ThZeal - The Zeal

N-CSRS 1 d500155dncsrs.htm N-CSRS N-CSRS

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: 4/30/23

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, 2023

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

12		Financial Statements

15		Financial Highlights

16		Notes to Financial Statements

25		Fund Expenses

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

Unless otherwise noted, all data 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, 10/31/22 to 4/30/23, 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	7.95	%
Class C Shares	7.55
Class R Shares	7.75
Class Y Shares	8.06
Class R5 Shares	7.99
Class R6 Shares	8.05
MSCI All Country World ex USA Index^▼	20.65

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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (8/27/15)	4.02	%
5 Years	1.98
1 Year	-7.02
Class C Shares
Inception (8/27/15)	4.01	%
5 Years	2.38
1 Year	-3.32
Class R Shares
Inception (8/27/15)	4.53	%
5 Years	2.88
1 Year	-1.92
Class Y Shares
Inception (8/27/15)	4.99	%
5 Years	3.37
1 Year	-1.44
Class R5 Shares
Inception	4.92	%
5 Years	3.34
1 Year	-1.44
Class R6 Shares
Inception (8/27/15)	5.05	%
5 Years	3.42
1 Year	-1.43

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 17, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns 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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests-75.76%
Australia-3.25%
AngloGold Ashanti Ltd.		219	$ 5,848
ANZ Group Holdings Ltd.		1,337	21,630
BHP Group Ltd.		3,638	107,639
Coles Group Ltd.		703	8,468
Commonwealth Bank of Australia		334	22,034
CSL Ltd.		180	35,826
Fortescue Metals Group Ltd.		483	6,677
Glencore PLC		9,927	58,575
National Australia Bank Ltd.		373	7,139
Newcrest Mining Ltd.		292	5,591
Rio Tinto Ltd.		5,033	376,002
Rio Tinto PLC		3,888	246,881
Telstra Group Ltd.		11,573	33,499
Transurban Group		1,098	10,899
Wesfarmers Ltd.		242	8,336
Westpac Banking Corp.		505	7,537
Woodside Energy Group Ltd.		1,055	23,929
Woolworths Group Ltd.		2,741	70,619
			1,057,129

Austria-0.15%
OMV AG		1,055	49,915

Belgium-0.74%
Anheuser-Busch InBev S.A./N.V.		2,770	180,351
KBC Group N.V.		489	34,917
UCB S.A.		258	24,035
			239,303

Brazil-2.43%
Ambev S.A.		2,500	7,097
B3 S.A. - Brasil, Bolsa, Balcao		22,200	51,986
Banco Bradesco S.A., Preference Shares		11,900	33,044
Banco BTG Pactual S.A., Series CPO		2,600	12,208
Banco do Brasil S.A.		8,500	73,040
Banco Santander Brasil S.A., Series CPO		6,800	36,633
BB Seguridade Participacoes S.A.		1,000	6,879
CCR S.A.		2,200	5,985
Centrais Eletricas Brasileiras S.A.		3,800	25,789
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		600	5,549
Cia Siderurgica Nacional S.A.		1,900	5,413
Gerdau S.A., Preference Shares		1,715	8,658
Itau Unibanco Holding S.A., Preference Shares		8,600	44,691
Itausa S.A., Preference Shares		8,610	14,984
Localiza Rent a Car S.A.		800	9,304
Petroleo Brasileiro S.A., Preference Shares		55,300	262,763
Rumo S.A.		2,400	9,479
Vale S.A.		10,300	149,509


	Shares		Value
Brazil-(continued)
WEG S.A.		3,100	$ 25,557
			788,568

Chile-0.27%
Banco de Chile		75,159	8,003
Banco Santander Chile		115,490	5,522
Cencosud S.A.		4,981	10,150
Cia Sud Americana de Vapores S.A.		103,420	10,568
Falabella S.A.		3,183	6,826
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		680	46,035
			87,104

China-8.98%
Agricultural Bank of China Ltd., H Shares		67,000	25,828
Air China Ltd., H Shares^(a)		12,000	10,613
Alibaba Group Holding Ltd.^(a)		22,000	230,764
Aluminum Corp. of China Ltd., H Shares		16,000	9,517
Anhui Conch Cement Co. Ltd., H Shares		3,000	9,477
ANTA Sports Products Ltd.		1,600	19,893
Autohome, Inc., ADR		1,239	36,736
Baidu, Inc., A Shares^(a)		1,750	26,332
Bank of China Ltd., H Shares		551,000	220,186
Bank of Communications Co. Ltd., H Shares		40,000	25,872
BOC Hong Kong Holdings Ltd.		8,500	26,822
BYD Co. Ltd., H Shares		1,500	45,280
BYD Electronic International Co. Ltd.		19,500	59,031
China CITIC Bank Corp. Ltd., H Shares		94,000	50,868
China Coal Energy Co. Ltd., H Shares		26,000	22,313
China Construction Bank Corp., H Shares		222,000	148,939
China Feihe Ltd.^(b)		12,000	8,092
China Hongqiao Group Ltd.		25,000	24,616
China Life Insurance Co. Ltd., H Shares		43,000	82,504
China Longyuan Power Group Corp. Ltd., H Shares		5,000	5,241
China Merchants Bank Co. Ltd., H Shares		6,000	28,863
China Minsheng Banking Corp. Ltd., H Shares		22,000	8,095
China Oilfield Services Ltd., H Shares		8,000	9,401
China Overseas Land & Investment Ltd.		8,000	20,282
China Pacific Insurance (Group) Co. Ltd., H Shares		2,200	6,582
China Petroleum & Chemical Corp., H Shares		342,000	224,445
China Resources Gas Group Ltd.		1,900	6,010
China Resources Land Ltd.		4,000	18,651
China Shenhua Energy Co. Ltd., H Shares		8,500	28,225
China Taiping Insurance Holdings Co. Ltd.		8,600	9,889
China Tower Corp. Ltd., H Shares^(b)		456,000	58,263
China Vanke Co. Ltd., H Shares		5,100	7,966
CITIC Ltd.		10,000	12,561
COSCO SHIPPING Holdings Co. Ltd., H Shares		6,850	7,933
Country Garden Holdings Co. Ltd.		42,000	10,811
CSPC Pharmaceutical Group Ltd.		76,640	78,113
ENN Energy Holdings Ltd.		800	10,955
Geely Automobile Holdings Ltd.		6,000	7,398
Great Wall Motor Co. Ltd., H Shares		6,000	7,244

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		4,400	$ 14,270
Hengan International Group Co. Ltd.		2,000	8,919
Industrial & Commercial Bank of China Ltd., H Shares		159,000	85,694
JD Health International, Inc.^(a)(b)		750	5,400
JD.com, Inc., A Shares		3,966	70,450
Kingsoft Corp. Ltd.		1,800	7,915
Kunlun Energy Co. Ltd.		12,000	11,134
Lenovo Group Ltd.		16,000	16,414
Li Auto, Inc., ADR^(a)		850	19,975
Li Ning Co. Ltd.		2,500	17,892
Longfor Group Holdings Ltd.^(b)		2,000	5,470
Lufax Holding Ltd., ADR		4,909	8,345
Meituan, B Shares^(a)(b)		440	7,509
NetEase, Inc.		4,100	73,017
New China Life Insurance Co. Ltd., H Shares		2,500	7,180
Nongfu Spring Co. Ltd., H Shares^(b)		2,400	12,981
NXP Semiconductors N.V.		129	21,122
PDD Holdings, Inc., ADR^(a)		2,041	139,094
People’s Insurance Co. Group of China Ltd. (The), H Shares		87,000	34,220
PetroChina Co. Ltd., H Shares		86,000	59,713
PICC Property & Casualty Co. Ltd., H Shares		76,000	91,779
Ping An Insurance (Group) Co. of China Ltd., H Shares		8,500	61,943
Postal Savings Bank of China Co. Ltd., H Shares^(b)		12,000	7,827
Prosus N.V.		2,308	172,843
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		32,400	55,248
Shenzhou International Group Holdings Ltd.		700	6,717
Sino Biopharmaceutical Ltd.		29,000	16,099
Sunny Optical Technology Group Co. Ltd.		700	7,412
Tencent Holdings Ltd.		3,000	132,712
Vipshop Holdings Ltd., ADR^(a)		389	6,107
Yankuang Energy Group Co. Ltd., H Shares		18,000	61,512
Zijin Mining Group Co. Ltd., H Shares		4,000	6,719
ZTO Express (Cayman), Inc., ADR		462	12,788
			2,917,031

Colombia-0.03%
Bancolombia S.A., Preference Shares		1,531	9,483

Denmark-2.08%
AP Moller - Maersk A/S, Class B		146	263,340
Carlsberg A/S, Class B		44	7,268
Coloplast A/S, Class B		49	7,062
Danske Bank A/S^(a)		1,517	32,063
Genmab A/S^(a)		52	21,361
Novo Nordisk A/S, Class B		2,068	344,980
			676,074

Finland-0.43%
Fortum OYJ		747	11,159
Neste OYJ		264	12,758
Nokia OYJ		11,676	49,368
Nordea Bank Abp		2,932	32,663
Sampo OYJ, Class A		412	20,895
UPM-Kymmene OYJ		351	11,192
			138,035


	Shares		Value
France-5.40%
AXA S.A.		1,749	$ 57,099
BNP Paribas S.A.		3,426	221,807
Bouygues S.A.		1,028	37,680
Bureau Veritas S.A.		176	5,073
Carrefour S.A.		2,314	48,148
Cie de Saint-Gobain		1,271	73,562
Cie Generale des Etablissements Michelin S.C.A.		1,569	50,014
Credit Agricole S.A.		4,655	56,949
Danone S.A.		1,495	98,926
ENGIE S.A.		6,950	111,288
EssilorLuxottica S.A.		231	45,663
Hermes International		25	54,249
Kering S.A.		52	33,282
Legrand S.A.		66	6,244
L’Oreal S.A.		149	71,113
LVMH Moet Hennessy Louis Vuitton SE		170	163,359
Orange S.A.		4,397	57,229
Safran S.A.		231	35,943
Societe Generale S.A.		5,079	123,599
Thales S.A.		283	43,175
TotalEnergies SE		1,893	120,676
Vinci S.A.		1,445	178,931
Vivendi SE		5,427	59,664
			1,753,673

Germany-5.25%
adidas AG		334	58,729
Allianz SE		154	38,633
BASF SE		2,576	133,007
Bayer AG		309	20,350
Bayerische Motoren Werke AG		1,361	152,122
Beiersdorf AG		73	10,188
Continental AG		219	15,315
Daimler Truck Holding AG^(a)		1,183	39,082
Deutsche Bank AG		4,938	54,172
Deutsche Boerse AG		88	16,766
Deutsche Post AG		2,236	107,316
Deutsche Telekom AG		3,363	81,086
E.ON SE		5,272	69,775
Evonik Industries AG		1,415	30,821
Fresenius Medical Care AG & Co. KGaA		1,055	51,216
Fresenius SE & Co. KGaA		2,591	74,883
Hannover Rueck SE		22	4,693
Henkel AG & Co. KGaA, Preference Shares		772	62,317
Infineon Technologies AG		286	10,384
Mercedes-Benz Group AG		2,770	215,749
Merck KGaA		309	55,377
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		103	38,675
RWE AG		176	8,256
Sartorius AG, Preference Shares		22	8,520
Siemens AG		205	33,632
Siemens Energy AG^(a)		1,028	25,154
Volkswagen AG, Preference Shares		2,114	288,498
			1,704,716

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


6		Invesco Advantage International Fund


	Shares		Value
Greece-0.02%
Hellenic Telecommunications Organization S.A.		437	$ 6,387

Hong Kong-1.85%
CK Asset Holdings Ltd.		8,000	47,303
CK Hutchison Holdings Ltd.		34,500	232,021
CK Infrastructure Holdings Ltd.		6,000	34,208
CLP Holdings Ltd.		1,000	7,453
Henderson Land Development Co. Ltd.		4,000	14,256
Hong Kong & China Gas Co. Ltd. (The)		8,292	7,365
Jardine Matheson Holdings Ltd.		2,100	101,651
Power Assets Holdings Ltd.		3,000	17,148
Prudential PLC		5,058	77,488
Sun Hung Kai Properties Ltd.		4,500	62,686
			601,579

Hungary-0.17%
OTP Bank Nyrt		1,847	56,238

Indonesia-0.76%
PT Adaro Energy Indonesia Tbk		69,100	14,783
PT Astra International Tbk		75,500	34,820
PT Bank Central Asia Tbk		80,800	49,942
PT Bank Mandiri (Persero) Tbk		85,600	30,245
PT Bank Negara Indonesia (Persero) Tbk		17,900	11,536
PT Bank Rakyat Indonesia (Persero) Tbk		44,200	15,392
PT Kalbe Farma Tbk		45,600	6,600
PT Telkom Indonesia (Persero) Tbk		248,400	71,790
PT Unilever Indonesia Tbk		18,300	5,493
PT United Tractors Tbk		3,600	7,109
			247,710

Ireland-0.22%
CRH PLC		1,296	62,675
Flutter Entertainment PLC^(a)		44	8,816
			71,491

Italy-1.04%
Assicurazioni Generali S.p.A.		3,114	64,816
Enel S.p.A.		2,767	18,906
Eni S.p.A.		6,229	94,393
Ferrari N.V.		103	28,698
Poste Italiane S.p.A.^(b)		2,289	23,837
UniCredit S.p.A.		5,382	106,509
			337,159

Japan-12.73%
Asahi Group Holdings Ltd.		1,000	38,638
Astellas Pharma, Inc.		4,200	63,343
Bridgestone Corp.		1,900	76,224
Canon, Inc.		2,700	64,483
Chugai Pharmaceutical Co. Ltd.		1,400	36,137
Dai-ichi Life Holdings, Inc.		1,500	27,846
Daiichi Sankyo Co. Ltd.		2,200	75,448
Daikin Industries Ltd.		100	18,193
Daiwa House Industry Co. Ltd.		800	20,417
Denso Corp.		200	12,069
East Japan Railway Co.		100	5,736
Eisai Co. Ltd.		300	17,345
FANUC Corp.		400	13,551


	Shares		Value
Japan-(continued)
Fast Retailing Co. Ltd.		100	$ 23,674
FUJIFILM Holdings Corp.		1,500	78,242
Fujitsu Ltd.		100	13,326
Hitachi Ltd.		1,800	99,877
Honda Motor Co. Ltd.		7,700	204,474
Hoya Corp.		200	21,068
ITOCHU Corp.		3,300	109,658
Japan Post Holdings Co. Ltd.		17,600	145,261
Japan Tobacco, Inc.		2,400	51,639
Kao Corp.		300	12,141
KDDI Corp.		2,200	68,701
Kirin Holdings Co. Ltd.		700	11,381
Komatsu Ltd.		1,800	44,532
Kyocera Corp.		800	42,006
Mitsubishi Corp.		6,000	222,614
Mitsubishi Electric Corp.		4,000	49,593
Mitsubishi Estate Co. Ltd.		1,100	13,593
Mitsubishi UFJ Financial Group, Inc.		31,100	196,182
Mitsui & Co. Ltd.		4,800	150,284
Mitsui Fudosan Co. Ltd.		500	9,933
Mizuho Financial Group, Inc.		9,970	144,886
Murata Manufacturing Co. Ltd.		200	11,643
Nintendo Co. Ltd.		1,100	46,393
Nippon Telegraph & Telephone Corp.		5,000	152,487
Nissan Motor Co. Ltd.		13,600	49,738
Nomura Holdings, Inc.		6,600	23,709
Olympus Corp.		1,500	26,240
Oriental Land Co. Ltd.		300	10,608
ORIX Corp.		4,600	78,333
Otsuka Holdings Co. Ltd.		1,100	37,665
Panasonic Holdings Corp.		8,200	77,218
Recruit Holdings Co. Ltd.		2,000	56,382
Renesas Electronics Corp.^(a)		2,200	28,744
Secom Co. Ltd.		400	25,553
Sekisui House Ltd.		1,000	20,561
Seven & i Holdings Co. Ltd.		1,400	63,406
Shimano, Inc.		100	15,526
Shin-Etsu Chemical Co. Ltd.		400	11,449
Shionogi & Co. Ltd.		400	17,919
SoftBank Corp.		3,400	38,295
SoftBank Group Corp.		2,000	75,534
Sompo Holdings, Inc.		700	29,211
Sony Group Corp.		1,800	171,001
Subaru Corp.		300	4,878
Sumitomo Corp.		5,500	98,640
Sumitomo Mitsui Financial Group, Inc.		3,400	139,581
Takeda Pharmaceutical Co. Ltd.		8,538	283,868
Terumo Corp.		200	5,985
Tokio Marine Holdings, Inc.		1,000	20,119
Tokyo Electron Ltd.		100	11,420
Toshiba Corp.		1,000	32,349
Toyota Industries Corp.		400	23,248
Toyota Motor Corp.		18,600	255,401
Unicharm Corp.		200	8,065
			4,133,664

Luxembourg-0.53%
ArcelorMittal S.A.		6,026	171,000

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


7		Invesco Advantage International Fund


	Shares		Value
Malaysia-0.31%
Axiata Group Bhd.		10,700	$ 7,179
CIMB Group Holdings Bhd.		6,800	7,723
IHH Healthcare Bhd.		11,900	15,323
Malayan Banking Bhd.		8,500	16,523
Petronas Chemicals Group Bhd.		5,600	8,912
Public Bank Bhd.		25,400	22,187
RHB Bank Bhd.		6,700	8,236
Tenaga Nasional Bhd.		7,700	15,373
			101,456

Mexico-0.51%
Cemex S.A.B. de C.V., Series CPO^(a)		15,100	9,070
Fomento Economico Mexicano S.A.B. de C.V., Series CPO		2,100	20,431
Grupo Bimbo S.A.B. de C.V., Series A		4,600	24,638
Grupo Financiero Banorte S.A.B. de C.V., Class O		3,200	27,672
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		3,300	8,032
Grupo Mexico S.A.B. de C.V., Class B		1,900	9,343
Grupo Televisa S.A.B., Series CPO		5,600	5,681
Wal-Mart de Mexico S.A.B. de C.V., Series V		15,473	62,384
			167,251

Netherlands-3.76%
ASML Holding N.V.		194	123,523
Heineken Holding N.V.		283	27,140
Heineken N.V.		66	7,576
ING Groep N.V.		9,069	112,619
Koninklijke Ahold Delhaize N.V.		3,363	115,814
Koninklijke DSM N.V.		364	47,689
Koninklijke KPN N.V.		6,687	24,378
Koninklijke Philips N.V.		7,290	154,087
Shell PLC		18,298	562,934
Universal Music Group N.V.		264	5,775
Wolters Kluwer N.V.		309	40,949
			1,222,484

Peru-0.02%
Credicorp Ltd.		49	6,638

Philippines-0.09%
SM Prime Holdings, Inc.		47,700	29,257

Poland-0.04%
Bank Polska Kasa Opieki S.A.		617	14,291

Russia-0.00%
Sberbank of Russia PJSC^(a)(c)		9,800	0
Tatneft PJSC^(c)		1,980	0
VTB Bank PJSC^(a)(c)		9,716,000	0
			0

Singapore-0.24%
DBS Group Holdings Ltd.		700	17,361
Oversea-Chinese Banking Corp. Ltd.		1,700	16,093
Singapore Telecommunications Ltd.		19,500	37,391
STMicroelectronics N.V.		132	5,645
			76,490


	Shares		Value
South Africa-1.70%
Absa Group Ltd.		2,357	$ 22,921
Anglo American PLC		3,815	117,164
Bid Corp. Ltd.		656	14,943
Capitec Bank Holdings Ltd.		97	8,454
Discovery Ltd.^(a)		1,555	12,214
FirstRand Ltd.		14,920	52,586
Gold Fields Ltd.		802	12,424
Impala Platinum Holdings Ltd.		826	8,004
MTN Group Ltd.		1,142	8,020
Naspers Ltd., Class N		850	151,820
Nedbank Group Ltd.		1,385	16,016
Remgro Ltd.		1,993	15,267
Sanlam Ltd.		3,280	10,132
Sasol Ltd.		1,288	16,759
Shoprite Holdings Ltd.		1,929	23,546
Sibanye Stillwater Ltd.		7,120	15,783
Standard Bank Group Ltd.		4,811	45,116
			551,169

South Korea-2.44%
Celltrion, Inc.		97	11,695
Hyundai Mobis Co. Ltd.		97	15,833
Hyundai Motor Co.		97	14,378
KB Financial Group, Inc.		680	25,232
Kia Corp.		753	47,777
LG Chem Ltd.		22	12,268
LG Energy Solution Ltd.^(a)		49	21,415
NAVER Corp.		170	24,675
POSCO Holdings, Inc.		49	13,876
Samsung Biologics Co. Ltd.^(a)(b)		24	14,048
Samsung Electronics Co. Ltd.		4,957	244,223
Samsung SDI Co. Ltd.		194	100,901
Shinhan Financial Group Co. Ltd.		1,215	31,846
SK hynix, Inc.		3,159	212,772
			790,939

Spain-2.38%
Banco Bilbao Vizcaya Argentaria S.A.		17,041	125,361
Banco Santander S.A.		56,983	200,867
CaixaBank S.A.		14,027	51,946
Ferrovial S.A.		170	5,336
Grifols S.A.^(a)		879	9,047
Iberdrola S.A.		7,350	95,356
Industria de Diseno Textil S.A.		926	31,851
Repsol S.A.		5,132	75,383
Telefonica S.A.		38,783	176,546
			771,693

Sweden-1.38%
Atlas Copco AB, Class A		857	12,408
H & M Hennes & Mauritz AB, Class B		1,749	25,618
Investor AB, Class B		6,561	141,052
Skandinaviska Enskilda Banken AB, Class A		1,517	17,286
Svenska Handelsbanken AB, Class A		1,164	10,296
Swedbank AB, Class A		2,469	42,998
Telefonaktiebolaget LM Ericsson, Class B		10,133	55,961
Telia Co. AB		7,510	20,925
Volvo AB, Class B		5,905	122,149
			448,693

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


8		Invesco Advantage International Fund


	Shares		Value
Switzerland-4.09%
ABB Ltd.		4,447	$ 160,511
Chocoladefabriken Lindt & Spruengli AG, PC		2	24,703
Geberit AG		22	12,529
Novartis AG		7,314	748,593
Partners Group Holding AG		8	7,768
Schindler Holding AG, PC		22	4,898
Swatch Group AG (The), BR		121	41,320
Swisscom AG		75	51,415
UBS Group AG^(a)		10,765	218,795
Zurich Insurance Group AG		121	58,525
			1,329,057

Taiwan-2.93%
ASE Technology Holding Co. Ltd., ADR		2,284	15,668
Asustek Computer, Inc.		2,000	18,504
Catcher Technology Co. Ltd.		6,000	35,423
Cathay Financial Holding Co. Ltd.		9,000	12,468
Chailease Holding Co. Ltd.		2,155	15,729
Cheng Shin Rubber Industry Co. Ltd.		7,000	8,635
China Development Financial Holding Corp.		16,000	6,839
China Steel Corp.		23,000	21,803
Chunghwa Telecom Co. Ltd., ADR		243	10,016
CTBC Financial Holding Co. Ltd.		13,000	9,588
Delta Electronics, Inc.		4,000	39,303
E Ink Holdings, Inc.		8,000	49,807
Evergreen Marine Corp. Taiwan Ltd.		1,800	9,506
Far Eastern New Century Corp.		10,000	10,412
Far EasTone Telecommunications Co. Ltd.		9,000	23,148
First Financial Holding Co. Ltd.		19,120	16,900
Formosa Chemicals & Fibre Corp.		6,000	13,462
Formosa Plastics Corp.		4,000	12,227
Hon Hai Precision Industry Co. Ltd.		56,000	190,685
Hua Nan Financial Holdings Co. Ltd.		8,000	5,722
Mega Financial Holding Co. Ltd.		8,000	8,910
Nan Ya Plastics Corp.		9,000	22,919
Nanya Technology Corp.		3,000	6,643
Novatek Microelectronics Corp.		2,000	27,397
Pegatron Corp.		4,000	9,133
President Chain Store Corp.		1,000	8,866
Quanta Computer, Inc.		2,000	5,599
Realtek Semiconductor Corp.		1,000	11,759
Shanghai Commercial & Savings Bank Ltd. (The)		4,000	6,066
Taiwan Cooperative Financial Holding Co. Ltd.		18,150	15,837
Taiwan Mobile Co. Ltd.		5,000	16,879
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,333	196,672
Unimicron Technology Corp.		2,000	9,520
Uni-President Enterprises Corp.		9,000	21,601
United Microelectronics Corp., ADR		2,843	22,829
Wan Hai Lines Ltd.		3,645	7,720
Yang Ming Marine Transport Corp.		8,000	16,493
Yuanta Financial Holding Co. Ltd.		14,798	10,920
			951,608

Turkey-0.05%
Eregli Demir ve Celik Fabrikalari TAS		7,460	12,697
Ford Otomotiv Sanayi A.S.		166	4,582
			17,279


	Shares		Value
United Kingdom-6.96%
Ashtead Group PLC		110	$ 6,335
AstraZeneca PLC		498	73,280
Aviva PLC		3,678	19,569
BAE Systems PLC		10,449	133,221
Barclays PLC		66,411	133,970
BP PLC		47,239	317,699
British American Tobacco PLC		7,703	284,573
BT Group PLC		20,626	41,161
Coca-Cola Europacific Partners PLC		721	46,483
Compass Group PLC		778	20,508
Diageo PLC		2,043	93,329
HSBC Holdings PLC		5,864	42,205
Imperial Brands PLC		2,691	66,557
Lloyds Banking Group PLC		193,718	117,644
London Stock Exchange Group PLC		110	11,532
National Grid PLC		8,262	118,512
NatWest Group PLC		16,408	54,338
Reckitt Benckiser Group PLC		566	45,775
RELX PLC		1,235	41,081
Smith & Nephew PLC		1,491	24,662
SSE PLC		2,083	48,059
Standard Chartered PLC		7,001	55,368
Tesco PLC		59,608	210,817
Unilever PLC		1,993	111,006
Vodafone Group PLC		117,830	141,649
			2,259,333

United States-2.53%
Atlassian Corp., Class A^(a)		121	17,867
Ferguson PLC		73	10,287
GSK PLC		8,238	149,235
Holcim AG		360	23,716
JBS S.A.		2,600	9,331
Roche Holding AG		364	114,091
Sanofi		2,770	305,310
Stellantis N.V.		11,178	184,865
Swiss Re AG		66	6,633
			821,335

Vietnam-0.00%
Vietnam Dairy Products JSC		2	6
Total Common Stocks & Other Equity Interests (Cost $21,873,282)			24,605,238

	Principal Amount
U.S. Treasury Securities-6.82%

U.S. Treasury Bills-6.82%
4.60%, 05/11/2023^(d)	$	1,108,604	1,108,604
4.58%, 06/08/2023^(d)		1,104,752	1,104,752
Total U.S. Treasury Securities (Cost $2,213,356)			2,213,356

	Shares
Preferred Stocks-0.16%
Multinational-0.16%
Harambee Re Ltd., Pfd.^(c)		15	1,518
Mt. Logan Re Ltd., Pfd.^(c)		50	45,623
Thopas Re Ltd., Pfd.^(c)		5	73
Turing Re Ltd., Series 2019-1, Pfd.^(b)(c)		886	2,534

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


9		Invesco Advantage International Fund


	Shares		Value
Multinational-(continued)
Viribus Re Ltd., Pfd.^(c)		33,312	$ 2,474
Total Preferred Stocks (Cost $173,821)			52,222

	Principal Amount
Event-Linked Bonds-0.14%
Multinational-0.14%
Limestone Re Ltd., Class A, Catastrophe Linked Notes, 0.00%, 12/31/2024^(b)(c)(e)	$	1,175	1,538
Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024^(b)(c)(e)		81,903	43,944
Total Event-Linked Bonds (Cost $83,078)			45,482


	Shares		Value
Money Market Funds-12.91%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(f)(g)		1,467,866	$1,467,866
Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(f)(g)		1,048,433	1,048,748
Invesco Treasury Portfolio, Institutional Class, 4.77%^(f)(g)		1,677,562	1,677,562
Total Money Market Funds (Cost $4,194,043)			4,194,176
TOTAL INVESTMENTS IN SECURITIES–95.79% (Cost $28,537,580)			31,110,474
OTHER ASSETS LESS LIABILITIES-4.21%			1,367,114
NET ASSETS-100.00%			$32,477,588

Investment Abbreviations:

ADR	- American Depositary Receipt

BR	- Bearer Shares

CPO	- Certificates of Ordinary Participation

PC	- Participation Certificate

Pfd.	- Preferred

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, 2023 was $191,443, which represented less than 1% of the Fund’s Net Assets.

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

^(d)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2023.


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,503,463	$	5,501,382	$	(5,536,979)	$	-	$	-	$	1,467,866	$	36,897
Invesco Liquid Assets Portfolio, Institutional Class		1,074,009		3,929,558		(3,954,984)		27		138		1,048,748		24,955
Invesco Treasury Portfolio, Institutional Class		1,718,243		6,287,294		(6,327,975)		-		-		1,677,562		38,564
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,242		70,162		(88,404)		-		-		-		96*
Invesco Private Prime Fund		46,646		166,492		(213,130)		(4)		(4)		-		258*
Total	$	4,360,603	$	15,954,888	$	(16,121,472)	$	23	$	134	$	4,194,176	$	100,770

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, 2023.


Open Exchange-Traded Index Options Written


Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value*		Value


Equity Risk


MSCI EAFE Index		Call		05/19/2023		49	USD	2,170.00	USD	10,633,000	$	(78,645	)


Equity Risk


MSCI Emerging Markets Index		Put		05/19/2023		22	USD	950.00	USD	2,090,000		(7,810	)


Total Index Options Written											$	(86,455	)

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

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


10		Invesco Advantage International Fund


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Currency Risk
Canadian Dollar		32		June-2023		$2,366,240		$ 39,389		$ 39,389
Equity Risk
S&P/TSX 60 Index		13		June-2023		2,395,911		110,594		110,594
Subtotal–Long Futures Contracts								149,983		149,983
Short Futures Contracts
Equity Risk
MSCI Emerging Markets Index		44		June-2023		(2,165,240)		12,947		12,947
Total Futures Contracts								$162,930		$162,930

^(a)	Futures contracts collateralized by $249,301 cash held with Merrill Lynch International, the futures commission merchant.

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

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate
Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

Bank of America, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.590%

Monthly

573

July–2023

USD

1,069,000

$–

14,749

Bank of America, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.590%

Monthly

298

July–2023

USD

561,486

–

2,140

Citibank, N.A.

Receive

MSCI EAFE Minimum Volatility Index

SOFR -
0.340%

Monthly

842

May–2023

USD

1,731,236

–

23,997

Citibank, N.A.

Receive

MSCI EAFE Minimum Volatility Index

SOFR -
0.340%

Monthly

438

May–2023

USD

900,572

–

12,483

Citibank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.620%

Monthly

307

August–2023

USD

578,443

–

2,204

Total – Total Return Swap Agreements

$–

55,573

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

Abbreviations:

SOFR –Secured Overnight Financing Rate

USD –U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Financials	16.10	%

Consumer Discretionary	10.22

Health Care	9.39

Industrials	9.09

U.S. Treasury Securities	6.82

Consumer Staples	6.22

Energy	6.00

Materials	5.74

Information Technology	5.58

Communication Services	4.99

Other Sectors, Each Less than 2% of Net Assets	2.73

Money Market Funds Plus Other Assets Less Liabilities	17.12

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


11		Invesco Advantage International Fund

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $24,343,537)	$	26,916,298


Investments in affiliated money market funds, at value (Cost $4,194,043)		4,194,176


Other investments:
Variation margin receivable – futures contracts		813,852


Unrealized appreciation on swap agreements – OTC		55,573


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		249,301


Cash		75,000


Foreign currencies, at value (Cost $107,137)		107,192


Receivable for:
Fund shares sold		51,543


Dividends		256,455


Interest		346


Investment for trustee deferred compensation and retirement plans		17,349


Other assets		32,967


Total assets		32,770,052



Liabilities:
Other investments:
Options written, at value (premiums received $95,837)		86,455


Swaps payable – OTC		10,848


Payable for:
Fund shares reacquired		139,623


Accrued fees to affiliates		12,040


Accrued other operating expenses		26,149


Trustee deferred compensation and retirement plans		17,349


Total liabilities		292,464


Net assets applicable to shares outstanding	$	32,477,588



Net assets consist of:
Shares of beneficial interest	$	31,773,217


Distributable earnings		704,371


	$	32,477,588


Net Assets:

Class A	$	14,477,318


Class C	$	3,296,077


Class R	$	4,255,156


Class Y	$	2,701,171


Class R5	$	10,663


Class R6	$	7,737,203



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

Class A		1,333,683


Class C		317,031


Class R		397,285


Class Y		245,781


Class R5		974


Class R6		702,747


Class A:
Net asset value per share	$	10.86


Maximum offering price per share (Net asset value of $10.86 ÷ 94.50%)	$	11.49


Class C:
Net asset value and offering price per share	$	10.40


Class R:
Net asset value and offering price per share	$	10.71


Class Y:
Net asset value and offering price per share	$	10.99


Class R5:
Net asset value and offering price per share	$	10.95


Class R6:
Net asset value and offering price per share	$	11.01

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


12		Invesco Advantage International Fund

Statement of Operations

For the six months ended April 30, 2023

(Unaudited)


Investment income:

Interest	$	60,333


Dividends (net of foreign withholding taxes of $54,886)		488,686


Dividends from affiliated money market funds (includes net securities lending income of $359)		100,775


Total investment income		649,794



Expenses:

Advisory fees		64,744


Administrative services fees		1,622


Custodian fees		17,211


Distribution fees:
Class A		15,922


Class C		15,750


Class R		9,642


Transfer agent fees – A, C, R and Y		25,814


Transfer agent fees – R5		1


Transfer agent fees – R6		164


Trustees’ and officers’ fees and benefits		6,344


Registration and filing fees		38,790


Reports to shareholders		5,391


Professional services fees		14,480


Other		17,262


Total expenses		233,137


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(113,743	)


Net expenses		119,394


Net investment income		530,400



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(81,317	)


Affiliated investment securities		134


Foreign currencies		11,758


Forward foreign currency contracts		(82	)


Futures contracts		(1,424,965	)


Option contracts written		(302,553	)


Swap agreements		714,237


		(1,082,788	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,215,884


Affiliated investment securities		23


Foreign currencies		7,776


Futures contracts		(557,871	)


Option contracts written		(118,221	)


Swap agreements		8,849


		2,556,440


Net realized and unrealized gain		1,473,652


Net increase in net assets resulting from operations	$	2,004,052

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


13		Invesco Advantage International Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:

Net investment income	$	530,400		$	566,531


Net realized gain (loss)		(1,082,788	)		(1,967,626	)


Change in net unrealized appreciation (depreciation)		2,556,440			(1,858,169	)


Net increase (decrease) in net assets resulting from operations		2,004,052			(3,259,264	)



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


Class C		–			(394,740	)


Class R		–			(529,023	)


Class Y		–			(138,310	)


Class R5		–			(1,617	)


Class R6		–			(232	)


Total distributions from distributable earnings		–			(2,577,493	)



Share transactions-net:
Class A		1,050,953			3,277,465


Class C		152,622			486,659


Class R		445,045			281,907


Class Y		(573,176	)		2,325,217


Class R6		7,457,963			–


Net increase in net assets resulting from share transactions		8,533,407			6,371,248


Net increase in net assets		10,537,459			534,491



Net assets:
Beginning of period		21,940,129			21,405,638


End of period	$	32,477,588		$	21,940,129

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


14		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 04/30/23		$10.06		$0.21		$0.59			$0.80			$ –			$ –			$ –			$10.86		7.95	%^(e)		$14,477		0.82	%^(e)(f)		1.71	%^(e)(f)		4.10	%^(e)(f)		80	%
Year ended 10/31/22		13.37		0.32		(2.00	)		(1.68	)		(0.14	)		(1.49	)		(1.63	)		10.06		(14.27	)^(e)		12,412		0.83	^(e)		1.87	^(e)		2.85	^(e)		157
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
Class C
Six months ended 04/30/23		9.67		0.17		0.56			0.73			–			–			–			10.40		7.55			3,296		1.58	^(f)		2.47	^(f)		3.34	^(f)		80
Year ended 10/31/22		12.90		0.23		(1.93	)		(1.70	)		(0.04	)		(1.49	)		(1.53	)		9.67		(14.94	)		2,920		1.58			2.64			2.10			157
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
Class R
Six months ended 04/30/23		9.94		0.20		0.57			0.77			–			–			–			10.71		7.75			4,255		1.08	^(f)		1.97	^(f)		3.84	^(f)		80
Year ended 10/31/22		13.23		0.29		(1.98	)		(1.69	)		(0.11	)		(1.49	)		(1.60	)		9.94		(14.53	)		3,521		1.08			2.14			2.60			157
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
Class Y
Six months ended 04/30/23		10.17		0.23		0.59			0.82			–			–			–			10.99		8.06			2,701		0.58	^(f)		1.47	^(f)		4.34	^(f)		80
Year ended 10/31/22		13.51		0.34		(2.01	)		(1.67	)		(0.18	)		(1.49	)		(1.67	)		10.17		(14.12	)		3,076		0.58			1.64			3.10			157
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
Class R5
Six months ended 04/30/23		10.14		0.23		0.58			0.81			–			–			–			10.95		7.99			11		0.58	^(f)		1.26	^(f)		4.34	^(f)		80
Year ended 10/31/22		13.46		0.35		(2.00	)		(1.65	)		(0.18	)		(1.49	)		(1.67	)		10.14		(14.02	)		10		0.58			1.47			3.10			157
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 04/30/23		10.19		0.23		0.59			0.82			–			–			–			11.01		8.05			7,737		0.58	^(f)		1.26	^(f)		4.34	^(f)		80
Year ended 10/31/22		13.53		0.35		(2.02	)		(1.67	)		(0.18	)		(1.49	)		(1.67	)		10.19		(14.10	)		1		0.58			1.47			3.10			157
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

^(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% and 0.17% for the years ended October 31, 2019 and 2018 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%, 0.23% and 0.23% for the six months ended April 30, 2023, the years ended October 31, 2022 and 2021, respectively.

^(f)	Annualized.

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

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


15		Invesco Advantage International Fund

Notes to Financial Statements

April 30, 2023

(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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


16		Invesco Advantage International Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

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

Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are


17		Invesco Advantage International Fund

net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

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 two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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

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

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

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

N.	Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or


18		Invesco Advantage International Fund

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. 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


19		Invesco Advantage International Fund

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, 2023, 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 Transition 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. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates will no longer be published after June 2023.

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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that will replace LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

R.	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

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, 2023, 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 29, 2024, 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 29, 2024. 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, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $64,744, reimbursed fund level expenses of $21,669 and reimbursed class level expenses of $14,702, $3,429, $4,198, $3,485, $1 and $164 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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.


20		Invesco Advantage International Fund

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $6,389 in front-end sales commissions from the sale of Class A shares and $0 and $39 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of April 30, 2023. 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	$	–	$	1,057,129	$	–	$	1,057,129


Austria		–		49,915		–		49,915


Belgium		–		239,303		–		239,303


Brazil		788,568		–		–		788,568


Chile		87,104		–		–		87,104


China		244,167		2,672,864		–		2,917,031


Colombia		9,483		–		–		9,483


Denmark		–		676,074		–		676,074


Finland		–		138,035		–		138,035


France		–		1,753,673		–		1,753,673


Germany		–		1,704,716		–		1,704,716


Greece		–		6,387		–		6,387


Hong Kong		–		601,579		–		601,579


Hungary		–		56,238		–		56,238


Indonesia		–		247,710		–		247,710


Ireland		–		71,491		–		71,491


Italy		–		337,159		–		337,159


Japan		–		4,133,664		–		4,133,664


Luxembourg		–		171,000		–		171,000


Malaysia		–		101,456		–		101,456


Mexico		167,251		–		–		167,251


Multinational		–		–		97,704		97,704


Netherlands		–		1,222,484		–		1,222,484


Peru		6,638		–		–		6,638


Philippines		–		29,257		–		29,257


Poland		–		14,291		–		14,291


Russia		–		–		0		0


Singapore		–		76,490		–		76,490


South Africa		–		551,169		–		551,169


South Korea		–		790,939		–		790,939


Spain		–		771,693		–		771,693


Sweden		–		448,693		–		448,693


21		Invesco Advantage International Fund


	Level 1			Level 2		Level 3		Total


Switzerland	$	–		$	1,329,057	$	–	$	1,329,057


Taiwan		245,185			706,423		–		951,608


Turkey		–			17,279		–		17,279


United Kingdom		46,483			2,212,850		–		2,259,333


United States		27,198			3,007,493		–		3,034,691


Vietnam		–			6		–		6


Money Market Funds		4,194,176			–		–		4,194,176


Total Investments in Securities		5,816,253			25,196,517		97,704		31,110,474


Other Investments - Assets*


Futures Contracts		162,930			–		–		162,930


Swap Agreements		–			55,573		–		55,573


		162,930			55,573		–		218,503


Other Investments - Liabilities*


Options Written		(86,455	)		–		–		(86,455	)


Total Other Investments		76,475			55,573		–		132,048


Total Investments	$	5,892,728		$	25,252,090	$	97,704	$	31,242,522

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

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, 2023:


	Value
	Currency			Equity
Derivative Assets	Risk			Risk			Total


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	39,389		$	123,541		$	162,930


Unrealized appreciation on swap agreements – OTC		–			55,573			55,573


Total Derivative Assets		39,389			179,114			218,503


Derivatives not subject to master netting agreements		(39,389	)		(123,541	)		(162,930	)


Total Derivative Assets subject to master netting agreements	$	–		$	55,573		$	55,573



							Value
							Equity
Derivative Liabilities							Risk


Options written, at value – Exchange-Traded							$	(86,455	)


Derivatives not subject to master netting agreements								86,455


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.

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, 2023.


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


Bank of America, N.A.	$	16,889	$ (4,715)	$	12,174	$–	$–	$	12,174


Citibank, N.A.		38,684	(6,133)		32,551	–	–		32,551


Total	$	55,573	$(10,848)	$	44,725	$–	$–	$	44,725


22		Invesco Advantage International Fund

Effect of Derivative Investments for the six months ended April 30, 2023

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	$	(82	)	$	-		$	(82	)


Futures contracts		(73,470	)		(1,351,495	)		(1,424,965	)


Options written		-			(302,553	)		(302,553	)


Swap agreements		-			714,237			714,237


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		77,994			(635,865	)		(557,871	)


Options written		-			(118,221	)		(118,221	)


Swap agreements		-			8,849			8,849


Total	$	4,442		$	(1,685,048	)	$	(1,680,606	)

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


	Forward Foreign Currency Contracts		Futures Contracts		Options Written		Swap Agreements


Average notional value	$	54,158	$	10,320,527	$	12,409,600	$	5,229,808


Average contracts		–		–		80		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,351.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

111,991

$–

111,991

*	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.


23		Invesco Advantage International Fund

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, 2023 was $20,489,447 and $15,334,234, 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	$1,830,985


Aggregate unrealized (depreciation) of investments	(454,214	)


Net unrealized appreciation of investments	$1,376,771

Cost of investments for tax purposes is $29,865,751.

NOTE 10–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		203,358		$	2,138,758			349,749		$	3,777,786


Class C		43,520			439,827			65,696			724,213


Class R		64,049			664,318			80,205			887,745


Class Y		68,108			723,502			261,354			2,817,156


Class R6		729,997			7,754,093			-			-



Issued as reinvestment of dividends:
Class A		-			-			128,932			1,505,924


Class C		-			-			34,576			390,706


Class R		-			-			44,248			511,946


Class Y		-			-			8,680			102,345



Automatic conversion of Class C shares to Class A shares:
Class A		4,521			47,508			8,202			88,383


Class C		(4,709	)		(47,508	)		(8,512	)		(88,383	)



Reacquired:
Class A		(107,674	)		(1,135,313	)		(188,143	)		(2,094,628	)


Class C		(23,698	)		(239,697	)		(49,589	)		(539,877	)


Class R		(20,931	)		(219,273	)		(99,929	)		(1,117,784	)


Class Y		(124,658	)		(1,296,678	)		(54,935	)		(594,284	)


Class R6		(27,390	)		(296,130	)		-			-


Net increase in share activity		804,493		$	8,533,407			580,534		$	6,371,248

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% 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.


24		Invesco Advantage International Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,079.50	$4.23	$1,020.73	$4.11	0.82%
Class C	1,000.00	1,075.50	8.13	1,016.96	7.90	1.58
Class R	1,000.00	1,077.50	5.56	1,019.44	5.41	1.08
Class Y	1,000.00	1,080.60	2.99	1,021.92	2.91	0.58
Class R5	1,000.00	1,079.90	2.99	1,021.92	2.91	0.58
Class R6	1,000.00	1,080.50	2.99	1,021.92	2.91	0.58

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2022 through April 30, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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


25		Invesco Advantage International Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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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, 2023

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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	22.25	%
Class C Shares	21.77
Class Y Shares	22.36
Class R6 Shares	22.45
MSCI All Country Asia Pacific ex Japan Index^▼(Broad Market/Style-Specific Index)	19.77

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

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

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


2		Invesco EQV Asia Pacific Equity Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	7.85	%
10 Years	3.79
5 Years	2.23
1 Year	-2.68

Class C Shares
Inception (11/3/97)	7.84	%
10 Years	3.75
5 Years	2.62
1 Year	1.25

Class Y Shares
Inception (10/3/08)	9.23	%
10 Years	4.63
5 Years	3.65
1 Year	3.23

Class R6 Shares
10 Years	4.64	%
5 Years	3.83
1 Year	3.40

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

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

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

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


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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–92.56%
Australia–2.04%
CSL Ltd.		52,399	$ 10,428,984

China–30.12%
Airtac International Group		285,000	10,343,804
China Mengniu Dairy Co. Ltd.		3,410,000	13,747,984
China Resources Beer Holdings Co. Ltd.		1,746,000	13,494,787
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		2,173,812	8,114,052
Fuyao Glass Industry Group Co. Ltd., H Shares^(a)		2,262,400	9,195,948
JD.com, Inc., ADR		272,131	9,720,519
Meituan, B Shares^(a)(b)		33,890	578,376
Minth Group Ltd.		1,838,000	5,312,975
Tencent Holdings Ltd.		413,300	18,283,249
Tongcheng Travel Holdings Ltd.^(a)(b)		7,614,800	16,201,791
Wuliangye Yibin Co. Ltd., A Shares		669,038	16,386,731
Yum China Holdings, Inc.		540,726	33,081,617
			154,461,833

Hong Kong–4.97%
Hongkong Land Holdings Ltd.		861,300	3,825,414
Swire Properties Ltd.		8,045,800	21,636,094
			25,461,508

India–5.03%
Emami Ltd.		1,137,103	5,216,107
HDFC Bank Ltd., ADR		294,806	20,577,459
			25,793,566

Indonesia–12.65%
PT Bank Central Asia Tbk		26,531,800	16,399,000
PT Kalbe Farma Tbk		98,091,500	14,198,239
PT Mitra Keluarga Karyasehat Tbk^(a)		63,173,600	12,454,464
PT Pakuwon Jati Tbk		484,554,400	16,069,803
PT Telkom Indonesia (Persero) Tbk		19,920,800	5,757,307
			64,878,813

Macau–0.71%
Galaxy Entertainment Group Ltd.^(b)		513,000	3,647,050

Malaysia–4.07%
Bursa Malaysia Bhd.		7,666,250	10,802,701
Heineken Malaysia Bhd.		1,591,000	10,045,327
			20,848,028

New Zealand–2.24%
Auckland International Airport Ltd.^(b)		1,398,732	7,654,271
Freightways Group Ltd.		647,550	3,812,384
			11,466,655

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value
Philippines–8.45%

BDO Unibank, Inc.		9,054,888	$ 23,625,792

SM Investments Corp.		511,646	8,272,704
SM Prime Holdings, Inc.		18,662,900	11,446,952
			43,345,448

Singapore–2.19%

Keppel REIT		3,441,600	2,247,869
United Overseas Bank Ltd.		422,000	8,967,762
			11,215,631

South Korea–4.60%

Douzone Bizon Co. Ltd.		87,490	2,003,300

LEENO Industrial, Inc.		60,794	6,107,398
Samsung Electronics Co. Ltd.		314,061	15,473,280
			23,583,978

Taiwan–6.43%

ASPEED Technology, Inc.		45,000	3,835,556

MediaTek, Inc.		226,000	4,911,536

Taiwan Semiconductor Manufacturing Co. Ltd.		1,249,464	20,490,584
Visual Photonics Epitaxy Co. Ltd.		1,189,000	3,746,098
			32,983,774

Thailand–3.50%
Central Pattana PCL, Foreign Shares		8,990,800	17,959,825

United States–5.10%
Broadcom, Inc.		41,723	26,139,459

Vietnam–0.46%

Vietnam Dairy Products JSC		795,090	2,376,366
Total Common Stocks & Other Equity Interests (Cost $340,080,998)			474,590,918

Money Market Funds–7.43%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d)		13,334,067	13,334,067
Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(c)(d)		9,545,332	9,548,195
Invesco Treasury Portfolio, Institutional Class, 4.77%^(c)(d)		15,238,934	15,238,934
Total Money Market Funds (Cost $38,117,528)			38,121,196
TOTAL INVESTMENTS IN SECURITIES—99.99% (Cost $378,198,526)			512,712,114
OTHER ASSETS LESS LIABILITIES–0.01%			54,134
NET ASSETS–100.00%			$512,766,248

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


5		Invesco EQV Asia Pacific Equity Fund

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 aggregate value of these securities at April 30, 2023 was $38,430,579, which represented 7.49% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	13,283,138	$	18,386,758	$	(18,335,829)		$ -	$	-	$	13,334,067	$	278,287
Invesco Liquid Assets Portfolio, Institutional Class		9,510,912		13,133,399		(13,097,021)		277		628		9,548,195		205,914
Invesco Treasury Portfolio, Institutional Class		15,180,730		21,013,437		(20,955,233)		-		-		15,238,934		317,851
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,413,043		24,138,004		(26,551,047)		-		-		-		16,912*
Invesco Private Prime Fund		6,203,151		59,792,183		(65,994,528)		(621)		(185)		-		48,579*
Total	$	46,590,974	$	136,463,781	$	(144,933,658)		$(344)	$	443	$	38,121,196	$	867,543

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023


Information Technology	16.14	%
Financials	15.67
Consumer Discretionary	15.16
Real Estate	14.27
Consumer Staples	13.53
Health Care	7.23
Industrials	5.87
Communication Services	4.69
Money Market Funds Plus Other Assets Less Liabilities	7.44

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $340,080,998)		$474,590,918
Investments in affiliated money market funds, at value (Cost $38,117,528)		38,121,196
Foreign currencies, at value (Cost $80,259)		80,560
Receivable for:
Investments sold		1,011,140
Fund shares sold		123,870
Dividends		1,791,028
Investment for trustee deferred compensation and retirement plans		84,241
Other assets		45,511
Total assets		515,848,464

Liabilities:
Payable for:
Investments purchased		1,371,830
Fund shares reacquired		378,764
Amount due custodian		1,087
Due to broker		9,266
Accrued foreign taxes		769,891
Accrued fees to affiliates		357,569
Accrued other operating expenses		101,193
Trustee deferred compensation and retirement plans		92,616
Total liabilities		3,082,216
Net assets applicable to shares outstanding		$512,766,248


Net assets consist of:
Shares of beneficial interest	$	377,208,942
Distributable earnings		135,557,306
	$	512,766,248

Net Assets:
Class A	$	341,743,704
Class C	$	9,183,716
Class Y	$	144,042,156
Class R6	$	17,796,672

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,963,512
Class C		365,480
Class Y		5,032,748
Class R6		623,083
Class A:
Net asset value per share	$	28.57
Maximum offering price per share (Net asset value of $28.57 ÷ 94.50%)	$	30.23
Class C:
Net asset value and offering price per share	$	25.13
Class Y:
Net asset value and offering price per share	$	28.62
Class R6:
Net asset value and offering price per share	$	28.56

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, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $277,081)	$	4,378,609


Dividends from affiliated money market funds (includes net securities lending income of $4,103)		806,155


Total investment income		5,184,764



Expenses:
Advisory fees		2,342,569


Administrative services fees		35,255


Custodian fees		33,464


Distribution fees:
Class A		425,131


Class C		49,635


Transfer agent fees – A, C and Y		512,614


Transfer agent fees – R6		3,500


Trustees’ and officers’ fees and benefits		7,733


Registration and filing fees		37,001


Reports to shareholders		32,838


Professional services fees		32,099


Other		7,618


Total expenses		3,519,457


Less: Fees waived and/or expense offset arrangement(s)		(26,070	)


Net expenses		3,493,387


Net investment income		1,691,377



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $120,618)		451,517


Affiliated investment securities		443


Foreign currencies		(40,500	)


		411,460


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $12,989)		94,661,560


Affiliated investment securities		(344	)


Foreign currencies		3,849


		94,665,065


Net realized and unrealized gain		95,076,525


Net increase in net assets resulting from operations	$	96,767,902

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30,			October 31,
	2023			2022


Operations:
Net investment income	$	1,691,377		$	3,657,103


Net realized gain		411,460			34,761,195


Change in net unrealized appreciation (depreciation)		94,665,065			(208,797,056	)


Net increase (decrease) in net assets resulting from operations		96,767,902			(170,378,758	)



Distributions to shareholders from distributable earnings:
Class A		(23,019,545	)		(30,871,663	)


Class C		(689,862	)		(1,135,132	)


Class Y		(9,157,836	)		(11,823,956	)


Class R6		(1,652,040	)		(6,813,606	)


Total distributions from distributable earnings		(34,519,283	)		(50,644,357	)



Share transactions–net:
Class A		4,859,001			(11,461,589	)


Class C		(840,980	)		(2,034,106	)


Class Y		4,405,356			11,646,727


Class R6		(5,024,846	)		(53,445,726	)


Net increase (decrease) in net assets resulting from share transactions		3,398,531			(55,294,694	)


Net increase (decrease) in net assets		65,647,150			(276,317,809	)



Net assets:
Beginning of period		447,119,098			723,436,907


End of period	$	512,766,248		$	447,119,098

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 04/30/23		$25.07		$ 0.08			$5.42			$5.50			$(0.16	)		$(1.84	)		$(2.00	)		$28.57		22.21	%		$341,744		1.44	%^(d)		1.45	%^(d)		0.60	%^(d)		4	%
Year ended 10/31/22		36.69		0.17			(9.22	)		(9.05	)		(0.07	)		(2.50	)		(2.57	)		25.07		(26.39	)		295,255		1.45			1.45			0.53			13
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
Class C
Six months ended 04/30/23		22.19		(0.02	)		4.80			4.78			–			(1.84	)		(1.84	)		25.13		21.77			9,184		2.19	^(d)		2.20	^(d)		(0.15	)^(d)		4
Year ended 10/31/22		32.94		(0.06	)		(8.19	)		(8.25	)		–			(2.50	)		(2.50	)		22.19		(26.94	)		8,847		2.20			2.20			(0.22	)		13
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
Class Y
Six months ended 04/30/23		25.15		0.12			5.43			5.55			(0.24	)		(1.84	)		(2.08	)		28.62		22.36			144,042		1.19	^(d)		1.20	^(d)		0.85	^(d)		4
Year ended 10/31/22		36.83		0.24			(9.25	)		(9.01	)		(0.17	)		(2.50	)		(2.67	)		25.15		(26.24	)		122,929		1.20			1.20			0.78			13
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
Class R6
Six months ended 04/30/23		25.13		0.15			5.42			5.57			(0.30	)		(1.84	)		(2.14	)		28.56		22.45			17,797		1.01	^(d)		1.02	^(d)		1.03	^(d)		4
Year ended 10/31/22		36.83		0.31			(9.28	)		(8.97	)		(0.23	)		(2.50	)		(2.73	)		25.13		(26.16	)		20,088		1.03			1.03			0.95			13
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

^(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 EQV Asia Pacific Equity Fund

Notes to Financial Statements

April 30, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


11		Invesco EQV Asia Pacific Equity Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


12		Invesco EQV Asia Pacific Equity Fund

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.

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.92%.

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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.


13		Invesco EQV Asia Pacific Equity Fund

For the six months ended April 30, 2023, the Adviser waived advisory fees of $19,350.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $18,838 in front-end sales commissions from the sale of Class A shares and $67 and $663 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	10,428,984		$–	$ 10,428,984
China		42,802,136		111,659,697		–	154,461,833
Hong Kong		–		25,461,508		–	25,461,508
India		20,577,459		5,216,107		–	25,793,566
Indonesia		–		64,878,813		–	64,878,813
Macau		–		3,647,050		–	3,647,050
Malaysia		–		20,848,028		–	20,848,028
New Zealand		–		11,466,655		–	11,466,655
Philippines		–		43,345,448		–	43,345,448
Singapore		–		11,215,631		–	11,215,631
South Korea		–		23,583,978		–	23,583,978
Taiwan		–		32,983,774		–	32,983,774
Thailand		–		17,959,825		–	17,959,825
United States		26,139,459		–		–	26,139,459
Vietnam		–		2,376,366		–	2,376,366
Money Market Funds		38,121,196		–		–	38,121,196
Total Investments	$	127,640,250	$	385,071,864		$–	$512,712,114


14		Invesco EQV Asia Pacific Equity Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

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, 2022.

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, 2023 was $19,763,726 and $46,177,477, 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	$	154,296,740


Aggregate unrealized (depreciation) of investments		(20,625,906	)


Net unrealized appreciation of investments	$	133,670,834

Cost of investments for tax purposes is $379,041,280.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2023^(a)						Year ended October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		431,614		$	12,382,589			664,361		$	20,457,732


Class C		58,731			1,486,916			75,647			2,139,688


Class Y		1,114,888			32,101,029			1,901,384			56,730,168


Class R6		96,271			2,756,470			203,870			6,226,437



Issued as reinvestment of dividends:
Class A		769,230			21,292,298			848,289			28,137,738


Class C		26,436			645,557			34,846			1,030,042


Class Y		248,393			6,882,957			284,922			9,462,262


Class R6		36,539			1,009,929			42,783			1,418,688



Automatic conversion of Class C shares to Class A shares:
Class A		33,846			968,272			67,760			2,080,436


Class C		(38,408	)		(968,272	)		(76,186	)		(2,080,436	)


15		Invesco EQV Asia Pacific Equity Fund


	Summary of Share Activity


	Six months ended April 30, 2023^(a)						Year ended October 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,049,585	)	$	(29,784,158	)		(2,009,691	)	$	(62,137,495	)


Class C		(79,902	)		(2,005,181	)		(110,161	)		(3,123,400	)


Class Y		(1,217,867	)		(34,578,630	)		(1,835,074	)		(54,545,703	)


Class R6		(309,085	)		(8,791,245	)		(1,967,336	)		(61,090,851	)


Net increase (decrease) in share activity		121,101		$	3,398,531			(1,874,586	)	$	(55,294,694	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% 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 (11/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,222.50	$7.94	$1,017.65	$7.20	1.44%
Class C	1,000.00	1,217.70	12.04	1,013.93	10.94	2.19
Class Y	1,000.00	1,223.60	6.56	1,018.89	5.96	1.19
Class R6	1,000.00	1,224.50	5.57	1,019.79	5.06	1.01

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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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

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.		APG-SAR-1

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Semiannual Report to Shareholders		April 30, 2023

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, 10/31/22 to 4/30/23, 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	26.66	%
Class C Shares	26.15
Class R Shares	26.49
Class Y Shares	26.81
Investor Class Shares	26.75
Class R6 Shares	26.88
MSCI Europe Index^▼ (Broad Market Index)	28.24

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

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 4/30/23, including maximum applicable sales charges

Class A Shares

Inception (11/3/97)	8.12	%

10 Years	3.00

5 Years	0.08

1 Year	5.59

Class C Shares

Inception (11/3/97)	8.13	%

10 Years	2.97

5 Years	0.45

1 Year	9.85

Class R Shares

Inception (6/3/02)	6.87	%

10 Years	3.33

5 Years	0.97

1 Year	11.45

Class Y Shares

Inception (10/3/08)	5.80	%

10 Years	3.85

5 Years	1.47

1 Year	11.98

Investor Class Shares

Inception (9/30/03)	7.53	%

10 Years	3.65

5 Years	1.30

1 Year	11.86

Class R6 Shares

10 Years	3.82	%

5 Years	1.58

1 Year	12.15

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 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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–95.32%
China–2.30%
Prosus N.V.		164,018	$	12,283,101

Denmark–4.23%
Carlsberg A/S, Class B		62,013		10,243,063
Novo Nordisk A/S, Class B		74,417		12,414,097
				22,657,160

France–17.86%
Air Liquide S.A.		53,132		9,561,800
Bollore SE^(a)		1,803,409		12,164,674
Capgemini SE		29,662		5,414,214
Kaufman & Broad S.A.		302,604		9,850,049
LVMH Moet Hennessy Louis Vuitton SE		15,905		15,283,668
Metropole Television S.A.		264,834		4,276,707
Pernod Ricard S.A.		46,657		10,777,792
Publicis Groupe S.A.		64,217		5,263,363
Schneider Electric SE		74,105		12,946,824
TotalEnergies SE		158,052		10,075,614
				95,614,705

Germany–4.34%
Bechtle AG		98,645		4,574,218
Deutsche Boerse AG		75,562		14,396,498
flatexDEGIRO AG^(b)		395,906		4,249,302
				23,220,018

Hungary–2.95%
Gedeon Richter PLC		654,883		15,801,657

Ireland–3.99%
CRH PLC		151,091		7,306,764
Flutter Entertainment PLC^(b)		49,507		9,919,491
Origin Enterprises PLC		943,163		4,114,557
				21,340,812

Italy–5.73%
Danieli & C. Officine Meccaniche S.p.A., RSP		394,628		8,076,383
FinecoBank Banca Fineco S.p.A.		860,526		13,030,538
Technogym S.p.A.^(c)		1,050,995		9,576,051
				30,682,972

Netherlands–11.40%
Aalberts N.V.		142,690		6,579,692
ASML Holding N.V.		14,182		9,029,908
Heineken Holding N.V.		198,450		19,031,948
SBM Offshore N.V.^(a)		555,382		7,831,977
Shell PLC		201,602		6,202,244
Wolters Kluwer N.V.		93,000		12,324,585
				61,000,354

Norway–1.07%
TGS ASA		362,688		5,698,189

Russia–0.00%
Sberbank of Russia PJSC, Preference Shares^(d)		11,172,332		11


	Shares		Value
Spain–3.81%
Amadeus IT Group S.A.^(b)		191,710	$	13,487,694
Construcciones y Auxiliar de Ferrocarriles S.A.^(a)		222,616		6,913,383
				20,401,077

Sweden–7.35%
Investor AB, Class B		748,099		16,083,054
Lifco AB, Class B		222,720		5,078,160
Sandvik AB^(a)		603,221		12,323,421
Svenska Handelsbanken AB, Class A		663,023		5,864,690
				39,349,325

Turkey–0.82%
Haci Omer Sabanci Holding A.S.		2,245,692		4,405,680

United Kingdom–19.45%
Ashtead Group PLC		137,077		7,894,639
Clarkson PLC		207,468		8,086,793
DCC PLC		277,189		17,265,828
Diploma PLC		182,122		6,146,347
FDM Group Holdings PLC		488,638		4,139,267
Hays PLC		4,712,617		6,744,679
IG Group Holdings PLC		1,684,655		15,565,963
Reckitt Benckiser Group PLC		182,357		14,747,987
RELX PLC		272,565		9,066,644
Savills PLC		674,003		8,146,911
Serco Group PLC		3,285,244		6,282,604
				104,087,662

United States–10.02%
Haleon PLC		2,158,639		9,530,809
ICON PLC^(b)		59,910		11,544,058
Linde PLC		17,666		6,526,704
Nestle S.A.		91,336		11,710,270
Roche Holding AG		16,759		5,252,904
Signify N.V.		271,560		9,072,607
				53,637,352
Total Common Stocks & Other Equity Interests (Cost $389,204,429)				510,180,075

Money Market Funds–3.17%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(e)(f)		5,948,713		5,948,713
Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(e)(f)		4,247,511		4,248,786
Invesco Treasury Portfolio, Institutional Class, 4.77%^(e)(f)		6,798,529		6,798,529
Total Money Market Funds (Cost $16,995,650)				16,996,028
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–98.49% (Cost $406,200,079)				527,176,103

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


5		Invesco EQV European Equity Fund


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.13%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		7,492,222	$	7,492,222


Invesco Private Prime Fund, 4.99%^(e)(f)(g)		19,980,611		19,980,611


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,473,435)				27,472,833


TOTAL INVESTMENTS IN SECURITIES–103.62% (Cost $433,673,514)				554,648,936


OTHER ASSETS LESS LIABILITIES–(3.62)%				(19,396,028	)


NET ASSETS–100.00%			$	535,252,908

Investment Abbreviations:

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(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 value of this security at April 30, 2023 represented 1.79% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,920,372		$	33,476,963		$	(29,448,622)		$	-		$	-		$	5,948,713		$	87,273
Invesco Liquid Assets Portfolio, Institutional Class			1,639,220			23,912,117			(21,302,539)			(27)			15			4,248,786			66,067
Invesco Treasury Portfolio, Institutional Class			2,194,711			38,259,387			(33,655,569)			-			-			6,798,529			99,678
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,165,143			28,014,831			(23,687,752)			-			-			7,492,222			64,930*
Invesco Private Prime Fund			8,136,806			71,500,872			(59,652,912)			(689)			(3,466)			19,980,611			174,799*
Total		$	17,056,252		$	195,164,170		$	(167,747,394)		$	(716)		$	(3,451)		$	44,468,861		$	492,747

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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, 2023



Industrials	25.18	%

Consumer Staples	14.98

Financials	13.75

Consumer Discretionary	13.15

Health Care	8.41

Energy	5.57

Materials	4.37

Information Technology	4.33

Communication Services	4.05

Real Estate	1.52

Money Market Funds Plus Other Assets Less Liabilities	4.69

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $389,204,429)*	$	510,180,075


Investments in affiliated money market funds, at value (Cost $44,469,085)		44,468,861


Foreign currencies, at value (Cost $105,535)		104,204


Receivable for:
Investments sold		3,131,132


Fund shares sold		70,641


Dividends		5,134,746


Investment for trustee deferred compensation and retirement plans		139,025


Other assets		340,500


Total assets		563,569,184



Liabilities:
Payable for:
Fund shares reacquired		325,539


Amount due custodian		2,134


Collateral upon return of securities loaned		27,473,435


Accrued fees to affiliates		309,703


Accrued trustees’ and officers’ fees and benefits		565


Accrued other operating expenses		52,015


Trustee deferred compensation and retirement plans		152,885


Total liabilities		28,316,276


Net assets applicable to shares outstanding	$	535,252,908



Net assets consist of:

Shares of beneficial interest	$	416,000,382


Distributable earnings		119,252,526


	$	535,252,908


Net Assets:

Class A	$	255,272,198


Class C	$	8,643,830


Class R	$	4,775,217


Class Y	$	166,765,506


Investor Class	$	96,567,904


Class R6	$	3,228,253



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

Class A		7,510,723


Class C		277,985


Class R		141,161


Class Y		4,904,130


Investor Class		2,850,598


Class R6		95,061


Class A:
Net asset value per share	$	33.99


Maximum offering price per share (Net asset value of $33.99 ÷ 94.50%)	$	35.97


Class C:
Net asset value and offering price per share	$	31.09


Class R:
Net asset value and offering price per share	$	33.83


Class Y:
Net asset value and offering price per share	$	34.01


Investor Class:
Net asset value and offering price per share	$	33.88


Class R6:
Net asset value and offering price per share	$	33.96

*	At April 30, 2023, securities with an aggregate value of $26,272,833 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, 2023

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $488,278)	$	5,411,853


Dividends from affiliated money market funds (includes net securities lending income of $34,652)		287,670


Total investment income		5,699,523



Expenses:

Advisory fees		2,415,445


Administrative services fees		38,863


Custodian fees		28,030


Distribution fees:
Class A		297,203


Class C		46,042


Class R		12,258


Investor Class		60,752


Transfer agent fees – A, C, R, Y and Investor		400,817


Transfer agent fees – R6		459


Trustees’ and officers’ fees and benefits		8,007


Registration and filing fees		51,264


Reports to shareholders		30,089


Professional services fees		33,401


Other		11,177


Total expenses		3,433,807


Less: Fees waived and/or expense offset arrangement(s)		(14,885	)


Net expenses		3,418,922


Net investment income		2,280,601



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		9,165,013


Affiliated investment securities		(3,451	)


Foreign currencies		(14,294	)


		9,147,268


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		114,133,486


Affiliated investment securities		(716	)


Foreign currencies		278,374


		114,411,144


Net realized and unrealized gain		123,558,412


Net increase in net assets resulting from operations	$	125,839,013

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:

Net investment income	$	2,280,601		$	11,740,962


Net realized gain		9,147,268			59,797,222


Change in net unrealized appreciation (depreciation)		114,411,144			(382,281,834	)


Net increase (decrease) in net assets resulting from operations		125,839,013			(310,743,650	)



Distributions to shareholders from distributable earnings:

Class A		(16,194,976	)		(30,271,914	)


Class C		(706,223	)		(1,645,602	)


Class R		(361,560	)		(595,162	)


Class Y		(13,444,757	)		(53,433,019	)


Investor Class		(6,257,365	)		(10,970,302	)


Class R6		(236,728	)		(597,707	)


Total distributions from distributable earnings		(37,201,609	)		(97,513,706	)



Share transactions-net:

Class A		2,659,310			(11,928,341	)


Class C		(1,647,892	)		(4,950,092	)


Class R		(679,967	)		(70,600	)


Class Y		(64,586,725	)		(214,465,710	)


Investor Class		794,102			1,040,973


Class R6		(348,261	)		(1,671,354	)


Net increase (decrease) in net assets resulting from share transactions		(63,809,433	)		(232,045,124	)


Net increase (decrease) in net assets		24,827,971			(640,302,480	)



Net assets:

Beginning of period		510,424,937			1,150,727,417


End of period	$	535,252,908		$	510,424,937

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 04/30/23		$ 28.86		$ 0.12		$ 7.25			$ 7.37		$	(0.01	)		$ (2.23	)		$ (2.24	)		$ 33.99		26.66	%		$ 255,272		1.40	%^(d)		1.40	%^(d)		0.77	%^(d)		8	%
Year ended 10/31/22		45.47		0.46		(13.20	)		(12.74	)		(1.04	)		(2.83	)		(3.87	)		28.86		(30.38	)		213,529		1.37			1.37			1.32			24
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
Class C
Six months ended 04/30/23		26.66		0.00		6.66			6.66			–			(2.23	)		(2.23	)		31.09		26.15			8,644		2.15	^(d)		2.15	^(d)		0.02	^(d)		8
Year ended 10/31/22		42.22		0.18		(12.24	)		(12.06	)		(0.67	)		(2.83	)		(3.50	)		26.66		(30.89	)		8,844		2.12			2.12			0.57			24
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
Class R
Six months ended 04/30/23		28.76		0.08		7.22			7.30			–			(2.23	)		(2.23	)		33.83		26.49			4,775		1.65	^(d)		1.65	^(d)		0.52	^(d)		8
Year ended 10/31/22		45.29		0.37		(13.15	)		(12.78	)		(0.92	)		(2.83	)		(3.75	)		28.76		(30.53	)		4,661		1.62			1.62			1.07			24
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
Class Y
Six months ended 04/30/23		28.93		0.16		7.26			7.42			(0.11	)		(2.23	)		(2.34	)		34.01		26.81			166,766		1.15	^(d)		1.15	^(d)		1.02	^(d)		8
Year ended 10/31/22		45.58		0.56		(13.23	)		(12.67	)		(1.15	)		(2.83	)		(3.98	)		28.93		(30.21	)		199,354		1.12			1.12			1.57			24
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
Investor Class
Six months ended 04/30/23		28.78		0.14		7.23			7.37			(0.04	)		(2.23	)		(2.27	)		33.88		26.75	^(e)		96,568		1.28	^(d)(e)		1.28	^(d)(e)		0.89	^(d)(e)		8
Year ended 10/31/22		45.37		0.48		(13.16	)		(12.68	)		(1.08	)		(2.83	)		(3.91	)		28.78		(30.33	)^(e)		80,989		1.30	^(e)		1.30	^(e)		1.39	^(e)		24
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
Class R6
Six months ended 04/30/23		28.93		0.18		7.25			7.43			(0.17	)		(2.23	)		(2.40	)		33.96		26.88			3,228		1.03	^(d)		1.03	^(d)		1.14	^(d)		8
Year ended 10/31/22		45.58		0.60		(13.22	)		(12.62	)		(1.20	)		(2.83	)		(4.03	)		28.93		(30.11	)		3,048		1.00			1.00			1.69			24
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

^(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 0.13%, 0.18%, 0.14%, 0.16%, 0.19% and 0.20% for the six months ended April 30, 2023 and for each of the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


12		Invesco EQV European Equity Fund

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


13		Invesco EQV European Equity Fund

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, 2023, the effective advisory fee rate incurred by the Fund was 0.92%.

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; (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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $5,784.


14		Invesco EQV European 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, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $8,728 in front-end sales commissions from the sale of Class A shares and $12 and $91 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


China	$	–	$	12,283,101		$ –	$	12,283,101


Denmark		–		22,657,160		–		22,657,160


France		–		95,614,705		–		95,614,705


Germany		–		23,220,018		–		23,220,018


Hungary		–		15,801,657		–		15,801,657


Ireland		–		21,340,812		–		21,340,812


Italy		–		30,682,972		–		30,682,972


Netherlands		–		61,000,354		–		61,000,354


Norway		–		5,698,189		–		5,698,189


Russia		–		–		11		11


Spain		–		20,401,077		–		20,401,077


Sweden		–		39,349,325		–		39,349,325


Turkey		–		4,405,680		–		4,405,680


United Kingdom		–		104,087,662		–		104,087,662


United States		18,070,762		35,566,590		–		53,637,352


Money Market Funds		16,996,028		27,472,833		–		44,468,861


Total Investments	$	35,066,790	$	519,582,135		$ 11	$	554,648,936

NOTE 4–Expense Offset Arrangement(s)


15		Invesco EQV European Equity Fund

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.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2022.

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, 2023 was $39,197,940 and $151,546,651, 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	$140,446,289


Aggregate unrealized (depreciation) of investments	(32,430,827	)


Net unrealized appreciation of investments	$108,015,462

Cost of investments for tax purposes is $446,633,474.

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		184,613		$	6,007,921			337,999		$	12,427,640


Class C		11,783			336,516			17,552			584,593


Class R		8,545			271,178			22,213			744,958


Class Y		287,421			8,886,445			1,152,186			41,667,586


Investor Class		10,874			343,519			23,957			863,836


Class R6		9,648			306,658			31,176			1,109,207



Issued as reinvestment of dividends:
Class A		486,917			14,441,958			671,928			26,816,647


Class C		23,740			645,961			37,200			1,380,497


Class R		12,180			359,923			14,784			589,150


Class Y		334,307			9,912,191			928,843			37,079,406


Investor Class		188,928			5,582,808			243,268			9,677,197


Class R6		7,449			220,487			13,696			546,053



Automatic conversion of Class C shares to Class A shares:
Class A		43,186			1,387,410			92,954			3,291,723


Class C		(47,126	)		(1,387,410	)		(100,193	)		(3,291,723	)


16		Invesco EQV European Equity Fund


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(602,696	)	$	(19,177,979	)		(1,603,594	)	$	(54,464,351	)


Class C		(42,177	)		(1,242,959	)		(110,590	)		(3,623,459	)


Class R		(41,638	)		(1,311,068	)		(38,749	)		(1,404,708	)


Class Y		(2,609,491	)		(83,385,361	)		(8,975,208	)		(293,212,702	)


Investor Class		(163,089	)		(5,132,225	)		(279,180	)		(9,500,060	)


Class R6		(27,414	)		(875,406	)		(93,647	)		(3,326,614	)


Net increase (decrease) in share activity		(1,924,040	)	$	(63,809,433	)		(7,613,405	)	$	(232,045,124	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,266.60	$7.87	$1,017.85	$7.00	1.40%
Class C	1,000.00	1,261.50	12.06	1,014.13	10.74	2.15
Class R	1,000.00	1,264.90	9.27	1,016.61	8.25	1.65
Class Y	1,000.00	1,268.10	6.47	1,019.09	5.76	1.15
Investor Class	1,000.00	1,267.50	7.20	1,018.45	6.41	1.28
Class R6	1,000.00	1,268.80	5.79	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.


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, 2023

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, 10/31/22 to 4/30/23, 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	21.57	%
Class C Shares	21.13
Class R Shares	21.39
Class Y Shares	21.70
Class R5 Shares	21.81
Class R6 Shares	21.80
MSCI All Country World ex USA Index^▼(Broad Market Index)	20.65

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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (4/7/92)	6.69	%
10 Years	3.97
5 Years	2.45
1 Year	2.93
Class C Shares
Inception (8/4/97)	4.73	%
10 Years	3.94
5 Years	2.85
1 Year	7.20
Class R Shares
Inception (6/3/02)	6.04	%
10 Years	4.31
5 Years	3.36
1 Year	8.63
Class Y Shares
Inception (10/3/08)	6.04	%
10 Years	4.83
5 Years	3.87
1 Year	9.19
Class R5 Shares
Inception (3/15/02)	6.74	%
10 Years	4.92
5 Years	3.97
1 Year	9.37
Class R6 Shares
Inception (9/24/12)	5.50	%
10 Years	5.01
5 Years	4.05
1 Year	9.37

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

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

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


3		Invesco EQV International Equity Fund

Liquidity Risk Management Program

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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.47%
Australia–1.29%
CSL Ltd.		135,538	$	26,976,157



Brazil–1.61%
B3 S.A. - Brasil, Bolsa, Balcao		7,117,206		16,666,459


MercadoLibre, Inc.^(a)		13,436		17,164,356


				33,830,815



Canada–4.24%
CGI, Inc., Class A^(a)		521,139		52,892,810


Magna International, Inc.		310,750		16,202,074


Ritchie Bros. Auctioneers, Inc.		344,426		19,706,908


				88,801,792



China–7.52%
Airtac International Group		813,000		29,507,061


China Mengniu Dairy Co. Ltd.		7,906,000		31,874,359


China Resources Beer Holdings Co. Ltd.		3,602,000		27,839,761


JD.com, Inc., ADR^(b)		388,888		13,891,079


Wuliangye Yibin Co. Ltd., A Shares		893,197		21,877,051


Yum China Holdings, Inc.		535,250		32,746,595


				157,735,906



Denmark–3.32%
Carlsberg A/S, Class B		162,265		26,802,294


Novo Nordisk A/S, Class B		256,017		42,708,250


				69,510,544



France–12.63%
Air Liquide S.A.		190,040		34,200,189


Arkema S.A.		226,182		22,434,767


Capgemini SE		104,913		19,149,803


LVMH Moet Hennessy Louis Vuitton SE		57,690		55,436,330


Pernod Ricard S.A.		136,741		31,587,244


Publicis Groupe S.A.		265,870		21,791,276


Schneider Electric SE		269,075		47,009,873


TotalEnergies SE		519,508		33,117,974


				264,727,456



Germany–1.38%
Deutsche Boerse AG		151,748		28,911,884



Hong Kong–3.13%
AIA Group Ltd.		3,033,600		33,100,165


Techtronic Industries Co. Ltd.		3,004,500		32,614,400


				65,714,565



India–3.13%
HDFC Bank Ltd., ADR		775,606		54,137,299


SBI Life Insurance Co. Ltd.^(c)		828,771		11,581,833


				65,719,132



Ireland–2.83%
CRH PLC		588,501		28,459,920


Flutter Entertainment PLC^(a)		154,549		30,966,277


				59,426,197


	Shares		Value


Italy–1.94%
FinecoBank Banca Fineco S.p.A.		2,690,881	$	40,746,740



Japan–13.86%
Asahi Group Holdings Ltd.		1,015,800		39,247,971


FANUC Corp.^(b)		1,090,460		36,941,685


Hoya Corp.		254,100		26,766,487


Keyence Corp.		25,900		11,688,926


Komatsu Ltd.		670,600		16,590,811


Olympus Corp.		2,219,200		38,820,466


Shimano, Inc.		83,600		12,979,320


SMC Corp.		41,000		20,530,477


Sony Group Corp.		333,100		31,644,691


TIS, Inc.		1,033,600		28,358,061


Tokyo Electron Ltd.		236,000		26,951,605


				290,520,500



Mexico–2.95%
Wal-Mart de Mexico S.A.B. de C.V., Series V		15,353,802		61,903,674



Netherlands–7.04%
ASML Holding N.V.		52,936		33,705,204


Heineken N.V.		365,911		41,999,686


Shell PLC		911,649		28,046,695


Wolters Kluwer N.V.		330,960		43,859,621


				147,611,206



Singapore–0.64%
United Overseas Bank Ltd.		635,866		13,512,547



South Korea–1.96%
Samsung Electronics Co. Ltd.		833,402		41,060,376



Spain–2.30%
Amadeus IT Group S.A.^(a)		684,227		48,138,568



Sweden–6.15%
Investor AB, Class B		2,952,103		63,465,976


Sandvik AB^(b)		2,210,289		45,154,796


Svenska Handelsbanken AB, Class A		2,307,497		20,410,685


				129,031,457



Switzerland–1.08%
Kuehne + Nagel International AG, Class R		40,944		12,121,597


Logitech International S.A., Class R		176,699		10,437,039


				22,558,636



Taiwan–1.76%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,243,887		36,798,624



United Kingdom–6.31%
Ashtead Group PLC		524,650		30,216,026


DCC PLC		377,373		23,506,190


Reckitt Benckiser Group PLC		558,331		45,154,605


RELX PLC		1,001,848		33,325,626


				132,202,447

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–10.40%
Broadcom, Inc.		100,776	$	63,136,164


Haleon PLC		6,665,825		29,430,910


ICON PLC^(a)(b)		223,531		43,072,188


Linde PLC		120,975		44,694,214


Nestle S.A.		294,501		37,758,237


				218,091,713


Total Common Stocks & Other Equity Interests (Cost $1,404,944,628)				2,043,530,936



Money Market Funds–1.78%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		13,083,526		13,083,526


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		9,198,922		9,201,682


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		14,952,600		14,952,600


Total Money Market Funds (Cost $37,235,194)				37,237,808


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.25% (Cost $1,442,179,822)				2,080,768,744


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.02%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		18,359,838	$	18,359,838


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		45,009,816		45,009,816


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,369,654)				63,369,654


TOTAL INVESTMENTS IN SECURITIES–102.27% (Cost $1,505,549,476)				2,144,138,398


OTHER ASSETS LESS LIABILITIES-(2.27)%				(47,672,161	)


NET ASSETS-100.00%			$	2,096,466,237

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, 2023.

^(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, 2023 was $11,581,833, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	8,293,455		$	90,226,078		$	(85,436,007	)		$	-		$	-		$	13,083,526		$	329,347
Invesco Liquid Assets Portfolio, Institutional Class			5,779,253			64,447,199			(61,025,720	)			(27)			977			9,201,682			240,594
Invesco Treasury Portfolio, Institutional Class			9,478,235			103,115,516			(97,641,151	)			-			-			14,952,600			376,233
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,662,648			93,857,142			(98,159,952	)			-			-			18,359,838			133,024*
Invesco Private Prime Fund			58,261,438			203,888,164			(217,140,923	)			(3,002)			4,139			45,009,816			342,195*
Total		$	104,475,029		$	555,534,099		$	(559,403,753	)		$	(3,029)		$	5,116		$	100,607,462		$	1,421,393

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

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, 2023



Consumer Staples	18.86	%

Industrials	18.65

Information Technology	15.46

Financials	13.48

Consumer Discretionary	12.36

Health Care	8.51

Materials	6.19

Energy	2.92

Communication Services	1.04

Money Market Funds Plus Other Assets Less Liabilities	2.53

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


7		Invesco EQV International Equity Fund

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,404,944,628)*	$	2,043,530,936


Investments in affiliated money market funds, at value (Cost $100,604,848)		100,607,462


Receivable for:
Investments sold		7,746,322


Fund shares sold		669,094


Dividends		12,951,075


Investment for trustee deferred compensation and retirement plans		545,923


Other assets		105,734


Total assets		2,166,156,546



Liabilities:
Payable for:
Fund shares reacquired		2,384,125


Amount due custodian		7,347


Amount due custodian - foreign currency, at value (Cost $1,388,470)		1,402,676


Collateral upon return of securities loaned		63,369,654


Accrued fees to affiliates		1,100,322


Accrued trustees’ and officers’ fees and benefits		927


Accrued other operating expenses		165,760


IRS closing agreement fees for foreign withholding tax claims		653,000


Trustee deferred compensation and retirement plans		606,498


Total liabilities		69,690,309


Net assets applicable to shares outstanding	$	2,096,466,237



Net assets consist of:
Shares of beneficial interest	$	1,494,979,203


Distributable earnings		601,487,034


	$	2,096,466,237


Net Assets:
Class A	$	976,126,170


Class C	$	15,190,296


Class R	$	34,523,633


Class Y	$	348,655,510


Class R5	$	111,737,023


Class R6	$	610,233,605



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		44,589,084


Class C		821,162


Class R		1,615,465


Class Y		15,847,314


Class R5		4,945,126


Class R6		27,116,809


Class A:
Net asset value per share	$	21.89


Maximum offering price per share (Net asset value of $21.89 ÷ 94.50%)	$	23.16


Class C:
Net asset value and offering price per share	$	18.50


Class R:
Net asset value and offering price per share	$	21.37


Class Y:
Net asset value and offering price per share	$	22.00


Class R5:
Net asset value and offering price per share	$	22.60


Class R6:
Net asset value and offering price per share	$	22.50

*	At April 30, 2023, securities with an aggregate value of $60,228,943 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, 2023

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $1,686,121)	$	18,684,884


Dividends from affiliated money market funds (includes net securities lending income of $113,980)		1,060,154


Total investment income		19,745,038



Expenses:
Advisory fees		8,932,107


Administrative services fees		137,260


Custodian fees		95,459


Distribution fees:
Class A		1,176,602


Class C		77,710


Class R		82,639


Transfer agent fees – A, C, R and Y		1,331,702


Transfer agent fees – R5		44,148


Transfer agent fees – R6		86,080


Trustees’ and officers’ fees and benefits		12,018


Registration and filing fees		81,012


Reports to shareholders		119,069


Professional services fees		43,196


Other		18,040


Total expenses		12,237,042


Less: Fees waived and/or expense offset arrangement(s)		(37,548	)


Net expenses		12,199,494


Net investment income		7,545,544



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		8,681,736


Affiliated investment securities		5,116


Foreign currencies		95,059


		8,781,911


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		370,817,669


Affiliated investment securities		(3,029	)


Foreign currencies		619,701


		371,434,341


Net realized and unrealized gain		380,216,252


Net increase in net assets resulting from operations	$	387,761,796

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30,			October 31,
	2023			2022


Operations:
Net investment income	$	7,545,544		$	23,162,683


Net realized gain		8,781,911			273,331,953


Change in net unrealized appreciation (depreciation)		371,434,341			(965,346,024	)


Net increase (decrease) in net assets resulting from operations		387,761,796			(668,851,388	)



Distributions to shareholders from distributable earnings:
Class A		(98,094,545	)		(269,566,679	)


Class C		(1,912,258	)		(5,944,677	)


Class R		(3,534,696	)		(9,009,500	)


Class Y		(36,124,026	)		(147,915,684	)


Class R5		(11,669,366	)		(36,378,164	)


Class R6		(60,952,005	)		(160,121,795	)


Total distributions from distributable earnings		(212,286,896	)		(628,936,499	)



Share transactions–net:
Class A		26,687,938			103,125,726


Class C		(576,229	)		(1,143,848	)


Class R		1,900,802			5,380,358


Class Y		(34,324,183	)		(103,788,271	)


Class R5		(946,086	)		(217,864,583	)


Class R6		114,148,834			(10,760,493	)


Net increase (decrease) in net assets resulting from share transactions		106,891,076			(225,051,111	)


Net increase (decrease) in net assets		282,365,976			(1,522,838,998	)



Net assets:
Beginning of period		1,814,100,261			3,336,939,259


End of period	$	2,096,466,237		$	1,814,100,261

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 04/30/23		$20.15		$ 0.06			$ 4.03			$ 4.09			$ –			$(2.35	)		$(2.35	)		$21.89		21.57	%		$ 976,126		1.38	%^(d)		1.38	%^(d)		0.57	%^(d)		15	%
Year ended 10/31/22		33.82		0.19			(6.92	)		(6.73	)		(0.55	)		(6.39	)		(6.94	)		20.15		(24.90	)		866,495		1.35			1.35			0.80			39
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
Class C
Six months ended 04/30/23		17.42		(0.02	)		3.45			3.43			–			(2.35	)		(2.35	)		18.50		21.13			15,190		2.13	^(d)		2.13	^(d)		(0.18	)^(d)		15
Year ended 10/31/22		30.08		0.01			(6.01	)		(6.00	)		(0.27	)		(6.39	)		(6.66	)		17.42		(25.45	)		14,712		2.10			2.10			0.05			39
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
Class R
Six months ended 04/30/23		19.75		0.03			3.94			3.97			–			(2.35	)		(2.35	)		21.37		21.39			34,524		1.63	^(d)		1.63	^(d)		0.32	^(d)		15
Year ended 10/31/22		33.25		0.13			(6.79	)		(6.66	)		(0.45	)		(6.39	)		(6.84	)		19.75		(25.06	)		29,868		1.60			1.60			0.55			39
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
Class Y
Six months ended 04/30/23		20.24		0.09			4.04			4.13			(0.02	)		(2.35	)		(2.37	)		22.00		21.70			348,656		1.13	^(d)		1.13	^(d)		0.82	^(d)		15
Year ended 10/31/22		33.96		0.26			(6.95	)		(6.69	)		(0.64	)		(6.39	)		(7.03	)		20.24		(24.71	)		350,174		1.10			1.10			1.05			39
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
Class R5
Six months ended 04/30/23		20.74		0.10			4.16			4.26			(0.05	)		(2.35	)		(2.40	)		22.60		21.81			111,737		1.01	^(d)		1.01	^(d)		0.94	^(d)		15
Year ended 10/31/22		34.62		0.29			(7.11	)		(6.82	)		(0.67	)		(6.39	)		(7.06	)		20.74		(24.63	)		102,737		1.02			1.02			1.13			39
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
Class R6
Six months ended 04/30/23		20.68		0.11			4.13			4.24			(0.07	)		(2.35	)		(2.42	)		22.50		21.80			610,234		0.96	^(d)		0.96	^(d)		0.99	^(d)		15
Year ended 10/31/22		34.56		0.30			(7.09	)		(6.79	)		(0.70	)		(6.39	)		(7.09	)		20.68		(24.59	)		450,115		0.95			0.95			1.20			39
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

^(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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional 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, 2023, 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.


13		Invesco EQV International Equity Fund

did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.88%.


14		Invesco EQV International Equity Fund

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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $23,318.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $49,145 in front-end sales commissions from the sale of Class A shares and $2,208 and $266 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $760 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	26,976,157		$–	$	26,976,157
Brazil		33,830,815		–		–		33,830,815
Canada		88,801,792		–		–		88,801,792
China		46,637,674		111,098,232		–		157,735,906
Denmark		–		69,510,544		–		69,510,544
France		–		264,727,456		–		264,727,456
Germany		–		28,911,884		–		28,911,884
Hong Kong		–		65,714,565		–		65,714,565
India		54,137,299		11,581,833		–		65,719,132
Ireland		–		59,426,197		–		59,426,197
Italy		–		40,746,740		–		40,746,740
Japan		–		290,520,500		–		290,520,500


15		Invesco EQV International Equity Fund


	Level 1		Level 2		Level 3	Total
Mexico	$	61,903,674	$	–	$–	$	61,903,674
Netherlands		–		147,611,206	–		147,611,206
Singapore		–		13,512,547	–		13,512,547
South Korea		–		41,060,376	–		41,060,376
Spain		–		48,138,568	–		48,138,568
Sweden		–		129,031,457	–		129,031,457
Switzerland		–		22,558,636	–		22,558,636
Taiwan		–		36,798,624	–		36,798,624
United Kingdom		–		132,202,447	–		132,202,447
United States		150,902,566		67,189,147	–		218,091,713
Money Market Funds		37,237,808		63,369,654	–		100,607,462
Total Investments	$	473,451,628	$	1,670,686,770	$–	$	2,144,138,398

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2022.

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, 2023 was $302,988,402 and $409,918,730, 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	$	633,998,956


Aggregate unrealized (depreciation) of investments		(48,116,157	)


Net unrealized appreciation of investments	$	585,882,799

Cost of investments for tax purposes is $1,558,255,599.


16		Invesco EQV International Equity Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		1,465,138		$	31,064,692			2,807,680		$	67,617,432


Class C		148,257			2,673,666			111,238			2,438,626


Class R		106,283			2,206,383			237,323			5,662,217


Class Y		1,784,722			37,515,834			3,988,472			98,443,477


Class R5		354,953			7,691,691			666,022			17,263,820


Class R6		6,309,988			139,973,385			4,567,576			113,671,778



Issued as reinvestment of dividends:
Class A		4,635,096			91,404,088			9,377,469			249,815,764


Class C		108,492			1,812,907			240,218			5,565,840


Class R		183,420			3,534,504			344,332			9,007,726


Class Y		1,235,334			24,459,610			3,840,165			102,494,007


Class R5		553,998			11,262,780			1,253,150			34,248,586


Class R6		2,860,784			57,902,265			4,995,991			136,090,803



Automatic conversion of Class C shares to Class A shares:
Class A		79,776			1,695,378			168,338			4,033,916


Class C		(94,047	)		(1,695,378	)		(193,643	)		(4,033,916	)



Reacquired:
Class A		(4,588,076	)		(97,476,220	)		(8,944,538	)		(218,341,386	)


Class C		(186,104	)		(3,367,424	)		(240,013	)		(5,114,398	)


Class R		(186,834	)		(3,840,085	)		(392,744	)		(9,289,585	)


Class Y		(4,475,093	)		(96,299,627	)		(12,274,214	)		(304,725,755	)


Class R5		(917,500	)		(19,900,557	)		(8,312,888	)		(269,376,989	)


Class R6		(3,820,321	)		(83,726,816	)		(10,792,532	)		(260,523,074	)


Net increase (decrease) in share activity		5,558,266		$	106,891,076			(8,552,598	)	$	(225,051,111	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco International Equity Fund (the “Target Fund”) in exchange for shares of the Fund.

The reorganization is expected to be consummated at the close of business on or about July 28, 2023. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.


17		Invesco EQV International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,215.70	$7.58	$1,017.95	$6.90	1.38%
Class C	1,000.00	1,211.30	11.68	1,014.23	10.64	2.13
Class R	1,000.00	1,213.90	8.95	1,016.71	8.15	1.63
Class Y	1,000.00	1,217.00	6.21	1,019.19	5.66	1.13
Class R5	1,000.00	1,218.10	5.55	1,019.79	5.06	1.01
Class R6	1,000.00	1,218.00	5.28	1,020.03	4.81	0.96

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, 2023

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
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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	22.20	%
Class C Shares	21.74
Class R Shares	22.04
Class Y Shares	22.33
Class R5 Shares	22.39
Class R6 Shares	22.41
MSCI All Country World Index^▼	12.68
MSCI All Country World Growth Index^▼	17.02

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 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 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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (12/22/69)	10.80	%
10 Years	7.45
5 Years	4.25
1 Year	-0.60

Class C Shares
Inception (10/2/95)	8.89	%
10 Years	7.41
5 Years	4.64
1 Year	3.48

Class R Shares
Inception (3/1/01)	6.56	%
10 Years	7.78
5 Years	5.16
1 Year	4.90

Class Y Shares
Inception (11/17/98)	8.85	%
10 Years	8.32
5 Years	5.69
1 Year	5.42

Class R5 Shares
10 Years	8.21	%
5 Years	5.74
1 Year	5.54

Class R6 Shares
Inception (1/27/12)	9.85	%
10 Years	8.49
5 Years	5.84
1 Year	5.55

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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–100.05%
Argentina–0.34%
Reservas de Maternidad - Swiss Medical^(a)(b)		1,029,617,880	$ 29,711,683

Canada–0.24%
Canadian Pacific Kansas City Ltd.		262,328	20,681,940

China–4.10%
JD.com, Inc., ADR		6,617,603	236,380,779
Meituan, B Shares^(c)(d)		3,339,110	56,986,155
Tencent Holdings Ltd.		1,184,300	52,390,157
Yum China Holdings, Inc.		136,174	8,331,125
			354,088,216

Denmark–4.40%
Novo Nordisk A/S, Class B		2,274,640	379,450,945

France–14.85%
Airbus SE		2,868,976	402,741,673
Dassault Systemes SE		905,372	36,782,792
EssilorLuxottica S.A.		264,791	52,342,930
Kering S.A.		339,504	217,292,769
LVMH Moet Hennessy Louis Vuitton SE		580,731	558,044,644
Pernod Ricard S.A.		63,814	14,741,068
			1,281,945,876

Germany–2.52%
Allianz SE		114,092	28,621,329
SAP SE		1,393,193	188,722,356
			217,343,685

India–5.52%
DLF Ltd.		60,317,251	315,364,423
HDFC Bank Ltd.		896,001	18,540,134
ICICI Bank Ltd., ADR		6,253,912	142,276,498
			476,181,055

Israel–0.64%
Nice Ltd., ADR		270,184	55,120,238

Italy–0.87%
Brunello Cucinelli S.p.A.		785,010	75,035,497

Japan–6.13%
Hoya Corp.		125,100	13,177,834
Keyence Corp.		605,812	273,408,957
Murata Manufacturing Co. Ltd.		2,202,212	128,197,839
Omron Corp.		360,200	21,167,373
TDK Corp.		2,712,200	93,446,430
			529,398,433

Netherlands–1.31%
ASML Holding N.V.		164,991	105,052,427
Universal Music Group N.V.		350,845	7,674,478
			112,726,905

Spain–1.43%
Amadeus IT Group S.A.^(d)		1,754,765	123,455,920


	Shares		Value
Sweden–4.42%
Assa Abloy AB, Class B		6,329,936	$ 150,745,999
Atlas Copco AB, Class A		15,940,681	230,793,792
			381,539,791

Switzerland–0.95%
Lonza Group AG		131,982	82,143,595

United States–52.33%
Adobe, Inc.^(d)		663,317	250,441,966
Agilent Technologies, Inc.		1,104,974	149,646,629
Alphabet, Inc., Class A^(d)		8,299,024	890,817,236
Amazon.com, Inc.^(d)		745,089	78,569,635
Analog Devices, Inc.		2,316,549	416,700,834
Avantor, Inc.^(d)		1,915,764	37,319,083
Boston Scientific Corp.^(d)		563,974	29,394,325
Charles River Laboratories International, Inc.^(d)		137,873	26,212,415
Charter Communications, Inc., Class A^(d)		107,551	39,654,054
Danaher Corp.		179,342	42,487,913
Datadog, Inc., Class A^(d)		218,299	14,708,987
Ecolab, Inc.		172,425	28,939,812
Equifax, Inc.		793,301	165,308,062
Fidelity National Information Services, Inc.		428,431	25,157,468
IDEXX Laboratories, Inc.^(d)		73,137	35,995,106
Illumina, Inc.^(d)		302,532	62,188,478
Intuit, Inc.		830,673	368,777,278
Intuitive Surgical, Inc.^(d)		266,928	80,404,052
IQVIA Holdings, Inc.^(d)		408,648	76,919,813
Lam Research Corp.		28,407	14,887,541
Marriott International, Inc., Class A		345,744	58,548,289
Marvell Technology, Inc.		2,454,167	96,890,513
Meta Platforms, Inc., Class A^(d)		2,171,089	521,756,108
Microsoft Corp.		496,687	152,612,048
NVIDIA Corp.		259,037	71,880,177
Phathom Pharmaceuticals, Inc.^(d)(e)		1,139,718	12,194,983
S&P Global, Inc.		1,041,622	377,671,305
Splunk, Inc.^(d)		382,121	32,954,115
United Parcel Service, Inc., Class B		948,473	170,544,930
Visa, Inc., Class A^(e)		806,203	187,627,624
			4,517,210,779
Total Common Stocks & Other Equity Interests (Cost $3,764,773,271)			8,636,034,558
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–100.05% (Cost $3,764,773,271)			8,636,034,558

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.42%
Invesco Private Government Fund, 4.83%^(a)(f)(g)		10,231,985	10,231,985

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


5		Invesco Global Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 4.99%^(a)(f)(g)		26,310,818	$	26,310,818


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,545,680)				36,542,803


TOTAL INVESTMENTS IN SECURITIES–100.47% (Cost $3,801,318,951)				8,672,577,361


OTHER ASSETS LESS LIABILITIES–(0.47)%				(40,982,372	)


NET ASSETS–100.00%			$	8,631,594,989

Investment Abbreviations:

ADR – American Depositary Receipt

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 is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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, 2023.


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ -	$	53,989,676	$	(53,989,676)	$	-	$	-	$	-		$ 23,436
Invesco Liquid Assets Portfolio, Institutional Class		-		38,564,050		(38,562,115)		-		(1,935)		-		20,988
Invesco Treasury Portfolio, Institutional Class		-		61,702,487		(61,702,487)		-		-		-		26,672
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		59,416,433		(49,184,448)		-		-		10,231,985		156,784*
Invesco Private Prime Fund		-		152,319,013		(126,003,530)		(2,877)		(1,788)		26,310,818		425,339*
Investments in Other Affiliates:
Reservas de Maternidad – Swiss Medical		38,284,282		-		- (8,572,599)				-		29,711,683		-
Total		$38,284,282	$	365,991,659	$	(329,442,256)	$	(8,575,476)	$	(3,723)	$	66,254,486		$ 653,219

^(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 value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

^(d)	Non-income producing security.

^(e)	All or a portion of this security was out on loan at April 30, 2023.

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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 1J.

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


6		Invesco Global Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Information Technology	26.90	%

Communication Services	17.52

Consumer Discretionary	16.37

Industrials	13.56

Health Care	12.51

Financials	9.04

Real Estate	3.65

Other Sectors, Each Less than 2% of Net Assets	0.50

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

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


7		Invesco Global Fund

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $3,734,383,271)*	$	8,606,322,875


Investments in affiliates, at value (Cost $66,935,680)		66,254,486


Foreign currencies, at value (Cost $9,926,428)		9,918,230


Receivable for:
Fund shares sold		2,496,835


Dividends		13,826,124


Investment for trustee deferred compensation and retirement plans		942,473


Other assets		114,800


Total assets		8,699,875,823



Liabilities:
Payable for:
Fund shares reacquired		9,183,975


Amount due custodian		176,585


Accrued foreign taxes		14,672,647


Collateral upon return of securities loaned		36,545,680


Accrued fees to affiliates		3,961,305


Accrued trustees’ and officers’ fees and benefits		504,465


Accrued other operating expenses		667,473


IRS closing agreement fees for foreign withholding tax claims		1,610,097


Trustee deferred compensation and retirement plans		958,607


Total liabilities		68,280,834


Net assets applicable to shares outstanding	$	8,631,594,989



Net assets consist of:
Shares of beneficial interest	$	3,486,840,563


Distributable earnings		5,144,754,426


	$	8,631,594,989


Net Assets:

Class A	$	5,432,678,049


Class C	$	135,988,045


Class R	$	163,514,530


Class Y	$	1,380,891,579


Class R5	$	9,419,911


Class R6	$	1,509,102,875



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

Class A		63,338,297


Class C		1,872,992


Class R		1,945,223


Class Y		15,901,465


Class R5		107,969


Class R6		17,262,239


Class A:
Net asset value per share	$	85.77


Maximum offering price per share (Net asset value of $85.77 ÷ 94.50%)	$	90.76


Class C:
Net asset value and offering price per share	$	72.60


Class R:
Net asset value and offering price per share	$	84.06


Class Y:
Net asset value and offering price per share	$	86.84


Class R5:
Net asset value and offering price per share	$	87.25


Class R6:
Net asset value and offering price per share	$	87.42

*	At April 30, 2023, securities with an aggregate value of $36,477,205 were on loan to brokers.

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


8		Invesco Global Fund

Statement of Operations

For the six months ended April 30, 2023

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $2,412,682)	$	50,799,395


Dividends from affiliated money market funds (includes net securities lending income of $41,570)		112,666


Total investment income		50,912,061



Expenses:

Advisory fees		27,005,347


Administrative services fees		597,945


Custodian fees		309,273


Distribution fees:
Class A		5,820,096


Class C		651,681


Class R		385,944


Transfer agent fees – A, C, R and Y		4,682,314


Transfer agent fees – R5		2,317


Transfer agent fees – R6		237,183


Trustees’ and officers’ fees and benefits		99,951


Registration and filing fees		108,787


Reports to shareholders		161,781


Professional services fees		92,388


Other		65,423


Total expenses		40,220,430


Less: Fees waived and/or expense offset arrangement(s)		(86,874	)


Net expenses		40,133,556


Net investment income		10,778,505



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $994,107)		282,759,691


Affiliated investment securities		(3,723	)


Foreign currencies		(3,504,592	)


		279,251,376


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $1,773,441)		1,370,151,850


Affiliated investment securities		(8,575,476	)


Foreign currencies		537,528


		1,362,113,902


Net realized and unrealized gain		1,641,365,278


Net increase in net assets resulting from operations	$	1,652,143,783

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


9		Invesco Global Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:

Net investment income	$	10,778,505		$	98,081


Net realized gain		279,251,376			1,104,779,995


Change in net unrealized appreciation (depreciation)		1,362,113,902			(5,996,312,711	)


Net increase (decrease) in net assets resulting from operations		1,652,143,783			(4,891,434,635	)



Distributions to shareholders from distributable earnings:

Class A		(589,887,225	)		(527,301,347	)


Class C		(18,183,020	)		(18,273,693	)


Class R		(18,897,610	)		(16,351,348	)


Class Y		(170,490,867	)		(177,321,555	)


Class R5		(889,028	)		(1,053	)


Class R6		(195,083,841	)		(171,095,528	)


Total distributions from distributable earnings		(993,431,591	)		(910,344,524	)



Share transactions–net:

Class A		489,272,165			(173,404,479	)


Class C		6,276,846			(22,985,896	)


Class R		9,223,401			(215,109	)


Class Y		(134,771,592	)		(185,436,166	)


Class R5		1,553,141			7,790,385


Class R6		(134,433,959	)		(439,745	)


Net increase (decrease) in net assets resulting from share transactions		237,120,002			(374,691,010	)


Net increase (decrease) in net assets		895,832,194			(6,176,470,169	)



Net assets:

Beginning of period		7,735,762,795			13,912,232,964


End of period	$	8,631,594,989		$	7,735,762,795

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


10		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 04/30/23		$ 79.63		$ 0.07			$ 16.62			$ 16.69			$ –			$ (10.55	)		$ (10.55	)		$ 85.77		22.18	%^(e)		$5,432,678		1.06	%^(e)(f)		1.06	%^(e)(f)		0.17	%^(e)(f)		4	%
Year ended 10/31/22		135.11		(0.10	)		(46.46	)		(46.56	)		–			(8.92	)		(8.92	)		79.63		(36.79	)^(e)		4,538,019		1.04	^(e)		1.04	^(e)		(0.09	)^(e)		9
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
Class C
Six months ended 04/30/23		69.09		(0.20	)		14.26			14.06			–			(10.55	)		(10.55	)		72.60		21.71			135,988		1.83	^(f)		1.83	^(f)		(0.60	)^(f)		4
Year ended 10/31/22		119.28		(0.77	)		(40.50	)		(41.27	)		–			(8.92	)		(8.92	)		69.09		(37.26	)		122,529		1.81			1.81			(0.86	)		9
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
Class R
Six months ended 04/30/23		78.33		(0.04	)		16.32			16.28			–			(10.55	)		(10.55	)		84.06		22.01			163,515		1.33	^(f)		1.33	^(f)		(0.10	)^(f)		4
Year ended 10/31/22		133.38		(0.36	)		(45.77	)		(46.13	)		–			(8.92	)		(8.92	)		78.33		(36.95	)		142,467		1.31			1.31			(0.36	)		9
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
Class Y
Six months ended 04/30/23		80.42		0.17			16.80			16.97			–			(10.55	)		(10.55	)		86.84		22.32			1,380,892		0.83	^(f)		0.83	^(f)		0.40	^(f)		4
Year ended 10/31/22		136.06		0.14			(46.86	)		(46.72	)		–			(8.92	)		(8.92	)		80.42		(36.63	)		1,405,313		0.81			0.81			0.14			9
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
Class R5
Six months ended 04/30/23		80.72		0.20			16.88			17.08			–			(10.55	)		(10.55	)		87.25		22.39			9,420		0.75	^(f)		0.75	^(f)		0.48	^(f)		4
Year ended 10/31/22		136.38		0.21			(46.95	)		(46.74	)		–			(8.92	)		(8.92	)		80.72		(36.56	)		7,132		0.69			0.69			0.26			9
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 04/30/23		80.86		0.21			16.90			17.11			–			(10.55	)		(10.55	)		87.42		22.38			1,509,103		0.72	^(f)		0.72	^(f)		0.51	^(f)		4
Year ended 10/31/22		136.59		0.26			(47.07	)		(46.81	)		–			(8.92	)		(8.92	)		80.86		(36.56	)		1,520,303		0.69			0.69			0.26			9
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

^(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 and 2018, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 2023, the portfolio turnover calculation excludes the value of securities purchased of $580,042,718 in connection with the acquisition of Invesco Global Growth Fund into the Fund.

^(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, 2023 and the years ended October 31, 2022 and 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.


11		Invesco Global Fund

Notes to Financial Statements

April 30, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


12		Invesco Global Fund

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional 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, 2023, the Fund did not enter into any closing agreements.

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 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower


13		Invesco Global Fund

did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, the Fund paid the Adviser $2,234 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

L.	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		0.800%


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, 2023, the effective advisory fee rate incurred by the Fund was 0.65%.


14		Invesco Global Fund

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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $1,567.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $129,668 in front-end sales commissions from the sale of Class A shares and $811 and $2,591 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Argentina	$	–	$	–	$	29,711,683	$	29,711,683


Canada		20,681,940		–		–		20,681,940


China		244,711,904		109,376,312		–		354,088,216


Denmark		–		379,450,945		–		379,450,945


France		–		1,281,945,876		–		1,281,945,876


Germany		–		217,343,685		–		217,343,685


India		142,276,498		333,904,557		–		476,181,055


Israel		55,120,238		–		–		55,120,238


Italy		–		75,035,497		–		75,035,497


Japan		–		529,398,433		–		529,398,433


Netherlands		–		112,726,905		–		112,726,905


Spain		–		123,455,920		–		123,455,920


Sweden		–		381,539,791		–		381,539,791


Switzerland		–		82,143,595		–		82,143,595


United States		4,517,210,779		–		–		4,517,210,779


15		Invesco Global Fund


	Level 1		Level 2		Level 3		Total


Money Market Funds	$	–	$	36,542,803	$	–	$	36,542,803


Total Investments	$	4,980,001,359	$	3,662,864,319	$	29,711,683	$	8,672,577,361

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.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2022.

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, 2023 was $295,943,369 and $1,525,015,210, 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	$5,127,289,411


Aggregate unrealized (depreciation) of investments	(270,703,704	)


Net unrealized appreciation of investments	$4,856,585,707

Cost of investments for tax purposes is $3,815,991,654.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	April 30, 2023				October 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,153,128	$	93,456,884		2,699,919	$	276,201,243


Class C		89,046		6,157,065		185,240		16,485,700


Class R		116,291		9,279,360		305,417		30,560,185


Class Y		1,131,290		93,841,812		2,959,302		306,075,991


Class R5		11,203		920,326		91,860		8,130,749


Class R6		962,074		79,661,332		3,084,053		310,393,178



Issued as reinvestment of dividends:
Class A		6,958,566		546,525,802		3,986,432		489,772,840


Class C		264,385		17,626,582		164,422		17,644,163


Class R		244,159		18,812,469		134,571		16,300,613


Class Y		1,891,593		150,268,110		1,297,998		160,718,093


Class R5		11,125		887,783		-		-


Class R6		2,413,503		192,959,584		1,369,177		170,270,798


16		Invesco Global Fund


				Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023						October 31, 2022
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		113,324		$	9,168,733			213,043		$	21,179,663


Class C		(133,406	)		(9,168,733	)		(244,403	)		(21,179,663	)



Issued in connection with acquisitions:^(a)
Class A		5,602,786			453,714,248			-			-


Class C		113,708			7,806,679			-			-


Class Y		199,215			16,324,792			-			-


Class R5		5,997			493,612			-			-


Class R6		38,915			3,209,638			-			-



Reacquired:
Class A		(7,475,472	)		(613,593,502	)		(9,665,952	)		(960,558,225	)


Class C		(234,269	)		(16,144,747	)		(416,277	)		(35,936,096	)


Class R		(234,113	)		(18,868,428	)		(477,092	)		(47,075,907	)


Class Y		(4,794,888	)		(395,206,306	)		(6,723,450	)		(652,230,250	)


Class R5		(8,701	)		(748,580	)		(3,633	)		(340,364	)


Class R6		(4,954,563	)		(410,264,513	)		(4,904,320	)		(481,103,721	)


Net increase (decrease) in share activity		3,484,896		$	237,120,002			(5,943,693	)	$	(374,691,010	)

^(a)

After the close of business on February 10, 2023, the Fund acquired all the net assets of Invesco Global Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 5,960,621 shares of the Fund for 35,248,894 shares outstanding of the Target Fund as of the close of business on February 10, 2023. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, February 10, 2023. The Target Fund’s net assets as of the close of business on February 10, 2023 of $481,548,969, including $(101,789,047) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $8,276,255,502 and $8,757,804,471 immediately after the acquisition.

The pro forma results of operations for the six months ended April 30, 2023 assuming the reorganization had been completed on November 1, 2022, the beginning of the semi-annual reporting period are as follows:


Net investment income			$ 9,871,992


Net realized/unrealized gains			1,709,190,734


Change in net assets resulting from operations			$1,719,062,726

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since February 11, 2023.


17		Invesco Global Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,222.00	$5.84	$1,019.54	$5.31	1.06%
Class C	1,000.00	1,217.40	10.06	1,015.72	9.15	1.83
Class R	1,000.00	1,220.40	7.32	1,018.20	6.66	1.33
Class Y	1,000.00	1,223.30	4.58	1,020.68	4.16	0.83
Class R5	1,000.00	1,223.90	4.14	1,021.08	3.76	0.75
Class R6	1,000.00	1,224.10	3.97	1,021.22	3.61	0.72

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


18		Invesco Global Fund

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Semiannual Report to Shareholders		April 30, 2023

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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	29.37	%
Class C Shares	28.90
Class R Shares	29.22
Class Y Shares	29.52
Class R5 Shares	29.61
Class R6 Shares	29.63
MSCI All Country World Index^▼	12.68
MSCI All Country World Growth Index^▼	17.02

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 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 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 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (10/1/07)	6.05	%
10 Years	7.28
5 Years	5.93
1 Year	-1.77

Class C Shares
Inception (10/1/07)	6.08	%
10 Years	7.23
5 Years	6.33
1 Year	2.16

Class R Shares
Inception (10/1/07)	6.23	%
10 Years	7.61
5 Years	6.88
1 Year	3.71

Class Y Shares
Inception (10/1/07)	6.80	%
10 Years	8.15
5 Years	7.40
1 Year	4.22

Class R5 Shares
10 Years	8.04	%
5 Years	7.45
1 Year	4.35

Class R6 Shares
Inception (8/28/12)	10.04	%
10 Years	8.33
5 Years	7.56
1 Year	4.36

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.

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 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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.48%
Apparel, Accessories & Luxury Goods–7.71%
Hermes International (France)		16,024	$	34,771,116


Moncler S.p.A. (Italy)		81,099		6,012,669


				40,783,785



Application Software–6.33%
Nice Ltd., ADR (Israel)		69,283		14,134,425


Salesforce, Inc.^(b)		97,537		19,348,415


				33,482,840



Biotechnology–2.01%
BeiGene Ltd., ADR (China)^(b)		41,630		10,613,985



Broadline Retail–8.49%
Alibaba Group Holding Ltd., ADR (China)^(b)		190,357		16,121,334


Amazon.com, Inc.^(b)		267,397		28,197,014


JD.com, Inc., A Shares (China)		32,892		584,275


				44,902,623



Financial Exchanges & Data–1.60%
S&P Global, Inc.		23,364		8,471,319



Health Care Equipment–8.56%
Edwards Lifesciences Corp.^(b)		138,478		12,183,294


IDEXX Laboratories, Inc.^(b)		31,545		15,525,187


Stryker Corp.		58,593		17,557,393


				45,265,874



Hotels, Resorts & Cruise Lines–5.09%
Airbnb, Inc., Class A^(b)		72,780		8,709,582


Amadeus IT Group S.A. (Spain)^(b)		258,696		18,200,473


				26,910,055



Integrated Telecommunication Services–0.06%
Cellnex Telecom S.A. (Spain)^(c)		7,507		316,272



Interactive Media & Services–21.67%
Alphabet, Inc., Class A^(b)		269,275		28,903,979


Meta Platforms, Inc., Class A^(b)		259,445		62,349,822


Tencent Holdings Ltd. (China)		526,400		23,286,480


				114,540,281



Internet Services & Infrastructure–0.43%
Twilio, Inc., Class A^(b)		43,538		2,290,534



Life Sciences Tools & Services–13.07%
Biotage AB (Sweden)		182,020		2,268,122



Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Life Sciences Tools & Services–(continued)
Illumina, Inc.^(b)		63,223	$	12,996,120


Lonza Group AG (Switzerland)		21,836		13,590,395


Tecan Group AG, Class R (Switzerland)^(b)		22,950		9,996,548


Thermo Fisher Scientific, Inc.		38,227		21,212,162


Wuxi Biologics Cayman, Inc. (China)^(b)(c)		1,509,000		9,026,628


				69,089,975



Passenger Ground Transportation–2.35%
Uber Technologies, Inc.^(b)		399,811		12,414,132



Pharmaceuticals–4.36%
Novo Nordisk A/S, Class B (Denmark)		138,067		23,032,064



Restaurants–0.62%
Meituan, B Shares (China)^(b)(c)		190,620		3,253,173



Semiconductor Materials & Equipment–2.37%
ASML Holding N.V. (Netherlands)		19,650		12,511,472



Semiconductors–0.39%
Infineon Technologies AG (Germany)		57,089		2,072,835



Systems Software–4.24%
Crowdstrike Holdings, Inc., Class A^(b)		59,617		7,157,021


ServiceNow, Inc.^(b)		33,230		15,266,526


				22,423,547



Transaction & Payment Processing Services–9.13%
Adyen N.V. (Netherlands)^(b)(c)		8,613		13,793,170


Mastercard, Inc., Class A		62,144		23,616,584


Visa, Inc., Class A		46,538		10,830,789


				48,240,543


Total Common Stocks & Other Equity Interests (Cost $362,662,691)				520,615,309



Money Market Funds–1.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		2,002,948		2,002,948


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		1,430,391		1,430,820


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		2,289,084		2,289,084


Total Money Market Funds (Cost $5,722,693)				5,722,852


TOTAL INVESTMENTS IN SECURITIES–99.56% (Cost $368,385,384)				526,338,161


OTHER ASSETS LESS LIABILITIES–0.44%				2,349,436


NET ASSETS–100.00%			$	528,687,597

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, 2023 was $26,389,243, which represented 4.99% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022		Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$-		$	15,195,658		$	(13,192,710)		$ -		$	-		$	2,002,948		$	26,244
Invesco Liquid Assets Portfolio, Institutional Class		-			10,854,042			(9,423,394)		159			13			1,430,820			19,436
Invesco Treasury Portfolio, Institutional Class		-			17,366,466			(15,077,382)		-			-			2,289,084			30,007
Total		$-		$	43,416,166		$	(37,693,486)		$159		$	13		$	5,722,852		$	75,687

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023


Health Care	27.99	%
Consumer Discretionary	21.91
Communication Services	21.73
Information Technology	13.77
Financials	10.73
Industrials	2.35
Money Market Funds Plus Other Assets Less Liabilities	1.52

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $362,662,691)	$	520,615,309
Investments in affiliated money market funds, at value (Cost $5,722,693)		5,722,852
Cash		100,000
Foreign currencies, at value (Cost $205,188)		204,707
Receivable for:
Investments sold		1,519,656
Fund shares sold		491,486
Dividends		572,386
Investment for trustee deferred compensation and retirement plans		31,730
Other assets		39,955
Total assets		529,298,081

Liabilities:
Payable for:
Fund shares reacquired		249,800
Accrued fees to affiliates		272,363
Accrued trustees’ and officers’ fees and benefits		248
Accrued other operating expenses		56,343
Trustee deferred compensation and retirement plans		31,730
Total liabilities		610,484
Net assets applicable to shares outstanding	$	528,687,597

Net assets consist of:
Shares of beneficial interest	$	406,420,195
Distributable earnings		122,267,402
	$	528,687,597


Net Assets:
Class A	$	260,920,155
Class C	$	26,192,348
Class R	$	27,801,859
Class Y	$	180,231,787
Class R5	$	9,778
Class R6	$	33,531,670

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,470,718
Class C		508,025
Class R		497,004
Class Y		2,978,559
Class R5		165
Class R6		543,230
Class A:
Net asset value per share	$	58.36
Maximum offering price per share (Net asset value of $58.36 ÷ 94.50%)	$	61.76
Class C:
Net asset value and offering price per share	$	51.56
Class R:
Net asset value and offering price per share	$	55.94
Class Y:
Net asset value and offering price per share	$	60.51
Class R5:
Net asset value and offering price per share	$	59.26
Class R6:
Net asset value and offering price per share	$	61.73

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, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $85,320)	$	2,094,772


Dividends from affiliated money market funds		75,687


Total investment income		2,170,459



Expenses:
Advisory fees		1,901,624


Administrative services fees		34,979


Custodian fees		40,661


Distribution fees:
Class A		285,506


Class C		123,389


Class R		61,616


Transfer agent fees – A, C, R and Y		389,542


Transfer agent fees – R5		1


Transfer agent fees – R6		4,389


Trustees’ and officers’ fees and benefits		7,868


Registration and filing fees		57,594


Reports to shareholders		47,984


Professional services fees		24,312


Other		10,929


Total expenses		2,990,394


Less: Fees waived and/or expense offset arrangement(s)		(10,677	)


Net expenses		2,979,717


Net investment income (loss)		(809,258	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(6,625,617	)


Affiliated investment securities		13


Foreign currencies		5,657


		(6,619,947	)


Change in net unrealized appreciation of:
Unaffiliated investment securities		130,454,790


Affiliated investment securities		159


Foreign currencies		43,280


		130,498,229


Net realized and unrealized gain		123,878,282


Net increase in net assets resulting from operations	$	123,069,024

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30,			October 31,
	2023			2022


Operations:
Net investment income (loss)	$	(809,258	)	$	(5,389,132	)


Net realized gain (loss)		(6,619,947	)		(21,329,756	)


Change in net unrealized appreciation (depreciation)		130,498,229			(412,218,804	)


Net increase (decrease) in net assets resulting from operations		123,069,024			(438,937,692	)



Distributions to shareholders from distributable earnings:
Class A		–			(14,955,683	)


Class C		–			(2,706,384	)


Class R		–			(1,493,565	)


Class Y		–			(15,895,479	)


Class R5		–			(462	)


Class R6		–			(1,926,473	)


Total distributions from distributable earnings		–			(36,978,046	)



Share transactions–net:
Class A		(4,329,311	)		(11,792,696	)


Class C		(2,959,110	)		(19,164,475	)


Class R		50,727			1,281,449


Class Y		(37,854,534	)		(74,121,872	)


Class R5		1,000			5


Class R6		(1,012,780	)		(2,148,288	)


Net increase (decrease) in net assets resulting from share transactions		(46,104,008	)		(105,945,877	)


Net increase (decrease) in net assets		76,965,016			(581,861,615	)



Net assets:
Beginning of period		451,722,581			1,033,584,196


End of period	$	528,687,597		$	451,722,581

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 04/30/23		$45.11		$(0.10	)^(e)		$ 13.35			$ 13.25			$ –			$58.36		29.37	%		$260,920		1.30	%^(f)		1.30	%^(f)		(0.40	)%^(e)(f)		5	%
Year ended 10/31/22		85.76		(0.51	)^(e)		(37.02	)		(37.53	)		(3.12	)		45.11		(45.25	)		206,115		1.23			1.23			(0.85	)^(e)		25
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
Class C
Six months ended 04/30/23		40.00		(0.26	)^(e)		11.82			11.56			–			51.56		28.90			26,192		2.05	^(f)		2.05	^(f)		(1.15	)^(e)(f)		5
Year ended 10/31/22		77.00		(0.89	)^(e)		(32.99	)		(33.88	)		(3.12	)		40.00		(45.66	)		22,964		1.98			1.98			(1.60	)^(e)		25
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
Class R
Six months ended 04/30/23		43.29		(0.16	)^(e)		12.81			12.65			–			55.94		29.22			27,802		1.55	^(f)		1.55	^(f)		(0.65	)^(e)(f)		5
Year ended 10/31/22		82.63		(0.64	)^(e)		(35.58	)		(36.22	)		(3.12	)		43.29		(45.38	)		21,519		1.48			1.48			(1.10	)^(e)		25
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
Class Y
Six months ended 04/30/23		46.71		(0.04	)^(e)		13.84			13.80			–			60.51		29.55			180,232		1.05	^(f)		1.05	^(f)		(0.15	)^(e)(f)		5
Year ended 10/31/22		88.48		(0.38	)^(e)		(38.27	)		(38.65	)		(3.12	)		46.71		(45.11	)		174,208		0.98			0.98			(0.60	)^(e)		25
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
Class R5
Six months ended 04/30/23		45.71		(0.00	)^(e)		13.55			13.55			–			59.26		29.64			10		0.91	^(f)		0.91	^(f)		(0.01	)^(e)(f)		5
Year ended 10/31/22		86.56		(0.29	)^(e)		(37.44	)		(37.73	)		(3.12	)		45.71		(45.05	)		7		0.85			0.85			(0.47	)^(e)		25
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 04/30/23		47.62		(0.00	)^(e)		14.11			14.11			–			61.73		29.63			33,532		0.91	^(f)		0.91	^(f)		(0.01	)^(e)(f)		5
Year ended 10/31/22		90.02		(0.30	)^(e)		(38.98	)		(39.28	)		(3.12	)		47.62		(45.04	)		26,910		0.85			0.85			(0.47	)^(e)		25
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

^(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 and 2018, 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 (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the six months ended April 30, 2023. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.24) and (0.67)%, $(0.40) and (1.42)%, $(0.30) and (0.92)%, $(0.18) and (0.42)%, $(0.14) and (0.28)% and $(0.14) and (0.28)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.60) and (1.00)% , $(0.98) and (1.75)%, $(0.73) and (1.25)%, $(0.47) and (0.75)%, $(0.38) and (0.62)%, $(0.39) and (0.62)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $500 million		0.800	%
Next $500 million		0.750	%
Over $1 billion		0.720	%

For the six months ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.79%.

The Adviser had contractually agreed, through at least June 30, 2023, the 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $1,889.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $31,311 in front-end sales commissions from the sale of Class A shares and $9,080 and $558 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


13		Invesco Global Focus Fund

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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


	Level 1		Level 2		Level 3	Total


Investments in Securities


Common Stocks & Other Equity Interests	$	347,899,617	$	172,715,692	$–	$	520,615,309


Money Market Funds		5,722,852		–	–		5,722,852


Total Investments	$	353,622,469	$	172,715,692	$–	$	526,338,161

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

15,863,313

$–

15,863,313

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2023 was $23,732,259 and $79,157,193, 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	$	170,865,848


Aggregate unrealized (depreciation) of investments		(21,640,962	)


Net unrealized appreciation of investments	$	149,224,886

Cost of investments for tax purposes is $377,113,275.


14		Invesco Global Focus Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		426,586		$	22,844,070			599,231		$	37,546,596


Class C		60,425			2,856,006			90,052			5,167,312


Class R		65,826			3,388,417			116,370			7,005,595


Class Y		240,095			13,531,125			1,281,119			81,643,797


Class R5		17			1,000			-			-


Class R6		73,790			4,215,106			220,246			14,286,678



Issued as reinvestment of dividends:
Class A		-			-			187,077			14,217,809


Class C		-			-			37,118			2,518,470


Class R		-			-			20,415			1,492,133


Class Y		-			-			156,123			12,261,933


Class R5		-			-			-			5


Class R6		-			-			23,043			1,842,783



Automatic conversion of Class C shares to Class A shares:
Class A		43,283			2,235,333			178,917			10,908,341


Class C		(48,898	)		(2,235,333	)		(200,823	)		(10,908,341	)



Reacquired:
Class A		(568,523	)		(29,408,714	)		(1,225,186	)		(74,465,442	)


Class C		(77,643	)		(3,579,783	)		(274,234	)		(15,941,916	)


Class R		(65,933	)		(3,337,690	)		(119,047	)		(7,216,279	)


Class Y		(991,027	)		(51,385,659	)		(2,830,430	)		(168,027,602	)


Class R6		(95,696	)		(5,227,886	)		(294,696	)		(18,277,749	)


Net increase (decrease) in share activity		(937,698	)	$	(46,104,008	)		(2,034,705	)	$	(105,945,877	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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 (11/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,293.70	$7.39	$1,018.35	$6.51	1.30%
Class C	1,000.00	1,289.00	11.63	1,014.63	10.24	2.05
Class R	1,000.00	1,292.20	8.81	1,017.11	7.75	1.55
Class Y	1,000.00	1,295.20	5.98	1,019.59	5.26	1.05
Class R5	1,000.00	1,296.10	5.18	1,020.28	4.56	0.91
Class R6	1,000.00	1,296.30	5.18	1,020.28	4.56	0.91

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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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, 2023

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

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/22 to 4/30/23, 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	10.41	%
Class C Shares	9.99
Class R Shares	10.25
Class Y Shares	10.53
Class R5 Shares	10.57
Class R6 Shares	10.60
MSCI All Country World Index^▼	12.68

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 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (10/22/90)	9.94	%
10 Years	7.45
5 Years	-3.94
1 Year	-16.02

Class C Shares
Inception (12/1/93)	9.76	%
10 Years	7.41
5 Years	-3.58
1 Year	-12.67

Class R Shares
Inception (3/1/01)	7.13	%
10 Years	7.78
5 Years	-3.10
1 Year	-11.37

Class Y Shares
Inception (2/1/01)	7.17	%
10 Years	8.33
5 Years	-2.61
1 Year	-10.92

Class R5 Shares
10 Years	8.21	%
5 Years	-2.58
1 Year	-10.84

Class R6 Shares
Inception (1/27/12)	8.40	%
10 Years	8.50
5 Years	-2.47
1 Year	-10.78

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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.85%
Belgium-0.77%
Biocartis Group N.V.^(a)(b)(c)		9,090,626	$	6,020,707
Materialise N.V., ADR^(a)(c)		2,900,000		26,071,000
				32,091,707

Denmark-3.61%
Atlantic Sapphire ASA^(c)		6,169,427		2,921,442
Bavarian Nordic A/S^(c)		2,880,000		79,228,099
Genmab A/S^(c)		100,000		41,078,286
Novozymes A/S, Class B		500,000		26,036,716
				149,264,543

France-1.04%
Mersen S.A.		1,000,000		40,416,385
Mersen S.A., Rts., expiring 06/30/2023^(a)		1,000,000		1,624,517
Technicolor Creative Studios S.A.^(c)		4,459,963		487,959
Vantiva S.A.^(c)		1,630,751		393,994
				42,922,855

Germany-6.13%
AIXTRON SE		4,000,000		112,964,009
Basler AG^(a)		1,800,000		38,755,709
Carl Zeiss Meditec AG, BR		200,000		26,885,645
Manz AG^(a)		500,000		13,132,219
PVA TePla AG^(a)(c)		2,887,082		61,828,416
				253,565,998

Ireland-1.09%
Ads-Tec Energy PLC		2,319,856		5,219,676
Flutter Entertainment PLC^(c)		200,000		40,073,087
				45,292,763

Italy-3.46%
Brunello Cucinelli S.p.A.		1,500,000		143,378,103

Japan-15.72%
Comture Corp.^(a)		3,000,000		44,298,979
CyberAgent, Inc.		5,200,000		45,355,181
Disco Corp.		600,000		68,346,565
Jeol Ltd.		2,500,000		73,090,405
M3, Inc.		3,000,000		73,656,556
Mercari, Inc.^(c)		1,000,000		17,172,238
Nidec Corp.		600,000		29,730,037
Nikon Corp.		2,000,000		20,660,124
Optex Group Co. Ltd.^(a)		2,000,000		30,146,604
PeptiDream, Inc.^(c)		4,000,000		54,008,862
Rheon Automatic Machinery Co. Ltd.		1,000,000		9,601,184
SHIFT, Inc.^(c)		550,000		102,797,166
Yaskawa Electric Corp.		2,000,000		81,635,031
				650,498,932

Norway-3.15%
Mowi ASA		4,000,000		76,301,588
Nordic Semiconductor ASA^(c)		4,999,999		54,064,373
				130,365,961


	Shares		Value

Sweden-8.42%
AddTech AB, Class B		3,000,000	$	60,335,374
Beijer Ref AB		4,000,000		65,627,205
Boozt AB^(a)(b)(c)		3,750,000		43,513,039
Indutrade AB		4,000,000		96,191,931
Midsona AB, Class B		2,000,000		1,567,633
RaySearch Laboratories AB^(a)(c)		4,000,000		26,811,733
Surgical Science Sweden AB^(c)		1,000,000		18,267,548
Tobii AB^(c)		3,000,000		6,280,207
Xvivo Perfusion AB^(c)		1,000,000		29,857,786
				348,452,456

Switzerland-0.12%
GeNeuro S.A.^(a)		2,457,241		5,078,129

United Kingdom-14.63%
ASOS PLC^(c)		700,000		6,527,998
Aston Martin Lagonda Global Holdings PLC^(b)(c)		72,000,000		219,228,179
boohoo Group PLC^(c)		30,000,000		18,607,282
FD Technologies PLC^(c)		1,200,000		28,433,749
Fevertree Drinks PLC		2,000,000		34,113,060
Frontier Developments PLC^(a)(c)		3,000,000		18,674,219
Future PLC		1,000,000		14,197,747
Gooch & Housego PLC^(a)		2,000,000		12,981,517
IP Group PLC		20,785,545		14,721,319
IQE PLC^(a)(c)		140,000,000		43,461,241
M&C Saatchi PLC^(c)		6,044,563		12,837,959
Oxford Nanopore Technologies PLC^(c)		30,000,000		86,841,699
Spirax-Sarco Engineering PLC		200,000		27,945,719
WANdisco PLC^(a)(c)(d)		5,000,000		20,579,287
Xaar PLC^(a)(c)		6,000,000		13,111,545
Zoo Digital Group PLC^(a)(c)		7,000,000		14,077,328
Zotefoams PLC^(a)		4,000,000		19,055,763
				605,395,611

United States-38.71%
3D Systems Corp.^(c)		5,000,000		45,800,000
Advanced Micro Devices, Inc.^(c)		3,000,000		268,110,000
Align Technology, Inc.^(c)		100,000		32,530,000
Applied Materials, Inc.		600,000		67,818,000
Arrowhead Pharmaceuticals, Inc.^(c)		2,000,000		70,820,000
Cognex Corp.		1,200,000		57,228,000
Coherent Corp.^(c)		1,000,000		34,140,000
Exact Sciences Corp.^(c)		1,800,000		115,326,000
Globant S.A.^(c)		200,000		31,374,000
Impinj, Inc.^(c)		400,000		35,364,000
IPG Photonics Corp.^(c)		600,000		68,988,000
Ivanhoe Electric, Inc.^(c)		2,000,000		23,820,000
Littelfuse, Inc.		200,000		48,448,000
Manhattan Associates, Inc.^(c)		600,000		99,408,000
Nektar Therapeutics^(a)(c)		35,770,000		26,909,771
Nevro Corp.^(c)		1,000,000		29,270,000
ON Semiconductor Corp.^(c)		1,000,000		71,960,000
PDF Solutions, Inc.^(a)(c)		3,000,000		108,150,000
PTC, Inc.^(c)		1,000,000		125,790,000
QUALCOMM, Inc.		500,000		58,400,000

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


5		Invesco Global Opportunities Fund


	Shares		Value


United States–(continued)
Shake Shack, Inc., Class A^(c)		1,000,000	$	54,810,000
Veeco Instruments, Inc.^(a)(c)		3,000,000		55,260,000
Vicor Corp.^(c)		500,000		21,485,000
Wolfspeed, Inc.^(c)		1,000,000		46,550,000
Xeris Biopharma Holdings, Inc.^(c)		2,000,000		4,520,000
				1,602,278,771
Total Common Stocks & Other Equity Interests (Cost $4,167,737,545)				4,008,585,829

Money Market Funds–3.85%

Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(a)(e)		55,831,162		55,831,162


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(a)(e)		39,869,302	$	39,881,262


Invesco Treasury Portfolio, Institutional Class, 4.77%^(a)(e)		63,807,043		63,807,043


Total Money Market Funds (Cost $159,515,528)				159,519,467


TOTAL INVESTMENTS IN SECURITIES—100.70% (Cost $4,327,253,073)				4,168,105,296


OTHER ASSETS LESS LIABILITIES–(0.70)%				(28,993,072	)


NET ASSETS–100.00%			$	4,139,112,224

Investment Abbreviations:


ADR		– American Depositary Receipt
BR		– Bearer Shares
Rts.		– Rights

Notes to Schedule of Investments:

^(a)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	81,100,213	$	159,107,023	$	(184,376,074)	$	-	$	-	$	55,831,162	$	988,526
Invesco Liquid Assets Portfolio, Institutional Class		51,103,361		113,647,873		(124,873,806)		(7,633)		11,467		39,881,262		703,914
Invesco Treasury Portfolio, Institutional Class		92,685,957		181,836,597		(210,715,511)		-		-		63,807,043		1,129,169

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


6		Invesco Global Opportunities Fund


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Other Affiliates:
Aumann AG	$	11,861,710	$	-	$	(14,054,034)	$	47,558,191	$	(45,365,867)	$	-	$	-
Basler AG		48,931,519		-		-		(10,175,810)		-		38,755,709		-
Biocartis Group N.V.		7,106,383		7,330,294		(131,614)		(1,127,623)		(7,156,733)		6,020,707		-
Boozt AB		27,374,742		-		-		16,138,297		-		43,513,039		-
Comture Corp.		48,775,634		-		-		(4,476,655)		-		44,298,979		447,645
Frontier Developments PLC		45,619,685		-		-		(26,945,466)		-		18,674,219		-
GeNeuro S.A.		4,128,332		-		-		949,797		-		5,078,129		-
Gooch & Housego PLC		11,009,275		-		-		1,972,242		-		12,981,517		195,454
IQE PLC		67,203,506		-		-		(23,742,265)		-		43,461,241		-
Manz AG		13,121,717		-		-		10,502		-		13,132,219		-
Materialise N.V., ADR*		30,711,000		-		-		(4,640,000)		-		26,071,000		-
Mersen S.A., Rts., expiring 06/30/2023		-		-		-		1,624,517		-		1,624,517		-
Nektar Therapeutics		134,495,200		-		-		(107,585,429)		-		26,909,771		-
Optex Group Co. Ltd.		27,540,836		-		-		2,605,768		-		30,146,604		243,618
PDF Solutions, Inc.		70,740,000		-		-		37,410,000		-		108,150,000		-
PVA TePla AG		48,529,344		-		-		13,299,072		-		61,828,416		-
RaySearch Laboratories AB		20,788,083		-		-		6,023,650		-		26,811,733		-
Rovio Entertainment OYJ		26,803,800		-		(41,712,224)		13,773,790		1,134,634		-		-
Veeco Instruments, Inc.		54,690,000		-		-		570,000		-		55,260,000		-
WANdisco PLC		25,109,582		-		-		(4,530,295)		-		20,579,287		-
Xaar PLC		11,672,694		-		-		1,438,851		-		13,111,545		-
Zoo Digital Group PLC		13,245,534		-		-		831,794		-		14,077,328		-
Zotefoams PLC		13,509,174		-		-		5,546,589		-		19,055,763		-
Total	$	987,857,281	$	461,921,787	$	(575,863,263)	$	(33,478,116)	$	(51,376,499)	$	789,061,190	$	3,708,326

At April 30, 2023, this security was no longer an affiliate of the Fund.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $268,761,925, which represented 6.49% of the Fund’s Net Assets.

^(c)	Non-income producing security.

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized
Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

05/05/2023

State Street Bank & Trust Co.

USD

496,945

NOK

5,280,100

$ (1,438)

05/10/2023

State Street Bank & Trust Co.

USD

5,300,344

EUR

4,799,928

(8,974)

Total Forward Foreign Currency Contracts

$(10,412)

Abbreviations:

EUR – Euro

NOK – Norwegian Krone

USD – U.S. Dollar

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


7		Invesco Global Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Information Technology	45.15	%

Health Care	19.33

Consumer Discretionary	13.63

Industrials	11.73

Consumer Staples	2.78

Communication Services	2.21

Other Sectors, Each Less than 2% of Net Assets	2.02

Money Market Funds Plus Other Assets Less Liabilities	3.15

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


8		Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $2,718,037,902)	$	3,405,115,106


Investments in affiliates, at value (Cost $1,609,215,171)		762,990,190


Cash		4,000,000


Foreign currencies, at value (Cost $93,619)		93,035


Receivable for:
Investments sold		14,106


Fund shares sold		2,418,747


Dividends		7,903,215


Interest		24


Investment for trustee deferred compensation and retirement plans		294,269


Other assets		79,719


Total assets		4,182,908,411



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		10,412


Payable for:
Investments purchased		495,456


Fund shares reacquired		40,401,948


Accrued fees to affiliates		1,954,261


Accrued trustees’ and officers’ fees and benefits		146,196


Accrued other operating expenses		493,645


Trustee deferred compensation and retirement plans		294,269


Total liabilities		43,796,187


Net assets applicable to shares outstanding	$	4,139,112,224



Net assets consist of:
Shares of beneficial interest	$	4,263,172,446


Distributable earnings (loss)		(124,060,222	)


	$	4,139,112,224


Net Assets:
Class A	$	1,972,060,976


Class C	$	158,378,201


Class R	$	148,048,052


Class Y	$	772,450,553


Class R5	$	692,828


Class R6	$	1,087,481,614



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,026,173


Class C		4,293,508


Class R		3,457,924


Class Y		16,354,102


Class R5		14,891


Class R6		22,698,908


Class A:
Net asset value per share	$	45.83


Maximum offering price per share (Net asset value of $45.83 ÷ 94.50%)	$	48.50


Class C:
Net asset value and offering price per share	$	36.89


Class R:
Net asset value and offering price per share	$	42.81


Class Y:
Net asset value and offering price per share	$	47.23


Class R5:
Net asset value and offering price per share	$	46.53


Class R6:
Net asset value and offering price per share	$	47.91

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


9		Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $996,789)	$	8,100,101


Dividends from affiliates		3,708,326


Total investment income		11,808,427



Expenses:
Advisory fees		14,802,465


Administrative services fees		315,113


Custodian fees		89,918


Distribution fees:
Class A		2,452,144


Class C		844,863


Class R		376,587


Transfer agent fees - A, C, R and Y		2,465,458


Transfer agent fees - R5		286


Transfer agent fees - R6		178,897


Trustees’ and officers’ fees and benefits		39,536


Registration and filing fees		98,671


Reports to shareholders		281,039


Professional services fees		52,061


Other		42,978


Total expenses		22,040,016


Less: Fees waived and/or expense offset arrangement(s)		(125,690	)


Net expenses		21,914,326


Net investment income (loss)		(10,105,899	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		119,042,713


Affiliated investment securities		(51,376,499	)


Foreign currencies		(125,283	)


Forward foreign currency contracts		37,547


		67,578,478


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		420,549,519


Affiliated investment securities		(33,478,116	)


Foreign currencies		435,700


Forward foreign currency contracts		(10,412	)


		387,496,691


Net realized and unrealized gain		455,075,169


Net increase in net assets resulting from operations	$	444,969,270

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


10		Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30,			October 31,
	2023			2022


Operations:
Net investment income (loss)	$	(10,105,899	)	$	(31,046,834	)


Net realized gain		67,578,478			36,928,571


Change in net unrealized appreciation (depreciation)		387,496,691			(3,890,928,632	)


Net increase (decrease) in net assets resulting from operations		444,969,270			(3,885,046,895	)



Distributions to shareholders from distributable earnings:
Class A		–			(194,328,046	)


Class C		–			(24,420,772	)


Class R		–			(14,273,037	)


Class Y		–			(113,074,056	)


Class R5		–			(66,097	)


Class R6		–			(101,013,872	)


Total distributions from distributable earnings		–			(447,175,880	)



Share transactions–net:
Class A		(154,645,416	)		(164,909,820	)


Class C		(23,835,624	)		(60,433,988	)


Class R		(6,338,175	)		521,479


Class Y		(214,073,850	)		(468,704,535	)


Class R5		(86	)		182,418


Class R6		(150,636,630	)		46,604,325


Net increase (decrease) in net assets resulting from share transactions		(549,529,781	)		(646,740,121	)


Net increase (decrease) in net assets		(104,560,511	)		(4,978,962,896	)



Net assets:
Beginning of period		4,243,672,735			9,222,635,631


End of period	$	4,139,112,224		$	4,243,672,735

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


11		Invesco Global Opportunities Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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 04/30/23		$41.51		$(0.13	)		$ 4.45			$ 4.32			$ -			$45.83		10.41	%^(e)		$1,972,061		1.11	%^(e)(f)		1.11	%^(e)(f)		(0.57	)%^(e)(f)		6	%
Year ended 10/31/22		79.58		(0.34	)		(33.80	)		(34.14	)		(3.93	)		41.51		(44.95	)^(e)		1,927,070		1.11	^(e)		1.11	^(e)		(0.60	)^(e)		9
Year ended 10/31/21		68.56		(0.57	)		18.59			18.02			(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	)		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	)		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	)		75.01		25.09			4,124,481		1.12			1.12			(0.31	)		21
Class C
Six months ended 04/30/23		33.54		(0.24	)		3.59			3.35			-			36.89		9.99			158,378		1.87	^(f)		1.87	^(f)		(1.33	)^(f)		6
Year ended 10/31/22		65.56		(0.63	)		(27.46	)		(28.09	)		(3.93	)		33.54		(45.36	)		165,705		1.87			1.87			(1.36	)		9
Year ended 10/31/21		57.90		(0.98	)		15.64			14.66			(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	)		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	)		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	)		65.97		24.15			955,893		1.87			1.87			(1.06	)		21
Class R
Six months ended 04/30/23		38.83		(0.18	)		4.16			3.98			-			42.81		10.25			148,048		1.37	^(f)		1.37	^(f)		(0.83	)^(f)		6
Year ended 10/31/22		74.88		(0.45	)		(31.67	)		(32.12	)		(3.93	)		38.83		(45.08	)		139,891		1.37			1.37			(0.86	)		9
Year ended 10/31/21		65.02		(0.73	)		17.59			16.86			(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	)		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	)		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	)		72.06		24.79			276,790		1.37			1.37			(0.56	)		21
Class Y
Six months ended 04/30/23		42.73		(0.08	)		4.58			4.50			-			47.23		10.53			772,451		0.87	^(f)		0.87	^(f)		(0.33	)^(f)		6
Year ended 10/31/22		81.60		(0.21	)		(34.73	)		(34.94	)		(3.93	)		42.73		(44.81	)		892,146		0.87			0.87			(0.36	)		9
Year ended 10/31/21		70.00		(0.38	)		18.98			18.60			(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	)		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	)		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	)		76.02		25.40			3,055,996		0.87			0.87			(0.07	)		21
Class R5
Six months ended 04/30/23		42.08		(0.06	)		4.51			4.45			-			46.53		10.57			693		0.80	^(f)		0.80	^(f)		(0.26	)^(f)		6
Year ended 10/31/22		80.36		(0.16	)		(34.19	)		(34.35	)		(3.93	)		42.08		(44.77	)		625		0.80			0.80			(0.29	)		9
Year ended 10/31/21		68.95		(0.28	)		18.69			18.41			(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	)		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 04/30/23		43.32		(0.05	)		4.64			4.59			-			47.91		10.60			1,087,482		0.75	^(f)		0.75	^(f)		(0.21	)^(f)		6
Year ended 10/31/22		82.55		(0.13	)		(35.17	)		(35.30	)		(3.93	)		43.32		(44.73	)		1,118,236		0.73			0.73			(0.22	)		9
Year ended 10/31/21		70.67		(0.30	)		19.18			18.88			(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	)		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	)		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	)		76.41		25.61			1,403,832		0.71			0.71			0.10			21

^(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 and 2018, 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, 2023 and the years ended October 31, 2022, 2021 and 2020, respectively.

^(f)	Annualized.

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

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


12		Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco Global Opportunities Fund

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

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

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

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


14		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, 2023, the effective advisory fee rate incurred by the Fund was 0.68%.

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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $70,567.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $122,070 in front-end sales commissions from the sale of Class A shares and $1,931 and $3,494 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $24,328 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.


15		Invesco Global Opportunities Fund

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2			Level 3		Total


Investments in Securities


Belgium	$	26,071,000	$	6,020,707		$	–	$	32,091,707


Denmark		–		149,264,543			–		149,264,543


France		–		42,922,855			–		42,922,855


Germany		–		253,565,998			–		253,565,998


Ireland		5,219,676		40,073,087			–		45,292,763


Italy		–		143,378,103			–		143,378,103


Japan		–		650,498,932			–		650,498,932


Norway		–		130,365,961			–		130,365,961


Sweden		–		348,452,456			–		348,452,456


Switzerland		–		5,078,129			–		5,078,129


United Kingdom		–		584,816,324			20,579,287		605,395,611


United States		1,602,278,771		–			–		1,602,278,771


Money Market Funds		159,519,467		–			–		159,519,467


Total Investments in Securities		1,793,088,914		2,354,437,095			20,579,287		4,168,105,296



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(10,412	)		–		(10,412	)


Total Investments	$	1,793,088,914	$	2,354,426,683		$	20,579,287	$	4,168,094,884

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

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, 2023:


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(10,412	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(10,412	)


16		Invesco Global Opportunities Fund

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, 2023.


	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount


State Street Bank & Trust Co.	$(10,412)	$(10,412)	$–	$–	$(10,412)

Effect of Derivative Investments for the six months ended April 30, 2023

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:
Forward foreign currency contracts		$ 37,547


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(10,412)


Total		$ 27,135

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$4,183,398

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have a capital loss carryforward as of October 31, 2022.


17		Invesco Global Opportunities Fund

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, 2023 was $252,530,797 and $716,223,047, 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	$1,636,793,619


Aggregate unrealized (depreciation) of investments	(1,813,903,821	)


Net unrealized appreciation (depreciation) of investments	$(177,110,202	)

Cost of investments for tax purposes is $4,345,205,086.

NOTE 10–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount



Sold:
Class A		1,530,738		$	70,440,772			3,254,628		$	185,584,018


Class C		216,887			8,068,077			443,106			19,998,680


Class R		217,312			9,312,343			608,409			31,896,957


Class Y		1,663,087			78,551,006			5,028,780			296,706,405


Class R5		676			31,167			4,580			323,793


Class R6		2,404,919			114,946,910			7,776,012			452,950,123



Issued as reinvestment of dividends:
Class A		–			-			2,569,622			182,161,472


Class C		-			-			402,014			23,172,081


Class R		-			-			214,377			14,245,371


Class Y		-			-			1,308,410			95,265,309


Class R5		-			-			906			64,942


Class R6		-			-			1,304,716			96,170,583



Automatic conversion of Class C shares to Class A shares:
Class A		164,184			7,543,930			449,469			25,099,203


Class C		(203,668	)		(7,543,930	)		(553,670	)		(25,099,203	)



Reacquired:
Class A		(5,087,571	)		(232,630,118	)		(10,011,459	)		(557,754,513	)


Class C		(660,639	)		(24,359,771	)		(1,736,307	)		(78,505,546	)


Class R		(362,042	)		(15,650,518	)		(882,467	)		(45,620,849	)


Class Y		(6,187,627	)		(292,624,856	)		(15,114,185	)		(860,676,249	)


Class R5		(635	)		(31,253	)		(4,193	)		(206,317	)


Class R6		(5,521,562	)		(265,583,540	)		(8,916,516	)		(502,516,381	)


Net increase (decrease) in share activity		(11,825,941	)	$	(549,529,781	)		(13,853,768	)	$	(646,740,121	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% 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.


18		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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,104.10	$5.79	$1,019.29	$5.56	1.11%
Class C	1,000.00	1,099.90	9.74	1,015.52	9.35	1.87
Class R	1,000.00	1,102.50	7.14	1,018.00	6.85	1.37
Class Y	1,000.00	1,105.30	4.54	1,020.48	4.36	0.87
Class R5	1,000.00	1,105.70	4.18	1,020.83	4.01	0.80
Class R6	1,000.00	1,106.00	3.92	1,021.08	3.76	0.75

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


19		Invesco Global Opportunities Fund

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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-GLOPP-SAR-1

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Semiannual Report to Shareholders		April 30, 2023

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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	19.36	%
Class C Shares	19.04
Class R Shares	19.24
Class Y Shares	19.55
Class R5 Shares	19.60
Class R6 Shares	19.65
MSCI All Country World ex USA Index^▼	20.65

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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (7/2/90)	5.74	%
10 Years	3.24
5 Years	0.26
1 Year	-2.37
Class C Shares
Inception (9/1/93)	5.61	%
10 Years	3.20
5 Years	0.65
1 Year	1.58
Class R Shares
Inception (3/1/01)	3.37	%
10 Years	3.57
5 Years	1.15
1 Year	3.05
Class Y Shares
Inception (11/13/08)	7.61	%
10 Years	4.11
5 Years	1.76
1 Year	3.59
Class R5 Shares
10 Years	3.97	%
5 Years	1.70
1 Year	3.49
Class R6 Shares
Inception (3/28/13)	4.70	%
10 Years	4.27
5 Years	1.83
1 Year	3.77

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.

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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–96.84%
Australia–1.29%
CSL Ltd.		55,508	$ 11,047,769



Brazil–1.62%
B3 S.A. – Brasil, Bolsa, Balcao		2,914,800	6,825,627


MercadoLibre, Inc.^(a)		5,503	7,030,028


			13,855,655



Canada–4.25%
CGI, Inc., Class A^(a)		213,427	21,661,695


Magna International, Inc.		127,264	6,635,368


Ritchie Bros. Auctioneers, Inc.		141,056	8,070,754


			36,367,817



China–6.51%
Airtac International Group		333,000	12,085,918


China Mengniu Dairy Co. Ltd.		3,238,000	13,054,537


China Resources Beer Holdings Co. Ltd.		1,476,000	11,407,964


JD.com, Inc., ADR		159,265	5,688,946


Yum China Holdings, Inc.		219,205	13,410,962


			55,648,327



Denmark–3.33%
Carlsberg A/S, Class B		66,454	10,976,610


Novo Nordisk A/S, Class B		104,849	17,490,703


			28,467,313



France–12.68%
Air Liquide S.A.		77,829	14,006,349


Arkema S.A.		92,630	9,187,877


Capgemini SE		42,966	7,842,598


LVMH Moet Hennessy Louis Vuitton SE		23,626	22,703,046


Pernod Ricard S.A.		56,001	12,936,261


Publicis Groupe S.A.		108,884	8,924,366


Schneider Electric SE		110,196	19,252,253


TotalEnergies SE		212,758	13,563,052


			108,415,802



Germany–1.38%
Deutsche Boerse AG		62,147	11,840,597



Hong Kong–3.15%
AIA Group Ltd.		1,242,400	13,556,054


Techtronic Industries Co. Ltd.		1,230,500	13,357,304


			26,913,358



India–3.15%
HDFC Bank Ltd., ADR		317,640	22,171,272


SBI Life Insurance Co. Ltd.^(b)		339,412	4,743,184


			26,914,456



Ireland–2.85%
CRH PLC		241,014	11,655,441


Flutter Entertainment PLC^(a)		63,294	12,681,930


			24,337,371



Italy–1.95%
FinecoBank Banca Fineco S.p.A.		1,102,018	16,687,338


	Shares		Value


Japan–13.91%
Asahi Group Holdings Ltd.		416,000	$ 16,073,199


FANUC Corp.		446,600	15,129,538


Hoya Corp.		104,100	10,965,727


Keyence Corp.		10,600	4,783,885


Komatsu Ltd.		274,600	6,793,673


Olympus Corp.		908,800	15,897,639
Shimano, Inc.		34,200	5,309,722


SMC Corp.		16,800	8,412,488


Sony Group Corp.		136,400	12,958,078


TIS, Inc.		423,300	11,613,745


Tokyo Electron Ltd.		96,700	11,043,306


			118,981,000



Mexico–2.96%
Wal-Mart de Mexico S.A.B. de C.V., Series V		6,288,000	25,352,046



Netherlands–7.08%
ASML Holding N.V.		21,782	13,868,950


Heineken N.V.		149,854	17,200,415


Shell PLC		373,356	11,486,221


Wolters Kluwer N.V.		135,541	17,962,222


			60,517,808



Singapore–0.65%
United Overseas Bank Ltd.		261,800	5,563,412



South Korea–1.97%
Samsung Electronics Co. Ltd.		341,311	16,815,844



Spain–2.31%
Amadeus IT Group S.A.^(a)		280,217	19,714,576



Sweden–6.18%
Investor AB, Class B		1,208,995	25,991,657


Sandvik AB^(c)		905,195	18,492,557


Svenska Handelsbanken AB, Class A		945,005	8,358,927


			52,843,141



Switzerland–1.08%
Kuehne + Nagel International AG, Class R		16,768	4,964,218


Logitech International S.A., Class R		72,365	4,274,367


			9,238,585



Taiwan–1.77%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		180,044	15,177,709



United Kingdom–6.33%
Ashtead Group PLC		214,865	12,374,662


DCC PLC		154,549	9,626,704


Reckitt Benckiser Group PLC		228,658	18,492,546


RELX PLC		410,296	13,648,149


			54,142,061



United States–10.44%
Broadcom, Inc.		41,272	25,856,908


Haleon PLC		2,729,916	12,053,108


ICON PLC^(a)		91,544	17,639,614

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


5		Invesco International Equity Fund


	Shares		Value


United States–(continued)
Linde PLC		49,544	$	18,304,031


Nestle S.A.		120,610		15,463,516


				89,317,177


Total Common Stocks & Other Equity Interests (Cost $744,035,112)				828,159,162



Money Market Funds–1.63%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		5,053,479		5,053,479


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		3,096,885		3,097,814


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		5,775,404		5,775,404


Total Money Market Funds (Cost $13,926,247)				13,926,697


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.47% (Cost $757,961,359)				842,085,859


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.12%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		5,086,802	$	5,086,802


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		13,080,348		13,080,348


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,167,150)				18,167,150


TOTAL INVESTMENTS IN SECURITIES–100.59% (Cost $776,128,509)				860,253,009


OTHER ASSETS LESS LIABILITIES–(0.59)%				(5,021,834	)


NET ASSETS–100.00%			$	855,231,175

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $4,743,184, which represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	22,233,140		$	64,101,003		$	(81,280,664)		$	-		$	-		$	5,053,479		$	272,912
Invesco Liquid Assets Portfolio, Institutional Class			15,368,690			45,786,431			(58,057,617)			(5,909)			6,219			3,097,814			117,502
Invesco Treasury Portfolio, Institutional Class			25,409,302			73,258,289			(92,892,187)			-			-			5,775,404			199,665
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			30,066,215			(24,979,413)			-			-			5,086,802			26,088*
Invesco Private Prime Fund			-			59,384,554			(46,299,889)			-			(4,317)			13,080,348			66,994*
Total		$	63,011,132		$	272,596,492		$	(303,509,770)		$	(5,909)		$	1,902		$	32,093,847		$	683,161

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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 International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Industrials	18.73	%

Consumer Staples	17.89

Information Technology	15.55

Financials	13.53

Consumer Discretionary	12.41

Health Care	8.54

Materials	6.22

Energy	2.93

Other Sectors, Each Less than 2% of Net Assets	1.04

Money Market Funds Plus Other Assets Less Liabilities	3.16

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, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $744,035,112)*	$	828,159,162


Investments in affiliated money market funds, at value (Cost $32,093,397)		32,093,847


Cash		2,500,000


Foreign currencies, at value (Cost $1,065,806)		1,058,964


Receivable for:
Investments sold		4,489,553


Fund shares sold		215,119


Dividends		5,486,270


Interest		46


Investment for trustee deferred compensation and retirement plans		89,613


Other assets		38,667


Total assets		874,131,241



Liabilities:
Payable for:
Fund shares reacquired		274,242


Collateral upon return of securities loaned		18,167,150


Accrued fees to affiliates		228,304


Accrued trustees’ and officers’ fees and benefits		4,716


Accrued other operating expenses		83,070


Trustee deferred compensation and retirement plans		142,584


Total liabilities		18,900,066


Net assets applicable to shares outstanding	$	855,231,175



Net assets consist of:
Shares of beneficial interest	$	761,905,593


Distributable earnings		93,325,582


	$	855,231,175


Net Assets:

Class A	$	145,510,732


Class C	$	8,273,654


Class R	$	21,996,849


Class Y	$	58,673,687


Class R5	$	1,270,498


Class R6	$	619,505,755



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,646,177


Class C		427,026


Class R		1,018,858


Class Y		2,657,830


Class R5		58,138


Class R6		28,480,615


Class A:
Net asset value per share	$	21.89


Maximum offering price per share (Net asset value of $21.89 ÷ 94.50%)	$	23.16


Class C:
Net asset value and offering price per share	$	19.38


Class R:
Net asset value and offering price per share	$	21.59


Class Y:
Net asset value and offering price per share	$	22.08


Class R5:
Net asset value and offering price per share	$	21.85


Class R6:
Net asset value and offering price per share	$	21.75

*	At April 30, 2023, security with a value of $15,996,058 was on loan to brokers.

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, 2023

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $875,334)	$	8,429,264


Dividends from affiliated money market funds (includes net securities lending income of $59,637)		649,716


Total investment income		9,078,980



Expenses:
Advisory fees		3,430,970


Administrative services fees		62,455


Custodian fees		29,185


Distribution fees:
Class A		174,914


Class C		40,099


Class R		52,407


Transfer agent fees – A, C, R and Y		230,544


Transfer agent fees – R5		645


Transfer agent fees – R6		95,855


Trustees’ and officers’ fees and benefits		15,836


Registration and filing fees		41,484


Reports to shareholders		14,651


Professional services fees		29,640


Other		13,976


Total expenses		4,232,661


Less: Fees waived and/or expense offset arrangement(s)		(20,983	)


Net expenses		4,211,678


Net investment income		4,867,302



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		50,545,430


Affiliated investment securities		1,902


Foreign currencies		(88,639	)


Forward foreign currency contracts		272,672


		50,731,365


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		101,444,741


Affiliated investment securities		(5,909	)


Foreign currencies		299,104


Forward foreign currency contracts		(1,752,083	)


		99,985,853


Net realized and unrealized gain		150,717,218


Net increase in net assets resulting from operations	$	155,584,520

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:
Net investment income	$	4,867,302		$	14,541,269


Net realized gain (loss)		50,731,365			(36,606,780	)


Change in net unrealized appreciation (depreciation)		99,985,853			(303,910,772	)


Net increase (decrease) in net assets resulting from operations		155,584,520			(325,976,283	)



Distributions to shareholders from distributable earnings:
Class A		(1,697,573	)		(6,721,473	)


Class C		(24,626	)		(413,159	)


Class R		(187,247	)		(888,242	)


Class Y		(1,025,539	)		(4,438,964	)


Class R5		(20,664	)		(408,095	)


Class R6		(11,658,230	)		(47,138,761	)


Total distributions from distributable earnings		(14,613,879	)		(60,008,694	)



Share transactions–net:
Class A		(7,218,254	)		(2,868,962	)


Class C		(364,395	)		(2,101,261	)


Class R		(452,769	)		757,183


Class Y		(12,110,212	)		(23,722,741	)


Class R5		(76,716	)		(8,020,425	)


Class R6		(111,122,813	)		(241,940,993	)


Net increase (decrease) in net assets resulting from share transactions		(131,345,159	)		(277,897,199	)


Net increase (decrease) in net assets		9,625,482			(663,882,176	)



Net assets:
Beginning of period		845,605,693			1,509,487,869


End of period	$	855,231,175		$	845,605,693

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 04/30/23		$18.56		$0.08			$3.49			$3.57			$(0.24	)		$ –			$(0.24	)		$21.89		19.36	%		$ 145,511		1.28	%^(e)		1.29	%^(e)		0.82	%⁽^e)		107	%
Year ended 10/31/22		25.89		0.20			(6.59	)		(6.39	)		(0.26	)		(0.68	)		(0.94	)		18.56		(25.52	)		129,754		1.24			1.25			0.94			107
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
Class C
Six months ended 04/30/23		16.33		0.01			3.09			3.10			(0.05	)		–			(0.05	)		19.38		19.04			8,274		2.03	^(e)		2.04	^(e)		0.07	^(e)		107
Year ended 10/31/22		22.87		0.04			(5.83	)		(5.79	)		(0.07	)		(0.68	)		(0.75	)		16.33		(26.11	)		7,308		1.99			2.00			0.19			107
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
Class R
Six months ended 04/30/23		18.27		0.06			3.44			3.50			(0.18	)		–			(0.18	)		21.59		19.24			21,997		1.53	^(e)		1.54(	^e)		0.57	^(e)		107
Year ended 10/31/22		25.50		0.15			(6.50	)		(6.35	)		(0.20	)		(0.68	)		(0.88	)		18.27		(25.71	)		19,005		1.49			1.50			0.69			107
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
Class Y
Six months ended 04/30/23		18.76		0.11			3.53			3.64			(0.32	)		–			(0.32	)		22.08		19.55			58,674		1.03	^(e)		1.04	^(e)		1.07	⁽^e)		107
Year ended 10/31/22		26.19		0.28			(6.66	)		(6.38	)		(0.37	)		(0.68	)		(1.05	)		18.76		(25.30	)		61,061		0.93			1.00			1.25			107
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
Class R5
Six months ended 04/30/23		18.57		0.12			3.49			3.61			(0.33	)		–			(0.33	)		21.85		19.60			1,270		0.94	⁽^e)		0.94	⁽^e)		1.16	^(e)		107
Year ended 10/31/22		25.98		0.31			(6.66	)		(6.35	)		(0.38	)		(0.68	)		(1.06	)		18.57		(25.40	)		1,141		0.90			0.91			1.28			107
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 04/30/23		18.50		0.13			3.48			3.61			(0.36	)		–			(0.36	)		21.75		19.65			619,506		0.87	^(e)		0.87	^(e)		1.23	^(e)		107
Year ended 10/31/22		25.83		0.30			(6.57	)		(6.27	)		(0.38	)		(0.68	)		(1.06	)		18.50		(25.22	)		627,336		0.81			0.84			1.37			107
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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.01%, 0.01% and 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 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)	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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.

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


13		Invesco International Equity Fund

consistent with the federal securities laws. For the six months ended April 30, 2023, the Fund paid the Adviser $1,209 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

K.	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 – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, 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 $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 payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the six months ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.79%.

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. 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expenses limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $13,602.


14		Invesco International Equity 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, 2023, IDI advised the Fund that IDI retained $8,589 in front-end sales commissions from the sale of Class A shares and $0 and $28 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $25,418 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	11,047,769	$–	$	11,047,769


Brazil		13,855,655		–	–		13,855,655


Canada		36,367,817		–	–		36,367,817


China		19,099,908		36,548,419	–		55,648,327


Denmark		–		28,467,313	–		28,467,313


France		–		108,415,802	–		108,415,802


Germany		–		11,840,597	–		11,840,597


Hong Kong		–		26,913,358	–		26,913,358


India		22,171,272		4,743,184	–		26,914,456


Ireland		–		24,337,371	–		24,337,371


Italy		–		16,687,338	–		16,687,338


Japan		–		118,981,000	–		118,981,000


Mexico		25,352,046		–	–		25,352,046


Netherlands		–		60,517,808	–		60,517,808


Singapore		–		5,563,412	–		5,563,412


South Korea		–		16,815,844	–		16,815,844


Spain		–		19,714,576	–		19,714,576


Sweden		–		52,843,141	–		52,843,141


Switzerland		–		9,238,585	–		9,238,585


Taiwan		15,177,709		–	–		15,177,709


United Kingdom		–		54,142,061	–		54,142,061


15		Invesco International Equity Fund


	Level 1		Level 2		Level 3	Total


United States	$	61,800,553	$	27,516,624	$–	$	89,317,177


Money Market Funds		13,926,697		18,167,150	–		32,093,847


Total Investments	$	207,751,657	$	652,501,352	$–	$	860,253,009

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, 2023

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:
Forward foreign currency contracts		$	272,672
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts			(1,752,083	)
Total		$	(1,479,411	)

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


	Forward Foreign Currency Contracts


Average notional value		$138,360,664

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund had a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

28,176,585

$–

28,176,585

*	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.


16		Invesco International Equity Fund

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, 2023 was $897,346,580 and $1,001,336,216, 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	$86,103,386


Aggregate unrealized (depreciation) of investments	(17,099,972	)


Net unrealized appreciation of investments	$69,003,414

Cost of investments for tax purposes is $791,249,595.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		336,270		$	7,002,225			667,211		$	14,824,517


Class C		65,793			1,209,607			111,111			2,168,456


Class R		82,102			1,684,098			218,075			4,778,953


Class Y		394,841			8,307,425			1,028,414			22,747,516


Class R5		3,427			71,597			25,425			590,844


Class R6		395,415			7,939,390			1,825,410			38,772,438


Issued as reinvestment of dividends:
Class A		75,791			1,543,107			255,259			6,167,058


Class C		1,299			23,470			18,392			393,769


Class R		9,316			187,150			37,246			887,583


Class Y		40,248			825,478			158,917			3,871,221


Class R5		1,009			20,491			16,883			407,548


Class R6		559,303			11,297,926			1,950,446			46,810,697


Automatic conversion of Class C shares to Class A shares:
Class A		30,307			633,458			53,539			1,154,723


Class C		(34,227	)		(633,458	)		(60,624	)		(1,154,723	)


Reacquired:
Class A		(788,794	)		(16,397,044	)		(1,143,138	)		(25,015,260	)


Class C		(53,250	)		(964,014	)		(183,015	)		(3,508,763	)


Class R		(112,968	)		(2,324,017	)		(224,318	)		(4,909,353	)


Class Y		(1,032,715	)		(21,243,115	)		(2,178,216	)		(50,341,478	)


Class R5		(7,758	)		(168,804	)		(372,941	)		(9,018,817	)


Class R6		(6,381,623	)		(130,360,129	)		(14,927,331	)		(327,524,128	)


Net increase (decrease) in share activity		(6,416,214	)	$	(131,345,159	)		(12,723,255	)	$	(277,897,199	)

^(a)	68% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Significant Event

At the meeting held March 16, 2023, the Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would transfer all of its assets and liabilities to Invesco EQV International Equity Fund (the “Acquiring Fund”).

The Agreement requires approval of the Fund’s shareholders and will be submitted to the shareholders for their consideration at a meeting to be held on or about July 12, 2023. The reorganization is expected to be consummated at the close of business on or about July 28, 2023. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.


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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,193.60	$6.96	$1,018.45	$6.41	1.28%
Class C	1,000.00	1,190.40	11.02	1,014.73	10.14	2.03
Class R	1,000.00	1,192.40	8.32	1,017.21	7.65	1.53
Class Y	1,000.00	1,195.50	5.61	1,019.69	5.16	1.03
Class R5	1,000.00	1,196.00	5.12	1,020.13	4.71	0.94
Class R6	1,000.00	1,196.50	4.74	1,020.48	4.36	0.87

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


18		Invesco International 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, 2023

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

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, 10/31/22 to 4/30/23, 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	23.82	%
Class C Shares	23.40
Class R Shares	23.67
Class Y Shares	23.94
Class R5 Shares	24.09
Class R6 Shares	23.97
MSCI All Country World ex USA Index^▼(Broad Market Index)	20.65
MSCI All Country World ex U.S. Growth Index^▼(Style-Specific Index)	21.44
Lipper International Multi-Cap Growth Funds Index^∎(Peer Group Index)	21.42

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 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (12/21/15)	2.78	%
5 Years	-2.07
1 Year	-5.05

Class C Shares
Inception (12/21/15)	2.81	%
5 Years	-1.69
1 Year	-1.20

Class R Shares
Inception (12/21/15)	3.31	%
5 Years	-1.19
1 Year	0.24

Class Y Shares
Inception (12/21/15)	3.83	%
5 Years	-0.70
1 Year	0.76

Class R5 Shares
Inception (12/21/15)	3.83	%
5 Years	-0.70
1 Year	0.76

Class R6 Shares
Inception (12/21/15)	3.82	%
5 Years	-0.72
1 Year	0.66

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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.44%
Australia–2.81%
CSL Ltd.		854	$	169,972


James Hardie Industries PLC, CDI		4,527		100,934


				270,906



Canada–4.61%
Alimentation Couche-Tard, Inc.		4,621		230,632


Dollarama, Inc.		3,443		213,261


				443,893



China–0.27%
Alibaba Group Holding Ltd.^(a)		2,500		26,223



Denmark–4.68%
Novo Nordisk A/S, Class B		2,700		450,409



Finland–0.59%
Enento Group OYJ^(b)		2,794		57,195



France–18.25%
Airbus SE		1,299		182,351


Capgemini SE		380		69,362


Dassault Systemes SE		1,705		69,269


Edenred		2,401		156,150


EssilorLuxottica S.A.		523		103,385


Hermes International		194		420,968


Kering S.A.		99		63,363


L’Oreal S.A.		341		162,749


LVMH Moet Hennessy Louis Vuitton SE		378		363,233


Sartorius Stedim Biotech		429		115,142


Schneider Electric SE		290		50,666


				1,756,638



Germany–5.20%
AIXTRON SE		1,406		39,707


CTS Eventim AG & Co. KGaA^(a)		2,692		176,793


HelloFresh SE^(a)		1,828		48,895


SAP SE		346		46,869


Siemens AG		319		52,335


Siemens Healthineers AG^(b)		2,184		135,834


				500,433



India–3.63%
Dr Lal PathLabs Ltd.^(b)		2,904		69,403


Reliance Industries Ltd.		9,431		279,776


				349,179



Ireland–2.62%
Flutter Entertainment PLC^(a)		1,258		252,060



Italy–2.19%
Davide Campari-Milano N.V.		16,392		211,237



Japan–7.59%
Benefit One, Inc.		2,500		34,493


Daikin Industries Ltd.		1,000		181,933


Hitachi Ltd.		1,600		88,780


Hoya Corp.		900		94,805


	Shares		Value


Japan–(continued)
Keyence Corp.		400	$	180,524


Kobe Bussan Co. Ltd.		3,500		97,993


Nihon M&A Center Holdings, Inc.		6,900		52,566


				731,094



Netherlands–5.36%
Aalberts N.V.		1,773		81,756


Adyen N.V.^(a)(b)		59		94,485


ASM International N.V.		108		39,343


ASML Holding N.V.		367		233,675


Universal Music Group N.V.		3,033		66,344


				515,603



New Zealand–0.48%
Xero Ltd.^(a)		740		45,927



Spain–2.13%
Amadeus IT Group S.A.^(a)		2,921		205,506



Sweden–4.71%
Atlas Copco AB, Class A		13,029		188,637


Epiroc AB, Class A		13,230		264,803


				453,440



Switzerland–4.01%
Barry Callebaut AG		22		46,949


Lonza Group AG		125		77,798


Sika AG		654		179,839


VAT Group AG^(b)		232		81,849


				386,435



Taiwan–1.02%
Taiwan Semiconductor Manufacturing Co. Ltd.		6,000		98,397



United Kingdom–20.40%
Abcam PLC, ADR^(a)		2,657		43,283


Ashtead Group PLC		518		29,833


Auto Trader Group PLC^(b)		14,792		118,392


Britvic PLC		10,898		125,317


Compass Group PLC		10,190		268,604


ConvaTec Group PLC^(b)		25,888		71,553


Entain PLC		5,547		100,982


JD Sports Fashion PLC		55,459		112,586


Legal & General Group PLC		26,970		79,649


London Stock Exchange Group PLC		2,365		247,949


Next PLC		2,183		185,065


Ocado Group PLC^(a)		4,215		26,896


Rentokil Initial PLC		26,773		212,921


Rightmove PLC		15,488		112,105


RS GROUP PLC		7,937		92,143


Trainline PLC^(a)(b)		43,462		136,386


				1,963,664



United States–6.89%
EPAM Systems, Inc.^(a)		614		173,418


Experian PLC		965		34,099


Ferguson PLC		1,118		157,544

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


5		Invesco International Select Equity Fund


	Shares		Value


United States–(continued)
Medtronic PLC		694	$	63,119


ResMed, Inc.		976		235,177


				663,357


TOTAL INVESTMENTS IN SECURITIES–97.44% (Cost $8,613,026)				9,381,596


OTHER ASSETS LESS LIABILITIES–2.56%				246,386


NET ASSETS–100.00%			$	9,627,982

Investment Abbreviations:

ADR	– American Depositary Receipt

CDI	– CREST Depository Interest

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, 2023 was $765,097, which represented 7.95% of the Fund’s Net Assets.


	Value October 31, 2022		Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio		$ 699,519		$	18,086,700		$	(18,786,219)		$	-		$	-		$	-		$	21,879
Invesco Liquid Assets Portfolio, Institutional Class		500,008			12,919,071			(13,419,617)			(56)			594			-			14,547
Invesco Treasury Portfolio, Institutional Class		799,451			20,670,514			(21,469,965)			-			-			-			22,269
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		803,707			2,415,402			(3,219,109)			-			-			-			3,006*
Invesco Private Prime Fund		2,066,141			3,677,597			(5,744,201)			(12)			475			-			9,078*
Total		$4,868,826		$	57,769,284		$	(62,639,111)		$	(68)		$	1,069		$	-		$	70,779

*	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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Consumer Discretionary	24.39	%

Industrials	19.15

Health Care	16.93

Information Technology	10.35

Consumer Staples	9.87

Financials	6.00

Communication Services	4.92

Materials	2.92

Energy	2.91

Money Market Funds Plus Other Assets Less Liabilities	2.56

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $8,613,026)	$	9,381,596


Foreign currencies, at value (Cost $648,303)		644,763


Receivable for:
Investments sold		90,386


Fund shares sold		8,426


Dividends		83,444


Investment for trustee deferred compensation and retirement plans		23,607


Other assets		57,908


Total assets		10,290,130



Liabilities:
Payable for:
Investments purchased		158,874


Fund shares reacquired		2,373


Amount due custodian		424,756


Accrued fees to affiliates		7,137


Accrued other operating expenses		45,401


Trustee deferred compensation and retirement plans		23,607


Total liabilities		662,148


Net assets applicable to shares outstanding	$	9,627,982



Net assets consist of:
Shares of beneficial interest	$	76,723,109


Distributable earnings (loss)		(67,095,127	)


	$	9,627,982


Net Assets:
Class A	$	6,215,267


Class C	$	538,883


Class R	$	788,991


Class Y	$	2,069,679


Class R5	$	7,575


Class R6	$	7,587



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		614,100


Class C		54,952


Class R		78,734


Class Y		204,151


Class R5		747


Class R6		749


Class A:
Net asset value per share	$	10.12


Maximum offering price per share (Net asset value of $10.12 ÷ 94.50%)	$	10.71


Class C:
Net asset value and offering price per share	$	9.81


Class R:
Net asset value and offering price per share	$	10.02


Class Y:
Net asset value and offering price per share	$	10.14


Class R5:
Net asset value and offering price per share	$	10.14


Class R6:
Net asset value and offering price per share	$	10.13

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, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $35,786)	$	421,022


Dividends from affiliated money market funds (includes net securities lending income of $4,226)		62,921


Total investment income		483,943



Expenses:
Advisory fees		581,197


Administrative services fees		8,253


Custodian fees		12,544


Distribution fees:
Class A		7,139


Class C		2,580


Class R		1,603


Transfer agent fees – A, C, R and Y		13,916


Transfer agent fees – R5		1


Transfer agent fees – R6		18,076


Trustees’ and officers’ fees and benefits		6,682


Registration and filing fees		39,474


Reports to shareholders		6,429


Professional services fees		27,705


Other		7,609


Total expenses		733,208


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(129,459	)


Net expenses		603,749


Net investment income (loss)		(119,806	)



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		903,544


Affiliated investment securities		1,069


Foreign currencies		199,326


		1,103,939


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		21,296,883


Affiliated investment securities		(68	)


Foreign currencies		94,769


		21,391,584


Net realized and unrealized gain		22,495,523


Net increase in net assets resulting from operations	$	22,375,717

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:

Net investment income (loss)	$	(119,806	)	$	1,912,303


Net realized gain (loss)		1,103,939			(64,658,283	)


Change in net unrealized appreciation (depreciation)		21,391,584			(48,186,943	)


Net increase (decrease) in net assets resulting from operations		22,375,717			(110,932,923	)



Distributions to shareholders from distributable earnings:

Class A		(32,868	)		(280,283	)


Class C		–			(16,203	)


Class R		(2,077	)		(14,844	)


Class Y		(26,168	)		(239,531	)


Class R5		(68	)		(252	)


Class R6		(1,461,375	)		(7,624,228	)


Total distributions from distributable earnings		(1,522,556	)		(8,175,341	)



Share transactions–net:

Class A		240,193			(3,484,133	)


Class C		(24,588	)		26,452


Class R		149,366			151,176


Class Y		(796,906	)		(3,944,180	)


Class R6		(151,033,278	)		(55,253,516	)


Net increase (decrease) in net assets resulting from share transactions		(151,465,213	)		(62,504,201	)


Net increase (decrease) in net assets		(130,612,052	)		(181,612,465	)



Net assets:

Beginning of period		140,240,034			321,852,499


End of period	$	9,627,982		$	140,240,034

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 04/30/23		$ 8.22		$(0.02	)		$ 1.97			$ 1.95			$(0.05	)		$ –			$(0.05	)		$10.12		23.82	%		$ 6,215		1.21	%^(d)		1.66	%^(d)		(0.43	)%^(d)		146	%
Year ended 10/31/22		13.63		0.07	^(e)		(5.18	)		(5.11	)		(0.01	)		(0.29	)		(0.30	)		8.22		(38.28	)		4,874		1.17			1.51			0.60	^(e)		53
Year ended 10/31/21		13.54		0.05			0.04	^(f)		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	^(e)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	^(e)		35
Year ended 10/31/18		13.01		0.09			(1.51	)		(1.42	)		(0.10	)		(0.97	)		(1.07	)		10.52		(11.93	)		4,333		1.11			1.62			0.72			46
Class C
Six months ended 04/30/23		7.95		(0.05	)		1.91			1.86			–			–			–			9.81		23.40			539		1.96	^(d)		2.41	^(d)		(1.18	)^(d)		146
Year ended 10/31/22		13.28		(0.02	)^(e)		(5.02	)		(5.04	)		–			(0.29	)		(0.29	)		7.95		(38.72	)		460		1.92			2.26			(0.15	)^(e)		53
Year ended 10/31/21		13.28		(0.07	)		0.07	^(f)		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	^(e)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	^(e)		35
Year ended 10/31/18		12.86		(0.00	)		(1.48	)		(1.48	)		(0.06	)		(0.97	)		(1.03	)		10.35		(12.55	)		1,192		1.86			2.37			(0.03	)		46
Class R
Six months ended 04/30/23		8.13		(0.03	)		1.95			1.92			(0.03	)		–			(0.03	)		10.02		23.67			789		1.46	^(d)		1.91	^(d)		(0.68	)^(d)		146
Year ended 10/31/22		13.50		0.04	^(e)		(5.12	)		(5.08	)		–			(0.29	)		(0.29	)		8.13		(38.38	)		515		1.42			1.76			0.35	^(e)		53
Year ended 10/31/21		13.44		0.01			0.05	^(f)		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	^(e)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	^(e)		35
Year ended 10/31/18		12.95		0.06			(1.49	)		(1.43	)		(0.09	)		(0.97	)		(1.06	)		10.46		(12.09	)		89		1.36			1.87			0.47			46
Class Y
Six months ended 04/30/23		8.26		(0.01	)		1.98			1.97			(0.09	)		–			(0.09	)		10.14		23.94			2,070		0.96	^(d)		1.41	^(d)		(0.18	)^(d)		146
Year ended 10/31/22		13.69		0.10	^(e)		(5.19	)		(5.09	)		(0.05	)		(0.29	)		(0.34	)		8.26		(38.03	)		2,399		0.92			1.26			0.85	^(e)		53
Year ended 10/31/21		13.57		0.08			0.04	^(f)		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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	^(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		8,594		0.86			1.37			0.97			46
Class R5
Six months ended 04/30/23		8.25		(0.01	)		1.99			1.98			(0.09	)		–			(0.09	)		10.14		24.09			8		0.96	^(d)		1.14	^(d)		(0.18	)^(d)		146
Year ended 10/31/22		13.69		0.09	^(e)		(5.19	)		(5.10	)		(0.05	)		(0.29	)		(0.34	)		8.25		(38.10	)		6		0.92			1.09			0.85	^(e)		53
Year ended 10/31/21		13.57		0.08			0.04	^(f)		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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	^(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		11		0.86			1.19			0.97			46
Class R6
Six months ended 04/30/23		8.25		(0.01	)		1.98			1.97			(0.09	)		–			(0.09	)		10.13		23.97			8		0.96	^(d)		1.14	^(d)		(0.18	)^(d)		146
Year ended 10/31/22		13.69		0.09	^(e)		(5.19	)		(5.10	)		(0.05	)		(0.29	)		(0.34	)		8.25		(38.10	)		131,987		0.92			1.09			0.85	^(e)		53
Year ended 10/31/21		13.56		0.08			0.05	^(f)		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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	^(e)		35
Year ended 10/31/18		13.03		0.12			(1.50	)		(1.38	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.61	)		103,172		0.86			1.19			0.97			46

^(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 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, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.04 and 0.35%, $(0.05) and (0.40)%, $0.01 and 0.10%, $0.07 and 0.60%, $0.06 and 0.60%, and $0.06 and 0.60% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	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.

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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


12		Invesco International Select Equity Fund

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.

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		0.935	%
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, 2023, the effective advisory fee rate incurred by the Fund was 0.93%.

The Adviser has contractually agreed, through at least February 29, 2024, 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”). 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 29, 2024. 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, 2023, the Adviser waived advisory fees of $96,940 and reimbursed class level expenses of $8,494, $772, $947, $3,704, $1 and $18,076 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


13		Invesco International Select Equity 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, 2023, IDI advised the Fund that IDI retained $1,258 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $308 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	270,906	$–	$	270,906


Canada		443,893		–	–		443,893


China		–		26,223	–		26,223


Denmark		–		450,409	–		450,409


Finland		–		57,195	–		57,195


France		–		1,756,638	–		1,756,638


Germany		–		500,433	–		500,433


India		–		349,179	–		349,179


Ireland		–		252,060	–		252,060


Italy		–		211,237	–		211,237


Japan		–		731,094	–		731,094


Netherlands		–		515,603	–		515,603


New Zealand		–		45,927	–		45,927


Spain		–		205,506	–		205,506


Sweden		–		453,440	–		453,440


Switzerland		–		386,435	–		386,435


Taiwan		–		98,397	–		98,397


United Kingdom		43,283		1,920,381	–		1,963,664


United States		471,714		191,643	–		663,357


Total Investments	$	958,890	$	8,422,706	$–	$	9,381,596

NOTE 4–Expense Offset Arrangement(s)


14		Invesco International Select Equity Fund

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.

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	40,045,671	$23,729,119	$	63,774,790

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2023 was $161,586,591 and $311,043,990, 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	$	844,034


Aggregate unrealized (depreciation) of investments		(5,086,479	)


Net unrealized appreciation (depreciation) of investments	$	(4,242,445	)

Cost of investments for tax purposes is $13,624,041.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		94,838		$	936,525			247,383		$	3,072,292


Class C		5,822			56,168			12,236			126,233


Class R		18,761			180,407			35,831			382,821


Class Y		16,190			162,831			206,773			2,298,927


Class R6		238,857			2,200,122			3,524,004			41,546,237



Issued as reinvestment of dividends:
Class A		3,378			32,189			21,471			266,450


Class C		–			–			1,328			16,033


Class R		220			2,077			1,208			14,844


Class Y		2,609			24,863			17,759			220,741


Class R6		153,338			1,461,307			613,847			7,623,976



Automatic conversion of Class C shares to Class A shares:
Class A		4,354			41,645			3,853			39,931


Class C		(4,488	)		(41,645	)		(3,970	)		(39,931	)


15		Invesco International Select Equity Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(81,181	)	$	(770,166	)		(647,961	)	$	(6,862,806	)


Class C		(4,226	)		(39,111	)		(7,850	)		(75,883	)


Class R		(3,550	)		(33,118	)		(22,987	)		(246,489	)


Class Y		(105,224	)		(984,600	)		(622,880	)		(6,463,848	)


Class R6		(16,383,998	)		(154,694,707	)		(9,898,925	)		(104,423,729	)


Net increase (decrease) in share activity		(16,044,300	)	$	(151,465,213	)		(6,518,880	)	$	(62,504,201	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 37% 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.

NOTE 10–Subsequent Event

At a meeting held June 12-14, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on July 14, 2023. The Fund will liquidate on or about September 21, 2023.


16		Invesco International Select Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,238.20	$6.71	$1,018.79	$6.06	1.21%
Class C	1,000.00	1,234.00	10.86	1,015.08	9.79	1.96
Class R	1,000.00	1,236.70	8.10	1,017.55	7.30	1.46
Class Y	1,000.00	1,239.40	5.33	1,020.03	4.81	0.96
Class R5	1,000.00	1,240.90	5.33	1,020.03	4.81	0.96
Class R6	1,000.00	1,239.70	5.33	1,020.03	4.81	0.96

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 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, 2023

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

9		Financial Statements

12		Financial Highlights

13		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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	18.14	%
Class C Shares	17.68
Class R Shares	17.95
Class Y Shares	18.28
Class R5 Shares	18.35
Class R6 Shares	18.32
MSCI All Country World ex USA SMID Cap Index^▼	18.06
MSCI All Country World ex USA Small Cap Index^▼	16.59
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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (11/17/97)	10.99	%
10 Years	8.68
5 Years	1.95
1 Year	-5.33
Class C Shares
Inception (11/17/97)	10.96	%
10 Years	8.64
5 Years	2.32
1 Year	-1.61
Class R Shares
Inception (3/1/01)	11.46	%
10 Years	9.02
5 Years	2.84
1 Year	-0.12
Class Y Shares
Inception (9/7/05)	10.10	%
10 Years	9.56
5 Years	3.36
1 Year	0.40
Class R5 Shares
10 Years	9.45	%
5 Years	3.39
1 Year	0.54
Class R6 Shares
Inception (12/29/11)	11.87	%
10 Years	9.74
5 Years	3.50
1 Year	0.54

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 re-turns 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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.51%
Australia–2.80%
ALS Ltd.		4,336,144	$	37,701,016


Cochlear Ltd.		320,665		52,444,692


IPH Ltd.		8,638,356		46,401,291


				136,546,999



Austria–0.44%
Fabasoft AG		1,170,093		21,544,899



Brazil–2.11%
Odontoprev S.A.		20,096,640		40,291,591


TOTVS S.A.		6,145,737		31,617,068


WEG S.A.		3,761,900		31,013,539


				102,922,198



Canada–1.60%
CCL Industries, Inc., Class B		690,359		32,463,204


Descartes Systems Group, Inc. (The)^(a)		579,294		45,903,977


				78,367,181



Denmark–1.92%
Chemometec A/S^(a)		819,196		47,392,109


SimCorp A/S		427,396		46,337,993


				93,730,102



France–4.48%
Alten S.A.		264,736		45,070,030


Interparfums S.A.		565,616		44,971,918


Lectra		1,049,809		34,222,346


Neurones		921,048		38,573,542


Thermador Groupe		269,790		27,978,406


Vetoquinol S.A.		282,314		27,690,499


				218,506,741



Germany–9.11%
Amadeus Fire AG		266,868		39,327,144


Atoss Software AG		201,570		40,334,947


Carl Zeiss Meditec AG, BR		498,314		66,987,467


CTS Eventim AG & Co. KGaA^(a)		769,906		50,562,343


Fuchs Petrolub SE, Preference Shares		761,105		30,029,442


Knorr-Bremse AG		444,772		31,127,348


Nemetschek SE		616,177		47,880,619


New Work SE		256,319		46,620,681


Sartorius AG, Preference Shares		107,918		41,793,418


STRATEC SE		441,689		30,355,505


Symrise AG		164,195		19,801,321


				444,820,235



Iceland–1.33%
Marel HF^(b)		8,622,768		37,592,206


Ossur HF^(a)		5,898,813		27,429,094


				65,021,300



India–2.91%
AIA Engineering Ltd.		808,622		26,883,836


Britannia Industries Ltd.		780,742		43,487,088


Coforge Ltd.		786,622		40,387,459


	Shares		Value


India–(continued)
Triveni Turbine Ltd.		6,991,826	$	31,335,865


				142,094,248



Indonesia–0.39%
PT Selamat Sempurna Tbk		178,189,000		18,891,720



Israel–1.55%
Nice Ltd., ADR		370,049		75,493,696



Italy–3.86%
Antares Vision S.p.A.^(a)(c)		2,509,054		18,415,774


DiaSorin S.p.A.		392,049		42,585,376


Interpump Group S.p.A.		773,654		43,064,018


Recordati Industria Chimica e Farmaceutica S.p.A.		722,459		33,248,534


Technoprobe S.p.A.^(a)		3,675,425		26,163,045


Tinexta S.p.A.		1,219,178		24,840,940


				188,317,687



Japan–21.29%
Ariake Japan Co. Ltd.		1,567,600		63,559,648


As One Corp.		1,077,626		45,713,495


Azbil Corp.		2,687,700		75,181,528


Benefit One, Inc.		3,169,500		43,730,653


Daifuku Co. Ltd.		2,899,500		53,510,443


Disco Corp.		557,000		63,448,395


Fukui Computer Holdings, Inc.^(c)		1,617,600		32,132,379


Funai Soken Holdings, Inc.		819,700		15,692,574


Japan Elevator Service Holdings Co. Ltd.		3,191,700		47,327,142


Kakaku.com, Inc.		1,963,300		27,053,346


Medikit Co. Ltd.		208,700		3,621,504


Meitec Corp.		2,935,158		49,624,242


MISUMI Group, Inc.		1,292,900		32,654,841


MonotaRO Co. Ltd.		2,261,820		34,268,407


NSD Co. Ltd.		2,348,394		43,221,299


OBIC Business Consultants Co. Ltd.		1,105,400		41,868,426


Obic Co. Ltd.		553,700		85,236,113


SCSK Corp.		2,211,100		33,330,451


Seria Co. Ltd.		1,823,500		32,475,839


Shimano, Inc.		215,200		33,410,880


SHO-BOND Holdings Co. Ltd.		1,056,500		45,161,839


Sysmex Corp.		562,300		36,196,233


TechnoPro Holdings, Inc.		1,665,800		45,452,945


TKC Corp.		1,337,518		36,082,876


USS Co. Ltd.		1,143,748		19,208,963


				1,039,164,461



Jersey–0.85%
JTC PLC^(b)		4,170,581		41,606,654



Netherlands–0.93%
IMCD N.V.		301,173		45,346,820



New Zealand–0.41%
Fisher & Paykel Healthcare Corp. Ltd.		1,166,136		19,987,945

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–0.46%
Medistim ASA		910,000	$	22,431,788



South Africa–0.21%
Cashbuild Ltd.		323,198		3,127,455


Hudaco Industries Ltd.		832,150		7,010,238


				10,137,693



South Korea–0.56%
NICE Information Service Co. Ltd.^(c)(d)		3,172,696		27,242,917



Sweden–13.03%
AddTech AB, Class B		2,099,435		42,223,398


Alfa Laval AB^(e)		1,075,825		39,515,703


Biotage AB		2,359,981		29,407,344


Bravida Holding AB^(b)		2,611,626		31,783,792


Cellavision AB		1,101,561		18,820,980


Epiroc AB, Class A		1,836,324		36,754,647


Fortnox AB		7,301,141		50,385,349


Hexpol AB		3,432,221		40,432,949


Karnov Group AB^(a)(c)		6,594,842		35,795,183


Lifco AB, Class B		2,203,391		50,238,738


Lime Technologies AB^(c)		845,562		20,974,095


Loomis AB		1,093,430		35,052,407


MIPS AB^(b)		916,258		49,398,236


Mycronic AB		1,399,833		29,838,597


Sdiptech AB, Class B^(a)(c)		2,085,173		48,124,872


SmartCraft ASA^(a)		10,011,921		19,072,504


Vitec Software Group AB, Class B		1,107,531		58,380,580


				636,199,374



Switzerland–9.62%
Belimo Holding AG		89,662		43,153,719


Bossard Holding AG, Class A		88,448		21,681,988


Forbo Holding AG		24,038		35,410,309


Interroll Holding AG, Class R		9,097		33,219,511


Kardex Holding AG		213,351		48,553,793


LEM Holding S.A.		21,521		47,447,676


Partners Group Holding AG		98,127		95,286,368


Tecan Group AG, Class R^(a)		116,576		50,778,107


VAT Group AG^(b)		108,021		38,109,311


VZ Holding AG		601,516		56,016,684


				469,657,466



Taiwan–0.62%
Advantech Co. Ltd.		2,504,000		30,393,075



United Kingdom–15.22%
Alpha Financial Markets Consulting PLC^(c)		7,171,620		41,905,663


Auction Technology Group PLC^(a)		3,668,822		32,298,547


Bunzl PLC		758,700		30,214,545


Croda International PLC		842,660		73,984,245


Diploma PLC		1,500,781		50,649,131

Investment Abbreviations:

ADR – American Depositary Receipt

BR – Bearer Shares


	Shares		Value


United Kingdom–(continued)
FDM Group Holdings PLC		3,698,283	$	31,328,266


Halma PLC		1,976,025		57,542,637


Hill & Smith PLC		1,835,641		31,772,540


Howden Joinery Group PLC		4,806,701		41,396,292


IMI PLC		2,190,651		43,955,438


Intertek Group PLC		592,818		30,982,000


Johnson Service Group PLC		6,201,061		9,476,233


Rathbones Group PLC		1,427,821		35,089,682


Restore PLC^(c)		10,314,291		38,075,534


Rightmove PLC		4,317,447		31,250,531


Rotork PLC		9,147,324		37,720,838


Spirax-Sarco Engineering PLC		437,969		61,196,793


Victrex PLC		1,341,436		28,252,955


Weir Group PLC (The)		1,541,440		35,683,428


				742,775,298



United States–2.81%
Allegion PLC		306,250		33,834,500


Bruker Corp.		792,869		62,739,724


ICON PLC^(a)		210,508		40,562,786


				137,137,010


Total Common Stocks & Other Equity Interests (Cost $3,602,157,164)				4,808,337,507



Money Market Funds–0.20%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d)		3,460,611		3,460,611


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(c)(d)		2,469,460		2,470,201


Invesco Treasury Portfolio, Institutional Class, 4.77%^(c)(d)		3,954,984		3,954,983


Total Money Market Funds (Cost $9,885,586)				9,885,795


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–98.71% (Cost $3,612,042,750)				4,818,223,302



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.67%
Invesco Private Government Fund, 4.83%^(c)(d)(f)		9,221,732		9,221,732


Invesco Private Prime Fund, 4.99%^(c)(d)(f)		23,713,025		23,713,025


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,934,757)				32,934,757


TOTAL INVESTMENTS IN SECURITIES–99.38% (Cost $3,644,977,507)				4,851,158,059


OTHER ASSETS LESS LIABILITIES–0.62%				30,034,347


NET ASSETS–100.00%			$	4,881,192,406

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)	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, 2023 was $198,490,199, which represented 4.07% of the Fund’s Net Assets.

^(c)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	6,447,173		$	144,586,803		$	(147,573,365)		$	-		$	-		$	3,460,611		$	268,819
Invesco Liquid Assets Portfolio, Institutional Class			4,604,909			103,276,287			(105,409,514)			(188)			(1,293)			2,470,201			208,845
Invesco Treasury Portfolio, Institutional Class			7,368,198			165,242,060			(168,655,274)			-			(1)			3,954,983			323,053
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			20,374,960			(11,153,228)			-			-			9,221,732			29,842	*
Invesco Private Prime Fund			-			52,260,684			(28,547,230)			-			(429)			23,713,025			79,720	*
Investments in Other Affiliates:
Alpha Financial Markets Consulting PLC			25,993,604			5,881,140			-			10,030,920			(1)			41,905,663			324,669
Amadeus Fire AG**			30,113,154			-			(4,249,789)			13,447,182			16,597			39,327,144			-
Antares Vision S.p.A.			16,508,773			4,274,644			-			(2,367,643)			-			18,415,774			-
Ariake Japan Co. Ltd.**			66,191,196			132,731			(12,062,509)			14,606,645			(5,308,415)			63,559,648			830,837
Fukui Computer Holdings, Inc.			31,715,825			5,581,464			-			(5,164,910)			-			32,132,379			659,771
Johnson Service Group PLC**			37,689,191			-			(40,280,873)			15,723,786			(3,655,871)			9,476,233			232,147
Karnov Group AB			34,774,863			354,364			-			665,956			-			35,795,183			-
Lime Technologies AB			13,931,719			1,722,709			-			5,319,667			-			20,974,095			194,889
NICE Information Service Co. Ltd.			21,106,756			8,340,721			-			(2,204,560)			-			27,242,917			721,273
Restore PLC			45,141,202			-			(2,190,738)			(3,839,805)			(1,035,125)			38,075,534			-
Sdiptech AB, Class B			45,943,824			3,251,869			(10,451,469)			4,739,072			4,641,576			48,124,872			-
Total		$	387,530,387		$	515,280,436		$	(530,573,989)		$	50,956,122		$	(5,342,962)		$	417,849,994		$	3,873,865

*	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.

**	As of April 30, 2023, this security was not considered as an affiliate of the Fund.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(e)	All or a portion of this security was out on loan at April 30, 2023.

^(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.


Open Forward Foreign Currency Contracts


Settlement		Contract to		Unrealized
Date	Counterparty	Deliver	Receive	Appreciation


Currency Risk


05/03/2023	State Street Bank & Trust Co.	GBP 3,586,421	USD 4,509,925		$2,689

Abbreviations:

GBP – British Pound Sterling

USD – U.S. Dollar

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


7		Invesco International Small-Mid Company Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Industrials	37.65	%

Information Technology	24.85

Health Care	15.17

Materials	5.26

Financials	4.67

Communication Services	3.92

Consumer Discretionary	3.87

Consumer Staples	3.11

Money Market Funds Plus Other Assets Less Liabilities	1.50

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


8		Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $3,313,974,081)*	$	4,545,671,090


Investments in affiliates, at value (Cost $331,003,426)		305,486,969


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,689


Cash		3,000,000


Foreign currencies, at value (Cost $4,448,292)		4,440,840


Receivable for:
Investments sold		69,792,968


Fund shares sold		1,457,547


Dividends		34,730,566


Investment for trustee deferred compensation and retirement plans		242,388


Other assets		78,201


Total assets		4,964,903,258



Liabilities:
Payable for:
Investments purchased		32,188,493


Fund shares reacquired		12,196,636


Accrued foreign taxes		3,884,524


Collateral upon return of securities loaned		32,934,757


Accrued fees to affiliates		1,688,115


Accrued trustees’ and officers’ fees and benefits		53,686


Accrued other operating expenses		522,253


Trustee deferred compensation and retirement plans		242,388


Total liabilities		83,710,852


Net assets applicable to shares outstanding	$	4,881,192,406



Net assets consist of:
Shares of beneficial interest	$	3,579,368,482


Distributable earnings		1,301,823,924


	$	4,881,192,406


Net Assets:
Class A	$	860,560,574


Class C	$	36,558,760


Class R	$	71,810,068


Class Y	$	2,007,123,063


Class R5	$	503,127


Class R6	$	1,904,636,814



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,123,243


Class C		999,109


Class R		1,812,829


Class Y		47,316,920


Class R5		11,678


Class R6		44,650,419


Class A:
Net asset value per share	$	42.76


Maximum offering price per share (Net asset value of $42.76 ÷ 94.50%)	$	45.25


Class C:
Net asset value and offering price per share	$	36.59


Class R:
Net asset value and offering price per share	$	39.61


Class Y:
Net asset value and offering price per share	$	42.42


Class R5:
Net asset value and offering price per share	$	43.08


Class R6:
Net asset value and offering price per share	$	42.66

*	At April 30, 2023, security with a value of $32,032,219 was on loan to brokers.

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


9		Invesco International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2023

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $3,277,252)	$	29,617,826


Dividends from affiliates (includes net securities lending income of $17,388)		3,781,691


Total investment income		33,399,517



Expenses:
Advisory fees		22,292,462


Administrative services fees		351,192


Custodian fees		241,810


Distribution fees - Class A		1,014,605


Distribution fees - Class C		203,819


Distribution fees - Class R		173,347


Transfer agent fees – A, C, R and Y		2,056,399


Transfer agent fees – R5		70


Transfer agent fees – R6		291,235


Trustees’ and officers’ fees and benefits		28,293


Registration and filing fees		83,939


Reports to shareholders		179,399


Professional services fees		58,674


Other		42,434


Total expenses		27,017,678


Less: Fees waived and/or expense offset arrangement(s)		(34,178	)


Net expenses		26,983,500


Net investment income		6,416,017



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $768,940)		176,665,232


Affiliated investment securities		(5,342,962	)


Foreign currencies		(29,333	)


Forward foreign currency contracts		(11,290	)


		171,281,647


Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $799,263)		586,297,645


Affiliated investment securities		50,956,122


Foreign currencies		1,861,304


Forward foreign currency contracts		2,689


		639,117,760


Net realized and unrealized gain		810,399,407


Net increase in net assets resulting from operations	$	816,815,424

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


10		Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022


Operations:
Net investment income	$	6,416,017		$	20,966,262


Net realized gain		171,281,647			49,517,470


Change in net unrealized appreciation (depreciation)		639,117,760			(3,150,796,863	)


Net increase (decrease) in net assets resulting from operations		816,815,424			(3,080,313,131	)



Distributions to shareholders from distributable earnings:
Class A		(2,304,691	)		(128,634,056	)


Class C		(138,622	)		(11,532,447	)


Class R		(203,403	)		(10,131,133	)


Class Y		(10,547,705	)		(374,453,286	)


Class R5		(2,703	)		(34,765	)


Class R6		(13,599,761	)		(296,558,579	)


Total distributions from distributable earnings		(26,796,885	)		(821,344,266	)



Share transactions–net:
Class A		(62,489,254	)		(21,103,345	)


Class C		(11,874,946	)		(28,026,470	)


Class R		(2,439,197	)		5,279,589


Class Y		(261,590,805	)		(335,933,581	)


Class R5		55,382			85,430


Class R6		(252,618,781	)		33,384,828


Net increase (decrease) in net assets resulting from share transactions		(590,957,601	)		(346,313,549	)


Net increase (decrease) in net assets		199,060,938			(4,247,970,946	)



Net assets:
Beginning of period		4,682,131,468			8,930,102,414


End of period	$	4,881,192,406		$	4,682,131,468

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


11		Invesco International Small-Mid Company Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 04/30/23		$36.30		$0.01			$ 6.56			$ 6.57			$ –			$(0.11	)		$(0.11	)		$42.76		18.11	%^(e)		$860,561		1.34	%^(e)(f)		1.34	%^(e)(f)		0.03	%^(e)(f)		8	%
Year ended 10/31/22		63.38		0.04			(21.41	)		(21.37	)		(0.02	)		(5.69	)		(5.71	)		36.30		(36.72	)^(e)		787,042		1.33	^(e)		1.33	^(e)		0.10	^(e)		20
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
Class C
Six months ended 04/30/23		31.19		(0.12	)		5.63			5.51			–			(0.11	)		(0.11	)		36.59		17.68			36,559		2.10	^(f)		2.10	^(f)		(0.73	)^(f)		8
Year ended 10/31/22		55.66		(0.27	)		(18.51	)		(18.78	)		–			(5.69	)		(5.69	)		31.19		(37.20	)		41,813		2.09			2.09			(0.66	)		20
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
Class R
Six months ended 04/30/23		33.68		(0.04	)		6.08			6.04			–			(0.11	)		(0.11	)		39.61		17.95			71,810		1.60	^(f)		1.60	^(f)		(0.23	)^(f)		8
Year ended 10/31/22		59.34		(0.07	)		(19.90	)		(19.97	)		–			(5.69	)		(5.69	)		33.68		(36.87	)		63,205		1.59			1.59			(0.16	)		20
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
Class Y
Six months ended 04/30/23		36.06		0.06			6.51			6.57			(0.10	)		(0.11	)		(0.21	)		42.42		18.25			2,007,123		1.10	^(f)		1.10	^(f)		0.27	^(f)		8
Year ended 10/31/22		63.00		0.15			(21.23	)		(21.08	)		(0.17	)		(5.69	)		(5.86	)		36.06		(36.55	)		1,943,233		1.09			1.09			0.34			20
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
Class R5
Six months ended 04/30/23		36.64		0.08			6.62			6.70			(0.15	)		(0.11	)		(0.26	)		43.08		18.32			503		0.99	^(f)		0.99	^(f)		0.38	^(f)		8
Year ended 10/31/22		63.92		0.19			(21.57	)		(21.38	)		(0.21	)		(5.69	)		(5.90	)		36.64		(36.51	)		379		1.00			1.00			0.43			20
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 04/30/23		36.30		0.08			6.56			6.64			(0.17	)		(0.11	)		(0.28	)		42.66		18.32			1,904,637		0.99	^(f)		0.99	^(f)		0.38	^(f)		8
Year ended 10/31/22		63.39		0.21			(21.37	)		(21.16	)		(0.24	)		(5.69	)		(5.93	)		36.30		(36.48	)		1,846,459		0.97			0.97			0.46			20
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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019 and 2018, 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, 2023 and the years ended October 31, 2022, 2021 and 2020.

^(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.


12		Invesco International Small-Mid Company Fund

Notes to Financial Statements

April 30, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco International Small-Mid Company Fund

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.


14		Invesco International Small-Mid Company Fund

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*


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, 2023, the effective advisory fee rate incurred by the Fund was 0.92%.

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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $20,084.


15		Invesco International Small-Mid Company 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 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $19,115 in front-end sales commissions from the sale of Class A shares and $2,313 and $254 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $13,522 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	136,546,999	$–	$	136,546,999


Austria		–		21,544,899	–		21,544,899


Brazil		102,922,198		–	–		102,922,198


Canada		78,367,181		–	–		78,367,181


Denmark		–		93,730,102	–		93,730,102


France		–		218,506,741	–		218,506,741


Germany		–		444,820,235	–		444,820,235


Iceland		–		65,021,300	–		65,021,300


India		–		142,094,248	–		142,094,248


Indonesia		–		18,891,720	–		18,891,720


Israel		75,493,696		–	–		75,493,696


Italy		–		188,317,687	–		188,317,687


Japan		–		1,039,164,461	–		1,039,164,461


Jersey		–		41,606,654	–		41,606,654


Netherlands		–		45,346,820	–		45,346,820


New Zealand		–		19,987,945	–		19,987,945


Norway		–		22,431,788	–		22,431,788


South Africa		–		10,137,693	–		10,137,693


South Korea		–		27,242,917	–		27,242,917


Sweden		–		636,199,374	–		636,199,374


Switzerland		–		469,657,466	–		469,657,466


Taiwan		–		30,393,075	–		30,393,075


United Kingdom		–		742,775,298	–		742,775,298


United States		137,137,010		–	–		137,137,010


Money Market Funds		9,885,795		32,934,757	–		42,820,552


Total Investments in Securities		403,805,880		4,447,352,179	–		4,851,158,059


16		Invesco International Small-Mid Company Fund


	Level 1		Level 2		Level 3	Total


Other Investments - Assets*


Forward Foreign Currency Contracts	$	–	$	2,689	$–	$	2,689


Total Investments	$	403,805,880	$	4,447,354,868	$–	$	4,851,160,748

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2023:


	Value
Derivative Assets	Currency Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	2,689


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	2,689

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, 2023.


	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount


State Street Bank & Trust Co.	$2,689	$2,689	$–	$–	$2,689

Effect of Derivative Investments for the six months ended April 30, 2023

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	$	(11,290	)


Change in Net Unrealized Appreciation:
Forward foreign currency contracts		2,689


Total	$	(8,601	)

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


	Forward
	Foreign Currency
	Contracts


Average notional value	$	2,268,241

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits


17		Invesco International Small-Mid Company Fund

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2022.

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, 2023 was $405,033,774 and $1,060,237,757, 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	$1,332,982,744


Aggregate unrealized (depreciation) of investments	(209,640,152	)


Net unrealized appreciation of investments	$1,123,342,592

Cost of investments for tax purposes is $3,727,818,156.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		706,784		$	28,927,819			1,827,230		$	82,188,095


Class C		41,196			1,446,713			70,288			2,619,285


Class R		62,248			2,350,018			175,017			7,297,886


Class Y		4,488,186			180,794,381			11,529,970			521,840,152


Class R5		1,360			56,760			6,285			288,152


Class R6		3,100,853			124,101,097			10,123,742			443,784,590



Issued as reinvestment of dividends:
Class A		50,623			2,064,418			2,117,805			115,293,297


Class C		3,680			128,774			219,526			10,339,660


Class R		5,355			202,472			198,990			10,072,877


Class Y		191,994			7,758,460			5,895,843			318,139,690


Class R5		65			2,648			612			33,510


Class R6		315,333			12,808,815			5,185,947			281,389,504



Automatic conversion of Class C shares to Class A shares:
Class A		188,244			7,692,104			579,028			26,222,003


Class C		(219,658	)		(7,692,104	)		(670,455	)		(26,222,003	)


18		Invesco International Small-Mid Company Fund


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(2,502,179	)	$	(101,173,595	)		(5,554,416	)	$	(244,806,740	)


Class C		(166,570	)		(5,758,329	)		(386,227	)		(14,763,412	)


Class R		(131,538	)		(4,991,687	)		(290,742	)		(12,091,174	)


Class Y		(11,258,964	)		(450,143,646	)		(27,645,551	)		(1,175,913,423	)


Class R5		(100	)		(4,026	)		(4,559	)		(236,232	)


Class R6		(9,635,588	)		(389,528,693	)		(15,353,062	)		(691,789,266	)


Net increase (decrease) in share activity		(14,758,676	)	$	(590,957,601	)		(11,974,729	)	$	(346,313,549	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% 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.


19		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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,181.40	$7.25	$1,018.15	$6.71	1.34%
Class C	1,000.00	1,176.80	11.33	1,014.38	10.49	2.10
Class R	1,000.00	1,179.50	8.65	1,016.86	8.00	1.60
Class Y	1,000.00	1,182.80	5.95	1,019.34	5.51	1.10
Class R5	1,000.00	1,183.50	5.36	1,019.89	4.96	0.99
Class R6	1,000.00	1,183.20	5.36	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.


20		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, 2023

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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.17	%
Class C Shares	14.74
Class R Shares	15.04
Class Y Shares	15.30
Class R5 Shares	15.31
Class R6 Shares	15.31
MSCI World SRI Index^▼ (Broad Market Index)	15.28
Custom Invesco MSCI World SRI Index^∎ (Style-Specific Index)	15.28
Lipper Global Multi-Cap Core Funds Index^◆ (Peer Group Index)	11.67

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 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (7/1/16)	6.46	%
5 Years	3.39
1 Year	-2.22

Class C Shares
Inception (7/1/16)	6.53	%
5 Years	3.78
1 Year	1.68

Class R Shares
Inception (7/1/16)	7.07	%
5 Years	4.30
1 Year	3.21

Class Y Shares
Inception (7/1/16)	7.60	%
5 Years	4.82
1 Year	3.73

Class R5 Shares
Inception (7/1/16)	7.60	%
5 Years	4.82
1 Year	3.74

Class R6 Shares
Inception (7/1/16)	7.60	%
5 Years	4.82
1 Year	3.74

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, 2023

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.49%
Australia–1.73%
Ampol Ltd.		249	$	4,949

APA Group		849		5,790

ASX Ltd.		141		6,409

BlueScope Steel Ltd.		545		7,198

Brambles Ltd.		1,106		10,460

Cochlear Ltd.		46		7,523

Coles Group Ltd.		954		11,491

Computershare Ltd.		448		6,649

Dexus		805		4,159

Fortescue Metals Group Ltd.		1,267		17,515

Goodman Group		1,103		14,175

GPT Group (The)		1,406		4,118

James Hardie Industries PLC, CDI		203		4,526

Lendlease Corp. Ltd.		952		4,705

Mineral Resources Ltd.		120		5,868

Mirvac Group		2,727		4,362

Newcrest Mining Ltd.		580		11,105

QBE Insurance Group Ltd.		755		7,672

REA Group Ltd.		44		4,129

Stockland		1,744		5,147

Suncorp Group Ltd.		627		5,206

Transurban Group		2,053		20,379

Vicinity Ltd.		4,613		6,432

				179,967


Austria–0.10%
Mondi PLC		307		4,885

Verbund AG		64		5,698

				10,583


Belgium–0.17%
KBC Group N.V.		189		13,495

Umicore S.A.		141		4,637

				18,132


Canada–3.78%
Agnico Eagle Mines Ltd.		324		18,380

Bank of Nova Scotia (The)		893		44,576

Canadian National Railway Co.		447		53,283

Canadian Tire Corp. Ltd., Class A		47		6,161

FirstService Corp.		33		4,964

Fortis, Inc.		321		14,095

Gildan Activewear, Inc.		175		5,699

Intact Financial Corp.		119		18,000

Magna International, Inc.		235		12,253

Metro, Inc.		148		8,435

National Bank of Canada		259		19,313

Northland Power, Inc.		170		4,173

Nutrien Ltd.		385		26,709

Parkland Corp.		170		4,009

Pembina Pipeline Corp.		377		12,410

Ritchie Bros. Auctioneers, Inc.		103		5,893

Rogers Communications, Inc., Class B		252		12,451

Shopify, Inc., Class A^(a)		820		39,728


	Shares		Value
Canada–(continued)
Toromont Industries Ltd.		61	$	4,929

Toronto-Dominion Bank (The)		1,297		78,566

				394,027


China–0.47%
BOC Hong Kong Holdings Ltd.		2,500		7,889

Prosus N.V.		556		41,638

				49,527


Denmark–2.69%
AP Moller - Maersk A/S, Class B		5		9,019

Coloplast A/S, Class B		85		12,250

Genmab A/S^(a)		50		20,539

Novo Nordisk A/S, Class B		1,188		198,180

Orsted A/S^(b)		141		12,672

Pandora A/S		85		7,890

Vestas Wind Systems A/S^(a)		725		20,002

				280,552


Finland–0.47%
Elisa OYJ		86		5,339

Kesko OYJ, Class B		186		3,877

Neste OYJ		307		14,836

Orion OYJ, Class B		101		4,748

Stora Enso OYJ, Class R		271		3,437

UPM-Kymmene OYJ		347		11,065

Wartsila OYJ Abp		507		5,888

				49,190


France–3.51%
AXA S.A.		1,445		47,174

Bureau Veritas S.A.		219		6,313

Cie Generale des Etablissements Michelin S.C.A.		496		15,811

Danone S.A.		503		33,284

EssilorLuxottica S.A.		219		43,291

Hermes International		21		45,569

Klepierre S.A.		223		5,656

L’Oreal S.A.		175		83,522

Publicis Groupe S.A.		92		7,540

Schneider Electric SE		392		68,486

Valeo		190		3,717

Vivendi SE		546		6,003

				366,366


Germany–1.43%
adidas AG		121		21,276

Allianz SE		297		74,506

Deutsche Boerse AG		141		26,864

Merck KGaA		87		15,592

Puma SE		71		4,143

Zalando SE^(a)(b)		153		6,268

				148,649


Hong Kong–1.03%
AIA Group Ltd.		8,600		93,836

Hang Seng Bank Ltd.		600		8,905

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


5		Invesco MSCI World SRI Index Fund


	Shares		Value
Hong Kong–(continued)
MTR Corp. Ltd.		1,000	$	5,000

				107,741


Ireland–0.36%
CRH PLC		534		25,824

Kerry Group PLC, Class A		110		11,583

				37,407


Israel–0.08%
Bank Leumi Le-Israel BM		1,031		8,171


Italy–0.42%
Amplifon S.p.A.		119		4,375

Intesa Sanpaolo S.p.A.		11,912		31,322

Terna Rete Elettrica Nazionale S.p.A.		929		8,041

				43,738


Japan–5.66%
Aeon Co. Ltd.		500		10,191

Ajinomoto Co., Inc.		400		14,362

Asahi Kasei Corp.		900		6,370

Astellas Pharma, Inc.		1,400		21,114

Daifuku Co. Ltd.		300		5,536

Dai-ichi Life Holdings, Inc.		700		12,995

Daiichi Sankyo Co. Ltd.		1,200		41,153

Daikin Industries Ltd.		200		36,387

FANUC Corp.		500		16,939

Fast Retailing Co. Ltd.		100		23,674

Fujitsu Ltd.		100		13,325

Hankyu Hanshin Holdings, Inc.		200		6,240

Ibiden Co. Ltd.		100		3,940

JFE Holdings, Inc.		400		4,732

Kao Corp.		400		16,187

KDDI Corp.		1,200		37,473

Kikkoman Corp.		100		5,921

Kubota Corp.		600		9,066

Kurita Water Industries Ltd.		100		4,193

Mitsubishi Chemical Group Corp.		800		4,699

Nippon Express Holdings, Inc.		100		5,868

Nitto Denko Corp.		100		6,469

Nomura Research Institute Ltd.		300		7,576

Omron Corp.		100		5,877

ORIX Corp.		900		15,326

Panasonic Holdings Corp.		1,600		15,067

Recruit Holdings Co. Ltd.		1,000		28,191

Sekisui House Ltd.		400		8,224

SG Holdings Co. Ltd.		200		2,881

SoftBank Corp.		1,800		20,274

Sompo Holdings, Inc.		200		8,346

Sony Group Corp.		900		85,500

Sumitomo Chemical Co. Ltd.		1,400		4,730

Suntory Beverage & Food Ltd.		200		7,509

Sysmex Corp.		100		6,437

Terumo Corp.		300		8,977

Tokyo Electron Ltd.		300		34,260

Tokyu Corp.		300		4,235

Toray Industries, Inc.		900		5,104

Yamaha Corp.		100		3,944

Yamaha Motor Co. Ltd.		200		5,178


	Shares		Value
Japan–(continued)
Z Holdings Corp.		1,900	$	5,204

				589,674


Netherlands–2.38%
Akzo Nobel N.V.		144		11,980

ASML Holding N.V.		289		184,011

Koninklijke DSM N.V.		125		16,377

NN Group N.V.		210		7,852

Wolters Kluwer N.V.		213		28,227

				248,447


New Zealand–0.04%
Meridian Energy Ltd.		1,313		4,440


Norway–0.23%
DNB Bank ASA		692		12,171

Orkla ASA		740		5,319

Telenor ASA		492		6,141

				23,631


Singapore–0.17%
CapitaLand Ascott Trust		97		79

CapitaLand Investment Ltd.		1,700		4,762

United Overseas Bank Ltd.		600		12,750

				17,591


Spain–0.65%
Banco Bilbao Vizcaya Argentaria S.A.		4,566		33,589

Industria de Diseno Textil S.A.		818		28,136

Red Electrica Corp. S.A.		322		5,862

				67,587


Sweden–0.45%
Boliden AB		242		8,667

Electrolux AB, Class B		385		5,806

Essity AB, Class B		400		12,119

Husqvarna AB, Class B		721		6,225

Svenska Cellulosa AB S.C.A., Class B		423		5,807

Tele2 AB, Class B		329		3,494

Telia Co. AB		1,832		5,104

				47,222


Switzerland–1.02%
Givaudan S.A.		7		24,486

Kuehne + Nagel International AG, Class R		37		10,954

Lonza Group AG		53		32,986

SGS S.A.		100		9,031

Sonova Holding AG, Class A		38		12,034

Swiss Life Holding AG		25		16,466

				105,957


United Kingdom–3.58%
abrdn PLC		2,846		7,632

Ashtead Group PLC		350		20,157

Barratt Developments PLC		695		4,373

Berkeley Group Holdings PLC		72		4,024

British Land Co. PLC (The)		716		3,603

BT Group PLC		5,446		10,868

Bunzl PLC		144		5,735

Burberry Group PLC		280		9,131

CNH Industrial N.V.		767		10,791

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


6		Invesco MSCI World SRI Index Fund


	Shares		Value
United Kingdom–(continued)
Coca-Cola Europacific Partners PLC		143	$	9,219

Croda International PLC		84		7,375

DCC PLC		66		4,111

Informa PLC		982		8,923

InterContinental Hotels Group PLC		122		8,383

Intertek Group PLC		89		4,651

J Sainsbury PLC		1,618		5,629

Johnson Matthey PLC		161		3,976

Just Eat Takeaway.com N.V.^(a)(b)		210		3,689

Kingfisher PLC		1,562		5,063

Legal & General Group PLC		2,780		8,210

Liberty Global PLC, Class C^(a)		418		8,502

National Grid PLC		2,557		36,678

Pearson PLC		540		6,001

RELX PLC		1,431		47,601

Schroders PLC		658		4,032

Segro PLC		825		8,690

Severn Trent PLC		142		5,235

St. James’s Place PLC		391		5,940

Unilever PLC		1,879		104,656

				372,878


United States–67.07%
Adobe, Inc.^(a)		333		125,728

Agilent Technologies, Inc.		229		31,013

Allegion PLC		65		7,181

Ally Financial, Inc.		283		7,466

American Express Co.		464		74,862

American Tower Corp.		346		70,719

American Water Works Co., Inc.		97		14,380

Ameriprise Financial, Inc.		91		27,766

AmerisourceBergen Corp.		122		20,356

Amgen, Inc.		381		91,341

Aptiv PLC^(a)		201		20,675

Atmos Energy Corp.		97		11,072

Automatic Data Processing, Inc.		303		66,660

Baker Hughes Co., Class A		708		20,702

Ball Corp.		187		9,945

Bank of New York Mellon Corp. (The)		602		25,639

Becton, Dickinson and Co.		218		57,620

Best Buy Co., Inc.		174		12,967

Biogen, Inc.^(a)		111		33,770

BlackRock, Inc.		109		73,161

Bunge Ltd.		100		9,360

C.H. Robinson Worldwide, Inc.		102		10,289

Cardinal Health, Inc.		230		18,883

Carrier Global Corp.		498		20,826

Caterpillar, Inc.		378		82,706

CBRE Group, Inc., Class A^(a)		246		18,858

Centene Corp.^(a)		429		29,571

Cheniere Energy, Inc.		165		25,245

Cigna Group (The)		222		56,230

Clorox Co. (The)		90		14,906

CME Group, Inc., Class A		268		49,786

Coca-Cola Co. (The)		2,978		191,039

Colgate-Palmolive Co.		594		47,401

Conagra Brands, Inc.		196		7,440

Consolidated Edison, Inc.		250		24,618

Cummins, Inc.		109		25,619


	Shares		Value
United States–(continued)
DaVita, Inc.^(a)		71	$	6,416

DENTSPLY SIRONA, Inc.		158		6,625

Dover Corp.		68		9,939

Ecolab, Inc.		191		32,057

Edwards Lifesciences Corp.^(a)		468		41,175

Elanco Animal Health, Inc.^(a)		380		3,599

Electronic Arts, Inc.		223		28,383

Elevance Health, Inc.		170		79,671

Equinix, Inc.		65		47,065

Essential Utilities, Inc.		109		4,654

Eversource Energy		245		19,014

Exelon Corp.		587		24,912

Expeditors International of Washington, Inc.		125		14,230

FactSet Research Systems, Inc.		28		11,527

Fastenal Co.		422		22,721

Fortune Brands Innovations, Inc.		97		6,275

General Mills, Inc.		449		39,795

Gilead Sciences, Inc.		905		74,400

Halliburton Co.		659		21,582

Hasbro, Inc.		95		5,626

HCA Healthcare, Inc.		154		44,249

Healthpeak Properties, Inc.		222		4,877

Henry Schein, Inc.^(a)		98		7,919

Hilton Worldwide Holdings, Inc.		215		30,964

Hologic, Inc.^(a)		185		15,912

Home Depot, Inc. (The)		730		219,394

Hormel Foods Corp.		220		8,897

Humana, Inc.		93		49,336

Huntington Bancshares, Inc.		789		8,837

IDEX Corp.		55		11,348

IDEXX Laboratories, Inc.^(a)		63		31,006

Illinois Tool Works, Inc.		227		54,920

Illumina, Inc.^(a)		114		23,434

Ingersoll Rand, Inc.		191		10,891

Insulet Corp.^(a)		51		16,220

International Flavors & Fragrances, Inc.		191		18,519

Interpublic Group of Cos., Inc. (The)		296		10,576

J.B. Hunt Transport Services, Inc.		39		6,836

Jazz Pharmaceuticals PLC^(a)		37		5,197

Johnson Controls International PLC		530		31,715

Kellogg Co.		184		12,838

Keurig Dr Pepper, Inc.		424		13,865

Kimberly-Clark Corp.		256		37,092

Laboratory Corp. of America Holdings		48		10,882

Linde PLC		357		131,894

LKQ Corp.		217		12,527

Lowe’s Cos., Inc.		437		90,822

MarketAxess Holdings, Inc.		18		5,731

Marsh & McLennan Cos., Inc.		380		68,472

McCormick & Co., Inc.		127		11,157

Mettler-Toledo International, Inc.^(a)		18		26,847

Microsoft Corp.		5,039		1,548,283

Moody’s Corp.		127		39,766

Newmont Corp.		558		26,449

Northern Trust Corp.		147		11,490

Novocure Ltd.^(a)		63		4,152

NVIDIA Corp.		1,755		486,995

Old Dominion Freight Line, Inc.		55		17,621

ONEOK, Inc.		329		21,520

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)
Otis Worldwide Corp.		243	$	20,728

Owens Corning		83		8,865

Pentair PLC		122		7,086

PepsiCo, Inc.		998		190,508

Phillips 66		327		32,373

Plug Power, Inc.^(a)		316		2,853

PNC Financial Services Group, Inc. (The)		298		38,815

Pool Corp.		31		10,891

PPG Industries, Inc.		183		25,668

Prudential Financial, Inc.		295		25,665

Quanta Services, Inc.		78		13,232

Quest Diagnostics, Inc.		94		13,048

Regions Financial Corp.		721		13,165

Republic Services, Inc.		124		17,933

ResMed, Inc.		106		25,542

Rivian Automotive, Inc., Class A^(a)		305		3,910

Robert Half International, Inc.		82		5,986

Roche Holding AG		501		157,032

Rockwell Automation, Inc.		85		24,090

S&P Global, Inc.		240		87,019

Sempra Energy		247		38,406

State Street Corp.		266		19,221

STERIS PLC		59		11,124

Swiss Re AG		217		21,810

T. Rowe Price Group, Inc.		177		19,882

Take-Two Interactive Software, Inc.^(a)		106		13,175

Target Corp.		317		50,007

Tesla, Inc.^(a)		1,911		313,996

Texas Instruments, Inc.		667		111,522

Tractor Supply Co.		83		19,787

Trane Technologies PLC		178		33,074

Travelers Cos., Inc. (The)		178		32,243


	Shares		Value
United States–(continued)
Truist Financial Corp.		992	$	32,319

UGI Corp.		154		5,218

United Rentals, Inc.		37		13,361

Vail Resorts, Inc.		30		7,216

Valero Energy Corp.		290		33,254

Ventas, Inc.		225		10,811

Vertex Pharmaceuticals, Inc.^(a)		188		64,057

VF Corp.		247		5,807

W.W. Grainger, Inc.		33		22,954

Walt Disney Co. (The)^(a)		1,303		133,558

Waters Corp.^(a)		45		13,516

Welltower, Inc.		274		21,706

West Pharmaceutical Services, Inc.		51		18,423

Xylem, Inc.		134		13,915

Zoetis, Inc.		346		60,820

ZoomInfo Technologies, Inc., Class A^(a)		146		3,199

				6,993,706

Total Common Stocks & Other Equity Interests (Cost $8,063,262)				10,165,183


Money Market Funds–2.25%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d)		82,380		82,380

Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(c)(d)		58,557		58,575

Invesco Treasury Portfolio, Institutional Class, 4.77%^(c)(d)		94,150		94,150

Total Money Market Funds (Cost $235,094)				235,105

TOTAL INVESTMENTS IN SECURITIES–99.74% (Cost $8,298,356)				10,400,288

OTHER ASSETS LESS LIABILITIES–0.26%				27,101

NET ASSETS-100.00%			$	10,427,389

Investment Abbreviations:

CDI – CREST Depository Interest

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, 2023 was $22,629, which represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$18,553		$ 216,244		$ (152,417)		$ -		$ -		$ 82,380		$1,125
Invesco Liquid Assets Portfolio, Institutional Class		12,978		154,460		(108,869)		7		(1)		58,575		800
Invesco Treasury Portfolio, Institutional Class		21,204		247,137		(174,191)		-		-		94,150		1,244
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,157		307,868		(310,025)		-		-		-		259*
Invesco Private Prime Fund		4,918		782,811		(787,703)		-		(26)		-		691*
Total		$59,810		$1,708,520		$(1,533,205)		$7		$(27)		$235,105		$4,119

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Equity Risk

MSCI World Index

June-2023

$175,680

$7,127

^(a)	Futures contracts collateralized by $13,077 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2023



Information Technology	24.57	%

Health Care	15.14

Financials	12.77

Consumer Discretionary	10.94

Industrials	10.23

Consumer Staples	9.38

Materials	4.76

Communication Services	3.17

Utilities	2.35

Real Estate	2.35

Energy	1.83

Money Market Funds Plus Other Assets Less Liabilities	2.51

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, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $8,063,262)	$	10,165,183

Investments in affiliated money market funds, at value (Cost $235,094)		235,105

Other investments:
Variation margin receivable – futures contracts		2,098

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		13,077

Foreign currencies, at value (Cost $2,376)		2,350

Receivable for:
Fund shares sold		5,060

Dividends		29,768

Investment for trustee deferred compensation and retirement plans		21,373

Other assets		34,972

Total assets		10,508,986


Liabilities:
Payable for:
Amount due custodian		600

Accrued fees to affiliates		27,125

Accrued other operating expenses		32,499

Trustee deferred compensation and retirement plans		21,373

Total liabilities		81,597

Net assets applicable to shares outstanding	$	10,427,389


Net assets consist of:
Shares of beneficial interest	$	8,656,006

Distributable earnings		1,771,383

	$	10,427,389


Net Assets:

Class A	$	1,038,681

Class C	$	167,871

Class R	$	583,901

Class Y	$	1,011,813

Class R5	$	14,635

Class R6	$	7,610,488


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		71,447

Class C		11,697

Class R		40,359

Class Y		69,211

Class R5		1,001

Class R6		520,556

Class A:
Net asset value per share	$	14.54

Maximum offering price per share (Net asset value of $14.54 ÷ 94.50%)	$	15.39

Class C:
Net asset value and offering price per share	$	14.35

Class R:
Net asset value and offering price per share	$	14.47

Class Y:
Net asset value and offering price per share	$	14.62

Class R5:
Net asset value and offering price per share	$	14.62

Class R6:
Net asset value and offering price per share	$	14.62

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, 2023

(Unaudited)


Investment income:

Interest	$	30

Dividends (net of foreign withholding taxes of $5,515)		91,544

Dividends from affiliated money market funds (includes net securities lending income of $21)		3,190

Total investment income		94,764


Expenses:
Advisory fees		6,768

Administrative services fees		662

Custodian fees		1,414

Distribution fees:
Class A		1,214

Class C		788

Class R		1,279

Transfer agent fees – A, C, R and Y		2,040

Transfer agent fees – R5		2

Transfer agent fees – R6		1,117

Trustees’ and officers’ fees and benefits		6,311

Registration and filing fees		37,525

Licensing fees		1,934

Reports to shareholders		4,349

Professional services fees		27,119

Other		9,033

Total expenses		101,555

Less: Fees waived and/or expenses reimbursed		(89,130	)

Net expenses		12,425

Net investment income		82,339


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(17,765	)

Affiliated investment securities		(27	)

Foreign currencies		1,241

Futures contracts		(301	)

		(16,852	)

Change in net unrealized appreciation of:
Unaffiliated investment securities		1,303,950

Affiliated investment securities		7

Foreign currencies		1,603

Futures contracts		7,127

		1,312,687

Net realized and unrealized gain		1,295,835

Net increase in net assets resulting from operations	$	1,378,174

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30, 2023			October 31, 2022

Operations:

Net investment income	$	82,339		$	159,042


Net realized gain (loss)		(16,852	)		31,159


Change in net unrealized appreciation (depreciation)		1,312,687			(2,972,234	)

Net increase (decrease) in net assets resulting from operations		1,378,174			(2,782,033	)


Distributions to shareholders from distributable earnings:

Class A		(14,447	)		(15,688	)


Class C		(1,137	)		(1,138	)


Class R		(6,202	)		(5,699	)


Class Y		(17,893	)		(12,972	)


Class R5		(240	)		(238	)


Class R6		(122,100	)		(132,393	)

Total distributions from distributable earnings		(162,019	)		(168,128	)


Share transactions–net:

Class A		1,324			(117,617	)


Class C		(692	)		(12,071	)


Class R		54,185			27,204


Class Y		101,664			281,902


Class R6		132,930			(1,115,150	)

Net increase (decrease) in net assets resulting from share transactions		289,411			(935,732	)

Net increase (decrease) in net assets		1,505,566			(3,885,893	)


Net assets:

Beginning of period		8,921,823			12,807,716


End of period	$	10,427,389		$	8,921,823

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 04/30/23		$12.82		$0.10		$1.82			$1.92			$(0.20	)		$ -			$(0.20	)		$14.54		15.17	%		$1,039		0.44	%^(d)		2.38	%^(d)		1.52	%^(d)		1	%
Year ended 10/31/22		16.76		0.19		(3.93	)		(3.74	)		(0.20	)		-			(0.20	)		12.82		(22.58	)		914		0.44			2.15			1.28			13
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
Class C
Six months ended 04/30/23		12.60		0.05		1.80			1.85			(0.10	)		-			(0.10	)		14.35		14.74			168		1.19	^(d)		3.13	^(d)		0.77	^(d)		1
Year ended 10/31/22		16.49		0.08		(3.88	)		(3.80	)		(0.09	)		-			(0.09	)		12.60		(23.16	)		148		1.19			2.90			0.53			13
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
Class R
Six months ended 04/30/23		12.74		0.09		1.81			1.90			(0.17	)		-			(0.17	)		14.47		15.04			584		0.69	^(d)		2.63	^(d)		1.27	^(d)		1
Year ended 10/31/22		16.66		0.15		(3.90	)		(3.75	)		(0.17	)		-			(0.17	)		12.74		(22.76	)		464		0.69			2.40			1.03			13
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
Class Y
Six months ended 04/30/23		12.91		0.12		1.83			1.95			(0.24	)		-			(0.24	)		14.62		15.30			1,012		0.19	^(d)		2.13	^(d)		1.77	^(d)		1
Year ended 10/31/22		16.87		0.22		(3.94	)		(3.72	)		(0.24	)		-			(0.24	)		12.91		(22.37	)		793		0.19			1.90			1.53			13
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
Class R5
Six months ended 04/30/23		12.91		0.12		1.83			1.95			(0.24	)		-			(0.24	)		14.62		15.31			15		0.19	^(d)		2.00	^(d)		1.77	^(d)		1
Year ended 10/31/22		16.87		0.23		(3.95	)		(3.72	)		(0.24	)		-			(0.24	)		12.91		(22.37	)		13		0.19			1.78			1.53			13
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
Class R6
Six months ended 04/30/23		12.91		0.12		1.83			1.95			(0.24	)		-			(0.24	)		14.62		15.31			7,610		0.19	^(d)		2.00	^(d)		1.77	^(d)		1
Year ended 10/31/22		16.87		0.23		(3.95	)		(3.72	)		(0.24	)		-			(0.24	)		12.91		(22.37	)		6,590		0.19			1.80			1.53			13
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

^(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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


14		Invesco MSCI World SRI Index Fund

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.

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


15		Invesco MSCI World SRI Index Fund

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.14%.

The Adviser has contractually agreed, through at least February 29, 2024, 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 29, 2024. 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, 2023, the Adviser waived advisory fees of $6,768, reimbursed fund level expenses of $79,203 and reimbursed class level expenses of $758, $123, $398, $761, $2 and $1,117 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


16		Invesco MSCI World SRI Index 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Australia	$	–	$	179,967		$–	$	179,967

Austria		–		10,583		–		10,583

Belgium		–		18,132		–		18,132

Canada		394,027		–		–		394,027

China		–		49,527		–		49,527

Denmark		–		280,552		–		280,552

Finland		–		49,190		–		49,190

France		–		366,366		–		366,366

Germany		–		148,649		–		148,649

Hong Kong		–		107,741		–		107,741

Ireland		–		37,407		–		37,407

Israel		–		8,171		–		8,171

Italy		–		43,738		–		43,738

Japan		–		589,674		–		589,674

Netherlands		–		248,447		–		248,447

New Zealand		–		4,440		–		4,440

Norway		–		23,631		–		23,631

Singapore		–		17,591		–		17,591

Spain		–		67,587		–		67,587

Sweden		–		47,222		–		47,222

Switzerland		–		105,957		–		105,957

United Kingdom		17,721		355,157		–		372,878

United States		6,814,864		178,842		–		6,993,706

Money Market Funds		235,105		–		–		235,105

Total Investments in Securities		7,461,717		2,938,571		–		10,400,288


17		Invesco MSCI World SRI Index Fund


	Level 1		Level 2		Level 3		Total

Other Investments - Assets*

Futures Contracts	$	7,127	$	–		$–	$	7,127

Total Investments	$	7,468,844	$	2,938,571		$–	$	10,407,415

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2023:


	Value
Derivative Assets	Equity Risk


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	7,127


Derivatives not subject to master netting agreements		(7,127	)


Total Derivative Assets subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended April 30, 2023

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		$ (301)


Change in Net Unrealized Appreciation:
Futures contracts		7,127


Total		$6,826

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


		Futures
		Contracts


Average notional value		$126,510

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information


18		Invesco MSCI World SRI Index Fund

The Fund had a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	241,817	$	116,813	$	358,630

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2023 was $121,959 and $166,488, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,588,974


Aggregate unrealized (depreciation) of investments	(480,563	)


Net unrealized appreciation of investments	$2,108,411

Cost of investments for tax purposes is $8,299,004.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		3,983		$	53,518			6,805		$	100,540

Class C		54			732			375			5,979

Class R		3,477			48,319			4,118			58,856

Class Y		13,158			177,750			34,662			547,036

Class R6		17,830			245,538			73,419			1,111,388


Issued as reinvestment of dividends:
Class A		1,076			14,124			914			15,047

Class C		80			1,040			64			1,047

Class R		462			6,034			338			5,534

Class Y		1,170			15,434			568			9,384

Class R6		9,244			121,929			7,148			118,154



Reacquired:
Class A		(4,918	)		(66,318	)		(16,198	)		(233,204	)

Class C		(179	)		(2,464	)		(1,226	)		(19,097	)

Class R		(12	)		(168	)		(2,273	)		(37,186	)

Class Y		(6,593	)		(91,520	)		(20,769	)		(274,518	)

Class R6		(17,064	)		(234,537	)		(156,031	)		(2,344,692	)

Net increase (decrease) in share activity		21,768		$	289,411			(68,086	)	$	(935,732	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% 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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,151.70	$2.35	$1,022.61	$2.21	0.44%
Class C	1,000.00	1,147.40	6.34	1,018.89	5.96	1.19
Class R	1,000.00	1,150.40	3.68	1,021.37	3.46	0.69
Class Y	1,000.00	1,153.00	1.01	1,023.85	0.95	0.19
Class R5	1,000.00	1,153.10	1.01	1,023.85	0.95	0.19
Class R6	1,000.00	1,153.10	1.01	1,023.85	0.95	0.19

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


20		Invesco MSCI World SRI Index Fund

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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, 2023

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
19		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, 10/31/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	22.25	%
Class C Shares	21.81
Class R Shares	22.08
Class Y Shares	22.40
Class R5 Shares	22.46
Class R6 Shares	22.47
MSCI All Country World ex USA Index^▼	20.65

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

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


2		Invesco Oppenheimer International Growth Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (3/25/96)	7.03	%
10 Years	4.07
5 Years	1.77
1 Year	3.07

Class C Shares
Inception (3/25/96)	7.01	%
10 Years	4.03
5 Years	2.16
1 Year	7.26

Class R Shares
Inception (3/1/01)	4.97	%
10 Years	4.40
5 Years	2.67
1 Year	8.78

Class Y Shares
Inception (9/7/05)	6.21	%
10 Years	4.92
5 Years	3.19
1 Year	9.35

Class R5 Shares
10 Years	4.81	%
5 Years	3.23
1 Year	9.41

Class R6 Shares
Inception (3/29/12)	6.17	%
10 Years	5.10
5 Years	3.34
1 Year	9.48

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.

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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.80%
Australia–2.87%
CSL Ltd.		708,156	$	140,944,438


James Hardie Industries PLC, CDI^(a)		3,755,824		83,740,504


				224,684,942



Canada–4.81%
Alimentation Couche-Tard, Inc.		3,834,347		191,370,664


CAE, Inc.^(b)		331,526		7,460,773


Dollarama, Inc.		2,856,496		176,932,608


				375,764,045



China–0.28%
Alibaba Group Holding Ltd.^(b)		2,095,100		21,976,112



Denmark–4.78%
Novo Nordisk A/S, Class B		2,240,388		373,737,094



France–18.65%
Airbus SE^(a)		1,078,131		151,346,084


Capgemini SE		315,357		57,562,213


Dassault Systemes SE		1,415,244		57,497,499


Edenred		1,992,312		129,570,645


EssilorLuxottica S.A.		434,074		85,806,182


Hermes International		160,881		349,102,089


Kering S.A.		81,784		52,344,219


L’Oreal S.A.		282,626		134,888,480


LVMH Moet Hennessy Louis Vuitton SE		314,235		301,959,356


Sartorius Stedim Biotech		355,925		95,529,014


Schneider Electric SE		241,163		42,133,390


				1,457,739,171



Germany–5.32%
AIXTRON SE		1,166,713		32,949,144


CTS Eventim AG & Co. KGaA^(b)		2,234,045		146,717,326


HelloFresh SE^(b)		1,516,564		40,564,589


SAP SE		287,397		38,930,887


Siemens AG		265,365		43,535,960


Siemens Healthineers AG^(c)		1,812,504		112,728,502


				415,426,408



India–3.71%
Dr Lal PathLabs Ltd.^(c)		2,409,162		57,575,559


Reliance Industries Ltd.		7,825,441		232,146,528


				289,722,087



Ireland–2.68%
Flutter Entertainment PLC^(b)		1,044,401		209,261,860



Italy–2.24%
Davide Campari-Milano N.V.^(a)		13,602,112		175,285,068



Japan–7.52%
Benefit One, Inc.		2,134,000		29,443,513


Daikin Industries Ltd.		792,600		144,200,117


Hitachi Ltd.		1,333,400		73,986,744


Hoya Corp.		698,410		73,569,390


Keyence Corp.		312,384		140,981,994


	Shares		Value


Japan–(continued)
Kobe Bussan Co. Ltd.		2,935,400	$	82,185,353


Nihon M&A Center Holdings, Inc.		5,684,700		43,307,578


				587,674,689



Netherlands–5.48%
Aalberts N.V.		1,470,700		67,816,619


Adyen N.V.^(b)(c)		49,120		78,662,547


ASM International N.V.		89,303		32,531,998


ASML Holding N.V.		304,550		193,911,891


Universal Music Group N.V.		2,517,180		55,061,472


				427,984,527



New Zealand–0.49%
Xero Ltd.^(b)		613,710		38,089,059



Spain–2.18%
Amadeus IT Group S.A.^(b)		2,424,280		170,559,430



Sweden–4.81%
Atlas Copco AB, Class A^(a)		10,811,278		156,528,811


Epiroc AB, Class A		10,978,159		219,731,572


				376,260,383



Switzerland–4.10%
Barry Callebaut AG		17,904		38,208,296


Lonza Group AG		104,364		64,954,571


Sika AG		542,624		149,212,118


VAT Group AG^(c)		192,391		67,874,658


				320,249,643



Taiwan–0.94%
Taiwan Semiconductor Manufacturing Co. Ltd.		4,473,000		73,354,961



United Kingdom–20.90%
Abcam PLC, ADR^(a)(b)		2,204,664		35,913,977


Ashtead Group PLC		430,093		24,770,230


Auto Trader Group PLC^(c)		12,274,206		98,240,094


Britvic PLC		9,043,030		103,986,532


Compass Group PLC		8,455,478		222,882,691


ConvaTec Group PLC^(c)		21,481,377		59,372,985


Entain PLC		4,602,365		83,785,476


JD Sports Fashion PLC		46,020,235		93,424,831


Legal & General Group PLC		22,378,929		66,090,350


London Stock Exchange Group PLC		1,962,660		205,767,594


Next PLC		1,812,186		153,629,030


Ocado Group PLC^(b)		3,497,308		22,316,631


Rentokil Initial PLC		22,216,135		176,680,986


Rightmove PLC		13,384,317		96,878,322


RS GROUP PLC		6,586,377		76,462,888


Trainline PLC^(b)(c)(d)		36,064,567		113,172,152


				1,633,374,769



United States–7.04%
EPAM Systems, Inc.^(b)		509,561		143,920,409


Experian PLC		801,405		28,318,373


Ferguson PLC		927,759		130,735,747

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		575,847	$	52,373,285


ResMed, Inc.		809,610		195,083,625


				550,431,439


Total Common Stocks & Other Equity Interests (Cost $4,280,574,246)				7,721,575,687



Money Market Funds–0.13%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		3,380,061		3,380,061


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		2,798,214		2,799,053


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		3,862,927		3,862,927


Total Money Market Funds (Cost $10,041,811)				10,042,041


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.93% (Cost $4,290,616,057)				7,731,617,728


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.66%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		36,310,839	$	36,310,839


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		93,370,730		93,370,730


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $129,684,750)				129,681,569


TOTAL INVESTMENTS IN SECURITIES–100.59% (Cost $4,420,300,807)				7,861,299,297


OTHER ASSETS LESS LIABILITIES–(0.59)%				(45,999,947	)


NET ASSETS–100.00%			$	7,815,299,350

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(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, 2023 was $587,626,497, which represented 7.52% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	36,332,395	$	399,765,178	$	(432,717,512	)	$	-	$	-		$	3,380,061	$	704,589
Invesco Liquid Assets Portfolio, Institutional Class		26,768,821		285,546,556		(309,516,714	)		(2,351)		2,741			2,799,053		540,964
Invesco Treasury Portfolio, Institutional Class		41,522,738		456,874,490		(494,534,301	)		-		-			3,862,927		805,795
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		14,928,153		121,769,506		(100,386,820	)		-		-			36,310,839		270,165*
Invesco Private Prime Fund		38,336,216		229,259,133		(174,234,813	)		301		9,893			93,370,730		747,548*
Investments in Other Affiliates:
Trainline PLC		120,287,911		22,360,797		(9,018,760	)		(11,694,467)		(8,763,329	)		113,172,152		-
Total	$	278,176,234	$	1,515,575,660	$	(1,520,408,920	)	$	(11,696,517)	$	(8,750,695	)	$	252,895,762	$	3,069,061

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

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


6		Invesco Oppenheimer International Growth Fund

Open Forward Foreign Currency Contracts

Contract to

Settlement

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

05/03/2023

State Street Bank & Trust Co.

GBP 978,632

USD 1,230,629

$734

Abbreviations:

GBP - British Pound Sterling

USD - U.S. Dollar


Portfolio Composition

By sector, based on Net Assets as of April 30, 2023

Consumer Discretionary		24.94%


Industrials		18.99


Health Care		17.24


Information Technology		10.36


Consumer Staples		10.10


Financials		6.14


Communication Services		5.08


Materials		2.98


Energy		2.97


Money Market Funds Plus Other Assets Less Liabilities		1.20

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, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $4,121,237,942)*	$	7,608,403,535


Investments in affiliates, at value (Cost $299,062,865)		252,895,762


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		734


Cash		20,000,020


Foreign currencies, at value (Cost $10,563,865)		10,559,957


Receivable for:
Investments sold		42,513,021


Fund shares sold		2,950,532


Dividends		31,697,874


Investment for trustee deferred compensation and retirement plans		595,724


Other assets		107,062


Total assets		7,969,724,221



Liabilities:
Payable for:
Investments purchased		730,524


Fund shares reacquired		7,116,871


Accrued foreign taxes		447,705


Collateral upon return of securities loaned		129,684,750


Accrued fees to affiliates		2,776,519


Accrued trustees’ and officers’ fees and benefits		74,041


Accrued other operating expenses		538,737


IRS closing agreement fees for foreign withholding tax claims		12,460,000


Trustee deferred compensation and retirement plans		595,724


Total liabilities		154,424,871


Net assets applicable to shares outstanding	$	7,815,299,350



Net assets consist of:
Shares of beneficial interest	$	3,920,958,667


Distributable earnings		3,894,340,683


	$	7,815,299,350


Net Assets:
Class A	$	1,108,384,330


Class C	$	62,181,057


Class R	$	233,491,656


Class Y	$	2,658,420,047


Class R5	$	2,397,229


Class R6	$	3,750,425,031



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		29,238,175


Class C		1,804,609


Class R		6,369,144


Class Y		70,485,854


Class R5		63,055


Class R6		99,524,365


Class A:
Net asset value per share	$	37.91


Maximum offering price per share (Net asset value of $37.91 ÷ 94.50%)	$	40.12


Class C:
Net asset value and offering price per share	$	34.46


Class R:
Net asset value and offering price per share	$	36.66


Class Y:
Net asset value and offering price per share	$	37.72


Class R5:
Net asset value and offering price per share	$	38.02


Class R6:
Net asset value and offering price per share	$	37.68

*	At April 30, 2023, securities with an aggregate value of $95,812,020 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, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $2,710,897)	$	48,291,241


Dividends from affiliates (includes net securities lending income of $51,735)		2,103,083


Total investment income		50,394,324



Expenses:
Advisory fees		24,868,232


Administrative services fees		540,630


Custodian fees		66,465


Distribution fees:
Class A		1,306,320


Class C		324,579


Class R		553,471


Transfer agent fees – A, C, R and Y		3,185,160


Transfer agent fees – R5		1,105


Transfer agent fees – R6		537,421


Trustees’ and officers’ fees and benefits		38,648


Registration and filing fees		100,697


Reports to shareholders		226,063


Professional services fees		102,232


Other		62,133


Total expenses		31,913,156


Less: Fees waived and/or expense offset arrangement(s)		(78,419	)


Net expenses		31,834,737


Net investment income		18,559,587



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,554)		596,123,664


Affiliated investment securities		(8,750,695	)


Foreign currencies		6,137,105


Forward foreign currency contracts		(2,239	)


		593,507,835


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $3,966,635)		923,257,384


Affiliated investment securities		(11,696,517	)


Foreign currencies		2,087,332


Forward foreign currency contracts		734


		913,648,933


Net realized and unrealized gain		1,507,156,768


Net increase in net assets resulting from operations	$	1,525,716,355

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, 2023 and the year ended October 31, 2022

(Unaudited)


	April 30,			October 31,
	2023			2022


Operations:
Net investment income	$	18,559,587		$	24,911,692


Net realized gain (loss)		593,507,835			(135,403,025	)


Change in net unrealized appreciation (depreciation)		913,648,933			(3,882,446,312	)


Net increase (decrease) in net assets resulting from operations		1,525,716,355			(3,992,937,645	)



Distributions to shareholders from distributable earnings:
Class A		–			(195,067,177	)


Class C		–			(18,357,534	)


Class R		–			(36,871,946	)


Class Y		(1,080,639	)		(599,954,915	)


Class R5		(3,123	)		(5,380,848	)


Class R6		(8,818,376	)		(692,317,508	)


Total distributions from distributable earnings		(9,902,138	)		(1,547,949,928	)



Share transactions–net:
Class A		(120,580,516	)		61,475,290


Class C		(15,670,457	)		(23,631,020	)


Class R		(13,777,845	)		29,407,953


Class Y		(445,514,125	)		(290,254,095	)


Class R5		(13,880	)		(21,964,741	)


Class R6		(248,702,465	)		(91,205,230	)


Net increase (decrease) in net assets resulting from share transactions		(844,259,288	)		(336,171,843	)


Net increase (decrease) in net assets		671,554,929			(5,877,059,416	)



Net assets:
Beginning of period		7,143,744,421			13,020,803,837


End of period	$	7,815,299,350		$	7,143,744,421

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 04/30/23		$31.02		$ 0.04			$ 6.85			$ 6.89			$ –			$ –			$ –			$37.91		22.21	%		$ 1,108,384		1.10	%^(e)		1.10	%^(e)		0.25	%^(e)		7	%
Year ended 10/31/22		52.65		0.00			(15.44	)		(15.44	)		(0.05	)		(6.14	)		(6.19	)		31.02		(32.80	)		1,014,906		1.08			1.08			0.01			9
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
Class C
Six months ended 04/30/23		28.30		(0.08	)		6.24			6.16			–			–			–			34.46		21.77			62,181		1.85	^(e)		1.85	^(e)		(0.50	)^(e)		7
Year ended 10/31/22		48.88		(0.26	)		(14.18	)		(14.44	)		–			(6.14	)		(6.14	)		28.30		(33.31	)		65,001		1.83			1.83			(0.74	)		9
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
Class R
Six months ended 04/30/23		30.04		(0.00	)		6.62			6.62			–			–			–			36.66		22.04			233,492		1.35	^(e)		1.35	^(e)		(0.00	)^(e)		7
Year ended 10/31/22		51.26		(0.09	)		(14.99	)		(15.08	)		–			(6.14	)		(6.14	)		30.04		(32.97	)		203,428		1.33			1.33			(0.24	)		9
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
Class Y
Six months ended 04/30/23		30.84		0.09			6.80			6.89			(0.01	)		–			(0.01	)		37.72		22.36			2,658,420		0.85	^(e)		0.85	^(e)		0.50	^(e)		7
Year ended 10/31/22		52.41		0.10			(15.35	)		(15.25	)		(0.18	)		(6.14	)		(6.32	)		30.84		(32.64	)		2,575,369		0.83			0.83			0.26			9
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
Class R5
Six months ended 04/30/23		31.11		0.10			6.86			6.96			(0.05	)		–			(0.05	)		38.02		22.38			2,397		0.79	^(e)		0.79	^(e)		0.56	^(e)		7
Year ended 10/31/22		52.84		0.12			(15.46	)		(15.34	)		(0.25	)		(6.14	)		(6.39	)		31.11		(32.58	)		1,974		0.76			0.76			0.33			9
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 04/30/23		30.85		0.11			6.80			6.91			(0.08	)		–			(0.08	)		37.68		22.43			3,750,425		0.72	^(e)		0.72	^(e)		0.63	^(e)		7
Year ended 10/31/22		52.44		0.15			(15.34	)		(15.19	)		(0.26	)		(6.14	)		(6.40	)		30.85		(32.55	)		3,283,066		0.69			0.69			0.40			9
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

^(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 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)	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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional 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, 2023, the Fund did not enter into any closing agreements.


13		Invesco Oppenheimer International Growth Fund

did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, the Fund paid the Adviser $634 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

L.	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		0.800%
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, 2023, the effective advisory fee rate incurred by the Fund was 0.66%.


14		Invesco Oppenheimer International Growth Fund

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25% 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended April 30, 2023, the Adviser waived advisory fees of $54,414.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $36,438 in front-end sales commissions from the sale of Class A shares and $684 and $303 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2023, the Fund incurred $591 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.


15		Invesco Oppenheimer International Growth Fund


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	224,684,942		$–	$ 224,684,942
Canada		375,764,045		–		–	375,764,045
China		–		21,976,112		–	21,976,112
Denmark		–		373,737,094		–	373,737,094
France		–		1,457,739,171		–	1,457,739,171
Germany		–		415,426,408		–	415,426,408
India		–		289,722,087		–	289,722,087
Ireland		–		209,261,860		–	209,261,860
Italy		–		175,285,068		–	175,285,068
Japan		–		587,674,689		–	587,674,689
Netherlands		–		427,984,527		–	427,984,527
New Zealand		–		38,089,059		–	38,089,059
Spain		–		170,559,430		–	170,559,430
Sweden		–		376,260,383		–	376,260,383
Switzerland		–		320,249,643		–	320,249,643
Taiwan		–		73,354,961		–	73,354,961
United Kingdom		35,913,977		1,597,460,792		–	1,633,374,769
United States		391,377,319		159,054,120		–	550,431,439
Money Market Funds		10,042,041		129,681,569		–	139,723,610
Total Investments in Securities		813,097,382		7,048,201,915		–	7,861,299,297

Other Investments - Assets*
Forward Foreign Currency Contracts		–		734		–	734
Total Investments	$	813,097,382	$	7,048,202,649		$–	$7,861,300,031

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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


		Value
		Currency
Derivative Assets		Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$734
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements		$734

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, 2023.

Financial

Derivative

Collateral

Assets

(Received)/Pledged

Forward Foreign

Net Value of

Net

Counterparty

Currency Contracts

Derivatives

Non-Cash

Cash

Amount

State Street Bank & Trust Co.

734

–

$734

Effect of Derivative Investments for the six months ended April 30, 2023

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		$(2,239)


16		Invesco Oppenheimer International Growth Fund


		Location of Gain (Loss) on
		Statement of Operations
		Currency
		Risk
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		$ 734
Total		$(1,505)

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


	Forward
	Foreign Currency
	Contracts

Average notional value		$1,229,896

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	152,639,463		$	–		$	152,639,463

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2023 was $536,349,374 and $1,351,732,929, 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	$	3,676,514,434


Aggregate unrealized (depreciation) of investments		(240,966,494	)


Net unrealized appreciation of investments	$	3,435,547,940

Cost of investments for tax purposes is $4,425,752,091.


17		Invesco Oppenheimer International Growth Fund

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2023^(a)						October 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		1,568,536		$	54,960,360			5,405,885		$	202,956,745


Class C		82,600			2,632,015			153,626			5,337,043


Class R		274,973			9,349,338			964,878			34,927,354


Class Y		6,486,286			225,764,681			22,787,843			848,544,314


Class R5		2,797			96,976			210,747			7,934,807


Class R6		13,280,902			450,364,657			23,922,628			856,148,483



Issued as reinvestment of dividends:
Class A		-			-			3,967,563			174,691,830


Class C		-			-			417,051			16,865,527


Class R		-			-			861,731			36,821,772


Class Y		22,895			802,234			10,649,974			465,084,384


Class R5		88			3,111			122,171			5,379,201


Class R6		221,364			7,747,765			13,677,773			596,897,993



Automatic conversion of Class C shares to Class A shares:
Class A		234,669			8,298,531			603,876			22,422,046


Class C		(257,795	)		(8,298,531	)		(658,909	)		(22,422,046	)



Reacquired:
Class A		(5,282,687	)		(183,839,407	)		(9,175,150	)		(338,595,331	)


Class C		(316,967	)		(10,003,941	)		(685,717	)		(23,411,544	)


Class R		(678,668	)		(23,127,183	)		(1,139,181	)		(42,341,173	)


Class Y		(19,538,664	)		(672,081,040	)		(45,515,945	)		(1,603,882,793	)


Class R5		(3,308	)		(113,967	)		(1,106,594	)		(35,278,749	)


Class R6		(20,391,625	)		(706,814,887	)		(42,253,712	)		(1,544,251,706	)


Net increase (decrease) in share activity		(24,294,604	)	$	(844,259,288	)		(16,789,462	)	$	(336,171,843	)

^(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.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		Invesco Oppenheimer International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,222.50	$6.06	$1,019.34	$5.51	1.10%
Class C	1,000.00	1,218.10	10.17	1,015.62	9.25	1.85
Class R	1,000.00	1,220.80	7.43	1,018.10	6.76	1.35
Class Y	1,000.00	1,224.00	4.69	1,020.58	4.26	0.85
Class R5	1,000.00	1,224.60	4.36	1,020.88	3.96	0.79
Class R6	1,000.00	1,224.70	3.97	1,021.22	3.61	0.72

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


19		Invesco 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 15, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 15, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.

13(a) (1)

Not applicable.

13(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)

Not applicable.

13(a) (4)

Not applicable.

13(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM International Mutual Funds (Invesco International Mutual Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		June 30, 2023

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:		June 30, 2023


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		June 30, 2023