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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 2500 Houston, Texas	77046
(Address of principal executive offices)	(Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 2500 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 04/30/10

Item 1. Reports to Stockholders.

Invesco Asia Pacific Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Asia Pacific Growth Fund was renamed Invesco Asia Pacific Growth Fund.

 EX-99.CERT

 EX-99.906CERT

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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	18.17	%
Class B Shares	17.72
Class C Shares	17.71
Class Y Shares	18.35
MSCI EAFE Index6 (Broad Market Index)	2.48
MSCI All Country Asia Pacific Ex-Japan Index6 (Style-Specific Index)	10.09
Lipper Pacific Region Ex-Japan Funds Index6 (Peer Group Index)	12.91

⁶Lipper Inc.

The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East.

     The MSCI All Country Asia Pacific Ex-Japan Index is an unmanaged index considered representative of Pacific region stock markets, excluding Japan.

     The Lipper Pacific Region Ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex-Japan funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

     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 reflects fund expenses; performance of a market index does not.

2                               Invesco Asia Pacific Growth Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (11/3/97)	9.29	%
10 Years	7.82
5 Years	14.31
1 Year	56.49
Class B Shares
Inception (11/3/97)	9.31	%
10 Years	7.85
5 Years	14.53
1 Year	59.34
Class C Shares
Inception (11/3/97)	8.98	%
10 Years	7.65
5 Years	14.75
1 Year	63.31
Class Y Shares
10 Years	8.47	%
5 Years	15.70
1 Year	66.00

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable 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 total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.80%, 2.55%, 2.55% and 1.55%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	9.26	%
10 Years	6.48
5 Years	13.95
1 Year	78.03
Class B Shares
Inception (11/3/97)	9.28	%
10 Years	6.52
5 Years	14.18
1 Year	81.96
Class C Shares
Inception (11/3/97)	8.96	%
10 Years	6.33
5 Years	14.39
1 Year	85.90
Class Y Shares
10 Years	7.13	%
5 Years	15.33
1 Year	88.84

incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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.

     Had the adviser not waived fees and/or reimbursed expenses in the past, performance would have been lower.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3                               Invesco Asia Pacific Growth Fund

Letters to Shareholders

    Bruce Crockett

Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

       Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4                               Invesco Asia Pacific Growth Fund

Schedule of Investments

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.65%
Australia–11.88%
BHP Billiton Ltd.		296,960	$	10,846,343
Coca-Cola Amatil Ltd.		260,687		2,684,354
Cochlear Ltd.		133,000		9,060,776
Computershare Ltd.		495,136		5,370,845
CSL Ltd.		357,960		10,725,910
QBE Insurance Group Ltd.		386,885		7,526,319
Toll Holdings Ltd.		599,674		3,918,087
Woolworths Ltd.		269,146		6,708,350
				56,840,984
China–13.89%
China Merchants Bank Co., Ltd.–Class H		1,402,000		3,437,866
CNOOC Ltd.–ADR		76,600		13,475,472
Haitian International Holdings Ltd.		7,592,000		6,446,235
Industrial and Commercial Bank of China Ltd.–Class H		14,366,000		10,538,734
Minth Group Ltd.		4,372,000		6,171,730
Stella International Holdings Ltd.		4,792,000		9,766,819
Vinda International Holdings Ltd.		3,614,000		3,072,762
Want Want China Holdings Ltd.		7,186,000		5,374,854
Xinyi Glass Holdings Co. Ltd.		9,574,000		8,178,235
				66,462,707
Hong Kong–8.34%
Cheung Kong (Holdings) Ltd.		724,000		8,976,645
Dickson Concepts (International) Ltd.		5,426,000		3,317,843
Esprit Holdings Ltd.		523,033		3,742,912
Hongkong Land Holdings Ltd.		686,000		3,624,003
Hutchison Whampoa Ltd.		1,202,000		8,236,084
Li & Fung Ltd.		724,200		3,519,046
Paliburg Holdings Ltd.		11,613,240		4,168,972
Regal Hotels International Holdings Ltd.		11,344,000		4,315,002
				39,900,507
India–2.28%
Bharat Heavy Electricals Ltd.		53,486		2,999,091
Infosys Technologies Ltd.		129,079		7,899,804
				10,898,895
Indonesia–9.47%
PT Astra International Tbk		1,182,000		6,114,231
PT Bank Central Asia Tbk		7,420,500		4,471,970
PT Indocement Tunggal Prakarsa Tbk		4,263,500		7,383,257
PT Perusahaan Gas Negara		17,663,500		7,934,329
PT Summarecon Agung Tbk		149,373,500		16,140,238
PT Telekomunikasi Indonesia Tbk		3,826,000		3,292,074
				45,336,099
Malaysia–8.92%
Digi.com Berhad		533,800		3,794,295
Goldis Berhad(a)		9,070,500		3,966,172
Kossan Rubber Industries Berhad		4,571,000		11,177,213
Parkson Holdings Berhad		6,017,601		10,900,988
Public Bank Berhad		2,295,000		8,630,874
Public Bank Berhad		33,750		127,016
YTL Cement Berhad		3,023,600		4,087,044
				42,683,602
Philippines–11.53%
Ayala Corp.		916,310		6,935,984
Ayala Corp.–Rts.(a)		369,181		0
Energy Development Corp.(b)		63,241,750		7,652,188
First Gen Corp.(a)(b)		23,327,589		5,305,380
GMA Holdings, Inc.–PDR(b)		48,713,000		7,424,151
Manila Water Co.		7,519,400		2,572,870
Philippine Long Distance Telephone Co.		152,040		8,499,538
SM Investments Corp.		1,886,235		16,787,414
				55,177,525
Singapore–3.71%
Keppel Corp. Ltd.		1,484,000		10,541,420
United Overseas Bank Ltd.		492,000		7,208,100
				17,749,520
South Korea–9.65%
CJ CheilJedang Corp.		25,381		5,072,075
CJ Corp.		75,690		4,355,217
Hyundai Department Store Co., Ltd.		74,291		6,660,079
Hyundai Development Co.		111,350		2,743,576
Hyundai H&S Co., Ltd.		46,500		4,023,595
Hyundai Mobis		46,053		7,648,284
Lotte Confectionery Co., Ltd.		4,034		4,459,878
MegaStudy Co., Ltd.		23,201		3,408,033
NHN Corp.		30,415		5,076,934
S1 Corp.		63,400		2,717,225
				46,164,896
Taiwan–7.29%
Delta Electronics Inc.		1,056,388		3,491,094
Hon Hai Precision Industry Co., Ltd.		1,020,000		4,764,227

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

5        Invesco Asia Pacific Growth Fund

	Shares		Value
Taiwan–(continued)
MediaTek Inc.		375,440	$	6,316,233
Taiwan Mobile Co., Ltd.		1,809,298		3,460,265
Taiwan Semiconductor Manufacturing Co. Ltd.		5,886,464		11,481,008
Wistron Corp.		2,811,688		5,379,160
				34,891,987
Thailand–7.69%
BEC World PCL		5,637,100		4,029,678
CP ALL PCL		4,656,700		4,024,470
Kasikornbank PCL		3,391,400		9,835,986
Major Cineplex Group PCL		21,007,700		5,583,778
Siam Commercial Bank PCL		3,254,300		8,234,944
Thai Stanley Electric PCL–Class F		1,260,100		5,102,599
				36,811,455
Total Common Stocks & Other Equity Interests (Cost $334,660,893)				452,918,177
Money Market Funds–5.03%
Liquid Assets Portfolio–Institutional Class(c)		12,046,732		12,046,732
Premier Portfolio–Institutional Class(c)		12,046,732		12,046,732
Total Money Market Funds (Cost $24,093,464)				24,093,464
TOTAL INVESTMENTS–99.68% (Cost $358,754,357)				477,011,641
OTHER ASSETS LESS LIABILITIES–0.32%				1,542,532
NET ASSETS–100.00%			$	478,554,173

Investment Abbreviations:

ADR	– American Depositary Receipt
PDR	– Philippine Deposit Receipt
Rts.	– Rights

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 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, 2010 was $20,381,719, which represented 4.26% of the Fund’s Net Assets.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Consumer Discretionary	21.7	%
Financials	20.0
Industrials	12.3
Information Technology	10.4
Health Care	7.3
Consumer Staples	6.6
Utilities	4.9
Materials	4.7
Telecommunication Services	4.0
Energy	2.8
Money Market Funds Plus Other Assets Less Liabilities	5.3

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

6        Invesco Asia Pacific Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $334,660,893)	$	452,918,177
Investments in affiliated money market funds, at value and cost		24,093,464
Total investments, at value (Cost $358,754,357)		477,011,641
Foreign currencies, at value (Cost $6,157,620)		6,283,661
Receivables for:
Fund shares sold		696,790
Dividends		1,194,464
Investment for trustee deferred compensation and retirement plans		31,104
Other assets		27,464
Total assets		485,245,124
Liabilities:
Payables for:
Investments purchased		3,920,546
Fund shares reacquired		824,872
Accrued fees to affiliates		339,709
Accrued other operating expenses		1,538,949
Trustee deferred compensation and retirement plans		66,875
Total liabilities		6,690,951
Net assets applicable to shares outstanding	$	478,554,173
Net assets consist of:
Shares of beneficial interest	$	369,138,379
Undistributed net investment income		(50,663	)
Undistributed net realized gain (loss)		(8,926,435	)
Unrealized appreciation		118,392,892
	$	478,554,173
Net Assets:
Class A	$	353,442,087
Class B	$	37,612,037
Class C	$	68,709,010
Class Y	$	18,791,039
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		13,628,083
Class B		1,531,870
Class C		2,812,404
Class Y		723,390
Class A:
Net asset value per share	$	25.93
Maximum offering price per share
(Net asset value of $25.93 divided by 94.50%)	$	27.44
Class B:
Net asset value and offering price per share	$	24.55
Class C:
Net asset value and offering price per share	$	24.43
Class Y:
Net asset value and offering price per share	$	25.98

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

7        Invesco Asia Pacific Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $512,935)	$	3,981,974
Dividends from affiliated money market funds		9,469
Total investment income		3,991,443
Expenses:
Advisory fees		2,039,821
Administrative services fees		65,649
Custodian fees		277,767
Distribution fees:
Class A		411,301
Class B		184,387
Class C		308,378
Transfer agent fees		559,996
Trustees’ and officers’ fees and benefits		17,204
Other		109,137
Total expenses		3,973,640
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(18,056	)
Net expenses		3,955,584
Net investment income		35,859
Realized and unrealized gain from:
Net realized gain from:
Investment securities		17,182,323
Foreign currencies		528,006
		17,710,329
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes on holdings of $568,093)		54,436,401
Foreign currencies		64,865
		54,501,266
Net realized and unrealized gain		72,211,595
Net increase in net assets resulting from operations	$	72,247,454

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

8        Invesco Asia Pacific Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	35,859		$	3,813,956
Net realized gain		17,710,329			(24,490,302	)
Change in net unrealized appreciation		54,501,266			178,939,287
Net increase in net assets resulting from operations		72,247,454			158,262,941
Distributions to shareholders from net investment income:
Class A		(3,879,800	)		(4,688,286	)
Class B		(275,097	)		(215,906	)
Class C		(443,821	)		(303,014	)
Class Y		(174,270	)		(113,956	)
Total distributions from net investment income		(4,772,988	)		(5,321,162	)
Share transactions–net:
Class A		4,154,200			(4,247,043	)
Class B		(3,246,697	)		(5,682,137	)
Class C		3,480,978			(2,774,968	)
Class Y		4,936,861			3,455,633
Net increase (decrease) in net assets resulting from share transactions		9,325,342			(9,248,515	)
Net increase in net assets		76,799,808			143,693,264
Net assets:
Beginning of period		401,754,365			258,061,101
End of period (includes undistributed net investment income of $(50,663) and $4,686,466, respectively)	$	478,554,173		$	401,754,365

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Asia Pacific Growth Fund, formerly AIM Asia Pacific Growth Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C and Class Y. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class Y shares are sold at net asset value. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

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

A.

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

A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean

9        Invesco Asia Pacific Growth Fund

	between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code 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

10        Invesco Asia Pacific Growth Fund

	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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

11        Invesco Asia Pacific Growth Fund

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 2.25%, 3.00%, 3.00% and 2.00%, respectively, of 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Advisor did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $13,881.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $538.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2010, the 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 B, Class C and Class Y 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 B 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 each class of Class B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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, 2010, IDI advised the Fund that IDI retained $46,534 in front-end sales commissions from the sale of Class A shares and $5,920, $39,233 and $904 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

12        Invesco Asia Pacific Growth Fund

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Australia	$	10,725,909	$	46,115,075	$	—	$	56,840,984
China		13,475,472		52,987,235		—		66,462,707
Hong Kong		—		39,900,507		—		39,900,507
India		—		10,898,895		—		10,898,895
Indonesia		—		45,336,099		—		45,336,099
Malaysia		—		42,683,602		—		42,683,602
Philippines		—		55,177,525		—		55,177,525
Singapore		—		17,749,520		—		17,749,520
South Korea		10,148,852		36,016,044		—		46,164,896
Taiwan		—		34,891,987		—		34,891,987
Thailand		4,024,470		32,786,985		—		36,811,455
United States		24,093,464		—		—		24,093,464
Total Investments	$	62,468,167	$	414,543,474	$	—	$	477,011,641

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangements are comprised of (1) transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions and (2) custodian credits which result from periodic overnight cash balances at the custodian. For the six months ended April 30, 2010, the Fund received credits from these arrangements, which resulted in the reduction of the Fund’s total expenses of $3,637.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,284 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

13        Invesco Asia Pacific Growth Fund

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	964,290
October 31, 2017		25,026,419
Total capital loss carryforward	$	25,990,709

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $46,616,420 and $48,161,902, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	143,834,552
Aggregate unrealized (depreciation) of investment securities		(26,230,735	)
Net unrealized appreciation of investment securities	$	117,603,817
Cost of investments for tax purposes is $359,407,824.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		1,952,412		$	47,486,195			3,454,120		$	60,680,266
Class B		126,471			2,904,320			289,173			4,891,901
Class C		429,284			9,957,295			802,180			13,499,209
Class Y(b)		263,117			6,651,831			266,298			4,623,630
Issued as reinvestment of dividends:
Class A		153,942			3,585,319			339,936			4,419,172
Class B		11,405			252,177			16,479			204,009
Class C		18,610			409,418			22,771			280,539
Class Y		6,558			152,858			8,633			112,231
Automatic conversion of Class B shares to Class A shares:
Class A		92,063			2,239,801			200,311			3,215,180
Class B		(97,157	)		(2,239,801	)		(211,152	)		(3,215,180	)
Reacquired:(c)
Class A(b)		(2,019,785	)		(49,157,115	)		(4,554,456	)		(72,561,661	)
Class B		(182,051	)		(4,163,393	)		(530,054	)		(7,562,867	)
Class C		(303,240	)		(6,885,735	)		(1,144,906	)		(16,554,716	)
Class Y		(75,285	)		(1,867,828	)		(67,768	)		(1,280,228	)
Net increase (decrease) in share activity		376,344		$	9,325,342			(1,108,435	)	$	(9,248,515	)

(a)

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

(b)

Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		326,848		$	5,710,032
Class A		(326,848	)		(5,710,032	)

^(c) Net of redemption fees of $10,767 and $32,065 for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

14        Invesco Asia Pacific Growth Fund

NOTE 10—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period(b)		Return(c)			(000s omitted)		absorbed			absorbed			net assets			turnover(d)
Class A
Six months ended 04/30/10	$	22.23	$	0.02		$	3.97		$	3.99		$	(0.29	)	$	—		$	(0.29	)	$	25.93		18.07	%	$	353,442		1.63	%(e)		1.64	%(e)		0.17	%(e)		11	%
Year ended 10/31/09		13.52		0.24			8.82			9.06			(0.35	)		—			(0.35	)		22.23		68.89			298,982		1.78			1.79			1.43			28
Year ended 10/31/08		35.16		0.34			(18.36	)		(18.02	)		(0.21	)		(3.41	)		(3.62	)		13.52		(56.58	)		189,403		1.67			1.68			1.34			25
Year ended 10/31/07		22.82		0.24			13.00			13.24			(0.10	)		(0.80	)		(0.90	)		35.16		59.90			646,720		1.61			1.63			0.84			41
Year ended 10/31/06		16.41		0.14			6.39			6.53			(0.12	)		—			(0.12	)		22.82		39.97			292,771		1.83			1.85			0.68			58
Year ended 10/31/05		13.72		0.14			2.55			2.69			—			—			—			16.41		19.61			156,379		2.01			2.03			0.85			36
Class B
Six months ended 04/30/10		21.02		(0.07	)		3.77			3.70			(0.17	)		—			(0.17	)		24.55		17.67			37,612		2.38	(e)		2.39	(e)		(0.58	)(e)		11
Year ended 10/31/09		12.65		0.11			8.37			8.48			(0.11	)		—			(0.11	)		21.02		67.63			35,178		2.53			2.54			0.68			28
Year ended 10/31/08		33.19		0.14			(17.23	)		(17.09	)		(0.04	)		(3.41	)		(3.45	)		12.65		(56.91	)		26,678		2.42			2.43			0.59			25
Year ended 10/31/07		21.65		0.02			12.32			12.34			—			(0.80	)		(0.80	)		33.19		58.70			92,295		2.36			2.38			0.09			41
Year ended 10/31/06		15.61		(0.01	)		6.08			6.07			(0.03	)		—			(0.03	)		21.65		38.96			53,936		2.58			2.60			(0.07	)		58
Year ended 10/31/05		13.14		0.03			2.44			2.47			—			—			—			15.61		18.80			35,600		2.69			2.71			0.17			36
Class C
Six months ended 04/30/10		20.92		(0.07	)		3.75			3.68			(0.17	)		—			(0.17	)		24.43		17.65			68,709		2.38	(e)		2.39	(e)		(0.58	)(e)		11
Year ended 10/31/09		12.59		0.11			8.33			8.44			(0.11	)		—			(0.11	)		20.92		67.64			55,810		2.53			2.54			0.68			28
Year ended 10/31/08		33.06		0.14			(17.16	)		(17.02	)		(0.04	)		(3.41	)		(3.45	)		12.59		(56.92	)		37,630		2.42			2.43			0.59			25
Year ended 10/31/07		21.56		0.02			12.28			12.30			—			(0.80	)		(0.80	)		33.06		58.77			130,965		2.36			2.38			0.09			41
Year ended 10/31/06		15.55		(0.01	)		6.05			6.04			(0.03	)		—			(0.03	)		21.56		38.92			54,898		2.58			2.60			(0.07	)		58
Year ended 10/31/05		13.09		0.03			2.43			2.46			—			—			—			15.55		18.79			26,626		2.69			2.71			0.17			36
Class Y
Six months ended 04/30/10		22.28		0.05			3.98			4.03			(0.33	)		—			(0.33	)		25.98		18.24			18,791		1.38	(e)		1.39	(e)		0.42	(e)		11
Year ended 10/31/09		13.52		0.29			8.82			9.11			(0.35	)		—			(0.35	)		22.28		69.31			11,785		1.53			1.54			1.68			28
Year ended 10/31/08(f)		17.47		0.02			(3.97	)		(3.95	)		—			—			—			13.52		(22.61	)		4,351		1.52	(g)		1.52	(g)		1.49	(g)		25

(a)	Calculated using average shares outstanding.
(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(c)	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.
(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $331,768, $37,183, $62,187 and $14,022 for Class A, Class B, Class C and Class Y Class shares, respectively.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

15        Invesco Asia Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,181.70	$	8.82	$	1,016.71	$	8.15		1.63	%
B		1,000.00		1,177.20		12.85		1,012.99		11.88		2.38
C		1,000.00		1,177.10		12.85		1,012.99		11.88		2.38
Y		1,000.00		1,183.50		7.47		1,017.95		6.90		1.38

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16        Invesco Asia Pacific Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

APG-SAR-1             Invesco Distributors, Inc.

Invesco European Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM European Growth Fund was renamed
Invesco European Growth Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.45	%
Class B Shares	5.07
Class C Shares	5.06
Class R Shares	5.28
Class Y Shares	5.59
Investor Class Shares	5.46
MSCI EAFE Index▼ (Broad Market Index)	2.48
MSCI Europe Growth Index▼ (Style-Specific Index)	2.76
Lipper European Funds Index▼ (Peer Group Index)	3.29

^▼Lipper Inc.

The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East.

     The MSCI Europe Growth Index is an unmanaged index considered representative of European growth stocks.

     The Lipper European Funds Index is an unmanaged index considered representative of European funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

     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 reflects fund expenses; performance of a market index does not.

2 Invesco European Growth Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	11.06	%
10 Years	3.80
5 Years	4.80
1 Year	31.07
Class B Shares
Inception (11/3/97)	11.08	%
10 Years	3.81
5 Years	4.90
1 Year	32.64
Class C Shares
Inception (11/3/97)	10.79	%
10 Years	3.66
5 Years	5.21
1 Year	36.67
Class R Shares
10 Years	4.18	%
5 Years	5.73
1 Year	38.29
Class Y Shares
10 Years	4.43	%
5 Years	6.08
1 Year	39.03
Investor Class Shares
10 Years	4.41	%
5 Years	6.02
1 Year	38.72

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Investor Class shares incepted on September 30, 2003. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	11.21	%
10 Years	2.77
5 Years	4.28
1 Year	46.34
Class B Shares
Inception (11/3/97)	11.22	%
10 Years	2.78
5 Years	4.39
1 Year	48.69
Class C Shares
Inception (11/3/97)	10.93	%
10 Years	2.64
5 Years	4.70
1 Year	52.71
Class R Shares
10 Years	3.15	%
5 Years	5.23
1 Year	54.44
Class Y Shares
10 Years	3.39	%
5 Years	5.56
1 Year	55.17
Investor Class Shares
10 Years	3.38	%
5 Years	5.51
1 Year	54.80

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 total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Investor Class shares was 1.66%, 2.41%, 2.41%, 1.91%, 1.41% and 1.66%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y shares and Investor 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.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3 Invesco European Growth Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.
     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.
     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication
Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

4 Invesco European Growth Fund

Schedule of Investments

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.05%
Austria–0.55%
Andritz AG		78,641	$	4,854,819
Belgium–1.88%
Anheuser-Busch InBev N.V.		338,271		16,459,969
Bermuda–0.86%
VimpelCom Ltd.–ADR(a)		432,030		7,525,963
Denmark–1.90%
Novo Nordisk A.S.–Class B		203,555		16,625,697
France–4.06%
AXA S.A.		267,722		5,321,696
BNP Paribas		146,587		10,075,469
Danone S.A.		149,516		8,825,344
Total S.A.		208,439		11,295,102
				35,517,611
Germany–8.89%
Bayer AG		213,006		13,634,911
Bayerische Motoren Werke AG		267,868		13,125,764
Deutsche Boerse AG		119,315		9,300,128
Fresenius Medical Care AG & Co. KGaA		114,429		6,204,189
Puma AG Rudolf Dassler Sport		57,959		19,405,021
SAP AG		141,732		6,828,292
Wirecard AG		835,563		9,331,302
				77,829,607
Greece–1.63%
Intralot S.A.		2,226,503		9,566,746
Jumbo S.A.		645,113		4,717,231
				14,283,977
Ireland–2.91%
DCC PLC		407,847		10,868,265
Paddy Power PLC		417,196		14,616,937
				25,485,202
Italy–2.60%
Ansaldo STS S.p.A.		305,803		5,621,780
Finmeccanica S.p.A.		690,863		8,839,715
UniCredito Italiano S.p.A.		3,147,669		8,256,142
				22,717,637
Netherlands–5.79%
Aalberts Industries N.V.		837,136		13,765,885
Koninklijke (Royal) KPN N.V.		540,194		8,076,944
Koninklijke Ahold N.V.		770,622		10,589,179
TNT N.V.		372,837		11,457,661
Unilever N.V.		221,016		6,754,690
				50,644,359
Norway–4.09%
Petroleum Geo-Services A.S.A.(a)		472,367		6,448,992
Prosafe S.E.		2,168,647		12,016,099
TGS Nopec Geophysical Co. A.S.A.		902,461		17,321,828
				35,786,919
Russia–0.98%
Gazprom–ADR		370,787		8,606,829
Spain–0.97%
Telefonica S.A.		379,852		8,530,583
Sweden–2.89%
Intrum Justitia A.B.		810,101		9,613,604
Kinnevik Investment AB–Class B		403,826		7,412,493
Oriflame Cosmetics S.A.–SDR		145,581		8,310,932
				25,337,029
Switzerland–10.78%
Aryzta AG(a)		449,957		17,374,415
Dufry Group(a)		147,013		12,521,607
Nestle S.A.		347,781		16,972,487
Novartis AG		113,823		5,807,118
Roche Holding AG		142,159		22,469,101
Sonova Holding AG		36,619		4,569,719
Syngenta AG		57,711		14,653,709
				94,368,156
Turkey–3.57%
Haci Omer Sabanci Holding A.S.		3,826,299		17,340,737
Tupras-Turkiye Petrol Rafinerileri A.S.		630,483		13,928,900
				31,269,637
United Kingdom–35.70%
Amlin PLC		2,260,983		12,950,581
BAE Systems PLC		163,550		859,547
Balfour Beatty PLC		2,145,257		9,081,076
BG Group PLC		446,486		7,495,087
British American Tobacco PLC		321,997		10,117,819
Bunzl PLC		733,895		8,567,737
Capita Group PLC		468,933		5,724,519
Centrica PLC		1,873,838		8,396,623

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

5        Invesco European Growth Fund

	Shares		Value
United Kingdom–(continued)
Chemring Group PLC		247,837	$	13,812,707
Compass Group PLC		1,842,815		15,039,235
Homeserve PLC		678,386		20,807,788
IG Group Holdings PLC		2,002,117		12,454,701
Imperial Tobacco Group PLC		582,222		16,629,056
Informa PLC		2,591,598		15,731,638
International Power PLC		2,511,089		12,685,038
Lancashire Holdings Ltd.		1,049,341		7,424,226
Mitie Group PLC		3,720,824		13,353,706
Next PLC		137,794		4,837,797
Reckitt Benckiser Group PLC		373,461		19,379,399
Reed Elsevier PLC		888,193		6,990,808
Shire PLC		895,197		19,761,486
Tesco PLC		2,088,642		13,891,600
Ultra Electronics Holdings PLC		547,110		12,973,018
United Business Media Ltd.		671,954		5,638,440
Vodafone Group PLC		6,826,536		15,179,242
VT Group PLC		1,174,467		13,439,313
WPP PLC		871,306		9,261,942
				312,484,129
Total Common Stocks & Other Equity Interests (Cost $646,141,304)				788,328,123
Money Market Funds–8.36%
Liquid Assets Portfolio–Institutional Class(b)		36,588,531		36,588,531
Premier Portfolio–Institutional Class(b)		36,588,531		36,588,531
Total Money Market Funds (Cost $73,177,062)				73,177,062
TOTAL INVESTMENTS–98.41% (Cost $719,318,366)				861,505,185
OTHER ASSETS LESS LIABILITIES–1.59%				13,912,617
NET ASSETS–100.00%			$	875,417,802

Investment Abbreviations:

ADR	– American Depositary Receipt
SDR	– Swedish Depositary Receipt

Notes to Schedule of Investments:

(a)	Non-income producing security.
(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Industrials	18.7	%
Consumer Staples	16.6
Consumer Discretionary	15.0
Financials	10.3
Health Care	10.2
Energy	8.8
Telecommunication Services	4.5
Utilities	2.4
Information Technology	1.8
Materials	1.7
Money Market Funds Plus Other Assets Less Liabilities	10.0

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

6        Invesco European Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $646,141,304)	$	788,328,123
Investments in affiliated money market funds, at value and cost		73,177,062
Total investments, at value (Cost $719,318,366)		861,505,185
Cash		2,344,799
Foreign currencies, at value (Cost $8,365,993)		8,399,847
Receivables for:
Investments sold		3,698,169
Fund shares sold		1,125,592
Dividends		4,211,104
Investment for trustee deferred compensation and retirement plans		62,150
Other assets		37,517
Total assets		881,384,363
Liabilities:
Payables for:
Investments purchased		3,346,126
Fund shares reacquired		1,746,938
Accrued fees to affiliates		535,883
Accrued other operating expenses		176,854
Trustee deferred compensation and retirement plans		160,760
Total liabilities		5,966,561
Net assets applicable to shares outstanding	$	875,417,802
Net assets consist of:
Shares of beneficial interest	$	796,818,744
Undistributed net investment income		5,522,104
Undistributed net realized gain (loss)		(69,180,891	)
Unrealized appreciation		142,257,845
	$	875,417,802
Net Assets:
Class A	$	428,783,830
Class B	$	34,583,180
Class C	$	57,214,205
Class R	$	16,628,807
Class Y	$	163,705,923
Investor Class	$	174,501,857
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		15,457,949
Class B		1,323,167
Class C		2,187,263
Class R		601,311
Class Y		5,891,070
Investor Class		6,302,807
Class A:
Net asset value per share	$	27.74
Maximum offering price per share
(Net asset value of $27.74 divided by 94.50%)	$	29.35
Class B:
Net asset value and offering price per share	$	26.14
Class C:
Net asset value and offering price per share	$	26.16
Class R:
Net asset value and offering price per share	$	27.65
Class Y:
Net asset value and offering price per share	$	27.79
Investor Class:
Net asset value and offering price per share	$	27.69

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

7        Invesco European Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $814,256)	$	12,339,025
Dividends from affiliated money market funds		40,913
Total investment income		12,379,938
Expenses:
Advisory fees		3,976,019
Administrative services fees		125,710
Custodian fees		216,192
Distribution fees:
Class A		554,106
Class B		191,282
Class C		298,891
Class R		41,831
Investor Class		178,413
Transfer agent fees		1,010,926
Trustees’ and officers’ fees and benefits		23,680
Other		153,021
Total expenses		6,770,071
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(74,381	)
Net expenses		6,695,690
Net investment income		5,684,248
Realized and unrealized gain from:
Net realized gain from:
Investment securities		22,478,790
Foreign currencies		280,572
		22,759,362
Change in net unrealized appreciation of:
Investment securities		15,968,258
Foreign currencies		3,931
		15,972,189
Net realized and unrealized gain		38,731,551
Net increase in net assets resulting from operations	$	44,415,799

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

8        Invesco European Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	5,684,248		$	9,090,037
Net realized gain (loss)		22,759,362			(89,599,947	)
Change in net unrealized appreciation		15,972,189			247,939,224
Net increase in net assets resulting from operations		44,415,799			167,429,314
Distributions to shareholders from net investment income:
Class A		(6,045,526	)		(14,054,472	)
Class B		(289,814	)		(867,366	)
Class C		(441,336	)		(1,170,999	)
Class R		(192,013	)		(424,982	)
Class Y		(1,998,716	)		(179,135	)
Investor Class		(2,436,731	)		(5,350,869	)
Total distributions from net investment income		(11,404,136	)		(22,047,823	)
Distributions to shareholders from net realized gains:
Class A		—			(24,532,024	)
Class B		—			(2,909,127	)
Class C		—			(3,927,540	)
Class R		—			(879,365	)
Class Y		—			(310,669	)
Investor Class		—			(9,173,489	)
Total distributions from net realized gains		—			(41,732,214	)
Share transactions–net:
Class A		(32,463,540	)		(41,789,081	)
Class B		(6,505,814	)		(13,297,898	)
Class C		(5,299,915	)		(12,977,003	)
Class R		(1,009,795	)		(189,614	)
Class Y		75,717,059			76,399,811
Investor Class		(10,819,810	)		(3,301,594	)
Net increase in net assets resulting from share transactions		19,618,185			4,844,621
Net increase in net assets		52,629,848			108,493,898
Net assets:
Beginning of period		822,787,954			714,294,056
End of period (includes undistributed net investment income of $5,522,104 and $11,241,992, respectively)	$	875,417,802		$	822,787,954

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco European Growth Fund, formerly AIM European Growth Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each

9        Invesco European Growth Fund

authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class R, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class R, Class Y and Investor Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

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

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from

10        Invesco European Growth Fund

	investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with 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.

11        Invesco European Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

  Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y and Investor Class shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00% and 2.25%, respectively, of 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $67,227.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $984.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2010, 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 B, Class C, Class R, Class Y and Investor Class 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 B, Class C, Class R and Investor Class shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and 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. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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

12        Invesco European Growth Fund

to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $22,434 in front-end sales commissions from the sale of Class A shares and $9, $41,873 and $1,930 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Austria	$	—	$	4,854,819	$	—	$	4,854,819
Belgium		—		16,459,969		—		16,459,969
Bermuda		7,525,963		—		—		7,525,963
Denmark		—		16,625,697		—		16,625,697
France		—		35,517,611		—		35,517,611
Germany		29,139,228		48,690,379		—		77,829,607
Greece		—		14,283,977		—		14,283,977
Ireland		—		25,485,202		—		25,485,202
Italy		—		22,717,637		—		22,717,637
Netherlands		35,812,725		14,831,634		—		50,644,359
Norway		—		35,786,919		—		35,786,919
Russia		—		8,606,829		—		8,606,829
Spain		—		8,530,583		—		8,530,583
Sweden		8,310,932		17,026,097		—		25,337,029
Switzerland		44,413,234		49,954,922		—		94,368,156
Turkey		—		31,269,637		—		31,269,637
United Kingdom		149,821,671		162,662,458		—		312,484,129
United States		73,177,062		—		—		73,177,062
Total Investments	$	348,200,815	$	513,304,370	$	—	$	861,505,185

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,170.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall

13        Invesco European Growth Fund

be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,613 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. 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. Under these limitation rules, the Fund is limited to utilizing $91,940,253 of capital loss carryforward in the fiscal year ending October 31, 2010.

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2017	$	91,940,253

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $131,550,089 and $116,126,300, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	204,140,294
Aggregate unrealized (depreciation) of investment securities		(61,953,475	)
Net unrealized appreciation of investment securities	$	142,186,819
Cost of investments for tax purposes is $719,318,366.

14        Invesco European Growth Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		516,445		$	14,278,113			1,475,187		$	33,261,205
Class B		41,583			1,086,713			138,740			2,789,798
Class C		97,239			2,529,394			241,381			5,086,595
Class R		123,084			3,389,609			319,776			6,984,583
Class Y		2,981,474			82,987,147			3,024,269			78,370,407
Investor Class		138,081			3,808,487			323,015			7,068,368
Issued as reinvestment of dividends:
Class A		203,191			5,549,150			1,836,980			35,894,596
Class B		10,629			274,323			193,377			3,575,537
Class C		15,328			395,924			255,677			4,732,600
Class R		7,027			191,567			66,693			1,301,182
Class Y		22,909			626,323			24,655			482,008
Investor Class		86,998			2,371,578			715,676			13,955,686
Automatic conversion of Class B shares to Class A shares:
Class A		126,695			3,470,301			401,808			8,348,202
Class B		(134,368	)		(3,470,301	)		(426,150	)		(8,348,202	)
Reacquired:(b)
Class A		(2,023,027	)		(55,761,104	)		(5,739,028	)		(119,293,084	)
Class B		(169,156	)		(4,396,549	)		(578,410	)		(11,315,031	)
Class C		(316,301	)		(8,225,233	)		(1,156,957	)		(22,796,198	)
Class R		(166,441	)		(4,590,971	)		(366,959	)		(8,475,379	)
Class Y		(285,088	)		(7,896,411	)		(103,540	)		(2,452,604	)
Investor Class		(616,444	)		(16,999,875	)		(1,142,853	)		(24,325,648	)
Net increase (decrease) in share activity		659,858		$	19,618,185			(496,663	)	$	4,844,621

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Net of redemption fees of $14,783 and $8,854 allocated among the classes based on relative net assets of each class for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

15        Invesco European Growth Fund

NOTE 10—Financial Highlights

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

																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net			Ratio of net
	Net asset				(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		Net		securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			Distributions			of period(b)		Return(c)			(000s omitted)		absorbed			absorbed			net assets			turnover(d)
Class A
Six months ended 04/30/10	$	26.66	$	0.18	$	1.27		$	1.45		$	(0.37	)	$	—		$	(0.37	)	$	27.74		5.45	%	$	428,784		1.48	%(e)		1.50	%(e)		1.34	%(e)		15	%
Year ended 10/31/09		22.86		0.32		5.64			5.96			(0.78	)		(1.38	)		(2.16	)		26.66		29.54			443,525		1.64			1.65			1.48			21
Year ended 10/31/08		49.22		0.63		(23.02	)		(22.39	)		(0.58	)		(3.39	)		(3.97	)		22.86		(49.17	)		426,609		1.49			1.50			1.66			18
Year ended 10/31/07		39.83		0.56		11.52			12.08			(0.31	)		(2.38	)		(2.69	)		49.22		31.84			1,095,988		1.47			1.49			1.28			20
Year ended 10/31/06		31.11		0.31		10.70			11.01			(0.21	)		(2.08	)		(2.29	)		39.83		37.44			768,769		1.58			1.60			0.87			28
Year ended 10/31/05		26.23		0.21		4.70			4.91			(0.03	)		—			(0.03	)		31.11		18.74			496,328		1.70			1.72			0.71			48
Class B
Six months ended 04/30/10		25.06		0.08		1.19			1.27			(0.19	)		—			(0.19	)		26.14		5.07			34,583		2.23	(e)		2.25	(e)		0.59	(e)		15
Year ended 10/31/09		21.37		0.15		5.33			5.48			(0.41	)		(1.38	)		(1.79	)		25.06		28.60			39,459		2.39			2.40			0.73			21
Year ended 10/31/08		46.29		0.33		(21.59	)		(21.26	)		(0.27	)		(3.39	)		(3.66	)		21.37		(49.56	)		48,021		2.24			2.25			0.91			18
Year ended 10/31/07		37.63		0.22		10.87			11.09			(0.05	)		(2.38	)		(2.43	)		46.29		30.87			177,053		2.22			2.24			0.53			20
Year ended 10/31/06		29.53		0.04		10.15			10.19			(0.01	)		(2.08	)		(2.09	)		37.63		36.39			161,405		2.33			2.35			0.12			28
Year ended 10/31/05		25.03		0.01		4.49			4.50			—			—			—			29.53		17.98			144,211		2.39			2.41			0.02			48
Class C
Six months ended 04/30/10		25.08		0.08		1.19			1.27			(0.19	)		—			(0.19	)		26.16		5.06			57,214		2.23	(e)		2.25	(e)		0.59	(e)		15
Year ended 10/31/09		21.39		0.15		5.33			5.48			(0.41	)		(1.38	)		(1.79	)		25.08		28.57			59,971		2.39			2.40			0.73			21
Year ended 10/31/08		46.31		0.33		(21.59	)		(21.26	)		(0.27	)		(3.39	)		(3.66	)		21.39		(49.53	)		65,252		2.24			2.25			0.91			18
Year ended 10/31/07		37.65		0.22		10.87			11.09			(0.05	)		(2.38	)		(2.43	)		46.31		30.84			182,178		2.22			2.24			0.53			20
Year ended 10/31/06		29.54		0.04		10.16			10.20			(0.01	)		(2.08	)		(2.09	)		37.65		36.41			103,675		2.33			2.35			0.12			28
Year ended 10/31/05		25.05		0.01		4.48			4.49			—			—			—			29.54		17.92			63,806		2.39			2.41			0.02			48
Class R
Six months ended 04/30/10		26.56		0.15		1.25			1.40			(0.31	)		—			(0.31	)		27.65		5.28			16,629		1.73	(e)		1.75	(e)		1.09	(e)		15
Year ended 10/31/09		22.70		0.27		5.63			5.90			(0.66	)		(1.38	)		(2.04	)		26.56		29.24			16,933		1.89			1.90			1.23			21
Year ended 10/31/08		48.90		0.53		(22.86	)		(22.33	)		(0.48	)		(3.39	)		(3.87	)		22.70		(49.28	)		14,030		1.74			1.75			1.41			18
Year ended 10/31/07		39.60		0.45		11.45			11.90			(0.22	)		(2.38	)		(2.60	)		48.90		31.53			25,129		1.72			1.74			1.03			20
Year ended 10/31/06		30.96		0.22		10.66			10.88			(0.16	)		(2.08	)		(2.24	)		39.60		37.11			11,081		1.83			1.85			0.62			28
Year ended 10/31/05		26.13		0.16		4.68			4.84			(0.01	)		—			(0.01	)		30.96		18.52			4,767		1.89			1.91			0.52			48
Class Y
Six months ended 04/30/10		26.73		0.22		1.27			1.49			(0.43	)		—			(0.43	)		27.79		5.59			163,706		1.23	(e)		1.25	(e)		1.59	(e)		15
Year ended 10/31/09		22.87		0.42		5.61			6.03			(0.79	)		(1.38	)		(2.17	)		26.73		29.84			84,793		1.39			1.40			1.73			21
Year ended 10/31/08(f)		28.09		0.03		(5.25	)		(5.22	)		—			—			—			22.87		(18.58	)		5,177		1.34	(g)		1.35	(g)		1.81	(g)		18
Investor Class
Six months ended 04/30/10		26.61		0.19		1.26			1.45			(0.37	)		—			(0.37	)		27.69		5.46			174,502		1.43	(e)		1.45	(e)		1.39	(e)		15
Year ended 10/31/09		22.83		0.32		5.64			5.96			(0.80	)		(1.38	)		(2.18	)		26.61		29.58			178,106		1.64			1.65			1.48			21
Year ended 10/31/08		49.14		0.64		(22.98	)		(22.34	)		(0.58	)		(3.39	)		(3.97	)		22.83		(49.14	)		155,205		1.47			1.48			1.69			18
Year ended 10/31/07		39.78		0.56		11.50			12.06			(0.32	)		(2.38	)		(2.70	)		49.14		31.80			376,835		1.47			1.49			1.28			20
Year ended 10/31/06		31.08		0.32		10.69			11.01			(0.23	)		(2.08	)		(2.31	)		39.78		37.50			266,510		1.55			1.57			0.91			28
Year ended 10/31/05		26.22		0.24		4.69			4.93			(0.07	)		—			(0.07	)		31.08		18.82			202,323		1.63			1.65			0.78			48

(a)	Calculated using average shares outstanding.
(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(c)	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.
(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $446,958, $38,573, $60,274, $16,871, $141,465 and $180,654 for Class A, Class B, Class C, Class R, Class Y, and Investor Class shares, respectively.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

16        Invesco European Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,054.50	$	7.54	$	1,017.46	$	7.40		1.48	%
B		1,000.00		1,050.70		11.34		1,013.74		11.13		2.23
C		1,000.00		1,050.60		11.34		1,013.74		11.13		2.23
R		1,000.00		1,052.80		8.81		1,016.22		8.65		1.73
Y		1,000.00		1,055.90		6.27		1,018.70		6.16		1.23
Investor		1,000.00		1,054.60		7.28		1,017.70		7.15		1.43

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17        Invesco European Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

EGR-SAR-1 Invesco Distributors, Inc.

Invesco Global Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Global Growth Fund was renamed Invesco Global Growth Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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*	8.09	%
Class B Shares*	7.67
Class C Shares*	7.73
Class Y Shares*	8.24
Institutional Class Shares*	8.37
MSCI World Index6 (Broad Market Index)	9.40
MSCI World Growth Index6 (Style-Specific Index)	10.51
Lipper Global Large-Cap Growth Funds Index6 (Peer Group Index)	10.85

⁶Lipper Inc.

* Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries.

     The MSCI World Growth Index is an unmanaged index considered representative of growth stocks of developed countries.

     The Lipper Global Large-Cap Growth Funds Index is an unmanaged index considered representative of global large-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                      Invesco Global Growth Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (9/15/94)	5.53	%
10 Years	-2.80
5 Years	3.17
1 Year	26.80
Class B Shares
Inception (9/15/94)	5.62	%
10 Years	-2.72
5 Years	3.23
1 Year	28.14
Class C Shares
Inception (8/4/97)	1.86	%
10 Years	-2.86
5 Years	3.58
1 Year	32.21
Class Y Shares
10 Years	-2.20	%
5 Years	4.44
1 Year	34.50
Institutional Class Shares
10 Years	-2.08	%
5 Years	4.70
1 Year	34.96

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on September 28, 2007. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or sell shares. 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

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end,
including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	5.64	%
10 Years	-3.49
5 Years	2.77
1 Year	35.69
Class B Shares
Inception (9/15/94)	5.73	%
10 Years	-3.41
5 Years	2.81
1 Year	37.57
Class C Shares
Inception (8/4/97)	1.96	%
10 Years	-3.55
5 Years	3.15
1 Year	41.46
Class Y Shares
10 Years	-2.90	%
5 Years	4.03
1 Year	43.92
Institutional Class Shares
10 Years	-2.78	%
5 Years	4.29
1 Year	44.53

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Institutional Class shares was 1.81%, 2.56%, 2.56%, 1.56% and 1.09%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and

Institutional 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.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3                    Invesco Global Growth Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests

first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

    Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4                    Invesco Global Growth Fund

Schedule of Investments

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.23%
Australia–4.91%
BHP Billiton Ltd.		141,167	$	5,156,067
Cochlear Ltd.		47,870		3,261,198
CSL Ltd.		43,086		1,291,029
QBE Insurance Group Ltd.		112,765		2,193,689
				11,901,983
Belgium–1.83%
Anheuser-Busch InBev N.V.		91,388		4,446,860
Canada–1.69%
Suncor Energy, Inc.		69,923		2,387,195
Talisman Energy Inc.		100,345		1,706,487
				4,093,682
China–0.48%
Industrial and Commercial Bank of China Ltd.–Class H(a)		1,597,000		1,171,541
Denmark–1.57%
Novo Nordisk A.S.–Class B		46,618		3,807,604
France–4.20%
AXA S.A.		89,303		1,775,138
BNP Paribas		42,826		2,943,590
Danone S.A.		40,076		2,365,529
Total S.A.		57,252		3,102,429
				10,186,686
Germany–6.66%
Adidas AG		47,439		2,785,753
Bayer AG		55,892		3,577,751
Bayerische Motoren Werke AG		73,644		3,608,620
Fresenius Medical Care AG & Co. KGaA		22,542		1,222,197
Puma AG Rudolf Dassler Sport		9,573		3,205,098
SAP AG		36,489		1,757,948
				16,157,367
Hong Kong–1.46%
Hutchison Whampoa Ltd.		253,000		1,733,552
Li & Fung Ltd.		374,000		1,817,348
				3,550,900
India–1.63%
Infosys Technologies Ltd.–ADR		66,132		3,959,984
Ireland–2.19%
Cooper Industries PLC		53,653		2,634,362
Ingersoll-Rand PLC		72,083		2,665,629
				5,299,991
Israel–3.35%
Teva Pharmaceutical Industries Ltd.–ADR		138,359		8,125,824
Italy–1.94%
Finmeccanica S.p.A.		221,544		2,834,695
UniCredito Italiano S.p.A.		708,767		1,859,052
				4,693,747
Japan–5.30%
Hoya Corp.		70,500		1,938,674
Keyence Corp.		10,700		2,551,197
Komatsu Ltd.		79,500		1,604,019
Nidec Corp.		42,700		4,421,786
Toyota Motor Corp.		60,600		2,339,755
				12,855,431
Mexico–1.97%
America Movil S.A.B de C.V.–Series L–ADR		43,887		2,259,303
Grupo Televisa S.A.–ADR		121,120		2,516,873
				4,776,176
Netherlands–2.74%
Koninklijke Ahold N.V.		138,796		1,907,207
TNT N.V.		73,504		2,258,853
Unilever N.V.		80,974		2,474,727
				6,640,787
Philippines–1.21%
Philippine Long Distance Telephone Co.		52,380		2,928,215
Russia–0.93%
Gazprom–ADR		97,442		2,261,856
Singapore–0.96%
United Overseas Bank Ltd.		158,000		2,314,796
South Korea–1.61%
Hyundai Mobis		23,462		3,896,468
Spain–0.43%
Telefonica S.A.		45,900		1,030,806
Switzerland–7.02%
Nestle S.A.		95,563		4,663,687
Novartis AG		22,736		1,159,964
Roche Holding AG		39,304		6,212,238
Sonova Holding AG		6,496		810,642
Syngenta AG		16,440		4,174,369
				17,020,900
Taiwan–2.23%
Hon Hai Precision Industry Co., Ltd.		446,000		2,083,181
MediaTek Inc.		73,000		1,228,119
Taiwan Semiconductor Manufacturing Co. Ltd.		1,077,428		2,101,425
				5,412,725
United Kingdom–12.90%
BAE Systems PLC		41,915		220,287
BG Group PLC		129,697		2,177,202
British American Tobacco PLC		49,547		1,556,870

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

5        Invesco Global Growth Fund

	Shares		Value
United Kingdom–(continued)
Centrica PLC		516,888	$	2,316,163
Compass Group PLC		346,700		2,829,423
Imperial Tobacco Group PLC		159,982		4,569,304
Next PLC		38,182		1,340,528
Reckitt Benckiser Group PLC		85,185		4,420,365
Reed Elsevier PLC		212,211		1,670,275
Tesco PLC		473,481		3,149,132
Vodafone Group PLC		1,551,863		3,450,667
WPP PLC		335,447		3,565,786
				31,266,002
United States–25.02%
Apple Inc.(b)		33,723		8,805,750
Cameron International Corp.(b)		55,924		2,206,761
Cardinal Health, Inc.		75,182		2,608,064
Carnival Corp.(c)		74,016		3,086,467
Charles Schwab Corp. (The)		59,868		1,154,854
Chubb Corp.		35,552		1,879,634
Cisco Systems, Inc.(b)		95,690		2,575,975
CME Group Inc.		7,624		2,503,798
Corning Inc.		62,185		1,197,061
Costco Wholesale Corp.		40,457		2,390,200
Exxon Mobil Corp.		16,139		1,095,031
Freeport-McMoRan Copper & Gold Inc.		13,630		1,029,474
Gilead Sciences, Inc.(b)		55,551		2,203,708
Google Inc.–Class A(b)		8,731		4,587,617
Intel Corp.		112,108		2,559,426
Johnson Controls, Inc.		77,029		2,587,404
JPMorgan Chase & Co.		37,118		1,580,484
Microsoft Corp.		129,509		3,955,205
Occidental Petroleum Corp.		43,208		3,830,821
PepsiCo, Inc.		37,879		2,470,468
UnitedHealth Group Inc.		135,864		4,118,038
Walgreen Co.		63,190		2,221,128
				60,647,368
Total Common Stocks & Other Equity Interests (Cost $193,943,911)				228,447,699
Money Market Funds–4.87%
Liquid Assets Portfolio–Institutional Class(d)		5,907,847		5,907,847
Premier Portfolio–Institutional Class(d)		5,907,847		5,907,847
Total Money Market Funds (Cost $11,815,694)				11,815,694
TOTAL INVESTMENTS–99.10% (Cost $205,759,605)				240,263,393
OTHER ASSETS LESS LIABILITIES–0.90%				2,174,390
NET ASSETS–100.00%			$	242,437,783

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 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, 2010 represented 0.48% of the Fund’s Net Assets.
(b)	Non-income producing security.
(c)	Each unit represents one common share with paired trust share.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	18.0	%
Health Care	15.8
Consumer Staples	15.1
Consumer Discretionary	14.5
Financials	8.0
Energy	7.7
Industrials	5.8
Materials	4.3
Telecommunication Services	4.0
Utilities	1.0
Money Market Funds Plus Other Assets Less Liabilities	5.8

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

6        Invesco Global Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $193,943,911)	$	228,447,699
Investments in affiliated money market funds, at value and cost		11,815,694
Total investments, at value (Cost $205,759,605)		240,263,393
Cash		493,518
Foreign currencies, at value (Cost $2,600,177)		2,616,646
Receivables for:
Investments sold		669,462
Fund shares sold		33,634
Dividends		730,392
Investment for trustee deferred compensation and retirement plans		45,682
Other assets		26,928
Total assets		244,879,655
Liabilities:
Payables for:
Investments purchased		1,821,696
Fund shares reacquired		214,054
Accrued fees to affiliates		224,680
Accrued other operating expenses		82,942
Trustee deferred compensation and retirement plans		98,500
Total liabilities		2,441,872
Net assets applicable to shares outstanding	$	242,437,783
Net assets consist of:
Shares of beneficial interest	$	328,393,062
Undistributed net investment income		386,696
Undistributed net realized gain (loss)		(120,871,781	)
Unrealized appreciation		34,529,806
	$	242,437,783
Net Assets:
Class A	$	209,727,679
Class B	$	17,284,250
Class C	$	13,109,242
Class Y	$	1,390,450
Institutional Class	$	926,162
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		10,032,684
Class B		879,012
Class C		666,584
Class Y		66,376
Institutional Class		44,285
Class A:
Net asset value per share	$	20.90
Maximum offering price per share
(Net asset value of $20.90 divided by 94.50%)	$	22.12
Class B:
Net asset value and offering price per share	$	19.66
Class C:
Net asset value and offering price per share	$	19.67
Class Y:
Net asset value and offering price per share	$	20.95
Institutional Class:
Net asset value and offering price per share	$	20.91

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

7        Invesco Global Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $197,091)	$	2,593,729
Dividends from affiliated money market funds		4,678
Total investment income		2,598,407
Expenses:
Advisory fees		981,809
Administrative services fees		48,063
Custodian fees		65,817
Distribution fees:
Class A		263,567
Class B		94,158
Class C		67,101
Transfer agent fees — Retail		480,504
Transfer agent fees — Institutional		478
Trustees’ and officers’ fees and benefits		14,297
Other		100,085
Total expenses		2,115,879
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(11,180	)
Net expenses		2,104,699
Net investment income		493,708
Realized and unrealized gain from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $31,047)		10,759,875
Foreign currencies		30,615
		10,790,490
Change in net unrealized appreciation of:
Investment securities		7,792,743
Foreign currencies		21,718
		7,814,461
Net realized and unrealized gain		18,604,951
Net increase in net assets resulting from operations	$	19,098,659

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

8        Invesco Global Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	493,708		$	1,598,505
Net realized gain (loss)		10,790,490			(18,867,595	)
Change in net unrealized appreciation		7,814,461			56,242,426
Net increase in net assets resulting from operations		19,098,659			38,973,336
Distributions to shareholders from net investment income:
Class A		(1,916,434	)		(2,660,193	)
Class B		(44,533	)		(5,525	)
Class C		(31,053	)		(2,860	)
Class Y		(15,589	)		(11,795	)
Institutional Class		(14,783	)		(20,615	)
Total distributions from net investment income		(2,022,392	)		(2,700,988	)
Share transactions–net:
Class A		(9,421,201	)		(16,581,265	)
Class B		(3,436,068	)		(8,960,819	)
Class C		(1,057,047	)		(1,605,102	)
Class Y		(100,762	)		307,638
Institutional Class		(153,501	)		(154,120	)
Net increase (decrease) in net assets resulting from share transactions		(14,168,579	)		(26,993,668	)
Net increase in net assets		2,907,688			9,278,680
Net assets:
Beginning of period		239,530,095			230,251,415
End of period (includes undistributed net investment income of $386,696 and $1,915,380, respectively)	$	242,437,783		$	239,530,095

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Global Growth Fund, formerly AIM Global Growth Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

  The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Institutional Class. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class Y and Institutional Class shares are sold at net asset value. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

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

A.

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

A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by

9        Invesco Global Growth Fund

	independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

10        Invesco Global Growth Fund

E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with 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.

11        Invesco Global Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $250 million		0	.80%
Next $250 million		0	.78%
Next $500 million		0	.76%
Next $1.5 billion		0	.74%
Next $2.5 billion		0	.72%
Next $2.5 billion		0	.70%
Next $2.5 billion		0	.68%
Over $10 billion		0	.66%

  Under the terms of a master sub-advisory agreement approved by shareholders of the Funds between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class Y and Institutional Class shares to 2.25%, 3.00%, 3.00%, 2.00% and 2.00%, respectively, of 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The advisor did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $7,350.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $530.

  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 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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class Y and Institutional Class 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 B 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 B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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, 2010, IDI advised the Fund that IDI retained $7,067 in front-end sales commissions from the sale of Class A shares and $0, $17,051 and $234 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

12        Invesco Global Growth Fund

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Australia	$	1,291,029	$	10,610,954	$	—	$	11,901,983
Belgium		—		4,446,860		—		4,446,860
Canada		4,093,682		—		—		4,093,682
China		—		1,171,541		—		1,171,541
Denmark		—		3,807,604		—		3,807,604
France		—		10,186,686		—		10,186,686
Germany		4,799,948		11,357,419		—		16,157,367
Hong Kong		—		3,550,900		—		3,550,900
India		3,959,984		—		—		3,959,984
Ireland		5,299,991		—		—		5,299,991
Israel		8,125,824		—		—		8,125,824
Italy		—		4,693,747		—		4,693,747
Japan		4,421,786		8,433,645		—		12,855,431
Mexico		4,776,176		—		—		4,776,176
Netherlands		4,166,060		2,474,727		—		6,640,787
Philippines		—		2,928,215		—		2,928,215
Russia		—		2,261,856		—		2,261,856
Singapore		—		2,314,796		—		2,314,796
South Korea		—		3,896,468		—		3,896,468
Spain		—		1,030,806		—		1,030,806
Switzerland		7,022,880		9,998,020		—		17,020,900
Taiwan		—		5,412,725		—		5,412,725
United Kingdom		12,587,645		18,678,357		—		31,266,002
United States		72,463,062		—		—		72,463,062
Total Investments	$	133,008,067	$	107,255,326	$	—	$	240,263,393

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities sales of $256,124, which resulted in net realized gains of $31,047.

13        Invesco Global Growth Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,300.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,151 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) 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 difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation difference is attributable primarily to wash sales.

  The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2010	$	101,042,257
October 31, 2011		11,321,620
October 31, 2017		19,241,803
Total capital loss carryforward	$	131,605,680

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $53,314,036 and $70,784,790, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	45,471,492
Aggregate unrealized (depreciation) of investment securities		(11,024,295	)
Net unrealized appreciation of investment securities	$	34,447,197
Cost of investments for tax purposes is $205,816,196.

14        Invesco Global Growth Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010						October 31, 2009(a)
	Shares			Amount			Shares			Amount
Sold:
Class A		189,774		$	3,939,121			528,607		$	8,808,191
Class B		43,920			855,130			125,885			1,948,676
Class C		32,497			634,408			96,504			1,490,379
Class Y		2,969			61,282			40,004			656,794
Institutional Class		1,662			34,377			12,032			194,140
Issued as reinvestment of dividends:
Class A		85,487			1,755,908			161,771			2,484,806
Class B		2,252			43,653			370			5,363
Class C		1,523			29,524			188			2,724
Class Y		624			12,836			761			11,703
Institutional Class		721			14,783			1,346			20,615
Automatic conversion of Class B shares to Class A shares:
Class A		119,250			2,459,544			408,162			6,604,876
Class B		(126,712	)		(2,459,544	)		(433,427	)		(6,604,876	)
Reacquired:(b)
Class A		(850,315	)		(17,575,774	)		(2,097,583	)		(34,479,138	)
Class B		(96,766	)		(1,875,307	)		(285,781	)		(4,309,982	)
Class C		(88,406	)		(1,720,979	)		(200,520	)		(3,098,205	)
Class Y		(8,539	)		(174,880	)		(18,970	)		(360,859	)
Institutional Class		(9,826	)		(202,661	)		(22,291	)		(368,875	)
Net increase (decrease) in share activity		(699,885	)	$	(14,168,579	)		(1,682,942	)	$	(26,993,668	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Net of redemption fees of $435 and $2,854 allocated among the classes based on relative net assets of each class for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

15        Invesco Global Growth Fund

NOTE 11—Financial Highlights

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

																						Ratio of			Ratio of
																						expenses			expenses
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends										net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			of period(b)		Return(c)			(000s omitted)(b)		absorbed			absorbed			net assets			turnover(d)
Class A
Six months ended 04/30/10	$	19.51	$	0.05		$	1.52		$	1.57		$	(0.18	)	$	20.90	$	8.09			209,728	$	1.62	(e)		1.63	%(e)		0.50	%(e)		23	%
Year ended 10/31/09		16.56		0.14			3.05	(f)		3.19			(0.24	)		19.51		19.62	(f)		204,605		1.79			1.80			0.83			40
Year ended 10/31/08		28.18		0.24			(11.80	)		(11.56	)		(0.06	)		16.56		(41.11	)		190,275		1.59			1.60			1.00			48
Year ended 10/31/07		22.94		0.12			5.22			5.34			(0.10	)		28.18		23.35			355,538		1.53			1.57			0.47			38
Year ended 10/31/06		19.02		0.06			3.99			4.05			(0.13	)		22.94		21.39			310,028		1.62			1.68			0.28			42
Year ended 10/31/05		16.65		0.08	(g)		2.29			2.37			—			19.02		14.23			284,122		1.77			1.82			0.44	(g)		51
Class B
Six months ended 04/30/10		18.29		(0.02	)		1.43			1.41			(0.04	)		19.66		7.73			17,284		2.37	(e)		2.38	(e)		(0.25	)(e)		23
Year ended 10/31/09		15.42		0.01			2.86	(f)		2.87			0.00			18.29		18.64	(f)		19,325		2.54			2.55			0.08			40
Year ended 10/31/08		26.37		0.06			(11.01	)		(10.95	)		—			15.42		(41.52	)		25,426		2.34			2.35			0.25			48
Year ended 10/31/07		21.54		(0.07	)		4.90			4.83			—			26.37		22.42			79,333		2.28			2.32			(0.28	)		38
Year ended 10/31/06		17.87		(0.09	)		3.76			3.67			—			21.54		20.54			90,571		2.37			2.43			(0.47	)		42
Year ended 10/31/05		15.76		(0.04	)(g)		2.15			2.11			—			17.87		13.39			105,368		2.43			2.48			(0.22	)(g)		51
Class C
Six months ended 04/30/10		18.30		(0.02	)		1.43			1.41			(0.04	)		19.67		7.73			13,109		2.37	(e)		2.38	(e)		(0.25	)(e)		23
Year ended 10/31/09		15.42		0.01			2.87	(f)		2.88			0.00			18.30		18.71	(f)		13,192		2.54			2.55			0.08			40
Year ended 10/31/08		26.38		0.06			(11.02	)		(10.96	)		—			15.42		(41.55	)		12,719		2.34			2.35			0.25			48
Year ended 10/31/07		21.55		(0.07	)		4.90			4.83			—			26.38		22.41			27,878		2.28			2.32			(0.28	)		38
Year ended 10/31/06		17.88		(0.09	)		3.76			3.67			—			21.55		20.52			24,565		2.37			2.43			(0.47	)		42
Year ended 10/31/05		15.77		(0.04	)(g)		2.15			2.11			—			17.88		13.38			23,619		2.43			2.48			(0.22	)(g)		51
Class Y
Six months ended 04/30/10		19.57		0.08			1.53			1.61			(0.23	)		20.95		8.24			1,390		1.37	(e)		1.38	(e)		0.75	(e)		23
Year ended 10/31/09		16.57		0.19			3.05	(f)		3.24			(0.24	)		19.57		19.93	(f)		1,395		1.54			1.55			1.08			40
Year ended 10/31/08(h)		19.00		0.01			(2.44	)		(2.43	)		—			16.57		(12.79	)		821		1.45	(i)		1.46	(i)		1.14	(i)		48
Institutional Class
Six months ended 04/30/10		19.59		0.11			1.52			1.63			(0.31	)		20.91		8.37			926		1.08	(e)		1.09	(e)		1.04	(e)		23
Year ended 10/31/09		16.65		0.26			3.05	(f)		3.31			(0.37	)		19.59		20.49	(f)		1,013		1.07			1.08			1.55			40
Year ended 10/31/08		28.19		0.30			(11.77	)		(11.47	)		(0.07	)		16.65		(40.79	)		1,010		1.08			1.09			1.51			48
Year ended 10/31/07(h)		27.11		0.02			1.06			1.08			—			28.19		3.98			10		1.05	(i)		1.05	(i)		0.94	(i)		38

(a)	Calculated using average shares outstanding.
(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(c)	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.
(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $212,601, $18,988, $13,531, $1,402 and $964 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.
(f)	Includes litigation proceeds received during the period. Had the litigation proceeds not been received Net gains (losses) on securities (both realized and unrealized) per share would have been $2.93, $2.74, $2.75, $2.93 and $2.93 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.
(g)	Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividend are $0.05 and 0.27%; $(0.07) and (0.39)% and $(0.07) and $(0.39)% for Class A, Class B and Class C shares, respectively.
(h)	Commencement date of October 3, 2008 and September 28, 2007 for Class Y and Institutional Class shares, respectively
(i)	Annualized.

16        Invesco Global Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
Class A	$	1,000.00	$	1,080.90	$	8.36	$	1,016.76	$	8.10		1.62	%
Class B		1,000.00		1,076.70		12.20		1,013.04		11.83		2.37
Class C		1,000.00		1,077.30		12.21		1,013.04		11.83		2.37
Class Y		1,000.00		1,082.40		7.07		1,018.00		6.85		1.37
Institutional		1,000.00		1,083.70		5.58		1,019.44		5.41		1.08

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17        Invesco Global Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

GLG-SAR-1          Invesco Distributors, Inc.

Invesco Global Small & Mid Cap Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Global Small & Mid Cap Growth Fund was renamed Invesco Global Small & Mid Cap Growth Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
9	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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, 10/31/09 to 4/30/10, 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	16.30	%
Class B Shares	15.84
Class C Shares	15.83
Class Y Shares	16.41
Institutional Class Shares	16.56
MSCI World Index6 (Broad Market Index)	9.40
MSCI World Growth Index6 (Style-Specific Index)	10.51
Lipper Global Small/Mid-Cap Funds Category Average6 (Peer Group)	15.88

⁶Lipper Inc.

The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries.

     The MSCI World Growth Index is an unmanaged index considered representative of growth stocks of developed countries.

     The Lipper Global Small/Mid-Cap Funds Category Average represents an average of all the funds in the Lipper Small/Mid-Cap Funds category.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2          Invesco Global Small & Mid Cap Growth Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	8.03	%
10 Years	0.65
5 Years	6.42
1 Year	38.60
Class B Shares
Inception (9/15/94)	8.12	%
10 Years	0.73
5 Years	6.56
1 Year	40.58
Class C Shares
Inception (8/4/97)	4.46	%
10 Years	0.58
5 Years	6.83
1 Year	44.53
Class Y Shares
10 Years	1.26	%
5 Years	7.72
1 Year	46.90
Institutional Class Shares
10 Years	1.38	%
5 Years	7.96
1 Year	47.42

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on September 28, 2007. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable 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

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	7.98	%
10 Years	-0.75
5 Years	5.38
1 Year	55.77
Class B Shares
Inception (9/15/94)	8.07	%
10 Years	-0.66
5 Years	5.52
1 Year	58.68
Class C Shares
Inception (8/4/97)	4.39	%
10 Years	-0.81
5 Years	5.79
1 Year	62.68
Class Y Shares
10 Years	-0.14	%
5 Years	6.67
1 Year	65.32
Institutional Class Shares
10 Years	-0.03	%
5 Years	6.92
1 Year	65.92

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Institutional Class shares was 1.64%, 2.39%, 2.39%, 1.39% and 0.99%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Institutional 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.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3           Invesco Global Small & Mid Cap Growth Fund

Letters to Shareholders

    Bruce CrockettDear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

    Philip TaylorDear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on

Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4           Invesco Global Small & Mid Cap Growth Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–91.40%
Bermuda–0.94%
VimpelCom Ltd.–ADR(b)		362,136	$	6,308,409
Brazil–1.28%
Cielo S.A.		885,000		8,548,093
Canada–5.51%
Astral Media Inc.		158,400		5,502,923
Fairfax Financial Holdings Ltd.		20,671		7,832,236
Onex Corp.		365,598		10,574,673
Power Financial Corp.		263,200		7,975,522
Precision Drilling Trust(b)		657,655		4,990,178
				36,875,532
Germany–2.93%
Deutsche Boerse AG		96,354		7,510,410
Puma AG Rudolf Dassler Sport		36,240		12,133,370
				19,643,780
Greece–1.25%
Intralot S.A.		1,953,016		8,391,639
Hong Kong–1.68%
Hongkong Land Holdings Ltd.		1,016,000		5,367,329
Regal Hotels International Holdings Ltd.		15,416,200		5,863,974
				11,231,303
Indonesia–2.12%
PT Astra International Tbk		961,500		4,973,632
PT Perusahaan Gas Negara		20,574,500		9,241,931
				14,215,563
Ireland–2.09%
Cooper Industries PLC		86,314		4,238,017
DCC PLC		366,961		9,778,739
				14,016,756
Japan–2.44%
EXEDY Corp.		490,200		12,915,210
THK Co., Ltd.		158,500		3,438,439
				16,353,649
Mexico–1.33%
America Movil S.A.B de C.V.–Series L–ADR		173,500		8,931,780
Norway–0.81%
Petroleum Geo-Services A.S.A.(b)		396,240		5,409,668
Philippines–5.25%
Ayala Corp.		2,905,864		21,995,861
Ayala Corp.–Rts.(b)		1,170,772		0
Energy Development Corp.(c)		6,577,500		795,871
Energy Development Corp.		102,258,500		12,373,175
				35,164,907
South Africa–1.80%
AngloGold Ashanti Ltd.–ADR		87,789		3,674,848
Naspers Ltd.–Class N		208,079		8,389,825
				12,064,673
South Korea–1.49%
Hyundai Development Co.		142,560		3,512,566
NHN Corp.		38,753		6,468,730
				9,981,296
Sweden–1.60%
Kinnevik Investment AB–Class B		294,904		5,413,158
Oriflame Cosmetics S.A.–SDR		93,211		5,321,232
				10,734,390
Switzerland–4.06%
Aryzta AG(b)		217,713		8,406,661
Foster Wheeler AG(b)		112,908		3,384,982
Sonova Holding AG		27,709		3,457,832
Syngenta AG		46,936		11,917,771
				27,167,246
Taiwan–0.81%
Taiwan Mobile Co., Ltd.		2,841,079		5,433,537
Thailand–1.46%
Siam Commercial Bank PCL		3,868,300		9,788,659
Turkey–2.93%
Haci Omer Sabanci Holding A.S.		1,770,698		8,024,777
Tupras-Turkiye Petrol Rafinerileri A.S.		524,455		11,586,484
				19,611,261
United Kingdom–17.00%
Bunzl PLC		443,869		5,181,876
Capita Group PLC		387,941		4,735,806
Chemring Group PLC		157,852		8,797,570
Compass Group PLC		611,853		4,993,340
Homeserve PLC		519,854		15,945,217
IG Group Holdings PLC		1,623,859		10,101,647
Informa PLC		1,662,227		10,090,127

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

5        Invesco Global Small & Mid Cap Growth Fund

	Shares		Value
United Kingdom–(continued)
International Power PLC		2,300,903	$	11,623,261
Lancashire Holdings Ltd.		590,881		4,180,561
Playtech Ltd.		554,800		4,239,422
Shire PLC		639,427		14,115,360
Ultra Electronics Holdings PLC		288,643		6,844,274
United Business Media Ltd.		338,848		2,843,311
VT Group PLC		888,786		10,170,293
				113,862,065
United States–32.62%
Adobe Systems Inc.(b)		116,641		3,917,971
Aetna Inc.		128,648		3,801,548
Affiliated Managers Group, Inc.(b)		58,910		4,959,044
Alliance Data Systems Corp.(b)		72,753		5,460,840
Alpha Natural Resources, Inc.(b)		84,206		3,964,418
Altera Corp.		179,822		4,560,286
American Medical Systems Holdings, Inc.(b)		231,672		4,151,562
American Tower Corp.–Class A(b)		88,365		3,606,176
Amphenol Corp.–Class A		94,122		4,349,378
Apollo Group, Inc.–Class A(b)		56,165		3,224,433
Assured Guaranty Ltd.		98,936		2,132,071
Autodesk, Inc.(b)		158,682		5,396,775
Baker Hughes Inc.		49,400		2,458,144
Baldor Electric Co.		123,628		4,748,551
BE Aerospace, Inc.(b)		157,339		4,674,542
BorgWarner, Inc.(b)		88,930		3,854,226
Carter’s, Inc.(b)		131,237		4,228,456
Choice Hotels International, Inc.		122,479		4,447,212
Coach, Inc.		108,539		4,531,503
Continental Resources, Inc.(b)		104,833		5,153,590
Corrections Corp. of America(b)		167,983		3,480,608
DaVita, Inc.(b)		63,022		3,934,463
Discover Financial Services		257,610		3,982,651
Energizer Holdings, Inc.(b)		59,859		3,657,385
Estee Lauder Cos. Inc. (The)–Class A		62,259		4,104,113
Express Scripts, Inc.(b)		43,650		4,370,675
Flowserve Corp.		37,454		4,291,479
Genworth Financial Inc.–Class A(b)		291,752		4,819,743
Grand Canyon Education, Inc.(b)		80,416		1,944,459
Hanesbrands, Inc.(b)		157,090		4,472,352
Hologic, Inc.(b)		259,220		4,632,261
Human Genome Sciences, Inc.(b)		71,512		1,980,167
IHS Inc.–Class A(b)		61,763		3,129,531
International Game Technology		182,320		3,843,306
ITT Educational Services, Inc.(b)		23,165		2,342,676
J.B. Hunt Transport Services, Inc.		107,621		3,966,910
Jarden Corp.		118,724		3,813,415
Jones Lang LaSalle Inc.		61,362		4,840,235
Juniper Networks, Inc.(b)		128,767		3,658,270
Kennametal Inc.		138,214		4,541,712
Key Energy Services, Inc.(b)		419,312		4,553,728
LKQ Corp.(b)		191,312		4,029,031
Lubrizol Corp. (The)		47,744		4,313,193
Macy’s, Inc.		171,508		3,978,986
McAfee Inc.(b)		107,870		3,748,483
MSC Industrial Direct Co., Inc.–Class A		73,473		4,003,544
O’Reilly Automotive, Inc.(b)		73,804		3,608,278
Pharmaceutical Product Development, Inc.		167,441		4,604,628
Plains Exploration & Production Co.(b)		122,703		3,596,425
QLogic Corp.(b)		215,525		4,174,719
Robert Half International, Inc.		145,872		3,993,975
Shaw Group Inc. (The)(b)		123,275		4,718,967
Solera Holdings Inc.		102,399		3,980,249
Steel Dynamics, Inc.		144,127		2,264,235
Talecris Biotherapeutics Holdings Corp.(b)		54,734		1,026,263
Ulta Salon, Cosmetics & Fragrance, Inc.(b)		105,408		2,437,033
				218,458,874
Total Common Stocks & Other Equity Interests (Cost $472,483,675)				612,193,080
Preferred Stock–1.16%
Brazil–1.16%
Companhia de Transmissao de Energia Eletrica Paulista–Pfd. (Cost $7,393,495)		289,600		7,765,205
Money Market Funds–6.69%
Liquid Assets Portfolio–Institutional Class(d)		22,403,984		22,403,984
Premier Portfolio–Institutional Class(d)		22,403,984		22,403,984
Total Money Market Funds (Cost $44,807,968)				44,807,968
TOTAL INVESTMENTS–99.25% (Cost $524,685,138)				664,766,253
OTHER ASSETS LESS LIABILITIES–0.75%				5,023,115
NET ASSETS–100.00%			$	669,789,368

Investment Abbreviations:

ADR	– American Depositary Receipt
Pfd.	– Preferred
Rts.	– Rights
SDR	– Swedish Depositary Receipt

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

6        Invesco Global Small & Mid Cap Growth 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 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, 2010 represented 0.12% of the Fund’s Net Assets.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Consumer Discretionary	18.9	%
Financials	17.9
Industrials	17.6
Information Technology	8.7
Health Care	6.9
Utilities	6.3
Energy	6.2
Telecommunication Services	3.6
Materials	3.3
Consumer Staples	3.2
Money Market Funds Plus Other Assets Less Liabilities	7.4

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

7        Invesco Global Small & Mid Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $479,877,170)	$	619,958,285
Investments in affiliated money market funds, at value and cost		44,807,968
Total investments, at value (Cost $524,685,138)		664,766,253
Foreign currencies, at value (Cost $6,938,726)		7,024,231
Receivables for:
Investments sold		2,313,861
Fund shares sold		713,620
Dividends		1,179,257
Investment for trustee deferred compensation and retirement plans		59,906
Other assets		30,886
Total assets		676,088,014
Liabilities:
Payables for:
Investments purchased		4,010,724
Fund shares reacquired		843,379
Accrued fees to affiliates		508,042
Accrued other operating expenses		758,681
Trustee deferred compensation and retirement plans		177,820
Total liabilities		6,298,646
Net assets applicable to shares outstanding	$	669,789,368
Net assets consist of:
Shares of beneficial interest	$	571,120,386
Undistributed net investment income		1,255,825
Undistributed net realized gain (loss)		(42,775,217	)
Unrealized appreciation		140,188,374
	$	669,789,368
Net Assets:
Class A	$	573,391,920
Class B	$	37,648,098
Class C	$	24,298,787
Class Y	$	7,548,016
Institutional Class	$	26,902,547
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		33,475,519
Class B		2,486,653
Class C		1,603,922
Class Y		439,689
Institutional Class		1,572,921
Class A:
Net asset value per share	$	17.13
Maximum offering price per share
(Net asset value of $17.13 divided by 94.50%)	$	18.13
Class B:
Net asset value and offering price per share	$	15.14
Class C:
Net asset value and offering price per share	$	15.15
Class Y:
Net asset value and offering price per share	$	17.17
Institutional Class:
Net asset value and offering price per share	$	17.10

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

8        Invesco Global Small & Mid Cap Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $417,605)	$	6,347,116
Dividends from affiliated money market funds		16,990
Total investment income		6,364,106
Expenses:
Advisory fees		2,517,454
Administrative services fees		93,771
Custodian fees		168,025
Distribution fees:
Class A		688,082
Class B		194,795
Class C		111,741
Transfer agent fees — A, B, C and Y		997,886
Transfer agent fees — Institutional		3,360
Trustees’ and officers’ fees and benefits		20,893
Other		117,664
Total expenses		4,913,671
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(32,185	)
Net expenses		4,881,486
Net investment income		1,482,620
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $61,560 and net foreign taxes of $101,902)		38,107,699
Foreign currencies		(85,985	)
		38,021,714
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes on holdings of $18,474)		57,138,818
Foreign currencies		106,339
		57,245,157
Net realized and unrealized gain		95,266,871
Net increase in net assets resulting from operations	$	96,749,491

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

9        Invesco Global Small & Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	1,482,620		$	1,896,526
Net realized gain (loss)		38,021,714			(79,131,935	)
Change in net unrealized appreciation		57,245,157			210,463,445
Net increase in net assets resulting from operations		96,749,491			133,228,036
Distributions to shareholders from net investment income:
Class A		(2,235,495	)		(5,471,181	)
Class Y		(31,453	)		(19,418	)
Institutional Class		(237,117	)		(376,277	)
Total distributions from net investment income		(2,504,065	)		(5,866,876	)
Distributions to shareholders from net realized gains:
Class A		—			(36,796,851	)
Class B		—			(3,911,833	)
Class C		—			(1,722,323	)
Class Y		—			(127,804	)
Institutional Class		—			(1,434,515	)
Total distributions from net realized gains		—			(43,993,326	)
Share transactions-net:
Class A		(28,606,688	)		(15,088,922	)
Class B		(6,788,777	)		(10,038,973	)
Class C		234,252			(1,305,481	)
Class Y		2,028,948			2,402,721
Institutional Class		(631,427	)		2,656,214
Net increase (decrease) in net assets resulting from share transactions		(33,763,692	)		(21,374,441	)
Net increase in net assets		60,481,734			61,993,393
Net assets:
Beginning of period		609,307,634			547,314,241
End of period (includes undistributed net investment income of $1,255,825 and $2,277,270, respectively)	$	669,789,368		$	609,307,634

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Global Small & Mid Cap Growth Fund, formerly AIM Global Small & Mid Cap Growth Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

  The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Institutional Class. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges

10        Invesco Global Small & Mid Cap Growth Fund

(“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class Y and Institutional Class shares are sold at net asset value. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

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

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the

11        Invesco Global Small & Mid Cap Growth Fund

	laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with 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.

12        Invesco Global Small & Mid Cap Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $250 million		0	.80%
Next $250 million		0	.78%
Next $500 million		0	.76%
Next $1.5 billion		0	.74%
Next $2.5 billion		0	.72%
Next $2.5 billion		0	.70%
Next $2.5 billion		0	.68%
Over $10 billion		0	.66%

  Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses (excluding certain items discussed below) of Class A, Class B, Class C, Class Y and Institutional Class shares to 2.25%, 3.00%, 3.00%, 2.00% and 2.00% of average daily net assets, respectively. 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 net annual operating expenses to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $25,497.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $530.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2010, the 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 B, Class C and Class Y 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 B 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 each class of Class B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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, 2010, IDI advised the Fund that IDI retained $22,142 in front-end sales commissions from the sale of Class A shares and $0, $26,387 and $454 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

13        Invesco Global Small & Mid Cap Growth Fund

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Bermuda	$	6,308,409	$	—	$	—	$	6,308,409
Brazil		16,313,298		—		—		16,313,298
Canada		36,875,532		—		—		36,875,532
Germany		7,510,410		12,133,370		—		19,643,780
Greece		—		8,391,639		—		8,391,639
Hong Kong		—		11,231,303		—		11,231,303
Indonesia		—		14,215,563		—		14,215,563
Ireland		4,238,017		9,778,739		—		14,016,756
Japan		—		16,353,649		—		16,353,649
Mexico		8,931,780		—		—		8,931,780
Norway		—		5,409,668		—		5,409,668
Philippines		—		35,164,907		—		35,164,907
South Africa		3,674,848		8,389,825		—		12,064,673
South Korea		—		9,981,296		—		9,981,296
Sweden		5,321,232		5,413,158		—		10,734,390
Switzerland		15,249,475		11,917,771		—		27,167,246
Taiwan		—		5,433,537		—		5,433,537
Thailand		—		9,788,659		—		9,788,659
Turkey		—		19,611,261		—		19,611,261
United Kingdom		61,404,693		52,457,372		—		113,862,065
United States		263,266,842		—		—		263,266,842
Total Investments	$	429,094,536	$	235,671,717	$	—	$	664,766,253

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities sales of $885,379, which resulted in net realized gains of $61,560.

14        Invesco Global Small & Mid Cap Growth Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,158.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,459 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) 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 generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2017	$	79,518,838

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $100,211,147 and $161,022,792, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	176,349,109
Aggregate unrealized (depreciation) of investment securities		(37,546,087	)
Net unrealized appreciation of investment securities	$	138,803,022
Cost of investments for tax purposes is $525,963,231.

15        Invesco Global Small & Mid Cap Growth Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		870,811		$	14,147,859			1,916,391		$	23,400,765
Class B		113,904			1,632,438			299,018			3,190,597
Class C		156,213			2,276,194			306,512			3,422,506
Class Y		155,987			2,588,058			231,440			2,887,300
Institutional Class		24,695			400,645			200,737			2,320,283
Issued as reinvestment of dividends:
Class A		138,020			2,154,485			3,902,477			40,468,688
Class B		—			—			410,407			3,783,956
Class C		—			—			179,525			1,657,017
Class Y		1,914			29,910			14,091			146,263
Institutional Class		3,525			54,849			175,464			1,810,792
Automatic conversion of Class B shares to Class A shares:
Class A		326,325			5,270,525			806,898			9,491,374
Class B		(368,769	)		(5,270,525	)		(908,582	)		(9,491,374	)
Reacquired:(b)
Class A		(3,098,506	)		(50,179,557	)		(7,458,121	)		(88,449,749	)
Class B		(220,371	)		(3,150,690	)		(723,736	)		(7,522,152	)
Class C		(143,240	)		(2,041,942	)		(617,344	)		(6,385,004	)
Class Y		(35,989	)		(589,020	)		(50,442	)		(630,842	)
Institutional Class		(66,504	)		(1,086,921	)		(125,259	)		(1,474,861	)
Net increase (decrease) in share activity		(2,141,985	)	$	(33,763,692	)		(1,440,524	)	$	(21,374,441	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Net of redemption fees of $4,894 and $15,193 allocated among the classes based on relative net assets of each class for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

16        Invesco Global Small & Mid Cap Growth Fund

NOTE 11—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations			income			gains			Distributions			of period(a)		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 04/30/10	$	14.79	$	0.04	(d)	$	2.36		$	2.40		$	(0.06	)	$	—		$	(0.06	)	$	17.13		16.30	%	$	573,392		1.47	%(e)		1.48	%(e)		0.51	%(e)		17	%
Year ended 10/31/09		12.87		0.05	(d)		3.07			3.12			(0.15	)		(1.05	)		(1.20	)		14.79		28.24			521,223		1.61			1.62			0.40			54
Year ended 10/31/08		29.51		0.15	(d)		(13.09	)		(12.94	)		(0.10	)		(3.60	)		(3.70	)		12.87		(49.68	)		464,060		1.45			1.46			0.70			74
Year ended 10/31/07		25.10		0.12			7.68			7.80			(0.04	)		(3.35	)		(3.39	)		29.51		34.57			1,022,682		1.42			1.50			0.47			43
Year ended 10/31/06		20.60		0.13	(d)		5.39			5.52			(0.07	)		(0.95	)		(1.02	)		25.10		27.71			809,309		1.51			1.64			0.56			64
Year ended 10/31/05		16.99		(0.00	)(d)		3.61			3.61			—			—			—			20.60		21.25			676,291		1.65			1.76			(0.02	)		67
Class B
Six months ended 04/30/10		13.07		(0.02	)(d)		2.09			2.07			—			—			—			15.14		15.84			37,648		2.22	(e)		2.23	(e)		(0.24	)(e)		17
Year ended 10/31/09		11.43		(0.04	)(d)		2.73			2.69			—			(1.05	)		(1.05	)		13.07		27.33			38,709		2.36			2.37			(0.35	)		54
Year ended 10/31/08		26.73		(0.01	)(d)		(11.69	)		(11.70	)		—			(3.60	)		(3.60	)		11.43		(50.07	)		44,392		2.20			2.21			(0.05	)		74
Year ended 10/31/07		23.15		(0.07	)		7.00			6.93			—			(3.35	)		(3.35	)		26.73		33.58			136,818		2.17			2.25			(0.28	)		43
Year ended 10/31/06		19.18		(0.04	)(d)		5.01			4.97			(0.05	)		(0.95	)		(1.00	)		23.15		26.80			132,391		2.26			2.39			(0.19	)		64
Year ended 10/31/05		15.93		(0.12	)(d)		3.37			3.25			—			—			—			19.18		20.40			152,878		2.31			2.42			(0.68	)		67
Class C
Six months ended 04/30/10		13.08		(0.02	)(d)		2.09			2.07			—			—			—			15.15		15.83			24,299		2.22	(e)		2.23	(e)		(0.24	)(e)		17
Year ended 10/31/09		11.43		(0.04	)(d)		2.74			2.70			—			(1.05	)		(1.05	)		13.08		27.41			20,802		2.36			2.37			(0.35	)		54
Year ended 10/31/08		26.74		(0.01	)(d)		(11.70	)		(11.71	)		—			(3.60	)		(3.60	)		11.43		(50.09	)		19,690		2.20			2.21			(0.05	)		74
Year ended 10/31/07		23.16		(0.07	)		7.00			6.93			—			(3.35	)		(3.35	)		26.74		33.56			43,760		2.17			2.25			(0.28	)		43
Year ended 10/31/06		19.19		(0.04	)(d)		5.01			4.97			(0.05	)		(0.95	)		(1.00	)		23.16		26.79			28,619		2.26			2.39			(0.19	)		64
Year ended 10/31/05		15.93		(0.12	)(d)		3.38			3.26			—			—			—			19.19		20.47			22,488		2.31			2.42			(0.68	)		67
Class Y
Six months ended 04/30/10		14.84		0.06	(d)		2.37			2.43			(0.10	)		—			(0.10	)		17.17		16.41			7,548		1.22	(e)		1.23	(e)		0.76	(e)		17
Year ended 10/31/09		12.87		0.09	(d)		3.09			3.18			(0.16	)		(1.05	)		(1.21	)		14.84		28.70			4,715		1.36			1.37			0.65			54
Year ended 10/31/08(f)		15.38		0.01	(d)		(2.52	)		(2.51	)		—			—			—			12.87		(16.32	)		1,580		1.24	(g)		1.26	(g)		0.91	(g)		74
Institutional Class
Six months ended 04/30/10		14.81		0.08	(d)		2.36			2.44			(0.15	)		—			(0.15	)		17.10		16.56			26,903		0.92	(e)		0.93	(e)		1.06	(e)		17
Year ended 10/31/09		12.93		0.13	(d)		3.07			3.20			(0.27	)		(1.05	)		(1.32	)		14.81		29.20			23,859		0.96			0.97			1.05			54
Year ended 10/31/08		29.53		0.23	(d)		(13.12	)		(12.89	)		(0.11	)		(3.60	)		(3.71	)		12.93		(49.46	)		17,593		0.93			0.94			1.22			74
Year ended 10/31/07(f)		27.82		0.02			1.69			1.71			—			—			—			29.53		6.15			11		1.00	(g)		1.00	(g)		0.90	(g)		43

(a)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Calculated using average shares outstanding.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $555,028, $39,282, $22,533, $5,660 and $25,739 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.
(f)	Commencement date of October 3, 2008 and September 28, 2007 for Class Y and Institutional Class shares, respectively.
(g)	Annualized.

17        Invesco Global Small & Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,163.00	$	7.88	$	1,017.50	$	7.35		1.47	%
B		1,000.00		1,158.40		11.88		1,013.79		11.08		2.22
C		1,000.00		1,158.30		11.88		1,013.79		11.08		2.22
Y		1,000.00		1,164.10		6.55		1,018.74		6.11		1.22
Institutional		1,000.00		1,165.60		4.94		1,020.23		4.61		0.92

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18        Invesco Global Small & Mid Cap Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

GSMG-SAR-1           Invesco Distributors, Inc.

Invesco International Core Equity Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM International Core Equity Fund was renamed Invesco International Core Equity Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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, 10/31/09 to 4/30/10, 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	4.05	%
Class B Shares	3.75
Class C Shares	3.75
Class R Shares	3.98
Class Y Shares	4.23
Investor Class Shares	4.08
Institutional Class Shares	4.40
MSCI EAFE Index▼ (Broad Market/Style-Specific Index)	2.48
Lipper International Large-Cap Core Funds Index▼ (Peer Group Index)	4.01

^▼Lipper Inc.

The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East.

     The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2 Invesco International Core Equity Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	4.46	%
5 Years	2.41
1 Year	25.68
Class B Shares
Inception (3/28/02)	4.54	%
5 Years	2.47
1 Year	27.09
Class C Shares
Inception (2/14/00)	1.29	%
10 Years	1.68
5 Years	2.81
1 Year	31.02
Class R Shares
Inception	6.40	%
5 Years	3.32
1 Year	32.61
Class Y Shares
10 Years	2.57	%
5 Years	3.67
1 Year	33.27
Investor Class Shares
Inception (10/28/98)	3.83	%
10 Years	2.53
5 Years	3.59
1 Year	32.99
Institutional Class Shares
Inception (4/30/04)	6.04	%
5 Years	4.18
1 Year	33.83

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable 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

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	4.86	%
5 Years	2.54
1 Year	45.44
Class B Shares
Inception (3/28/02)	4.94	%
5 Years	2.57
1 Year	47.90
Class C Shares
Inception (2/14/00)	1.57	%
10 Years	1.39
5 Years	2.91
1 Year	51.83
Class R Shares
Inception	6.94	%
5 Years	3.44
1 Year	53.69
Class Y Shares
10 Years	2.27	%
5 Years	3.76
1 Year	54.32
Investor Class Shares
Inception (10/28/98)	4.10	%
10 Years	2.24
5 Years	3.69
1 Year	54.03
Institutional Class Shares
Inception (4/30/04)	6.59	%
5 Years	4.30
1 Year	54.99

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares was 1.62%, 2.37%, 2.37%, 1.87%, 1.37%, 1.62 and 0.94%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of

purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Institutional Class and Investor 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.

     Had the adviser not waived fees and/or reimbursed expenses in the past, performance of Class C shares would have been lower.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3 Invesco International Core Equity Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.
     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.
     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication
Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

4 Invesco International Core Equity Fund

Schedule of Investments

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.12%
Australia–7.04%
Australia and New Zealand Banking Group Ltd.		223,582	$	4,931,129
BHP Billiton Ltd.		223,473		8,162,260
Macquarie Group Ltd.		109,899		5,012,578
Telstra Corp. Ltd.		1,649,234		4,826,702
				22,932,669
Brazil–0.85%
Banco Santander Brasil S.A.(a)(b)		28,900		334,338
Banco Santander Brasil S.A.(a)		18,200		210,551
Companhia Energetica de Minas Gerais S.A.–ADR		30,137		486,708
PDG Realty S.A. Empreendimentos e Participacoes		23,900		219,435
Petroleo Brasileiro S.A.–ADR		19,121		811,304
Vale S.A.–ADR		23,466		718,764
				2,781,100
Canada–8.31%
Agrium Inc.		89,655		5,594,063
EnCana Corp.		114,723		3,792,487
Intact Financial Corp.		132,309		5,729,353
Metro Inc.		80,470		3,549,518
Nexen Inc.		186,408		4,523,985
Toronto-Dominion Bank (The)		52,570		3,907,181
				27,096,587
China–0.57%
China Construction Bank Corp.–Class H		453,000		366,917
CNOOC Ltd.		372,800		658,877
Renhe Commercial Holdings Co. Ltd.		1,316,000		319,448
Soho China Ltd.		909,500		514,751
				1,859,993
Egypt–0.09%
Ezz Steel(c)		7,516		31,884
Orascom Telecom Holding S.A.E.–GDR(c)		40,958		258,035
				289,919
Finland–1.38%
Nokia Corp.		368,396		4,483,627
France–7.69%
Bouygues S.A.		87,842		4,376,149
Credit Agricole S.A.		284,357		4,056,626
Sanofi-Aventis S.A.		97,859		6,700,989
Societe Generale–ADR		334,234		3,532,853
Total S.A.–ADR		117,789		6,405,366
				25,071,983
Germany–5.03%
Bayerische Motoren Werke AG		74,456		3,648,408
MAN SE		67,161		6,359,561
Muenchener Rueckversicherungs-Gesellschaft AG		17,001		2,404,032
Salzgitter AG		48,951		3,980,342
				16,392,343
Greece–0.91%
National Bank of Greece S.A.(c)		181,724		2,976,336
Hong Kong–4.21%
Chaoda Modern Agriculture (Holdings) Ltd.		320,000		361,246
Cheung Kong (Holdings) Ltd.		292,000		3,620,415
China Unicom (Hong Kong) Ltd.		372,000		463,970
Esprit Holdings Ltd.		789,528		5,649,995
Hutchison Whampoa Ltd.		446,100		3,056,670
Sinofert Holdings Ltd.		1,086,000		578,940
				13,731,236
India–0.37%
Oil and Natural Gas Corp. Ltd.		14,023		331,452
State Bank of India–GDR		8,445		858,072
				1,189,524
Indonesia–0.12%
PT Telekomunikasi Indonesia Tbk		462,500		397,957
Ireland–0.13%
Dragon Oil PLC(c)		57,764		425,489
Italy–1.73%
Eni S.p.A–ADR		126,806		5,636,527
Japan–21.19%
Canon Inc.		101,400		4,628,182
East Japan Railway Co.		53,700		3,585,780
FUJIFILM Holdings Corp.		212,600		7,296,454
Mitsubishi Corp.		115,000		2,728,196
Mitsubishi UFJ Financial Group, Inc.		1,419,800		7,385,150
Murata Manufacturing Co., Ltd.		85,100		5,007,846
Nippon Telegraph & Telephone Corp.		85,900		3,485,844
Nippon Yusen Kabushiki Kaisha		1,067,000		4,382,026
Nissan Motor Co., Ltd.		737,100		6,456,293
NTT DoCoMo, Inc.		2,230		3,467,809

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

5        Invesco International Core Equity Fund

	Shares		Value
Japan–(continued)
Seven & I Holdings Co., Ltd.		159,800	$	4,079,171
Sumitomo Chemical Co., Ltd.		1,429,000		6,752,247
Takeda Pharmaceutical Co., Ltd.		108,400		4,663,849
Yamada Denki Co., Ltd.		66,360		5,160,037
				69,078,884
Mexico–0.54%
America Movil S.A.B de C.V.–Series L		296,900		764,177
Desarrolladora Homex S.A. de C.V.–ADR(c)		17,343		502,080
Grupo Financiero Banorte S.A.B. de C.V.–Class O		124,100		499,086
				1,765,343
Netherlands–3.05%
TNT N.V.		150,225		4,616,567
Unilever N.V.		174,105		5,320,996
				9,937,563
Norway–0.92%
Statoil A.S.A.		123,700		2,986,537
Russia–0.36%
Gazprom–ADR		25,054		581,562
LUKOIL–ADR		10,047		576,698
				1,158,260
South Africa–0.93%
Barloworld Ltd.		74,521		497,161
Sasol Ltd.		12,350		500,972
Standard Bank Group Ltd.		51,429		797,268
Steinhoff International Holdings Ltd.(c)		260,934		712,528
Tiger Brands Ltd.		19,992		509,173
				3,017,102
South Korea–1.45%
Daelim Industrial Co., Ltd.		5,310		300,803
Hyundai Mipo Dockyard Co., Ltd.		3,812		532,777
Hyundai Mobis		5,220		866,915
LG Electronics Inc.		3,416		370,662
Lotte Shopping Co., Ltd.		1,009		285,574
POSCO		1,567		703,771
Samsung Electronics Co., Ltd.		1,222		924,261
Shinhan Financial Group Co., Ltd.		9,750		411,900
SK Telecom Co., Ltd.		2,058		317,599
				4,714,262
Spain–4.25%
Banco Santander S.A.		522,071		6,559,292
Iberdrola S.A.		509,358		4,057,649
Repsol YPF, S.A.–ADR		137,516		3,224,750
				13,841,691
Sweden–1.39%
Telefonaktiebolaget LM Ericsson–Class B		390,456		4,544,323
Switzerland–6.82%
Holcim Ltd.		71,686		5,375,280
Swisscom AG		22,961		7,783,340
Zurich Financial Services AG		40,735		9,081,645
				22,240,265
Taiwan–0.71%
AU Optronics Corp.–ADR		49,638		575,304
HTC Corp.		59,765		798,251
Powertech Technology Inc.		194,000		689,016
U-Ming Marine Transport Corp.		118,000		243,007
				2,305,578
Thailand–0.27%
Bangkok Bank PCL–NVDR		119,600		430,176
Banpu PCL		9,000		179,445
PTT PCL		36,400		284,521
				894,142
Turkey–0.11%
Turkiye Is Bankasi–Class C		105,596		367,915
United Kingdom–16.70%
AstraZeneca PLC		91,154		4,028,635
BAE Systems PLC		1,037,604		5,453,190
BP PLC		598,996		5,217,370
Centrica PLC		729,164		3,267,366
GlaxoSmithKline PLC		305,539		5,660,378
Imperial Tobacco Group PLC		309,171		8,830,346
International Power PLC		635,843		3,212,030
National Grid PLC		384,922		3,716,142
Royal Dutch Shell PLC–ADR		145,074		9,103,394
Vodafone Group PLC		2,667,754		5,931,923
				54,420,774
Total Common Stocks & Other Equity Interests (Cost $288,582,065)				316,537,929
Preferred Stocks–1.98%
Brazil–0.20%
Usinas Siderurgicas de Minas Gerais S.A.–Class A–Pfd.		20,500		669,968

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

6        Invesco International Core Equity Fund

	Shares		Value
Germany–1.78%
Porsche Automobil Holding SE–Pfd.		99,654	$	5,796,532
Total Preferred Stocks (Cost $6,935,478)				6,466,500
Money Market Funds–0.44%
Liquid Assets Portfolio–Institutional Class(d)		712,802		712,802
Premier Portfolio–Institutional Class(d)		712,802		712,802
Total Money Market Funds (Cost $1,425,604)				1,425,604
TOTAL INVESTMENTS–99.54% (Cost $296,943,147)				324,430,033
OTHER ASSETS LESS LIABILITIES–0.46%				1,501,177
NET ASSETS–100.00%			$	325,931,210

Investment Abbreviations:

ADR	– American Depositary Receipt
GDR	– Global Depositary Receipt
NVDR	– Non-Voting Depositary Receipt
Pfd.	– Preferred

Notes to Schedule of Investments:

(a)	Each unit represents 55 common shares and 50 preference shares.
(b)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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, 2010 represented less than 1% of the Fund’s Net Assets.
(c)	Non-income producing security.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Financials	19.8	%
Energy	13.9
Industrials	11.1
Materials	10.0
Consumer Discretionary	9.0
Information Technology	8.9
Telecommunication Services	8.5
Consumer Staples	6.9
Health Care	6.5
Utilities	4.5
Money Market Funds Plus Other Assets Less Liabilities	0.9

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

7        Invesco International Core Equity Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $295,517,543)	$	323,004,429
Investments in affiliated money market funds, at value and cost		1,425,604
Total investments, at value (Cost $296,943,147)		324,430,033
Foreign currencies, at value (Cost $804,185)		811,869
Receivables for:
Investments sold		149,443
Fund shares sold		112,467
Dividends		1,492,401
Investment for trustee deferred compensation and retirement plans		35,912
Other assets		40,899
Total assets		327,073,024
Liabilities:
Payables for:
Investments purchased		468,688
Fund shares reacquired		383,343
Accrued fees to affiliates		96,064
Accrued other operating expenses		119,772
Trustee deferred compensation and retirement plans		73,947
Total liabilities		1,141,814
Net assets applicable to shares outstanding	$	325,931,210
Net assets consist of:
Shares of beneficial interest	$	372,467,577
Undistributed net investment income		1,687,664
Undistributed net realized gain (loss)		(75,708,471	)
Unrealized appreciation		27,484,440
	$	325,931,210
Net Assets:
Class A	$	43,541,266
Class B	$	8,120,220
Class C	$	21,596,209
Class R	$	2,774,359
Class Y	$	1,953,145
Investor Class	$	21,024,731
Institutional Class	$	226,921,280
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		4,111,262
Class B		766,379
Class C		2,091,250
Class R		261,748
Class Y		181,574
Investor Class		1,956,188
Institutional Class		21,424,939
Class A:
Net asset value per share	$	10.59
Maximum offering price per share
(Net asset value of $10.59 divided by 94.50%)	$	11.21
Class B:
Net asset value and offering price per share	$	10.60
Class C:
Net asset value and offering price per share	$	10.33
Class R:
Net asset value and offering price per share	$	10.60
Class Y:
Net asset value and offering price per share	$	10.76
Investor Class:
Net asset value and offering price per share	$	10.75
Institutional Class:
Net asset value and offering price per share	$	10.59

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

8        Invesco International Core Equity Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $433,556)	$	5,109,703
Dividends from affiliated money market funds		3,138
Total investment income		5,112,841
Expenses:
Advisory fees		1,297,566
Administrative services fees		69,545
Custodian fees		66,653
Distribution fees:
Class A		67,268
Class B		46,063
Class C		114,914
Class R		7,199
Investor Class		27,364
Transfer agent fees — A, B, C, R, Y and Investor		180,334
Transfer agent fees — Institutional		2,232
Trustees’ and officers’ fees and benefits		16,084
Other		92,062
Total expenses		1,987,284
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(6,235	)
Net expenses		1,981,049
Net investment income		3,131,792
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		10,502,746
Foreign currencies		(290,161	)
		10,212,585
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,106,065
Foreign currencies		(2,651	)
		2,103,414
Net realized and unrealized gain		12,315,999
Net increase in net assets resulting from operations	$	15,447,791

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

9        Invesco International Core Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	3,131,792		$	6,121,922
Net realized gain (loss)		10,212,585			(58,034,830	)
Change in net unrealized appreciation		2,103,414			120,291,069
Net increase in net assets resulting from operations		15,447,791			68,378,161
Distributions to shareholders from net investment income:
Class A		(995,000	)		(1,477,199	)
Class B		(80,400	)		(214,660	)
Class C		(196,085	)		(436,613	)
Class R		(40,295	)		(58,103	)
Class Y		(37,253	)		(6,890	)
Investor Class		(345,741	)		(664,154	)
Institutional Class		(5,062,018	)		(9,199,911	)
Total distributions from net investment income		(6,756,792	)		(12,057,530	)
Share transactions–net:
Class A		(19,511,862	)		7,759,758
Class B		(2,022,753	)		(2,552,923	)
Class C		(1,929,689	)		(2,390,283	)
Class R		28,980			137,811
Class Y		(65,466	)		1,319,707
Investor Class		(1,023,549	)		(1,660,557	)
Institutional Class		(20,376,280	)		(5,556,241	)
Net increase (decrease) in net assets resulting from share transactions		(44,900,619	)		(2,942,728	)
Net increase (decrease) in net assets		(36,209,620	)		53,377,903
Net assets:
Beginning of period		362,140,830			308,762,927
End of period (includes undistributed net investment income of $1,687,664 and $5,312,664, respectively)	$	325,931,210		$	362,140,830

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco International Core Equity Fund, formerly AIM International Core Equity Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

  The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are

10        Invesco International Core Equity Fund

subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

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

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the

11        Invesco International Core Equity Fund

	laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with 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.

12        Invesco International Core Equity Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $500 million		0	.75%
Next $500 million		0	.65%
From $1 billion		0	.55%
From $2 billion		0	.45%
From $4 billion		0	.40%
From $6 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, 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, 2010, the Adviser waived advisory fees of $4,741.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $196.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2010, 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 B, Class C, Class R, Class Y, Investor Class and Institutional Class 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 B, Class C, Class R and Investor Class shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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, 2010, IDI advised the Fund that IDI retained $6,793 in front-end sales commissions from the sale of Class A shares and $0, $6,852 and $919 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

13        Invesco International Core Equity Fund

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

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Australia	$	—	$	22,932,669	$	—	$	22,932,669
Brazil		3,451,068		—		—		3,451,068
Canada		27,096,587		—		—		27,096,587
China		—		1,859,993		—		1,859,993
Egypt		31,884		—		258,035		289,919
Finland		—		4,483,627		—		4,483,627
France		9,938,219		15,133,764		—		25,071,983
Germany		8,200,564		13,988,311		—		22,188,875
Greece		—		2,976,336		—		2,976,336
Hong Kong		—		13,731,236		—		13,731,236
India		—		1,189,524		—		1,189,524
Indonesia		—		397,957		—		397,957
Ireland		425,489		—		—		425,489
Italy		5,636,527		—		—		5,636,527
Japan		6,456,293		62,622,591		—		69,078,884
Mexico		1,765,343		—		—		1,765,343
Netherlands		4,616,567		5,320,996		—		9,937,563
Norway		—		2,986,537		—		2,986,537
Russia		576,698		581,562		—		1,158,260
South Africa		—		3,017,102		—		3,017,102
South Korea		—		4,714,262		—		4,714,262
Spain		3,224,750		10,616,941		—		13,841,691
Sweden		4,544,323		—		—		4,544,323
Switzerland		—		22,240,265		—		22,240,265
Taiwan		575,304		1,730,274		—		2,305,578
Thailand		284,521		609,621		—		894,142
Turkey		—		367,915		—		367,915
United Kingdom		33,554,676		20,866,098		—		54,420,774
United States		1,425,604		—		—		1,425,604
Total Investments	$	111,804,417	$	212,367,581	$	258,035	$	324,430,033

14        Invesco International Core Equity Fund

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,298.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,247 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	20,482,698
October 31, 2017		59,517,145
Total capital loss carryforward	$	79,999,843

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $64,653,314 and $108,200,571, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	43,833,288
Aggregate unrealized (depreciation) of investment securities		(22,267,615	)
Net unrealized appreciation of investment securities	$	21,565,673
Cost of investments for tax purposes is $302,864,360.

15        Invesco International Core Equity Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		336,897		$	3,630,209			2,652,626		$	23,534,432
Class B		37,131			398,084			171,963			1,509,862
Class C		121,180			1,268,845			380,187			3,039,130
Class R		95,733			1,033,562			115,695			973,520
Class Y		49,606			540,612			335,096			2,903,966
Investor Class		96,924			1,050,078			191,266			1,665,913
Institutional Class		624,445			6,708,275			2,271,862			20,445,456
Issued as reinvestment of dividends:
Class A		89,744			955,767			176,691			1,406,458
Class B		7,276			77,708			25,633			204,806
Class C		16,614			172,952			49,826			388,149
Class R		3,614			38,562			7,265			57,974
Class Y		3,147			34,024			848			6,847
Investor Class		31,230			337,598			73,854			596,746
Institutional Class		476,201			5,062,018			1,158,679			9,199,911
Automatic conversion of Class B shares to Class A shares:
Class A		75,507			799,352			157,367			1,365,416
Class B		(75,459	)		(799,352	)		(157,434	)		(1,365,416	)
Reacquired:(b)
Class A		(2,370,397	)		(24,897,190	)		(2,230,590	)		(18,546,548	)
Class B		(160,349	)		(1,699,193	)		(356,337	)		(2,902,175	)
Class C		(322,886	)		(3,371,486	)		(714,815	)		(5,817,562	)
Class R		(98,647	)		(1,043,144	)		(103,184	)		(893,683	)
Class Y		(59,900	)		(640,102	)		(168,370	)		(1,591,106	)
Investor Class		(222,379	)		(2,411,225	)		(466,283	)		(3,923,216	)
Institutional Class		(2,952,251	)		(32,146,573	)		(4,231,916	)		(35,201,608	)
Net increase (decrease) in share activity		(4,197,019	)	$	(44,900,619	)		(660,071	)	$	(2,942,728	)

(a)	64% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.
(b)	Net of redemption fees of $10,353 and $2,639 for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

16        Invesco International Core Equity Fund

NOTE 10—Financial Highlights

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

																											Ratio of			Ratio of
					Net gains																						expenses			expenses
					(losses) on																						to average			to average net			Ratio of net
	Net asset		Net		securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment		(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		income		realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)		unrealized)			operations			income			gains			Distributions			of period(b)		Return(c)			(000s omitted)		absorbed			absorbed			net assets			turnover(d)
Class A
Six months ended 04/30/10	$	10.34	$	0.08	$	0.34		$	0.42		$	(0.17	)	$	—		$	(0.17	)	$	10.59		4.05	%	$	43,541		1.46	%(e)		1.46	%(e)		1.50	%(e)		19	%
Year ended 10/31/09		8.63		0.14		1.87			2.01			(0.30	)		—			(0.30	)		10.34		24.35			61,810		1.62			1.62			1.63			43
Year ended 10/31/08		16.77		0.28		(7.01	)		(6.73	)		(0.18	)		(1.23	)		(1.41	)		8.63		(43.45	)		45,100		1.45			1.45			2.13			38
Year ended 10/31/07		14.44		0.22		2.75			2.97			(0.22	)		(0.42	)		(0.64	)		16.77		21.26			96,961		1.41			1.41			1.46			27
Year ended 10/31/06		11.90		0.25		2.77			3.02			(0.10	)		(0.38	)		(0.48	)		14.44		26.12			118,943		1.52			1.52			1.88			21
Year ended 10/31/05		10.52		0.14		1.32			1.46			(0.08	)		—			(0.08	)		11.90		13.89			90,022		1.56			1.56			1.20			21
Class B
Six months ended 04/30/10		10.30		0.04		0.35			0.39			(0.09	)		—			(0.09	)		10.60		3.75			8,120		2.21	(e)		2.21	(e)		0.75	(e)		19
Year ended 10/31/09		8.54		0.08		1.86			1.94			(0.18	)		—			(0.18	)		10.30		23.26			9,864		2.37			2.37			0.88			43
Year ended 10/31/08		16.58		0.18		(6.93	)		(6.75	)		(0.06	)		(1.23	)		(1.29	)		8.54		(43.79	)		10,873		2.20			2.20			1.38			38
Year ended 10/31/07		14.30		0.11		2.71			2.82			(0.12	)		(0.42	)		(0.54	)		16.58		20.25			32,592		2.16			2.16			0.71			27
Year ended 10/31/06		11.79		0.14		2.76			2.90			(0.01	)		(0.38	)		(0.39	)		14.30		25.28			31,818		2.27			2.27			1.13			21
Year ended 10/31/05		10.43		0.06		1.31			1.37			(0.01	)		—			(0.01	)		11.79		13.11			28,785		2.25			2.25			0.51			21
Class C
Six months ended 04/30/10		10.04		0.04		0.34			0.38			(0.09	)		—			(0.09	)		10.33		3.75			21,596		2.21	(e)		2.21	(e)		0.75	(e)		19
Year ended 10/31/09		8.33		0.07		1.82			1.89			(0.18	)		—			(0.18	)		10.04		23.25			22,854		2.37			2.37			0.88			43
Year ended 10/31/08		16.21		0.18		(6.77	)		(6.59	)		(0.06	)		(1.23	)		(1.29	)		8.33		(43.80	)		21,323		2.20			2.20			1.38			38
Year ended 10/31/07		13.98		0.11		2.66			2.77			(0.12	)		(0.42	)		(0.54	)		16.21		20.36			50,234		2.16			2.16			0.71			27
Year ended 10/31/06		11.54		0.14		2.69			2.83			(0.01	)		(0.38	)		(0.39	)		13.98		25.22			42,906		2.27			2.27			1.13			21
Year ended 10/31/05		10.22		0.06		1.28			1.34			(0.02	)		—			(0.02	)		11.54		13.11			38,108		2.25			2.25			0.51			21
Class R
Six months ended 04/30/10		10.33		0.06		0.35			0.41			(0.14	)		—			(0.14	)		10.60		3.98			2,774		1.71	(e)		1.71	(e)		1.25	(e)		19
Year ended 10/31/09		8.61		0.12		1.86			1.98			(0.26	)		—			(0.26	)		10.33		23.88			2,697		1.87			1.87			1.38			43
Year ended 10/31/08		16.72		0.24		(6.98	)		(6.74	)		(0.14	)		(1.23	)		(1.37	)		8.61		(43.55	)		2,077		1.70			1.70			1.88			38
Year ended 10/31/07		14.40		0.18		2.74			2.92			(0.18	)		(0.42	)		(0.60	)		16.72		20.97			4,286		1.66			1.66			1.21			27
Year ended 10/31/06		11.87		0.21		2.77			2.98			(0.07	)		(0.38	)		(0.45	)		14.40		25.86			3,560		1.77			1.77			1.63			21
Year ended 10/31/05		10.51		0.12		1.31			1.43			(0.07	)		—			(0.07	)		11.87		13.64			2,622		1.75			1.75			1.01			21
Class Y
Six months ended 04/30/10		10.51		0.09		0.36			0.45			(0.20	)		—			(0.20	)		10.76		4.23			1,953		1.21	(e)		1.21	(e)		1.75	(e)		19
Year ended 10/31/09		8.75		0.18		1.88			2.06			(0.30	)		—			(0.30	)		10.51		24.61			1,983		1.37			1.37			1.88			43
Year ended 10/31/08(f)		10.45		0.01		(1.71	)		(1.70	)		—			—			—			8.75		(16.27	)		185		1.30	(g)		1.30	(g)		2.28	(g)		38
Investor Class
Six months ended 04/30/10		10.49		0.08		0.35			0.43			(0.17	)		—			(0.17	)		10.75		4.08			21,025		1.46	(e)		1.46	(e)		1.50	(e)		19
Year ended 10/31/09		8.75		0.14		1.90			2.04			(0.30	)		—			(0.30	)		10.49		24.35			21,500		1.62			1.62			1.63			43
Year ended 10/31/08		16.98		0.28		(7.10	)		(6.82	)		(0.18	)		(1.23	)		(1.41	)		8.75		(43.44	)		19,710		1.45			1.45			2.13			38
Year ended 10/31/07		14.61		0.23		2.78			3.01			(0.22	)		(0.42	)		(0.64	)		16.98		21.29			44,428		1.41			1.41			1.46			27
Year ended 10/31/06		12.04		0.25		2.80			3.05			(0.10	)		(0.38	)		(0.48	)		14.61		26.11			44,674		1.52			1.52			1.88			21
Year ended 10/31/05		10.64		0.15		1.33			1.48			(0.08	)		—			(0.08	)		12.04		13.92			46,988		1.50			1.50			1.26			21
Institutional Class
Six months ended 04/30/10		10.37		0.11		0.35			0.46			(0.24	)		—			(0.24	)		10.59		4.40			226,921		0.89	(e)		0.89	(e)		2.07	(e)		19
Year ended 10/31/09		8.70		0.20		1.86			2.06			(0.39	)		—			(0.39	)		10.37		25.10			241,432		0.94			0.94			2.31			43
Year ended 10/31/08		16.89		0.35		(7.05	)		(6.70	)		(0.26	)		(1.23	)		(1.49	)		8.70		(43.08	)		209,494		0.87			0.87			2.71			38
Year ended 10/31/07		14.54		0.31		2.75			3.06			(0.29	)		(0.42	)		(0.71	)		16.89		21.89			405,507		0.88			0.88			1.99			27
Year ended 10/31/06		11.97		0.33		2.78			3.11			(0.16	)		(0.38	)		(0.54	)		14.54		26.86			193,959		0.95			0.95			2.45			21
Year ended 10/31/05		10.56		0.21		1.32			1.53			(0.12	)		—			(0.12	)		11.97		14.53			73,018		0.98			0.98			1.78			21

(a)	Calculated using average shares outstanding.
(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(c)	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.
(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $54,260, $9,289, $23,173, $2,904, $1,963, $22,073 and $235,223 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

17        Invesco International Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,040.50	$	7.39	$	1,017.55	$	7.30		1.46	%
B		1,000.00		1,037.50		11.16		1,013.84		11.04		2.21
C		1,000.00		1,037.50		11.16		1,013.84		11.04		2.21
R		1,000.00		1,039.80		8.65		1,016.31		8.55		1.71
Y		1,000.00		1,042.30		6.13		1,018.79		6.06		1.21
Investor		1,000.00		1,040.80		7.39		1,017.55		7.30		1.46
Institutional		1,000.00		1,044.00		4.51		1,020.38		4.46		0.89

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18        Invesco International Core Equity Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

I-ICE-SAR-1 Invesco Distributors, Inc.

Invesco International Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM International Growth Fund was renamed Invesco International Growth Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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, 10/31/09 to 4/30/10, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	7.60	%
Class B Shares	7.19
Class C Shares	7.19
Class R Shares	7.42
Class Y Shares	7.70
Institutional Class Shares	7.81
MSCI EAFE Index6 (Broad Market Index)	2.48
MSCI EAFE Growth Index6 (Style-Specific Index)	4.59
Lipper International Multi-Cap Growth Funds Index6 (Peer Group Index)	9.03

⁶ Lipper Inc.

The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East.

     The MSCI EAFE^® Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East.

     The Lipper International Multi-Cap Growth Funds Index is an unmanaged index considered representative of international multi-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                    Invesco International Growth Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (4/7/92)	7.67	%
10 Years	1.12
5 Years	6.07
1 Year	27.86
Class B Shares
Inception (9/15/94)	5.93	%
10 Years	1.11
5 Years	6.16
1 Year	29.25
Class C Shares
Inception (8/4/97)	3.81	%
10 Years	0.96
5 Years	6.47
1 Year	33.22
Class R Shares
10 Years	1.43	%
5 Years	7.00
1 Year	34.97
Class Y Shares
10 Years	1.74	%
5 Years	7.36
1 Year	35.60
Institutional Class Shares
Inception (3/15/02)	8.40	%
5 Years	7.77
1 Year	35.87

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable 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

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (4/7/92)	7.75	%
10 Years	0.35
5 Years	5.57
1 Year	37.79
Class B Shares
Inception (9/15/94)	6.02	%
10 Years	0.34
5 Years	5.66
1 Year	39.63
Class C Shares
Inception (8/4/97)	3.91	%
10 Years	0.19
5 Years	5.98
1 Year	43.67
Class R Shares
10 Years	0.65	%
5 Years	6.51
1 Year	45.38
Class Y Shares
10 Years	0.96	%
5 Years	6.86
1 Year	46.14
Institutional Class Shares
Inception (3/15/02)	8.59	%
5 Years	7.27
1 Year	46.39

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 total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares was 1.53%, 2.28%, 2.28%, 1.78%, 1.28% and 1.05%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The

CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Institutional 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.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3                    Invesco International Growth Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,


Bruce L. Crockett

Independent Chair, Invesco Funds Board of Trustees

    Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

4                    Invesco International Growth Fund

Schedule of Investments

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.80%
Australia–5.54%
BHP Billiton Ltd.		1,641,551	$	59,956,983
Cochlear Ltd.		693,982		47,278,311
CSL Ltd.		1,018,171		30,508,465
QBE Insurance Group Ltd.		1,548,150		30,117,143
Woolworths Ltd.		931,480		23,216,745
				191,077,647
Belgium–1.75%
Anheuser-Busch InBev N.V.		1,240,760		60,374,288
Brazil–0.71%
Banco Bradesco S.A.–ADR		1,319,609		24,571,120
Canada–6.57%
Bombardier Inc.–Class B		4,775,544		24,862,344
Canadian National Railway Co.		454,575		27,195,762
Canadian Natural Resources Ltd.		399,022		30,709,104
Cenovus Energy Inc.		1,009,746		29,703,088
EnCana Corp.		754,430		24,939,773
Fairfax Financial Holdings Ltd.		71,944		27,259,561
Suncor Energy, Inc.		931,052		31,786,432
Talisman Energy Inc.		1,760,254		29,935,232
				226,391,296
China–1.20%
Industrial and Commercial Bank of China Ltd.–Class H		56,360,000		41,345,053
Denmark–1.57%
Novo Nordisk A.S.–Class B		662,766		54,132,528
France–4.41%
AXA S.A.		1,200,423		23,861,639
BNP Paribas		585,377		40,235,134
Danone S.A.		558,473		32,964,473
Eutelsat Communications		482,715		17,209,544
Total S.A.		695,143		37,669,108
				151,939,898
Germany–6.82%
Adidas AG		735,264		43,176,788
Bayer AG		781,842		50,047,163
Bayerische Motoren Werke AG		1,036,636		50,796,061
Fresenius Medical Care AG & Co. KGaA		416,559		22,585,279
Puma AG Rudolf Dassler Sport		130,914		43,830,794
SAP AG		515,825		24,851,155
				235,287,240
Hong Kong–2.61%
Esprit Holdings Ltd.		3,697,852		26,462,449
Hutchison Whampoa Ltd.		5,860,000		40,152,624
Li & Fung Ltd.		4,798,000		23,314,531
				89,929,604
India–2.34%
Bharat Heavy Electricals Ltd.		404,755		22,695,605
Infosys Technologies Ltd.		944,455		57,801,883
				80,497,488
Israel–2.80%
Teva Pharmaceutical Industries Ltd.–ADR		1,644,363		96,573,439
Italy–2.06%
Finmeccanica S.p.A.		3,034,960		38,832,855
UniCredito Italiano S.p.A.		12,291,612		32,240,142
				71,072,997
Japan–6.99%
Denso Corp.		930,200		26,944,359
Fanuc Ltd.		316,900		37,475,896
Hoya Corp.		1,246,500		34,277,405
Keyence Corp.		134,300		32,021,104
Komatsu Ltd.		1,128,700		22,773,031
Nidec Corp.		529,400		54,821,860
Toyota Motor Corp.		848,700		32,768,150
				241,081,805
Mexico–2.91%
America Movil S.A.B de C.V.–Series L–ADR		1,258,211		64,772,702
Grupo Televisa S.A.–ADR		1,713,596		35,608,525
				100,381,227
Netherlands–4.39%
Koninklijke (Royal) KPN N.V.		2,386,734		35,686,285
Koninklijke Ahold N.V.		2,826,599		38,840,523
TNT N.V.		1,367,545		42,026,053
Unilever N.V.		1,138,797		34,803,906
				151,356,767
Norway–0.60%
Petroleum Geo-Services A.S.A.(a)		1,512,838		20,654,027

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

5        Invesco International Growth Fund

	Shares		Value
Philippines–1.36%
Philippine Long Distance Telephone Co.		837,990	$	46,846,407
Russia–0.98%
Gazprom–ADR		1,447,919		33,609,571
Singapore–3.09%
Keppel Corp. Ltd.		7,188,000		51,059,116
United Overseas Bank Ltd.		3,797,000		55,628,367
				106,687,483
South Korea–1.62%
Hyundai Mobis		335,253		55,677,375
Spain–0.92%
Telefonica S.A.		1,405,142		31,556,188
Switzerland–6.72%
Nestle S.A.		1,343,974		65,588,923
Novartis AG		303,174		15,467,588
Roche Holding AG		525,185		83,008,705
Sonova Holding AG		143,466		17,903,256
Syngenta AG		195,564		49,656,703
				231,625,175
Taiwan–2.80%
Hon Hai Precision Industry Co., Ltd.		6,328,000		29,556,889
MediaTek Inc.		1,474,000		24,797,909
Taiwan Semiconductor Manufacturing Co. Ltd.		21,697,887		42,319,739
				96,674,537
Turkey–0.82%
Akbank T.A.S.		5,715,836		28,361,258
United Kingdom–19.22%
BAE Systems PLC		610,780		3,209,991
BG Group PLC		2,095,745		35,180,928
British American Tobacco PLC		1,244,333		39,099,546
Capita Group PLC		1,551,657		18,941,918
Centrica PLC		7,317,316		32,788,717
Compass Group PLC		6,749,699		55,084,374
Imperial Tobacco Group PLC		2,249,952		64,261,702
Informa PLC		5,210,024		31,626,129
International Power PLC		9,265,733		46,806,854
Next PLC		531,798		18,670,848
Reckitt Benckiser Group PLC		1,409,787		73,155,764
Reed Elsevier PLC		3,666,265		28,856,516
Shire PLC		2,891,216		63,823,634
Smith & Nephew PLC		1,570,485		16,300,408
Tesco PLC		7,688,778		51,138,216
Vodafone Group PLC		24,005,387		53,377,521
WPP PLC		2,869,487		30,502,512
				662,825,578
Total Common Stocks & Other Equity Interests (Cost $2,487,182,287)				3,130,529,996
Preferred Stocks–0.99%
Brazil–0.99%
Petroleo Brasileiro S.A.–ADR–Pfd. (Cost $17,029,973)		902,032		34,223,094
Money Market Funds–7.11%
Liquid Assets Portfolio–Institutional Class(b)		122,576,413		122,576,413
Premier Portfolio–Institutional Class(b)		122,576,413		122,576,413
Total Money Market Funds (Cost $245,152,826)				245,152,826
TOTAL INVESTMENTS–98.90% (Cost $2,749,365,086)				3,409,905,916
OTHER ASSETS LESS LIABILITIES–1.10%				37,913,133
NET ASSETS–100.00%			$	3,447,819,049

Investment Abbreviations:

ADR	– American Depositary Receipt
Pfd.	– Preferred

Notes to Schedule of Investments:

(a)	Non-income producing security.
(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

6        Invesco International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Consumer Discretionary	15.1	%
Health Care	14.4
Consumer Staples	14.0
Industrials	9.6
Energy	9.0
Financials	8.8
Information Technology	8.7
Telecommunication Services	6.7
Materials	3.2
Utilities	2.3
Money Market Funds Plus Other Assets Less Liabilities	8.2

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

7        Invesco International Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $2,504,212,260)	$	3,164,753,090
Investments in affiliated money market funds, at value and cost		245,152,826
Total investments, at value (Cost $2,749,365,086)		3,409,905,916
Cash		9,425,129
Foreign currencies, at value (Cost $45,715,449)		46,530,818
Receivables for:
Investments sold		13,358,703
Fund shares sold		12,214,874
Dividends		14,139,534
Fund expenses absorbed		8,889
Investment for trustee deferred compensation and retirement plans		89,186
Other assets		87,929
Total assets		3,505,760,978
Liabilities:
Payables for:
Investments purchased		44,857,306
Fund shares reacquired		10,476,328
Accrued fees to affiliates		1,881,681
Accrued other operating expenses		366,005
Trustee deferred compensation and retirement plans		360,609
Total liabilities		57,941,929
Net assets applicable to shares outstanding	$	3,447,819,049
Net assets consist of:
Shares of beneficial interest	$	2,954,181,217
Undistributed net investment income		14,832,331
Undistributed net realized gain (loss)		(182,829,970	)
Unrealized appreciation		661,635,471
	$	3,447,819,049
Net Assets:
Class A	$	1,895,438,688
Class B	$	55,975,919
Class C	$	143,547,117
Class R	$	103,259,839
Class Y	$	114,749,302
Institutional Class	$	1,134,848,184
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		76,128,860
Class B		2,423,323
Class C		6,209,074
Class R		4,187,865
Class Y		4,599,661
Institutional Class		44,972,950
Class A:
Net asset value per share	$	24.90
Maximum offering price per share (Net asset value of $24.90 divided by 94.50%)	$	26.35
Class B:
Net asset value and offering price per share	$	23.10
Class C:
Net asset value and offering price per share	$	23.12
Class R:
Net asset value and offering price per share	$	24.66
Class Y:
Net asset value and offering price per share	$	24.95
Institutional Class:
Net asset value and offering price per share	$	25.23

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

8        Invesco International Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,394,839)	$	36,794,686
Dividends from affiliated money market funds		132,768
Total investment income		36,927,454
Expenses:
Advisory fees		14,159,339
Administrative services fees		296,924
Custodian fees		789,864
Distribution fees:
Class A		2,325,506
Class B		302,772
Class C		723,757
Class R		190,911
Transfer agent fees — A, B, C, R and Y		2,490,989
Transfer agent fees — Institutional		294,130
Trustees’ and officers’ fees and benefits		61,222
Other		283,097
Total expenses		21,918,511
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(217,989	)
Net expenses		21,700,522
Net investment income		15,226,932
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		27,403,133
Foreign currencies		(375,624	)
		27,027,509
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes on holdings of $310,448)		187,879,881
Foreign currencies		473,046
		188,352,927
Net realized and unrealized gain		215,380,436
Net increase in net assets resulting from operations	$	230,607,368

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

9        Invesco International Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	15,226,932		$	31,642,543
Net realized gain (loss)		27,027,509			(174,435,656	)
Change in net unrealized appreciation		188,352,927			727,597,063
Net increase in net assets resulting from operations		230,607,368			584,803,950
Distributions to shareholders from net investment income:
Class A		(22,032,217	)		(30,050,904	)
Class B		(408,547	)		(549,705	)
Class C		(943,994	)		(889,900	)
Class R		(705,248	)		(569,057	)
Class Y		(997,224	)		(53,455	)
Institutional Class		(15,085,528	)		(14,874,374	)
Total distributions from net investment income		(40,172,758	)		(46,987,395	)
Distributions to shareholders from net realized gains:
Share transactions-net:
Class A		49,194,465			(39,175,497	)
Class B		(9,549,834	)		(27,635,181	)
Class C		(4,370,549	)		(11,093,398	)
Class R		36,028,548			18,029,831
Class Y		48,076,275			41,132,732
Institutional Class		159,277,499			240,543,830
Net increase in net assets resulting from share transactions		278,656,404			221,802,317
Net increase in net assets		469,091,014			759,618,872
Net assets:
Beginning of period		2,978,728,035			2,219,109,163
End of period (includes undistributed net investment income of $14,832,331 and $39,778,157, respectively)	$	3,447,819,049		$	2,978,728,035

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco International Growth Fund, formerly AIM International Growth Fund, (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), formerly AIM 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 consisting of six separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class R, Class Y and Institutional Class. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class R, Class Y and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

10        Invesco International Growth Fund

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

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income 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 realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be

11        Invesco International Growth Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with 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.

12        Invesco International Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

  Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y and Institutional Class shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00% and 2.00%, respectively, of 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation..

  Further, the Adviser has contractually agreed, through at least June 30, 2010, 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, 2010, the Adviser waived advisory fees of $204,834.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $1,788.

  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, 2010, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2010, 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 B, Class C, Class R, Class Y and Institutional Class 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, 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, 2010, IDI advised the Fund that IDI retained $62,948 in front-end sales commissions from the sale of Class A shares and $12,404, $61,004 and $5,172 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

13        Invesco International Growth Fund

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

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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
Australia	$	30,508,465	$	160,569,182	$	—	$	191,077,647
Belgium		—		60,374,288		—		60,374,288
Brazil		58,794,214		—		—		58,794,214
Canada		226,391,296		—		—		226,391,296
China		—		41,345,053		—		41,345,053
Denmark		—		54,132,528		—		54,132,528
France		—		151,939,898		—		151,939,898
Germany		72,632,442		162,654,798		—		235,287,240
Hong Kong		—		89,929,604		—		89,929,604
India		—		80,497,488		—		80,497,488
Israel		96,573,439		—		—		96,573,439
Italy		—		71,072,997		—		71,072,997
Japan		54,821,860		186,259,945		—		241,081,805
Mexico		100,381,227		—		—		100,381,227
Netherlands		80,866,576		70,490,191		—		151,356,767
Norway		—		20,654,027		—		20,654,027
Philippines		—		46,846,407		—		46,846,407
Russia		—		33,609,571		—		33,609,571
Singapore		—		106,687,483		—		106,687,483
South Korea		—		55,677,375		—		55,677,375
Spain		—		31,556,188		—		31,556,188
Switzerland		100,911,961		130,713,214		—		231,625,175
Taiwan		—		96,674,537		—		96,674,537
Turkey		—		28,361,258		—		28,361,258
United Kingdom		299,715,897		363,109,681		—		662,825,578
United States		245,152,826		—		—		245,152,826
Total Investments	$	1,366,750,203	$	2,043,155,713	$	—	$	3,409,905,916

14        Invesco International Growth Fund

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities purchases of $64,214.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $11,367.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $3,391 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) 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 generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	23,251,725
October 31, 2017		186,142,179
Total capital loss carryforward	$	209,393,904

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2010 was $579,182,578 and $335,439,691, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	758,933,071
Aggregate unrealized (depreciation) of investment securities		(98,855,816	)
Net unrealized appreciation of investment securities	$	660,077,255
Cost of investments for tax purposes is $2,749,828,661.

15        Invesco International Growth Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		9,922,523		$	244,374,994			29,993,460		$	598,120,177
Class B		149,475			3,425,512			342,204			6,234,030
Class C		544,916			12,485,234			1,503,171			28,129,181
Class R		1,936,739			48,014,027			1,665,778			33,210,045
Class Y		2,454,061			60,659,418			5,159,318			102,994,361
Institutional Class		9,539,015			238,595,145			18,409,904			375,160,439
Issued as reinvestment of dividends:
Class A		771,653			18,882,362			1,521,665			27,146,524
Class B		16,967			386,168			31,079			516,839
Class C		38,058			866,964			49,591			825,695
Class R		29,078			705,128			32,142			568,908
Class Y		31,679			775,808			2,893			51,635
Institutional Class		567,637			14,054,686			800,447			14,432,059
Automatic conversion of Class B shares to Class A shares:
Class A		301,897			7,386,922			941,301			17,991,546
Class B		(325,148	)		(7,386,922	)		(1,010,183	)		(17,991,546	)
Reacquired:(b)
Class A		(8,960,591	)		(221,449,813	)		(34,664,924	)		(682,433,744	)
Class B		(260,994	)		(5,974,592	)		(942,074	)		(16,394,504	)
Class C		(778,373	)		(17,722,747	)		(2,287,675	)		(40,048,274	)
Class R		(519,822	)		(12,690,607	)		(807,857	)		(15,749,122	)
Class Y		(541,394	)		(13,358,951	)		(2,640,152	)		(61,913,264	)
Institutional Class		(3,726,913	)		(93,372,332	)		(7,821,889	)		(149,048,668	)
Net increase in share activity		11,190,463		$	278,656,404			10,278,199		$	221,802,317

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Net of redemption fees of $77,596 and $124,805 allocated among the classes based on relative net assets of each class for the six months ended April 30, 2010 and the year ended October 31, 2009, respectively.

16        Invesco International Growth Fund

NOTE 11—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period(b)		Return(c)			(000s omitted)		absorbed			absorbed			net assets			turnover(d)
Class A
Six months ended 04/30/10	$	23.41	$	0.10		$	1.68		$	1.78		$	(0.29	)	$	—		$	(0.29	)	$	24.90		7.64	%	$	1,895,439		1.42	%(e)		1.43	%(e)		0.85	%(e)		11	%
Year ended 10/31/09		19.04		0.24			4.52			4.76			(0.39	)		—			(0.39	)		23.41		25.65			1,734,895		1.49			1.51			1.24			26
Year ended 10/31/08		36.57		0.40			(15.91	)		(15.51	)		(0.18	)		(1.84	)		(2.02	)		19.04		(47.34	)		1,452,469		1.44			1.45			1.38			38
Year ended 10/31/07		27.85		0.28			8.72			9.00			(0.19	)		(0.09	)		(0.28	)		36.57		32.55			2,899,666		1.44			1.47			0.87			22
Year ended 10/31/06		21.63		0.14			6.26			6.40			(0.18	)		—			(0.18	)		27.85		29.73			1,908,453		1.54			1.58			0.53			37
Year ended 10/31/05		18.16		0.11			3.36			3.47			—			—			—			21.63		19.11			1,447,049		1.69			1.74			0.54			37
Class B
Six months ended 04/30/10		21.68		0.01			1.56			1.57			(0.15	)		—			(0.15	)		23.10		7.24			55,976		2.17	(e)		2.18	(e)		0.10	(e)		11
Year ended 10/31/09		17.52		0.09			4.20			4.29			(0.13	)		—			(0.13	)		21.68		24.72			61,649		2.24			2.26			0.49			26
Year ended 10/31/08		33.88		0.17			(14.69	)		(14.52	)		—			(1.84	)		(1.84	)		17.52		(45.03	)		77,465		2.19			2.20			0.63			38
Year ended 10/31/07		25.84		0.03			8.10			8.13			—			(0.09	)		(0.09	)		33.88		31.55			252,203		2.19			2.22			0.12			22
Year ended 10/31/06		20.08		(0.05	)		5.83			5.78			(0.02	)		—			(0.02	)		25.84		28.80			247,939		2.29			2.33			(0.22	)		37
Year ended 10/31/05		16.99		(0.03	)		3.12			3.09			—			—			—			20.08		18.19			250,056		2.41			2.46			(0.18	)		37
Class C
Six months ended 04/30/10		21.70		0.01			1.56			1.57			(0.15	)		—			(0.15	)		23.12		7.23			143,547		2.17	(e)		2.18	(e)		0.10	(e)		11
Year ended 10/31/09		17.53		0.09			4.21			4.30			(0.13	)		—			(0.13	)		21.70		24.76			139,000		2.24			2.26			0.49			26
Year ended 10/31/08		33.91		0.17			(14.71	)		(14.54	)		—			(1.84	)		(1.84	)		17.53		(45.05	)		125,172		2.19			2.20			0.63			38
Year ended 10/31/07		25.86		0.03			8.11			8.14			—			(0.09	)		(0.09	)		33.91		31.57			274,266		2.19			2.22			0.12			22
Year ended 10/31/06		20.10		(0.05	)		5.83			5.78			(0.02	)		—			(0.02	)		25.86		28.78			183,360		2.29			2.33			(0.22	)		37
Year ended 10/31/05		17.00		(0.03	)		3.13			3.10			—			—			—			20.10		18.24			132,387		2.41			2.46			(0.18	)		37
Class R
Six months ended 04/30/10		23.18		0.07			1.66			1.73			(0.25	)		—			(0.25	)		24.66		7.47			103,260		1.67	(e)		1.68	(e)		0.60	(e)		11
Year ended 10/31/09		18.80		0.20			4.49			4.69			(0.31	)		—			(0.31	)		23.18		25.44			63,544		1.74			1.76			0.99			26
Year ended 10/31/08		36.18		0.32			(15.74	)		(15.42	)		(0.12	)		(1.84	)		(1.96	)		18.80		(44.78	)		34,821		1.69			1.70			1.13			38
Year ended 10/31/07		27.58		0.20			8.63			8.83			(0.14	)		(0.09	)		(0.23	)		36.18		32.21			48,321		1.69			1.72			0.62			22
Year ended 10/31/06		21.43		0.07			6.21			6.28			(0.13	)		—			(0.13	)		27.58		29.41			19,070		1.79			1.83			0.28			37
Year ended 10/31/05		18.04		0.07			3.32			3.39			—			—			—			21.43		18.79			8,700		1.91			1.96			0.32			37
Class Y
Six months ended 04/30/10		23.48		0.13			1.68			1.81			(0.34	)		—			(0.34	)		24.95		7.75			114,749		1.17	(e)		1.18	(e)		1.10	(e)		11
Year ended 10/31/09		19.04		0.32			4.52			4.84			(0.40	)		—			(0.40	)		23.48		26.05			62,343		1.24			1.26			1.49			26
Year ended 10/31/08(f)		22.36		0.02			(3.34	)		(3.32	)		—			—			—			19.04		(14.85	)		2,537		1.25	(g)		1.27	(g)		1.57	(g)		38
Institutional Class
Six months ended 04/30/10		23.77		0.16			1.69			1.85			(0.39	)		—			(0.39	)		25.23		7.81			1,134,848		1.00	(e)		1.01	(e)		1.27	(e)		11
Year ended 10/31/09		19.36		0.35			4.58			4.93			(0.52	)		—			(0.52	)		23.77		26.32			917,297		1.01			1.03			1.72			26
Year ended 10/31/08		37.14		0.52			(16.17	)		(15.65	)		(0.29	)		(1.84	)		(2.13	)		19.36		(44.38	)		526,647		1.03			1.04			1.79			38
Year ended 10/31/07		28.26		0.42			8.84			9.26			(0.29	)		(0.09	)		(0.38	)		37.14		33.13			833,977		1.02			1.05			1.30			22
Year ended 10/31/06		21.97		0.25			6.35			6.60			(0.31	)		—			(0.31	)		28.26		30.32			288,408		1.08			1.12			0.99			37
Year ended 10/31/05		18.34		0.25			3.38			3.63			—			—			—			21.97		19.79			98,912		1.07			1.12			1.16			37

(a)	Calculated using average shares outstanding.
(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(c)	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.
(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,875,822, $61,056, $145,951, $76,997, $84,648, and $1,047,845 for Class A, Class B, Class C, Class R, Class Y, and Institutional Class shares, respectively.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

17        Invesco International Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,076.00	$	7.31	$	1,017.75	$	7.10		1.42	%
B		1,000.00		1,071.90		11.15		1,014.03		10.84		2.17
C		1,000.00		1,071.90		11.15		1,014.03		10.84		2.17
R		1,000.00		1,074.20		8.59		1,016.51		8.35		1.67
Y		1,000.00		1,077.00		6.03		1,018.99		5.86		1.17
Institutional		1,000.00		1,078.10		5.15		1,019.84		5.01		1.00

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18        Invesco International Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-06463 and 033-44611.

     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/proxyguidelines. 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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

IGR-SAR-1          Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this 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 10, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 10, 2010, 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 second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a)(1)	Not applicable.
12(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.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer

Date: July 8, 2010

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/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer

Date: July 8, 2010

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer

Date: July 8, 2010

EXHIBIT INDEX

12(a) (1)	Not applicable.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

EX-99.CERT

I, Philip A. Taylor, 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(s) 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 consolidating 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 this registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing 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: July 8, 2010	/s/ Philip A. Taylor
	Philip A. Taylor, Principal Executive Officer

I, Sheri Morris, Principal Financial 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(s) 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 consolidating 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 this registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing 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: July 8, 2010	/s/ Sheri Morris
	Sheri Morris, Principal Financial Officer

EX-99.906CERT

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, 2010, as filed with the Securities and Exchange Commission (the “Report”), I, Philip A. Taylor, 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: July 8, 2010	/s/ Philip A. Taylor
	Philip A. Taylor, Principal Executive Officer

     A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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, 2010, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, 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: July 8, 2010	/s/ Sheri Morris
	Sheri Morris, Principal Financial Officer

     A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.