AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS) (Form: N-CSRS, Received: 06/28/2024 11:17:03)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06463

AIM International Mutual Funds

(Invesco International Mutual Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman 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: 4/30/2024

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:

LOGO



Semiannual Report to Shareholders		April 30, 2024

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

26		Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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, 10/31/23 to 4/30/24, 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	10.79	%
Class C Shares	10.30
Class R Shares	10.63
Class Y Shares	10.85
Class R5 Shares	10.89
Class R6 Shares	10.93
MSCI All Country World ex USA Index^▼	17.69
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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (8/27/15)	4.07	%
5 Years	2.98
1 Year	-1.27
Class C Shares
Inception (8/27/15)	4.04	%
5 Years	3.38
1 Year	2.63
Class R Shares
Inception (8/27/15)	4.49	%
5 Years	3.91
1 Year	4.23
Class Y Shares
Inception (8/27/15)	4.95	%
5 Years	4.40
1 Year	4.69
Class R5 Shares
Inception	4.89	%
5 Years	4.41
1 Year	4.71
Class R6 Shares
Inception (8/27/15)	5.02	%
5 Years	4.45
1 Year	4.78

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 25-27, 2024, 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, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, 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, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–84.85%
Australia–2.51%

ANZ Group Holdings Ltd.		1,046	$ 18,874

BHP Group Ltd.		10,034	275,194

Fortescue Ltd.		6,453	106,955

Glencore PLC		7,698	44,791

Goodman Group		3,578	72,274

Rio Tinto Ltd.		1,154	96,041

Telstra Group Ltd.		3,598	8,501

Wesfarmers Ltd.		2,119	90,776

Woodside Energy Group Ltd.		4,167	74,660

Woolworths Group Ltd.		289	5,929

			793,995

Austria–0.06%

OMV AG		400	18,981

Belgium–0.13%

Anheuser-Busch InBev S.A./N.V.		684	40,885

Brazil–3.12%

Ambev S.A.		7,200	16,847

B3 S.A. - Brasil, Bolsa, Balcao		16,200	33,663

Banco Bradesco S.A., Preference Shares		5,700	15,368

Banco BTG Pactual S.A., Series CPO		2,100	13,508

Banco do Brasil S.A.		4,400	23,234

Banco Santander Brasil S.A.		1,400	7,792

CCR S.A.		3,000	7,124

CPFL Energia S.A.		1,300	7,986

ENGIE Brasil Energia S.A.		800	6,301

Gerdau S.A., Preference Shares		3,618	12,723

Itau Unibanco Holding S.A., Preference Shares		1,400	8,455

Itausa S.A., Preference Shares		5,565	10,246

Petroleo Brasileiro S.A., Preference Shares		63,900	517,097

Raia Drogasil S.A.		1,400	6,897

Rumo S.A.		3,800	14,753

Suzano S.A.		2,000	22,517

Telefonica Brasil S.A.		2,000	18,234

Vale S.A.		17,100	208,423

WEG S.A.		2,800	21,326

XP, Inc., BDR		689	14,076

			986,570

Chile–0.17%

Banco de Chile		240,469	26,675

Banco Santander Chile		289,027	13,096

Cencosud S.A.		8,421	14,430

			54,201

China–10.63%

Agricultural Bank of China Ltd., H Shares		160,000	71,346

Alibaba Group Holding Ltd.		44,600	417,592

Aluminum Corp. of China Ltd., H Shares		14,000	9,285


	Shares		Value
China–(continued)

ANTA Sports Products Ltd.		6,200	$ 70,190

Baidu, Inc., A Shares^(a)		8,050	104,292

Bank of China Ltd., H Shares		491,000	220,209

Bank of Communications Co. Ltd., H Shares		95,000	68,406

Beijing Enterprises Holdings Ltd.		2,500	8,004

BYD Co. Ltd., H Shares		7,000	191,888

BYD Electronic International Co. Ltd.		3,500	11,791

China CITIC Bank Corp. Ltd., H Shares		51,000	29,837

China Coal Energy Co. Ltd., H Shares		7,000	7,051

China Construction Bank Corp., H Shares		506,000	327,377

China Life Insurance Co. Ltd., H Shares		5,000	6,585

China Longyuan Power Group Corp. Ltd., H Shares		8,000	5,604

China Merchants Bank Co. Ltd., H Shares		13,000	56,301

China Minsheng Banking Corp. Ltd., H Shares		42,000	15,367

China Petroleum & Chemical Corp., H Shares		70,000	41,783

China Resources Mixc Lifestyle Services Ltd.^(b)		2,800	9,855

China Resources Power Holdings Co. Ltd.		4,000	9,947

China Shenhua Energy Co. Ltd., H Shares		8,000	33,204

China Taiping Insurance Holdings Co. Ltd.		6,800	6,217

China Tower Corp. Ltd., H Shares^(b)		364,000	42,610

CITIC Ltd.		18,000	17,035

CITIC Telecom International Holdings Ltd.		24,000	8,139

CMOC Group Ltd., H Shares		24,000	22,517

COSCO SHIPPING Holdings Co. Ltd., H Shares		10,000	12,938

CSPC Pharmaceutical Group Ltd.		66,640	54,720

ENN Energy Holdings Ltd.		4,100	34,934

Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		1,200	7,184

Geely Automobile Holdings Ltd.		5,000	6,018

Great Wall Motor Co. Ltd., H Shares		9,500	14,356

Haidilao International Holding Ltd.^(b)		4,000	9,025

Hengan International Group Co. Ltd.		4,000	13,429

Huatai Securities Co. Ltd., H Shares^(b)		4,400	5,203

Industrial & Commercial Bank of China Ltd., H Shares		431,000	231,114

JD Health International, Inc.^(a)(b)		3,350	11,426

JD Logistics, Inc.^(a)(b)		5,700	6,169

JD.com, Inc., A Shares		7,666	110,455

Jiangxi Copper Co. Ltd., H Shares		3,000	6,110

Kanzhun Ltd., ADR		656	12,982

KE Holdings, Inc., ADR		4,457	67,390

Kingsoft Corp. Ltd.		2,600	8,447

Kuaishou Technology^(a)(b)		1,100	7,712

Kunlun Energy Co. Ltd.		22,000	21,326

Lenovo Group Ltd.		12,000	13,497

Li Auto, Inc., A Shares^(a)		3,600	47,167

NetEase, Inc.		6,700	125,589

New China Life Insurance Co. Ltd., H Shares		3,600	6,904

New Oriental Education & Technology Group, Inc.^(a)		8,000	63,568

Nongfu Spring Co. Ltd., H Shares^(b)		4,800	28,200

NXP Semiconductors N.V.		518	132,706

PDD Holdings, Inc., ADR^(a)		587	73,481

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


5		Invesco Advantage International Fund


	Shares		Value
China–(continued)

PetroChina Co. Ltd., H Shares		86,000	$	80,130

Ping An Insurance (Group) Co. of China Ltd., H Shares		24,500		111,036

Prosus N.V.^(a)		518		17,332

Shenzhou International Group Holdings Ltd.		2,100		20,641

Sino Biopharmaceutical Ltd.		116,000		39,637

Sinotruk Hong Kong Ltd.		2,500		6,222

SITC International Holdings Co. Ltd.		5,000		10,843

Sunny Optical Technology Group Co. Ltd.		1,400		6,773

Vipshop Holdings Ltd., ADR		1,640		24,666

Want Want China Holdings Ltd.		21,000		11,977

XPeng, Inc.^(a)		2,100		8,514

Yankuang Energy Group Co. Ltd., H Shares		6,000		13,016

Yum China Holdings, Inc.		1,613		58,891

ZTO Express (Cayman), Inc., ADR		241		5,059

				3,359,219

Colombia–0.08%

Bancolombia S.A., Preference Shares		2,941		24,065

Czech Republic–0.05%

CEZ A.S.		164		6,057

Komercni banka A.S.		254		9,359

				15,416

Denmark–3.04%

A.P. Moller - Maersk A/S, Class B		27		39,125

Danske Bank A/S		918		26,426

DSV A/S		71		10,087

Novo Nordisk A/S, Class B		6,890		883,589

Svitzer A/S^(a)		54		1,815

				961,042

Finland–0.10%

Mandatum OYJ^(a)		131		607

Nokia OYJ		3,649		13,265

Nordea Bank Abp		1,454		16,902

				30,774

France–5.54%

Air Liquide S.A.		1,106		216,310

AXA S.A.		777		26,846

BNP Paribas S.A.		471		33,894

Carrefour S.A.		777		13,072

Cie de Saint-Gobain S.A.		377		29,814

Credit Agricole S.A.		3,343		51,727

Danone S.A.		1,507		94,319

ENGIE S.A.		6,945		120,569

EssilorLuxottica S.A.		47		10,022

Hermes International S.C.A.		6		14,364

Kering S.A.		55		19,276

Legrand S.A.		94		9,660

L’Oreal S.A.		574		269,122

LVMH Moet Hennessy Louis Vuitton SE		55		45,179

Orange S.A.		4,426		49,263

Safran S.A.		984		213,363

Societe Generale S.A.		800		21,556

Thales S.A.		231		38,823

TotalEnergies SE		6,070		440,674


	Shares		Value
France–(continued)

Vinci S.A.		282	$	33,044

				1,750,897

Germany–5.45%

adidas AG		519		125,070

Allianz SE		656		186,163

BASF SE		459		24,050

Bayer AG		965		28,150

Bayerische Motoren Werke AG		706		76,918

Beiersdorf AG		191		28,708

Daimler Truck Holding AG		847		38,196

Deutsche Bank AG		3,107		49,627

Deutsche Post AG		683		28,597

Deutsche Telekom AG		1,507		34,519

Dr. Ing. h.c. F. Porsche AG, Preference Shares^(b)		47		4,184

E.ON SE		4,945		65,482

Fresenius Medical Care AG		235		9,894

Fresenius SE & Co. KGaA		636		18,978

Hannover Rueck SE		188		46,632

Mercedes-Benz Group AG		565		42,737

Merck KGaA		71		11,282

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		410		180,322

RWE AG		212		7,385

SAP SE		3,308		597,316

Siemens AG		306		57,324

Volkswagen AG, Preference Shares		494		60,518

				1,722,052

Hong Kong–0.49%

AIA Group Ltd.		7,600		55,665

CK Hutchison Holdings Ltd.		8,000		38,854

CK Infrastructure Holdings Ltd.		1,500		8,474

CLP Holdings Ltd.		3,500		27,531

Jardine Matheson Holdings Ltd.		400		15,308

Sun Hung Kai Properties Ltd.		1,000		9,225

				155,057

Hungary–0.09%

OTP Bank Nyrt.		574		28,451

Indonesia–0.74%

PT Adaro Energy Indonesia Tbk		103,400		17,185

PT Astra International Tbk		77,300		24,392

PT Bank Central Asia Tbk		167,500		100,715

PT Bank Mandiri (Persero) Tbk		34,300		14,498

PT Bank Rakyat Indonesia (Persero) Tbk		43,500		13,168

PT Telkom Indonesia (Persero) Tbk		246,000		47,689

PT United Tractors Tbk		10,100		15,393

				233,040

Israel–0.08%

Check Point Software Technologies Ltd.^(a)		164		24,505

Italy–2.33%

Assicurazioni Generali S.p.A.		2,425		59,127

Enel S.p.A.		18,033		118,521

Eni S.p.A.		7,039		113,058

Ferrari N.V.		330		135,721

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


6		Invesco Advantage International Fund


	Shares		Value
Italy–(continued)

Intesa Sanpaolo S.p.A.		6,427	$	24,056

UniCredit S.p.A.		7,820		287,028

				737,511

Japan–14.51%

AEON Co. Ltd.		900		18,817

Asahi Group Holdings Ltd.		600		20,525

Astellas Pharma, Inc.		2,600		24,955

Bridgestone Corp.		800		35,302

Canon, Inc.		2,000		54,131

Central Japan Railway Co.		1,000		22,868

Chugai Pharmaceutical Co. Ltd.		1,400		44,525

Dai-ichi Life Holdings, Inc.		900		20,845

Daiwa House Industry Co. Ltd.		1,100		30,953

Denso Corp.		3,100		52,834

East Japan Railway Co.		900		16,496

Eisai Co. Ltd.		200		8,214

FANUC Corp.		200		5,924

Fast Retailing Co. Ltd.		200		52,294

FUJIFILM Holdings Corp.		2,100		44,672

Fujitsu Ltd.		500		7,724

Hitachi Ltd.		2,400		221,426

Honda Motor Co. Ltd.		15,900		180,903

Hoya Corp.		500		57,970

ITOCHU Corp.		2,900		130,833

Japan Post Bank Co. Ltd.		2,100		21,316

Japan Post Holdings Co. Ltd.		2,700		25,929

Japan Tobacco, Inc.		2,300		61,874

Kao Corp.		500		20,626

KDDI Corp.		1,100		30,524

Keyence Corp.		100		43,977

Kirin Holdings Co. Ltd.		800		11,678

Komatsu Ltd.		1,200		35,827

Kyocera Corp.		1,700		20,721

LY Corp.		3,300		7,929

Mitsubishi Corp.		19,100		436,809

Mitsubishi Electric Corp.		2,700		47,061

Mitsubishi Estate Co. Ltd.		2,400		43,979

Mitsubishi UFJ Financial Group, Inc.		27,000		268,957

Mitsui & Co. Ltd.		5,700		275,171

Mitsui Fudosan Co. Ltd.		5,700		58,009

Mizuho Financial Group, Inc.		4,670		90,267

MS&AD Insurance Group Holdings, Inc.		2,100		37,756

Murata Manufacturing Co. Ltd.		1,500		27,408

Nintendo Co. Ltd.		1,300		63,400

Nippon Telegraph & Telephone Corp.		56,600		61,109

Nissan Motor Co. Ltd.		6,000		21,958

Olympus Corp.		400		5,572

Oriental Land Co. Ltd.		800		22,073

ORIX Corp.		1,700		34,791

Otsuka Holdings Co. Ltd.		700		29,930

Panasonic Holdings Corp.		5,100		44,515

Recruit Holdings Co. Ltd.		3,100		133,509

Renesas Electronics Corp.		3,000		48,707

SECOM Co. Ltd.		400		27,785

Sekisui House Ltd.		700		16,086

Seven & i Holdings Co. Ltd.		1,000		12,921

Shimano, Inc.		100		16,251


	Shares		Value
Japan–(continued)

Shin-Etsu Chemical Co. Ltd.		1,600	$	61,934

Shionogi & Co. Ltd.		500		23,350

SMC Corp.		100		52,537

SoftBank Corp.		2,300		27,742

SoftBank Group Corp.		700		34,426

Sompo Holdings, Inc.		1,500		29,685

Sony Group Corp.		900		74,386

Sumitomo Corp.		2,900		76,262

Sumitomo Mitsui Financial Group, Inc.		2,400		136,329

Suzuki Motor Corp.		1,600		18,633

Takeda Pharmaceutical Co. Ltd.		2,338		61,447

Terumo Corp.		800		13,571

Tokio Marine Holdings, Inc.		2,400		75,855

Tokyo Electron Ltd.		800		175,477

Toyota Industries Corp.		400		38,011

Toyota Motor Corp.		22,900		522,316

Unicharm Corp.		200		5,943

				4,584,540

Luxembourg–0.11%

ArcelorMittal S.A.		1,342		33,527

Malaysia–0.51%

CIMB Group Holdings Bhd.		9,200		12,715

Genting Bhd.		13,000		12,287

IHH Healthcare Bhd.		14,400		19,091

Malayan Banking Bhd.		15,200		30,973

Petronas Chemicals Group Bhd.		14,000		19,867

Public Bank Bhd.		48,800		42,090

Sime Darby Bhd.		13,000		7,611

Tenaga Nasional Bhd.		7,000		17,528

				162,162

Mexico–0.99%

America Movil S.A.B. de C.V., Class B		77,000		73,311

Arca Continental S.A.B. de C.V.		1,600		15,609

CEMEX S.A.B. de C.V., Series CPO^(a)		10,100		8,001

Coca-Cola FEMSA S.A.B. de C.V.		700		6,944

Fomento Economico Mexicano S.A.B. de C.V., Series CPO		2,100		24,568

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		820		14,935

Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		190		6,527

Grupo Elektra S.A.B. de C.V.		740		47,760

Grupo Financiero Banorte S.A.B. de C.V., Class O		800		7,918

Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		3,700		10,253

Kimberly-Clark de Mexico S.A.B. de C.V., Class A		3,000		6,245

Wal-Mart de Mexico S.A.B. de C.V., Series V		24,673		92,062

				314,133

Netherlands–1.50%

ASML Holding N.V.		165		143,717

EXOR N.V.		377		41,159

Heineken Holding N.V.		71		5,712

ING Groep N.V.		2,119		33,502

Koninklijke Ahold Delhaize N.V.		918		27,865

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


7		Invesco Advantage International Fund


	Shares		Value

Netherlands–(continued)

Koninklijke Philips N.V.^(a)		2,142	$	56,884

Universal Music Group N.V.		2,566		75,479

Wolters Kluwer N.V.		602		90,123

				474,441

Peru–0.03%

Credicorp Ltd.		51		8,446

Philippines–0.14%

Ayala Corp.		930		9,886

International Container Terminal Services, Inc.		2,680		15,328

Manila Electric Co.		1,070		6,835

SM Prime Holdings, Inc.		27,600		13,336

				45,385

Poland–0.26%

Bank Polska Kasa Opieki S.A.		766		31,713

Powszechna Kasa Oszczednosci Bank Polski S.A.		3,445		51,148

				82,861

Russia–0.00%

Sberbank of Russia PJSC^(c)		9,800		0

Tatneft PJSC^(c)		1,980		0

VTB Bank PJSC^(a)(c)		9,716,000		0

				0

Singapore–0.31%

Oversea-Chinese Banking Corp. Ltd.		6,200		64,366

Singapore Telecommunications Ltd.		3,300		5,723

STMicroelectronics N.V.		281		11,134

United Overseas Bank Ltd.		700		15,534

				96,757

South Africa–1.16%

Absa Group Ltd.		2,597		20,026

Anglo American PLC		1,154		37,710

Bid Corp. Ltd.		465		10,633

Capitec Bank Holdings Ltd.		383		47,401

FirstRand Ltd.		14,764		50,967

Gold Fields Ltd.		2,269		36,707

Impala Platinum Holdings Ltd.		2,926		13,025

MTN Group Ltd.		2,324		11,138

Nedbank Group Ltd.		924		11,235

Sanlam Ltd.		6,480		23,441

Sasol Ltd.		1,024		7,194

Shoprite Holdings Ltd.		5,933		79,160

Sibanye Stillwater Ltd.		6,015		6,865

Standard Bank Group Ltd.		1,327		12,462

				367,964

South Korea–3.02%

Hyundai Mobis Co. Ltd.		82		13,415

Hyundai Motor Co.		102		18,347

KB Financial Group, Inc.		153		8,298

Kia Corp.		1,367		115,816

POSCO Holdings, Inc.		82		23,672

Samsung C&T Corp.		128		13,803

Samsung Electronics Co. Ltd.		8,503		472,653

Samsung SDI Co. Ltd.		246		76,129


	Shares		Value
South Korea–(continued)

SK hynix, Inc.		1,723	$	212,628

				954,761

Spain–2.33%

Aena SME S.A.^(b)		47		8,565

Banco Bilbao Vizcaya Argentaria S.A.		14,546		157,300

Banco Santander S.A.		12,948		63,000

CaixaBank S.A.		1,389		7,325

Endesa S.A.		683		12,455

Iberdrola S.A.		4,261		52,247

Industria de Diseno Textil S.A.		8,421		383,416

Repsol S.A.		1,789		28,081

Telefonica S.A.		5,132		22,989

				735,378

Sweden–2.14%

Assa Abloy AB, Class B		330		8,719

Atlas Copco AB, Class A		10,034		175,756

Epiroc AB, Class A		1,365		25,235

H & M Hennes & Mauritz AB, Class B		1,483		23,572

Investor AB, Class B		3,790		92,827

Skandinaviska Enskilda Banken AB, Class A		3,107		40,691

Spotify Technology S.A.^(a)		547		153,401

Svenska Handelsbanken AB, Class A		612		5,248

Telefonaktiebolaget LM Ericsson, Class B		2,825		14,337

Volvo AB, Class B		5,320		135,411

				675,197

Switzerland–3.99%

ABB Ltd.		332		16,131

Alcon, Inc.		79		6,057

Cie Financiere Richemont S.A.		102		14,099

Geberit AG		11		5,872

Kuehne + Nagel International AG, Class R		191		50,481

Nestle S.A.		842		84,537

Novartis AG		7,246		703,279

Partners Group Holding AG		82		105,498

Swisscom AG		25		13,715

UBS Group AG^(a)		9,925		260,663

				1,260,332

Taiwan–6.99%

Advantech Co. Ltd.		1,000		11,631

ASE Technology Holding Co. Ltd., ADR		4,839		48,584

Catcher Technology Co. Ltd.		4,000		26,719

Cathay Financial Holding Co. Ltd.		5,000		7,732

Chailease Holding Co. Ltd.		2,218		11,698

Chang Hwa Commercial Bank Ltd.		16,000		8,947

Cheng Shin Rubber Industry Co. Ltd.		8,000		11,550

Chicony Electronics Co. Ltd.		1,000		6,191

Chunghwa Telecom Co. Ltd., ADR		2,297		86,620

Compal Electronics, Inc.		5,000		5,454

CTBC Financial Holding Co. Ltd.		13,000		13,568

Delta Electronics, Inc.		7,000		68,553

Evergreen Marine Corp. Taiwan Ltd.		4,800		27,891

Far Eastern New Century Corp.		10,000		9,975

Far EasTone Telecommunications Co. Ltd.		9,000		22,324

First Financial Holding Co. Ltd.		42,000		35,210

Formosa Chemicals & Fibre Corp.		5,000		8,498

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


8		Invesco Advantage International Fund


	Shares		Value
Taiwan–(continued)

Formosa Plastics Corp.		16,000	$	33,615

Fubon Financial Holding Co. Ltd.		4,150		8,779

Globalwafers Co. Ltd.		1,000		15,889

Hon Hai Precision Industry Co. Ltd.		34,000		161,852

Hotai Motor Co. Ltd.		20		380

Hua Nan Financial Holdings Co. Ltd.		25,000		18,111

MediaTek, Inc.		5,000		150,756

Mega Financial Holding Co. Ltd.		29,000		35,537

Nan Ya Plastics Corp.		19,000		32,992

Novatek Microelectronics Corp.		2,000		37,790

Pegatron Corp.		7,000		20,877

Powerchip Semiconductor Manufacturing Corp.^(a)		8,000		5,589

Powertech Technology, Inc.		1,000		5,325

President Chain Store Corp.		1,000		8,410

Quanta Computer, Inc.		5,000		39,241

Radiant Opto-Electronics Corp.		1,000		6,097

Realtek Semiconductor Corp.		1,000		15,775

Taiwan Cooperative Financial Holding Co. Ltd.		40,000		32,145

Taiwan High Speed Rail Corp.		10,000		9,168

Taiwan Mobile Co. Ltd.		7,000		22,341

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,972		957,534

Unimicron Technology Corp.		5,000		27,650

Uni-President Enterprises Corp.		18,000		42,221

United Microelectronics Corp., ADR		4,899		37,722

Wan Hai Lines Ltd.		5,000		7,766

WPG Holdings Ltd.		2,000		5,402

Yageo Corp.		1,000		19,075

Yang Ming Marine Transport Corp.		4,000		6,395

Yuanta Financial Holding Co. Ltd.		34,274		32,150

				2,207,729

Turkey–0.43%

Ford Otomotiv Sanayi A.S.		437		15,052

KOC Holding A.S.		5,086		35,496

Turk Hava Yollari AO^(a)		8,585		86,351

				136,899

United Kingdom–5.78%

Aviva PLC		2,590		15,038

BAE Systems PLC		13,233		220,094

Barclays PLC		16,526		41,667

British American Tobacco PLC		2,425		71,189

Coca-Cola Europacific Partners PLC		663		47,749

Compass Group PLC		3,767		104,774

Diageo PLC		587		20,287

Haleon PLC		13,866		58,561

HSBC Holdings PLC		51,484		446,261

Imperial Brands PLC		424		9,688

Legal & General Group PLC		1,836		5,390

Lloyds Banking Group PLC		37,407		24,142

London Stock Exchange Group PLC		1,121		123,579

National Grid PLC		2,331		30,576

NatWest Group PLC		5,579		21,057

Reckitt Benckiser Group PLC		1,836		102,645


	Shares		Value
United Kingdom–(continued)

RELX PLC		6,753	$	277,460

Standard Chartered PLC		1,883		16,178

Tesco PLC		30,204		111,515

Unilever PLC		753		38,953

Vodafone Group PLC		46,636		39,328

				1,826,131

United States–6.04%

ARM Holdings PLC, ADR^(a)		281		28,440

Atlassian Corp., Class A^(a)		547		94,248

BP PLC		12,274		79,114

Experian PLC		230		9,277

Ferguson PLC		612		129,044

Ferrovial SE		1,154		41,504

GSK PLC		2,448		50,788

Holcim AG		306		25,615

JBS S.A.		4,000		18,056

Roche Holding AG		636		152,395

Sanofi S.A.		3,527		348,443

Shell PLC		19,330		687,154

Stellantis N.V.		7,136		157,895

Swiss Re AG		800		86,964

				1,908,937

Vietnam–0.00%

Vietnam Dairy Products JSC		2		5

Total Common Stocks & Other Equity Interests (Cost $22,644,363)				26,812,246

	Principal Amount

U.S. Treasury Securities–9.05%
U.S. Treasury Bills–9.05%

5.14%, 07/25/2024^(d)	$	1,373,554		1,372,794

5.46%, 08/15/2024^(d)		1,485,747		1,485,259

Total U.S. Treasury Securities (Cost $2,859,301)				2,858,053

	Shares

Preferred Stocks–0.01%
Multinational–0.01%

Harambee Re Ltd., Pfd.^(c)		8		1,383

Viribus Re Ltd., Pfd.^(c)		32,158		2,519

Total Preferred Stocks (Cost $32,978)				3,902

Money Market Funds–1.57%

Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(e)(f)		173,987		173,987

Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(e)(f)		124,258		124,295

Invesco Treasury Portfolio, Institutional Class, 5.22%^(e)(f)		198,842		198,842

Total Money Market Funds (Cost $497,101)				497,124

TOTAL INVESTMENTS IN SECURITIES–95.48% (Cost $26,033,743)				30,171,325

OTHER ASSETS LESS LIABILITIES–4.52%				1,426,687

NET ASSETS–100.00%			$	31,598,012

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


9		Invesco Advantage International Fund



Investment Abbreviations:
ADR		– American Depositary Receipt
BDR		– Brazilian Depositary Receipt
CPO		– Certificates of Ordinary Participation
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, 2024 was $140,133, 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)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,066,143		$2,212,462		$(3,104,618)		$ -	$	-		$173,987		$24,645
Invesco Liquid Assets Portfolio, Institutional Class		761,496		1,580,329		(2,217,584)		(97)		151		124,295		18,106
Invesco Treasury Portfolio, Institutional Class		1,218,450		2,528,527		(3,548,135)		-		-		198,842		28,065
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		37,421		(37,421)		-		-		-		113	*
Invesco Private Prime Fund		-		86,607		(86,603)		-		(4)		-		302	*
Total		$3,046,089		$6,445,346		$(8,994,361)		$(97)	$	147		$497,124		$71,231

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise Price

Notional Value*

Value

Equity Risk

MSCI Emerging Markets Index

Call

05/17/2024

USD 1,090.00

USD 2,289,000

(1,890

)

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


Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)


Currency Risk


Canadian Dollar		33		June-2024	$	2,399,925	$	(43,473	)		$(43,473)


Equity Risk


S&P/TSX 60 Index		12		June-2024		2,275,960		(22,766	)		(22,766)


Total Futures Contracts							$	(66,239	)		$(66,239)

^(a)	Futures contracts collateralized by $151,513 cash held with Merrill Lynch International, the futures commission merchant.

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

Upfront

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate
Index

Payment
Frequency

Number of
Contracts

Maturity
Date

Notional
Value

Payments
Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

Citibank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR -
0.150%

Monthly

1,205

May–2024

USD 1,205

$–

66,962

$66,962

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

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


10		Invesco Advantage International Fund

Abbreviations:

SOFR –Secured Overnight Financing Rate

USD –U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Financials	17.81	%

Information Technology	12.50

Consumer Discretionary	11.66

Industrials	11.55

U.S. Treasury Securities	9.04

Health Care	8.43

Energy	6.86

Consumer Staples	5.03

Materials	4.41

Communication Services	3.86

Other Sectors, Each Less than 2% of Net Assets	2.76

Money Market Funds Plus Other Assets Less Liabilities	6.09

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, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $25,536,642)	$	29,674,201


Investments in affiliated money market funds, at value (Cost $497,101)		497,124


Other investments:
Variation margin receivable – futures contracts		853,681


Unrealized appreciation on swap agreements – OTC		66,962


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		151,513


Cash		75,000


Foreign currencies, at value (Cost $97,321)		96,341


Receivable for:
Fund shares sold		14,106


Dividends		175,137


Interest		355


Investment for trustee deferred compensation and retirement plans		16,873


Other assets		34,467


Total assets		31,655,760



Liabilities:
Other investments:
Options written, at value (premiums received $13,124)		1,890


Swaps payable – OTC		4,297


Payable for:
Investments purchased		1,830


Fund shares reacquired		8,630


Accrued fees to affiliates		14,912


Accrued other operating expenses		9,316


Trustee deferred compensation and retirement plans		16,873


Total liabilities		57,748


Net assets applicable to shares outstanding	$	31,598,012


Net assets consist of:
Shares of beneficial interest	$	31,090,437


Distributable earnings		507,575


	$	31,598,012


Net Assets:
Class A	$	15,470,671


Class C	$	3,141,098


Class R	$	4,573,795


Class Y	$	1,278,358


Class R5	$	10,578


Class R6	$	7,123,512



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,436,844


Class C		304,832


Class R		430,683


Class Y		117,243


Class R5		974


Class R6		651,976


Class A:
Net asset value per share	$	10.77


Maximum offering price per share (Net asset value of $10.77 ÷ 94.50%)	$	11.40


Class C:
Net asset value and offering price per share	$	10.30


Class R:
Net asset value and offering price per share	$	10.62


Class Y:
Net asset value and offering price per share	$	10.90


Class R5:
Net asset value and offering price per share	$	10.86


Class R6:
Net asset value and offering price per share	$	10.93

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, 2024

(Unaudited)


Investment income:
Interest	$	94,649


Dividends (net of foreign withholding taxes of $46,328)		396,851


Dividends from affiliated money market funds (includes net securities lending income of $34)		70,850


Total investment income		562,350



Expenses:
Advisory fees		76,532


Administrative services fees		2,180


Custodian fees		14,145


Distribution fees:
Class A		17,884


Class C		15,309


Class R		11,094


Transfer agent fees – A, C, R and Y		22,933


Transfer agent fees – R5		2


Transfer agent fees – R6		1,184


Trustees’ and officers’ fees and benefits		8,826


Registration and filing fees		38,242


Reports to shareholders		7,502


Professional services fees		43,317


Other		45,694


Total expenses		304,844


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(149,198	)


Net expenses		155,646


Net investment income		406,704



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		477,585


Affiliated investment securities		147


Foreign currencies		(4,068	)


Forward foreign currency contracts		(491	)


Futures contracts		(912,979	)


Option contracts written		(318,609	)


Swap agreements		242,623


		(515,792	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,107,283


Affiliated investment securities		(97	)


Foreign currencies		(555	)


Futures contracts		(20,701	)


Option contracts written		(8,294	)


Swap agreements		175,036


		3,252,672


Net realized and unrealized gain		2,736,880


Net increase in net assets resulting from operations	$	3,143,584

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30,			October 31,
	2024			2023


Operations:
Net investment income	$	406,704		$	1,043,561


Net realized gain (loss)		(515,792	)		(1,458,142	)


Change in net unrealized appreciation		3,252,672			645,339


Net increase in net assets resulting from operations		3,143,584			230,758



Distributions to shareholders from distributable earnings:
Class A		(762,498	)		–


Class C		(134,768	)		–


Class R		(213,318	)		–


Class Y		(88,402	)		–


Class R5		(558	)		–


Class R6		(367,859	)		–


Total distributions from distributable earnings		(1,567,403	)		–



Share transactions–net:
Class A		284,990			1,837,833


Class C		103,225			(77,550	)


Class R		280,861			506,500


Class Y		(381,526	)		(1,596,304	)


Class R6		48,514			6,844,401


Net increase in net assets resulting from share transactions		336,064			7,514,880


Net increase in net assets		1,912,245			7,745,638



Net assets:
Beginning of period		29,685,767			21,940,129


End of period	$	31,598,012		$	29,685,767

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 04/30/24		$	10.25		$	0.14		$	0.92			$	1.06			$	(0.54	)		$	–			$	(0.54	)		$	10.77		10.68	%^(e)		$	15,471		0.95	%^(e)(f)		1.94	%^(e)(f)		2.65	%^(e)(f)		84	%
Year ended 10/31/23			10.06			0.39			(0.20	)			0.19				–				–				–				10.25		1.89	^(e)			14,417		0.83	^(e)		1.84	^(e)		3.65	^(e)		196
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
Class C
Six months ended 04/30/24			9.78			0.10			0.87				0.97				(0.45	)			–				(0.45	)			10.30		10.19				3,141		1.70	^(f)		2.70	^(f)		1.90	^(f)		84
Year ended 10/31/23			9.67			0.29			(0.18	)			0.11				–				–				–				9.78		1.14				2,878		1.58			2.60			2.90			196
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
Class R
Six months ended 04/30/24			10.10			0.12			0.91				1.03				(0.51	)			–				(0.51	)			10.62		10.52				4,574		1.20	^(f)		2.20	^(f)		2.40	^(f)		84
Year ended 10/31/23			9.94			0.36			(0.20	)			0.16				–				–				–				10.10		1.61				4,071		1.08			2.10			3.40			196
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
Class Y
Six months ended 04/30/24			10.40			0.15			0.92				1.07				(0.57	)			–				(0.57	)			10.90		10.63				1,278		0.70	^(f)		1.70	^(f)		2.90	^(f)		84
Year ended 10/31/23			10.17			0.42			(0.19	)			0.23				–				–				–				10.40		2.26				1,586		0.58			1.60			3.90			196
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
Class R5
Six months ended 04/30/24			10.35			0.15			0.93				1.08				(0.57	)			–				(0.57	)			10.86		10.78				11		0.70	^(f)		1.54	^(f)		2.90	^(f)		84
Year ended 10/31/23			10.14			0.42			(0.21	)			0.21				–				–				–				10.35		2.07				10		0.58			1.42			3.90			196
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 04/30/24			10.41			0.15			0.94				1.09				(0.57	)			–				(0.57	)			10.93		10.82				7,124		0.70	^(f)		1.54	^(f)		2.90	^(f)		84
Year ended 10/31/23			10.19			0.42			(0.20	)			0.22				–				–				–				10.41		2.16				6,724		0.58			1.42			3.90			196
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

^(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 was 0.14% for the year ended October 31, 2019.

^(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%, 0.24%, 0.23% and 0.23% for the six months ended April 30, 2024 and the years ended October 31, 2023, 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, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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 or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.


16		Invesco Advantage International Fund

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.

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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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


17		Invesco Advantage International Fund

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, 2024, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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


18		Invesco Advantage International Fund

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.

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

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


19		Invesco Advantage International Fund

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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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	%

For the six months ended April 30, 2024, 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 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”). Effective March 1,2024, the Adviser has contractually agreed, through at least February 28, 2025, 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 1.18%, 1.93%, 1.43%, 0.93%, 0.93% and 0.93%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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.

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, 2024, the Adviser waived advisory fees of $76,532, reimbursed fund level expenses of $46,511 and reimbursed class level expenses of $14,411, $2,902, $4,206, $1,413, $2 and $1,184 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


20		Invesco Advantage International Fund

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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, 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, 2024, IDI advised the Fund that IDI retained $5,396 in front-end sales commissions from the sale of Class A shares and $0 and $1 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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, 2024. 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	$	–	$	793,995		$ –	$	793,995


Austria		–		18,981		–		18,981


Belgium		–		40,885		–		40,885


Brazil		986,570		–		–		986,570


Chile		54,201		–		–		54,201


China		375,175		2,984,044		–		3,359,219


Colombia		24,065		–		–		24,065


Czech Republic		–		15,416		–		15,416


Denmark		1,815		959,227		–		961,042


Finland		–		30,774		–		30,774


France		–		1,750,897		–		1,750,897


Germany		–		1,722,052		–		1,722,052


Hong Kong		–		155,057		–		155,057


Hungary		–		28,451		–		28,451


Indonesia		–		233,040		–		233,040


Israel		24,505		–		–		24,505


Italy		–		737,511		–		737,511


Japan		–		4,584,540		–		4,584,540


Luxembourg		–		33,527		–		33,527


Malaysia		–		162,162		–		162,162


Mexico		314,133		–		–		314,133


Multinational		–		–		3,902		3,902


Netherlands		–		474,441		–		474,441


Peru		8,446		–		–		8,446


21		Invesco Advantage International Fund


	Level 1			Level 2		Level 3		Total
Philippines	$	–		$	45,385		$ –	$	45,385


Poland		–			82,861		–		82,861


Russia		–			–		0		0


Singapore		–			96,757		–		96,757


South Africa		–			367,964		–		367,964


South Korea		–			954,761		–		954,761


Spain		–			735,378		–		735,378


Sweden		153,401			521,796		–		675,197


Switzerland		–			1,260,332		–		1,260,332


Taiwan		1,130,460			1,077,269		–		2,207,729


Turkey		–			136,899		–		136,899


United Kingdom		47,749			1,778,382		–		1,826,131


United States		140,744			4,626,246		–		4,766,990


Vietnam		–			5		–		5


Money Market Funds		497,124			–		–		497,124


Total Investments in Securities		3,758,388			26,409,035		3,902		30,171,325


Other Investments - Assets*


Swap Agreements		–			66,962		–		66,962


Other Investments - Liabilities*


Futures Contracts		(66,239	)		–		–		(66,239	)


Options Written		(1,890	)		–		–		(1,890	)


		(68,129	)		–		–		(68,129	)



Total Other Investments		(68,129	)		66,962		–		(1,167	)


Total Investments	$	3,690,259		$	26,475,997		$3,902	$	30,170,158

*	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, 2024:


	Value
	Equity
Derivative Assets	Risk


Unrealized appreciation on swap agreements – OTC	$	66,962


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	66,962


	Value


Derivative Liabilities	Currency Risk			Equity Risk			Total


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(43,473	)	$	(22,766	)	$	(66,239	)


Options written, at value – Exchange-Traded		–			(1,890	)		(1,890	)


Total Derivative Liabilities		(43,473	)		(24,656	)		(68,129	)


Derivatives not subject to master netting agreements		43,473			24,656			68,129


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.


22		Invesco Advantage International 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, 2024.


	Financial Derivative Assets			Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreements			Swap Agreements		Net Value of Derivatives			Non-Cash			Cash			Net Amount
Citibank, N.A.		$	66,962		$(4,297)		$	62,665		$	–		$	–		$	62,665

Effect of Derivative Investments for the six months ended April 30, 2024

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	$	(491	)	$	-		$	(491	)


Futures contracts		(39,206	)		(873,773	)		(912,979	)


Options written		-			(318,609	)		(318,609	)


Swap agreements		-			242,623			242,623


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		13,965			(34,666	)		(20,701	)


Options written		-			(8,294	)		(8,294	)


Swap agreements		-			175,036			175,036


Total	$	(25,732	)	$	(817,683	)	$	(843,415	)

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

Forward

Index

Foreign Currency

Futures

Options

Swap

Contracts

Written

Agreements

Average notional value

$62,830

8,505,080

10,264,333

4,524,573

Average contracts

–

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,037.

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.


23		Invesco Advantage International Fund

The Fund had a capital loss carryforward as of October 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	1,289,126	$	1,585,943	$	2,875,069

*	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, 2024 was $21,336,786 and $20,634,124, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	4,055,105


Aggregate unrealized (depreciation) of investments		(474,330	)


Net unrealized appreciation of investments	$	3,580,775

Cost of investments for tax purposes is $26,589,383.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended April 30, 2024^(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		105,777		$	1,115,658			408,886		$	4,344,778


Class C		25,376			256,135			67,888			689,747


Class R		38,439			399,576			109,216			1,142,005


Class Y		28,532			308,687			108,903			1,171,806


Class R6		25,634			272,253			755,173			8,027,473



Issued as reinvestment of dividends:
Class A		72,755			741,370			-			-


Class C		13,510			132,132			-			-


Class R		21,205			213,318			-			-


Class Y		6,344			65,412			-			-


Class R6		35,577			367,514			-			-



Automatic conversion of Class C shares to Class A shares:
Class A		6,382			66,705			6,941			73,067


Class C		(6,655	)		(66,705	)		(7,243	)		(73,067	)



Reacquired:
Class A		(154,576	)		(1,638,743	)		(242,799	)		(2,580,012	)


Class C		(21,585	)		(218,337	)		(68,377	)		(694,230	)


Class R		(32,031	)		(332,033	)		(60,313	)		(635,505	)


Class Y		(70,177	)		(755,625	)		(258,690	)		(2,768,110	)


Class R6		(55,369	)		(591,253	)		(109,179	)		(1,183,072	)


Net increase in share activity		39,138		$	336,064			710,406		$	7,514,880

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% 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, 2023 through April 30, 2024.

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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,107.90	$4.98	$1,020.14	$4.77	0.95%
Class C	1,000.00	1,103.00	8.89	1,016.41	8.52	1.70
Class R	1,000.00	1,106.30	6.28	1,018.90	6.02	1.20
Class Y	1,000.00	1,108.50	3.67	1,021.38	3.52	0.70
Class R5	1,000.00	1,108.90	3.67	1,021.38	3.52	0.70
Class R6	1,000.00	1,109.30	3.67	1,021.38	3.52	0.70

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, 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 182/366 to reflect the most recent fiscal half year.


25		Invesco Advantage International Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM International Mutual Funds (Invesco International Mutual Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


				Votes
	Matter	Votes For		Against/Withheld
(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

* Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


26		Invesco Advantage International 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

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, 2024

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
18		Proxy Results

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, 10/31/23 to 4/30/24, 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	8.88	%
Class C Shares	8.48
Class Y Shares	9.00
Class R6 Shares	9.10
MSCI All Country Asia Pacific ex Japan Index^▼ (Broad Market/Style-Specific Index)	15.25

Source(s): ^▼RIMES Technologies Corp. The MSCI All Country Asia Pacific ex Japan Index is an unmanaged index considered representative of Asia Pacific region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco EQV Asia Pacific Equity Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	7.48	%
10 Years	3.75
5 Years	1.20
1 Year	-6.82

Class C Shares
Inception (11/3/97)	7.48	%
10 Years	3.71
5 Years	1.60
1 Year	-3.10

Class Y Shares
Inception (10/3/08)	8.53	%
10 Years	4.59
5 Years	2.61
1 Year	-1.17

Class R6 Shares
10 Years	4.64	%
5 Years	2.77
1 Year	-0.98

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

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

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


3		Invesco EQV Asia Pacific Equity Fund

Liquidity Risk Management Program

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

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

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

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

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

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


4		Invesco EQV Asia Pacific Equity Fund

Schedule of Investments

April 30, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.25%
Australia–3.86%
Aristocrat Leisure Ltd.		249,678	$	6,371,780


CSL Ltd.		49,544		8,802,784


				15,174,564



China–21.61%
Airtac International Group		308,000		10,904,995


China Mengniu Dairy Co. Ltd.		2,399,000		4,969,471


China Resources Beer (Holdings) Co. Ltd.		1,746,000		7,958,374


Chongqing Fuling Zhacai Group Co. Ltd., A Shares		1,104,355		2,162,556


Fuyao Glass Industry Group Co. Ltd., H Shares^(a)		2,087,200		12,496,193


Minth Group Ltd.		1,506,000		2,567,136


Tencent Holdings Ltd.		420,600		18,457,267


Tongcheng Travel Holdings Ltd.^(a)(b)		5,005,600		13,174,133


Wuliangye Yibin Co. Ltd., A Shares		453,138		9,370,897


Yum China Holdings, Inc.		79,231		2,892,724


				84,953,746



Hong Kong–7.49%
AIA Group Ltd.		1,033,000		7,566,057


Swire Properties Ltd.		2,568,200		5,311,465


Techtronic Industries Co. Ltd.		1,198,000		16,555,509


				29,433,031



India–9.72%
Emami Ltd.		1,125,522		6,567,537


HDFC Bank Ltd., ADR		291,804		16,807,910


MakeMyTrip Ltd.^(b)(c)		90,555		5,995,647


SBI Life Insurance Co. Ltd.^(a)		513,351		8,831,890


				38,202,984



Indonesia–11.42%
PT Bank Central Asia Tbk		20,982,800		12,616,627


PT Kalbe Farma Tbk		97,092,500		8,688,792


PT Mitra Keluarga Karyasehat Tbk^(a)		67,966,600		12,120,982


PT Pakuwon Jati Tbk		376,325,600		9,282,806


PT Telkom Indonesia (Persero) Tbk		11,272,200		2,185,210


				44,894,417



Macau–0.84%
Galaxy Entertainment Group Ltd.		740,000		3,320,300



Malaysia–4.84%
Bursa Malaysia Bhd.		5,109,450		7,976,015


Heineken Malaysia Bhd.		1,574,800		7,668,244


KPJ Healthcare Bhd.		7,977,500		3,369,124


				19,013,383



New Zealand–2.05%
Auckland International Airport Ltd.		958,177		4,429,716


Freightways Group Ltd.		734,490		3,631,869


				8,061,585


	Shares		Value


Philippines–8.04%
BDO Unibank, Inc.		5,609,108	$	14,376,290


SM Investments Corp.		506,436		8,314,939


SM Prime Holdings, Inc.		18,472,800		8,926,158


				31,617,387



Singapore–2.36%
United Overseas Bank Ltd.		417,700		9,269,091



SouthKorea–5.12%
LEENO Industrial, Inc.		24,483		4,362,262


Samsung Electronics Co. Ltd.		284,073		15,790,663


				20,152,925



Taiwan–10.63%
ASPEED Technology, Inc.		32,000		2,996,320


MediaTek, Inc.		270,000		8,140,816


Taiwan Semiconductor Manufacturing Co. Ltd.		1,133,464		27,139,384


Visual Photonics Epitaxy Co. Ltd.		748,000		3,525,270


				41,801,790



Thailand–4.72%
Bangkok Dusit Medical Services PCL, Foreign Shares		5,386,900		4,216,256


Central Pattana PCL, Foreign Shares		6,686,000		11,399,474


Humanica PCL, Foreign Shares		10,088,100		2,961,767


				18,577,497



United States–4.55%
Broadcom, Inc.		13,756		17,886,514


Total Common Stocks & Other Equity Interests (Cost $275,680,619)				382,359,214



Money Market Funds–2.27%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		3,115,469		3,115,469


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		2,247,675		2,248,350


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		3,560,536		3,560,536


Total Money Market Funds (Cost $8,923,369)				8,924,355


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.52% (Cost $284,603,988)				391,283,569



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.89%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		982,577		982,577


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		2,526,294		2,527,052


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,509,773)				3,509,629


TOTAL INVESTMENTS IN SECURITIES–100.41% (Cost $288,113,761)				394,793,198


OTHER ASSETS LESS LIABILITIES–(0.41)%				(1,604,871	)


NET ASSETS–100.00%			$	393,188,327

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


5		Invesco EQV Asia Pacific Equity Fund

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2024 was $46,623,198, which represented 11.86% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)


								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation			Realized		Value
	October 31, 2023		at Cost		from Sales			(Depreciation)			Gain		April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$3,163,086	$	19,441,426	$	(19,489,043	)		$ -			$ -		$3,115,469		$86,909
Invesco Liquid Assets Portfolio, Institutional Class		2,282,532		13,886,732		(13,920,744	)		(501)			331		2,248,350		64,242
Invesco Treasury Portfolio, Institutional Class		3,614,956		22,218,772		(22,273,192	)		-			-		3,560,536		98,511
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		947,423		15,040,365		(15,005,211	)		-			-		982,577		36,970	*
Invesco Private Prime Fund		2,436,851		36,904,829		(36,814,939	)		(144	)		455		2,527,052		99,289	*
Total		$12,444,848	$	107,492,124	$	(107,503,129	)		$(645	)		$786		$12,433,984	$	385,921

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


Information Technology	20.31	%
Financials	19.70
Consumer Discretionary	11.91
Industrials	11.90
Consumer Staples	9.84
Health Care	9.46
Real Estate	8.88
Communication Services	5.25
Money Market Funds Plus Other Assets Less Liabilities	2.75

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, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $275,680,619)*	$	382,359,214



Investments in affiliated money market funds, at value (Cost $12,433,142)		12,433,984


Foreign currencies, at value (Cost $53,803)		53,288


Receivable for:
Investments sold		1,950,275


Fund shares sold		96,608


Dividends		891,101


Investment for trustee deferred compensation and retirement plans		91,202


Other assets		41,349


Total assets		397,917,021



Liabilities:
Payable for:
Dividends		28


Fund shares reacquired		318,548


Accrued foreign taxes		457,115


Collateral upon return of securities loaned		3,509,773


Accrued fees to affiliates		250,844


Accrued other operating expenses		94,860


Trustee deferred compensation and retirement plans		97,526


Total liabilities		4,728,694


Net assets applicable to shares outstanding	$	393,188,327


Net assets consist of:
Shares of beneficial interest	$	279,868,076


Distributable earnings		113,320,251


	$	393,188,327


Net Assets:
Class A	$	288,975,921


Class C	$	5,228,290


Class Y	$	80,859,490


Class R6	$	18,124,626



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,559,558


Class C		217,234


Class Y		2,949,594


Class R6		662,708


Class A:
Net asset value per share	$	27.37


Maximum offering price per share (Net asset value of $27.37 ÷ 94.50%)	$	28.96


Class C:
Net asset value and offering price per share	$	24.07


Class Y:
Net asset value and offering price per share	$	27.41


Class R6:
Net asset value and offering price per share	$	27.35

*	At April 30, 2024, security with a value of $3,346,386 was on loan to brokers.

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


7		Invesco EQV Asia Pacific Equity Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $325,130)	$	2,639,405


Dividends from affiliated money market funds (includes net securities lending income of $3,376)		253,038


Total investment income		2,892,443



Expenses:
Advisory fees		1,889,280


Administrative services fees		30,144


Custodian fees		52,995


Distribution fees:
Class A		367,551


Class C		28,455


Transfer agent fees – A, C and Y		444,737


Transfer agent fees – R6		2,886


Trustees’ and officers’ fees and benefits		10,653


Registration and filing fees		31,396


Reports to shareholders		113,137


Professional services fees		34,054


Other		6,352


Total expenses		3,011,640


Less: Fees waived and/or expense offset arrangement(s)		(14,689	)


Net expenses		2,996,951


Net investment income (loss)		(104,508	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $162,160)		7,401,949


Affiliated investment securities		786


Foreign currencies		(34,853	)


		7,367,882


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $81,976)		28,364,266


Affiliated investment securities		(645	)


Foreign currencies		(14,673	)


		28,348,948


Net realized and unrealized gain		35,716,830


Net increase in net assets resulting from operations	$	35,612,322

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30,			October 31,
	2024			2023


Operations:
Net investment income (loss)	$	(104,508	)	$	4,671,367


Net realized gain		7,367,882			7,701,713


Change in net unrealized appreciation		28,348,948			38,777,087


Net increase in net assets resulting from operations		35,612,322			51,150,167



Distributions to shareholders from distributable earnings:
Class A		(8,556,780	)		(23,019,545	)


Class C		(121,876	)		(689,858	)


Class Y		(2,933,225	)		(9,157,836	)


Class R6		(619,767	)		(1,652,040	)


Total distributions from distributable earnings		(12,231,648	)		(34,519,279	)



Share transactions–net:
Class A		(21,375,869	)		(11,959,783	)


Class C		(1,152,754	)		(3,328,057	)


Class Y		(26,514,148	)		(25,793,836	)


Class R6		(4,337,341	)		519,455


Net increase (decrease) in net assets resulting from share transactions		(53,380,112	)		(40,562,221	)


Net increase (decrease) in net assets		(29,999,438	)		(23,931,333	)



Net assets:
Beginning of period		423,187,765			447,119,098


End of period	$	393,188,327		$	423,187,765

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 04/30/24		$25.87		$ (0.02	)		$ 2.29			$2.27			$(0.26	)		$(0.51	)		$(0.77	)		$27.37		8.88	%		$288,976		1.54	%^(d)		1.54	%^(d)		(0.12	)%^(d)		4	%
Year ended 10/31/23		25.07		0.24			2.56			2.80			(0.16	)		(1.84	)		(2.00	)		25.87		10.66			293,668		1.44			1.45			0.87			16
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
Class C
Six months ended 04/30/24		22.67		(0.10	)		2.01			1.91			–			(0.51	)		(0.51	)		24.07		8.48			5,228		2.29	^(d)		2.29	^(d)		(0.87	)^(d)		4
Year ended 10/31/23		22.19		0.03			2.29			2.32			–			(1.84	)		(1.84	)		22.67		9.85			6,022		2.19			2.20			0.12			16
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
Class Y
Six months ended 04/30/24		25.95		0.02			2.29			2.31			(0.34	)		(0.51	)		(0.85	)		27.41		9.00			80,859		1.29	^(d)		1.29	^(d)		0.13	^(d)		4
Year ended 10/31/23		25.15		0.32			2.57			2.89			(0.25	)		(1.84	)		(2.09	)		25.95		10.94			102,149		1.19			1.20			1.12			16
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
Class R6
Six months ended 04/30/24		25.92		0.04			2.29			2.33			(0.39	)		(0.51	)		(0.90	)		27.35		9.10			18,125		1.09	^(d)		1.09	^(d)		0.33	^(d)		4
Year ended 10/31/23		25.13		0.36			2.57			2.93			(0.30	)		(1.84	)		(2.14	)		25.92		11.13			21,349		1.03			1.04			1.28			16
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

^(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, 2024

(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

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

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

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class 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.


12		Invesco EQV Asia Pacific Equity Fund

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, 2024, 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.

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 (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. 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.


13		Invesco EQV Asia Pacific Equity Fund

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, 2024, the effective advisory fee rate incurred by the Fund was 0.93%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class 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 “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $5,551.

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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, 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, 2024, IDI advised the Fund that IDI retained $13,778 in front-end sales commissions from the sale of Class A shares and $84 and $1,100 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $633 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


14		Invesco EQV Asia Pacific Equity Fund

assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	15,174,564		$–	$	15,174,564


China		2,892,724		82,061,022		–		84,953,746


Hong Kong		–		29,433,031		–		29,433,031


India		22,803,557		15,399,427		–		38,202,984


Indonesia		–		44,894,417		–		44,894,417


Macau		–		3,320,300		–		3,320,300


Malaysia		–		19,013,383		–		19,013,383


New Zealand		–		8,061,585		–		8,061,585


Philippines		–		31,617,387		–		31,617,387


Singapore		–		9,269,091		–		9,269,091


South Korea		–		20,152,925		–		20,152,925


Taiwan		–		41,801,790		–		41,801,790


Thailand		–		18,577,497		–		18,577,497


United States		17,886,514		–		–		17,886,514


Money Market Funds		8,924,355		3,509,629		–		12,433,984


Total Investments	$	52,507,150	$	342,286,048		$–	$	394,793,198

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2023.

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, 2024 was $16,389,405 and $84,682,124, 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	$	125,293,681


Aggregate unrealized (depreciation) of investments		(19,072,272	)


Net unrealized appreciation of investments	$	106,221,409

Cost of investments for tax purposes is $288,571,789.


15		Invesco EQV Asia Pacific Equity Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		188,521		$	5,052,739			695,630		$	19,794,347


Class C		18,751			439,712			75,545			1,892,280


Class Y		415,892			11,173,876			1,480,206			42,272,526


Class R6		57,450			1,536,048			379,927			10,612,533



Issued as reinvestment of dividends:
Class A		298,999			7,905,526			769,158			21,290,293


Class C		4,860			113,343			26,435			645,553


Class Y		82,596			2,185,488			248,393			6,882,957


Class R6		13,968			368,467			36,539			1,009,929



Automatic conversion of Class C shares to Class A shares:
Class A		17,202			464,549			55,168			1,553,764


Class C		(19,558	)		(464,549	)		(62,693	)		(1,553,764	)



Reacquired:
Class A		(1,298,295	)		(34,798,683	)		(1,945,232	)		(54,598,187	)


Class C		(52,476	)		(1,241,260	)		(172,253	)		(4,312,126	)


Class Y		(1,485,272	)		(39,873,512	)		(2,679,555	)		(74,949,319	)


Class R6		(232,477	)		(6,241,856	)		(392,057	)		(11,103,007	)


Net increase (decrease) in share activity		(1,989,839	)	$	(53,380,112	)		(1,484,789	)	$	(40,562,221	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the 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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,088.80	$8.00	$1,017.21	$7.72	1.54%
Class C	1,000.00	1,084.80	11.87	1,013.48	11.46	2.29
Class Y	1,000.00	1,090.00	6.70	1,018.45	6.47	1.29
Class R6	1,000.00	1,091.00	5.67	1,019.44	5.47	1.09

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 182/366 to reflect the most recent fiscal half year.


17		Invesco EQV Asia Pacific Equity Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/ Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


18		Invesco EQV Asia Pacific Equity Fund

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

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Semiannual Report to Shareholders		April 30, 2024

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
7		Financial Statements
10		Financial Highlights
11		Notes to Financial Statements
17		Fund Expenses
18		Proxy Results

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, 10/31/23 to 4/30/24, 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	18.53	%
Class C Shares	18.09
Class R Shares	18.36
Class Y Shares	18.70
Investor Class Shares	18.60
Class R6 Shares	18.74
MSCI Europe Index^▼(Broad Market Index)	19.09

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

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

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


2		Invesco EQV European Equity Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	8.07	%
10 Years	1.98
5 Years	2.14
1 Year	1.01

Class C Shares
Inception (11/3/97)	8.08	%
10 Years	1.94
5 Years	2.52
1 Year	5.09

Class R Shares
Inception (6/3/02)	6.86	%
10 Years	2.30
5 Years	3.04
1 Year	6.61

Class Y Shares
Inception (10/3/08)	5.89	%
10 Years	2.81
5 Years	3.56
1 Year	7.15

Investor Class Shares
Inception (9/30/03)	7.50	%
10 Years	2.62
5 Years	3.39
1 Year	6.98

Class R6 Shares
10 Years	2.82	%
5 Years	3.69
1 Year	7.31

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

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

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

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


3		Invesco EQV European Equity Fund

Liquidity Risk Management Program

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

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

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

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

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

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


4		Invesco EQV European Equity Fund

Schedule of Investments

April 30, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.15%
China–1.74%

Prosus N.V.^(a)		240,655	$ 8,052,306

Denmark–5.93%

Coloplast A/S, Class B		47,496	5,726,360

Novo Nordisk A/S, Class B		169,371	21,720,509

			27,446,869

France–18.81%

Air Liquide S.A.		46,658	9,125,309

Bollore SE		1,747,154	11,340,331

Capgemini SE		37,959	7,978,261

Kaufman & Broad S.A.		142,603	4,597,743

LVMH Moet Hennessy Louis Vuitton SE		14,464	11,881,250

Pernod Ricard S.A.		57,062	8,630,178

Publicis Groupe S.A.		87,462	9,651,150

Schneider Electric SE		51,037	11,637,119

TotalEnergies SE		169,368	12,295,906

			87,137,247

Germany–3.75%

Deutsche Boerse AG		63,555	12,252,891

flatexDEGIRO AG^(a)		392,999	5,134,671

			17,387,562

Hungary–2.94%

Richter Gedeon Nyrt		534,911	13,619,670

Ireland–2.97%

Flutter Entertainment PLC^(a)		37,546	6,993,318

Kingspan Group PLC		76,062	6,765,531

			13,758,849

Italy–5.27%

Danieli & C. Officine Meccaniche S.p.A., RSP		232,401	5,965,849

FinecoBank Banca Fineco S.p.A.		751,371	11,510,825

Technogym S.p.A.^(b)		735,569	6,936,788

			24,413,462

Netherlands–8.06%

Aalberts N.V.		115,106	5,472,806

ASML Holding N.V.		15,586	13,575,604

Heineken Holding N.V.		107,823	8,673,711

Wolters Kluwer N.V.		64,071	9,591,844

			37,313,965

Poland–0.83%

Allegro.eu S.A.^(a)(b)		461,985	3,851,156

Russia–0.00%

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

Singapore–1.25%

STMicroelectronics N.V.		146,192	5,786,993


	Shares		Value
Spain–1.20%

Construcciones y Auxiliar de Ferrocarriles S.A.		161,855	$ 5,540,603

Sweden–6.11%

Investor AB, Class B		724,762	17,751,409

Lifco AB, Class B		165,067	3,999,339

Svenska Handelsbanken AB, Class A		766,079	6,569,375

			28,320,123

Switzerland–4.67%

Cie Financiere Richemont S.A.		57,986	8,015,232

Nestle S.A.		135,721	13,626,410

			21,641,642

United Kingdom–23.05%

Ashtead Group PLC		119,626	8,686,271

BAE Systems PLC		343,846	5,718,921

Clarkson PLC		130,566	6,328,271

DCC PLC		156,627	10,696,164

Diploma PLC		176,441	7,975,235

Haleon PLC		2,454,577	10,366,512

Hays PLC		3,796,687	4,359,913

IG Group Holdings PLC		1,234,210	11,516,722

London Stock Exchange Group PLC		45,899	5,059,909

Reckitt Benckiser Group PLC		56,160	3,139,737

RELX PLC		347,540	14,279,332

Rentokil Initial PLC		1,129,197	5,700,156

Savills PLC		420,248	5,679,774

Serco Group PLC		3,182,769	7,258,942

			106,765,859

United States–11.57%

CRH PLC		131,096	10,149,452

ICON PLC^(a)		40,195	11,973,287

Linde PLC		10,067	4,439,144

Roche Holding AG		38,084	9,125,467

Shell PLC		325,054	11,555,214

Signify N.V.		233,626	6,371,322

			53,613,886

Total Common Stocks & Other Equity Interests (Cost $325,006,936)			454,650,203

Money Market Funds–1.40%

Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		2,269,693	2,269,693

Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		1,620,280	1,620,766

Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		2,593,934	2,593,934

Total Money Market Funds (Cost $6,484,263)			6,484,393

TOTAL INVESTMENTS IN SECURITIES–99.55% (Cost $331,491,199)			461,134,596

OTHER ASSETS LESS LIABILITIES–0.45%			2,082,186

NET ASSETS–100.00%			$463,216,782

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


5		Invesco EQV European Equity Fund

Investment Abbreviations:

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $10,787,944, which represented 2.33% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,482,381		$	17,907,020		$	(19,119,708	)		$	-			$	-			$	2,269,693		$	80,081
Invesco Liquid Assets Portfolio, Institutional Class			2,486,867			12,790,728			(13,656,934	)			(258	)			363				1,620,766			58,566
Invesco Treasury Portfolio, Institutional Class			3,979,864			20,465,165			(21,851,095	)			-				-				2,593,934			90,810
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			10,969,192			(10,969,192	)			-				-				-			18,995*
Invesco Private Prime Fund			-			27,977,683			(27,976,441	)			-				(1,242	)			-			50,809*
Total		$	9,949,112		$	90,109,788		$	(93,573,370	)		$	(258	)		$	(879	)		$	6,484,393		$	299,261

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Industrials	27.28	%

Financials	15.07

Health Care	13.42

Consumer Discretionary	10.86

Consumer Staples	9.59

Information Technology	5.90

Energy	5.15

Materials	5.12

Communication Services	4.53

Real Estate	1.23

Money Market Funds Plus Other Assets Less Liabilities	1.85

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


6		Invesco EQV European Equity Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $325,006,936)	$	454,650,203


Investments in affiliated money market funds, at value (Cost $6,484,263)		6,484,393


Foreign currencies, at value (Cost $436,593)		433,085


Receivable for:
Fund shares sold		68,526


Dividends		2,386,551


Investment for trustee deferred compensation and retirement plans		148,593


Other assets		51,067


Total assets		464,222,418



Liabilities:
Payable for:
Fund shares reacquired		548,183


Amount due custodian		1,500


Accrued fees to affiliates		244,562


Accrued other operating expenses		52,399


Trustee deferred compensation and retirement plans		158,992


Total liabilities		1,005,636


Net assets applicable to shares outstanding	$	463,216,782



Net assets consist of:
Shares of beneficial interest	$	326,025,542


Distributable earnings		137,191,240


	$	463,216,782


Net Assets:
Class A	$	237,743,560


Class C	$	5,343,784


Class R	$	4,217,590


Class Y	$	120,622,264


Investor Class	$	92,460,276


Class R6	$	2,829,308



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,716,535


Class C		165,020


Class R		119,668


Class Y		3,405,879


Investor Class		2,620,798


Class R6		79,989


Class A:
Net asset value per share	$	35.40


Maximum offering price per share (Net asset value of $35.40 ÷ 94.50%)	$	37.46


Class C:
Net asset value and offering price per share	$	32.38


Class R:
Net asset value and offering price per share	$	35.24


Class Y:
Net asset value and offering price per share	$	35.42


Investor Class:
Net asset value and offering price per share	$	35.28


Class R6:
Net asset value and offering price per share	$	35.37

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


7		Invesco EQV European Equity Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $367,274)	$	4,258,576


Dividends from affiliated money market funds (includes net securities lending income of $41,753)		271,210


Total investment income		4,529,786



Expenses:
Advisory fees		2,205,188


Administrative services fees		33,432


Custodian fees		22,582


Distribution fees:
Class A		301,557


Class C		29,667


Class R		10,317


Investor Class		60,378


Transfer agent fees – A, C, R, Y and Investor		404,576


Transfer agent fees – R6		409


Trustees’ and officers’ fees and benefits		9,709


Registration and filing fees		39,814


Reports to shareholders		83,051


Professional services fees		38,339


Other		10,945


Total expenses		3,249,964


Less: Fees waived and/or expense offset arrangement(s)		(17,206	)


Net expenses		3,232,758


Net investment income		1,297,028



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		18,276,194


Affiliated investment securities		(879	)


Foreign currencies		(34,333	)


		18,240,982


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		61,249,900


Affiliated investment securities		(258	)


Foreign currencies		(23,078	)


		61,226,564


Net realized and unrealized gain		79,467,546


Net increase in net assets resulting from operations	$	80,764,574

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


8		Invesco EQV European Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30,			October 31,
	2024			2023



Operations:
Net investment income	$	1,297,028		$	8,254,956


Net realized gain		18,240,982			6,456,831


Change in net unrealized appreciation		61,226,564			61,228,564


Net increase in net assets resulting from operations		80,764,574			75,940,351



Distributions to shareholders from distributable earnings:
Class A		(6,273,441	)		(16,195,024	)


Class C		(114,974	)		(706,223	)


Class R		(93,038	)		(361,560	)


Class Y		(3,858,775	)		(13,444,757	)


Investor Class		(2,501,041	)		(6,257,365	)


Class R6		(85,881	)		(236,728	)


Total distributions from distributable earnings		(12,927,150	)		(37,201,657	)



Share transactions–net:
Class A		(13,282,687	)		(10,971,543	)


Class C		(1,498,603	)		(3,605,168	)


Class R		81,951			(1,450,755	)


Class Y		(26,260,508	)		(89,026,999	)


Investor Class		(4,052,794	)		(2,900,719	)


Class R6		(176,903	)		(639,545	)


Net increase (decrease) in net assets resulting from share transactions		(45,189,544	)		(108,594,729	)


Net increase (decrease) in net assets		22,647,880			(69,856,035	)



Net assets:
Beginning of period		440,568,902			510,424,937


End of period	$	463,216,782		$	440,568,902

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


9		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 (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 04/30/24		$30.64		$0.08			$ 5.58			$ 5.66			$(0.52	)		$(0.38	)		$(0.90	)		$35.40		18.58	%		$237,744		1.43	%^(d)		1.44	%^(d)		0.47	%^(d)		10	%
Year ended 10/31/23		28.86		0.49	^(e)		3.53			4.02			(0.01	)		(2.23	)		(2.24	)		30.64		14.18			217,328		1.42			1.42			1.52	^(e)		17
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
Class C
Six months ended 04/30/24		27.93		(0.05	)		5.09			5.04			(0.21	)		(0.38	)		(0.59	)		32.38		18.09			5,344		2.18	^(d)		2.19	^(d)		(0.28	)^(d)		10
Year ended 10/31/23		26.66		0.23	^(e)		3.27			3.50			–			(2.23	)		(2.23	)		27.93		13.33			5,925		2.17			2.17			0.77	^(e)		17
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
Class R
Six months ended 04/30/24		30.46		0.04			5.54			5.58			(0.42	)		(0.38	)		(0.80	)		35.24		18.40			4,218		1.68	^(d)		1.69	^(d)		0.22	^(d)		10
Year ended 10/31/23		28.76		0.41	^(e)		3.52			3.93			–			(2.23	)		(2.23	)		30.46		13.89			3,571		1.67			1.67			1.27	^(e)		17
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
Class Y
Six months ended 04/30/24		30.70		0.12			5.59			5.71			(0.61	)		(0.38	)		(0.99	)		35.42		18.70			120,622		1.18	^(d)		1.19	^(d)		0.72	^(d)		10
Year ended 10/31/23		28.93		0.58	^(e)		3.53			4.11			(0.11	)		(2.23	)		(2.34	)		30.70		14.47			127,534		1.17			1.17			1.77	^(e)		17
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
Investor Class
Six months ended 04/30/24		30.55		0.10			5.56			5.66			(0.55	)		(0.38	)		(0.93	)		35.28		18.64	^(f)		92,460		1.31	^(d)(f)		1.32	^(d)(f)		0.59	^(d)(f)		10
Year ended 10/31/23		28.78		0.52	^(e)		3.52			4.04			(0.04	)		(2.23	)		(2.27	)		30.55		14.29	^(f)		83,597		1.33	^(f)		1.33	^(f)		1.61	^(e)(f)		17
Year ended 10/31/22		45.37		0.48			(13.16	)		(12.68	)		(1.08	)		(2.83	)		(3.91	)		28.78		(30.33	)^(f)		80,989		1.30	^(f)		1.30	^(f)		1.39	^(f)		24
Year ended 10/31/21		33.65		0.48			11.79			12.27			(0.55	)		–			(0.55	)		45.37		36.73	^(f)		128,214		1.24	^(f)		1.24	^(f)		1.13	^(f)		18
Year ended 10/31/20		38.67		0.33			(4.31	)		(3.98	)		(1.04	)		–			(1.04	)		33.65		(10.68	)^(f)		103,954		1.27	^(f)		1.28	^(f)		0.93	^(f)		27
Year ended 10/31/19		35.48		0.76			2.93			3.69			(0.50	)		–			(0.50	)		38.67		10.61	^(f)		133,149		1.29	^(f)		1.30	^(f)		2.08	^(f)		10
Class R6
Six months ended 04/30/24		30.68		0.15			5.58			5.73			(0.66	)		(0.38	)		(1.04	)		35.37		18.78			2,829		1.05	^(d)		1.05	^(d)		0.85	^(d)		10
Year ended 10/31/23		28.93		0.62	^(e)		3.53			4.15			(0.17	)		(2.23	)		(2.40	)		30.68		14.63			2,613		1.04			1.04			1.90	^(e)		17
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

^(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 per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.29 and 0.91%, $0.03 and 0.16%, $0.21 and 0.66%, $0.38 and 1.16%, $0.32 and 1.00%, $0.42 and 1.29% for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares, respectively.

^(f)

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%, 0.16%, 0.18%, 0.14%, 0.16% and 0.19% for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022, 2021, 2020 and 2019, respectively.

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


10		Invesco EQV European Equity Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

The 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 European Equity Fund

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

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

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.


12		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, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2024, the effective advisory fee rate incurred by the Fund was 0.92%.


13		Invesco EQV European Equity Fund

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $4,615.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R, Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, 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, 2024, IDI advised the Fund that IDI retained $7,326 in front-end sales commissions from the sale of Class A shares and $18 and $200 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $232 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.


14		Invesco EQV European Equity Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


China	$	–	$	8,052,306	$	–	$	8,052,306


Denmark		–		27,446,869		–		27,446,869


France		–		87,137,247		–		87,137,247


Germany		–		17,387,562		–		17,387,562


Hungary		–		13,619,670		–		13,619,670


Ireland		6,993,318		6,765,531		–		13,758,849


Italy		–		24,413,462		–		24,413,462


Netherlands		–		37,313,965		–		37,313,965


Poland		–		3,851,156		–		3,851,156


Russia		–		–		11		11


Singapore		–		5,786,993		–		5,786,993


Spain		–		5,540,603		–		5,540,603


Sweden		–		28,320,123		–		28,320,123


Switzerland		–		21,641,642		–		21,641,642


United Kingdom		–		106,765,859		–		106,765,859


United States		26,561,883		27,052,003		–		53,613,886


Money Market Funds		6,484,393		–		–		6,484,393


Total Investments	$	40,039,594	$	421,094,991	$	11	$	461,134,596

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, 2023.

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, 2024 was $45,380,454 and $98,380,971, 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	$	146,144,544


Aggregate unrealized (depreciation) of investments		(27,699,856	)


Net unrealized appreciation of investments	$	118,444,688

Cost of investments for tax purposes is $ 342,689,908.


15		Invesco EQV European Equity Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2024^(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		96,377		$	3,361,468			317,637		$	10,393,858


Class C		8,330			262,880			18,611			538,789


Class R		9,132			316,578			20,703			669,724


Class Y		119,347			4,245,233			480,177			15,275,384


Investor Class		13,644			471,596			19,267			612,252


Class R6		5,574			195,367			110,414			3,709,892



Issued as reinvestment of dividends:
Class A		162,551			5,567,362			486,919			14,442,006


Class C		3,362			105,643			23,740			645,962


Class R		2,691			91,856			12,180			359,923


Class Y		66,546			2,277,871			334,307			9,912,191


Investor Class		65,158			2,223,201			188,928			5,582,808


Class R6		2,206			75,388			7,449			220,487



Automatic conversion of Class C shares to Class A shares:
Class A		31,135			1,089,237			81,421			2,630,214


Class C		(34,011	)		(1,089,237	)		(89,004	)		(2,630,214	)



Reacquired:
Class A		(665,570	)		(23,300,754	)		(1,192,638	)		(38,437,621	)


Class C		(24,799	)		(777,889	)		(72,974	)		(2,159,705	)


Class R		(9,389	)		(326,483	)		(77,723	)		(2,480,402	)


Class Y		(934,475	)		(32,783,612	)		(3,551,916	)		(114,214,574	)


Investor Class		(194,019	)		(6,747,591	)		(286,065	)		(9,095,779	)


Class R6		(12,961	)		(447,658	)		(138,071	)		(4,569,924	)


Net increase (decrease) in share activity		(1,289,171	)	$	(45,189,544	)		(3,306,638	)	$	(108,594,729	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,185.30	$7.77	$1,017.75	$7.17	1.43%
Class C	1,000.00	1,180.90	11.82	1,014.02	10.92	2.18
Class R	1,000.00	1,183.60	9.12	1,016.51	8.42	1.68
Class Y	1,000.00	1,187.00	6.42	1,019.00	5.92	1.18
Investor Class	1,000.00	1,186.00	7.12	1,018.35	6.57	1.31
Class R6	1,000.00	1,187.40	5.71	1,019.64	5.27	1.05

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 182/366 to reflect the most recent fiscal half year.


17		Invesco EQV European Equity Fund

Proxy Results

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

* Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


18		Invesco EQV European Equity Fund

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

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Fund holdings and proxy voting information

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

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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, 2024

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
19		Fund Expenses
20		Proxy Results

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, 10/31/23 to 4/30/24, 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	14.61	%
Class C Shares	14.20
Class R Shares	14.48
Class Y Shares	14.77
Class R5 Shares	14.78
Class R6 Shares	14.87
MSCI All Country World ex USA Index^▼(Broad Market Index)	17.69
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 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (4/7/92)	6.67	%
10 Years	3.12
5 Years	3.21
1 Year	0.26

Class C Shares
Inception (8/4/97)	4.78	%
10 Years	3.09
5 Years	3.61
1 Year	4.24

Class R Shares
Inception (6/3/02)	6.03	%
10 Years	3.45
5 Years	4.13
1 Year	5.80

Class Y Shares
Inception (10/3/08)	6.06	%
10 Years	3.97
5 Years	4.66
1 Year	6.37

Class R5 Shares
Inception (3/15/02)	6.73	%
10 Years	4.06
5 Years	4.75
1 Year	6.40

Class R6 Shares
Inception (9/24/12)	5.58	%
10 Years	4.14
5 Years	4.82
1 Year	6.49

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

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

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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.96%
Australia–2.11%
Aristocrat Leisure Ltd.		1,040,964	$	26,565,391


CSL Ltd.		169,969		30,199,426


				56,764,817



Brazil–2.06%
MercadoLibre, Inc.^(a)		19,150		27,934,105


TOTVS S.A.		5,221,700		27,694,338


				55,628,443



Canada–5.31%
Canadian Pacific Kansas City Ltd.		502,024		39,384,442


CGI, Inc., Class A^(a)		613,351		62,148,208


RB Global, Inc.		581,917		41,636,454


				143,169,104



China–3.80%
Airtac International Group		1,198,000		42,416,181


China Mengniu Dairy Co. Ltd.		6,860,000		14,210,326


China Resources Beer (Holdings) Co. Ltd.		5,010,500		22,838,165


Wuliangye Yibin Co. Ltd., A Shares		1,106,776		22,888,135


				102,352,807



Denmark–4.34%
Coloplast A/S, Class B^(b)		275,678		33,237,146


Novo Nordisk A/S, Class B		653,695		83,831,281


				117,068,427



France–13.09%
Air Liquide S.A.		207,432		40,569,272


Arkema S.A.		318,027		32,816,167


Capgemini SE		165,897		34,868,399


LVMH Moet Hennessy Louis Vuitton SE		68,506		56,273,296


Pernod Ricard S.A.^(b)		245,606		37,145,973


Publicis Groupe S.A.		407,983		45,019,611


Schneider Electric SE		240,650		54,871,419


TotalEnergies SE		708,190		51,413,715


				352,977,852



Germany–0.80%
Deutsche Boerse AG		111,689		21,532,738



Hong Kong–3.57%
AIA Group Ltd.		3,098,800		22,696,704


Techtronic Industries Co. Ltd.		5,321,500		73,539,350


				96,236,054

India–3.35%
HDFC Bank Ltd., ADR		990,186		57,034,713


SBI Life Insurance Co. Ltd.^(c)		1,933,052		33,256,979


				90,291,692



Ireland–2.62%
Flutter Entertainment PLC^(a)		204,093		38,014,362


Kingspan Group PLC		368,140		32,745,166


				70,759,528


	Shares		Value


Italy–1.87%
FinecoBank Banca Fineco S.p.A.		3,287,652	$	50,366,047



Japan–11.63%
Asahi Group Holdings Ltd.		1,435,300		49,100,115


FANUC Corp.		1,732,160		51,305,338


Hoya Corp.		324,500		37,622,470


Keyence Corp.		33,100		14,556,373


M3, Inc.		1,685,100		17,825,280


Shimano, Inc.^(b)		315,700		51,305,344


SMC Corp.		40,300		21,172,272


Sony Group Corp.		487,000		40,251,201


Tokyo Electron Ltd.		139,000		30,489,058


				313,627,451



Mexico–2.56%
Wal-Mart de Mexico S.A.B. de C.V., Series V		18,522,702		69,113,793



Netherlands–4.89%
ASML Holding N.V.		59,409		51,745,994


Heineken N.V.		369,050		35,915,819


Wolters Kluwer N.V.		294,647		44,110,566


				131,772,379



Singapore–2.04%
STMicroelectronics N.V.		641,217		25,382,497


United Overseas Bank Ltd.		1,340,566		29,748,213


				55,130,710



South Korea–1.89%
Samsung Electronics Co. Ltd.		917,680		51,010,746



Sweden–4.63%
Investor AB, Class B^(b)		3,768,819		92,308,713


Svenska Handelsbanken AB, Class A		3,805,633		32,634,531


				124,943,244



Switzerland–3.15%
Cie Financiere Richemont S.A.		292,103		40,376,530


Nestle S.A.		444,575		44,635,400


				85,011,930



Taiwan–3.08%
Taiwan Semiconductor Manufacturing Co. Ltd.		3,465,887		82,986,347



United Kingdom–10.49%
Ashtead Group PLC		630,209		45,760,673


BAE Systems PLC		1,870,406		31,108,999


DCC PLC		481,776		32,900,810


Haleon PLC		9,430,269		39,827,228


London Stock Exchange Group PLC		240,154		26,474,596


Reckitt Benckiser Group PLC		323,305		18,075,013


RELX PLC		1,718,714		70,616,583


Rentokil Initial PLC		3,579,946		18,071,470


				282,835,372

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–10.68%
Broadcom, Inc.		59,538	$	77,415,475


CRH PLC		623,863		48,299,473


ICON PLC^(a)(b)		230,119		68,547,848


Linde PLC		104,135		45,919,370


Shell PLC		1,345,303		47,823,633


				288,005,799


Total Common Stocks & Other Equity Interests (Cost $1,860,735,200)				2,641,585,280



Money Market Funds–1.70%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		16,007,344		16,007,344


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		11,396,407		11,399,826


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		18,294,107		18,294,107


Total Money Market Funds (Cost $45,700,211)				45,701,277


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.66% (Cost $1,906,435,411)				2,687,286,557


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.53%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		11,555,375	$	11,555,375


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		29,705,714		29,714,626


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,270,780)				41,270,001


TOTAL INVESTMENTS IN SECURITIES–101.19% (Cost $1,947,706,191)				2,728,556,558


OTHER ASSETS LESS LIABILITIES–(1.19)%				(32,092,365	)


NET ASSETS–100.00%			$	2,696,464,193

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, 2024.

^(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, 2024 represented 1.23% of the Fund’s Net Assets.

^(d)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	12,896,297	$	101,253,509	$	(98,142,462	)		$ -	$	-	$	16,007,344	$	517,308
Invesco Liquid Assets Portfolio, Institutional Class		9,177,617		72,323,936		(70,101,758	)		(449)		480		11,399,826		377,651
Invesco Treasury Portfolio, Institutional Class		14,738,625		115,718,297		(112,162,815	)		-		-		18,294,107		586,645
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		26,296,305		110,011,345		(124,752,275	)		-		-		11,555,375		414,858*
Invesco Private Prime Fund		67,627,586		231,267,315		(269,203,598	)		(1,035)		24,358		29,714,626		1,082,932*
Total	$	130,736,430	$	630,574,402	$	(674,362,908	)		$(1,484)	$	24,838	$	86,971,278	$	2,979,394

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(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, 2024



Industrials			22.24%



Information Technology			17.00



Financials			13.57



Consumer Staples			13.12



Consumer Discretionary			10.41



Health Care			10.06



Materials			6.22



Energy			3.68



Communication Services			1.67



Money Market Funds Plus Other Assets Less Liabilities			2.03

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, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,860,735,200)*	$	2,641,585,280


Investments in affiliated money market funds, at value (Cost $86,970,991)		86,971,278


Foreign currencies, at value (Cost $2,173,545)		2,158,440


Receivable for:
Fund shares sold		1,189,529


Dividends		11,426,965


Foreign withholding tax claims		334,745


Investment for trustee deferred compensation and retirement plans		661,565


Other assets		80,093


Total assets		2,744,407,895



Liabilities:
Payable for:
Fund shares reacquired		2,723,765


Amount due custodian		2,000


Accrued foreign taxes		462,145


Collateral upon return of securities loaned		41,270,780


Accrued fees to affiliates		1,007,215


Accrued trustees’ and officers’ fees and benefits		4,019


Accrued other operating expenses		106,185


IRS closing agreement fees for foreign withholding tax claims		1,610,028


Trustee deferred compensation and retirement plans		757,565


Total liabilities		47,943,702


Net assets applicable to shares outstanding	$	2,696,464,193



Net assets consist of:
Shares of beneficial interest	$	1,913,105,747


Distributable earnings		783,358,446


	$	2,696,464,193


Net Assets:
Class A	$	1,071,847,980


Class C	$	19,214,960


Class R	$	56,413,022


Class Y	$	338,050,475


Class R5	$	113,911,967


Class R6	$	1,097,025,789



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		46,899,688


Class C		999,581


Class R		2,531,517


Class Y		14,718,812


Class R5		4,827,858


Class R6		46,692,622


Class A:
Net asset value per share	$	22.85


Maximum offering price per share (Net asset value of $22.85 ÷ 94.50%)	$	24.18


Class C:
Net asset value and offering price per share	$	19.22


Class R:
Net asset value and offering price per share	$	22.28


Class Y:
Net asset value and offering price per share	$	22.97


Class R5:
Net asset value and offering price per share	$	23.59


Class R6:
Net asset value and offering price per share	$	23.49

*	At April 30, 2024, securities with an aggregate value of $ 39,183,490 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, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $2,169,188)	$	22,993,826


Dividends from affiliated money market funds (includes net securities lending income of $174,619)		1,656,223


Foreign withholding tax claims		940,619


Total investment income		25,590,668



Expenses:

Advisory fees		10,755,110


Administrative services fees		209,119


Custodian fees		134,373


Distribution fees:
Class A		1,356,332


Class C		102,333


Class R		141,939


Transfer agent fees – A, C, R and Y		1,483,547


Transfer agent fees – R5		57,179


Transfer agent fees – R6		170,204


Trustees’ and officers’ fees and benefits		27,402


Registration and filing fees		60,513


Reports to shareholders		462,072


Professional services fees		50,115


Other		24,315


Total expenses		15,034,553


Less: Fees waived and/or expense offset arrangement(s)		(59,536	)


Net expenses		14,975,017


Net investment income		10,615,651



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,824)		66,399,660


Affiliated investment securities		24,838


Foreign currencies		(346,088	)


		66,078,410


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $207,261)		298,698,861


Affiliated investment securities		(1,484	)


Foreign currencies		12,826


		298,710,203


Net realized and unrealized gain		364,788,613


Net increase in net assets resulting from operations	$	375,404,264

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023

Operations:

Net investment income	$	10,615,651		$	19,008,802


Net realized gain		66,078,410			17,859,667


Change in net unrealized appreciation		298,710,203			114,372,090


Net increase in net assets resulting from operations		375,404,264			151,240,559



Distributions to shareholders from distributable earnings:

Class A		(17,247,141	)		(98,094,559	)


Class C		(267,514	)		(1,912,258	)


Class R		(820,507	)		(3,534,697	)


Class Y		(6,780,324	)		(36,124,026	)


Class R5		(2,158,596	)		(11,669,366	)


Class R6		(22,523,947	)		(60,952,005	)


Total distributions from distributable earnings		(49,798,029	)		(212,286,911	)



Share transactions–net:

Class A		(47,834,150	)		129,098,707


Class C		(2,537,209	)		5,494,619


Class R		(1,736,988	)		23,890,337


Class Y		(49,899,849	)		(8,718,276	)


Class R5		(2,871,163	)		(725,360	)


Class R6		(82,329,092	)		655,972,473


Net increase (decrease) in net assets resulting from share transactions		(187,208,451	)		805,012,500


Net increase in net assets		138,397,784			743,966,148



Net assets:

Beginning of period		2,558,066,409			1,814,100,261


End of period	$	2,696,464,193		$	2,558,066,409

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 04/30/24		$20.26		$0.06			$2.88			$2.94			$(0.14	)		$(0.21	)		$(0.35	)		$22.85		14.61	%		$1,071,848		1.28	%^(d)		1.28	%^(d)		0.56	%^(d)		14	%
Year ended 10/31/23		20.15		0.14			2.32			2.46			–			(2.35	)		(2.35	)		20.26		12.52			992,449		1.34			1.34			0.67			32
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
Class C
Six months ended 04/30/24		17.05		(0.02	)		2.43			2.41			(0.03	)		(0.21	)		(0.24	)		19.22		14.20			19,215		2.03	^(d)		2.03	^(d)		(0.19	)^(d)		14
Year ended 10/31/23		17.42		(0.01	)		1.99			1.98			–			(2.35	)		(2.35	)		17.05		11.63			19,287		2.09			2.09			(0.08	)		32
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
Class R
Six months ended 04/30/24		19.75		0.03			2.81			2.84			(0.10	)		(0.21	)		(0.31	)		22.28		14.48			56,413		1.53	^(d)		1.53	^(d)		0.31	^(d)		14
Year ended 10/31/23		19.75		0.09			2.26			2.35			–			(2.35	)		(2.35	)		19.75		12.19			51,541		1.59			1.59			0.42			32
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
Class Y
Six months ended 04/30/24		20.38		0.09			2.91			3.00			(0.20	)		(0.21	)		(0.41	)		22.97		14.82			338,050		1.03	^(d)		1.03	^(d)		0.81	^(d)		14
Year ended 10/31/23		20.24		0.20			2.31			2.51			(0.02	)		(2.35	)		(2.37	)		20.38		12.74			344,435		1.09			1.09			0.92			32
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
Class R5
Six months ended 04/30/24		20.94		0.10			2.99			3.09			(0.23	)		(0.21	)		(0.44	)		23.59		14.83			113,912		0.94	^(d)		0.94	^(d)		0.90	^(d)		14
Year ended 10/31/23		20.74		0.23			2.37			2.60			(0.05	)		(2.35	)		(2.40	)		20.94		12.86			103,658		0.99			0.99			1.02			32
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
Class R6
Six months ended 04/30/24		20.86		0.11			2.97			3.08			(0.24	)		(0.21	)		(0.45	)		23.49		14.87			1,097,026		0.87	^(d)		0.87	^(d)		0.97	^(d)		14
Year ended 10/31/23		20.68		0.24			2.36			2.60			(0.07	)		(2.35	)		(2.42	)		20.86		12.92			1,046,696		0.93			0.93			1.08			32
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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year months ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $679,923,194 in connection with the acquisition of Invesco International Equity Fund into the Fund.

^(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, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The 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 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.

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2024, the Fund did not enter into any closing agreements.


13		Invesco EQV International Equity Fund

(collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, 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.

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.


14		Invesco EQV International Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.850%


Next $250 million		0.825%


Next $500 million		0.785%


Next $1.5 billion		0.760%


Next $2.5 billion		0.720%


Over $5 billion		0.690%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.77%.

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.30%, 2.05%, 1.55%, 1.05%, 1.05% and 1.05%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $28,543.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, 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, 2024, IDI advised the Fund that IDI retained $56,885 in front-end sales commissions from the sale of Class A shares and $4,774 and $1,038 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $2,321 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


15		Invesco EQV International Equity Fund


		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	$	–	$	56,764,817		$–	$	56,764,817


Brazil		55,628,443		–		–		55,628,443


Canada		143,169,104		–		–		143,169,104


China		–		102,352,807		–		102,352,807


Denmark		–		117,068,427		–		117,068,427


France		–		352,977,852		–		352,977,852


Germany		–		21,532,738		–		21,532,738


Hong Kong		–		96,236,054		–		96,236,054


India		57,034,713		33,256,979		–		90,291,692


Ireland		38,014,362		32,745,166		–		70,759,528


Italy		–		50,366,047		–		50,366,047


Japan		–		313,627,451		–		313,627,451


Mexico		69,113,793		–		–		69,113,793


Netherlands		–		131,772,379		–		131,772,379


Singapore		–		55,130,710		–		55,130,710


South Korea		–		51,010,746		–		51,010,746


Sweden		–		124,943,244		–		124,943,244


Switzerland		–		85,011,930		–		85,011,930


Taiwan		–		82,986,347		–		82,986,347


United Kingdom		–		282,835,372		–		282,835,372


United States		240,182,166		47,823,633		–		288,005,799


Money Market Funds		45,701,277		41,270,001		–		86,971,278


Total Investments	$	648,843,858	$	2,079,712,700		$–	$	2,728,556,558

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2023.


16		Invesco EQV International Equity Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $370,778,447 and $603,467,529, 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	$780,487,475


Aggregate unrealized (depreciation) of investments	(66,854,449	)


Net unrealized appreciation of investments	$713,633,026

Cost of investments for tax purposes is $2,014,923,532.

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,538,725		$	34,886,038			2,740,206		$	58,557,362


Class C		61,217			1,172,053			118,760			2,145,590


Class R		188,771			4,196,319			290,572			6,079,236


Class Y		1,275,076			29,235,874			2,677,180			56,728,039


Class R5		348,967			8,167,950			753,941			16,536,875


Class R6		2,671,465			62,783,957			7,875,597			174,601,019



Issued as reinvestment of dividends:
Class A		755,625			16,676,649			4,635,096			91,404,102


Class C		14,112			262,768			108,492			1,812,907


Class R		38,080			820,238			183,420			3,534,504


Class Y		252,286			5,590,655			1,235,334			24,459,610


Class R5		86,178			1,961,403			553,998			11,262,780


Class R6		967,389			21,911,368			2,860,784			57,902,265



Automatic conversion of Class C shares to Class A shares:
Class A		67,569			1,549,024			162,304			3,451,978


Class C		(80,232	)		(1,549,024	)		(191,925	)		(3,451,978	)



Issued in connection with acquisitions:^(b)
Class A		-			-			6,532,262			147,812,108


Class C		-			-			443,936			8,470,592


Class R		-			-			1,032,539			22,794,466


Class Y		-			-			2,303,183			52,409,731


Class R5		-			-			56,786			1,327,353


Class R6		-			-			26,197,678			609,992,929


17		Invesco EQV International Equity Fund


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(4,455,835	)	$	(100,945,861	)		(8,073,414	)	$	(172,126,843	)


Class C		(126,832	)		(2,423,006	)		(192,511	)		(3,482,492	)


Class R		(305,140	)		(6,753,545	)		(409,321	)		(8,517,869	)


Class Y		(3,706,069	)		(84,726,378	)		(6,620,529	)		(142,315,656	)


Class R5		(556,941	)		(13,000,516	)		(1,368,746	)		(29,852,368	)


Class R6		(7,119,370	)		(167,024,417	)		(8,527,279	)		(186,523,740	)


Net increase (decrease) in share activity		(8,084,959	)	$	(187,208,451	)		35,378,343		$	805,012,500

^(a)

In addition, 18% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)

After the close of business on July 28, 2023, the Fund acquired all the net assets of Invesco International Equity Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on March 17, 2023 and by the shareholders of the Target Fund on July 12, 2023. 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 36,566,384 shares of the Fund for 38,849,581 shares outstanding of the Target Fund as of the close of business on July 28, 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, July 28, 2023. The Target Fund’s net assets as of the close of business on July 28, 2023 of $842,807,179, including $99,747,081 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,129,529,183 and $2,972,336,362 immediately after the acquisition.

The pro forma results of operations for the October 31, 2023 assuming the reorganization had been completed on November 1, 2022, the beginning of the annual reporting period are as follows:


Net investment income	$	26,799,964


Net realized/unrealized gains		308,877,934


Change in net assets resulting from operations	$	335,677,898

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since July 31, 2023.


18		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)
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,146.10	$6.83	$1,018.50	$6.42	1.28%
Class C	1,000.00	1,142.00	10.81	1,014.77	10.17	2.03
Class R	1,000.00	1,144.80	8.16	1,017.26	7.67	1.53
Class Y	1,000.00	1,147.70	5.50	1,019.74	5.17	1.03
Class R5	1,000.00	1,147.80	5.02	1,020.19	4.72	0.94
Class R6	1,000.00	1,148.70	4.65	1,020.54	4.37	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 182/366 to reflect the most recent fiscal half year.


19		Invesco EQV International Equity Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

* Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


20		Invesco EQV International Equity Fund

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

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Fund holdings and proxy voting information

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

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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, 2024

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

19		Fund Expenses

20		Proxy Results

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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	25.68	%
Class C Shares	25.18
Class R Shares	25.49
Class Y Shares	25.83
Class R5 Shares	25.88
Class R6 Shares	25.88
MSCI All Country World Index^▼	19.77
MSCI All Country World Growth Index^▼	22.17
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 in-sights about market and economic news and trends.


2		Invesco Global Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (12/22/69)	11.03	%
10 Years	8.29
5 Years	7.84
1 Year	17.16

Class C Shares
Inception (10/2/95)	9.38	%
10 Years	8.24
5 Years	8.24
1 Year	22.03

Class R Shares
Inception (3/1/01)	7.25	%
10 Years	8.62
5 Years	8.78
1 Year	23.63

Class Y Shares
Inception (11/17/98)	9.42	%
10 Years	9.16
5 Years	9.33
1 Year	24.27

Class R5 Shares
10 Years	9.09	%
5 Years	9.45
1 Year	24.37

Class R6 Shares
Inception (1/27/12)	10.97	%
10 Years	9.33
5 Years	9.47
1 Year	24.41

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

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

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, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–100.29%
Argentina–0.12%
Ciro Holding S.A.^(a)		11,660,215,623	$	11,380,371

Canada–0.58%
Canadian Pacific Kansas City Ltd.		676,298		53,042,052

China–2.68%
JD.com, Inc., ADR^(b)		6,478,091		187,152,049
Tencent Holdings Ltd.		1,159,100		50,864,997
Yum China Holdings, Inc.^(b)		133,301		4,866,819
				242,883,865

Denmark–5.15%
Novo Nordisk A/S, Class B		3,647,789		467,800,465

France–10.55%
Airbus SE		2,627,212		432,328,048
Dassault Systemes SE		886,284		34,788,352
EssilorLuxottica S.A.		349,818		74,592,257
Kering S.A.		150,788		52,846,547
LVMH Moet Hennessy Louis Vuitton SE		442,146		363,194,647
				957,749,851

Germany–3.51%
Allianz SE		178,922		50,775,385
SAP SE		1,484,523		268,056,075
				318,831,460

India–7.61%
DLF Ltd.		48,162,657		513,154,451
HDFC Bank Ltd.		2,157,058		39,173,429
ICICI Bank Ltd., ADR		5,015,935		138,088,690
				690,416,570

Israel–1.28%
Nice Ltd., ADR^(b)(c)		520,172		116,263,644
Italy–1.04%
Brunello Cucinelli S.p.A.		768,461		78,430,983
Ferrari N.V.		39,855		16,391,350
				94,822,333

Japan–4.10%
Hoya Corp.		343,400		39,813,732
Keyence Corp.		530,712		233,391,000
TDK Corp.		2,212,300		98,692,885
				371,897,617

Netherlands–2.03%
ASML Holding N.V.		155,111		135,103,652
BE Semiconductor Industries N.V.		184,183		24,436,299
Universal Music Group N.V.		836,649		24,610,185
				184,150,136

Spain–1.20%
Amadeus IT Group S.A.		1,717,771		109,033,669


	Shares		Value
Sweden–4.77%
Assa Abloy AB, Class B^(b)		6,196,487	$	163,719,886
Atlas Copco AB, Class A^(b)		15,353,079		268,925,802
				432,645,688

Switzerland–0.79%
Lonza Group AG		129,201		71,318,077

United States–54.88%
Adobe, Inc.^(b)(c)		557,882		258,204,526
Alphabet, Inc., Class A^(b)(c)		6,481,200		1,055,009,736
Amazon.com, Inc.^(b)(c)		729,381		127,641,675
Analog Devices, Inc.^(b)		2,137,151		428,733,862
Avantor, Inc.^(b)(c)		1,434,833		34,766,004
Boston Scientific Corp.^(c)		552,084		39,678,277
Broadcom, Inc.		13,606		17,691,474
Charles River Laboratories International, Inc.^(b)(c)		134,967		30,907,443
Danaher Corp.		175,562		43,297,100
Ecolab, Inc.		168,790		38,171,859
Edwards Lifesciences Corp.^(b)(c)		382,293		32,368,748
Eli Lilly and Co.		49,910		38,984,701
Equifax, Inc.^(b)		579,175		127,528,543
IDEXX Laboratories, Inc.^(c)		71,597		35,280,138
Illumina, Inc.^(c)		296,154		36,441,750
Intuit, Inc.		636,052		397,926,852
Intuitive Surgical, Inc.^(b)(c)		261,302		96,843,747
IQVIA Holdings, Inc.^(b)(c)		400,033		92,715,648
Lam Research Corp.		44,115		39,456,897
Linde PLC^(b)		63,721		28,098,412
Marriott International, Inc., Class A^(b)		338,455		79,919,379
Marvell Technology, Inc.^(b)		2,402,428		158,344,029
Meta Platforms, Inc., Class A^(b)		1,618,215		696,107,547
Microsoft Corp.		486,218		189,299,254
Netflix, Inc.^(b)(c)		85,273		46,954,725
NVIDIA Corp.		253,579		219,097,328
Phathom Pharmaceuticals, Inc.^(b)(c)		1,723,301		15,561,408
S&P Global, Inc.		788,136		327,730,593
Synopsys, Inc.^(c)		17,555		9,314,507
Thermo Fisher Scientific, Inc.		39,612		22,528,137
Veralto Corp.		58,519		5,482,060
Visa, Inc., Class A^(b)		789,207		211,988,892
				4,982,075,251
Total Common Stocks & Other Equity Interests (Cost $3,248,754,302)				9,104,311,049

Money Market Funds–0.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		9,943,523		9,943,523
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		7,100,139		7,102,269

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 Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		11,364,026	$	11,364,026
Total Money Market Funds (Cost $28,410,066)				28,409,818
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.60% (Cost $3,277,164,368)				9,132,720,867

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.61%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		66,215,673		66,215,673


	Shares		Value
Money Market Funds–(continued)

Invesco Private Prime Fund, 5.46%^(d)(e)(f)		170,247,402	$	170,298,476
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $236,522,651)				236,514,149
TOTAL INVESTMENTS IN SECURITIES–103.21% (Cost $3,513,687,019)				9,369,235,016
OTHER ASSETS LESS LIABILITIES–(3.21)%				(291,709,530	)
NET ASSETS–100.00%			$	9,077,525,486

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at April 30, 2024.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 227,675	$	30,863,696	$	(21,147,848	)	$	-		$	-		$	9,943,523		$ 36,460
Invesco Liquid Assets Portfolio, Institutional Class		162,637		22,045,498		(15,105,310	)		(248	)		(308	)		7,102,269		7,224
Invesco Treasury Portfolio, Institutional Class		260,200		35,272,796		(24,168,970	)		-			-			11,364,026		11,243
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,927,977		230,285,028		(167,997,332	)		-			-			66,215,673		645,772	*
Invesco Private Prime Fund		10,111,019		554,790,000		(394,584,925	)		(8,502	)		(9,116	)		170,298,476		1,729,556	*
Investments in Other Affiliates:
Caption Reservas de Maternidad - Swiss Medical		28,521,445		-		(11,657,334	)		1,868,555			(18,732,666	)		-		-
Total		$43,210,953	$	873,257,018	$	(634,661,719	)	$	1,859,805		$	(18,742,090	)	$	264,923,967		$2,430,255

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(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 Global Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Information Technology	28.96	%

Communication Services	20.64

Health Care	12.92

Industrials	11.70

Consumer Discretionary	11.23

Financials	8.46

Real Estate	5.65

Other Sectors, Each Less than 2% of Net Assets	0.73

Money Market Funds Plus Other Assets Less Liabilities	(0.29	)

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, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $3,248,754,302)*	$	9,104,311,049


Investments in affiliated money market funds, at value (Cost $264,932,717)		264,923,967


Cash		7,000,000
Foreign currencies, at value (Cost $4,224,805)		4,205,633


Receivable for:
Investments sold		8,672,519


Fund shares sold		2,164,899


Dividends		8,454,301


Investment for trustee deferred compensation and retirement plans		954,621


Other assets		121,398


Total assets		9,400,808,387



Liabilities:
Payable for:
Investments purchased		9,254,694


Fund shares reacquired		23,491,692


Accrued foreign taxes		45,032,293


Collateral upon return of securities loaned		236,522,651


Accrued fees to affiliates		3,757,136


Accrued trustees’ and officers’ fees and benefits		459,426


Accrued other operating expenses		542,218


IRS closing agreement fees for foreign withholding tax claims		3,256,155


Trustee deferred compensation and retirement plans		966,636


Total liabilities		323,282,901


Net assets applicable to shares outstanding	$	9,077,525,486



Net assets consist of:
Shares of beneficial interest	$	2,943,728,628


Distributable earnings		6,133,796,858


	$	9,077,525,486


Net Assets:

Class A	$	6,019,950,299



Class C	$	127,098,453



Class R	$	183,243,651



Class Y	$	1,345,982,959



Class R5	$	10,232,283



Class R6	$	1,391,017,841



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

Class A		62,845,186



Class C		1,612,812



Class R		1,962,019



Class Y		13,825,384



Class R5		104,461



Class R6		14,166,496


Class A:
Net asset value per share	$	95.79


Maximum offering price per share (Net asset value of $95.79 ÷ 94.50%)	$	101.37


Class C:
Net asset value and offering price per share	$	78.81


Class R:
Net asset value and offering price per share	$	93.40


Class Y:
Net asset value and offering price per share	$	97.36


Class R5:
Net asset value and offering price per share	$	97.95


Class R6:
Net asset value and offering price per share	$	98.19

*	At April 30, 2024, securities with an aggregate value of $226,598,499 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, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $2,942,907)	$	41,314,781


Dividends from affiliated money market funds (includes net securities lending income of $177,901)		232,828


Foreign withholding tax claims		375,391


Total investment income		41,923,000



Expenses:

Advisory fees		29,130,357
Administrative services fees		652,620


Custodian fees		362,607


Distribution fees:
Class A		6,853,819


Class C		658,625


Class R		450,234


Transfer agent fees – A, C, R and Y		5,120,468


Transfer agent fees – R5		2,619


Transfer agent fees – R6		213,882


Trustees’ and officers’ fees and benefits		120,021


Registration and filing fees		86,382


Reports to shareholders		475,794


Professional services fees		81,139


Other		60,410


Total expenses		44,268,977


Less: Fees waived and/or expense offset arrangement(s)		(132,212	)


Net expenses		44,136,765


Net investment income (loss)		(2,213,765	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $5,643,747)		465,769,827


Affiliated investment securities		(18,742,090	)


Foreign currencies		(16,272	)


		447,011,465


Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $23,046,738)		1,527,072,221


Affiliated investment securities		1,859,805


Foreign currencies		18,696


		1,528,950,722


Net realized and unrealized gain		1,975,962,187


Net increase in net assets resulting from operations	$	1,973,748,422

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income (loss)	$	(2,213,765	)	$	2,475,783



Net realized gain		447,011,465			790,629,381



Change in net unrealized appreciation		1,528,950,722			787,014,903


Net increase in net assets resulting from operations		1,973,748,422			1,580,120,067



Distributions to shareholders from distributable earnings:

Class A		(571,160,075	)		(589,886,821	)



Class C		(15,496,785	)		(18,183,402	)



Class R		(17,759,400	)		(18,897,610	)



Class Y		(127,890,291	)		(170,490,867	)



Class R5		(1,061,940	)		(889,028	)



Class R6		(137,236,150	)		(195,083,841	)


Total distributions from distributable earnings		(870,604,641	)		(993,431,569	)



Share transactions–net:

Class A		203,484,585			213,331,287



Class C		(3,550,771	)		(11,002,979	)



Class R		7,331,889			2,390,554



Class Y		10,381,360			(342,022,486	)



Class R5		(408,873	)		1,578,614



Class R6		(44,994,489	)		(384,588,279	)


Net increase (decrease) in net assets resulting from share transactions		172,243,701			(520,313,289	)


Net increase in net assets		1,275,387,482			66,375,209



Net assets:

Beginning of period		7,802,138,004			7,735,762,795



End of period	$	9,077,525,486		$	7,802,138,004

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 04/30/24		$84.62		$(0.06	)		$20.85			$20.79			$ –			$(9.62	)		$(9.62	)		$95.79		25.68	%^(e)		$6,019,950		1.06	%^(e)(f)		1.06	%^(e)(f)		(0.13	)%^(e)(f)		2	%
Year ended 10/31/23		79.63		(0.05	)		15.59			15.54			–			(10.55	)		(10.55	)		84.62		20.54			5,099,198		1.06	^(e)		1.06	^(e)		(0.05	)^(e)		7
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
Class C
Six months ended 04/30/24		71.35		(0.34	)		17.42			17.08			–			(9.62	)		(9.62	)		78.81		25.20			127,098		1.83	^(f)		1.83	^(f)		(0.90	)^(f)		2
Year ended 10/31/23		69.09		(0.59	)		13.40			12.81			–			(10.55	)		(10.55	)		71.35		19.61			117,135		1.83			1.83			(0.82	)		7
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
Class R
Six months ended 04/30/24		82.82		(0.18	)		20.38			20.20			–			(9.62	)		(9.62	)		93.40		25.50			183,244		1.33	^(f)		1.33	^(f)		(0.40	)^(f)		2
Year ended 10/31/23		78.33		(0.27	)		15.31			15.04			–			(10.55	)		(10.55	)		82.82		20.21			154,644		1.33			1.33			(0.32	)		7
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
Class Y
Six months ended 04/30/24		85.77		0.05			21.16			21.21			–			(9.62	)		(9.62	)		97.36		25.83			1,345,983		0.83	^(f)		0.83	^(f)		0.10	^(f)		2
Year ended 10/31/23		80.42		0.16			15.74			15.90			–			(10.55	)		(10.55	)		85.77		20.82			1,168,865		0.83			0.83			0.18			7
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
Class R5
Six months ended 04/30/24		86.21		0.09			21.27			21.36			–			(9.62	)		(9.62	)		97.95		25.88			10,232		0.74	^(f)		0.74	^(f)		0.19	^(f)		2
Year ended 10/31/23		80.72		0.23			15.81			16.04			–			(10.55	)		(10.55	)		86.21		20.93			9,306		0.74			0.74			0.27			7
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 04/30/24		86.39		0.10			21.32			21.42			–			(9.62	)		(9.62	)		98.19		25.88			1,391,018		0.72	^(f)		0.72	^(f)		0.21	^(f)		2
Year ended 10/31/23		80.86		0.25			15.83			16.08			–			(10.55	)		(10.55	)		86.39		20.94			1,252,990		0.72			0.72			0.29			7
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

^(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 year ended September 30, 2019.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $580,042,718 in connection with the acquisition of Invesco Global Growth Fund into the Fund.

^(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, 2024 and the years ended October 31, 2023, 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.


11		Invesco Global Fund

Notes to Financial Statements

April 30, 2024

(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

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 services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2024, the Fund did not enter into any closing agreements.


13		Invesco Global Fund

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, 2024, the Fund paid the Adviser $11,951 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

L.	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 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 $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, 2024, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $495.

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, 2024, IDI advised the Fund that IDI retained $131,256 in front-end sales commissions from the sale of Class A shares and $1,695 and $1,842 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $908 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


15		Invesco Global 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 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	$	–	$	–		$11,380,371	$	11,380,371


Canada		53,042,052		–		–		53,042,052


China		192,018,868		50,864,997		–		242,883,865


Denmark		–		467,800,465		–		467,800,465


France		–		957,749,851		–		957,749,851


Germany		–		318,831,460		–		318,831,460


India		138,088,690		552,327,880		–		690,416,570


Israel		116,263,644		–		–		116,263,644


Italy		–		94,822,333		–		94,822,333


Japan		–		371,897,617		–		371,897,617


Netherlands		–		184,150,136		–		184,150,136


Spain		–		109,033,669		–		109,033,669


Sweden		–		432,645,688		–		432,645,688


Switzerland		–		71,318,077		–		71,318,077


United States		4,982,075,251		–		–		4,982,075,251


Money Market Funds		28,409,818		236,514,149		–		264,923,967


Total Investments	$	5,509,898,323	$	3,847,956,322		$11,380,371	$	9,369,235,016

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information


16		Invesco Global Fund

The Fund had a capital loss carryforward as of October 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$16,077,238	$98,425,560	$114,502,798

*	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, 2024 was $208,012,065 and $917,572,961, 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	$5,980,910,233


Aggregate unrealized (depreciation) of investments	(175,531,955	)


Net unrealized appreciation of investments	$5,805,378,278

Cost of investments for tax purposes is $3,563,856,738.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,348,092		$	126,981,684			2,368,224		$	202,165,910


Class C		87,885			6,854,548			178,803			12,954,616


Class R		143,147			13,205,308			244,691			20,588,467


Class Y		898,306			86,156,663			2,065,695			179,124,098


Class R5		8,600			803,204			20,128			1,736,814


Class R6		894,267			86,720,259			2,000,432			175,551,005



Issued as reinvestment of dividends:
Class A		6,183,143			540,283,021			6,958,562			546,525,437


Class C		212,218			15,298,852			264,391			17,626,964


Class R		207,489			17,694,649			244,159			18,812,469


Class Y		1,277,123			113,319,104			1,891,593			150,268,110


Class R5		11,881			1,060,291			11,125			887,783


Class R6		1,520,600			136,017,676			2,413,503			192,959,584



Automatic conversion of Class C shares to Class A shares:
Class A		135,045			12,805,990			245,439			20,848,439


Class C		(163,369	)		(12,805,990	)		(289,810	)		(20,848,439	)



Issued in connection with acquisitions:^(b)
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


17		Invesco Global Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(5,082,778	)	$	(476,586,110	)		(11,899,292	)	$	(1,009,922,747	)


Class C		(165,603	)		(12,898,181	)		(398,939	)		(28,542,799	)


Class R		(255,962	)		(23,568,068	)		(440,391	)		(37,010,382	)


Class Y		(1,977,664	)		(189,094,407	)		(8,003,139	)		(687,739,486	)


Class R5		(23,966	)		(2,272,368	)		(17,649	)		(1,539,595	)


Class R6		(2,751,421	)		(267,732,424	)		(8,752,110	)		(756,308,506	)


Net increase (decrease) in share activity		2,507,033		$	172,243,701			(4,933,964	)	$	(520,313,289	)

^(a)

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

^(b)

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 year ended October 31, 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	$	1,569,270


Net realized/unrealized gains		1,645,516,904


Change in net assets resulting from operations	$	1,647,086,174


18		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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,256.80	$5.95	$1,019.59	$5.32	1.06%
Class C	1,000.00	1,251.80	10.25	1,015.76	9.17	1.83
Class R	1,000.00	1,254.90	7.46	1,018.25	6.67	1.33
Class Y	1,000.00	1,258.30	4.66	1,020.74	4.17	0.83
Class R5	1,000.00	1,258.80	4.16	1,021.18	3.72	0.74
Class R6	1,000.00	1,258.80	4.04	1,021.28	3.62	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 182/366 to reflect the most recent fiscal half year.


19		Invesco Global Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


20		Invesco Global Fund

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

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Semiannual Report to Shareholders		April 30, 2024

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

17		Proxy Results

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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	28.95	%
Class C Shares	28.45
Class R Shares	28.80
Class Y Shares	29.11
Class R5 Shares	29.21
Class R6 Shares	29.19
MSCI All Country World Index^▼	19.77
MSCI All Country World Growth Index^▼	22.17

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 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (10/1/07)	7.02	%
10 Years	7.69
5 Years	8.55
1 Year	16.49

Class C Shares
Inception (10/1/07)	7.04	%
10 Years	7.65
5 Years	8.96
1 Year	21.32

Class R Shares
Inception (10/1/07)	7.17	%
10 Years	8.04
5 Years	9.52
1 Year	22.97

Class Y Shares
Inception (10/1/07)	7.74	%
10 Years	8.57
5 Years	10.05
1 Year	23.56

Class R5 Shares
10 Years	8.50	%
5 Years	10.19
1 Year	23.76

Class R6 Shares
Inception (8/28/12)	11.15	%
10 Years	8.74
5 Years	10.21
1 Year	23.70

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.

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 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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.67%
Apparel, Accessories & Luxury Goods–7.29%
Hermes International S.C.A. (France)		15,100	$	36,149,252


Moncler S.p.A. (Italy)		78,456		5,341,455


				41,490,707



Application Software–5.79%
Nice Ltd., ADR (Israel)^(b)		74,264		16,598,747


Salesforce, Inc.		60,791		16,349,131


				32,947,878



Biotechnology–0.80%
BeiGene Ltd., ADR (China)^(b)		29,610		4,558,163



Broadline Retail–8.32%
Amazon.com, Inc.^(b)		223,488		39,110,400


JD.com, Inc., ADR (China)		286,010		8,262,829


				47,373,229



Financial Exchanges & Data–1.65%
S&P Global, Inc.		22,603		9,399,006



Health Care Equipment–8.82%
Boston Scientific Corp.^(b)		66,695		4,793,370


Edwards Lifesciences Corp.^(b)		144,018		12,194,004


IDEXX Laboratories, Inc.^(b)		30,517		15,037,557


Stryker Corp.		54,053		18,188,834


				50,213,765



Hotels, Resorts & Cruise Lines–4.75%
Airbnb, Inc., Class A^(b)		70,409		11,164,755


Amadeus IT Group S.A. (Spain)		250,269		15,885,556


				27,050,311



Industrial Gases–1.09%
Linde PLC		14,051		6,195,929



Interactive Media & Services–20.39%
Alphabet, Inc., Class A^(b)		249,628		40,634,446


Meta Platforms, Inc., Class A		135,365		58,229,962


Tencent Holdings Ltd. (China)		392,400		17,219,761


				116,084,169



Life Sciences Tools & Services–7.07%
Illumina, Inc.^(b)		61,163		7,526,107


Lonza Group AG (Switzerland)		21,126		11,661,409


Thermo Fisher Scientific, Inc.		36,982		21,032,403


				40,219,919



Movies & Entertainment–1.38%
Netflix, Inc.^(b)		14,238		7,840,012

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Passenger Ground Transportation–4.42%
Uber Technologies, Inc.^(b)		379,624	$	25,157,683



Pharmaceuticals–6.01%
Eli Lilly and Co.		3,049		2,381,574


Novo Nordisk A/S, Class B (Denmark)		248,407		31,856,259


				34,237,833



Semiconductor Materials & Equipment–3.29%
ASML Holding N.V. (Netherlands)		17,115		14,907,383


BE Semiconductor Industries N.V. (Netherlands)		28,657		3,802,039


				18,709,422



Semiconductors–2.98%
Broadcom, Inc.		2,186		2,842,390


Infineon Technologies AG (Germany)		46,625		1,618,029


Marvell Technology, Inc.		130,995		8,633,881


NXP Semiconductors N.V. (China)		15,198		3,893,576


				16,987,876



Specialty Chemicals–0.60%
Symrise AG (Germany)		32,018		3,432,062



Systems Software–7.21%
CrowdStrike Holdings, Inc., Class A^(b)		57,676		16,872,537


Microsoft Corp.		13,683		5,327,202


ServiceNow, Inc.^(b)		27,142		18,818,363


				41,018,102



Transaction & Payment Processing Services–7.81%
Adyen N.V. (Netherlands)^(b)(c)		4,393		5,262,815


Mastercard, Inc., Class A		60,120		27,126,144


Visa, Inc., Class A		45,022		12,093,359


				44,482,318


Total Common Stocks & Other Equity Interests (Cost $302,753,902)				567,398,384



Money Market Funds–0.41%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		820,439		820,439


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		585,808		585,984


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		937,644		937,644


Total Money Market Funds (Cost $2,344,067)				2,344,067


TOTAL INVESTMENTS IN SECURITIES–100.08% (Cost $305,097,969)				569,742,451


OTHER ASSETS LESS LIABILITIES–(0.08)%				(465,157	)


NET ASSETS–100.00%			$	569,277,294

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, 2024 was $5,262,815, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,046,863	$	14,464,780	$	(14,691,204)		$ -		$ -		$ 820,439		$17,217
Invesco Liquid Assets Portfolio, Institutional Class		747,833		10,331,985		(10,494,008)		(151)		325		585,984		12,626
Invesco Treasury Portfolio, Institutional Class		1,196,415		16,531,176		(16,789,947)		-		-		937,644		19,567
Total		$2,991,111	$	41,327,941	$	(41,975,159)		$(151)		$325		$2,344,067		$49,410

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


Health Care	22.70	%
Communication Services	21.77
Consumer Discretionary	20.36
Information Technology	19.26
Financials	9.47
Industrials	4.42
Materials	1.69
Money Market Funds Plus Other Assets Less Liabilities	0.33

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, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $302,753,902)	$	567,398,384


Investments in affiliated money market funds, at value (Cost $2,344,067)		2,344,067


Cash		100,000


Foreign currencies, at value (Cost $3,617)		3,577


Receivable for:
Fund shares sold		326,946


Dividends		468,359


Investment for trustee deferred compensation and retirement plans		30,688


Other assets		44,143


Total assets		570,716,164



Liabilities:
Payable for:
Investments purchased		853,115


Fund shares reacquired		257,131


Accrued fees to affiliates		256,350


Accrued other operating expenses		41,586


Trustee deferred compensation and retirement plans		30,688


Total liabilities		1,438,870


Net assets applicable to shares outstanding	$	569,277,294



Net assets consist of:
Shares of beneficial interest	$	328,256,129


Distributable earnings		241,021,165


	$	569,277,294


Net Assets:
Class A	$	306,739,660


Class C	$	27,956,185


Class R	$	31,289,086


Class Y	$	163,297,405


Class R5	$	10,781


Class R6	$	39,984,177



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,263,946


Class C		443,236


Class R		454,841


Class Y		2,184,065


Class R5		147


Class R6		523,615


Class A:
Net asset value per share	$	71.94


Maximum offering price per share (Net asset value of $71.94 ÷ 94.50%)	$	76.13


Class C:
Net asset value and offering price per share	$	63.07


Class R:
Net asset value and offering price per share	$	68.79


Class Y:
Net asset value and offering price per share	$	74.77


Class R5:
Net asset value and offering price per share	$	73.34


Class R6:
Net asset value and offering price per share	$	76.36

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, 2024

(Unaudited)


Investment income:
Interest	$	995


Dividends (net of foreign withholding taxes of $94,293)		1,223,829


Dividends from affiliated money market funds		49,410


Foreign withholding tax claims		20,265


Total investment income		1,294,499



Expenses:
Advisory fees		2,188,179


Administrative services fees		40,723


Custodian fees		13,847


Distribution fees:
Class A		367,124


Class C		140,381


Class R		80,722


Transfer agent fees – A, C, R and Y		381,311


Transfer agent fees – R5		1


Transfer agent fees – R6		5,730


Trustees’ and officers’ fees and benefits		10,674


Registration and filing fees		47,122


Reports to shareholders		104,341


Professional services fees		30,168


Other		9,944


Total expenses		3,420,267


Less: Fees waived and/or expense offset arrangement(s)		(13,562	)


Net expenses		3,406,705


Net investment income (loss)		(2,112,206	)



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		8,753,329


Affiliated investment securities		325


Foreign currencies		1,229


		8,754,883


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		129,019,521


Affiliated investment securities		(151	)


Foreign currencies		(1,467	)


		129,017,903


Net realized and unrealized gain		137,772,786


Net increase in net assets resulting from operations	$	135,660,580

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30,			October 31,
	2024			2023


Operations:
Net investment income (loss)	$	(2,112,206	)	$	(4,072,870	)


Net realized gain (loss)		8,754,883			(2,396,064	)


Change in net unrealized appreciation		129,017,903			108,167,018


Net increase in net assets resulting from operations		135,660,580			101,698,084



Share transactions–net:
Class A		(12,320,863	)		(5,772,182	)


Class C		(2,638,965	)		(4,092,133	)


Class R		(3,346,231	)		409,007


Class Y		(27,319,748	)		(62,448,633	)


Class R5		(105	)		(169	)


Class R6		203,945			(2,477,874	)


Net increase (decrease) in net assets resulting from share transactions		(45,421,967	)		(74,381,984	)


Net increase in net assets		90,238,613			27,316,100



Net assets:
Beginning of period		479,038,681			451,722,581


End of period	$	569,277,294		$	479,038,681

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 04/30/24		$	55.79		$	(0.27	)		$	16.42			$	16.15			$	–			$	71.94		28.95	%		$	306,740		1.27	%^(e)		1.27	%^(e)		(0.81	)%^(e)		7	%
Year ended 10/31/23			45.11			(0.48	)			11.16				10.68				–				55.79		23.68				247,965		1.28			1.28			(0.86	)		9
Year ended 10/31/22			85.76			(0.51	)^(f)			(37.02	)			(37.53	)			(3.12	)			45.11		(45.25	)			206,115		1.23			1.23			(0.85	)^(f)		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	^(e)		1.31	^(e)		(0.60	)^(e)		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
Class C
Six months ended 04/30/24			49.10			(0.47	)			14.44				13.97				–				63.07		28.45				27,956		2.02	^(e)		2.02	^(e)		(1.56	)^(e)		7
Year ended 10/31/23			40.00			(0.80	)			9.90				9.10				–				49.10		22.75				23,898		2.03			2.03			(1.61	)		9
Year ended 10/31/22			77.00			(0.89	)^(f)			(32.99	)			(33.88	)			(3.12	)			40.00		(45.66	)			22,964		1.98			1.98			(1.60	)^(f)		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	^(e)		2.07	^(e)		(1.34	)^(e)		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
Class R
Six months ended 04/30/24			53.41			(0.34	)			15.72				15.38				–				68.79		28.80				31,289		1.52	^(e)		1.52	^(e)		(1.06	)^(e)		7
Year ended 10/31/23			43.29			(0.60	)			10.72				10.12				–				53.41		23.38				26,757		1.53			1.53			(1.11	)		9
Year ended 10/31/22			82.63			(0.64	)^(f)			(35.58	)			(36.22	)			(3.12	)			43.29		(45.38	)			21,519		1.48			1.48			(1.10	)^(f)		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	^(e)		1.57	^(e)		(0.85	)^(e)		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
Class Y
Six months ended 04/30/24			57.91			(0.20	)			17.06				16.86				–				74.77		29.11				163,297		1.02	^(e)		1.02	^(e)		(0.56	)^(e)		7
Year ended 10/31/23			46.71			(0.35	)			11.55				11.20				–				57.91		23.98				149,616		1.03			1.03			(0.61	)		9
Year ended 10/31/22			88.48			(0.38	)^(f)			(38.27	)			(38.65	)			(3.12	)			46.71		(45.11	)			174,208		0.98			0.98			(0.60	)^(f)		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	^(e)		1.07	^(e)		(0.36	)^(e)		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
Class R5
Six months ended 04/30/24			56.76			(0.15	)			16.73				16.58				–				73.34		29.21				11		0.89	^(e)		0.89	^(e)		(0.43	)^(e)		7
Year ended 10/31/23			45.71			(0.27	)			11.32				11.05				–				56.76		24.17				8		0.88			0.88			(0.46	)		9
Year ended 10/31/22			86.56			(0.29	)^(f)			(37.44	)			(37.73	)			(3.12	)			45.71		(45.05	)			7		0.85			0.85			(0.47	)^(f)		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	^(e)		0.92	^(e)		(0.23	)^(e)		20
Class R6
Six months ended 04/30/24			59.11			(0.16	)			17.41				17.25				–				76.36		29.19				39,984		0.90	^(e)		0.90	^(e)		(0.44	)^(e)		7
Year ended 10/31/23			47.62			(0.28	)			11.77				11.49				–				59.11		24.13				30,794		0.90			0.90			(0.48	)		9
Year ended 10/31/22			90.02			(0.30	)^(f)			(38.98	)			(39.28	)			(3.12	)			47.62		(45.04	)			26,910		0.85			0.85			(0.47	)^(f)		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	^(e)		0.87	^(e)		(0.18	)^(e)		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

^(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 year ended April 30, 2019, 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)

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.

^(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, 2024

(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.


12		Invesco Global Focus Fund

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.

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	%

*	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, 2024, the effective advisory fee rate incurred by the Fund was 0.78%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.


13		Invesco Global Focus Fund

For the six months ended April 30, 2024, the Adviser waived advisory fees of $986.

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, 2024, IDI advised the Fund that IDI retained $36,587 in front-end sales commissions from the sale of Class A shares and $413 and $1,048 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $198 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


Common Stocks & Other Equity Interests	$	420,262,364	$	147,136,020	$–	$	567,398,384


Money Market Funds		2,344,067		–	–		2,344,067


Total Investments	$	422,606,431	$	147,136,020	$–	$	569,742,451

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


14		Invesco Global Focus Fund

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

20,462,715

$–

20,462,715

*	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, 2024 was $37,436,976 and $78,734,741, 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	$	271,653,590


Aggregate unrealized (depreciation) of investments		(14,826,474	)


Net unrealized appreciation of investments	$	256,827,116

Cost of investments for tax purposes is $312,915,335.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		303,892		$	21,231,969			806,727		$	45,748,421


Class C		44,598			2,761,015			127,854			6,432,559


Class R		42,959			2,886,704			168,145			9,284,202


Class Y		188,210			13,928,301			508,635			30,494,201


Class R5		-			-			65			4,000


Class R6		87,574			6,496,021			148,722			8,976,878



Automatic conversion of Class C shares to Class A shares:
Class A		26,920			1,895,864			78,120			4,306,659


Class C		(30,654	)		(1,895,864	)		(88,419	)		(4,306,659	)



Reacquired:
Class A		(511,725	)		(35,448,696	)		(1,009,360	)		(55,827,262	)


Class C		(57,463	)		(3,504,116	)		(126,821	)		(6,218,033	)


Class R		(89,096	)		(6,232,935	)		(164,278	)		(8,875,195	)


Class Y		(587,713	)		(41,248,049	)		(1,654,558	)		(92,942,834	)


Class R5		(1	)		(105	)		(65	)		(4,169	)


Class R6		(84,902	)		(6,292,076	)		(192,915	)		(11,454,752	)


Net increase (decrease) in share activity		(667,401	)	$	(45,421,967	)		(1,398,148	)	$	(74,381,984	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


15		Invesco Global Focus Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,289.50	$7.23	$1,018.55	$6.37	1.27%
Class C	1,000.00	1,284.50	11.47	1,014.82	10.12	2.02
Class R	1,000.00	1,288.00	8.65	1,017.30	7.62	1.52
Class Y	1,000.00	1,291.10	5.81	1,019.79	5.12	1.02
Class R5	1,000.00	1,292.10	5.07	1,020.44	4.47	0.89
Class R6	1,000.00	1,291.90	5.13	1,020.39	4.52	0.90

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 182/366 to reflect the most recent fiscal half year.


16		Invesco Global Focus Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

* Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


17		Invesco Global Focus 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-GLF-SAR-1

LOGO



Semiannual Report to Shareholders		April 30, 2024

Invesco Global Opportunities Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

19		Proxy Results

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, 10/31/23 to 4/30/24, 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	15.20	%
Class C Shares	14.78
Class R Shares	15.07
Class Y Shares	15.34
Class R5 Shares	15.40
Class R6 Shares	15.43
MSCI All Country World Index^▼	19.77
MSCI All Country World Small Mid Cap Index^▼	19.10
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 Small Mid Cap Index is an unmanaged index designed to measure small- 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 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (10/22/90)	9.64	%
10 Years	5.14
5 Years	-2.75
1 Year	-5.17

Class C Shares
Inception (12/1/93)	9.44	%
10 Years	5.10
5 Years	-2.38
1 Year	-1.43

Class R Shares
Inception (3/1/01)	6.82	%
10 Years	5.46
5 Years	-1.90
1 Year	0.09

Class Y Shares
Inception (2/1/01)	6.88	%
10 Years	5.99
5 Years	-1.40
1 Year	0.59

Class R5 Shares
10 Years	5.92	%
5 Years	-1.30
1 Year	0.67

Class R6 Shares
Inception (1/27/12)	7.75	%
10 Years	6.16
5 Years	-1.27
1 Year	0.71

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. 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, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.46%
Australia–1.32%
Sonic Healthcare Ltd.		2,435,646	$	41,858,217

Brazil–1.58%
WEG S.A.		6,567,100		50,019,028

Canada–0.79%
FirstService Corp.		170,322		25,016,604

China–0.86%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		40,474,000		27,447,360

Denmark–0.63%
Novozymes A/S, Class B		363,303		20,118,525

France–2.35%
Gaztransport Et Technigaz S.A.		199,630		27,824,475
Legrand S.A.		455,419		46,801,866
				74,626,341

Germany–1.98%
Carl Zeiss Meditec AG, BR		596,237		62,910,657

Italy–1.53%
Brunello Cucinelli S.p.A.		185,177		18,899,611
Reply S.p.A.		227,490		29,700,942
				48,600,553

Japan–12.93%
BayCurrent Consulting, Inc.		1,221,400		26,000,140
CyberAgent, Inc.		5,200,000		32,398,931
Disco Corp.		230,700		65,713,906
DTS Corp.		116,136		3,168,271
Hoshizaki Corp.		344,674		11,877,015
Jeol Ltd.		688,800		27,289,822
Kakaku.com, Inc.		2,305,553		26,519,749
M3, Inc.		1,061,000		11,223,442
MISUMI Group, Inc.		2,977,900		48,414,273
Nomura Research Institute Ltd.		1,765,291		42,716,310
SHIFT, Inc.^(a)		127,900		11,765,185
Shimano, Inc.		222,202		36,110,706
Sysmex Corp.		2,998,647		47,949,488
Yaskawa Electric Corp.		471,100		19,410,550
				410,557,788

New Zealand–0.76%
Fisher & Paykel Healthcare Corp. Ltd.		1,442,962		24,166,355

Puerto Rico–0.68%
EVERTEC, Inc.		577,659		21,679,542

South Korea–0.57%
NICE Information Service Co. Ltd.		2,361,007		18,037,519

Sweden–4.21%
Addtech AB, Class B		1,999,244		41,563,684
Cellavision AB		920,508		18,687,662
Indutrade AB		1,687,931		38,831,874


	Shares		Value
Sweden–(continued)
NIBE Industrier AB, Class B		7,469,031	$	34,463,760
				133,546,980

Switzerland–7.16%
EMS-Chemie Holding AG		54,736		43,670,311
Geberit AG		91,978		49,096,129
Givaudan S.A.		9,948		42,545,294
Partners Group Holding AG		27,320		35,148,984
Sonova Holding AG, Class A		109,197		30,185,559
Straumann Holding AG		201,088		26,732,145
				227,378,422

Taiwan–0.66%
Voltronic Power Technology Corp.		443,000		20,961,530

Thailand–0.97%
Bumrungrad Hospital PCL, Foreign Shares		4,640,041		30,625,433

United Kingdom–6.31%
Auction Technology Group PLC^(a)		3,420,147		21,162,326
Croda International PLC		735,807		42,144,488
FDM Group Holdings PLC		4,448,508		19,339,532
Hargreaves Lansdown PLC		2,112,899		21,351,551
Moneysupermarket.com Group PLC		8,930,504		23,926,510
Sage Group PLC (The)		2,472,772		35,857,413
Spirax-Sarco Engineering PLC		330,406		36,357,020
				200,138,840

United States–52.17%
Acuity Brands, Inc.		127,818		31,737,209
Advanced Micro Devices, Inc.^(a)		566,407		89,707,541
AGCO Corp.		303,618		34,670,139
Align Technology, Inc.^(a)		127,688		36,056,537
Allegion PLC		399,032		48,506,330
Artisan Partners Asset Management, Inc., Class A		631,361		25,841,606
Boise Cascade Co.		116,100		15,356,547
Brady Corp., Class A		331,634		19,566,406
Cognex Corp.		799,825		33,224,731
Cohen & Steers, Inc.		333,701		22,951,955
Columbia Sportswear Co.		318,530		25,364,544
Deckers Outdoor Corp.^(a)		69,216		56,651,220
Donnelley Financial Solutions, Inc.^(a)		475,832		29,872,733
Encore Wire Corp.		155,313		43,388,240
Exponent, Inc.		649,621		59,706,666
Forward Air Corp.		618,437		13,617,983
Hamilton Lane, Inc., Class A		151,205		16,892,623
ICON PLC^(a)		109,885		32,732,544
Innospec, Inc.		129,511		15,541,320
Inter Parfums, Inc.		175,072		20,374,879
Jack Henry & Associates, Inc.		523,794		85,216,046
Lincoln Electric Holdings, Inc.		244,694		53,717,674
Littelfuse, Inc.		145,259		33,502,536
Malibu Boats, Inc., Class A^(a)		396,229		13,479,711
Manhattan Associates, Inc.^(a)		348,568		71,825,922
MarketAxess Holdings, Inc.		261,913		52,406,172

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)
Medifast, Inc.		396,993	$	10,929,217
Myers Industries, Inc.		904,176		19,801,454
National Research Corp.		376,012		12,878,411
New York Times Co. (The), Class A		981,383		42,228,910
NewMarket Corp.		43,722		23,037,996
Open Lending Corp., Class A^(a)		803,148		4,096,055
Oxford Industries, Inc.		174,524		18,810,197
Packaging Corp. of America		238,664		41,284,099
Pool Corp.		156,148		56,608,334
PTC, Inc.^(a)		276,218		49,012,122
QUALCOMM, Inc.		295,154		48,951,291
Reliance, Inc.		153,015		43,566,431
RMR Group, Inc. (The), Class A		261,978		6,214,119
SEI Investments Co.		1,139,917		75,177,526
Simpson Manufacturing Co., Inc.		166,932		29,027,805
Terex Corp.		687,983		38,561,447
Toro Co. (The)		405,363		35,505,745
United Therapeutics Corp.^(a)		97,407		22,825,382


	Shares		Value
United States–(continued)
Watsco, Inc.		99,889	$	44,722,303
WESCO International, Inc.		331,681		50,664,273
				1,655,812,931
Total Common Stocks & Other Equity Interests (Cost $2,667,529,660)				3,093,502,625

Money Market Funds–2.05%

Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(b)(c)		22,740,430		22,740,430

Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(b)(c)		16,253,297		16,258,173

Invesco Treasury Portfolio, Institutional Class, 5.22%^(b)(c)		25,989,063		25,989,063
Total Money Market Funds (Cost $64,989,219)				64,987,666
TOTAL INVESTMENTS IN SECURITIES–99.51% (Cost $2,732,518,879)				3,158,490,291
OTHER ASSETS LESS LIABILITIES–0.49%				15,603,348
NET ASSETS–100.00%			$	3,174,093,639

Investment Abbreviations:

BR – Bearer Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	57,919,072		$	144,520,506		$	(179,699,148)		$	-		$	-		$	22,740,430		$	833,346
Invesco Liquid Assets Portfolio, Institutional Class			41,377,891			103,228,933			(128,362,623)			(8,851)			22,823			16,258,173			612,947
Invesco Treasury Portfolio, Institutional Class			66,193,225			165,166,293			(205,370,455)			-			-			25,989,063			947,087
Investments in Other Affiliates:
Biocartis Group N.V.			5			-			(5,202)			17,942,168			(17,936,971)			-			-
Cirata PLC			4,829,865			-			(6,156,080)			2,765,067			(1,438,852)			-			-
Comture Corp.			30,208,114			-			(29,465,171)			4,732,227			(5,475,170)			-			122,147
GeNeuro S.A.			2,974,664			-			(2,096,893)			4,464,192			(5,341,963)			-			-
IQE PLC			18,728,932			-			(24,906,064)			75,051,336			(68,874,204)			-			-
PVA TePla AG			29,133,866			-			(33,473,677)			(6,728,151)			11,067,962			-			-
Zotefoams PLC			10,507,468			-			(12,911,437)			6,995,581			(4,591,612)			-			-
Total		$	261,873,102		$	412,915,732		$	(622,446,750)		$	105,213,569		$	(92,567,987)		$	64,987,666			$2,515,527

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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


6		Invesco Global Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Industrials	30.26	%

Information Technology	16.84

Health Care	14.29

Financials	12.31

Materials	9.19

Consumer Discretionary	7.78

Communication Services	3.94

Other Sectors, Each Less than 2% of Net Assets	2.85

Money Market Funds Plus Other Assets Less Liabilities	2.54

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


7		Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $2,667,529,660)	$	3,093,502,625


Investments in affiliated money market funds, at value (Cost $64,989,219)		64,987,666

Cash		3,997,030

Foreign currencies, at value (Cost $1,678,588)		1,661,820

Receivable for:
Investments sold		15,433,420

Fund shares sold		2,535,960

Dividends		7,874,343

Interest		24

Investment for trustee deferred compensation and retirement plans		287,962

Other assets		72,800

Total assets		3,190,353,650



Liabilities:
Payable for:
Investments purchased		4,371,015


Fund shares reacquired		9,673,654


Accrued fees to affiliates		1,482,123


Accrued trustees’ and officers’ fees and benefits		127,262


Accrued other operating expenses		317,995


Trustee deferred compensation and retirement plans		287,962


Total liabilities		16,260,011


Net assets applicable to shares outstanding	$	3,174,093,639



Net assets consist of:
Shares of beneficial interest	$	3,249,319,641


Distributable earnings (loss)		(75,226,002	)


	$	3,174,093,639


Net Assets:

Class A	$	1,652,115,743



Class C	$	113,460,040



Class R	$	120,606,404



Class Y	$	491,698,995



Class R5	$	39,951



Class R6	$	796,172,506



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,923,078


Class C		3,088,725


Class R		2,814,713


Class Y		10,349,636


Class R5		853


Class R6		16,499,417


Class A:
Net asset value per share	$	45.99


Maximum offering price per share (Net asset value of $45.99 ÷ 94.50%)	$	48.67


Class C:
Net asset value and offering price per share	$	36.73


Class R:
Net asset value and offering price per share	$	42.85


Class Y:
Net asset value and offering price per share	$	47.51


Class R5:
Net asset value and offering price per share	$	46.84


Class R6:
Net asset value and offering price per share	$	48.25

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


8		Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $1,138,691)	$	17,334,236



Dividends from affiliates		2,515,527



Foreign withholding tax claims		249,746


Total investment income		20,099,509



Expenses:

Advisory fees		12,149,525



Administrative services fees		255,720



Custodian fees		87,708



Distribution fees:
Class A		2,171,865


Class C		655,598


Class R		334,454



Transfer agent fees – A, C, R and Y		2,415,916



Transfer agent fees – R5		20



Transfer agent fees – R6		134,544



Trustees’ and officers’ fees and benefits		45,639



Registration and filing fees		68,788



Reports to shareholders		1,038,138



Professional services fees		56,609



Other		28,272


Total expenses		19,442,796



Less: Fees waived and/or expense offset arrangement(s)		(123,382	)


Net expenses		19,319,414



Net investment income		780,095



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3,781,124))		514,080,520


Affiliated investment securities		(92,567,987	)


Foreign currencies		103,566


Forward foreign currency contracts		(8,347	)


		421,607,752



Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,762,760	)


Affiliated investment securities		105,213,569


Foreign currencies		9,894


		86,460,703


Net realized and unrealized gain		508,068,455



Net increase in net assets resulting from operations	$	508,848,550

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


9		Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income (loss)	$	780,095		$	(12,838,403	)


Net realized gain (loss)		421,607,752			(897,624,582	)


Change in net unrealized appreciation		86,460,703			886,094,055


Net increase (decrease) in net assets resulting from operations		508,848,550			(24,368,930	)



Share transactions–net:

Class A		(194,102,391	)		(296,425,975	)


Class C		(25,797,750	)		(43,732,593	)


Class R		(20,308,243	)		(14,136,949	)


Class Y		(154,323,487	)		(347,638,613	)


Class R5		129			(573,549	)


Class R6		(169,069,643	)		(287,949,652	)


Net increase (decrease) in net assets resulting from share transactions		(563,601,385	)		(990,457,331	)


Net increase (decrease) in net assets		(54,752,835	)		(1,014,826,261	)



Net assets:

Beginning of period		3,228,846,474			4,243,672,735


End of period	$	3,174,093,639		$	3,228,846,474

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


10		Invesco Global Opportunities Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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 04/30/24		$39.92		$(0.01	)		$ 6.08			$ 6.07		$	-			$45.99		15.20	%^(e)		$1,652,116		1.19	%^(e)(f)		1.20	%^(e)(f)		(0.05	)%^(e)(f)		49	%
Year ended 10/31/23		41.51		(0.19	)		(1.40	)		(1.59	)		-			39.92		(3.83	)^(e)		1,596,178		1.11	^(e)		1.12	^(e)		(0.41	)^(e)		29
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
Class C
Six months ended 04/30/24		32.01		(0.15	)		4.87			4.72			-			36.73		14.74			113,460		1.95	^(f)		1.96	^(f)		(0.81	)^(f)		49
Year ended 10/31/23		33.54		(0.44	)		(1.09	)		(1.53	)		-			32.01		(4.56	)		120,384		1.87			1.88			(1.17	)		29
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
Class R
Six months ended 04/30/24		37.24		(0.07	)		5.68			5.61			-			42.85		15.07			120,606		1.45	^(f)		1.46	^(f)		(0.31	)^(f)		49
Year ended 10/31/23		38.83		(0.29	)		(1.30	)		(1.59	)		-			37.24		(4.10	)		122,156		1.37			1.38			(0.67	)		29
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
Class Y
Six months ended 04/30/24		41.19		0.05			6.27			6.32			-			47.51		15.34			491,699		0.95	^(f)		0.96	^(f)		0.19	^(f)		49
Year ended 10/31/23		42.73		(0.08	)		(1.46	)		(1.54	)		-			41.19		(3.60	)		557,786		0.87			0.88			(0.17	)		29
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
Class R5
Six months ended 04/30/24		40.59		0.06			6.19			6.25			-			46.84		15.40			40		0.88	^(f)		0.88	^(f)		0.26	^(f)		49
Year ended 10/31/23		42.08		(0.05	)		(1.44	)		(1.49	)		-			40.59		(3.54	)		35		0.81			0.82			(0.11	)		29
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 04/30/24		41.81		0.08			6.36			6.44			-			48.25		15.40			796,173		0.81	^(f)		0.81	^(f)		0.33	^(f)		49
Year ended 10/31/23		43.32		(0.02	)		(1.49	)		(1.51	)		-			41.81		(3.49	)		832,308		0.74			0.75			(0.04	)		29
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

^(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 year ended September 30, 2019.

^(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, 2024 and for the years ended October 31, 2023, 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.


11		Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2024

(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.


12		Invesco Global Opportunities Fund

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2024, the Fund did not enter into any closing agreements.


13		Invesco Global Opportunities 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*
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, 2024, the effective advisory fee rate incurred by the Fund was 0.69%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $48,351.


14		Invesco Global Opportunities 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.

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, 2024, IDI advised the Fund that IDI retained $100,052 in front-end sales commissions from the sale of Class A shares and $22,512 and $5,296 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $38,971 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	$	–	$	41,858,217		$–	$	41,858,217


Brazil		50,019,028		–		–		50,019,028


Canada		25,016,604		–		–		25,016,604


China		–		27,447,360		–		27,447,360


Denmark		–		20,118,525		–		20,118,525


France		–		74,626,341		–		74,626,341


Germany		–		62,910,657		–		62,910,657


Italy		–		48,600,553		–		48,600,553


Japan		–		410,557,788		–		410,557,788


New Zealand		–		24,166,355		–		24,166,355


Puerto Rico		21,679,542		–		–		21,679,542


South Korea		–		18,037,519		–		18,037,519


Sweden		–		133,546,980		–		133,546,980


Switzerland		–		227,378,422		–		227,378,422


Taiwan		–		20,961,530		–		20,961,530


Thailand		–		30,625,433		–		30,625,433


United Kingdom		–		200,138,840		–		200,138,840


United States		1,655,812,931		–		–		1,655,812,931


Money Market Funds		64,987,666		–		–		64,987,666


Total Investments	$	1,817,515,771	$	1,340,974,520		$–	$	3,158,490,291


15		Invesco Global Opportunities Fund

NOTE 4–Derivative Investments

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

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

Effect of Derivative Investments for the six months ended April 30, 2024

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		$(8,347)



The table below summarizes the average notional value of derivatives held during the period.
	Forward Foreign Currency Contracts


Average notional value		$1,184,437

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended April 30, 2024, the Fund engaged in securities purchases of $19,399,487 and securities sales of $8,136,864, which resulted in net realized gains (losses) of $(3,781,124).

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances

NOTE 9–Tax Information

The Fund had a capital loss carryforward as of October 31, 2023, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	34,166,250	$	861,340,694	$	895,506,944

*	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 Global Opportunities Fund

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $1,649,842,868 and $2,119,079,182, 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	$578,883,080


Aggregate unrealized (depreciation) of investments	(172,614,296	)


Net unrealized appreciation of investments	$406,268,784

Cost of investments for tax purposes is $2,752,221,507.

NOTE 11–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,390,044		$	67,026,282			2,540,384		$	118,002,087


Class C		130,470			4,992,499			378,443			14,168,397


Class R		228,993			10,220,274			436,950			18,904,725


Class Y		828,603			40,805,207			2,789,887			133,157,630


Class R5		3			134			1,279			61,779


Class R6		1,881,902			94,494,597			4,167,234			201,017,423



Automatic conversion of Class C shares to Class A shares:
Class A		182,013			8,752,626			288,485			13,310,848


Class C		(227,530	)		(8,752,626	)		(358,454	)		(13,310,848	)



Reacquired:
Class A		(5,630,994	)		(269,881,299	)		(9,265,676	)		(427,738,910	)


Class C		(575,410	)		(22,037,623	)		(1,199,722	)		(44,590,142	)


Class R		(694,243	)		(30,528,517	)		(759,641	)		(33,041,674	)


Class Y		(4,020,431	)		(195,128,694	)		(10,127,065	)		(480,796,243	)


Class R5		(0	)		(5	)		(15,279	)		(635,328	)


Class R6		(5,290,856	)		(263,564,240	)		(10,074,414	)		(488,967,075	)


Net increase (decrease) in share activity		(11,797,436	)	$	(563,601,385	)		(21,197,589	)	$	(990,457,331	)

^(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 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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,152.00	$6.37	$1,018.95	$5.97	1.19%
Class C	1,000.00	1,147.80	10.41	1,015.17	9.77	1.95
Class R	1,000.00	1,150.70	7.75	1,017.65	7.27	1.45
Class Y	1,000.00	1,153.40	5.09	1,020.14	4.77	0.95
Class R5	1,000.00	1,154.00	4.71	1,020.49	4.42	0.88
Class R6	1,000.00	1,154.30	4.34	1,020.84	4.07	0.81

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 182/366 to reflect the most recent fiscal half year.


18		Invesco Global Opportunities Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


19		Invesco Global Opportunities Fund

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco International Small-Mid Company Fund

Nasdaq:

A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

19		Fund Expenses

20		Proxy Results

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, 10/31/23 to 4/30/24, 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	15.05	%
Class C Shares	14.63
Class R Shares	14.94
Class Y Shares	15.20
Class R5 Shares	15.22
Class R6 Shares	15.29
MSCI All Country World ex USA SMID Cap Index^▼*	16.86
MSCI All Country World ex USA Small Cap Index^▼	17.37
MSCI All Country World ex USA Index^▼*	17.69
Source(s): ^▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI All Country World ex USA SMID Cap Index to the MSCI All Country World ex USA Index to reflect that the MSCI All Country World ex USA Index can be considered more broadly representative of the overall applicable securities market.

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 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 Small-Mid Company Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (11/17/97)	10.44	%
10 Years	5.59
5 Years	0.49
1 Year	-8.11

Class C Shares
Inception (11/17/97)	10.41	%
10 Years	5.56
5 Years	0.87
1 Year	-4.43

Class R Shares
Inception (3/1/01)	10.79	%
10 Years	5.93
5 Years	1.38
1 Year	-2.97

Class Y Shares
Inception (9/7/05)	9.39	%
10 Years	6.46
5 Years	1.88
1 Year	-2.50

Class R5 Shares
10 Years	6.37	%
5 Years	1.98
1 Year	-2.42

Class R6 Shares

Inception (12/29/11)	10.64	%
10 Years	6.62
5 Years	2.02
1 Year	-2.38

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

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

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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


3		Invesco International Small-Mid Company Fund

Liquidity Risk Management Program

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

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

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

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

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

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


4		Invesco International Small-Mid Company Fund

Schedule of Investments

April 30, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.23%
Australia–2.77%
ALS Ltd.		5,739,919	$	47,991,546
Cochlear Ltd.		234,167		48,849,102
IPH Ltd.		8,428,825		33,929,804
				130,770,452

Austria–0.53%
Fabasoft AG		1,170,093		25,186,835

Brazil–3.27%
Odontoprev S.A.		21,493,640		49,464,430
TOTVS S.A.		7,013,737		37,198,767
Vivara Participacoes S.A.		4,152,300		17,720,403
WEG S.A.		6,604,800		50,306,174
				154,689,774

Canada–2.66%
CCL Industries, Inc., Class B		1,131,230		57,767,384
Descartes Systems Group, Inc. (The)^(a)		734,081		68,094,391
				125,861,775

Denmark–0.98%
ChemoMetec A/S^(b)		1,091,056		46,170,029

France–4.65%
Alten S.A.		264,736		31,111,851
Interparfums S.A.		814,670		41,325,447
Lectra		1,363,242		46,443,272
Neurones		921,048		43,755,346
Thermador Groupe		353,354		30,198,225
Vetoquinol S.A.		267,008		26,881,232
				219,715,373

Germany–9.77%
Amadeus Fire AG^(b)		294,416		35,323,381
Atoss Software AG		120,268		32,151,318
Carl Zeiss Meditec AG, BR		1,002,825		105,810,911
CTS Eventim AG & Co. KGaA		574,740		50,823,527
FUCHS SE, Preference Shares		925,692		43,229,172
Knorr-Bremse AG		630,306		46,772,196
Nemetschek SE		298,684		26,394,483
New Work SE^(b)		351,225		22,227,775
Sartorius AG, Preference Shares		196,397		58,714,072
STRATEC SE^(b)		878,312		40,418,498
				461,865,333

Iceland–1.45%
Marel HF^(c)		14,776,714		50,344,807
Ossur HF^(a)		4,437,660		18,456,934
				68,801,741

India–2.68%
AIA Engineering Ltd.		508,996		23,098,836
Britannia Industries Ltd.		594,385		33,972,187
Coforge Ltd.		609,531		37,116,916
Triveni Turbine Ltd.		5,046,150		32,475,661
				126,663,600


	Shares		Value
Indonesia–0.51%
PT Selamat Sempurna Tbk		216,454,500	$	23,977,807

Israel–1.62%
Nice Ltd., ADR^(a)(d)		341,740		76,382,307

Italy–5.05%
DiaSorin S.p.A.		832,517		84,081,982
Interpump Group S.p.A.		967,172		42,129,776
Recordati Industria Chimica e Farmaceutica S.p.A.		959,011		51,032,192
Technoprobe S.p.A.^(a)		3,379,621		26,928,506
Tinexta S.p.A.		1,828,164		34,431,766
				238,604,222

Japan–22.24%
Ariake Japan Co. Ltd.		1,631,500		53,160,142
As One Corp.		2,117,652		34,888,895
Azbil Corp.		2,237,900		62,504,549
Daifuku Co. Ltd.		2,142,500		43,886,551
Disco Corp.		133,900		38,140,841
Fukui Computer Holdings, Inc.^(b)		1,626,800		25,349,912
Funai Soken Holdings, Inc.		1,175,400		17,782,809
Japan Elevator Service Holdings Co. Ltd.		3,185,900		49,510,807
JCU Corp.		598,000		14,276,969
Katitas Co. Ltd.		1,992,800		24,008,964
Medikit Co. Ltd.		587,400		10,500,845
MEITEC Group Holdings, Inc.		3,088,258		57,596,021
MISUMI Group, Inc.		2,246,800		36,528,153
MonotaRO Co. Ltd.		3,113,220		37,311,560
NSD Co. Ltd.		2,075,694		40,571,446
OBIC Business Consultants Co. Ltd.		1,139,700		46,570,779
OBIC Co. Ltd.		742,200		95,347,823
SCSK Corp.		2,268,600		41,241,330
Seria Co. Ltd.		2,274,500		38,555,520
Shimano, Inc.		342,300		55,628,189
SHO-BOND Holdings Co. Ltd.		985,000		38,037,628
SMS Co. Ltd.		1,904,400		26,352,092
Sysmex Corp.		2,982,600		47,692,891
TechnoPro Holdings, Inc.		2,493,800		42,477,877
TKC Corp.		1,337,518		30,780,282
USS Co. Ltd.		4,227,096		32,292,033
Zuken, Inc.		407,900		10,658,573
				1,051,653,481

Jersey–0.87%
JTC PLC^(c)		3,830,052		40,933,312

Mexico–0.60%
Gruma S.A.B. de C.V., Class B		1,438,420		28,251,582

Netherlands–0.80%
IMCD N.V.		251,554		37,953,106

Norway–0.31%
Medistim ASA		910,000		14,752,297

South Africa–0.50%
Cashbuild Ltd.^(b)		1,232,388		10,115,448

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


5		Invesco International Small-Mid Company Fund


	Shares		Value
South Africa–(continued)
Hudaco Industries Ltd.		1,532,712	$	13,658,196
				23,773,644

South Korea–0.38%
NICE Information Service Co. Ltd.		2,341,837		17,891,065

Sweden–10.22%
Addtech AB, Class B		1,374,749		28,580,620
Biotage AB		3,198,205		48,256,766
Bravida Holding AB^(c)		5,412,098		36,596,015
Epiroc AB, Class A		2,626,716		48,561,048
Fortnox AB		5,945,029		34,641,316
Hexpol AB		3,586,349		40,580,014
Karnov Group AB^(a)(b)		5,987,877		35,725,359
Lifco AB, Class B		1,568,172		37,994,585
Loomis AB		1,233,103		31,514,109
MIPS AB^(c)		1,098,206		36,878,685
Mycronic AB		1,145,225		39,858,408
Sdiptech AB, Class B^(a)		1,661,962		42,347,372
SmartCraft ASA^(a)		8,846,216		21,521,999
				483,056,296

Switzerland–8.49%
Belimo Holding AG		112,771		52,177,712
Bossard Holding AG, Class A		124,606		28,333,144
Forbo Holding AG		26,098		30,142,946
Interroll Holding AG, Class R		10,794		34,738,129
Kardex Holding AG		150,218		39,745,019
LEM Holding S.A.		23,673		40,317,309
Partners Group Holding AG		57,098		73,460,348
Tecan Group AG, Class R^(a)		117,100		41,311,256
VZ Holding AG		532,745		61,439,154
				401,665,017

Taiwan–0.84%
Advantech Co. Ltd.		3,428,726		39,880,942

United Kingdom–14.71%
Alpha Financial Markets Consulting PLC^(b)		6,973,773		29,270,104
Bunzl PLC		1,234,028		47,322,251
Croda International PLC		1,768,829		101,312,426
Diploma PLC		943,224		42,634,271
Greggs PLC		978,809		33,124,816
Halma PLC		1,842,110		50,486,411
Hill & Smith PLC		1,388,604		32,593,624

Investment Abbreviations:

ADR – American Depositary Receipt

BR – Bearer Shares


	Shares		Value
United Kingdom–(continued)
Howden Joinery Group PLC		3,541,432	$	38,547,483
IMI PLC		2,086,155		45,442,093
Intertek Group PLC		479,521		29,512,851
Rathbones Group PLC		1,754,863		35,730,038
Restore PLC^(b)		11,526,111		33,368,570
Rightmove PLC		6,027,486		38,610,871
Rotork PLC		9,147,324		36,771,639
Spirax-Sarco Engineering PLC		487,617		53,656,110
Weir Group PLC (The)		1,850,479		47,219,343
				695,602,901

United States–2.33%
Bruker Corp.		694,378		54,168,428
ICON PLC^(a)(d)		188,735		56,220,382
				110,388,810
Total Common Stocks & Other Equity Interests (Cost $3,635,525,845)				4,644,491,701

Money Market Funds–0.96%

Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(b)(e)		15,939,846		15,939,846

Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(b)(e)		11,377,159		11,380,572

Invesco Treasury Portfolio, Institutional Class, 5.22%^(b)(e)		18,216,966		18,216,966
Total Money Market Funds (Cost $45,538,601)				45,537,384


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.19% (Cost $3,681,064,446)				4,690,029,085


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.95%

Invesco Private Government Fund, 5.29%^(b)(e)(f)		13,035,271		13,035,271
Invesco Private Prime Fund, 5.46%^(b)(e)(f)		31,842,478		31,852,031
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,891,632)				44,887,302
TOTAL INVESTMENTS IN SECURITIES–100.14% (Cost $3,725,956,078)				4,734,916,387
OTHER ASSETS LESS LIABILITIES–(0.14)%				(6,472,077	)
NET ASSETS–100.00%			$	4,728,444,310

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)


	Value October 31, 2023	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)	Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$181,470,889	$123,495,144	$(289,026,187)		$ -		$ -	$	15,939,846		$ 649,060
Invesco Liquid Assets Portfolio, Institutional Class	129,624,018	88,210,818	(206,452,461)		(8,004	)	6,201		11,380,572		410,562
Invesco Treasury Portfolio, Institutional Class	207,395,301	141,137,308	(330,315,643)		-		-		18,216,966		638,945
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	576,736	131,003,048	(118,544,513)		-		-		13,035,271		283,781	*
Invesco Private Prime Fund	1,483,371	255,461,414	(225,090,938)		(4,434	)	2,618		31,852,031		769,675	*
Investments in Other Affiliates:
Alpha Financial Markets Consulting PLC	32,146,813	-	-		(2,876,709	)	-		29,270,104		325,182
Amadeus Fire AG	33,951,718	-	-		1,371,663		-		35,323,381		-
Antares Vision S.p.A.	5,593,730	-	(3,644,153)		16,087,068		(18,036,645)		-		-
Cashbuild Ltd.	11,085,117	1,881,633	(2,334,812)		386,356		(902,846)		10,115,448		206,500
ChemoMetec A/S	41,985,675	17,847,003	(18,548,984)		11,361,664		(6,475,329)		46,170,029		-
Fukui Computer Holdings, Inc.	27,877,335	-	-		(2,527,423	)	-		25,349,912		628,855
Karnov Group AB	32,538,602	-	(8,873,347)		11,537,349		522,755		35,725,359		-
New Work SE	25,133,830	-	-		(2,906,055	)	-		22,227,775		-
Restore PLC	27,015,721	-	-		6,352,849		-		33,368,570		-
Sdiptech AB**	43,769,679	2,155,971	(16,418,560)		7,764,729		5,075,553		42,347,372		-
STRATEC SE	33,432,059	6,640,934	-		345,505		-		40,418,498		-
Total	$835,080,594	$767,833,273	$(1,219,249,598)		$46,884,558		$(19,807,693)	$	410,741,134		$3,912,560

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

**	At April 30, 2024, this security was no longer an affiliate of the Fund.

^(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, 2024 was $164,752,819, which represented 3.48% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at April 30, 2024.

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Industrials	35.77	%

Information Technology	21.95

Health Care	17.72

Materials	6.13

Consumer Discretionary	5.25

Financials	4.47

Consumer Staples	3.31

Communication Services	3.12

Other Sectors, Each Less than 2% of Net Assets	0.51

Money Market Funds Plus Other Assets Less Liabilities	1.77

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

7 Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30,2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $3,299,574,914)*	$	4,366,522,625


Investments in affiliates, at value (Cost $426,381,164)		368,393,762


Cash		3,006,012


Foreign currencies, at value (Cost $3,134,990)		3,119,107


Receivable for:
Investments sold		4,731,311


Fund shares sold		4,066,624


Dividends		37,096,226


Investment for trustee deferred compensation and retirement plans		236,219


Other assets		129,596


Total assets		4,787,301,482



Liabilities:
Payable for:
Investments purchased		2,038,276


Dividends		95


Fund shares reacquired		4,999,792


Accrued foreign taxes		5,031,147


Collateral upon return of securities loaned		44,891,632


Accrued fees to affiliates		1,326,959


Accrued trustees’ and officers’ fees and benefits		42,811


Accrued other operating expenses		290,241


Trustee deferred compensation and retirement plans		236,219


Total liabilities		58,857,172


Net assets applicable to shares outstanding	$	4,728,444,310



Net assets consist of:
Shares of beneficial interest	$	3,633,119,000


Distributable earnings		1,095,325,310


	$	4,728,444,310


Net Assets:

Class A	$	720,163,049



Class C	$	13,734,878



Class R	$	59,854,002



Class Y	$	1,451,847,363



Class R5	$	490,867



Class R6	$	2,482,354,151



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

Class A		17,744,263



Class C		396,132



Class R		1,594,992



Class Y		36,078,569



Class R5		12,009



Class R6		61,336,870



Class A:
Net asset value per share	$	40.59


Maximum offering price per share (Net asset value of $40.59 ÷ 94.50%)	$	42.95


Class C:
Net asset value and offering price per share	$	34.67


Class R:
Net asset value and offering price per share	$	37.53


Class Y:
Net asset value and offering price per share	$	40.24


Class R5:
Net asset value and offering price per share	$	40.87


Class R6:
Net asset value and offering price per share	$	40.47

*	At April 30, 2024, securities with an aggregate value of $43,621,496 were on loan to brokers.

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


8		Invesco International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $3,990,208)	$	37,205,497



Dividends from affiliates (includes net securities lending income of $47,224)		2,906,328


Total investment income		40,111,825



Expenses:

Advisory fees		22,505,792



Administrative services fees		355,891



Custodian fees		225,114



Distribution fees:
Class A		907,937


Class C		97,204


Class R		159,441


Transfer agent fees – A, C, R and Y		2,030,483


Transfer agent fees – R5		231


Transfer agent fees – R6		368,943


Trustees’ and officers’ fees and benefits		29,459


Registration and filing fees		90,886


Reports to shareholders		646,022


Professional services fees		60,933


Other		32,696


Total expenses		27,511,032


Less: Fees waived and/or expense offset arrangement(s)		(48,291	)


Net expenses		27,462,741


Net investment income		12,649,084



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,296,878) (includes net gains from securities sold to affiliates of $2,228,034)		182,925,095


Affiliated investment securities		(19,807,693	)


Foreign currencies		303,042


Forward foreign currency contracts		(24,075	)


		163,396,369


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $909,179)		455,404,583


Affiliated investment securities		46,884,558


Foreign currencies		(890,983	)


		501,398,158


Net realized and unrealized gain		664,794,527


Net increase in net assets resulting from operations	$	677,443,611

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


9		Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income	$	12,649,084		$	28,627,462



Net realized gain		163,396,369			134,549,029



Change in net unrealized appreciation (depreciation)		501,398,158			(61,339,914	)


Net increase in net assets resulting from operations		677,443,611			101,836,577



Distributions to shareholders from distributable earnings:

Class A		(18,392,829	)		(2,304,691	)



Class C		(412,802	)		(138,622	)



Class R		(1,534,744	)		(203,404	)



Class Y		(45,080,254	)		(10,547,704	)



Class R5		(13,554	)		(2,703	)



Class R6		(68,977,194	)		(13,599,761	)


Total distributions from distributable earnings		(134,411,377	)		(26,796,885	)



Share transactions–net:

Class A		(38,688,031	)		(120,572,365	)



Class C		(10,760,693	)		(22,188,558	)



Class R		(3,992,944	)		(6,764,006	)



Class Y		(296,294,874	)		(419,382,995	)



Class R5		(23,243	)		89,342



Class R6		60,005,279			286,814,004


Net increase (decrease) in net assets resulting from share transactions		(289,754,506	)		(282,004,578	)


Net increase (decrease) in net assets		253,277,728			(206,964,886	)



Net assets:

Beginning of period		4,475,166,582			4,682,131,468


End of period	$	4,728,444,310		$	4,475,166,582

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


10		Invesco International Small-Mid Company Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 04/30/24		$36.15		$0.05			$ 5.40			$ 5.45			$(0.36	)		$(0.65	)		$(1.01	)		$40.59		15.08	%^(e)		$ 720,163		1.39	%^(e)(f)		1.39	%^(e)(f)		0.24	%^(e)(f)		8	%
Year ended 10/31/23		36.30		0.15			(0.19	)^(g)		(0.04	)		–			(0.11	)		(0.11	)		36.15		(0.15	)^(e)		676,005		1.35	^(e)		1.35	^(e)		0.37	^(e)		26
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	^(h)
Year ended 08/31/19		54.54		(0.03	)		(3.81	)		(3.84	)		(0.22	)		(4.23	)		(4.45	)		46.25		(6.21	)		1,394,542		1.36			1.36			(0.06	)		28
Class C
Six months ended 04/30/24		30.81		(0.09	)		4.60			4.51			–			(0.65	)		(0.65	)		34.67		14.63			13,735		2.15	^(f)		2.15	^(f)		(0.52	)^(f)		8
Year ended 10/31/23		31.19		(0.13	)		(0.14	)^(g)		(0.27	)		–			(0.11	)		(0.11	)		30.81		(0.91	)		21,483		2.11			2.11			(0.39	)		26
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	^(h)
Year ended 08/31/19		50.01		(0.35	)		(3.52	)		(3.87	)		–			(4.23	)		(4.23	)		41.91		(6.91	)		179,992		2.12			2.12			(0.82	)		28
Class R
Six months ended 04/30/24		33.44		(0.00	)⁽ⁱ⁾		5.00			5.00			(0.26	)		(0.65	)		(0.91	)		37.53		14.94			59,854		1.65	^(f)		1.65	^(f)		(0.02	)^(f)		8
Year ended 10/31/23		33.68		0.04			(0.17	)^(g)		(0.13	)		–			(0.11	)		(0.11	)		33.44		(0.43	)		56,784		1.61			1.61			0.11			26
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	^(h)
Year ended 08/31/19		52.05		(0.14	)		(3.65	)		(3.79	)		(0.15	)		(4.23	)		(4.38	)		43.88		(6.44	)		94,864		1.61			1.61			(0.31	)		28
Class Y
Six months ended 04/30/24		35.90		0.10			5.36			5.46			(0.47	)		(0.65	)		(1.12	)		40.24		15.20			1,451,847		1.15	^(f)		1.15	^(f)		0.48	^(f)		8
Year ended 10/31/23		36.06		0.25			(0.20	)^(g)		0.05			(0.10	)		(0.11	)		(0.21	)		35.90		0.07			1,554,427		1.11			1.11			0.61			26
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	^(h)
Year ended 08/31/19		54.15		0.08			(3.80	)		(3.72	)		(0.40	)		(4.23	)		(4.63	)		45.80		(5.98	)		3,986,316		1.12			1.12			0.18			28
Class R5
Six months ended 04/30/24		36.49		0.12			5.44			5.56			(0.53	)		(0.65	)		(1.18	)		40.87		15.22			491		1.07	^(f)		1.07	^(f)		0.56	^(f)		8
Year ended 10/31/23		36.64		0.30			(0.19	)^(g)		0.11			(0.15	)		(0.11	)		(0.26	)		36.49		0.22			459		0.99			0.99			0.73			26
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	^(h)
Period ended 08/31/19^(j)		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 04/30/24		36.13		0.13			5.39			5.52			(0.53	)		(0.65	)		(1.18	)		40.47		15.27			2,482,354		1.01	^(f)		1.01	^(f)		0.62	^(f)		8
Year ended 10/31/23		36.30		0.30			(0.19	)^(g)		0.11			(0.17	)		(0.11	)		(0.28	)		36.13		0.21			2,166,008		0.99			0.99			0.73			26
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)(h)		0	^(h)
Year ended 08/31/19		54.32		0.16			(3.82	)		(3.66	)		(0.49	)		(4.23	)		(4.72	)		45.94		(5.82	)		2,692,561		0.96			0.96			0.34			28

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% and 0.01% for the two months ended October 31, 2019 and the year ended August 31, 2019, 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, 2024 and the years ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(f)	Annualized.

^(g)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(h)	Amount represents less than 0.005%.

⁽ⁱ⁾	Amount represents less than $(0.005) per share.

^(j)	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 Small-Mid Company Fund

Notes to Financial Statements

April 30,2024

(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.


12		Invesco International Small-Mid Company Fund

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

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


13		Invesco International Small-Mid Company Fund

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, 2024, the Fund paid the Adviser $2,576 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates 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.

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, 2024, the effective advisory fee rate incurred by the Fund was 0.92%.


14		Invesco International Small-Mid Company Fund

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $29,153.

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, 2024, IDI advised the Fund that IDI retained $16,316 in front-end sales commissions from the sale of Class A shares and $383 and $301 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $605 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.


15		Invesco International Small-Mid Company Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	130,770,452		$–	$	130,770,452


Austria		–		25,186,835		–		25,186,835


Brazil		154,689,774		–		–		154,689,774


Canada		125,861,775		–		–		125,861,775


Denmark		–		46,170,029		–		46,170,029


France		–		219,715,373		–		219,715,373


Germany		–		461,865,333		–		461,865,333


Iceland		–		68,801,741		–		68,801,741


India		–		126,663,600		–		126,663,600


Indonesia		–		23,977,807		–		23,977,807


Israel		76,382,307		–		–		76,382,307


Italy		–		238,604,222		–		238,604,222


Japan		–		1,051,653,481		–		1,051,653,481


Jersey		–		40,933,312		–		40,933,312


Mexico		28,251,582		–		–		28,251,582


Netherlands		–		37,953,106		–		37,953,106


Norway		–		14,752,297		–		14,752,297


South Africa		–		23,773,644		–		23,773,644


South Korea		–		17,891,065		–		17,891,065


Sweden		–		483,056,296		–		483,056,296


Switzerland		–		401,665,017		–		401,665,017


Taiwan		–		39,880,942		–		39,880,942


United Kingdom		–		695,602,901		–		695,602,901


United States		110,388,810		–		–		110,388,810


Money Market Funds		45,537,384		44,887,302		–		90,424,686


Total Investments	$	541,111,632	$	4,193,804,755		$–	$	4,734,916,387

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, 2024

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		$(24,075)

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


		Forward Foreign Currency Contracts


Average notional value		$47,887

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended April 30, 2024, the Fund engaged in securities sales of $19,399,487, which resulted in net realized gains of $2,228,034.

NOTE 6–Expense Offset Arrangement(s)


16		Invesco International Small-Mid Company Fund

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances

NOTE 9–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $397,673,621 and $604,708,489, 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	$	1,133,457,947


Aggregate unrealized (depreciation) of investments		(213,136,460	)


Net unrealized appreciation of investments	$	920,321,487

Cost of investments for tax purposes is $3,814,594,900.

NOTE 11–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,163,025		$	48,843,396			1,292,729		$	52,996,977


Class C		27,245			971,470			59,476			2,085,847


Class R		79,430			3,039,653			134,471			5,077,997


Class Y		3,543,107			145,542,342			7,692,768			310,458,307


Class R5		855			35,720			2,516			101,108


Class R6		7,561,793			316,307,568			23,055,678			852,592,805



Issued as reinvestment of dividends:
Class A		416,707			16,980,791			50,623			2,064,418


Class C		11,043			385,504			3,680			128,774


Class R		40,653			1,533,024			5,355			202,472


Class Y		873,435			35,260,562			191,994			7,758,460


Class R5		325			13,303			65			2,648


Class R6		1,649,677			66,943,898			315,333			12,808,815



Automatic conversion of Class C shares to Class A shares:
Class A		219,632			9,230,102			391,204			15,795,698


Class C		(256,882	)		(9,230,102	)		(457,337	)		(15,795,698	)


17		Invesco International Small-Mid Company Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(2,754,635	)	$	(113,742,320	)		(4,714,793	)	$	(191,429,458	)


Class C		(82,473	)		(2,887,565	)		(249,081	)		(8,607,481	)


Class R		(223,035	)		(8,565,621	)		(318,646	)		(12,044,475	)


Class Y		(11,633,633	)		(477,097,778	)		(18,484,806	)		(737,599,762	)


Class R5		(1,763	)		(72,266	)		(342	)		(14,414	)


Class R6		(7,830,460	)		(323,246,187	)		(14,284,972	)		(578,587,616	)


Net increase (decrease) in share activity		(7,195,954	)	$	(289,754,506	)		(5,314,085	)	$	(282,004,578	)

^(a)

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

In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,150.50	$7.43	$1,017.95	$6.97	1.39%
Class C	1,000.00	1,146.30	11.47	1,014.17	10.77	2.15
Class R	1,000.00	1,149.40	8.82	1,016.66	8.27	1.65
Class Y	1,000.00	1,152.00	6.15	1,019.14	5.77	1.15
Class R5	1,000.00	1,152.20	5.73	1,019.54	5.37	1.07
Class R6	1,000.00	1,152.90	5.41	1,019.84	5.07	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 182/366 to reflect the most recent fiscal half year.


19		Invesco International Small-Mid Company Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


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, 2024

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

21		Fund Expenses

22		Proxy Results

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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.07	%
Class C Shares	15.63
Class R Shares	15.99
Class Y Shares	16.22
Class R5 Shares	16.22
Class R6 Shares	16.22
MSCI World SRI Index^▼(Broad Market*/Style-Specific Index)	16.73
Custom Invesco MSCI World SRI Index^∎(Style-Specific Index)	16.73
MSCI World Index^▼(Broad Market Index)*	20.29
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World SRI Index to the MSCI World Index to reflect that the MSCI World Index can be considered more broadly representative of the overall applicable securities market.

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 MSCI World Index^SM is an unmanaged index considered representative of stocks of developed 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 MSCI World SRI Index Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (7/1/16)	7.50	%
5 Years	6.94
1 Year	8.53

Class C Shares
Inception (7/1/16)	7.46	%
5 Years	7.37
1 Year	13.02

Class R Shares
Inception (7/1/16)	8.00	%
5 Years	7.91
1 Year	14.63

Class Y Shares
Inception (7/1/16)	8.54	%
5 Years	8.45
1 Year	15.19

Class R5 Shares
Inception (7/1/16)	8.54	%
5 Years	8.45
1 Year	15.19

Class R6 Shares
Inception (7/1/16)	8.54	%
5 Years	8.45
1 Year	15.19

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, 2024

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–93.88%
Australia–1.12%
Ampol Ltd.		249	$	5,880
APA Group		849		4,531
ASX Ltd.		141		5,760
Brambles Ltd.		1,106		10,405
Cochlear Ltd.		46		9,596
Coles Group Ltd.		954		9,949
Computershare Ltd.		448		7,871
Dexus		1,583		7,190
GPT Group (The)		2,682		7,213
James Hardie Industries PLC, CDI^(a)		312		10,726
Mineral Resources Ltd.		120		5,443
Mirvac Group		5,327		6,980
Northern Star Resources Ltd.		832		7,886
Pilbara Minerals Ltd.		1,913		4,870
QBE Insurance Group Ltd.		1,022		11,691
Scentre Group		3,464		7,015
Sonic Healthcare Ltd.		284		4,881
Stockland		1,744		4,941
Suncorp Group Ltd.		627		6,697
Transurban Group		2,053		16,482
				156,007

Austria–0.07%
Mondi PLC		279		5,288
Verbund AG		64		4,889
				10,177

Belgium–0.18%
KBC Group N.V.		189		14,040
Liberty Global Ltd., Class C^(a)		296		4,845
Umicore S.A.		250		5,538
				24,423

Canada–3.38%
Agnico Eagle Mines Ltd.		324		20,518
Bank of Nova Scotia (The)		1,140		52,303
Canadian National Railway Co.		498		60,444
Canadian Tire Corp. Ltd., Class A		47		4,540
Dollarama, Inc.		185		15,433
Fortis, Inc.		321		12,605
Gildan Activewear, Inc.		175		6,066
Intact Financial Corp.		119		19,559
Metro, Inc.		148		7,571
National Bank of Canada		259		20,797
Nutrien Ltd.		385		20,301
Open Text Corp.		177		6,250
Parkland Corp.		170		5,237
Pembina Pipeline Corp.		377		13,266
RB Global, Inc.		103		7,370
Saputo, Inc.		375		7,210
Shopify, Inc., Class A^(a)		1,057		74,208
Sun Life Financial, Inc.		398		20,321
TELUS Corp.		276		4,433


	Shares		Value
Canada–(continued)
Toronto-Dominion Bank (The)		1,561	$	92,607
				471,039

China–0.82%
BOC Hong Kong (Holdings) Ltd.		2,500		7,663
NXP Semiconductors N.V.		238		60,973
Prosus N.V.^(a)		1,349		45,137
				113,773

Denmark–3.13%
Coloplast A/S, Class B		85		10,248
DSV A/S		133		18,895
Genmab A/S^(a)		50		13,882
Novo Nordisk A/S, Class B		2,745		352,025
Orsted A/S^(a)(b)		141		7,749
Pandora A/S		85		12,937
Vestas Wind Systems A/S^(a)		725		19,429
				435,165

Finland–0.48%
Elisa OYJ		152		6,854
Kesko OYJ, Class B		349		5,958
Metso OYJ		479		5,430
Neste OYJ		307		6,959
Nokia OYJ		3,868		14,062
Stora Enso OYJ, Class R		489		6,514
UPM-Kymmene OYJ		347		12,161
Wartsila OYJ Abp		507		9,353
				67,291

France–3.00%
AXA S.A.		1,691		58,427
Cie Generale des Etablissements Michelin S.C.A.		496		19,056
Credit Agricole S.A.		762		11,790
Danone S.A.		618		38,679
Dassault Systemes SE		485		19,037
Hermes International S.C.A.		27		64,638
L’Oreal S.A.		211		98,928
Schneider Electric SE		472		107,622
				418,177

Germany–1.50%
adidas AG		121		29,159
Deutsche Boerse AG		156		30,076
Deutsche Post AG		944		39,525
GEA Group AG		124		5,005
Henkel AG & Co. KGaA, Preference Shares		171		13,585
LEG Immobilien SE^(a)		80		6,791
Merck KGaA		87		13,824
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		127		55,856
Vonovia SE		515		14,881
				208,702

Hong Kong–0.63%
AIA Group Ltd.		10,000		73,243

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)
Hang Seng Bank Ltd.		600	$	7,912
MTR Corp. Ltd.		2,000		6,573
				87,728

Ireland–0.07%
Kerry Group PLC, Class A		110		9,466

Italy–0.38%
Amplifon S.p.A.		221		7,378
Assicurazioni Generali S.p.A.		682		16,629
FinecoBank Banca Fineco S.p.A.		393		6,021
Mediobanca Banca di Credito Finanziario S.p.A.		460		6,536
Moncler S.p.A.		141		9,599
Terna S.p.A.		929		7,443
				53,606

Japan–5.74%
Advantest Corp.		600		18,780
AEON Co. Ltd.		500		10,454
Ajinomoto Co., Inc.		400		14,873
Asahi Kasei Corp.		900		6,275
Astellas Pharma, Inc.		1,400		13,437
Bridgestone Corp.		300		13,238
Daikin Industries Ltd.		221		30,165
Daiwa Securities Group, Inc.		1,100		8,084
FANUC Corp.		900		26,657
Fujitsu Ltd.		1,000		15,448
Hitachi Ltd.		800		73,809
Hoya Corp.		200		23,188
IBIDEN Co. Ltd.		200		7,603
JFE Holdings, Inc.		400		5,970
KDDI Corp.		1,400		38,848
Kubota Corp.		600		9,624
LY Corp.		1,900		4,565
MatsukiyoCocokara & Co.		600		8,508
Mitsubishi Chemical Group Corp.		800		4,667
NEC Corp.		200		14,480
Nitto Denko Corp.		100		8,269
Nomura Research Institute Ltd.		300		7,259
Omron Corp.		200		6,864
Ono Pharmaceutical Co. Ltd.		300		4,321
Oriental Land Co. Ltd.		1,000		27,592
ORIX Corp.		900		18,419
Rakuten Group, Inc.^(a)		1,700		8,176
Renesas Electronics Corp.		900		14,612
SECOM Co. Ltd.		100		6,946
Seiko Epson Corp.		500		8,225
SG Holdings Co. Ltd.		400		4,682
SoftBank Corp.		2,300		27,742
Sompo Holdings, Inc.		600		11,874
Sony Group Corp.		1,100		90,917
Sumitomo Metal Mining Co. Ltd.		300		10,023
Sumitomo Mitsui Financial Group, Inc.		1,100		62,484
T&D Holdings, Inc.		400		6,527
TDK Corp.		300		13,383
TIS, Inc.		200		4,271
Tobu Railway Co. Ltd.		300		5,952
Tokio Marine Holdings, Inc.		1,700		53,731
Toray Industries, Inc.		1,700		7,770
Unicharm Corp.		300		8,914


	Shares		Value
Japan–(continued)
Yamaha Corp.		300	$	6,322
Yamaha Motor Co. Ltd.		900		8,395
Yamato Holdings Co. Ltd.		600		7,924
Yaskawa Electric Corp.		200		8,241
				798,508

Netherlands–2.57%
Akzo Nobel N.V.		144		9,501
ASML Holding N.V.		339		295,273
Universal Music Group N.V.		581		17,090
Wolters Kluwer N.V.		237		35,481
				357,345

New Zealand–0.03%
Meridian Energy Ltd.		1,313		4,631

Norway–0.16%
DNB Bank ASA		692		12,061
Orkla ASA		740		5,034
Telenor ASA		492		5,656
				22,751

Singapore–0.24%
CapitaLand Integrated Commercial Trust		4,600		6,557
CapitaLand Investment Ltd.		3,800		7,349
STMicroelectronics N.V.		500		19,792
				33,698

Spain–0.23%
ACS Actividades de Construccion y Servicios S.A.		155		6,208
Amadeus IT Group S.A.		325		20,629
Redeia Corp. S.A.		322		5,375
				32,212

Sweden–0.34%
Beijer Ref AB		361		5,088
Boliden AB		242		7,953
Essity AB, Class B		400		9,980
Svenska Cellulosa AB S.C.A., Class B		423		6,199
Svenska Handelsbanken AB, Class A		968		8,301
Tele2 AB, Class B		579		5,400
Telia Co. AB		1,832		4,191
				47,112

Switzerland–1.50%
DSM-Firmenich AG		116		13,010
Givaudan S.A.		9		38,491
Julius Baer Group Ltd.		139		7,459
Kuehne + Nagel International AG, Class R		37		9,779
Logitech International S.A., Class R		121		9,421
Lonza Group AG		59		32,568
SGS S.A.		100		8,806
SIG Group AG^(a)		210		4,196
Sonova Holding AG, Class A		38		10,504
Temenos AG		62		3,857
VAT Group AG^(b)		18		8,961
Zurich Insurance Group AG		129		62,442
				209,494

United Kingdom–2.82%
3i Group PLC		663		23,687

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)
abrdn PLC		2,846	$	5,190
Admiral Group PLC		182		6,195
Auto Trader Group PLC^(b)		690		5,982
Barratt Developments PLC		695		3,927
Berkeley Group Holdings PLC (The)		72		4,228
BT Group PLC		5,446		6,964
Burberry Group PLC		280		4,006
Croda International PLC		84		4,811
DCC PLC		66		4,507
Informa PLC		982		9,722
InterContinental Hotels Group PLC		122		11,899
Intertek Group PLC		89		5,478
J Sainsbury PLC		1,618		5,307
Kingfisher PLC		1,562		4,812
Legal & General Group PLC		4,006		11,760
National Grid PLC		3,145		41,253
Pearson PLC		540		6,552
RELX PLC		1,675		68,821
Sage Group PLC (The)		718		10,412
Schroders PLC		1,137		4,985
Segro PLC		825		8,677
SSE PLC		794		16,504
St. James’s Place PLC		702		3,799
Unilever PLC		2,177		112,618
				392,096

United States–65.49%
Adobe, Inc.^(a)		384		177,727
AECOM		68		6,281
Agilent Technologies, Inc.		253		34,671
Allegion PLC		65		7,901
Ally Financial, Inc.		283		10,853
American Express Co.		511		119,589
American Water Works Co., Inc.		133		16,269
Ameriprise Financial, Inc.		102		42,003
Amgen, Inc.		459		125,738
Annaly Capital Management, Inc.		329		6,165
Aptiv PLC^(a)		201		14,271
Atmos Energy Corp.		97		11,436
Autodesk, Inc.^(a)		200		42,570
Automatic Data Processing, Inc.		366		88,532
Avantor, Inc.^(a)		445		10,782
Avery Dennison Corp.		50		10,864
Axon Enterprise, Inc.^(a)		47		14,742
Baker Hughes Co., Class A		833		27,172
Ball Corp.		187		13,010
Bank of New York Mellon Corp. (The)		741		41,859
Becton, Dickinson and Co.		267		62,638
Best Buy Co., Inc.		174		12,813
Biogen, Inc.^(a)		111		23,845
BlackRock, Inc.		130		98,103
Booking Holdings, Inc.		30		103,561
Broadridge Financial Solutions, Inc.		79		15,279
Builders FirstSource, Inc.^(a)		97		17,734
Bunge Global S.A.		100		10,176
C.H. Robinson Worldwide, Inc.		102		7,242
Carrier Global Corp.		712		43,781
CBRE Group, Inc., Class A^(a)		246		21,375
Centene Corp.^(a)		527		38,503


	Shares		Value
United States–(continued)
Cheniere Energy, Inc.		165	$	26,040
Church & Dwight Co., Inc.		164		17,694
Cigna Group (The)		257		91,759
Clorox Co. (The)		90		13,308
CME Group, Inc., Class A		327		68,552
CMS Energy Corp.		190		11,516
Coca-Cola Co. (The)		3,500		216,195
Conagra Brands, Inc.		300		9,234
Consolidated Edison, Inc.		250		23,600
Cooper Cos., Inc. (The)		132		11,756
CRH PLC		653		50,569
Crown Castle, Inc.		383		35,918
Cummins, Inc.		120		33,899
Danaher Corp.		605		149,205
Darling Ingredients, Inc.^(a)		105		4,449
DaVita, Inc.^(a)		71		9,870
Dayforce, Inc.^(a)		96		5,892
Deckers Outdoor Corp.^(a)		17		13,914
Dover Corp.		68		12,192
Ecolab, Inc.		241		54,502
Edwards Lifesciences Corp.^(a)		575		48,685
Electronic Arts, Inc.		249		31,578
Elevance Health, Inc.		204		107,830
Essential Utilities, Inc.		215		7,865
Eversource Energy		245		14,852
Exelon Corp.		707		26,569
Expeditors International of Washington, Inc.		125		13,914
FactSet Research Systems, Inc.		28		11,673
Fastenal Co.		466		31,660
Ferguson PLC		158		33,164
Fidelity National Information Services, Inc.		462		31,379
Fiserv, Inc.^(a)		535		81,678
Fortive Corp.		220		16,559
Fortune Brands Innovations, Inc.		97		7,091
Fox Corp., Class A		278		8,621
Franklin Resources, Inc.		216		4,933
General Mills, Inc.		552		38,894
Gilead Sciences, Inc.		1,089		71,003
Graco, Inc.		86		6,897
Halliburton Co.		659		24,693
Hartford Financial Services Group, Inc. (The)		183		17,731
Hasbro, Inc.		95		5,824
HCA Healthcare, Inc.		183		56,697
Henry Schein, Inc.^(a)		98		6,789
Hilton Worldwide Holdings, Inc.		239		47,150
Hologic, Inc.^(a)		185		14,017
Home Depot, Inc. (The)		839		280,411
Huntington Bancshares, Inc.		789		10,628
IDEX Corp.		55		12,125
IDEXX Laboratories, Inc.^(a)		77		37,943
Illinois Tool Works, Inc.		264		64,445
Illumina, Inc.^(a)		114		14,028
Ingersoll Rand, Inc.		264		24,637
Insulet Corp.^(a)		51		8,769
International Flavors & Fragrances, Inc.		191		16,168
International Paper Co.		195		6,813
Interpublic Group of Cos., Inc. (The)		296		9,010
Intuit, Inc.		239		149,523
Iron Mountain, Inc.		196		15,194

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)
J.B. Hunt Transport Services, Inc.		39	$	6,340
J.M. Smucker Co. (The)		65		7,465
Johnson Controls International PLC		653		42,491
Kellanova		184		10,646
Knight-Swift Transportation Holdings, Inc.		96		4,438
Laboratory Corp. of America Holdings		48		9,666
Lam Research Corp.		114		101,963
Lamb Weston Holdings, Inc.		96		8,001
Lear Corp.		42		5,287
Lennox International, Inc.		20		9,268
Linde PLC		414		182,557
LKQ Corp.		217		9,359
Lowe’s Cos., Inc.		502		114,451
MarketAxess Holdings, Inc.		35		7,003
Marsh & McLennan Cos., Inc.		438		87,350
Mettler-Toledo International, Inc.^(a)		18		22,135
Microsoft Corp.		5,838		2,272,909
Molina Healthcare, Inc.^(a)		39		13,342
Moody’s Corp.		153		56,661
Nasdaq, Inc.		200		11,970
Newmont Corp.		954		38,771
Northern Trust Corp.		147		12,111
Old Dominion Freight Line, Inc.		154		27,983
ONEOK, Inc.		441		34,892
Owens Corning		83		13,961
Paylocity Holding Corp.^(a)		31		4,810
Pentair PLC		122		9,649
PepsiCo, Inc.		1,174		206,518
Phillips 66		409		58,573
PNC Financial Services Group, Inc. (The)		374		57,319
Pool Corp.		31		11,238
PPG Industries, Inc.		183		23,607
Progressive Corp. (The)		509		105,999
Prologis, Inc.		804		82,048
Prudential Financial, Inc.		360		39,773
Quanta Services, Inc.		100		25,856
Quest Diagnostics, Inc.		94		12,989
Regions Financial Corp.		721		13,894
Repligen Corp.^(a)		36		5,911
Rivian Automotive, Inc., Class A^(a)		496		4,414
Robert Half, Inc.		82		5,669
Rockwell Automation, Inc.		85		23,032
S&P Global, Inc.		278		115,601
Sempra		585		41,904

Investment Abbreviations:

CDI – CREST Depository Interest


	Shares		Value
United States–(continued)
State Street Corp.		266	$	19,282
STERIS PLC		59		12,069
Swiss Re AG		240		26,089
Synchrony Financial		269		11,831
T. Rowe Price Group, Inc.		177		19,394
Take-Two Interactive Software, Inc.^(a)		106		15,138
Targa Resources Corp.		98		11,178
Tesla, Inc.^(a)		2,392		438,406
Texas Instruments, Inc.		778		137,255
Toro Co. (The)		54		4,730
Tractor Supply Co.		83		22,666
Trane Technologies PLC		211		66,959
Travelers Cos., Inc. (The)		219		46,463
Truist Financial Corp.		1,221		45,849
U.S. Bancorp		1,416		57,532
United Rentals, Inc.		53		35,403
Vail Resorts, Inc.		30		5,681
Valero Energy Corp.		323		51,638
Verizon Communications, Inc.		3,635		143,546
W.W. Grainger, Inc.		36		33,169
Walt Disney Co. (The)		1,572		174,649
Waters Corp.^(a)		45		13,907
Welltower, Inc.		436		41,542
West Pharmaceutical Services, Inc.		51		18,232
Workday, Inc., Class A^(a)		191		46,743
Xylem, Inc.		163		21,304
Zimmer Biomet Holdings, Inc.		142		17,080
Zoetis, Inc.		402		64,015
				9,116,563
Total Common Stocks & Other Equity Interests (Cost $10,107,078)				13,069,964

Money Market Funds–5.84%

Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(c)(d)		284,610		284,610

Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(c)(d)		202,976		203,037

Invesco Treasury Portfolio, Institutional Class, 5.22%^(c)(d)		325,268		325,268
Total Money Market Funds (Cost $812,912)				812,915
TOTAL INVESTMENTS IN SECURITIES–99.72% (Cost $10,919,990)				13,882,879
OTHER ASSETS LESS LIABILITIES–0.28%				38,342
NET ASSETS–100.00%			$	13,921,221

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


8		Invesco MSCI World SRI Index 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, 2024 was $22,692, which represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	101,258		$	1,121,212		$	(937,860)		$	-		$	-		$	284,610		$	4,159
Invesco Liquid Assets Portfolio, Institutional Class			72,065			800,866			(669,900)			(12)			18			203,037			3,034
Invesco Treasury Portfolio, Institutional Class			115,723			1,281,386			(1,071,841)			-			-			325,268			4,711
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			118,188			50,250			(168,438)			-			-			-			125	*
Invesco Private Prime Fund			303,993			130,432			(434,444)			(26)			45			-			300	*
Total		$	711,227		$	3,384,146		$	(3,282,483)		$	(38)		$	63		$	812,915			$12,329

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Open Futures Contracts^(a)

Long Futures Contracts

Number of
Contracts

Expiration
Month

Notional
Value

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

MSCI World Index

June-2024

$735,770

$(2,548)

^(a)	Futures contracts collateralized by $50,806 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Information Technology	25.52	%

Financials	15.11

Health Care	11.56

Consumer Discretionary	10.82

Industrials	10.35

Consumer Staples	6.53

Materials	4.48

Communication Services	3.77

Other Sectors, Each Less than 2% of Net Assets	5.74

Money Market Funds Plus Other Assets Less Liabilities	6.12

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, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $10,107,078)	$	13,069,964


Investments in affiliated money market funds, at value (Cost $812,912)		812,915


Deposits with brokers:
Cash collateral - exchange-traded futures contracts		50,806


Foreign currencies, at value (Cost $6,252)		6,222


Receivable for:
Fund shares sold		5,786


Dividends		29,835


Investment for trustee deferred compensation and retirement plans		20,050


Other assets		35,841


Total assets		14,031,419



Liabilities:
Other investments:
Variation margin payable - futures contracts		16,949


Payable for:
Fund shares reacquired		16,629


Amount due custodian		1,950


Accrued fees to affiliates		23,765


Accrued trustees’ and officers’ fees and benefits		1,428


Accrued other operating expenses		29,427


Trustee deferred compensation and retirement plans		20,050


Total liabilities		110,198


Net assets applicable to shares outstanding	$	13,921,221



Net assets consist of:
Shares of beneficial interest	$	10,886,546


Distributable earnings		3,034,675


	$	13,921,221


Net Assets:

Class A	$	1,394,280



Class C	$	211,907



Class R	$	954,490



Class Y	$	549,271



Class R5	$	16,354



Class R6	$	10,794,919



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		86,015


Class C		13,333


Class R		59,304


Class Y		33,618


Class R5		1,001


Class R6		660,703


Class A:
Net asset value per share	$	16.21


Maximum offering price per share (Net asset value of $16.21 ÷ 94.50%)	$	17.15


Class C:
Net asset value and offering price per share	$	15.89


Class R:
Net asset value and offering price per share	$	16.09


Class Y:
Net asset value and offering price per share	$	16.34


Class R5:
Net asset value and offering price per share	$	16.34


Class R6:
Net asset value and offering price per share	$	16.34

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, 2024

(Unaudited)


Investment income:

Interest	$	411



Dividends (net of foreign withholding taxes of $10,376)		108,625



Dividends from affiliated money market funds (includes net securities lending income of $17)		11,921


Total investment income		120,957



Expenses:

Advisory fees		9,078



Administrative services fees		849



Custodian fees		4,514



Distribution fees:
Class A		1,656


Class C		957


Class R		1,718



Transfer agent fees – A, C, R and Y		2,231



Transfer agent fees – R5		2



Transfer agent fees – R6		1,472



Trustees’ and officers’ fees and benefits		12,338



Registration and filing fees		36,841



Licensing fees		2,594



Reports to shareholders		4,440



Professional services fees		36,739



Other		8,248


Total expenses		123,677



Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(107,253	)


Net expenses		16,424



Net investment income		104,533



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(43,277	)


Affiliated investment securities		63


Foreign currencies		(1,407	)


Futures contracts		43,558


		(1,063	)



Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,629,123


Affiliated investment securities		(38	)


Foreign currencies		(40	)


Futures contracts		15,665


		1,644,710



Net realized and unrealized gain		1,643,647



Net increase in net assets resulting from operations	$	1,748,180

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:
Net investment income	$	104,533		$	180,351


Net realized gain (loss)		(1,063	)		576,459


Change in net unrealized appreciation		1,644,710			518,104


Net increase in net assets resulting from operations		1,748,180			1,274,914



Distributions to shareholders from distributable earnings:
Class A		(36,712	)		(14,447	)


Class C		(5,445	)		(1,137	)


Class R		(19,346	)		(6,202	)


Class Y		(26,685	)		(17,893	)


Class R5		(489	)		(240	)


Class R6		(292,951	)		(122,100	)


Total distributions from distributable earnings		(381,628	)		(162,019	)



Share transactions–net:
Class A		164,970			64,630


Class C		25,248			123


Class R		297,594			60,759


Class Y		(478,344	)		1,100


Class R6		2,071,770			312,101


Net increase in net assets resulting from share transactions		2,081,238			438,713


Net increase in net assets		3,447,790			1,551,608



Net assets:
Beginning of period		10,473,431			8,921,823


End of period	$	13,921,221		$	10,473,431

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 04/30/24		$14.39		$0.12		$ 2.19			$ 2.31			$(0.23	)		$(0.26	)		$(0.49	)		$16.21		16.07	%		$1,394		0.44	%^(d)		2.18	%^(d)		1.43	%^(d)		2	%
Year ended 10/31/23		12.82		0.23		1.54			1.77			(0.20	)		–			(0.20	)		14.39		13.99			1,088		0.44			2.45			1.57			23
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
Class C
Six months ended 04/30/24		14.15		0.05		2.16			2.21			(0.21	)		(0.26	)		(0.47	)		15.89		15.63			212		1.19	^(d)		2.93	^(d)		0.68	^(d)		2
Year ended 10/31/23		12.60		0.12		1.53			1.65			(0.10	)		–			(0.10	)		14.15		13.14			166		1.19			3.20			0.82			23
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
Class R
Six months ended 04/30/24		14.30		0.09		2.18			2.27			(0.22	)		(0.26	)		(0.48	)		16.09		15.92			954		0.69	^(d)		2.43	^(d)		1.18	^(d)		2
Year ended 10/31/23		12.74		0.19		1.54			1.73			(0.17	)		–			(0.17	)		14.30		13.69			583		0.69			2.70			1.32			23
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
Class Y
Six months ended 04/30/24		14.49		0.14		2.20			2.34			(0.23	)		(0.26	)		(0.49	)		16.34		16.22			549		0.19	^(d)		1.93	^(d)		1.68	^(d)		2
Year ended 10/31/23		12.91		0.26		1.56			1.82			(0.24	)		–			(0.24	)		14.49		14.28			902		0.19			2.20			1.82			23
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
Class R5
Six months ended 04/30/24		14.49		0.14		2.20			2.34			(0.23	)		(0.26	)		(0.49	)		16.34		16.22			16		0.19	^(d)		1.81	^(d)		1.68	^(d)		2
Year ended 10/31/23		12.91		0.26		1.56			1.82			(0.24	)		–			(0.24	)		14.49		14.28			15		0.19			2.08			1.82			23
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
Class R6
Six months ended 04/30/24		14.49		0.14		2.20			2.34			(0.23	)		(0.26	)		(0.49	)		16.34		16.22			10,795		0.19	^(d)		1.81	^(d)		1.68	^(d)		2
Year ended 10/31/23		12.91		0.26		1.56			1.82			(0.24	)		–			(0.24	)		14.49		14.28			7,719		0.19			2.08			1.82			23
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

^(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, 2024

(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 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.


15		Invesco MSCI World SRI Index Fund

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, 2024, 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.

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

M.	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.

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

The Fund intends to be diversified in approximately the same proportion as the MSCI World SRI Index (the “Underlying Index”) is diversified. The Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund becomes non-diversified, the Fund may invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.

Because MSCI Inc. (“MSCI”), the index provider of the Underlying Index, uses Environmental, Social and Governance (“ESG”) factors to exclude, select and assign weights to certain stocks of companies included in the Underlying Index for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. Consequently, the Fund may underperform other funds that do not use ESG factors. Further, there is a risk that information used by MSCI to evaluate the ESG factors may not be readily available, complete or accurate, which could negatively impact MSCI’s ability to apply its ESG standards when compiling the Underlying Index, which may negatively impact the Fund’s performance. MSCI’s assessment of a company, based on the company’s level of involvement in a particular industry or other ESG factors, may differ from that of other funds, the Adviser or an investor. As a result, the companies deemed eligible by MSCI for inclusion in the Underlying Index may not reflect the beliefs and values of any particular investor and may not be deemed to exhibit


16		Invesco MSCI World SRI Index Fund

positive or favorable ESG characteristics if different metrics were used to evaluate them. Not every investment or issuer held by the Fund may be evaluated for ESG considerations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $2 billion		0.140%


Over $2 billion		0.120%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.14%.

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19%, and 0.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2024, the Adviser waived advisory fees of $9,078, reimbursed fund level expenses of $94,346 and reimbursed class level expenses of $969, $140, $503, $619, $2 and $1,472 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information


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


17		Invesco MSCI World SRI Index Fund


	Level 1			Level 2		Level 3		Total


Investments in Securities


Australia		$–			$ 156,007		$–		$ 156,007


Austria		–			10,177		–		10,177


Belgium		4,845			19,578		–		24,423


Canada		471,039			–		–		471,039


China		60,973			52,800		–		113,773


Denmark		–			435,165		–		435,165


Finland		–			67,291		–		67,291


France		–			418,177		–		418,177


Germany		–			208,702		–		208,702


Hong Kong		–			87,728		–		87,728


Ireland		–			9,466		–		9,466


Italy		–			53,606		–		53,606


Japan		–			798,508		–		798,508


Netherlands		–			357,345		–		357,345


New Zealand		–			4,631		–		4,631


Norway		–			22,751		–		22,751


Singapore		–			33,698		–		33,698


Spain		–			32,212		–		32,212


Sweden		–			47,112		–		47,112


Switzerland		–			209,494		–		209,494


United Kingdom		–			392,096		–		392,096


United States		9,039,905			76,658		–		9,116,563


Money Market Funds		812,915			–		–		812,915


Total Investments in Securities		10,389,677			3,493,202		–		13,882,879


Other Investments - Liabilities*


Futures Contracts		(2,548	)		–		–		(2,548	)


Total Investments		$10,387,129			$3,493,202		$–		$13,880,331

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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, 2024:


	Value
Derivative Liabilities	Equity Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(2,548	)


Derivatives not subject to master netting agreements		2,548


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended April 30, 2024

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


	Location of Gain on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts		$43,558


Change in Net Unrealized Appreciation:
Futures contracts		15,665


Total		$59,223


18		Invesco MSCI World SRI Index Fund

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


	Futures
	Contracts


Average notional value	$	412,235

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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.

The Fund did not have a capital loss carryforward as of October 31, 2023.

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, 2024 was $1,569,481 and $251,182, 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	$3,510,867


Aggregate unrealized (depreciation) of investments	(533,428	)


Net unrealized appreciation of investments	$2,977,439

Cost of investments for tax purposes is $10,902,892.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	April 30, 2024^(a)				October 31, 2023
	Shares		Amount		Shares		Amount


Sold:
Class A		10,769	$	171,535		10,979	$	159,700


Class C		1,281		20,600		109		1,547


Class R		18,581		299,467		4,216		59,393


Class Y		36,067		604,516		13,799		187,795


Class R6		138,973		2,257,638		67,712		1,001,420



Issued as reinvestment of dividends:
Class A		2,170		34,374		1,076		14,124


Class C		320		4,982		80		1,040


Class R		1,199		18,870		462		6,034


Class Y		1,447		23,082		1,170		15,434


Class R6		18,345		292,601		9,244		121,929


19		Invesco MSCI World SRI Index Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(2,553	)	$	(40,939	)		(7,732	)	$	(109,194	)


Class C		(20	)		(334	)		(179	)		(2,464	)


Class R		(1,267	)		(20,743	)		(319	)		(4,668	)


Class Y		(66,145	)		(1,105,942	)		(14,196	)		(202,129	)


Class R6		(29,336	)		(478,469	)		(54,781	)		(811,248	)


Net increase in share activity		129,831		$	2,081,238			31,640		$	438,713

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 77% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,160.70	$2.36	$1,022.68	$2.21	0.44%
Class C	1,000.00	1,156.30	6.38	1,018.95	5.97	1.19
Class R	1,000.00	1,159.90	3.71	1,021.43	3.47	0.69
Class Y	1,000.00	1,162.20	1.02	1,023.92	0.96	0.19
Class R5	1,000.00	1,162.20	1.02	1,023.92	0.96	0.19
Class R6	1,000.00	1,162.20	1.02	1,023.92	0.96	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 182/366 to reflect the most recent fiscal half year.


21		Invesco MSCI World SRI Index Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


22		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, 2024

Invesco Oppenheimer International Growth Fund

Nasdaq:

A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

19		Proxy Results

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, 10/31/23 to 4/30/24, 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	19.80	%
Class C Shares	19.33
Class R Shares	19.65
Class Y Shares	19.97
Class R5 Shares	19.97
Class R6 Shares	20.01
MSCI All Country World ex USA Index^▼	17.69

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 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (3/25/96)	6.98	%
10 Years	3.00
5 Years	4.12
1 Year	-0.09

Class C Shares
Inception (3/25/96)	6.96	%
10 Years	2.97
5 Years	4.51
1 Year	3.99

Class R Shares
Inception (3/1/01)	4.99	%
10 Years	3.33
5 Years	5.05
1 Year	5.49

Class Y Shares
Inception (9/7/05)	6.20	%
10 Years	3.85
5 Years	5.57
1 Year	6.01

Class R5 Shares
10 Years	3.78	%
5 Years	5.70
1 Year	6.18

Class R6 Shares
Inception (3/29/12)	6.17	%
10 Years	4.02
5 Years	5.73
1 Year	6.15

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

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

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

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

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


3		Invesco Oppenheimer International Growth Fund

Liquidity Risk Management Program

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

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

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

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

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

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


4		Invesco Oppenheimer International Growth Fund

Schedule of Investments

April 30, 2024

(Unaudited)


	Shares		Value



Common Stocks & Other Equity Interests–99.33%
Australia–3.14%
CSL Ltd.		549,297	$	97,596,938


James Hardie Industries PLC, CDI^(a)		3,406,816		117,119,374


				214,716,312



Canada–5.46%
Alimentation Couche-Tard, Inc.		2,836,823		157,229,212


Dollarama, Inc.		2,590,907		216,133,193


				373,362,405



Denmark–5.81%
Novo Nordisk A/S, Class B		3,098,824		397,399,989



France–15.80%
Airbus SE		599,185		98,600,525


Capgemini SE		359,767		75,616,191


Dassault Systemes SE		1,282,617		50,345,184


Edenred SE		1,806,474		85,720,559


EssilorLuxottica S.A.		393,305		83,865,061


Hermes International S.C.A.		78,129		187,040,062


L’Oreal S.A.		256,082		120,064,852


LVMH Moet Hennessy Louis Vuitton SE		284,725		233,883,369


Sartorius Stedim Biotech		322,496		69,454,993


Schneider Electric SE		335,984		76,608,847


				1,081,199,643



Germany–5.44%
AIXTRON SE		2,795,944		64,966,333


CTS Eventim AG & Co. KGaA		1,148,391		101,550,756


HelloFresh SE^(a)		1,484,313		9,952,263


SAP SE		281,224		50,779,814


Siemens AG		774,817		145,149,178


				372,398,344



India–6.19%
Dr Lal PathLabs Ltd.^(b)		3,138,684		89,103,883


ICICI Bank Ltd.		6,240,050		85,981,324


Reliance Industries Ltd.		7,080,758		248,564,802


				423,650,009



Ireland–2.38%
Flutter Entertainment PLC^(a)		880,682		163,154,176



Japan–7.14%
Daikin Industries Ltd.		718,200		98,028,044


Hitachi Ltd.		1,207,800		111,432,435


Hoya Corp.		632,710		73,356,280


Keyence Corp.		283,084		124,491,735


Kobe Bussan Co. Ltd.^(c)		2,568,200		55,466,116


MonotaRO Co. Ltd.		2,165,300		25,950,855


				488,725,465



Netherlands–7.31%
Aalberts N.V.		1,332,825		63,370,219


ASM International N.V.		157,892		99,320,208


ASML Holding N.V.		275,948		240,354,215


	Shares		Value


Netherlands–(continued)
Universal Music Group N.V.		3,303,459	$	97,171,857


				500,216,499



New Zealand–0.68%
Xero Ltd.^(a)		599,666		46,556,983



Spain–2.04%
Amadeus IT Group S.A.		2,198,122		139,523,432



Sweden–5.97%
Atlas Copco AB, Class A		9,790,290		171,487,529


Beijer Ref AB		3,783,331		53,319,835


Epiroc AB, Class A		9,941,496		183,792,031


				408,599,395



Switzerland–3.13%
Barry Callebaut AG		17,526		28,321,530


Lonza Group AG		73,317		40,470,487


Sika AG		207,176		58,933,572


VAT Group AG^(b)		174,321		86,787,570


				214,513,159



Taiwan–1.42%
Taiwan Semiconductor Manufacturing Co. Ltd.		4,052,000		97,020,093



United Kingdom–19.90%
Ashtead Group PLC		1,695,559		123,117,760


AstraZeneca PLC		45,970		6,952,910


Auto Trader Group PLC^(b)		11,140,237		96,580,051


Compass Group PLC		6,913,251		192,283,147


ConvaTec Group PLC^(b)		19,500,397		60,671,803


JD Sports Fashion PLC		82,024,600		117,432,536


Legal & General Group PLC		20,315,543		59,636,266


London Stock Exchange Group PLC		1,778,687		196,082,592


Next PLC		1,642,360		184,203,777


Rentokil Initial PLC		20,167,539		101,805,187


Rightmove PLC		11,666,018		74,730,180


RS Group PLC		7,018,975		64,299,485


Trainline PLC^(a)(b)		22,600,546		84,035,840


				1,361,831,534



United States–7.52%
EPAM Systems, Inc.^(a)		461,576		108,590,370


Experian PLC		1,533,249		61,841,983


Ferguson PLC		840,619		177,249,411


ResMed, Inc.^(c)		779,265		166,754,917


				514,436,681


Total Common Stocks & Other Equity Interests (Cost $3,543,094,144)				6,797,304,119



Money Market Funds–0.44%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		10,536,969		10,536,969


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		7,523,167		7,525,424

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


5		Invesco Oppenheimer International Growth Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		12,042,251	$	12,042,251


Total Money Market Funds (Cost $30,105,159)				30,104,644


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.77% (Cost $3,573,199,303)				6,827,408,763



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.56%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		29,757,253		29,757,253


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		76,524,098	$	76,547,055


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,312,659)				106,304,308


TOTAL INVESTMENTS IN SECURITIES–101.33% (Cost $3,679,511,962)				6,933,713,071


OTHER ASSETS LESS LIABILITIES–(1.33)%				(90,722,605	)


NET ASSETS–100.00%			$	6,842,990,466

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, 2024 was $417,179,147, which represented 6.10% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	44,666,205	$	126,024,832	$	(160,154,068)	$	-	$	-	$	10,536,969	$	232,586
Invesco Liquid Assets Portfolio, Institutional Class		31,945,470		90,017,737		(114,442,395)		(2,625)		7,237		7,525,424		169,125
Invesco Treasury Portfolio, Institutional Class		51,047,092		144,028,379		(183,033,220)		-		-		12,042,251		262,561
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		36,986,941		180,961,532		(188,191,220)		-		-		29,757,253		672,338*
Invesco Private Prime Fund		95,136,118		335,275,196		(353,864,988)		(8,351)		9,080		76,547,055		1,826,055*
Investments in Other Affiliates:
Trainline PLC**		114,276,680		-		(62,160,340)		46,764,368		(14,844,868)		84,035,840		-
Total	$	374,058,506	$	876,307,676	$	(1,061,846,231)	$	46,753,392	$	(14,828,551)	$	220,444,792	$	3,162,665

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

**	At April 30, 2024, this security was no longer an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


Industrials			24.01%


Consumer Discretionary			22.18


Health Care			15.87


Information Technology			14.00


Financials			6.25


Consumer Staples			5.42


Communication Services			5.41


Energy			3.63


Materials			2.57


Unknown G1			(0.00)


Money Market Funds Plus Other Assets Less Liabilities			0.66

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, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $3,543,094,144)*	$	6,797,304,119


Investments in affiliated money market funds, at value (Cost $136,417,818)		136,408,952


Cash		20,000,000


Foreign currencies, at value (Cost $3,771,195)		3,760,635


Receivable for:
Fund shares sold		3,561,068


Dividends		25,375,993


Investment for trustee deferred compensation and retirement plans		578,154


Other assets		73,226


Total assets		6,987,062,147



Liabilities:
Payable for:
Investments purchased		4,822,981


Fund shares reacquired		7,196,389


Accrued foreign taxes		10,050,971


Collateral upon return of securities loaned		106,312,659


Accrued fees to affiliates		2,153,726


Accrued trustees’ and officers’ fees and benefits		55,057


Accrued other operating expenses		441,744


IRS closing agreement fees for foreign withholding tax claims		12,460,000


Trustee deferred compensation and retirement plans		578,154


Total liabilities		144,071,681


Net assets applicable to shares outstanding	$	6,842,990,466



Net assets consist of:
Shares of beneficial interest	$	3,432,608,553


Distributable earnings		3,410,381,913


	$	6,842,990,466


Net Assets:

Class A	$	1,020,798,530


Class C	$	44,154,791


Class R	$	216,419,636


Class Y	$	2,481,915,554


Class R5	$	2,584,792


Class R6	$	3,077,117,163



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

Class A		28,511,663


Class C		1,373,182


Class R		6,275,191


Class Y		69,724,075


Class R5		71,935


Class R6		86,525,679


Class A:
Net asset value per share	$	35.80


Maximum offering price per share (Net asset value of $35.80 ÷ 94.50%)	$	37.88


Class C:
Net asset value and offering price per share	$	32.16


Class R:
Net asset value and offering price per share	$	34.49


Class Y:
Net asset value and offering price per share	$	35.60


Class R5:
Net asset value and offering price per share	$	35.93


Class R6:
Net asset value and offering price per share	$	35.56

*	At April 30, 2024, securities with an aggregate value of $102,605,244 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, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $2,710,092)	$	40,966,008


Dividends from affiliates (includes net securities lending income of $427,819)		1,092,091


Total investment income		42,058,099



Expenses:

Advisory fees		23,712,229


Administrative services fees		516,148


Custodian fees		357,848


Distribution fees:
Class A		1,282,612


Class C		247,131


Class R		551,601


Transfer agent fees – A, C, R and Y		3,357,995


Transfer agent fees – R5		1,302


Transfer agent fees – R6		492,229


Trustees’ and officers’ fees and benefits		45,841


Registration and filing fees		78,106


Reports to shareholders		860,196


Professional services fees		77,843


Other		47,795


Total expenses		31,628,876


Less: Fees waived and/or expense offset arrangement(s)		(45,900	)


Net expenses		31,582,976


Net investment income		10,475,123



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $713,411)		196,811,625


Affiliated investment securities		(14,828,551	)


Foreign currencies		(543,679	)


		181,439,395


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $6,855,285)		1,047,164,280


Affiliated investment securities		46,753,392


Foreign currencies		(383,038	)


		1,093,534,634


Net realized and unrealized gain		1,274,974,029


Net increase in net assets resulting from operations	$	1,285,449,152

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, 2024 and the year ended October 31, 2023

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income	$	10,475,123		$	35,476,883


Net realized gain		181,439,395			1,001,297,497


Change in net unrealized appreciation (depreciation)		1,093,534,634			(377,043,787	)


Net increase in net assets resulting from operations		1,285,449,152			659,730,593



Distributions to shareholders from distributable earnings:

Class A		(113,498,001	)		–


Class C		(5,742,342	)		–


Class R		(24,063,311	)		–


Class Y		(281,922,094	)		(1,080,639	)


Class R5		(290,978	)		(3,123	)


Class R6		(372,310,434	)		(8,818,376	)


Total distributions from distributable earnings		(797,827,160	)		(9,902,138	)



Share transactions–net:

Class A		18,680,733			(170,333,402	)


Class C		(5,180,568	)		(25,007,632	)


Class R		7,250,274			(25,733,958	)


Class Y		(9,215,739	)		(483,896,081	)


Class R5		177,341			119,845


Class R6		(216,681,399	)		(528,383,816	)


Net increase (decrease) in net assets resulting from share transactions		(204,969,358	)		(1,233,235,044	)


Net increase (decrease) in net assets		282,652,634			(583,406,589	)



Net assets:

Beginning of period		6,560,337,832			7,143,744,421


End of period	$	6,842,990,466		$	6,560,337,832

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 04/30/24		$33.46		$0.01			$ 6.49			$ 6.50			$(0.26	)		$(3.90	)		$(4.16	)		$35.80		19.80	%^(e)		$1,020,799		1.13	%^(e)(f)		1.13	%^(e)(f)		0.05	%^(e)(f)		3	%
Year ended 10/31/23		31.02		0.08			2.36			2.44			–			–			–			33.46		7.87	^(e)		932,029		1.10	^(e)		1.10	^(e)		0.23	^(e)		13
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	^(f)		1.10	^(f)		0.93	^(f)		10
Year ended 11/30/18		43.71		0.34			(6.71	)		(6.37	)		(0.26	)		–			(0.26	)		37.08		(14.66	)		2,146,246		1.11			1.11			0.79			18
Class C
Six months ended 04/30/24		30.30		(0.12	)		5.88			5.76			–			(3.90	)		(3.90	)		32.16		19.37			44,155		1.89	^(f)		1.89	^(f)		(0.71	)^(f)		3
Year ended 10/31/23		28.30		(0.17	)		2.17			2.00			–			–			–			30.30		7.07			46,143		1.86			1.86			(0.53	)		13
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	^(f)		1.85	^(f)		0.18	^(f)		10
Year ended 11/30/18		41.29		0.02			(6.34	)		(6.32	)		–			–			–			34.97		(15.31	)		345,228		1.86			1.86			0.04			18
Class R
Six months ended 04/30/24		32.32		(0.04	)		6.27			6.23			(0.16	)		(3.90	)		(4.06	)		34.49		19.65			216,420		1.39	^(f)		1.39	^(f)		(0.21	)^(f)		3
Year ended 10/31/23		30.04		(0.01	)		2.29			2.28			–			–			–			32.32		7.59			195,099		1.36			1.36			(0.03	)		13
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	^(f)		1.35	^(f)		0.68	^(f)		10
Year ended 11/30/18		42.86		0.23			(6.58	)		(6.35	)		(0.19	)		–			(0.19	)		36.32		(14.88	)		377,926		1.36			1.36			0.54			18
Class Y
Six months ended 04/30/24		33.33		0.05			6.47			6.52			(0.35	)		(3.90	)		(4.25	)		35.60		19.97			2,481,916		0.89	^(f)		0.89	^(f)		0.29	^(f)		3
Year ended 10/31/23		30.84		0.17			2.33			2.50			(0.01	)		–			(0.01	)		33.33		8.12			2,320,877		0.86			0.86			0.47			13
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	^(f)		0.85	^(f)		1.18	^(f)		10
Year ended 11/30/18		43.55		0.44			(6.69	)		(6.25	)		(0.38	)		–			(0.38	)		36.92		(14.47	)		9,329,538		0.86			0.86			1.04			18
Class R5
Six months ended 04/30/24		33.65		0.07			6.51			6.58			(0.40	)		(3.90	)		(4.30	)		35.93		19.97			2,585		0.82	^(f)		0.82	^(f)		0.36	^(f)		3
Year ended 10/31/23		31.11		0.23			2.36			2.59			(0.05	)		–			(0.05	)		33.65		8.31			2,245		0.69			0.69			0.64			13
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^(g)		38.79		0.23			2.78			3.01			–			–			–			41.80		7.76			11		0.74	^(f)		0.74	^(f)		1.29	^(f)		10
Class R6
Six months ended 04/30/24		33.33		0.08			6.45			6.53			(0.40	)		(3.90	)		(4.30	)		35.56		20.01			3,077,117		0.75	^(f)		0.75	^(f)		0.43	^(f)		3
Year ended 10/31/23		30.85		0.22			2.34			2.56			(0.08	)		–			(0.08	)		33.33		8.30			3,063,945		0.73			0.73			0.60			13
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	^(f)		0.69	^(f)		1.34	^(f)		10
Year ended 11/30/18		43.62		0.51			(6.69	)		(6.18	)		(0.46	)		–			(0.46	)		36.98		(14.32	)		8,682,910		0.69			0.69			1.20			18

^(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 year ended November 30, 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 April 30, 2024 and for the year ended October 31, 2023, respectively.

^(f)	Annualized.

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

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


11		Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

April 30, 2024

(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.

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


13		Invesco Oppenheimer International Growth Fund

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, 2024, the Fund paid the Adviser $799 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

L.	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 Oppenheimer International Growth 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 $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, 2024, the effective advisory fee rate incurred by the Fund was 0.67%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $12,916.

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, 2024, IDI advised the Fund that IDI retained $47,001 in front-end sales commissions from the sale of Class A shares and $831 and $331 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $227 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 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	$	–	$	214,716,312	$	–	$	214,716,312


Canada		373,362,405		–		–		373,362,405


Denmark		–		397,399,989		–		397,399,989


France		–		1,081,199,643		–		1,081,199,643


Germany		–		372,398,344		–		372,398,344


India		–		423,650,009		–		423,650,009


Ireland		–		163,154,176		–		163,154,176


Japan		–		488,725,465		–		488,725,465


Netherlands		–		500,216,499		–		500,216,499


New Zealand		–		46,556,983		–		46,556,983


Spain		–		139,523,432		–		139,523,432


Sweden		–		408,599,395		–		408,599,395


Switzerland		–		214,513,159		–		214,513,159


Taiwan		–		97,020,093		–		97,020,093


United Kingdom		–		1,361,831,534		–		1,361,831,534


United States		275,345,287		239,091,394		–		514,436,681


Money Market Funds		30,104,644		106,304,308		–		136,408,952


Total Investments	$	678,812,336	$	6,254,900,735	$	–	$	6,933,713,071

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2023.


16		Invesco Oppenheimer International Growth Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $209,350,976 and $1,105,344,551, 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	$	3,420,172,977


Aggregate unrealized (depreciation) of investments		(200,160,676	)


Net unrealized appreciation of investments	$	3,220,012,301

Cost of investments for tax purposes is $3,713,700,770.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2024^(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,738,701		$	62,477,857			3,639,376		$	131,855,873


Class C		75,988			2,467,118			173,293			5,704,853


Class R		256,250			8,906,144			636,276			22,320,444


Class Y		7,137,606			256,836,756			13,473,446			473,843,141


Class R5		2,903			105,826			7,023			252,055


Class R6		4,465,222			159,931,536			17,456,480			603,566,975



Issued as reinvestment of dividends:
Class A		3,025,704			105,112,971			-			-


Class C		177,022			5,539,008			-			-


Class R		717,139			24,024,146			-			-


Class Y		7,094,033			244,815,080			22,895			802,234


Class R5		8,322			289,869			88			3,111


Class R6		9,422,671			324,705,235			221,364			7,747,765



Automatic conversion of Class C shares to Class A shares:
Class A		174,298			6,341,732			407,202			14,617,292


Class C		(193,696	)		(6,341,732	)		(447,987	)		(14,617,292	)



Reacquired:
Class A		(4,279,313	)		(155,251,827	)		(8,911,962	)		(316,806,567	)


Class C		(209,013	)		(6,844,962	)		(499,196	)		(16,095,193	)


Class R		(734,854	)		(25,680,016	)		(1,372,459	)		(48,054,402	)


Class Y		(14,132,198	)		(510,867,575	)		(27,387,044	)		(958,541,456	)


Class R5		(6,014	)		(218,354	)		(3,865	)		(135,321	)


Class R6		(19,295,066	)		(701,318,170	)		(32,158,716	)		(1,139,698,556	)


Net increase (decrease) in share activity		(4,554,295	)	$	(204,969,358	)		(34,743,786	)	$	(1,233,235,044	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


17		Invesco Oppenheimer International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/23)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/23)		Ending Account Value (04/30/24)¹		Expenses Paid During Period²		Ending Account Value (04/30/24)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,198.00		$6.18		$1,019.24		$5.67		1.13%
Class C		1,000.00		1,193.30		10.31		1,015.47		9.47		1.89
Class R		1,000.00		1,196.50		7.59		1,017.95		6.97		1.39
Class Y		1,000.00		1,199.70		4.87		1,020.44		4.47		0.89
Class R5		1,000.00		1,199.70		4.48		1,020.79		4.12		0.82
Class R6		1,000.00		1,200.10		4.10		1,021.13		3.77		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 182/366 to reflect the most recent fiscal half year.


18		Invesco Oppenheimer International Growth Fund

Proxy Results

(1)	Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:


	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		418,524,361.66		6,547,075.67
	Carol Deckbar		418,434,561.61		6,636,875.73
	Cynthia Hostetler		418,206,937.03		6,864,500.31
	Dr. Eli Jones		417,798,112.17		7,273,325.17
	Elizabeth Krentzman		418,433,936.89		6,637,500.44
	Jeffrey H. Kupor		417,798,893.62		7,272,543.72
	Anthony J. LaCava, Jr.		417,678,354.58		7,393,082.75
	James Liddy		417,757,935.26		7,313,502.08
	Dr. Prema Mathai-Davis		411,009,973.62		14,061,463.72
	Joel W. Motley		417,452,943.65		7,618,493.69
	Teresa M. Ressel		418,422,438.02		6,648,999.32
	Douglas Sharp		417,790,161.67		7,281,275.67
	Robert C. Troccoli		417,448,995.31		7,622,442.02
	Daniel S. Vandivort		417,635,361.82		7,436,075.52

*	Proposal 1 required approval by a combined vote of all the portfolios of AIM International Mutual Funds (Invesco International Mutual Funds).


19		Invesco Oppenheimer International Growth Fund

LOGO

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

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

∎	Fund reports and prospectuses

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Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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-IGR-SAR-1

(b) Not applicable.

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 14, 2024, 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 14, 2024, 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.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 14.

EXHIBITS.


14(a) (1)		Not applicable.

14(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.

14(a) (3)		Not applicable.

14(a) (4)		Not applicable.

14(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/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		June 28, 2024

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/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		June 28, 2024


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		June 28, 2024

I, Glenn Brightman, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM International Mutual Funds (Invesco International Mutual Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: June 28, 2024						/s/ Glenn Brightman
						Glenn Brightman, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM International Mutual Funds (Invesco International Mutual Funds);

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: June 28, 2024						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Company”) on Form N-CSR for the period ended April 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: June 28, 2024						/s/ Glenn Brightman
						Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Company”) on Form N-CSR for the period ended April 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: June 28, 2024						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer