auction Technology Group PLC^(b)		3,201,943		35,226,152


AVEVA Group PLC		2,041,963		55,005,539


Croda International PLC		1,081,247		104,763,684


Diploma PLC		2,005,065		68,590,227


FDM Group Holdings PLC		3,578,468		45,792,435


Halma PLC		2,602,167		80,127,478


Hill & Smith Holdings PLC		2,422,128		41,908,924


Howden Joinery Group PLC		4,848,615		45,828,002


IMI PLC		2,509,730		42,235,089


Intertek Group PLC		755,749		47,099,293


Johnson Service Group PLC^(a)(b)		34,376,491		46,873,599


Restore PLC^(a)		11,594,521		64,244,794


Rightmove PLC		8,566,633		65,854,620


Rotork PLC		12,033,507		43,597,487


Spirax-Sarco Engineering PLC		602,800		91,169,709


Victrex PLC		2,267,780		51,476,034


Weir Group PLC (The)		935,451		17,950,860


				976,699,097



United States–1.00%
Bruker Corp.		1,081,138		62,154,624


Total Common Stocks & Other Equity Interests (Cost $4,852,998,002)				6,124,908,557



Money Market Funds–0.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(a)(e)		14,480,202		14,480,202


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(a)(e)		7,677,399		7,675,863


Invesco Treasury Portfolio, Institutional Class, 0.23%^(a)(e)		16,548,802		16,548,802


Total Money Market Funds (Cost $38,704,099)				38,704,867


TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $4,891,702,101)				6,163,613,424


OTHER ASSETS LESS LIABILITIES-0.45%				27,736,996


NET ASSETS-100.00%			$	6,191,350,420

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


6		Invesco International Small-Mid Company Fund

Notes to Schedule of Investments:

^(a)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	26,783,461		$	236,390,112		$	(248,693,371	)		$	-			$	-			$	14,480,202		$	7,144
Invesco Liquid Assets Portfolio, Institutional Class			16,470,796			168,850,080			(177,638,122	)			767				(7,658	)			7,675,863			7,300
Invesco Treasury Portfolio, Institutional Class			30,609,669			270,160,128			(284,220,995	)			-				-				16,548,802			9,193
Investments in Other Affiliates:
Alpha Financial Markets Consulting PLC			-			28,541,369			-				413,802				-				28,955,171			188,497
Amadeus Fire AG*			72,508,225			-			(6,632,436	)			(27,503,985	)			891,530				39,263,334			-
Ariake Japan Co. Ltd.			109,549,953			4,656,937			-				(42,430,404	)			-				71,776,486			740,149
Fukui Computer Holdings, Inc.			38,155,165			12,271,527			-				(13,130,776	)			-				37,295,916			598,450
IPH Ltd.			82,084,407			3,980,215			(7,198,018	)			(14,939,207	)			98,703				64,026,100			1,270,050
Johnson Service Group PLC			46,281,211			17,977,909			(4,069,442	)			(13,499,885	)			183,806				46,873,599			-
Karnov Group AB			49,345,718			9,990,548			(7,244,821	)			2,641,175				(179,413	)			54,553,207			-
Lime Technologies AB			5,833,382			21,963,177			-				(6,486,202	)			-				21,310,357			171,578
Meitec Corp.			90,716,025			6,674,547			(9,774,697	)			(9,453,334	)			196,350				78,358,891			1,163,678
New Work SE			74,916,904			4,347,066			-				(24,238,647	)			-				55,025,323			-
Odontoprev S.A.			76,227,051			5,268,564			(4,843,511	)			(823,185	)			(2,972,492	)			72,856,427			762,554
Restore PLC			86,055,343			-			(10,312,928	)			(12,170,635	)			673,014				64,244,794			-
Sdiptech AB, Class B			130,016,552			2,333,720			(6,710,272	)			(42,812,726	)			1,425,761				84,253,035			-
Total		$	935,553,862		$	793,405,899		$	(767,338,613	)		$	(204,433,242	)		$	309,601			$	757,497,507		$	4,918,593

*	At April 30, 2022, this security was no longer an affiliate of the Fund.

^(b)	Non-income producing security.

^(c)	Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $332,496,650, which represented 5.37% of the Fund’s Net Assets.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Industrials	34.79	%

Information Technology	26.20

Health Care	17.12

Materials	6.21

Communication Services	4.50

Financials	3.72

Consumer Discretionary	3.34

Consumer Staples	2.28

Other Sectors, Each Less than 2% of Net Assets	0.76

Money Market Funds Plus Other Assets Less Liabilities	1.08

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


7		Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $4,225,187,177)	$	5,445,379,251


Investments in affiliates, at value (Cost $666,514,924)		718,234,173


Cash		3,011,951


Foreign currencies, at value (Cost $2,025,328)		2,016,985


Receivable for:
Investments sold		23,838,480


Fund shares sold		2,911,899


Dividends		34,304,910


Investment for trustee deferred compensation and retirement plans		249,193


Other assets		121,909


Total assets		6,230,068,751



Liabilities:
Payable for:
Investments purchased		19,825,203


Fund shares reacquired		11,473,228


Accrued foreign taxes		4,245,160


Accrued fees to affiliates		2,139,783


Accrued trustees’ and officers’ fees and benefits		54,258


Accrued other operating expenses		731,506


Trustee deferred compensation and retirement plans		249,193


Total liabilities		38,718,331


Net assets applicable to shares outstanding	$	6,191,350,420



Net assets consist of:
Shares of beneficial interest	$	4,728,970,589


Distributable earnings		1,462,379,831


	$	6,191,350,420


Net Assets:
Class A	$	1,009,208,293


Class C	$	66,506,737


Class R	$	76,831,080


Class Y	$	2,762,763,907


Class R5	$	473,722


Class R6	$	2,275,566,681



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,573,598


Class C		1,800,988


Class R		1,932,055


Class Y		65,055,880


Class R5		10,984


Class R6		53,264,776


Class A:
Net asset value per share	$	42.81


Maximum offering price per share (Net asset value of $42.81 ÷ 94.50%)	$	45.30


Class C:
Net asset value and offering price per share	$	36.93


Class R:
Net asset value and offering price per share	$	39.77


Class Y:
Net asset value and offering price per share	$	42.47


Class R5:
Net asset value and offering price per share	$	43.13


Class R6:
Net asset value and offering price per share	$	42.72

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


8		Invesco International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Interest	$	199


Dividends (net of foreign withholding taxes of $4,512,063)		39,144,459


Dividends from affiliates		4,918,593


Foreign withholding tax claims		21,750


Total investment income		44,085,001



Expenses:
Advisory fees		34,650,210


Administrative services fees		533,417


Custodian fees		301,551


Distribution fees - Class A		1,494,865


Distribution fees - Class C		462,715


Distribution fees - Class R		230,858


Transfer agent fees – A, C, R and Y		3,299,362


Transfer agent fees – R5		159


Transfer agent fees – R6		467,657


Trustees’ and officers’ fees and benefits		42,152


Registration and filing fees		102,831


Professional services fees		37,756


Other		(372,385	)


Total expenses		41,251,148


Less: Fees waived and/or expense offset arrangement(s)		(14,197	)


Net expenses		41,236,951


Net investment income		2,848,050



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,966,594)		265,128,076


Affiliated investment securities		309,601


Foreign currencies		(499,843	)


Forward foreign currency contracts		(2,455	)


		264,935,379


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $5,822,350)		(2,241,744,959	)


Affiliated investment securities		(204,433,242	)


Foreign currencies		(1,783,913	)


		(2,447,962,114	)


Net realized and unrealized gain (loss)		(2,183,026,735	)


Net increase (decrease) in net assets resulting from operations	$	(2,180,178,685	)

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


9		Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income	$	2,848,050		$	22,078,358


Net realized gain		264,935,379			915,933,338


Change in net unrealized appreciation (depreciation)		(2,447,962,114	)		1,415,006,946


Net increase (decrease) in net assets resulting from operations		(2,180,178,685	)		2,353,018,642



Distributions to shareholders from distributable earnings:
Class A		(128,634,059	)		(102,620,781	)


Class C		(11,532,447	)		(12,866,389	)


Class R		(10,131,133	)		(8,163,910	)


Class Y		(374,453,286	)		(284,649,017	)


Class R5		(34,765	)		(30,241	)


Class R6		(296,558,579	)		(220,448,627	)


Total distributions from distributable earnings		(821,344,269	)		(628,778,965	)



Share transactions–net:
Class A		52,453,354			(36,705,496	)


Class C		(12,690,729	)		(42,639,705	)


Class R		7,139,606			(2,099,240	)


Class Y		86,275,677			27,689,473


Class R5		104,773			232,272


Class R6		129,488,279			63,256,803


Net increase in net assets resulting from share transactions		262,770,960			9,734,107


Net increase (decrease) in net assets		(2,738,751,994	)		1,733,973,784



Net assets:
Beginning of period		8,930,102,414			7,196,128,630


End of period	$	6,191,350,420		$	8,930,102,414

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


10		Invesco International Small-Mid Company Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Six months ended 04/30/22		$63.38		$(0.04	)		$(14.82	)		$(14.86	)		$(0.02	)		$(5.69	)		$(5.71	)		$42.81		(25.37	)%^(e)		$1,009,208	)		1.30	%^(e)(f)		1.30	%^(e)(f)		(0.15	)%^(e)(f)		12	%
Year ended 10/31/21		51.69		0.02			16.17			16.19			–			(4.50	)		(4.50	)		63.38		33.13	^(e)		1,439,340			1.31	^(e)		1.31	^(e)		0.04	^(e)		24
Year ended 10/31/20		48.20		(0.10	)		5.95			5.85			(0.18	)		(2.18	)		(2.36	)		51.69		12.53	^(e)		1,199,225			1.34	^(e)		1.34	^(e)		(0.22	)^(e)		73
Two months ended 10/31/19		46.25		(0.03	)		1.98			1.95			–			–			–			48.20		4.22			1,417,657			1.31	^(f)		1.31	^(f)		(0.37	)^(f)		0	^(g)
Year ended 08/31/19		54.54		(0.03	)		(3.81	)		(3.84	)		(0.22	)		(4.23	)		(4.45	)		46.25		(6.21	)		1,394,542			1.36			1.36			(0.06	)		28
Year ended 08/31/18		47.11		(0.05	)		8.94			8.89			(0.37	)		(1.09	)		(1.46	)		54.54		19.27			1,777,990			1.38			1.38			(0.10	)		27
Year ended 08/31/17		38.28		(0.06	)		8.95			8.89			(0.06	)		–			(0.06	)		47.11		23.25			2,260,943			1.41			1.41			(0.15	)		22
Class C
Six months ended 04/30/22		55.66		(0.21	)		(12.83	)		(13.04	)		–			(5.69	)		(5.69	)		36.93		(25.64	)		66,507			2.06	^(f)		2.06	^(f)		(0.91	)^(f)		12
Year ended 10/31/21		46.22		(0.37	)		14.31			13.94			–			(4.50	)		(4.50	)		55.66		32.10			117,303			2.07			2.07			(0.72	)		24
Year ended 10/31/20		43.62		(0.41	)		5.34			4.93			(0.15	)		(2.18	)		(2.33	)		46.22		11.70			135,265			2.10			2.10			(0.98	)		73
Two months ended 10/31/19		41.91		(0.08	)		1.79			1.71			–			–			–			43.62		4.08			177,238			2.07	^(f)		2.07	^(f)		(1.13	)^(f)		0	^(g)
Year ended 08/31/19		50.01		(0.35	)		(3.52	)		(3.87	)		–			(4.23	)		(4.23	)		41.91		(6.91	)		179,992			2.12			2.12			(0.82	)		28
Year ended 08/31/18		43.36		(0.40	)		8.22			7.82			(0.08	)		(1.09	)		(1.17	)		50.01		18.37			323,001			2.13			2.13			(0.85	)		27
Year ended 08/31/17		35.45		(0.34	)		8.25			7.91			–			–			–			43.36		22.35			323,084			2.16			2.16			(0.91	)		22
Class R
Six months ended 04/30/22		59.34		(0.10	)		(13.78	)		(13.88	)		–			(5.69	)		(5.69	)		39.77		(25.45	)		76,831			1.56	^(f)		1.56	^(f)		(0.41	)^(f)		12
Year ended 10/31/21		48.78		(0.12	)		15.18			15.06			–			(4.50	)		(4.50	)		59.34		32.76			106,435			1.57			1.57			(0.22	)		24
Year ended 10/31/20		45.70		(0.21	)		5.63			5.42			(0.16	)		(2.18	)		(2.34	)		48.78		12.26			88,420			1.60			1.60			(0.48	)		73
Two months ended 10/31/19		43.88		(0.05	)		1.87			1.82			–			–			–			45.70		4.15			95,501			1.57	^(f)		1.57(f	)		(0.63	)^(f)		0	^(g)
Year ended 08/31/19		52.05		(0.14	)		(3.65	)		(3.79	)		(0.15	)		(4.23	)		(4.38	)		43.88		(6.44	)		94,864			1.61			1.61			(0.31	)		28
Year ended 08/31/18		45.08		(0.17	)		8.55			8.38			(0.32	)		(1.09	)		(1.41	)		52.05		18.99			103,818			1.63			1.63			(0.35	)		27
Year ended 08/31/17		36.67		(0.15	)		8.56			8.41			–			–			–			45.08		22.93			91,019			1.66			1.66			(0.39	)		22
Class Y
Six months ended 04/30/22		63.00		0.02			(14.69	)		(14.67	)		(0.17	)		(5.69	)		(5.86	)		42.47		(25.27	)		2,762,764			1.06	^(f)		1.06	^(f)		0.09	^(f)		12
Year ended 10/31/21		51.29		0.16			16.05			16.21			–			(4.50	)		(4.50	)		63.00		33.45			4,039,299			1.07			1.07			0.28			24
Year ended 10/31/20		47.75		0.02			5.90			5.92			(0.20	)		(2.18	)		(2.38	)		51.29		12.81			3,240,701			1.10			1.10			0.02			73
Two months ended 10/31/19		45.80		(0.01	)		1.96			1.95			–			–			–			47.75		4.26			4,085,890			1.07	^(f)		1.07	^(f)		(0.13	)^(f)		0	^(g)
Year ended 08/31/19		54.15		0.08			(3.80	)		(3.72	)		(0.40	)		(4.23	)		(4.63	)		45.80		(5.98	)		3,986,316			1.12			1.12			0.18			28
Year ended 08/31/18		46.82		0.08			8.87			8.95			(0.53	)		(1.09	)		(1.62	)		54.15		19.57			5,811,651			1.14			1.14			0.15			27
Year ended 08/31/17		38.06		0.05			8.87			8.92			(0.16	)		–			(0.16	)		46.82		23.55			4,125,091			1.16			1.16			0.13			22
Class R5
Six months ended 04/30/22		63.92		0.04			(14.93	)		(14.89	)		(0.21	)		(5.69	)		(5.90	)		43.13		(25.26	)		474			1.00	^(f)		1.00	^(f)		0.15	^(f)		12
Year ended 10/31/21		51.94		0.20			16.28			16.48			–			(4.50	)		(4.50	)		63.92		33.55			512			1.00			1.00			0.35			24
Year ended 10/31/20		48.26		0.07			5.99			6.06			(0.20	)		(2.18	)		(2.38	)		51.94		12.99			191			0.99			0.99			0.13			73
Two months ended 10/31/19		46.29		(0.01	)		1.98			1.97			–			–			–			48.26		4.26			20			1.01	^(f)		1.01	^(f)		(0.07	)^(f)		0	^(g)
Period ended 08/31/19^(h)		46.97		0.04			(0.72	)		(0.68	)		–			–			–			46.29		(1.45	)		19			1.01	^(f)		1.01	^(f)		0.29	^(f)		28
Class R6
Six months ended 04/30/22		63.39		0.05			(14.79	)		(14.74	)		(0.24	)		(5.69	)		(5.93	)		42.72		(25.24	)		2,275,567			0.95	^(f)		0.95	^(f)		0.20	^(f)		12
Year ended 10/31/21		51.52		0.23			16.14			16.37			–			(4.50	)		(4.50	)		63.39		33.62			3,227,212			0.95			0.95			0.40			24
Year ended 10/31/20		47.90		0.08			5.93			6.01			(0.21	)		(2.18	)		(2.39	)		51.52		12.97			2,532,327			0.95			0.95			0.17			73
Two months ended 10/31/19		45.94		(0.00	)⁽ⁱ⁾		1.96			1.96			–			–			–			47.90		4.27			2,759,984			0.94	^(f)		0.94	^(f)		0.00	^(f)(g)		0	^(g)
Year ended 08/31/19		54.32		0.16			(3.82	)		(3.66	)		(0.49	)		(4.23	)		(4.72	)		45.94		(5.82	)		2,692,561			0.96			0.96			0.34			28
Year ended 08/31/18		46.95		0.16			8.90			9.06			(0.60	)		(1.09	)		(1.69	)		54.32		19.77			3,236,676			0.96			0.96			0.32			27

Year ended 08/31/17		38.17		0.12			8.88			9.00			(0.22	)		–			(0.22	)		46.95		23.76			2,285,847			0.97			0.97			0.30			22

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, 0.01% and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018 and 2017, respectively.

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

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

^(f)	Annualized.

^(g)	Amount represents less than 0.005%.

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

⁽ⁱ⁾	Amount represents less than $(0.005) per share.

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


11		Invesco International Small-Mid Company Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Small-Mid Company Fund (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Trust”).

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

The Fund’s investment objective is to seek capital appreciation.

Effective as of the open of business June 28, 2022, the Fund reopened to all investors.

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 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.

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.

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.


13		Invesco International Small-Mid Company Fund

economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $500 million		1.000%


Next $500 million		0.950%


Next $4 billion		0.920%


Next $5 billion		0.900%


Next $10 billion		0.880%


Over $20 billion		0.870%

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

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund’s average daily net assets (the “expense limits”).In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $13,934.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $17,495 in front-end sales commissions from the sale of Class A shares and $0 and $330 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $2,421 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


14		Invesco International Small-Mid Company Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	239,218,678	$–	$	239,218,678


Austria		–		15,534,829	–		15,534,829


Brazil		156,188,182		–	–		156,188,182


Canada		49,952,646		–	–		49,952,646


Denmark		–		169,631,521	–		169,631,521


France		–		237,117,404	–		237,117,404


Germany		–		524,070,536	–		524,070,536


Iceland		–		119,348,743	–		119,348,743


India		–		174,507,014	–		174,507,014


Ireland		52,974,536		–	–		52,974,536


Israel		106,346,147		–	–		106,346,147


Italy		–		243,200,067	–		243,200,067


Japan		–		1,216,162,494	–		1,216,162,494


Jersey		–		44,450,278	–		44,450,278


Netherlands		–		71,771,438	–		71,771,438


New Zealand		–		29,618,657	–		29,618,657


Norway		–		23,415,649	–		23,415,649


South Korea		–		24,328,356	–		24,328,356


Spain		–		37,652,002	–		37,652,002


Sweden		–		917,760,131	–		917,760,131


Switzerland		–		596,783,886	–		596,783,886


Taiwan		–		36,021,642	–		36,021,642


United Kingdom		–		976,699,097	–		976,699,097


United States		62,154,624		–	–		62,154,624


Money Market Funds		38,704,867		–	–		38,704,867


Total Investments	$	466,321,002	$	5,697,292,422	$–	$	6,163,613,424

NOTE 4–Derivative Investments

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

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

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


	Location of Gain (Loss) on Statement of Operations

	Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(2,455)


15		Invesco International Small-Mid Company Fund

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


		Forward Foreign Currency Contracts


Average notional value		$1,218,001

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $888,191,556 and $1,428,380,508, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,528,702,341


Aggregate unrealized (depreciation) of investments	(333,231,286	)


Net unrealized appreciation of investments	$1,195,471,055

Cost of investments for tax purposes is $4,968,142,369.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	April 30, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		942,203	$	48,160,202		1,688,336	$	96,716,229


Class C		25,724		1,152,180		62,162		3,177,985


Class R		92,077		4,315,348		193,668		10,433,562


Class Y		6,399,064		323,992,246		11,044,718		628,844,474


Class R5		5,316		249,730		5,860		321,103


Class R6		5,038,265		251,954,807		10,066,439		575,754,165


16		Invesco International Small-Mid Company Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		2,117,805		$	115,293,300			1,742,904		$	91,554,723


Class C		219,526			10,339,660			252,485			11,727,933


Class R		198,990			10,072,877			164,658			8,117,615


Class Y		5,895,843			318,139,690			4,462,728			232,552,777


Class R5		612			33,510			554			29,282


Class R6		5,185,947			281,389,504			4,022,670			210,667,252



Automatic conversion of Class C shares to Class A shares:
Class A		337,561			16,954,121			603,668			34,750,110


Class C		(389,937	)		(16,954,121	)		(684,298	)		(34,750,110	)



Reacquired:
Class A		(2,534,095	)		(127,954,269	)		(4,523,290	)		(259,726,558	)


Class C		(161,654	)		(7,228,448	)		(449,511	)		(22,795,513	)


Class R		(152,511	)		(7,248,619	)		(377,420	)		(20,650,417	)


Class Y		(11,354,469	)		(555,856,259	)		(14,571,573	)		(833,707,778	)


Class R5		(2,959	)		(178,467	)		(2,077	)		(118,113	)


Class R6		(7,872,630	)		(403,856,032	)		(12,324,480	)		(723,164,614	)


Net increase in share activity		3,990,678		$	262,770,960			1,378,201		$	9,734,107

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


17		Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$746.30	$5.63	$1,018.35	$6.51	1.30%
Class C	1,000.00	743.60	8.91	1,014.58	10.29	2.06
Class R	1,000.00	745.50	6.75	1,017.06	7.80	1.56
Class Y	1,000.00	747.30	4.59	1,019.54	5.31	1.06
Class R5	1,000.00	747.40	4.33	1,019.84	5.01	1.00
Class R6	1,000.00	747.60	4.12	1,020.08	4.76	0.95

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


18		Invesco International Small-Mid Company Fund

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco MSCI World SRI Index Fund

Nasdaq:

A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX


2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.82	%
Class C Shares	-14.14
Class R Shares	-13.91
Class Y Shares	-13.71
Class R5 Shares	-13.71
Class R6 Shares	-13.71
MSCI World SRI Index^▼ (Broad Market Index)	-13.68
Custom Invesco MSCI World SRI Index^∎ (Style-Specific Index)	-13.68
Lipper Global Multi-Cap Core Funds Index^¨ (Peer Group Index)	-12.59
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.
The MSCI World SRI Index is an unmanaged index comprised of developed countries’ large- and mid-cap stocks with high ESG rating as determined by MSCI ESG Research. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Custom Invesco MSCI World SRI Index is composed of the MSCI World Index through June 30, 2020, and the MSCI World SRI Index thereafter. Both indexes are computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper Global Multi-Cap Core Funds Index is an unmanaged index considered representative of global multi-cap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco MSCI World SRI Index Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (7/1/16)	6.98	%
5 Years	5.03
1 Year	-6.99

Class C Shares
Inception (7/1/16)	7.21	%
5 Years	5.43
1 Year	-3.32

Class R Shares
Inception (7/1/16)	7.74	%
5 Years	5.95
1 Year	-1.83

Class Y Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38

Class R5 Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38

Class R6 Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–93.07%
Australia–2.00%
Ampol Ltd.		249	$	5,825

APA Group		849		6,813

ASX Ltd.		141		8,475

Aurizon Holdings Ltd.		2,440		6,918

BlueScope Steel Ltd.		545		7,726

Brambles Ltd.		1,106		8,167

Cochlear Ltd.		46		7,391

Coles Group Ltd.		954		12,493

Computershare Ltd.		448		7,853

Dexus		805		6,273

Fortescue Metals Group Ltd.		1,267		19,208

GPT Group (The)		1,406		5,002

Insurance Australia Group Ltd.		1,610		5,106

Lendlease Corp. Ltd.		495		4,228

Macquarie Group Ltd.		255		36,542

Mirvac Group		2,727		4,617

Newcrest Mining Ltd.		580		10,873

Northern Star Resources Ltd.		836		5,685

Ramsay Health Care Ltd.		123		6,948

REA Group Ltd.		44		3,905

SEEK Ltd.		284		5,530

Stockland		1,744		5,024

Transurban Group		2,053		20,522

Vicinity Centres		4,613		6,013


				217,137



Austria–0.12%
Mondi PLC		307		5,683

Verbund AG		64		6,853


				12,536



Belgium–0.17%
KBC Group N.V.		189		12,873

Umicore S.A.		141		5,443


				18,316



Brazil–0.13%
Wheaton Precious Metals Corp.		316		14,164



Canada–3.50%
Agnico Eagle Mines Ltd.		243		14,145

Ballard Power Systems, Inc.^(a)		323		2,683

Bank of Montreal		479		50,788

Bank of Nova Scotia (The)		893		56,549

Canadian National Railway Co.		525		61,742

Canadian Tire Corp. Ltd., Class A		47		6,474

FirstService Corp.		33		4,115

Fortis, Inc.		321		15,620

Franco-Nevada Corp.		148		22,382

Gildan Activewear, Inc.		175		5,930

Intact Financial Corp.		119		16,648

Magna International, Inc.		235		14,162

Metro, Inc.		148		8,135

National Bank of Canada		259		18,088

Pembina Pipeline Corp.		245		9,271


	Shares		Value

Canada–(continued)
Ritchie Bros. Auctioneers, Inc.		103	$	5,673

Rogers Communications, Inc., Class B		252		13,727

Shopify, Inc., Class A^(a)		82		35,077

TMX Group Ltd.		50		5,090

Toromont Industries Ltd.		61		5,370

WSP Global, Inc.		68		7,930


				379,599



China–0.08%
BOC Hong Kong Holdings Ltd.		2,500		9,018



Denmark–2.06%
Coloplast A/S, Class B		85		11,476

Genmab A/S^(a)		50		17,638

GN Store Nord A/S		88		3,281

Novo Nordisk A/S, Class B		1,217		139,191

Novozymes A/S, Class B		148		10,283

Orsted A/S^(b)		141		15,821

Pandora A/S		85		7,372

Vestas Wind Systems A/S		725		18,652


				223,714



Finland–0.40%
Elisa OYJ		86		5,026	��

Kesko OYJ, Class B		186		4,693

Neste OYJ		307		13,198

Orion OYJ, Class B		101		3,951

UPM-Kymmene OYJ		347		11,919

Wartsila OYJ Abp		507		4,048


				42,835



France–2.61%
Amundi S.A.^(b)		52		3,103

AXA S.A.		1,445		38,257

Bureau Veritas S.A.		219		6,276

Carrefour S.A.		431		9,137

Cie Generale des Etablissements Michelin S.C.A.		124		15,329

Danone S.A.		503		30,239

EssilorLuxottica S.A.		219		37,153

Gecina S.A.		33		3,697

L’Oreal S.A.		184		66,939

Schneider Electric SE		392		55,830

Unibail-Rodamco-Westfield^(a)		102		7,317

Valeo		190		3,426

Vivendi SE		546		6,261


				282,964



Germany–2.73%
adidas AG		136		27,700

Allianz SE		297		67,646

Beiersdorf AG		70		7,075

Deutsche Boerse AG		141		24,713

Deutsche Post AG		717		30,951

Henkel AG & Co. KGaA, Preference Shares		178		11,509

Merck KGaA		87		16,134

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


5		Invesco MSCI World SRI Index Fund


	Shares		Value

Germany–(continued)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		110	$	26,322

Puma SE		71		5,298

SAP SE		764		78,801


				296,149



Hong Kong–0.50%
Hang Seng Bank Ltd.		600		10,595

Hong Kong Exchanges & Clearing Ltd.		900		38,169

MTR Corp. Ltd.		1,000		5,307


				54,071



Ireland–0.31%
CRH PLC		534		21,183

Kerry Group PLC, Class A		110		12,152


				33,335



Israel–0.10%
Bank Leumi Le-Israel BM		1,031		10,814



Italy–0.40%
Amplifon S.p.A.		119		4,735

Intesa Sanpaolo S.p.A.		11,912		23,955

Snam S.p.A.		1,299		7,129

Terna Rete Elettrica Nazionale S.p.A.		929		7,567


				43,386



Japan–5.51%
Aeon Co. Ltd.		500		9,493

Ajinomoto Co., Inc.		400		10,411

Asahi Kasei Corp.		900		7,407

Astellas Pharma, Inc.		1,400		21,316

Capcom Co. Ltd.		200		5,277

Chugai Pharmaceutical Co. Ltd.		500		15,005

Daikin Industries Ltd.		200		30,752

Eisai Co. Ltd.		200		8,711

Fast Retailing Co. Ltd.		45		20,621

FUJIFILM Holdings Corp.		300		16,569

Fujitsu Ltd.		100		14,138

Hankyu Hanshin Holdings, Inc.		200		5,280

Ibiden Co. Ltd.		100		3,789

Kansai Paint Co. Ltd.		200		2,765

Kao Corp.		400		16,086

KDDI Corp.		1,200		39,787

Keio Corp.		100		3,838

Kikkoman Corp.		100		5,622

Kobe Bussan Co. Ltd.		200		4,871

Komatsu Ltd.		600		13,460

Kurita Water Industries Ltd.		100		3,435

Mitsui Fudosan Co. Ltd.		700		14,771

Miura Co. Ltd.		200		4,190

MS&AD Insurance Group Holdings, Inc.		300		8,965

Nippon Express Holdings, Inc.		100		5,824

Nippon Yusen K.K.		100		7,176

Nitto Denko Corp.		100		6,715

Nomura Research Institute Ltd.		300		8,501

Odakyu Electric Railway Co. Ltd.		200		3,036

Omron Corp.		100		5,925

ORIX Corp.		900		16,418

ORIX JREIT, Inc.		3		4,025

Panasonic Holdings Corp.		1,600		14,261


	Shares		Value

Japan–(continued)
Resona Holdings, Inc.		1,500	$	6,509

Secom Co. Ltd.		200		14,109

Sekisui House Ltd.		400		6,899

SG Holdings Co. Ltd.		200		3,524

Shimizu Corp.		900		4,727

Shionogi & Co. Ltd.		200		11,179

Sompo Holdings, Inc.		200		8,156

Sony Group Corp.		900		77,356

Sumitomo Chemical Co. Ltd.		1,400		5,929

Sumitomo Mitsui Trust Holdings, Inc.		200		6,196

Suntory Beverage & Food Ltd.		200		7,941

Sysmex Corp.		100		6,477

Tokyo Electron Ltd.		100		42,421

Tokyu Corp.		300		3,668

Toray Industries, Inc.		900		4,280

TOTO Ltd.		100		3,364

West Japan Railway Co.		100		3,723

Yamaha Corp.		100		3,838

Yamaha Motor Co. Ltd.		200		4,129

Yaskawa Electric Corp.		200		6,824

Z Holdings Corp.		1,900		7,493


				597,182



Netherlands–2.18%
Akzo Nobel N.V.		144		12,425

ASML Holding N.V.		302		170,862

Koninklijke DSM N.V.		125		20,936

NN Group N.V.		210		10,261

Wolters Kluwer N.V.		213		21,545


				236,029



New Zealand–0.20%
Fisher & Paykel Healthcare Corp. Ltd.		417		5,738

Meridian Energy Ltd.		1,313		3,985

Spark New Zealand Ltd.		1,719		5,441

Xero Ltd.^(a)		97		6,361


				21,525



Norway–0.32%
DNB Bank ASA		692		13,509

Mowi ASA		283		8,024

Orkla ASA		740		6,019

Telenor ASA		492		6,942


				34,494



Portugal–0.05%
Jeronimo Martins SGPS S.A.		233		4,834



Singapore–0.65%
DBS Group Holdings Ltd.		1,400		33,909

Oversea-Chinese Banking Corp. Ltd.		2,700		23,941

Singapore Telecommunications Ltd.		6,400		12,721


				70,571



Spain–0.46%
Banco Bilbao Vizcaya Argentaria S.A.		5,064		26,647

Industria de Diseno Textil S.A.		818		17,153

Red Electrica Corp. S.A.		322		6,470


				50,270

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


6		Invesco MSCI World SRI Index Fund


	Shares		Value

Sweden–0.44%
Boliden AB		242	$	10,581

Electrolux AB, Class B		197		3,006

Essity AB, Class B		400		10,653

Husqvarna AB, Class B		397		3,798

Svenska Cellulosa AB S.C.A., Class B		423		8,202

Tele2 AB, Class B		329		4,343

Telia Co. AB		1,832		7,589


				48,172



Switzerland–2.85%
Givaudan S.A.		7		27,817

Kuehne + Nagel International AG, Class R		37		10,375

Lonza Group AG		57		33,465

Roche Holding AG		507		187,776

SGS S.A.		4		10,272

Sonova Holding AG, Class A		38		13,682

Swiss Life Holding AG		25		14,587

Swisscom AG		18		10,661


				308,635



United Kingdom–4.48%
abrdn PLC		1,458		3,396

Ashtead Group PLC		350		18,096

Associated British Foods PLC		234		4,664

Barratt Developments PLC		695		4,255

Berkeley Group Holdings PLC		72		3,656

British Land Co. PLC (The)		716		4,592

BT Group PLC		6,928		15,332

Burberry Group PLC		280		5,506

CNH Industrial N.V.		767		10,949

Coca-Cola Europacific Partners PLC		143		7,143

Compass Group PLC		1,320		27,804

Croda International PLC		84		8,139

DCC PLC		66		4,987

Informa PLC^(a)		982		7,001

InterContinental Hotels Group PLC		122		7,789

J Sainsbury PLC		1,618		4,717

JD Sports Fashion PLC		2,615		4,328

Johnson Matthey PLC		161		4,442

Kingfisher PLC		1,562		4,910

Liberty Global PLC, Class C^(a)		418		9,907

Linde PLC		375		116,985

National Grid PLC		2,557		38,018

RELX PLC		1,431		42,737

Schroders PLC		112		3,952

Segro PLC		825		13,806

St James’s Place PLC		391		6,237

Taylor Wimpey PLC		2,441		3,833

Unilever PLC		1,859		86,347

United Utilities Group PLC		487		7,007

Whitbread PLC^(a)		156		5,408


				485,943



United States–60.82%
ABIOMED, Inc.^(a)		33		9,457

Agilent Technologies, Inc.		229		27,313

Allegion PLC		65		7,426

Ally Financial, Inc.		283		11,309

American Express Co.		494		86,307

American Tower Corp.		329		79,296


	Shares		Value

United States–(continued)
American Water Works Co., Inc.		97	$	14,946

Ameriprise Financial, Inc.		91		24,160

AmerisourceBergen Corp.		122		18,457

Amgen, Inc.		413		96,307

Aptiv PLC^(a)		201		21,386

Atmos Energy Corp.		97		11,000

Automatic Data Processing, Inc.		313		68,290

Baker Hughes Co., Class A		489		15,169

Bank of New York Mellon Corp. (The)		652		27,423

Becton, Dickinson and Co.		218		53,887

Best Buy Co., Inc.		174		15,648

Biogen, Inc.^(a)		111		23,026

BlackRock, Inc.		111		69,339

Bunge Ltd.		100		11,312

C.H. Robinson Worldwide, Inc.		102		10,827

Cable One, Inc.		3		3,499

Campbell Soup Co.		140		6,611

Cardinal Health, Inc.		230		13,352

Caterpillar, Inc.		398		83,795

CBRE Group, Inc., Class A^(a)		246		20,428

Centene Corp.^(a)		450		36,248

Cerner Corp.		222		20,788

Charles Schwab Corp. (The)		1,060		70,310

Cheniere Energy, Inc.		165		22,409

Cigna Corp.		248		61,201

Cisco Systems, Inc.		3,062		149,977

Clorox Co. (The)		90		12,912

CME Group, Inc., Class A		268		58,783

Coca-Cola Co. (The)		2,963		191,439

Colgate-Palmolive Co.		594		45,768

Consolidated Edison, Inc.		250		23,185

CSX Corp.		1,632		56,043

Cummins, Inc.		109		20,622

DaVita, Inc.^(a)		71		7,694

DENTSPLY SIRONA, Inc.		158		6,318

eBay, Inc.		481		24,974

Ecolab, Inc.		191		32,344

Edwards Lifesciences Corp.^(a)		468		49,505

Electronic Arts, Inc.		223		26,325

Equinix, Inc.		65		46,740

Eversource Energy		245		21,413

Expeditors International of Washington, Inc.		125		12,384

FactSet Research Systems, Inc.		28		11,298

Fastenal Co.		422		23,341

Ferguson PLC		171		21,565

Fortive Corp.		247		14,203

Fortune Brands Home & Security, Inc.		97		6,911

Generac Holdings, Inc.^(a)		49		10,750

General Mills, Inc.		449		31,758

Gilead Sciences, Inc.		937		55,602

Hasbro, Inc.		95		8,366

HCA Healthcare, Inc.		189		40,550

Henry Schein, Inc.^(a)		98		7,948

Hilton Worldwide Holdings, Inc.^(a)		215		33,387

Hologic, Inc.^(a)		185		13,318

Home Depot, Inc. (The)		765		229,806

Hormel Foods Corp.		220		11,526

Humana, Inc.		99		44,011

Huntington Bancshares, Inc.		789		10,375

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


7		Invesco MSCI World SRI Index Fund


	Shares		Value

United States–(continued)
IDEX Corp.		55	$	10,440

IDEXX Laboratories, Inc.^(a)		63		27,120

Illinois Tool Works, Inc.		227		44,744

Illumina, Inc.^(a)		114		33,818

Insulet Corp.^(a)		51		12,188

International Flavors & Fragrances, Inc.		191		23,168

Interpublic Group of Cos., Inc. (The)		296		9,656

Jazz Pharmaceuticals PLC^(a)		37		5,928

Johnson Controls International PLC		530		31,731

Kellogg Co.		184		12,604

KeyCorp		728		14,058

Kimberly-Clark Corp.		256		35,540

LKQ Corp.		217		10,770

Lowe’s Cos., Inc.		501		99,063

Marsh & McLennan Cos., Inc.		380		61,446

Mettler-Toledo International, Inc.^(a)		18		22,996

Microsoft Corp.		5,170		1,434,778

Moody’s Corp.		127		40,193

Newell Brands, Inc.		281		6,505

Norfolk Southern Corp.		179		46,161

Northern Trust Corp.		147		15,148

NVIDIA Corp.		1,817		336,999

ONEOK, Inc.		329		20,836

Owens Corning		83		7,547

Pentair PLC		122		6,192

PepsiCo, Inc.		1,001		171,882

Phillips 66		327		28,371

PNC Financial Services Group, Inc. (The)		314		52,155

Pool Corp.		31		12,562

PPG Industries, Inc.		183		23,422

Prologis, Inc.		532		85,274

Prudential Financial, Inc.		295		32,010

Quest Diagnostics, Inc.		94		12,581

Regions Financial Corp.		721		14,939

ResMed, Inc.		106		21,197

Robert Half International, Inc.		82		8,061

Rockwell Automation, Inc.		85		21,477

Roper Technologies, Inc.		79		37,124

Sempra Energy		247		39,856

State Street Corp.		266		17,814

STERIS PLC		59		13,219


	Shares		Value

United States–(continued)
SVB Financial Group^(a)		38	$	18,530

Swiss Re AG		217		17,796

T. Rowe Price Group, Inc.		177		21,778

Take-Two Interactive Software, Inc.^(a)		49		5,856

Teladoc Health, Inc.^(a)		104		3,511

Teledyne Technologies, Inc.^(a)		36		15,536

Tesla, Inc.^(a)		616		536,388

Texas Instruments, Inc.		674		114,748

Tractor Supply Co.		83		16,720

Trane Technologies PLC		178		24,900

Travelers Cos., Inc. (The)		190		32,501

Truist Financial Corp.		992		47,963

UGI Corp.		154		5,282

Vail Resorts, Inc.		30		7,625

Valero Energy Corp.		210		23,411

Vertex Pharmaceuticals, Inc.^(a)		188		51,365

VF Corp.		247		12,844

W.W. Grainger, Inc.		33		16,501

Walt Disney Co. (The)^(a)		1,324		147,798

Waters Corp.^(a)		45		13,636

West Pharmaceutical Services, Inc.		51		16,068

Xylem, Inc.		134		10,787

Zoetis, Inc.		346		61,329

ZoomInfo Technologies, Inc., Class A^(a)		146		6,920


				6,593,433


Total Common Stocks & Other Equity Interests (Cost $8,148,969)				10,089,126



Money Market Funds–6.73%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d)		255,571		255,571

Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(c)(d)		182,269		182,231

Invesco Treasury Portfolio, Institutional Class, 0.23%^(c)(d)		292,081		292,081


Total Money Market Funds (Cost $729,873)				729,883


TOTAL INVESTMENTS IN SECURITIES—99.80% (Cost $8,878,842)				10,819,009


OTHER ASSETS LESS LIABILITIES–0.20%				22,105


NET ASSETS–100.00%			$	10,841,114

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $18,924, which represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	149,384		$	483,779		$	(377,592	)		$	-		$	-			$	255,571		$	43
Invesco Liquid Assets Portfolio, Institutional Class			106,455			345,557			(269,711	)			17			(87	)			182,231			67
Invesco Treasury Portfolio, Institutional Class			170,725			552,891			(431,535	)			-			-				292,081			75
Total		$	426,564		$	1,382,227		$	(1,078,838	)		$	17		$	(87	)		$	729,883		$	185

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

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


8		Invesco MSCI World SRI Index Fund


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)

Equity Risk

MSCI World Index		7		June-2022		$	603,330		$	(28,146	)		$	(28,146	)

^(a)	Futures contracts collateralized by $50,403 cash held with Meril Lynch International, the futures commission merchant.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022


Information Technology	23.50	%
Financials	12.92
Health Care	12.86
Consumer Discretionary	12.67
Industrials	9.01
Consumer Staples	8.12
Materials	4.28
Communication Services	3.39
Real Estate	2.91
Utilities	2.13
Energy	1.28
Money Market Funds Plus Other Assets Less Liabilities	6.93

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


9		Invesco MSCI World SRI Index Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $8,148,969)	$	10,089,126


Investments in affiliated money market funds, at value (Cost $729,873)		729,883


Other investments:
Variation margin receivable – futures contracts		4,621


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		50,403


Foreign currencies, at value (Cost $3,282)		3,155


Receivable for:
Fund shares sold		6,249


Dividends		26,873


Investment for trustee deferred compensation and retirement plans		23,734


Other assets		29,726


Total assets		10,963,770



Liabilities:
Payable for:
Amount due custodian		2,100


Accrued fees to affiliates		64,958


Accrued trustees’ and officers’ fees and benefits		306


Accrued other operating expenses		31,558


Trustee deferred compensation and retirement plans		23,734


Total liabilities		122,656


Net assets applicable to shares outstanding	$	10,841,114



Net assets consist of:
Shares of beneficial interest	$	9,252,549


Distributable earnings		1,588,565


	$10,841,114


Net Assets:
Class A	$	1,139,042


Class C	$	170,321


Class R	$	493,707


Class Y	$	1,105,625


Class R5	$	14,366


Class R6	$	7,918,053



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		79,814


Class C		12,096


Class R		34,769


Class Y		77,042


Class R5		1,001


Class R6		551,682


Class A:
Net asset value per share	$	14.27


Maximum offering price per share (Net asset value of $14.27 ÷ 94.50%)	$	15.10


Class C:
Net asset value and offering price per share	$	14.08


Class R:
Net asset value and offering price per share	$	14.20


Class Y:
Net asset value and offering price per share	$	14.35


Class R5:
Net asset value and offering price per share	$	14.35


Class R6:
Net asset value and offering price per share	$	14.35

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


10		Invesco MSCI World SRI Index Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)



Investment income:
Dividends (net of foreign withholding taxes of $8,986)	$	89,999


Dividends from affiliated money market funds		185


Foreign withholding tax claims		3,178


Total investment income		93,362



Expenses:
Advisory fees		8,385


Administrative services fees		861


Distribution fees:
Class A		1,564


Class C		956


Class R		1,315


Transfer agent fees – A, C, R and Y		1,989


Transfer agent fees – R6		1,818


Trustees’ and officers’ fees and benefits		7,728


Registration and filing fees		38,443


Licensing fees		2,396


Professional services fees		26,930


Other		9,310


Total expenses		101,695


Less: Fees waived and/or expenses reimbursed		(86,483	)


Net expenses		15,212


Net investment income		78,150



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		86,212


Affiliated investment securities		(87	)


Foreign currencies		(2,910	)


Futures contracts		(49,900	)


		33,315


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,826,416	)


Affiliated investment securities		17


Foreign currencies		(2,992	)


Futures contracts		(30,770	)


		(1,860,161	)


Net realized and unrealized gain (loss)		(1,826,846	)


Net increase (decrease) in net assets resulting from operations	$	(1,748,696	)

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


11		Invesco MSCI World SRI Index Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income	$	78,150		$	159,049


Net realized gain		33,315			487,849


Change in net unrealized appreciation (depreciation)		(1,860,161	)		3,172,055


Net increase (decrease) in net assets resulting from operations		(1,748,696	)		3,818,953



Distributions to shareholders from distributable earnings:
Class A		(15,688	)		(15,068	)


Class C		(1,138	)		(2,385	)


Class R		(5,699	)		(5,252	)


Class Y		(12,972	)		(7,779	)


Class R5		(238	)		(374	)


Class R6		(132,393	)		(107,235	)


Total distributions from distributable earnings		(168,128	)		(138,093	)



Share transactions–net:
Class A		132			17,376


Class C		(7,324	)		(12,610	)


Class R		5,168			92,567


Class Y		479,102			88,810


Class R5		–			(13,946	)


Class R6		(526,856	)		700,358


Net increase (decrease) in net assets resulting from share transactions		(49,778	)		872,555


Net increase (decrease) in net assets		(1,966,602	)		4,553,415



Net assets:
Beginning of period		12,807,716			8,254,301


End of period	$	10,841,114		$	12,807,716

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


12		Invesco MSCI World SRI Index Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 04/30/22		$	16.76		$	0.09		$	(2.38	)		$	(2.29	)		$	(0.20	)		$	–			$	(0.20	)		$	14.27		(13.82	)%		$	1,139		0.44	%^(d)		1.96	%^(d)		1.12	%^(d)		1	%
Year ended 10/31/21			11.78			0.19			4.98				5.17				(0.19	)			–				(0.19	)			16.76		44.35				1,337		0.44			3.31			1.28			19
Year ended 10/31/20			11.86			0.17			(0.06	)			0.11				(0.19	)			–				(0.19	)			11.78		0.89				922		0.70			3.03			1.48			118
Year ended 10/31/19			11.76			0.17			0.21				0.38				(0.18	)			(0.10	)			(0.28	)			11.86		3.48				1,483		0.85			3.58			1.51			116
Year ended 10/31/18			12.91			0.17			(0.85	)			(0.68	)			(0.09	)			(0.38	)			(0.47	)			11.76		(5.55	)			1,387		0.84			3.94			1.33			89
Year ended 10/31/17			10.45			0.14			2.39				2.53				(0.06	)			(0.01	)			(0.07	)			12.91		24.36				531		0.84			9.90			1.16			69
Class C
Six months ended 04/30/22			16.49			0.03			(2.35	)			(2.32	)			(0.09	)			–				(0.09	)			14.08		(14.14	)			170		1.19	^(d)		2.71	^(d)		0.37	^(d)		1
Year ended 10/31/21			11.67			0.08			4.92				5.00				(0.18	)			–				(0.18	)			16.49		43.21				207		1.19			4.06			0.53			19
Year ended 10/31/20			11.75			0.08			(0.05	)			0.03				(0.11	)			–				(0.11	)			11.67		0.21				158		1.45			3.78			0.73			118
Year ended 10/31/19			11.63			0.09			0.20				0.29				(0.07	)			(0.10	)			(0.17	)			11.75		2.66				243		1.60			4.33			0.76			116
Year ended 10/31/18			12.83			0.07			(0.84	)			(0.77	)			(0.05	)			(0.38	)			(0.43	)			11.63		(6.27	)			166		1.59			4.69			0.58			89
Year ended 10/31/17			10.42			0.05			2.39				2.44				(0.02	)			(0.01	)			(0.03	)			12.83		23.49				124		1.59			10.65			0.41			69
Class R
Six months ended 04/30/22			16.66			0.07			(2.36	)			(2.29	)			(0.17	)			–				(0.17	)			14.20		(13.91	)			494		0.69	^(d)		2.21	^(d)		0.87	^(d)		1
Year ended 10/31/21			11.74			0.15			4.96				5.11				(0.19	)			–				(0.19	)			16.66		43.93				571		0.69			3.56			1.03			19
Year ended 10/31/20			11.81			0.15			(0.06	)			0.09				(0.16	)			–				(0.16	)			11.74		0.74				325		0.95			3.28			1.23			118
Year ended 10/31/19			11.71			0.15			0.20				0.35				(0.15	)			(0.10	)			(0.25	)			11.81		3.17				35		1.10			3.83			1.26			116
Year ended 10/31/18			12.88			0.14			(0.85	)			(0.71	)			(0.08	)			(0.38	)			(0.46	)			11.71		(5.82	)			32		1.09			4.19			1.08			89
Year ended 10/31/17			10.44			0.11			2.39				2.50				(0.05	)			(0.01	)			(0.06	)			12.88		24.04				13		1.09			10.15			0.91			69
Class Y
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			1,106		0.19	^(d)		1.71	^(d)		1.37	^(d)		1
Year ended 10/31/21			11.83			0.23			5.01				5.24				(0.20	)			–				(0.20	)			16.87		44.73				793		0.19			3.06			1.53			19
Year ended 10/31/20			11.91			0.20			(0.06	)			0.14				(0.22	)			–				(0.22	)			11.83		1.11				485		0.45			2.78			1.73			118
Year ended 10/31/19			11.80			0.20			0.22				0.42				(0.21	)			(0.10	)			(0.31	)			11.91		3.80				522		0.60			3.33			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			446		0.59			3.69			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				189		0.59			9.65			1.41			69
Class R5
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			14		0.19	^(d)		1.57	^(d)		1.37	^(d)		1
Year ended 10/31/21			11.83			0.22			5.02				5.24				(0.20	)			–				(0.20	)			16.87		44.73				17		0.19			2.86			1.53			19
Year ended 10/31/20			11.90			0.20			(0.05	)			0.15				(0.22	)			–				(0.22	)			11.83		1.20				22		0.45			2.56			1.73			118
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				21		0.60			2.95			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			19		0.59			3.47			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				21		0.59			9.28			1.41			69
Class R6
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			7,918		0.19	^(d)		1.61	^(d)		1.37	^(d)		1
Year ended 10/31/21			11.83			0.22			5.02				5.24				(0.20	)			–				(0.20	)			16.87		44.73				9,884		0.19			2.79			1.53			19
Year ended 10/31/20			11.90			0.20			(0.05	)			0.15				(0.22	)			–				(0.22	)			11.83		1.20				6,342		0.45			2.51			1.73			118
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				6,379		0.60			2.91			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			6,875		0.59			3.42			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				4,935		0.59			9.28			1.41			69

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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


13		Invesco MSCI World SRI Index Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The 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.

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.


15		Invesco MSCI World SRI Index Fund

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.14%.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19%, and 0.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $8,385, reimbursed fund level expenses of $74,288 and reimbursed class level expenses of $857, $131, $361, $640, $3 and $1,818 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


16		Invesco MSCI World SRI Index Fund

Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information


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	$	–		$	217,137	$	–	$	217,137

Austria		–			12,536		–		12,536

Belgium		–			18,316		–		18,316

Brazil		14,164			–		–		14,164

Canada		379,599			–		–		379,599

China		–			9,018		–		9,018

Denmark		–			223,714		–		223,714

Finland		–			42,835		–		42,835

France		7,317			275,647		–		282,964

Germany		–			296,149		–		296,149

Hong Kong		–			54,071		–		54,071

Ireland		–			33,335		–		33,335

Israel		–			10,814		–		10,814

Italy		–			43,386		–		43,386

Japan		–			597,182		–		597,182

Netherlands		–			236,029		–		236,029

New Zealand		–			21,525		–		21,525

Norway		–			34,494		–		34,494

Portugal		–			4,834		–		4,834

Singapore		–			70,571		–		70,571

Spain		–			50,270		–		50,270

Sweden		–			48,172		–		48,172

Switzerland		–			308,635		–		308,635

United Kingdom		134,035			351,908		–		485,943

United States		6,554,072			39,361		–		6,593,433

Money Market Funds		729,883			–		–		729,883


Total Investments in Securities		7,819,070			2,999,939		–		10,819,009



Other Investments - Liabilities*


Futures Contracts		(28,146	)		–		–		(28,146	)


Total Investments	$	7,790,924		$	2,999,939	$	–	$	10,790,863

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments


17		Invesco MSCI World SRI Index Fund

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:


	Value
Derivative Liabilities	Equity Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(28,146	)

Derivatives not subject to master netting agreements		28,146

Total Derivative Liabilities subject to master netting agreements	$	–

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

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

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


	Location of Gain (Loss) on Statement of Operations
	Equity
	Risk


Realized Gain (Loss):
Futures contracts		$(49,900)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(30,770)


Total		$(80,670)

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


		Futures Contracts


Average notional value		$535,275

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term	Long-Term		Total
Not subject to expiration	$244,766	$149,554	$	394,320

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


18		Invesco MSCI World SRI Index Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $80,858 and $626,899, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	2,413,856


Aggregate unrealized (depreciation) of investments		(506,633	)


Net unrealized appreciation of investments	$	1,907,223

Cost of investments for tax purposes is $8,883,640.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		3,469		$	55,094			6,097		$	89,025


Class C		321			5,265			502			7,444


Class R		2,455			36,812			6,209			87,642


Class Y		31,819			505,992			14,976			222,535


Class R5		-			-			93			1,382


Class R6		50,539			815,520			100,432			1,451,199



Issued as reinvestment of dividends:
Class A		914			15,047			1,093			14,452


Class C		64			1,047			169			2,208


Class R		338			5,534			384			5,065


Class Y		568			9,384			509			6,760


Class R5		-			-			13			176


Class R6		7,148			118,154			6,734			89,424



Automatic conversion of Class C shares to Class A shares:
Class A		-			-			1,661			22,161


Class C		-			-			(1,677	)		(22,161	)



Reacquired:
Class A		(4,354	)		(70,009	)		(7,334	)		(108,262	)


Class C		(818	)		(13,636	)		(7	)		(101	)


Class R		(2,273	)		(37,178	)		(10	)		(140	)


Class Y		(2,360	)		(36,274	)		(9,468	)		(140,485	)


Class R5		-			-			(990	)		(15,504	)


Class R6		(92,015	)		(1,460,530	)		(57,115	)		(840,265	)


Net increase (decrease) in share activity		(4,185	)	$	(49,778	)		62,271		$	872,555

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco MSCI World SRI Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$861.80	$2.03	$1,022.61	$2.21	0.44%
Class C	1,000.00	858.60	5.48	1,018.89	5.96	1.19
Class R	1,000.00	860.90	3.18	1,021.37	3.46	0.69
Class Y	1,000.00	862.90	0.88	1,023.85	0.95	0.19
Class R5	1,000.00	862.90	0.88	1,023.85	0.95	0.19
Class R6	1,000.00	862.90	0.88	1,023.85	0.95	0.19

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

(This page intentionally left blank)

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

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Semiannual Report to Shareholders		April 30, 2022

Invesco Oppenheimer International Growth Fund

Nasdaq:

A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX

2	Fund Performance

4	Liquidity Risk Management Program

5	Schedule of Investments

8	Financial Statements

11	Financial Highlights

12	Notes to Financial Statements

18	Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-24.70	%
Class C Shares	-24.99
Class R Shares	-24.81
Class Y Shares	-24.62
Class R5 Shares	-24.59
Class R6 Shares	-24.57
MSCI All Country World ex USA Index^q	-11.87
Source(s): ^qRIMES Technologies Corp.

The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Oppenheimer International Growth Fund



Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (3/25/96)	6.95	%
10 Years	4.81
5 Years	2.42
1 Year	-23.99

Class C Shares
Inception (3/25/96)	6.93	%
10 Years	4.78
5 Years	2.81
1 Year	-20.88

Class R Shares
Inception (3/1/01)	4.79	%
10 Years	5.14
5 Years	3.33
1 Year	-19.77

Class Y Shares
Inception (9/7/05)	6.02	%
10 Years	5.68
5 Years	3.84
1 Year	-19.38

Class R5 Shares
10 Years	5.52	%
5 Years	3.82
1 Year	-19.28

Class R6 Shares
Inception (3/29/12)	5.85	%
10 Years	5.86
5 Years	4.01
1 Year	-19.26

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

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

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

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

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, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.50%
Australia–1.63%
CSL Ltd.		795,932	$ 150,637,422

Canada–6.22%

Alimentation Couche-Tard, Inc.		5,318,428	236,765,576

CAE, Inc.^(a)		5,716,227	135,936,430

Dollarama, Inc.		3,032,424	168,587,337
Shopify, Inc., Class A^(a)		74,238	31,756,516
			573,045,859

Denmark–4.07%

Ascendis Pharma A/S, ADR^(a)		549,528	50,155,420
Novo Nordisk A/S, Class B		2,837,255	324,502,415
			374,657,835

France–14.55%

Adevinta ASA, Class B^(a)		5,494,041	42,905,778

Airbus SE^(b)		1,492,140	162,266,611

Dassault Systemes SE		2,901,114	129,055,449

Edenred		2,116,054	106,066,923

EssilorLuxottica S.A.		373,271	63,324,200

Hermes International		238,389	293,314,916

Kering S.A.		153,906	81,747,675

L’Oreal S.A.		300,029	109,150,750

LVMH Moet Hennessy Louis Vuitton SE		358,738	229,554,914
Sartorius Stedim Biotech		377,843	122,986,530
			1,340,373,746

Germany–4.88%

CTS Eventim AG & Co. KGaA^(a)		2,372,664	164,894,026

Hypoport SE^(a)		83,788	23,234,847

SAP SE		452,717	46,694,612

Siemens AG		613,358	76,292,528
Siemens Healthineers AG^(c)		2,560,914	138,412,091
			449,528,104

India–4.48%

Dr Lal PathLabs Ltd.^(c)		2,556,534	85,807,692
Reliance Industries Ltd.		9,035,969	326,733,756
			412,541,448

Ireland–1.54%
Flutter Entertainment PLC^(a)		1,413,519	142,012,492

Italy–1.76%
Davide Campari-Milano N.V.		14,440,980	162,520,226

Japan–7.64%

Benefit One, Inc.		3,531,100	52,973,146

Daikin Industries Ltd.		841,400	129,374,003

Hitachi Ltd.		1,415,700	65,924,024

Hoya Corp.		741,410	73,866,138

Keyence Corp.		331,584	133,779,670

Kobe Bussan Co. Ltd.		3,116,400	75,893,051

Nidec Corp.		1,484,840	97,270,458
Nihon M&A Center Holdings, Inc.		6,035,000	74,653,397
			703,733,887


	Shares		Value
Netherlands–6.10%

Aalberts N.V.		2,025,106	$ 97,628,682

Adyen N.V.^(a)(c)		74,131	123,980,995

ASML Holding N.V.		423,334	239,509,200

Boskalis Westminster		207,424	7,173,830

Shop Apotheke Europe N.V.^(a)(c)		379,312	31,599,372

Universal Music Group N.V.		2,673,260	61,846,970

			561,739,049

New Zealand–0.97%

Xero Ltd.^(a)		1,365,920	89,579,564

Spain–1.83%

Amadeus IT Group S.A.^(a)		2,712,304	169,120,947

Sweden–6.96%

Atlas Copco AB, Class A^(b)		3,280,385	148,554,910

Epiroc AB, Class A		11,655,316	237,034,342

SKF AB, Class B		2,076,277	33,694,969

Swedish Match AB^(b)		27,846,738	221,902,644

			641,186,865

Switzerland–5.00%

Barry Callebaut AG		20,821	47,980,591

IWG PLC^(a)		23,907,397	72,085,585

Lonza Group AG		110,788	65,043,199

Sika AG		576,036	175,160,185

VAT Group AG^(c)		267,573	83,036,493

Zur Rose Group AG^(a)		143,320	17,566,397

			460,872,450

Taiwan–1.88%

Taiwan Semiconductor Manufacturing Co. Ltd.		9,512,000	173,498,868

United Kingdom–18.74%

Alphawave IP Group PLC^(a)(b)		11,934,398	22,251,381

Britvic PLC		10,225,685	109,223,408

Ceres Power Holdings PLC^(a)		4,504,021	41,481,713

Compass Group PLC		10,209,890	215,056,955

ConvaTec Group PLC^(c)		24,163,544	63,831,578

Entain PLC^(a)		8,565,514	161,045,450

Legal & General Group PLC		23,744,370	73,839,449

London Stock Exchange Group PLC		2,208,517	219,144,116

Melrose Industries PLC		31,113,654	44,755,093

Next PLC		2,245,765	168,548,103

Ocado Group PLC^(a)		11,288,819	128,701,451

Rentokil Initial PLC		23,571,670	161,951,387

Rightmove PLC		16,421,148	126,234,948

RS GROUP PLC		6,988,818	91,151,663

Trainline PLC^(a)(c)(d)		28,618,878	99,730,129

			1,726,946,824

United States–9.25%

Atlassian Corp. PLC, Class A^(a)		422,743	95,045,309

EPAM Systems, Inc.^(a)		481,178	127,507,358

Ferguson PLC		1,153,286	145,444,925

James Hardie Industries PLC, CDI		6,906,258	198,564,003

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


5		Invesco Oppenheimer International Growth Fund


	Shares		Value


United States–(continued)
Medtronic PLC		833,291	$	86,962,249


ResMed, Inc.		995,217		199,013,544


				852,537,388


Total Common Stocks & Other Equity Interests (Cost $5,975,403,190)				8,984,532,974



Money Market Funds–2.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		64,886,059		64,886,059


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		47,165,659		47,156,226


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		74,155,496		74,155,496


Total Money Market Funds (Cost $186,195,823)				186,197,781


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.52% (Cost $6,161,599,013)				9,170,730,755


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.56%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		98,542,210	$	98,542,210


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		229,931,822		229,931,822


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $328,477,924)				328,474,032


TOTAL INVESTMENTS IN SECURITIES–103.08% (Cost $6,490,076,937)				9,499,204,787


OTHER ASSETS LESS LIABILITIES-(3.08)%				(284,098,377	)


NET ASSETS-100.00%			$	9,215,106,410

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $626,398,350, which represented 6.80% of the Fund’s Net Assets.

^(d)


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	October 31, 2021			at Cost			from Sales				(Depreciation)				(Loss)				April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	84,257,016		$	274,761,750		$	(294,132,707	)		$	-			$	-			$	64,886,059		$	19,395
Invesco Liquid Assets Portfolio, Institutional Class			62,153,130			196,258,392			(211,230,698	)			2,042				(26,640)				47,156,226			27,448
Invesco Treasury Portfolio, Institutional Class			96,293,733			314,013,428			(336,151,665	)			-				-				74,155,496			29,710
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			90,872,592			275,352,476			(267,682,858	)			-				-				98,542,210			30,918*
Invesco Private Prime Fund			212,036,049			623,774,766			(605,846,747	)			(3,894	)			(28,352)				229,931,822			76,879*
Investments in Other Affiliates:
Trainline PLC			97,285,290			25,045,073			(2,359,767	)			(17,773,757	)			(2,466,710	)			99,730,129			-
Total		$	642,897,810		$	1,709,205,885		$	(1,717,404,442	)		$	(17,775,609	)		$	(2,521,702	)		$	614,401,942		$	184,350

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

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

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


6		Invesco Oppenheimer International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Industrials	20.47	%

Consumer Discretionary	17.61

Information Technology	16.15

Health Care	14.77

Consumer Staples	12.38

Communication Services	4.30

Materials	4.06

Energy	3.55

Financials	3.43

Other Sectors, Each Less than 2% of Net Assets	0.78

Money Market Funds Plus Other Assets Less Liabilities	2.50

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


7		Invesco Oppenheimer International Growth Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $5,830,151,164)*	$	8,884,802,845


Investments in affiliates, at value (Cost $659,925,773)		614,401,942


Cash		20,000,000


Foreign currencies, at value (Cost $11,439,417)		11,285,696


Receivable for:
Investments sold		1,660


Fund shares sold		8,676,569


Dividends		48,402,176


Investment for trustee deferred compensation and retirement plans		640,451


Other assets		142,949


Total assets		9,588,354,288



Liabilities:

Payable for:
Investments purchased		1,599,070


Fund shares reacquired		17,483,617


Accrued foreign taxes		8,438,112


Collateral upon return of securities loaned		328,477,924


Accrued fees to affiliates		3,192,544


Accrued trustees’ and officers’ fees and benefits		68,383


Accrued other operating expenses		887,777


IRS closing agreement fees for foreign withholding tax claims		12,460,000


Trustee deferred compensation and retirement plans		640,451


Total liabilities		373,247,878


Net assets applicable to shares outstanding	$	9,215,106,410



Net assets consist of:

Shares of beneficial interest	$	5,898,983,388


Distributable earnings		3,316,123,022


	$	9,215,106,410


Net Assets:

Class A	$	1,224,508,528


Class C	$	90,823,176


Class R	$	230,328,433


Class Y	$	3,539,135,336


Class R5	$	36,849,573


Class R6	$	4,093,461,364



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

Class A		35,228,078


Class C		2,853,032


Class R		6,834,792


Class Y		102,549,140


Class R5		1,059,002


Class R6		118,653,619


Class A:
Net asset value per share	$	34.76


Maximum offering price per share (Net asset value of $34.76 ÷ 94.50%)	$	36.78


Class C:
Net asset value and offering price per share	$	31.83


Class R:
Net asset value and offering price per share	$	33.70


Class Y:
Net asset value and offering price per share	$	34.51


Class R5:
Net asset value and offering price per share	$	34.80


Class R6:
Net asset value and offering price per share	$	34.50

*	At April 30, 2022, securities with an aggregate value of $320,084,197 were on loan to brokers.

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


8		Invesco Oppenheimer International Growth Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Interest	$	20,609


Dividends (net of foreign withholding taxes of $8,435,233)		61,279,657


Dividends from affiliates (includes securities lending income of $390,626)		467,179


Foreign withholding tax claims		2,503,545


Total investment income		64,270,990



Expenses:

Advisory fees		36,505,008


Administrative services fees		781,743


Distribution fees:
Class A		1,795,313


Class C		611,187


Class R		682,793


Transfer agent fees – A, C, R and Y		4,790,643


Transfer agent fees – R5		20,441


Transfer agent fees – R6		842,175


Trustees’ and officers’ fees and benefits		61,394


Registration and filing fees		106,487


Professional services fees		62,227


Other		(2,452,340	)


Total expenses		43,807,071


Less: Expenses reimbursed		(37,065	)


Net expenses		43,770,006


Net investment income		20,500,984



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		319,807,728


Affiliated investment securities		(2,521,702	)


Foreign currencies		(546,034	)


Forward foreign currency contracts		1,414


		316,741,406


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $4,223,073)		(3,389,468,871	)


Affiliated investment securities		(17,775,609	)


Foreign currencies		(2,974,883	)


		(3,410,219,363	)


Net realized and unrealized gain (loss)		(3,093,477,957	)


Net increase (decrease) in net assets resulting from operations	$	(3,072,976,973	)

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


9		Invesco Oppenheimer International Growth Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2022			2021


Operations:

Net investment income	$	20,500,984		$	34,364,072


Net realized gain		316,741,406			1,750,287,634


Change in net unrealized appreciation (depreciation)		(3,410,219,363	)		1,754,143,798


Net increase (decrease) in net assets resulting from operations		(3,072,976,973	)		3,538,795,504



Distributions to shareholders from distributable earnings:

Class A		(195,067,176	)		(216,288,299	)


Class C		(18,357,534	)		(28,578,549	)


Class R		(36,871,946	)		(40,236,467	)


Class Y		(599,954,915	)		(629,263,155	)


Class R5		(5,380,848	)		(1,827	)


Class R6		(692,317,509	)		(802,185,808	)


Total distributions from distributable earnings		(1,547,949,928	)		(1,716,554,105	)



Share transactions-net:

Class A		144,982,853			(27,064,427	)


Class C		(7,072,551	)		(56,111,542	)


Class R		31,504,484			7,587,661


Class Y		325,274,886			196,572,161


Class R5		9,392,494			41,876,871


Class R6		311,147,308			(489,898,392	)


Net increase (decrease) in net assets resulting from share transactions		815,229,474			(327,037,668	)


Net increase (decrease) in net assets		(3,805,697,427	)		1,495,203,731



Net assets:

Beginning of period		13,020,803,837			11,525,600,106


End of period	$	9,215,106,410		$	13,020,803,837

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


10		Invesco Oppenheimer International Growth Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 04/30/22		$52.65		$0.03			$(11.74	)		$(11.71	)		$(0.04	)		$(6.14	)		$(6.18	)		$34.76		(24.70	)%		$1,224,509		1.03	%^(e)		1.03	%^(e)		0.12	%^(e)		7	%
Year ended 10/31/21		45.87		0.01			13.72			13.73			-			(6.95	)		(6.95	)		52.65		32.14			1,680,415		1.10			1.10			0.00			18
Year ended 10/31/20		41.74		(0.02	)		4.53			4.51			(0.38	)		-			(0.38	)		45.87		10.84			1,472,093		1.10			1.13			(0.06	)		22
Eleven months ended 10/31/19		37.08		0.33			4.71			5.04			(0.38	)		-			(0.38	)		41.74		13.75			1,746,483		1.10	^(e)		1.10	^(e)��		0.93	^(e)		10
Year ended 11/30/18		43.71		0.34			(6.71	)		(6.37	)		(0.26	)		-			(0.26	)		37.08		(14.66	)		2,146,246		1.11			1.11			0.79			18
Year ended 11/30/17		34.34		0.35			9.38			9.73			(0.36	)		-			(0.36	)		43.71		28.61			3,249,744		1.13			1.13			0.89			22
Year ended 11/30/16		37.14		0.38			(2.87	)		(2.49	)		(0.31	)		-			(0.31	)		34.34		(6.73	)		4,253,937		1.14			1.14			1.08			9
Class C
Six months ended 04/30/22		48.88		(0.12	)		(10.79	)		(10.91	)		-			(6.14	)		(6.14	)		31.83		(24.99	)		90,823		1.78	^(e)		1.78	^(e)		(0.63	)^(e)		7
Year ended 10/31/21		43.30		(0.35	)		12.88			12.53			-			(6.95	)		(6.95	)		48.88		31.15			150,110		1.85			1.85			(0.75	)		18
Year ended 10/31/20		39.42		(0.33	)		4.28			3.95			(0.07	)		-			(0.07	)		43.30		10.02			184,361		1.85			1.88			(0.81	)		22
Eleven months ended 10/31/19		34.97		0.06			4.46			4.52			(0.07	)		-			(0.07	)		39.42		12.95			241,807		1.85	^(e)		1.85	^(e)		0.18	^(e)		10
Year ended 11/30/18		41.29		0.02			(6.34	)		(6.32	)		-			-			-			34.97		(15.31	)		345,228		1.86			1.86			0.04			18
Year ended 11/30/17		32.44		0.03			8.91			8.94			(0.09	)		-			(0.09	)		41.29		27.64			468,753		1.88			1.88			0.09			22
Year ended 11/30/16		35.10		0.10			(2.70	)		(2.60	)		(0.06	)		-			(0.06	)		32.44		(7.42	)		453,990		1.89			1.89			0.30			9
Class R
Six months ended 04/30/22		51.26		(0.03	)		(11.39	)		(11.42	)		-			(6.14	)		(6.14	)		33.70		(24.81	)		230,328		1.28	^(e)		1.28	^(e)		(0.13	)^(e)		7
Year ended 10/31/21		44.92		(0.12	)		13.41			13.29			-			(6.95	)		(6.95	)		51.26		31.80			311,920		1.35			1.35			(0.25	)		18
Year ended 10/31/20		40.88		(0.13	)		4.44			4.31			(0.27	)		-			(0.27	)		44.92		10.58			263,106		1.35			1.38			(0.31	)		22
Eleven months ended 10/31/19		36.32		0.24			4.61			4.85			(0.29	)		-			(0.29	)		40.88		13.47			313,081		1.35	^(e)		1.35	^(e)		0.68	^(e)		10
Year ended 11/30/18		42.86		0.23			(6.58	)		(6.35	)		(0.19	)		-			(0.19	)		36.32		(14.88	)		377,926		1.36			1.36			0.54			18
Year ended 11/30/17		33.70		0.21			9.25			9.46			(0.30	)		-			(0.30	)		42.86		28.31			486,089		1.38			1.38			0.55			22
Year ended 11/30/16		36.44		0.27			(2.79	)		(2.52	)		(0.22	)		-			(0.22	)		33.70		(6.96	)		390,589		1.38			1.38			0.78			9
Class Y
Six months ended 04/30/22		52.41		0.08			(11.66	)		(11.58	)		(0.18	)		(6.14	)		(6.32	)		34.51		(24.62	)		3,539,135		0.78	^(e)		0.78	^(e)		0.37	^(e)		7
Year ended 10/31/21		45.63		0.13			13.65			13.78			(0.05	)		(6.95	)		(7.00	)		52.41		32.46			5,009,610		0.85			0.85			0.25			18
Year ended 10/31/20		41.51		0.08			4.52			4.60			(0.48	)		-			(0.48	)		45.63		11.13			4,132,110		0.85			0.88			0.19			22
Eleven months ended 10/31/19		36.92		0.42			4.67			5.09			(0.50	)		-			(0.50	)		41.51		14.01			5,993,234		0.85	^(e)		0.85	^(e)		1.18	^(e)		10
Year ended 11/30/18		43.55		0.44			(6.69	)		(6.25	)		(0.38	)		-			(0.38	)		36.92		(14.47	)		9,329,538		0.86			0.86			1.04			18
Year ended 11/30/17		34.23		0.41			9.37			9.78			(0.46	)		-			(0.46	)		43.55		28.96			12,543,811		0.88			0.88			1.04			22
Year ended 11/30/16		37.01		0.47			(2.85	)		(2.38	)		(0.40	)		-			(0.40	)		34.23		(6.49	)		9,929,295		0.89			0.89			1.33			9
Class R5
Six months ended 04/30/22		52.84		0.09			(11.74	)		(11.65	)		(0.25	)		(6.14	)		(6.39	)		34.80		(24.59	)		36,850		0.73	^(e)		0.73	^(e)		0.42	^(e)		7
Year ended 10/31/21		45.97		0.20			13.76			13.96			(0.14	)		(6.95	)		(7.09	)		52.84		32.66			44,233		0.72			0.72			0.38			18
Year ended 10/31/20		41.80		0.15			4.55			4.70			(0.53	)		-			(0.53	)		45.97		11.29			12		0.69			0.69			0.35			22
Period ended 10/31/19^(f)		38.79		0.23			2.78			3.01			-			-			-			41.80		7.76			11		0.74	^(e)		0.74	^(e)		1.29	^(e)		10
Class R6
Six months ended 04/30/22		52.44		0.10			(11.64	)		(11.54	)		(0.26	)		(6.14	)		(6.40	)		34.50		(24.57	)		4,093,461		0.66	^(e)		0.66	^(e)		0.49	^(e)		7
Year ended 10/31/21		45.67		0.20			13.66			13.86			(0.14	)		(6.95	)		(7.09	)		52.44		32.66			5,824,515		0.70			0.70			0.40			18
Year ended 10/31/20		41.55		0.15			4.52			4.67			(0.55	)		-			(0.55	)		45.67		11.29			5,473,919		0.69			0.69			0.35			22
Eleven months ended 10/31/19		36.98		0.48			4.67			5.15			(0.58	)		-			(0.58	)		41.55		14.18			7,389,864		0.69	^(e)		0.69	^(e)		1.34	^(e)		10
Year ended 11/30/18		43.62		0.51			(6.69	)		(6.18	)		(0.46	)		-			(0.46	)		36.98		(14.32	)		8,682,910		0.69			0.69			1.20			18
Year ended 11/30/17		34.31		0.45			9.40			9.85			(0.54	)		-			(0.54	)		43.62		29.14			10,542,873		0.69			0.69			1.15			22
Year ended 11/30/16		37.09		0.49			(2.81	)		(2.32	)		(0.46	)		-			(0.46	)		34.31		(6.31	)		6,435,502		0.70			0.70			1.38			9

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

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

^(e)	Annualized.

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

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


11		Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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.

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


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.

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		0.800%


Next $250 million		0.770%


Next $500 million		0.750%


Next $1 billion		0.690%


Next $3 billion		0.670%


Next $5 billion		0.650%


Next $10 billion		0.630%


Next $10 billion		0.610%


Over $30 billion		0.590%

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

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25% 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $36,618.


14		Invesco Oppenheimer International Growth Fund

annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2022, IDI advised the Fund that IDI retained $47,852 in front-end sales commissions from the sale of Class A shares and $630 and $5,682 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $369 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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	$	-	$	150,637,422	$-	$	150,637,422


Canada		573,045,859		-	-		573,045,859


Denmark		50,155,420		324,502,415	-		374,657,835


France		-		1,340,373,746	-		1,340,373,746


Germany		-		449,528,104	-		449,528,104


India		-		412,541,448	-		412,541,448


Ireland		-		142,012,492	-		142,012,492


Italy		-		162,520,226	-		162,520,226


Japan		-		703,733,887	-		703,733,887


Netherlands		-		561,739,049	-		561,739,049


New Zealand		-		89,579,564	-		89,579,564


Spain		-		169,120,947	-		169,120,947


Sweden		-		641,186,865	-		641,186,865


Switzerland		-		460,872,450	-		460,872,450


Taiwan		-		173,498,868	-		173,498,868


United Kingdom		-		1,726,946,824	-		1,726,946,824


United States		508,528,460		344,008,928	-		852,537,388


Money Market Funds		186,197,781		328,474,032	-		514,671,813


Total Investments	$	1,317,927,520	$	8,181,277,267	$-	$	9,499,204,787

NOTE 4–Derivative Investments

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


15		Invesco Oppenheimer International Growth Fund

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

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


		Location of Gain on Statement of Operations
		Currency Risk


Realized Gain:
Forward foreign currency contracts		$1,414

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


		Forward Foreign Currency Contracts


Average notional value		$3,948,367

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2022 was $723,966,894 and $1,394,626,720, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	3,696,093,576


Aggregate unrealized (depreciation) of investments		(701,633,931	)


Net unrealized appreciation of investments	$	2,994,459,645

Cost of investments for tax purposes is $6,504,745,142.


16		Invesco Oppenheimer International Growth Fund

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		3,069,198		$	127,397,224			4,040,967		$	200,882,672


Class C		89,893			3,441,950			233,044			10,755,270


Class R		548,969			21,881,934			744,656			36,050,894


Class Y		13,312,741			542,656,370			16,277,481			799,477,101


Class R5		128,268			5,221,025			862,492			43,219,714


Class R6		11,449,650			463,510,247			16,294,148			811,809,014



Issued as reinvestment of dividends:
Class A		3,967,563			174,691,830			4,214,597			193,702,887


Class C		417,051			16,865,527			614,969			26,419,071


Class R		861,731			36,821,772			896,402			40,194,683


Class Y		10,649,974			465,084,384			10,643,741			485,886,766


Class R5		122,171			5,379,201			-			-


Class R6		13,677,773			596,897,993			15,502,468			707,222,576



Automatic conversion of Class C shares to Class A shares:
Class A		346,270			14,071,460			1,149,883			56,043,620


Class C		(377,091	)		(14,071,460	)		(1,232,354	)		(56,043,620	)



Reacquired:
Class A		(4,070,436	)		(171,177,661	)		(9,582,936	)		(477,693,606	)


Class C		(347,541	)		(13,308,568	)		(802,280	)		(37,242,263	)


Class R		(661,319	)		(27,199,222	)		(1,413,447	)		(68,657,916	)


Class Y		(17,007,040	)		(682,465,868	)		(21,892,625	)		(1,088,791,706	)


Class R5		(28,591	)		(1,207,732	)		(25,596	)		(1,342,843	)


Class R6		(17,540,839	)		(749,260,932	)		(40,582,197	)		(2,008,929,982	)


Net increase (decrease) in share activity		18,608,395		$	815,229,474			(4,056,587	)	$	(327,037,668	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


17		Invesco Oppenheimer International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$753.00	$4.48	$1,019.69	$5.16	1.03%
Class C	1,000.00	750.10	7.72	1,015.97	8.90	1.78
Class R	1,000.00	751.90	5.56	1,018.45	6.41	1.28
Class Y	1,000.00	753.80	3.39	1,020.93	3.91	0.78
Class R5	1,000.00	754.10	3.17	1,021.17	3.66	0.73
Class R6	1,000.00	754.30	2.87	1,021.52	3.31	0.66

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

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of June 16, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 16, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

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

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Not applicable.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Registrant: AIM International Mutual Funds (Invesco International Mutual Funds)


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

Date:		July 6, 2022

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


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

Date:		July 6, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		July 6, 2022

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