N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-06463
AIM International Mutual Funds (Invesco International Mutual Funds)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris      11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)

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

Date of fiscal year end:	10/31
Date of reporting period:	04/30/20

Item 1. Reports to Stockholders.

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Asia Pacific Growth Fund
	Nasdaq:
	A: ASIAX ∎ C: ASICX ∎ Y: ASIYX ∎ R6: ASISX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for
those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Asia Pacific Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-6.02%
Class C Shares	-6.36
Class Y Shares	-5.89
Class R6 Shares	-5.81
MSCI All Country Asia Pacific ex-Japan Indexq (Broad Market/Style-Specific Index)	-7.50
Lipper Pacific ex-Japan Funds Index∎ (Peer Group Index)	-4.47
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country Asia Pacific ex-Japan Index is an unmanaged index considered representative of Asia Pacific region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for nonresident investors.
The Lipper Pacific ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex-Japan funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Asia Pacific Growth Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	8.00	%
10 Years	5.80
5 Years	1.58
1 Year	-11.52
Class C Shares
Inception (11/3/97)	7.92	%
10 Years	5.61
5 Years	1.97
1 Year	-7.91
Class Y Shares
Inception (10/3/08)	9.81	%
10 Years	6.66
5 Years	3.00
1 Year	-6.11
Class R6 Shares
10 Years	6.54	%
5 Years	3.01
1 Year	-5.92

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

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

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

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

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

4                     Invesco Asia Pacific Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Asia Pacific Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-92.67%
Australia-1.69%
CSL Ltd.		52,753	$  10,456,477
China-39.34%
Alibaba Group Holding Ltd., ADR(a)		151,098	30,623,032
Angel Yeast Co. Ltd., A Shares		2,881,100	14,993,965
China Mengniu Dairy Co. Ltd.(a)		6,579,000	23,165,032
Henan Shuanghui Investment & Development Co. Ltd., A Shares		2,283,324	13,083,922
Industrial & Commercial Bank of China Ltd., H Shares		10,736,000	7,206,920
JD.com, Inc., ADR(a)		333,188	14,360,403
Kweichow Moutai Co. Ltd., A Shares		25,427	4,499,384
Meituan Dianping, B Shares(a)		1,145,700	15,219,375
Minth Group Ltd.		1,656,000	3,891,642
New Oriental Education & Technology Group, Inc., ADR(a)		69,514	8,874,157
Qingdao Port International Co. Ltd., H Shares(b)		6,409,000	3,440,665
Shanghai International Airport Co. Ltd., A Shares		1,024,830	10,117,270
Sunny Optical Technology Group Co. Ltd.		926,800	12,841,831
Tencent Holdings Ltd.		520,200	27,598,225
Wuliangye Yibin Co. Ltd., A Shares		1,212,460	23,342,791
Yum China Holdings, Inc.(a)		629,031	30,482,842
			243,741,456
Hong Kong-8.23%
CK Asset Holdings Ltd.		3,560,160	22,011,143
Hongkong Land Holdings Ltd.		1,093,700	4,595,139
Swire Properties Ltd.		8,678,600	24,386,735
			50,993,017
India-1.03%
HDFC Bank Ltd., ADR		147,455	6,392,174
Indonesia-6.73%
PT Bank Central Asia Tbk		8,897,400	15,448,863
PT Bank Mandiri (Persero) Tbk		17,146,000	5,133,243
PT Pakuwon Jati Tbk		285,495,700	7,219,567
PT Telekomunikasi Indonesia (Persero) Tbk		59,061,100	13,880,804
			41,682,477
Macau-2.81%
Galaxy Entertainment Group Ltd.		2,740,000	17,399,527
Malaysia-4.23%
Bursa Malaysia Bhd.		11,494,850	15,847,688
Heineken Malaysia Bhd.		948,500	5,261,400

	Shares		Value
Malaysia-(continued)
Public Bank Bhd.		1,347,600	$    5,114,745
			26,223,833
Philippines-4.16%
BDO Unibank, Inc.		4,880,040	9,691,962
SM Investments Corp.		581,086	9,465,731
SM Prime Holdings, Inc.		11,141,400	6,648,449
			25,806,142
Singapore-5.13%
Keppel REIT		26,543,700	19,744,248
United Overseas Bank Ltd.		843,800	12,054,979
			31,799,227
South Korea-5.86%
NAVER Corp.		53,315	8,679,942
Samsung Electronics Co. Ltd.		669,920	27,605,465
			36,285,407
Taiwan-4.30%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,651,464	26,645,802
Thailand-1.14%
Central Pattana PCL, Foreign Shares		3,818,800	5,698,258
Thai Stanley Electric PCL, Foreign Shares		350,400	1,395,508
			7,093,766
United States-5.79%
Amcor PLC, CDI		1,162,299	10,549,688
Broadcom, Inc.		93,153	25,302,218
			35,851,906
Vietnam-2.23%
Vietnam Dairy Products JSC		3,262,542	13,789,603
Total Common Stocks & Other Equity Interests (Cost $450,716,380)			574,160,814
Money Market Funds-6.92%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		14,884,958	14,884,958
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		10,951,482	10,958,053
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		17,011,381	17,011,381
Total Money Market Funds (Cost $42,848,054)			42,854,392
TOTAL INVESTMENTS IN SECURITIES-99.59% (Cost $493,564,434)			617,015,206
OTHER ASSETS LESS LIABILITIES-0.41%			2,556,968
NET ASSETS-100.00%			$619,572,174

Investment Abbreviations:

ADR	-	American Depositary Receipt
CDI	-	CREST Depository Interest
REIT	-	Real Estate Investment Trust

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

6                     Invesco Asia Pacific Growth Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented less than 1% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$27,069,917		$28,025,100		$  (40,210,059	)		$     -		$         -			$14,884,958	$155,170
Invesco Liquid Assets Portfolio, Institutional Class		19,342,717		20,639,975		(29,023,728	)		717		(1,628	)		10,958,053	131,718
Invesco Treasury Portfolio, Institutional Class		30,937,048		32,028,686		(45,954,353	)		-		-			17,011,381	173,538
Total		$77,349,682		$80,693,761		$(115,188,140	)		$717		$(1,628	)		$42,854,392	$460,426

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	19.73	%
Consumer Staples	15.84
Information Technology	14.91
Real Estate	14.57
Financials	12.41
Communication Services	8.10
Industrials	3.72
Other Sectors, Each Less than 2% of Net Assets	3.38
Money Market Funds Plus Other Assets Less Liabilities	7.34

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

7                     Invesco Asia Pacific Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $450,716,380)	$574,160,814
Investments in affiliated money market funds, at value (Cost $42,848,054)	42,854,392
Foreign currencies, at value (Cost $235,015)	237,296
Receivable for:
Investments sold	1,692,766
Fund shares sold	134,053
Dividends	1,488,954
Investment for trustee deferred compensation and retirement plans	120,739
Other assets	36,721
Total assets	620,725,735
Liabilities:
Payable for:
Fund shares reacquired	519,808
Accrued fees to affiliates	317,384
Accrued other operating expenses	183,891
Trustee deferred compensation and retirement plans	132,478
Total liabilities	1,153,561
Net assets applicable to shares outstanding	$619,572,174
Net assets consist of:
Shares of beneficial interest	$474,315,415
Distributable earnings	145,256,759
	$619,572,174

Net Assets:
Class A	$	372,793,122
Class C	$	22,921,674
Class Y	$	136,754,021
Class R6	$	87,103,357
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,784,780
Class C		861,598
Class Y		4,681,095
Class R6		2,983,473
Class A:
Net asset value per share	$	29.16
Maximum offering price per share (Net asset value of $29.16 ÷ 94.50%)	$	30.86
Class C:
Net asset value and offering price per share	$	26.60
Class Y:
Net asset value and offering price per share	$	29.21
Class R6:
Net asset value and offering price per share	$	29.20

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

8                     Invesco Asia Pacific Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $470,251)	$	5,003,397
Dividends from affiliated money market funds		460,426
Total investment income		5,463,823
Expenses:
Advisory fees		3,129,099
Administrative services fees		51,286
Custodian fees		85,253
Distribution fees:
Class A		513,722
Class C		140,308
Transfer agent fees – A, C and Y		634,602
Transfer agent fees – R6		3,522
Trustees’ and officers’ fees and benefits		10,419
Registration and filing fees		32,696
Reports to shareholders		41,761
Professional services fees		31,075
Other		10,975
Total expenses		4,684,718
Less: Fees waived and/or expense offset arrangement(s)		(44,775	)
Net expenses		4,639,943
Net investment income		823,880
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $312,618)		22,201,789
Foreign currencies		(274,373	)
		21,927,416
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $300,250)		(65,174,907	)
Foreign currencies		7,225
		(65,167,682	)
Net realized and unrealized gain (loss)		(43,240,266	)
Net increase (decrease) in net assets resulting from operations	$	(42,416,386	)

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

9                     Invesco Asia Pacific Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	823,880		$	8,639,587
Net realized gain		21,927,416			39,831,706
Change in net unrealized appreciation (depreciation)		(65,167,682	)		67,995,708
Net increase (decrease) in net assets resulting from operations		(42,416,386	)		116,467,001
Distributions to shareholders from distributable earnings:
Class A		(28,385,720	)		(26,750,392	)
Class C		(1,894,754	)		(3,425,301	)
Class Y		(11,193,927	)		(12,016,731	)
Class R6		(7,091,434	)		(6,512,306	)
Total distributions from distributable earnings		(48,565,835	)		(48,704,730	)
Share transactions–net:
Class A		(6,240,328	)		(1,605,418	)
Class C		(4,720,813	)		(25,531,581	)
Class Y		(12,925,704	)		(18,397,911	)
Class R6		3,129,959			881,498
Net increase (decrease) in net assets resulting from share transactions		(20,756,886	)		(44,653,412	)
Net increase (decrease) in net assets		(111,739,107	)		23,108,859
Net assets:
Beginning of period		731,311,281			708,202,422
End of period	$	619,572,174		$	731,311,281

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

10                     Invesco Asia Pacific Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$33.15		$0.02			$(1.81	)		$(1.79	)		$(0.35	)		$(1.85	)		$(2.20	)		$29.16		(6.02	)%		$372,793		1.44	%(d)		1.45	%(d)		0.15	%(d)		17	%
Year ended 10/31/19		30.30		0.35			4.60			4.95			(0.34	)		(1.76	)		(2.10	)		33.15		17.17			433,120		1.43			1.44			1.08			17
Year ended 10/31/18		36.95		0.36			(4.21	)		(3.85	)		(0.28	)		(2.52	)		(2.80	)		30.30		(11.39	)		395,319		1.44			1.46			1.04			21
Year ended 10/31/17		31.60		0.28			5.69			5.97			(0.30	)		(0.32	)		(0.62	)		36.95		19.32			495,214		1.45			1.47			0.85			18
Year ended 10/31/16		29.35		0.31			2.83			3.14			(0.89	)		–			(0.89	)		31.60		11.15			467,191		1.45			1.47			1.06			9
Year ended 10/31/15		33.43		0.83	(e)		(3.54	)		(2.71	)		(0.41	)		(0.96	)		(1.37	)		29.35		(8.32	)		468,366		1.44			1.45			2.63	(e)		23
Class C
Six months ended 04/30/20		30.25		(0.08	)		(1.67	)		(1.75	)		(0.05	)		(1.85	)		(1.90	)		26.60		(6.39	)		22,922		2.19	(d)		2.20	(d)		(0.60	)(d)		17
Year ended 10/31/19		27.77		0.10			4.21			4.31			(0.07	)		(1.76	)		(1.83	)		30.25		16.29			31,409		2.18			2.19			0.33			17
Year ended 10/31/18		34.08		0.09			(3.86	)		(3.77	)		(0.02	)		(2.52	)		(2.54	)		27.77		(12.05	)		53,201		2.19			2.21			0.29			21
Year ended 10/31/17		29.17		0.03			5.27			5.30			(0.07	)		(0.32	)		(0.39	)		34.08		18.44			70,146		2.20			2.22			0.10			18
Year ended 10/31/16		27.10		0.08			2.63			2.71			(0.64	)		–			(0.64	)		29.17		10.34			72,872		2.20			2.22			0.31			9
Year ended 10/31/15		30.96		0.55	(e)		(3.27	)		(2.72	)		(0.18	)		(0.96	)		(1.14	)		27.10		(9.02	)		79,991		2.19			2.20			1.88	(e)		23
Class Y
Six months ended 04/30/20		33.25		0.06			(1.82	)		(1.76	)		(0.43	)		(1.85	)		(2.28	)		29.21		(5.92	)		136,754		1.19	(d)		1.20	(d)		0.40	(d)		17
Year ended 10/31/19		30.41		0.43			4.60			5.03			(0.43	)		(1.76	)		(2.19	)		33.25		17.44			170,249		1.18			1.19			1.33			17
Year ended 10/31/18		37.07		0.45			(4.23	)		(3.78	)		(0.36	)		(2.52	)		(2.88	)		30.41		(11.17	)		172,297		1.19			1.21			1.29			21
Year ended 10/31/17		31.69		0.36			5.71			6.07			(0.37	)		(0.32	)		(0.69	)		37.07		19.66			267,942		1.20			1.22			1.10			18
Year ended 10/31/16		29.45		0.39			2.82			3.21			(0.97	)		–			(0.97	)		31.69		11.42			329,748		1.20			1.22			1.31			9
Year ended 10/31/15		33.55		0.91	(e)		(3.55	)		(2.64	)		(0.50	)		(0.96	)		(1.46	)		29.45		(8.12	)		268,833		1.19			1.20			2.88	(e)		23
Class R6
Six months ended 04/30/20		33.27		0.09			(1.81	)		(1.72	)		(0.50	)		(1.85	)		(2.35	)		29.20		(5.81	)		87,103		0.99	(d)		1.00	(d)		0.60	(d)		17
Year ended 10/31/19		30.43		0.49			4.61			5.10			(0.50	)		(1.76	)		(2.26	)		33.27		17.70			96,533		0.98			0.99			1.53			17
Year ended 10/31/18		37.10		0.51			(4.22	)		(3.71	)		(0.44	)		(2.52	)		(2.96	)		30.43		(11.00	)		87,386		1.01			1.03			1.47			21
Year ended 10/31/17(f)		32.81		0.27			4.02			4.29			–			–			–			37.10		13.08			122,996		1.01	(g)		1.03	(g)		1.29	(g)		18

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $413,264, $28,215, $154,159 and $94,201 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the fiscal year ended October 31, 2015. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 1.18%, $0.10 and 0.43% and $0.46 and 1.43% for Class A, Class C and Class Y shares, respectively.

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

^(g)  Annualized.

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

11                     Invesco Asia Pacific Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco Asia Pacific Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     Invesco Asia Pacific 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.91%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $40,664.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $38,214 in front-end sales commissions from the sale of Class A shares and $2,876 and $1,456 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

14                     Invesco Asia Pacific Growth Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Australia		$	–		$	10,456,477		$	–	$  10,456,477
China			84,340,434			159,401,022			–	243,741,456
Hong Kong			–			50,993,017			–	50,993,017
India			6,392,174			–			–	6,392,174
Indonesia			–			41,682,477			–	41,682,477
Macau			–			17,399,527			–	17,399,527
Malaysia			–			26,223,833			–	26,223,833
Philippines			–			25,806,142			–	25,806,142
Singapore			–			31,799,227			–	31,799,227
South Korea			–			36,285,407			–	36,285,407
Taiwan			–			26,645,802			–	26,645,802
Thailand			–			7,093,766			–	7,093,766
United States			25,302,218			10,549,688			–	35,851,906
Vietnam			–			13,789,603			–	13,789,603
Money Market Funds			42,854,392			–			–	42,854,392
Total Investments		$	158,889,218			$458,125,988		$	–	$617,015,206

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,111.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

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, 2020 was $103,425,351 and $138,002,107, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	146,093,963
Aggregate unrealized (depreciation) of investments		(23,396,192	)
Net unrealized appreciation of investments	$	122,697,771
Cost of investments for tax purposes is $494,317,435.

15                     Invesco Asia Pacific Growth Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		519,308		$	15,928,193			1,158,851		$	36,782,554
Class C		48,091			1,365,480			100,245			2,918,924
Class Y		991,450			29,839,612			1,331,908			41,475,028
Class R6		228,080			7,431,951			157,858			5,056,872
Issued as reinvestment of dividends:
Class A		807,938			25,926,737			846,013			25,008,104
Class C		58,740			1,724,617			115,828			3,144,732
Class Y		291,878			9,375,121			330,511			9,779,806
Class R6		192,554			6,175,199			60,895			1,799,437
Automatic conversion of Class C shares to Class A shares:
Class A		38,140			1,189,519			664,213			20,856,417
Class C		(41,758	)		(1,189,519	)		(724,136	)		(20,856,417	)
Reacquired:
Class A		(1,644,310	)		(49,284,777	)		(2,650,540	)		(84,252,493	)
Class C		(241,675	)		(6,621,391	)		(369,393	)		(10,738,820	)
Class Y		(1,721,771	)		(52,140,437	)		(2,209,183	)		(69,652,745	)
Class R6		(338,677	)		(10,477,191	)		(188,971	)		(5,974,811	)
Net increase (decrease) in share activity		(812,012	)	$	(20,756,886	)		(1,375,901	)	$	(44,653,412	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                     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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (11/01/19)		Ending       Account Value       (04/30/20)1		Expenses       Paid During       Period2		Ending       Account Value       (04/30/20)		Expenses         Paid During       Period2		Annualized       Expense Ratio
Class A		$1,000.00		$939.80		$6.95		$1,017.70		$7.22		1.44	%
Class C		1,000.00		936.10		10.54		1,013.97		10.97		2.19
Class Y		1,000.00		940.80		5.74		1,018.95		5.97		1.19
Class R6		1,000.00		941.90		4.78		1,019.94		4.97		0.99

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco Asia Pacific Growth Fund

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Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc.                          APG-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco European Growth Fund
	Nasdaq:
	A: AEDAX ∎ C: AEDCX ∎ R: AEDRX ∎ Y: AEDYX ∎ Investor: EGINX ∎ R6: AEGSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it

charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco European Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-16.45	%
Class C Shares	-16.77
Class R Shares	-16.57
Class Y Shares	-16.36
Investor Class Shares	-16.44
Class R6 Shares	-16.31
MSCI Europe Indexq (Broad Market Index)	-15.47
MSCI Europe Growth Indexq (Style-Specific Index)	-7.16
Lipper European Funds Index∎ (Peer Group Index)	-12.26
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI Europe Index is an unmanaged index considered representative of stocks of developed European countries. The index is computed using the net return, which with-holds applicable taxes for non-resident investors.
The MSCI Europe Growth Index is an unmanaged index considered representative of European growth stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper European Funds Index is an unmanaged index considered representative of European funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco European Growth Fund

Average Annual Total Returns As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	8.03	%
10 Years	3.78
5 Years	-2.09
1 Year	-19.17
Class C Shares
Inception (11/3/97)	7.97	%
10 Years	3.59
5 Years	-1.71
1 Year	-15.95
Class R Shares
Inception (6/3/02)	6.60	%
10 Years	4.11
5 Years	-1.22
1 Year	-14.72
Class Y Shares
Inception (10/3/08)	4.98	%
10 Years	4.63
5 Years	-0.72
1 Year	-14.29
Investor Class Shares
Inception (9/30/03)	7.29	%
10 Years	4.41
5 Years	-0.92
1 Year	-14.45
Class R6 Shares
10 Years	4.49	%
5 Years	-0.75
1 Year	-14.16

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

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

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

CDSC; therefore, performance is at net asset value.

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

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

4                     Invesco European Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco European Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.58%
Denmark–3.04%
Carlsberg A/S, Class B		162,750	$    20,545,163
Novo Nordisk A/S, Class B		130,539	8,335,443
			28,880,606
France–10.07%
Bollore S.A.		5,030,456	13,368,100
Bureau Veritas S.A.		302,601	6,287,630
Criteo S.A., ADR(a)		379,070	3,764,165
EssilorLuxottica S.A.		116,602	14,411,220
Kaufman & Broad S.A.		404,795	14,629,050
LVMH Moet Hennessy Louis Vuitton SE		16,453	6,363,848
Metropole Television S.A.		730,831	8,142,238
Pernod Ricard S.A.		49,018	7,479,365
Schneider Electric SE		229,870	21,059,181
			95,504,797
Germany–13.46%
Allianz SE		93,356	17,294,537
Beiersdorf AG		73,341	7,698,333
Deutsche Boerse AG		189,816	29,525,516
Knorr-Bremse AG		111,554	10,382,585
MorphoSys AG(a)		273,418	28,782,444
MTU Aero Engines AG		113,601	15,490,399
SAP SE		155,224	18,513,213
			127,687,027
Hungary–1.23%
Gedeon Richter PLC		541,555	11,617,671
Ireland–4.10%
Flutter Entertainment PLC(a)		106,158	13,048,209
ICON PLC(a)		103,820	16,659,995
Origin Enterprises PLC		3,142,459	9,181,269
			38,889,473
Italy–4.47%
Danieli & C. Officine Meccaniche S.p.A., RSP		1,381,700	10,252,940
FinecoBank Banca Fineco S.p.A.		2,550,841	28,416,297
Mediobanca Banca di Credito Finanziario S.p.A.		650,350	3,778,194
			42,447,431
Netherlands–8.06%
Aalberts N.V.		223,332	6,298,510
ASML Holding N.V.		19,388	5,759,181
EXOR N.V.		103,454	5,670,861
ING Groep N.V.		1,059,245	5,823,237
Prosus N.V.(a)		257,169	19,520,635
SBM Offshore N.V.		1,145,920	14,531,604
Wolters Kluwer N.V.		256,759	18,904,578
			76,508,606
Russia–4.81%
Sberbank of Russia PJSC, Preference Shares		19,097,718	45,661,421

	Shares		Value
Spain–1.73%
Construcciones y Auxiliar de Ferrocarriles S.A.		479,029	$  16,409,183
Sweden–2.87%
Investor AB, Class B		382,023	19,187,925
Lifco AB, Class B		168,932	8,056,288
			27,244,213
Switzerland–10.15%
Alcon, Inc.(a)		219,431	11,593,047
Kuehne + Nagel International AG		111,564	15,972,950
Logitech International S.A.		130,533	6,296,373
Nestle S.A.		179,030	18,912,025
Novartis AG		231,167	19,719,948
OC Oerlikon Corp. AG		1,637,432	12,278,278
Roche Holding AG		33,032	11,489,473
			96,262,094
Turkey–2.47%
Haci Omer Sabanci Holding A.S.		10,715,695	12,554,923
Tupras-Turkiye Petrol Rafinerileri A.S.(a)		841,052	10,913,645
			23,468,568
United Kingdom–23.65%
British American Tobacco PLC		462,762	17,971,206
DCC PLC		644,575	45,984,138
Diploma PLC		242,649	5,278,224
Hays PLC		8,181,714	11,193,837
HomeServe PLC		1,291,440	18,151,653
IG Group Holdings PLC		2,357,021	22,419,783
Informa PLC		1,097,918	6,055,570
John Wood Group PLC		959,601	2,453,364
Jupiter Fund Management PLC		2,738,160	7,542,533
Linde PLC		54,193	9,970,970
RELX PLC		1,028,237	23,287,420
Savills PLC		2,060,016	25,051,108
Ultra Electronics Holdings PLC		1,168,972	29,035,444
			224,395,250
United States–2.47%
Philip Morris International, Inc.		313,472	23,385,011
Total Common Stocks & Other Equity Interests (Cost $763,977,664)			878,361,351
Money Market Funds–6.77%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(b)(c)		21,078,615	21,078,615
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(b)(c)		18,987,769	18,999,162
Invesco Treasury Portfolio, Institutional Class, 0.10%(b)(c)		24,089,846	24,089,845
Total Money Market Funds (Cost $64,149,912)			64,167,622
TOTAL INVESTMENTS IN SECURITIES–99.35% (Cost $828,127,576)			942,528,973
OTHER ASSETS LESS LIABILITIES-0.65%			6,196,554
NET ASSETS-100.00%			$948,725,527

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

6                     Invesco European Growth Fund

Investment Abbreviations:

ADR – American Depositary Receipt

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	28,046,386		$	55,359,377		$	(62,327,148	)		$	-		$	-		$	21,078,615		$	138,799
Invesco Liquid Assets Portfolio, Institutional Class			20,042,667			43,142,873			(44,201,150	)			11,669			3,103			18,999,162			121,493
Invesco Treasury Portfolio, Institutional Class			32,053,013			63,267,859			(71,231,027	)			-			-			24,089,845			155,019
Total		$	80,142,066		$	161,770,109		$	(177,759,325	)		$	11,669		$	3,103		$	64,167,622		$	415,311

^(c)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Industrials	28.92	%
Financials	20.86
Health Care	11.40
Consumer Staples	11.09
Consumer Discretionary	7.16
Communication Services	3.30
Information Technology	3.22
Energy	2.94
Real Estate	2.64
Other Sectors, Each Less than 2% of Net Assets	1.05
Money Market Funds Plus Other Assets Less Liabilities	7.42

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

7                     Invesco European Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $763,977,664)	$	878,361,351
Investments in affiliated money market funds, at value (Cost $64,149,912)		64,167,622
Foreign currencies, at value (Cost $746,669)		753,875
Receivable for:
Investments sold		2,635,867
Fund shares sold		470,027
Dividends		4,323,897
Investment for trustee deferred compensation and retirement plans		191,543
Other assets		49,170
Total assets		950,953,352
Liabilities:
Payable for:
Fund shares reacquired		1,424,564
Accrued fees to affiliates		408,189
Accrued other operating expenses		180,960
Trustee deferred compensation and retirement plans		214,112
Total liabilities		2,227,825
Net assets applicable to shares outstanding	$	948,725,527
Net assets consist of:
Shares of beneficial interest	$	875,697,735
Distributable earnings		73,027,792
	$	948,725,527

Net Assets:
Class A	$	293,959,276
Class C	$	25,511,637
Class R	$	5,939,099
Class Y	$	513,243,714
Investor Class	$	102,792,888
Class R6	$	7,278,913
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,312,519
Class C		867,269
Class R		188,651
Class Y		16,240,265
Investor Class		3,264,849
Class R6		230,447
Class A:
Net asset value per share	$	31.57
Maximum offering price per share (Net asset value of $31.57 ÷ 94.50%)	$	33.41
Class C:
Net asset value and offering price per share	$	29.42
Class R:
Net asset value and offering price per share	$	31.48
Class Y:
Net asset value and offering price per share	$	31.60
Investor Class:
Net asset value and offering price per share	$	31.48
Class R6:
Net asset value and offering price per share	$	31.59

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

8                     Invesco European Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,073,766)	$	10,309,218
Dividends from affiliated money market funds		415,311
Total investment income		10,724,529
Expenses:
Advisory fees		5,215,351
Administrative services fees		89,857
Custodian fees		81,598
Distribution fees:
Class A		442,775
Class C		164,332
Class R		17,988
Investor Class		95,951
Transfer agent fees – A, C, R, Y and Investor		903,296
Transfer agent fees – R6		1,686
Trustees’ and officers’ fees and benefits		13,732
Registration and filing fees		45,446
Reports to shareholders		38,931
Professional services fees		34,237
Other		(24,704	)
Total expenses		7,120,476
Less: Fees waived and/or expense offset arrangement(s)		(42,572	)
Net expenses		7,077,904
Net investment income		3,646,625
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(25,086,867	)
Foreign currencies		(35,667	)
		(25,122,534	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(181,209,797	)
Foreign currencies		(32,760	)
		(181,242,557	)
Net realized and unrealized gain (loss)		(206,365,091	)
Net increase (decrease) in net assets resulting from operations	$	(202,718,466	)

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

9                     Invesco European Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	3,646,625		$	28,067,235
Net realized gain (loss)		(25,122,534	)		(2,132,949	)
Change in net unrealized appreciation (depreciation)		(181,242,557	)		101,791,103
Net increase (decrease) in net assets resulting from operations		(202,718,466	)		127,725,389
Distributions to shareholders from distributable earnings:
Class A		(9,968,428	)		(5,164,427	)
Class C		(650,978	)		(308,282	)
Class R		(178,444	)		(108,132	)
Class Y		(19,903,511	)		(12,661,911	)
Investor Class		(3,532,061	)		(1,839,884	)
Class R6		(268,019	)		(171,586	)
Total distributions from distributable earnings		(34,501,441	)		(20,254,222	)
Share transactions–net:
Class A		(21,197,843	)		(49,808,600	)
Class C		(6,451,913	)		(37,493,491	)
Class R		(411,362	)		(3,679,296	)
Class Y		(55,915,571	)		(176,336,063	)
Investor Class		(5,571,125	)		(11,598,083	)
Class R6		515,307			(2,094,827	)
Net increase (decrease) in net assets resulting from share transactions		(89,032,507	)		(281,010,360	)
Net increase (decrease) in net assets		(326,252,414	)		(173,539,193	)
Net assets:
Beginning of period		1,274,977,941			1,448,517,134
End of period	$	948,725,527		$	1,274,977,941

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

10                     Invesco European Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$	38.76		$	0.09			$	(6.26	)		$	(6.17	)		$	(1.02	)		$	–			$	(1.02	)		$	31.57		(16.45	)%		$	293,959		1.34	%(d)		1.35	%(d)		0.51	%(d)		16	%
Year ended 10/31/19			35.55			0.74				2.94				3.68				(0.47	)			–				(0.47	)			38.76		10.57				386,369		1.35			1.36			2.02			10
Year ended 10/31/18			40.95			0.58				(5.21	)			(4.63	)			(0.77	)			–				(0.77	)			35.55		(11.54	)			402,331		1.34			1.35			1.45			16
Year ended 10/31/17			32.88			0.48				8.12				8.60				(0.53	)			–				(0.53	)			40.95		26.53				506,795		1.38			1.39			1.32			22
Year ended 10/31/16			36.65			0.50				(2.61	)			(2.11	)			(0.51	)			(1.15	)			(1.66	)			32.88		(5.94	)			453,114		1.34			1.36			1.47			16
Year ended 10/31/15			37.50			0.52				0.88				1.40				(0.69	)			(1.56	)			(2.25	)			36.65		4.18				575,258		1.37			1.38			1.41			14
Class C
Six months ended 04/30/20			35.97			(0.04	)			(5.86	)			(5.90	)			(0.65	)			–				(0.65	)			29.42		(16.77	)			25,512		2.09	(d)		2.10	(d)		(0.24	)(d)		16
Year ended 10/31/19			32.94			0.43				2.75				3.18				(0.15	)			–				(0.15	)			35.97		9.72				38,236		2.10			2.11			1.27			10
Year ended 10/31/18			38.01			0.26				(4.82	)			(4.56	)			(0.51	)			–				(0.51	)			32.94		(12.18	)			71,859		2.09			2.10			0.70			16
Year ended 10/31/17			30.50			0.19				7.56				7.75				(0.24	)			–				(0.24	)			38.01		25.58				90,488		2.13			2.14			0.57			22
Year ended 10/31/16			34.12			0.22				(2.42	)			(2.20	)			(0.27	)			(1.15	)			(1.42	)			30.50		(6.63	)			86,303		2.09			2.11			0.72			16
Year ended 10/31/15			35.04			0.22				0.84				1.06				(0.42	)			(1.56	)			(1.98	)			34.12		3.42				115,058		2.12			2.13			0.66			14
Class R
Six months ended 04/30/20			38.59			0.05				(6.27	)			(6.22	)			(0.89	)			–				(0.89	)			31.48		(16.57	)			5,939		1.59	(d)		1.60	(d)		0.26	(d)		16
Year ended 10/31/19			35.38			0.64				2.93				3.57				(0.36	)			–				(0.36	)			38.59		10.26				7,803		1.60			1.61			1.77			10
Year ended 10/31/18			40.76			0.48				(5.18	)			(4.70	)			(0.68	)			–				(0.68	)			35.38		(11.74	)			10,795		1.59			1.60			1.20			16
Year ended 10/31/17			32.71			0.39				8.09				8.48				(0.43	)			–				(0.43	)			40.76		26.24				13,655		1.63			1.64			1.07			22
Year ended 10/31/16			36.48			0.41				(2.60	)			(2.19	)			(0.43	)			(1.15	)			(1.58	)			32.71		(6.19	)			12,893		1.59			1.61			1.22			16
Year ended 10/31/15			37.33			0.42				0.89				1.31				(0.60	)			(1.56	)			(2.16	)			36.48		3.93				15,280		1.62			1.63			1.16			14
Class Y
Six months ended 04/30/20			38.85			0.14				(6.27	)			(6.13	)			(1.12	)			–				(1.12	)			31.60		(16.36	)			513,244		1.09	(d)		1.10	(d)		0.76	(d)		16
Year ended 10/31/19			35.67			0.83				2.93				3.76				(0.58	)			–				(0.58	)			38.85		10.81				700,808		1.10			1.11			2.27			10
Year ended 10/31/18			41.06			0.68				(5.21	)			(4.53	)			(0.86	)			–				(0.86	)			35.67		(11.29	)			820,248		1.09			1.10			1.70			16
Year ended 10/31/17			32.98			0.58				8.13				8.71				(0.63	)			–				(0.63	)			41.06		26.85				911,498		1.13			1.14			1.57			22
Year ended 10/31/16			36.76			0.58				(2.62	)			(2.04	)			(0.59	)			(1.15	)			(1.74	)			32.98		(5.71	)			696,907		1.09			1.11			1.72			16
Year ended 10/31/15			37.62			0.61				0.88				1.49				(0.79	)			(1.56	)			(2.35	)			36.76		4.46				695,157		1.12			1.13			1.66			14
Investor Class
Six months ended 04/30/20			38.67			0.11				(6.26	)			(6.15	)			(1.04	)			–				(1.04	)			31.48		(16.44	)(e)			102,793		1.25	(d)(e)		1.26	(d)(e)		0.60	(d)(e)		16
Year ended 10/31/19			35.48			0.76				2.93				3.69				(0.50	)			–				(0.50	)			38.67		10.61	(e)			133,149		1.29	(e)		1.30	(e)		2.08	(e)		10
Year ended 10/31/18			40.86			0.60				(5.19	)			(4.59	)			(0.79	)			–				(0.79	)			35.48		(11.47	)(e)			133,359		1.29	(e)		1.30	(e)		1.50	(e)		16
Year ended 10/31/17			32.80			0.50				8.10				8.60				(0.54	)			–				(0.54	)			40.86		26.61	(e)			166,324		1.32	(e)		1.33	(e)		1.38	(e)		22
Year ended 10/31/16			36.56			0.51				(2.61	)			(2.10	)			(0.51	)			(1.15	)			(1.66	)			32.80		(5.91	)(e)			147,804		1.31	(e)		1.33	(e)		1.50	(e)		16
Year ended 10/31/15			37.42			0.52				0.88				1.40				(0.70	)			(1.56	)			(2.26	)			36.56		4.21	(e)			178,602		1.35	(e)		1.36	(e)		1.43	(e)		14
Class R6
Six months ended 04/30/20			38.86			0.16				(6.27	)			(6.11	)			(1.16	)			–				(1.16	)			31.59		(16.31	)			7,279		0.97	(d)		0.98	(d)		0.88	(d)		16
Year ended 10/31/19			35.68			0.87				2.94				3.81				(0.63	)			–				(0.63	)			38.86		10.96				8,613		0.98			0.99			2.39			10
Year ended 10/31/18			41.09			0.72				(5.21	)			(4.49	)			(0.92	)			–				(0.92	)			35.68		(11.20	)			9,925		0.99			1.00			1.80			16
Year ended 10/31/17(f)			35.50			0.40				5.19				5.59				–				–				–				41.09		15.75				4,723		0.96	(g)		0.97	(g)		1.74	(g)		22

^(a) Calculated using average shares outstanding.

^(b) 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) Ratios are annualized and based on average daily net assets (000’s omitted) of $356,126, $33,043, $7,234, $640,365 , $123,277 and $8,620 for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares, respectively.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.16%, 0.19%, 0.20%, 0.19%, 0.22% and 0.22% for the six months ended April 30, 2020 and for each of the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(g) Annualized.

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

11                     Invesco European Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

12                     Invesco European Growth Fund

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

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

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

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

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

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

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 Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.90%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $36,996.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R, Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $17,790 in front-end sales commissions from the sale of Class A shares and $420 and $834 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                     Invesco European Growth Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Denmark		$	–		$	28,880,606		$	–		$	28,880,606
France			3,764,165			91,740,632			–			95,504,797
Germany			–			127,687,027			–			127,687,027
Hungary			–			11,617,671			–			11,617,671
Ireland			16,659,995			22,229,478			–			38,889,473
Italy			–			42,447,431			–			42,447,431
Netherlands			–			76,508,606			–			76,508,606
Russia			–			45,661,421			–			45,661,421
Spain			–			16,409,183			–			16,409,183
Sweden			–			27,244,213			–			27,244,213
Switzerland			–			96,262,094			–			96,262,094
Turkey			–			23,468,568			–			23,468,568
United Kingdom			9,970,970			214,424,280			–			224,395,250
United States			23,385,011			–			–			23,385,011
Money Market Funds			64,167,622			–			–			64,167,622
Total Investments		$	117,947,763		$	824,581,210		$	–		$	942,528,973

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,576.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	2,987,863		$	–		$	2,987,863

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

15                     Invesco European Growth Fund

NOTE 8–Investment Transactions

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, 2020 was $175,759,638 and $282,977,279, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	208,519,130
Aggregate unrealized (depreciation) of investments		(110,798,718	)
Net unrealized appreciation of investments	$	97,720,412
Cost of investments for tax purposes is $844,808,561.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		272,298		$	9,881,128			751,237		$	27,123,459
Class C		28,778			938,316			67,166			2,239,467
Class R		14,435			510,706			34,739			1,257,448
Class Y		2,558,905			83,291,682			4,660,942			165,361,568
Investor Class		19,329			690,380			54,987			1,960,821
Class R6		45,528			1,748,841			31,879			1,165,050
Issued as reinvestment of dividends:
Class A		220,798			8,713,417			138,228			4,622,322
Class C		14,787			545,333			8,593			268,453
Class R		4,499			177,209			3,199			106,759
Class Y		416,542			16,440,918			175,171			5,859,477
Investor Class		81,165			3,193,834			51,563			1,719,098
Class R6		6,621			261,078			5,015			167,583
Automatic conversion of Class C shares to Class A shares:
Class A		46,450			1,736,288			517,108			18,495,040
Class C		(49,856	)		(1,736,288	)		(554,260	)		(18,495,040	)
Reacquired:
Class A		(1,195,278	)		(41,528,676	)		(2,754,517	)		(100,049,421	)
Class C		(189,412	)		(6,199,274	)		(640,261	)		(21,506,371	)
Class R		(32,491	)		(1,099,277	)		(140,878	)		(5,043,503	)
Class Y		(4,772,214	)		(155,648,171	)		(9,796,982	)		(347,557,108	)
Investor Class		(278,994	)		(9,455,339	)		(422,290	)		(15,278,002	)
Class R6		(43,347	)		(1,494,612	)		(93,417	)		(3,427,460	)
Net increase (decrease) in share activity		(2,831,457	)	$	(89,032,507	)		(7,902,778	)	$	(281,010,360	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning         Account Value         (11/01/19)			Ending         Account Value         (04/30/20)1			Expenses         Paid During         Period2			Ending         Account Value         (04/30/20)			Expenses         Paid During         Period2			Annualized           Expense           Ratio
Class A		$	1,000.00		$	835.50		$	6.12		$	1,018.20		$	6.72		1.34	%
Class C			1,000.00			832.30			9.52			1,014.47			10.47		2.09
Class R			1,000.00			834.30			7.25			1,016.96			7.97		1.59
Class Y			1,000.00			836.40			4.98			1,019.44			5.47		1.09
Investor Class			1,000.00			835.60			5.70			1,018.65			6.27		1.25
Class R6			1,000.00			836.90			4.43			1,020.04			4.87		0.97

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco European Growth Fund

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

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

^∎  Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Growth Fund
	Nasdaq:
	A: AGGAX ∎ C: AGGCX ∎ Y: AGGYX ∎ R5: GGAIX ∎ R6: AGGFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

	Dear Fellow Shareholders:
	As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
Bruce Crockett	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders:
	This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.
	Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
Andrew Schlossberg	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Global Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-6.52	%
Class C Shares	-6.86
Class Y Shares	-6.40
Class R5 Shares	-6.32
Class R6 Shares	-6.35
MSCI All County World Index▼ (Broad Market Index)	-7.68
MSCI All Country World Growth Index▼ (Style-Specific Index)	1.17
Lipper Global Multi-Cap Growth Funds Index∎ (Peer Group Index)	-1.20
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Global Multi-Cap Growth Funds Index is an unmanaged index considered representative of global multicap growth funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Global Growth Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (9/15/94)	5.98	%
10 Years	6.08
5 Years	1.29
1 Year	-9.77
Class C Shares
Inception (8/4/97)	4.04	%
10 Years	5.88
5 Years	1.68
1 Year	-6.14
Class Y Shares
Inception (10/3/08)	7.12	%
10 Years	6.94
5 Years	2.70
1 Year	-4.30
Class R5 Shares
Inception (9/28/07)	3.80	%
10 Years	7.12
5 Years	2.81
1 Year	-4.20
Class R6 Shares
10 Years	7.00	%
5 Years	2.81
1 Year	-4.19

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements.

Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Global Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                      Invesco Global Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.33%
Brazil–1.10%
B3 S.A. - Brasil, Bolsa, Balcao		794,631	$    5,614,249
Banco Bradesco S.A., ADR		767,032	2,699,952
			8,314,201
Canada–2.57%
CGI, Inc., Class A(a)		75,777	4,832,591
Onex Corp.		138,174	6,368,938
Open Text Corp.		90,507	3,420,143
Tourmaline Oil Corp.		490,425	4,862,147
			19,483,819
China–5.42%
Alibaba Group Holding Ltd., ADR(a)		62,726	12,712,678
New Oriental Education & Technology Group, Inc., ADR(a)		63,010	8,043,857
Tencent Holdings Ltd.		155,100	8,228,537
Wuliangye Yibin Co. Ltd., A Shares		210,756	4,057,563
Yum China Holdings, Inc.		165,977	8,043,245
			41,085,880
Denmark–1.20%
Carlsberg A/S, Class B		43,622	5,506,735
Novo Nordisk A/S, Class B		56,429	3,603,220
			9,109,955
France–1.20%
Criteo S.A., ADR(a)		120,928	1,200,815
LVMH Moet Hennessy Louis Vuitton SE		9,109	3,523,266
Schneider Electric SE		47,840	4,382,787
			9,106,868
Germany–3.24%
Deutsche Boerse AG		70,075	10,900,033
Knorr-Bremse AG		39,712	3,696,086
MorphoSys AG(a)		47,540	5,004,489
SAP SE		41,981	5,006,978
			24,607,586
Hong Kong–0.96%
AIA Group Ltd.		804,000	7,318,372
India–0.63%
HDFC Bank Ltd., ADR		110,824	4,804,220
Indonesia–0.53%
PT Bank Mandiri (Persero) Tbk		13,387,000	4,007,857
Ireland–1.24%
Flutter Entertainment PLC(a)		51,581	6,339,981
Origin Enterprises PLC		1,050,254	3,068,509
			9,408,490
Israel–0.56%
Check Point Software Technologies Ltd.(a)		39,961	4,225,476

	Shares		Value
Italy–1.32%
FinecoBank Banca Fineco S.p.A.		897,973	$  10,003,394
Japan–5.54%
Disco Corp.		26,500	5,952,555
Hoya Corp.		90,600	8,279,681
Keyence Corp.		15,500	5,568,595
Koito Manufacturing Co. Ltd.		182,100	6,894,956
Nabtesco Corp.		312,900	8,987,234
SMC Corp.		13,900	6,355,330
			42,038,351
Macau–0.92%
Galaxy Entertainment Group Ltd.		1,100,000	6,985,212
Mexico–2.61%
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,231,500	7,695,278
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(a)		3,333,900	4,708,766
Wal-Mart de Mexico S.A.B. de C.V., Series V		3,077,200	7,401,572
			19,805,616
Netherlands–2.39%
ASML Holding N.V.		7,399	2,197,863
EXOR N.V.		66,304	3,634,473
Prosus N.V.(a)		99,658	7,564,627
SBM Offshore N.V.		370,438	4,697,586
			18,094,549
South Korea–0.57%
Samsung Electronics Co. Ltd.		104,833	4,319,865
Spain–0.26%
Amadeus IT Group S.A.		41,219	1,986,160
Switzerland–2.05%
Logitech International S.A.		52,384	2,526,787
Nestle S.A.		48,501	5,123,455
Roche Holding AG		22,690	7,892,230
			15,542,472
Taiwan–1.26%
Taiwan Semiconductor Manufacturing Co. Ltd.		949,428	9,541,246
United Kingdom–8.67%
British American Tobacco PLC		192,655	7,481,692
Clinigen Group PLC		1,490,077	13,561,527
DCC PLC		128,555	9,171,145
HomeServe PLC		701,729	9,863,053
IG Group Holdings PLC		590,709	5,618,774
Informa PLC		552,065	3,044,916
Linde PLC		19,431	3,575,110
RELX PLC		157,395	3,564,668
Savills PLC		335,352	4,078,094
Ultra Electronics Holdings PLC		235,062	5,838,574
			65,797,553

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

6                      Invesco Global Growth Fund

	Shares		Value
United States–52.09%
Activision Blizzard, Inc.		185,451	$  11,818,792
Advance Auto Parts, Inc.		74,535	9,012,027
Alphabet, Inc., Class A(a)		11,255	15,157,108
Alphabet, Inc., Class C(a)		5,350	7,215,331
Amazon.com, Inc.(a)		10,134	25,071,516
Amphenol Corp., Class A		84,153	7,427,344
Aon PLC		37,143	6,413,482
Apollo Global Management, Inc.		136,752	5,537,088
Apple, Inc.		62,654	18,407,745
Aptiv PLC(a)		109,677	7,628,035
Assurant, Inc.		83,728	8,895,263
Baxter International, Inc.		136,926	12,156,290
Black Knight, Inc.(a)		78,772	5,558,940
Booking Holdings, Inc.(a)		8,433	12,485,647
Broadcom, Inc.		31,932	8,673,370
Citrix Systems, Inc.		42,212	6,121,162
Cognizant Technology Solutions Corp., Class A		75,460	4,378,189
Coherus Biosciences, Inc.(a)		232,200	3,854,520
Comcast Corp., Class A		83,971	3,159,829
Copart, Inc.(a)		73,725	5,906,110
Dollar General Corp.		29,189	5,116,832
Fidelity National Information Services, Inc.		79,042	10,424,849
FLIR Systems, Inc.		172,667	7,493,748
Fortive Corp.		110,767	7,089,088
Horizon Therapeutics PLC(a)		231,459	8,341,782
IHS Markit Ltd.		79,135	5,325,785
JPMorgan Chase & Co.		74,462	7,130,481
Kansas City Southern		66,219	8,644,890
KLA Corp.		35,263	5,786,306
L3Harris Technologies, Inc.		51,878	10,048,769
Microsoft Corp.		77,713	13,926,947
Mondelez International, Inc., Class A		211,210	10,864,642

	Shares		Value
United States–(continued)
NCR Corp.(a)		504,146	$  10,345,076
NIKE, Inc., Class B		44,341	3,865,648
PayPal Holdings, Inc.(a)		117,489	14,451,147
Philip Morris International, Inc.		108,903	8,124,164
PTC, Inc.(a)		79,741	5,522,064
RealPage, Inc.(a)		193,944	12,507,449
Roper Technologies, Inc.		16,199	5,524,345
SBA Communications Corp., Class A		11,256	3,263,340
ServiceMaster Global Holdings, Inc.(a)		142,298	4,845,247
Sherwin-Williams Co. (The)		8,062	4,324,215
Synopsys, Inc.(a)		34,298	5,388,902
Thermo Fisher Scientific, Inc.		10,688	3,577,060
Tradeweb Markets, Inc., Class A		107,150	5,588,944
UnitedHealth Group, Inc.		29,219	8,545,681
Visa, Inc., Class A		55,303	9,883,752
Wyndham Hotels & Resorts, Inc.		115,750	4,364,933
			395,193,874
Total Common Stocks & Other Equity Interests (Cost $591,269,982)			730,781,016
Money Market Funds–3.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(b)(c)		4,323,783	4,323,783
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(b)(c)		14,406,103	14,414,746
Invesco Treasury Portfolio, Institutional Class, 0.10%(b)(c)		4,941,466	4,941,466
Total Money Market Funds (Cost $23,671,870)			23,679,995
TOTAL INVESTMENTS IN SECURITIES–99.45% (Cost $614,941,852)			754,461,011
OTHER ASSETS LESS LIABILITIES-0.55%			4,174,182
NET ASSETS-100.00%			$758,635,193

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$3,370,670	$	62,574,479	$	(61,621,366	)		$         -	$	-		$	4,323,783	$25,704
Invesco Liquid Assets Portfolio, Institutional Class		2,409,201		56,008,800		(44,010,349	)		7,566		(472	)		14,414,746	26,388
Invesco Treasury Portfolio, Institutional Class		3,852,194		71,513,690		(70,424,418	)		-		-			4,941,466	27,435
Total		$9,632,065	$	190,096,969	$	(176,056,133	)		$7,566	$	(472	)	$	23,679,995	$79,527

^(c)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

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

7                      Invesco Global Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	25.82	%
Consumer Discretionary	17.46
Industrials	13.46
Financials	12.46
Health Care	9.86
Consumer Staples	7.43
Communication Services	6.57
Other Sectors, Each Less than 2% of Net Assets	3.27
Money Market Funds Plus Other Assets Less Liabilities	3.67

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

8                      Invesco Global Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $591,269,982)	$730,781,016
Investments in affiliated money market funds, at value (Cost $23,671,870)	23,679,995
Cash	121,929
Foreign currencies, at value (Cost $104,257)	105,676
Receivable for:
Investments sold	3,801,654
Fund shares sold	71,459
Dividends	1,298,811
Investment for trustee deferred compensation and retirement plans	303,047
Other assets	36,139
Total assets	760,199,726
Liabilities:
Payable for:
Fund shares reacquired	517,447
Accrued fees to affiliates	198,894
Accrued other operating expenses	519,419
Trustee deferred compensation and retirement plans	328,773
Total liabilities	1,564,533
Net assets applicable to shares outstanding	$758,635,193
Net assets consist of:
Shares of beneficial interest	$590,535,640
Distributable earnings	168,099,553
	$758,635,193

Net Assets:
Class A	$596,673,884
Class C	$  14,397,602
Class Y	$  25,916,145
Class R5	$1,152,555
Class R6	$120,495,007
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	21,588,161
Class C	576,312
Class Y	935,886
Class R5	41,992
Class R6	4,391,837
Class A:
Net asset value per share	$           27.64
Maximum offering price per share (Net asset value of $27.64 ÷ 94.50%)	$           29.25
Class C:
Net asset value and offering price per share	$           24.98
Class Y:
Net asset value and offering price per share	$           27.69
Class R5:
Net asset value and offering price per share	$           27.45
Class R6:
Net asset value and offering price per share	$           27.44

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

9                      Invesco Global Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $561,643)	$	2,648,827
Dividends from affiliated money market funds		79,527
Total investment income		2,728,354
Expenses:
Advisory fees		1,762,117
Administrative services fees		32,878
Custodian fees		21,033
Distribution fees:
Class A		377,171
Class C		36,103
Transfer agent fees – A, C and Y		320,053
Transfer agent fees – R5		34
Transfer agent fees – R6		1,356
Trustees’ and officers’ fees and benefits		9,296
Registration and filing fees		33,508
Reports to shareholders		27,272
Professional services fees		31,458
Other		776
Total expenses		2,653,055
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(150,296	)
Net expenses		2,502,759
Net investment income		225,595
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		29,379,673
Foreign currencies		(52,562	)
		29,327,111
Change in net unrealized appreciation (depreciation) of:
Investment securities		(47,361,777	)
Foreign currencies		(16,569	)
		(47,378,346	)
Net realized and unrealized gain (loss)		(18,051,235	)
Net increase (decrease) in net assets resulting from operations	$	(17,825,640	)

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

10                      Invesco Global Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	225,595		$	4,246,079
Net realized gain		29,327,111			33,968,462
Change in net unrealized appreciation (depreciation)		(47,378,346	)		39,912,203
Net increase (decrease) in net assets resulting from operations		(17,825,640	)		78,126,744
Distributions to shareholders from distributable earnings:
Class A		(24,908,055	)		(13,675,234	)
Class C		(580,123	)		(1,048,995	)
Class Y		(1,191,872	)		(777,259	)
Class R5		(7,808	)		(798	)
Class R6		(11,309,854	)		(14,651,856	)
Total distributions from distributable earnings		(37,997,712	)		(30,154,142	)
Share transactions-net:
Class A		335,986,497			(5,625,219	)
Class C		8,326,803			(14,154,827	)
Class Y		13,874,437			(2,294,305	)
Class R5		1,130,473			-
Class R6		8,137,819			(155,348,376	)
Net increase (decrease) in net assets resulting from share transactions		367,456,029			(177,422,727	)
Net increase (decrease) in net assets		311,632,677			(129,450,125	)
Net assets:
Beginning of period		447,002,516			576,452,641
End of period	$	758,635,193		$	447,002,516

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

11                      Invesco Global Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$32.19		$0.00			$(1.81	)		$(1.81	)		$(0.29	)		$(2.45	)		$(2.74	)		$27.64		(6.52	)%		$596,674		1.22	%(d)		1.31	%(d)		0.01	%(d)		46	%
Year ended 10/31/19		29.42		0.22			4.04			4.26			(0.13	)		(1.36	)		(1.49	)		32.19		15.46			296,262		1.22			1.32			0.72			32
Year ended 10/31/18		32.21		0.24			(2.25	)		(2.01	)		(0.31	)		(0.47	)		(0.78	)		29.42		(6.41	)		273,874		1.22			1.32			0.74			32
Year ended 10/31/17		28.00		0.21			4.22			4.43			(0.09	)		(0.13	)		(0.22	)		32.21		15.96			327,317		1.23			1.36			0.72			22
Year ended 10/31/16		28.63		0.19			0.32			0.51			(0.15	)		(0.99	)		(1.14	)		28.00		2.00			311,412		1.29			1.38			0.70			19
Year ended 10/31/15		31.21		0.16			(0.21	)		(0.05	)		(0.18	)		(2.35	)		(2.53	)		28.63		0.02			308,940		1.40			1.42			0.55			24
Class C
Six months ended 04/30/20		29.17		(0.10	)		(1.64	)		(1.74	)		-			(2.45	)		(2.45	)		24.98		(6.86	)		14,398		1.97	(d)		2.06	(d)		(0.74	)(d)		46
Year ended 10/31/19		26.86		(0.01	)		3.68			3.67			-			(1.36	)		(1.36	)		29.17		14.61			6,963		1.97			2.07			(0.03	)		32
Year ended 10/31/18		29.47		(0.00	)		(2.05	)		(2.05	)		(0.09	)		(0.47	)		(0.56	)		26.86		(7.10	)		21,058		1.97			2.07			(0.01	)		32
Year ended 10/31/17		25.74		(0.01	)		3.87			3.86			-			(0.13	)		(0.13	)		29.47		15.07			24,995		1.98			2.11			(0.03	)		22
Year ended 10/31/16		26.45		(0.01	)		0.29			0.28			-			(0.99	)		(0.99	)		25.74		1.24			23,755		2.04			2.13			(0.05	)		19
Year ended 10/31/15		29.05		(0.06	)		(0.19	)		(0.25	)		-			(2.35	)		(2.35	)		26.45		(0.74	)		25,530		2.15			2.17			(0.20	)		24
Class Y
Six months ended 04/30/20		32.28		0.04			(1.81	)		(1.77	)		(0.37	)		(2.45	)		(2.82	)		27.69		(6.40	)		25,916		0.97	(d)		1.06	(d)		0.26	(d)		46
Year ended 10/31/19		29.52		0.29			4.05			4.34			(0.22	)		(1.36	)		(1.58	)		32.28		15.74			13,871		0.97			1.07			0.97			32
Year ended 10/31/18		32.31		0.32			(2.25	)		(1.93	)		(0.39	)		(0.47	)		(0.86	)		29.52		(6.16	)		14,935		0.97			1.07			0.99			32
Year ended 10/31/17		28.09		0.29			4.23			4.52			(0.17	)		(0.13	)		(0.30	)		32.31		16.24			20,983		0.98			1.11			0.97			22
Year ended 10/31/16		28.72		0.26			0.32			0.58			(0.22	)		(0.99	)		(1.21	)		28.09		2.27			12,562		1.04			1.13			0.95			19
Year ended 10/31/15		31.30		0.23			(0.21	)		0.02			(0.25	)		(2.35	)		(2.60	)		28.72		0.26			7,724		1.15			1.17			(0.80	)		24
Class R5
Six months ended 04/30/20		32.03		0.05			(1.78	)		(1.73	)		(0.40	)		(2.45	)		(2.85	)		27.45		(6.32	)		1,153		0.87	(d)		0.91	(d)		0.36	(d)		46
Year ended 10/31/19		29.31		0.32			4.01			4.33			(0.25	)		(1.36	)		(1.61	)		32.03		15.84			12		0.86			0.86			1.08			32
Year ended 10/31/18		32.09		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.31		(6.08	)		11		0.88			0.88			1.08			32
Year ended 10/31/17		27.91		0.32			4.20			4.52			(0.21	)		(0.13	)		(0.34	)		32.09		16.37			12		0.88			0.88			1.07			22
Year ended 10/31/16		28.57		0.30			0.30			0.60			(0.27	)		(0.99	)		(1.26	)		27.91		2.35			11		0.89			0.90			1.10			19
Year ended 10/31/15		31.17		0.30			(0.24	)		0.06			(0.31	)		(2.35	)		(2.66	)		28.57		0.42			11		0.99			0.99			0.96			24
Class R6
Six months ended 04/30/20		32.03		0.05			(1.79	)		(1.74	)		(0.40	)		(2.45	)		(2.85	)		27.44		(6.35	)		120,495		0.86	(d)		0.86	(d)		0.37	(d)		46
Year ended 10/31/19		29.30		0.32			4.02			4.34			(0.25	)		(1.36	)		(1.61	)		32.03		15.88			129,894		0.86			0.86			1.08			32
Year ended 10/31/18		32.08		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.30		(6.08	)		266,574		0.88			0.88			1.08			32
Year ended 10/31/17		27.91		0.32			4.19			4.51			(0.21	)		(0.13	)		(0.34	)		32.08		16.33			308,082		0.88			0.88			1.07			22
Year ended 10/31/16		28.56		0.31			0.30			0.61			(0.27	)		(0.99	)		(1.26	)		27.91		2.39			320,339		0.89			0.90			1.10			19
Year ended 10/31/15		31.16		0.28			(0.22	)		0.06			(0.31	)		(2.35	)		(2.66	)		28.56		0.42			1,274		0.99			0.99			0.96			24

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $264,724,061 and sold of $91,251,356 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Global Small & Mid Cap Growth Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $303,478, $7,262, $14,268, $141 and $122,748 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

12                      Invesco Global Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                      Invesco Global Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

14                      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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million	0.800%
Next $250 million	0.780%
Next $500 million	0.760%
Next $1.5 billion	0.740%
Next $2.5 billion	0.720%
Next $2.5 billion	0.700%
Next $2.5 billion	0.680%
Over $10 billion	0.660%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.79%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%, 0.87% and 0.87%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $6,057 and reimbursed class level expenses of $131,465, $3,145, $6,196, $30 and $0 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $13,528 in front-end sales commissions from the sale of Class A shares and $6 and $122 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

15                      Invesco Global Growth Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	8,314,201	$	–		$–	$    8,314,201
Canada		19,483,819		–		–	19,483,819
China		28,799,780		12,286,100		–	41,085,880
Denmark		–		9,109,955		–	9,109,955
France		1,200,815		7,906,053		–	9,106,868
Germany		–		24,607,586		–	24,607,586
Hong Kong		–		7,318,372		–	7,318,372
India		4,804,220		–		–	4,804,220
Indonesia		–		4,007,857		–	4,007,857
Ireland		–		9,408,490		–	9,408,490
Israel		4,225,476		–		–	4,225,476
Italy		–		10,003,394		–	10,003,394
Japan		–		42,038,351		–	42,038,351
Macau		–		6,985,212		–	6,985,212
Mexico		19,805,616		–		–	19,805,616
Netherlands		–		18,094,549		–	18,094,549
South Korea		–		4,319,865		–	4,319,865
Spain		–		1,986,160		–	1,986,160
Switzerland		–		15,542,472		–	15,542,472
Taiwan		–		9,541,246		–	9,541,246
United Kingdom		3,575,110		62,222,443		–	65,797,553
United States		395,193,874		–		–	395,193,874
Money Market Funds		23,679,995		–		–	23,679,995
Total Investments	$	509,082,906	$	245,378,105		$–	$754,461,011

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,403.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

16                      Invesco Global Growth Fund

NOTE 8–Investment Transactions

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, 2020 was $289,708,323 and $197,521,020, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	164,838,855
Aggregate unrealized (depreciation) of investments		(26,086,318	)
Net unrealized appreciation of investments	$	138,752,537

Cost of investments for tax purposes is $615,708,474.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended     April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		221,576		$	6,599,703			395,725		$	11,780,680
Class C		33,395			903,591			55,848			1,487,095
Class Y		79,311			2,368,649			102,233			3,106,742
Class R5		2,380			77,865			-			-
Class R6		270,506			6,671,591			165,748			4,883,313
Issued as reinvestment of dividends:
Class A		728,047			22,496,638			466,247			12,542,018
Class C		19,433			544,308			39,666			973,019
Class Y		31,560			976,162			25,216			678,806
Class R5		219			6,711			-			-
Class R6		369,101			11,305,578			548,984			14,646,895
Automatic conversion of Class C shares to Class A shares:
Class A		7,874			217,818			472,761			13,379,256
Class C		(8,705	)		(217,818	)		(518,953	)		(13,379,256	)
Issued in connection with acquisitions:(b)
Class A		12,268,714			331,385,465			-			-
Class C		325,621			7,951,237			-			-
Class Y		498,214			13,481,249			-			-
Class R5		79,171			2,123,036			-			-
Class R6		68,630			1,839,906			-			-
Reacquired:
Class A		(842,631	)		(24,713,127	)		(1,438,030	)		(43,327,173	)
Class C		(32,141	)		(854,515	)		(121,737	)		(3,235,685	)
Class Y		(102,913	)		(2,951,623	)		(203,617	)		(6,079,853	)
Class R5		(40,162	)		(1,077,139	)		-			-
Class R6		(372,392	)		(11,679,256	)		(5,755,374	)		(174,878,584	)
Net increase (decrease) in share activity		13,604,808		$	367,456,029			(5,765,283	)	$	(177,422,727	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Global Small & Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,240,350 shares of the Fund for 25,876,586 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $356,780,894, including $46,380,795 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $388,600,725 and $745,381,619 immediately after the acquisition.

The pro forma results of operations for the six months ended April 30, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	176,250
Net realized/unrealized gains (losses)		(71,147,311	)
Change in net assets resulting from operations	$	(70,971,061	)

17                      Invesco Global Growth Fund

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

18                      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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)1	Expenses Paid During Period2	Ending Account Value (04/30/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$934.80	$5.87	$1,018.80	$6.12	1.22%
Class C	1,000.00	931.40	9.46	1,015.07	9.87	1.97
Class Y	1,000.00	936.00	4.67	1,020.04	4.87	0.97
Class R5	1,000.00	936.80	4.19	1,020.54	4.37	0.87
Class R6	1,000.00	936.50	4.14	1,020.59	4.32	0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                      Invesco Global Growth Fund

20

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611         Invesco Distributors, Inc. GLG-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Opportunities Fund
	Nasdaq: A: IAOPX ∎ C: ICOPX ∎ R: IROPX ∎ Y: IYOPX ∎ R5: IIOPX ∎ R6: IFOPX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Global Opportunities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.65	%
Class C Shares	-13.91
Class R Shares	-13.66
Class Y Shares	-13.50
Class R5 Shares	-13.49
Class R6 Shares	-13.49
MSCI All Country World Indexq (Broad Market/Style-Specific Index)	-7.68
Lipper Global Large-Cap Core Funds Index∎ (Peer Group Index)	-8.49
Source(s): q RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Global Large-Cap Core Funds Index is an unmanaged index considered representative of global large-cap core funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Global Opportunities Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (8/3/12)	6.40	%
5 Years	-0.41
1 Year	-18.90
Class C Shares
Inception (8/3/12)	6.38	%
5 Years	-0.03
1 Year	-15.66
Class R Shares
Inception (8/3/12)	6.91	%
5 Years	0.47
1 Year	-14.31
Class Y Shares
Inception (8/3/12)	7.44	%
5 Years	0.97
1 Year	-13.97
Class R5 Shares
Inception (8/3/12)	7.45	%
5 Years	0.97
1 Year	-13.96
Class R6 Shares
10 Years	7.45	%
5 Years	0.99
1 Year	-13.96

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements.

Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Global Opportunities Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Global Opportunities Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-100.11%
Brazil-1.32%
Itau Unibanco Holding S.A., Preference Shares		99,200	$	415,378
Canada-1.70%
Canadian Natural Resources Ltd.		31,999		535,864
China-7.87%
Alibaba Group Holding Ltd.(a)		13,800		349,707
NetEase, Inc., ADR		2,630		907,245
Tencent Holdings Ltd.		23,000		1,220,221
				2,477,173
France-4.39%
L’Oreal S.A.		1,208		351,558
Sanofi		5,964		583,480
TOTAL S.A.		12,414		447,616
				1,382,654
Germany-5.02%
Bayer AG		12,404		820,870
Volkswagen AG, Preference Shares		5,414		759,751
				1,580,621
Hong Kong-1.42%
Standard Chartered PLC		88,961		446,523
India-1.57%
Kotak Mahindra Bank Ltd.		27,495		493,972
Ireland-2.17%
Ryanair Holdings PLC, ADR(a)		10,785		684,524
Japan-2.73%
Sony Corp.		13,400		859,679
Russia-1.20%
Sberbank of Russia PJSC, ADR		35,915		377,467
South Korea-2.38%
Samsung Electronics Co. Ltd.		18,163		748,445
Spain-1.72%
Industria de Diseno Textil S.A.(a)		21,261		542,373
Sweden-1.63%
Autoliv, Inc.		8,566		514,131

	Shares		Value
Switzerland-4.20%
Roche Holding AG		3,803	$	1,322,792
Taiwan-4.28%
Taiwan Semiconductor Manufacturing Co. Ltd.		134,000		1,346,629
United Kingdom-5.92%
Berkeley Group Holdings PLC		8,810		464,693
Melrose Industries PLC		282,646		355,803
Royal Bank of Scotland Group PLC (The)		218,083		304,067
Royal Dutch Shell PLC, Class A		28,753		488,442
Standard Chartered PLC		48,838		250,979
				1,863,984
United States-50.59%
Agilent Technologies, Inc.		9,942		762,154
Alphabet, Inc., Class C(a)		686		925,181
American Express Co.		8,834		806,102
Analog Devices, Inc.		5,635		617,596
Berkshire Hathaway, Inc., Class B(a)		5,244		982,516
Booking Holdings, Inc.(a)		368		544,850
Bristol-Myers Squibb Co.		11,115		675,903
Citigroup, Inc.		11,649		565,675
CME Group, Inc., Class A		2,510		447,307
Colgate-Palmolive Co.		15,236		1,070,634
Copart, Inc.(a)		4,878		390,777
Delta Air Lines, Inc.		8,596		222,722
Equifax, Inc.		2,365		328,499
First Republic Bank		8,185		853,614
JPMorgan Chase & Co.		7,062		676,257
Las Vegas Sands Corp.(a)		14,402		691,584
Markel Corp.(a)		668		578,381
Mastercard, Inc., Class A		3,709		1,019,864
Microsoft Corp.		6,735		1,206,979
National Oilwell Varco, Inc.		27,028		341,634
Old Dominion Freight Line, Inc.		4,922		715,117
Texas Instruments, Inc.		12,974		1,505,892
				15,929,238
TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $35,261,874)				31,521,447
OTHER ASSETS LESS LIABILITIES-(0.11)%				(34,855	)
NET ASSETS-100.00%			$	31,486,592

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)     Non-income producing security.

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

6                     Invesco Global Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Financials	22.87	%
Information Technology	20.47
Consumer Discretionary	15.01
Health Care	13.23
Communication Services	9.70
Industrials	8.56
Energy	5.75
Consumer Staples	4.52
Other Assets Less Liabilities	(0.11	)

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

7                     Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $35,261,874)	$31,521,447
Foreign currencies, at value (Cost $541,692)	456,183
Receivable for:
Investments sold	124,776
Fund shares sold	31,543
Fund expenses absorbed	38,410
Dividends	86,639
Investment for trustee deferred compensation and retirement plans	19,684
Other assets	27,461
Total assets	32,306,143
Liabilities:
Payable for:
Investments purchased	100,898
Fund shares reacquired	47,560
Amount due custodian	577,896
Accrued fees to affiliates	22,351
Accrued other operating expenses	50,982
Trustee deferred compensation and retirement plans	19,864
Total liabilities	819,551
Net assets applicable to shares outstanding	$31,486,592
Net assets consist of:
Shares of beneficial interest	$41,537,248
Distributable earnings (loss)	(10,050,656)
	$31,486,592

Net Assets:
Class A	$	22,655,583
Class C	$	3,330,619
Class R	$	1,482,516
Class Y	$	3,901,387
Class R5	$	12,431
Class R6	$	104,056
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,830,847
Class C		274,432
Class R		120,578
Class Y		314,386
Class R5		1,001
Class R6		8,380
Class A:
Net asset value per share	$	12.37
Maximum offering price per share (Net asset value of $12.37 ÷ 94.50%)	$	13.09
Class C:
Net asset value and offering price per share	$	12.14
Class R:
Net asset value and offering price per share	$	12.30
Class Y:
Net asset value and offering price per share	$	12.41
Class R5:
Net asset value and offering price per share	$	12.42
Class R6:
Net asset value and offering price per share	$	12.42

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

8                     Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $34,358)	$	375,195
Expenses:
Advisory fees		148,855
Administrative services fees		2,649
Custodian fees		5,726
Distribution fees:
Class A		32,770
Class C		21,070
Class R		3,908
Transfer agent fees – A, C, R and Y		49,687
Transfer agent fees – R5		5
Transfer agent fees – R6		46
Trustees’ and officers’ fees and benefits		6,857
Registration and filing fees		36,867
Reports to shareholders		7,753
Professional services fees		26,422
Other		7,584
Total expenses		350,199
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(149,309	)
Net expenses		200,890
Net investment income		174,305
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $17)		(44,020	)
Foreign currencies		(9,015	)
		(53,035	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(5,271,675	)
Foreign currencies		(94,571	)
		(5,366,246	)
Net realized and unrealized gain (loss)		(5,419,281	)
Net increase (decrease) in net assets resulting from operations	$	(5,244,976	)

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

9                     Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019 (Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	174,305		$	623,007
Net realized gain (loss)		(53,035	)		(3,930,565	)
Change in net unrealized appreciation (depreciation)		(5,366,246	)		6,041,674
Net increase (decrease) in net assets resulting from operations		(5,244,976	)		2,734,116
Distributions to shareholders from distributable earnings:
Class A		(420,685	)		(1,953,842	)
Class C		(29,172	)		(432,496	)
Class R		(20,014	)		(70,652	)
Class Y		(102,925	)		(482,207	)
Class R5		(272	)		(1,134	)
Class R6		(2,192	)		(9,961	)
Total distributions from distributable earnings		(575,260	)		(2,950,292	)
Share transactions–net:
Class A		272,604			(208,421	)
Class C		(340,369	)		(2,055,435	)
Class R		254,080			489,318
Class Y		(502,167	)		(3,393,480	)
Class R6		1,757			67,076
Net increase (decrease) in net assets resulting from share transactions		(314,095	)		(5,100,942	)
Net increase (decrease) in net assets		(6,134,331	)		(5,317,118	)
Net assets:
Beginning of period		37,620,923			42,938,041
End of period	$	31,486,592		$	37,620,923

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

10                     Invesco Global Opportunities Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/20		$	14.54		$	0.07			$	(2.01	)		$	(1.94	)		$	(0.23	)		$	—			$	(0.23	)		$	12.37		(13.65	)%		$	22,656		1.02	%(d)		1.82	%(d)		1.00	%(d)		47	%
Year ended 10/31/19			14.65			0.24				0.75				0.99				(0.28	)			(0.82	)			(1.10	)			14.54		7.90				26,543		1.02			1.99			1.72			45
Year ended 10/31/18			16.57			0.25				(2.04	)			(1.79	)			(0.11	)			(0.02	)			(0.13	)			14.65		(10.88	)			26,811		1.02			1.76			1.50			92
Year ended 10/31/17			12.77			0.13				3.84				3.97				(0.17	)			—				(0.17	)			16.57		31.42				19,643		1.07			2.69			0.90			33
Year ended 10/31/16			13.13			0.09				(0.04	)			0.05				(0.02	)			(0.39	)			(0.41	)			12.77		0.57				11,455		1.36			2.77			0.72			52
Year ended 10/31/15			14.74			0.06				0.11				0.17				(0.22	)			(1.56	)			(1.78	)			13.13		1.76				12,405		1.36			2.94			0.43			71
Class C
Six months ended 04/30/20			14.19			0.02				(1.98	)			(1.96	)			(0.09	)			—				(0.09	)			12.14		(13.91	)			3,331		1.77	(d)		2.57	(d)		0.25	(d)		47
Year ended 10/31/19			14.30			0.13				0.73				0.86				(0.15	)			(0.82	)			(0.97	)			14.19		7.06				4,337		1.77			2.74			0.97			45
Year ended 10/31/18			16.22			0.12				(1.98	)			(1.86	)			(0.04	)			(0.02	)			(0.06	)			14.30		(11.51	)			6,531		1.77			2.51			0.75			92
Year ended 10/31/17			12.51			0.02				3.76				3.78				(0.07	)			—				(0.07	)			16.22		30.38				5,476		1.82			3.44			0.15			33
Year ended 10/31/16			12.93			0.00				(0.03	)			(0.03	)			—				(0.39	)			(0.39	)			12.51		(0.08	)			2,753		2.11			3.52			(0.03	)		52
Year ended 10/31/15			14.51			(0.04	)			0.10				0.06				(0.08	)			(1.56	)			(1.64	)			12.93		0.86				2,967		2.11			3.69			(0.32	)		71
Class R
Six months ended 04/30/20			14.42			0.05				(1.98	)			(1.93	)			(0.19	)			—				(0.19	)			12.30		(13.66	)			1,483		1.27	(d)		2.07	(d)		0.75	(d)		47
Year ended 10/31/19			14.54			0.20				0.74				0.94				(0.24	)			(0.82	)			(1.06	)			14.42		7.56				1,475		1.27			2.24			1.47			45
Year ended 10/31/18			16.46			0.21				(2.02	)			(1.81	)			(0.09	)			(0.02	)			(0.11	)			14.54		(11.08	)			950		1.27			2.01			1.25			92
Year ended 10/31/17			12.69			0.10				3.81				3.91				(0.14	)			—				(0.14	)			16.46		31.06				513		1.32			2.94			0.65			33
Year ended 10/31/16			13.05			0.06				(0.03	)			0.03				—				(0.39	)			(0.39	)			12.69		0.40				261		1.61			3.02			0.47			52
Year ended 10/31/15			14.67			0.02				0.09				0.11				(0.17	)			(1.56	)			(1.73	)			13.05		1.31				218		1.61			3.19			0.18			71
Class Y
Six months ended 04/30/20			14.60			0.09				(2.01	)			(1.92	)			(0.27	)			—				(0.27	)			12.41		(13.50	)			3,901		0.77	(d)		1.57	(d)		1.25	(d)		47
Year ended 10/31/19			14.72			0.27				0.75				1.02				(0.32	)			(0.82	)			(1.14	)			14.60		8.12				5,130		0.77			1.74			1.97			45
Year ended 10/31/18			16.63			0.30				(2.05	)			(1.75	)			(0.14	)			(0.02	)			(0.16	)			14.72		(10.63	)			8,579		0.77			1.51			1.75			92
Year ended 10/31/17			12.82			0.17				3.85				4.02				(0.21	)			—				(0.21	)			16.63		31.71				2,323		0.82			2.44			1.15			33
Year ended 10/31/16			13.17			0.12				(0.03	)			0.09				(0.05	)			(0.39	)			(0.44	)			12.82		0.90				449		1.11			2.52			0.97			52
Year ended 10/31/15			14.81			0.09				0.09				0.18				(0.26	)			(1.56	)			(1.82	)			13.17		1.90				4,681		1.11			2.69			0.68			71
Class R5
Six months ended 04/30/20			14.61			0.09				(2.01	)			(1.92	)			(0.27	)			—				(0.27	)			12.42		(13.49	)			12		0.77	(d)		1.38	(d)		1.25	(d)		47
Year ended 10/31/19			14.73			0.27				0.75				1.02				(0.32	)			(0.82	)			(1.14	)			14.61		8.12				15		0.77			1.55			1.97			45
Year ended 10/31/18			16.64			0.30				(2.05	)			(1.75	)			(0.14	)			(0.02	)			(0.16	)			14.73		(10.62	)			15		0.77			1.39			1.75			92
Year ended 10/31/17			12.83			0.17				3.85				4.02				(0.21	)			—				(0.21	)			16.64		31.68				17		0.82			2.24			1.15			33
Year ended 10/31/16			13.18			0.12				(0.03	)			0.09				(0.05	)			(0.39	)			(0.44	)			12.83		0.91				13		1.11			2.28			0.97			52
Year ended 10/31/15			14.81			0.09				0.10				0.19				(0.26	)			(1.56	)			(1.82	)			13.18		1.97				13		1.11			2.45			0.68			71
Class R6
Six months ended 04/30/20			14.61			0.09				(2.01	)			(1.92	)			(0.27	)			—				(0.27	)			12.42		(13.49	)			104		0.77	(d)		1.38	(d)		1.25	(d)		47
Year ended 10/31/19			14.73			0.27				0.75				1.02				(0.32	)			(0.82	)			(1.14	)			14.61		8.12				121		0.77			1.55			1.97			45
Year ended 10/31/18			16.63			0.29				(2.03	)			(1.74	)			(0.14	)			(0.02	)			(0.16	)			14.73		(10.57	)			52		0.77			1.39			1.75			92
Year ended 10/31/17			12.82			0.17				3.85				4.02				(0.21	)			—				(0.21	)			16.63		31.71				15		0.82			2.24			1.15			33
Year ended 10/31/16			13.17			0.12				(0.03	)			0.09				(0.05	)			(0.39	)			(0.44	)			12.82		0.90				12		1.11			2.28			0.97			52
Year ended 10/31/15			14.81			0.09				0.09				0.18				(0.26	)			(1.56	)			(1.82	)			13.17		1.89				12		1.11			2.45			0.68			71

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $26,351, $4,235, $1,571, $5,129, $14 and $117 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11                     Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco Global Opportunities Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     Invesco Global Opportunities 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.800	%
Next $250 million		0.780	%
Next $500 million		0.760	%
Next $1.5 billion		0.740	%
Next $2.5 billion		0.720	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.680	%
Over $10 billion		0.660	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.80%.

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $98,744, reimbursed fund level expenses of $0 and reimbursed class level expenses of $35,122, $5,646, $2,094, $6,825, $5 and $46 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $4,617 in front-end sales commissions from the sale of Class A shares and $351 and $163 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                     Invesco Global Opportunities Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil		$     415,378		$               –		$–	$     415,378
Canada		535,864		–		–	535,864
China		907,245		1,569,928		–	2,477,173
France		–		1,382,654		–	1,382,654
Germany		–		1,580,621		–	1,580,621
Hong Kong		–		446,523		–	446,523
India		–		493,972		–	493,972
Ireland		684,524		–		–	684,524
Japan		–		859,679		–	859,679
Russia		377,467		–		–	377,467
South Korea		–		748,445		–	748,445
Spain		–		542,373		–	542,373
Sweden		514,131		–		–	514,131
Switzerland		–		1,322,792		–	1,322,792
Taiwan		–		1,346,629		–	1,346,629
United Kingdom		–		1,863,984		–	1,863,984
United States		15,929,238		–		–	15,929,238
Total Investments		$19,363,847		$12,157,600		$–	$31,521,447

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $827.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	2,519,470		$	2,488,413		$	5,007,883

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

15                     Invesco Global Opportunities Fund

NOTE 8–Investment Transactions

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, 2020 was $17,045,124 and $18,234,328, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,174,061
Aggregate unrealized (depreciation) of investments		(7,157,025	)
Net unrealized appreciation (depreciation) of investments	$	(4,982,964	)

Cost of investments for tax purposes is $36,504,411.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		303,341		$	4,242,034			408,136		$	5,559,513
Class C		70,022			959,918			65,788			892,323
Class R		32,389			443,530			50,039			675,346
Class Y		147,256			2,129,433			189,173			2,569,056
Class R6		250			3,462			13,140			186,243
Issued as reinvestment of dividends:
Class A		25,810			396,417			149,174			1,870,607
Class C		1,895			28,636			33,523			413,000
Class R		1,298			19,827			5,586			69,598
Class Y		6,386			98,278			36,110			453,901
Class R6		126			1,940			708			8,908
Automatic conversion of Class C shares to Class A shares:
Class A		1,568			21,188			94,189			1,294,683
Class C		(1,598	)		(21,188	)		(95,956	)		(1,294,683	)
Reacquired:
Class A		(325,880	)		(4,387,035	)		(654,984	)		(8,933,224	)
Class C		(101,522	)		(1,307,735	)		(154,347	)		(2,066,075	)
Class R		(15,454	)		(209,277	)		(18,657	)		(255,626	)
Class Y		(190,637	)		(2,729,878	)		(456,658	)		(6,416,437	)
Class R6		(248	)		(3,645	)		(9,112	)		(128,075	)
Net increase (decrease) in share activity		(44,998	)	$	(314,095	)		(344,148	)	$	(5,100,942	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

On June 3, 2020, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on June 5, 2020. The Fund will be liquidated on or about August 5, 2020.

16                     Invesco Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/19)			Ending     Account Value     (04/30/20)1			Expenses     Paid During     Period2			Ending     Account Value     (04/30/20)			Expenses     Paid During     Period2			Annualized     Expense Ratio
Class A		$	1,000.00		$	863.50		$	4.73		$	1,019.79		$	5.12		1.02	%
Class C			1,000.00			860.90			8.19			1,016.06			8.87		1.77
Class R			1,000.00			863.40			5.88			1,018.55			6.37		1.27
Class Y			1,000.00			865.00			3.57			1,021.03			3.87		0.77
Class R5			1,000.00			865.10			3.57			1,021.03			3.87		0.77
Class R6			1,000.00			865.10			3.57			1,021.03			3.87		0.77

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco Global Opportunities Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611                     Invesco Distributors, Inc.                     GLOPP-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Responsibility Equity Fund
	Effective June 29, 2020 Invesco Global Responsibility Equity Fund will be renamed Invesco MSCI World SRI Index Fund.
	Nasdaq:
	A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Global Responsibility Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.33	%
Class C Shares	-10.61
Class R Shares	-10.33
Class Y Shares	-10.26
Class R5 Shares	-10.18
Class R6 Shares	-10.18
MSCI World Indexq (Broad Market/Style-Specific Index)	-7.29
Lipper Global Multi-Cap Core Funds Index∎ (Peer Group Index)	-9.42
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Global Multi-Cap Core Funds Index is an unmanaged index considered representative of global multicap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Global Responsibility Equity Fund

Average Annual Total Returns As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (7/1/16)	1.50	%
1 Year	-15.93
Class C Shares
Inception (7/1/16)	2.23	%
1 Year	-12.46
Class R Shares
Inception (7/1/16)	2.75	%
1 Year	-11.15
Class Y Shares
Inception (7/1/16)	3.24	%
1 Year	-10.78
Class R5 Shares
Inception (7/1/16)	3.25	%
1 Year	-10.78
Class R6 Shares
Inception (7/1/16)	3.25	%
1 Year	-10.78

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

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 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.

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

4                     Invesco Global Responsibility Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Global Responsibility Equity Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.90%
Australia-2.30%
Fortescue Metals Group Ltd.		15,288	$      117,185
Magellan Financial Group Ltd.		1,259	41,390
Newcrest Mining Ltd.		891	15,990
			174,565
Canada-5.60%
CGI, Inc., Class A(a)		467	29,783
Hydro One Ltd.(b)		5,986	108,543
Intact Financial Corp.		365	34,737
Kinross Gold Corp.(a)		6,877	45,404
Magna International, Inc.		454	17,691
Manulife Financial Corp.		2,092	26,346
National Bank of Canada		1,167	47,067
Open Text Corp.		1,405	53,093
Royal Bank of Canada		352	21,654
SNC-Lavalin Group, Inc.		890	16,413
Thomson Reuters Corp.(a)		347	24,448
			425,179
Denmark-0.69%
Novo Nordisk A/S, Class B		328	20,944
Pandora A/S		876	31,163
			52,107
France-3.51%
Air Liquide S.A.		152	19,357
Alstom S.A.		713	29,229
BNP Paribas S.A.		409	12,874
Faurecia SE		528	19,158
Hermes International		26	19,047
L’Oreal S.A.		164	47,728
Peugeot S.A.		1,548	22,217
Publicis Groupe S.A.		459	13,660
Schneider Electric SE		570	52,220
Teleperformance		66	14,802
Ubisoft Entertainment S.A.(a)		221	16,467
			266,759
Germany-1.35%
HeidelbergCement AG		765	36,500
Merck KGaA		568	66,203
			102,703
Hong Kong-1.10%
HKT Trust & HKT Ltd.		24,000	38,647
WH Group Ltd.		47,000	44,989
			83,636
Ireland-1.08%
AerCap Holdings N.V.(a)		916	25,758
CRH PLC		1,385	41,872
CRH PLC		474	14,347
			81,977
Israel-1.03%
Bank Leumi Le-Israel BM		2,690	14,605

	Shares		Value
Israel-(continued)
Teva Pharmaceutical Industries Ltd., ADR(a)		5,955	$      63,957
			78,562
Italy-0.18%
DiaSorin S.p.A.		82	13,974
Japan-10.01%
AGC, Inc.		3,600	89,721
Ajinomoto Co., Inc.		1,000	17,761
Amada Co. Ltd.		6,200	56,362
Astellas Pharma, Inc.		1,900	31,450
Dai Nippon Printing Co. Ltd.		4,800	101,716
Fujitsu Ltd.		300	29,227
Hitachi Ltd.		1,200	36,004
Kao Corp.		500	38,567
Konica Minolta, Inc.		8,400	32,687
Mazda Motor Corp.		3,700	20,923
Nippon Electric Glass Co. Ltd.		1,600	23,442
Nissan Motor Co. Ltd.		12,400	42,437
Nomura Holdings, Inc.		8,500	35,358
Nomura Research Institute Ltd.		1,300	31,629
NTT DOCOMO, Inc.		1,500	44,028
Sekisui House Ltd.		1,900	32,701
Toppan Printing Co. Ltd.		6,500	96,940
			760,953
Jordan-0.70%
Hikma Pharmaceuticals PLC		1,788	53,408
Netherlands-1.74%
ASM International N.V.		396	43,667
Signify N.V.		760	15,520
Wolters Kluwer N.V.		995	73,259
			132,446
New Zealand-0.19%
a2 Milk Co. Ltd.(a)		1,210	14,226
Norway-0.61%
Orkla ASA		2,618	23,725
Yara International ASA		668	22,823
			46,548
Sweden-3.31%
Atlas Copco AB, Class A		2,391	82,955
Boliden AB		718	14,700
Essity AB, Class B		1,854	60,238
Getinge AB, Class B		662	12,737
Hennes & Mauritz AB, Class B		3,443	47,922
Skanska AB, Class B		1,709	32,705
			251,257
Switzerland-5.15%
Geberit AG		64	28,742
LafargeHolcim Ltd.(a)		951	39,501
Nestle S.A.		700	73,945
Novartis AG		882	75,240

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

6                     Invesco Global Responsibility Equity Fund

	Shares		Value
Switzerland-(continued)
Roche Holding AG		138	$      48,001
Roche Holding AG, BR		297	103,414
STMicroelectronics N.V.		859	22,384
			391,227
United Kingdom-2.11%
Auto Trader Group PLC(b)		9,039	52,270
GlaxoSmithKline PLC		2,033	42,563
Greggs PLC		738	17,041
Tate & Lyle PLC		2,439	21,897
United Utilities Group PLC		1,377	15,663
WPP PLC		1,372	10,749
			160,183
United States-57.24%
AbbVie, Inc.		651	53,512
Activision Blizzard, Inc.		359	22,879
AGCO Corp.		419	22,140
Akamai Technologies, Inc.(a)		331	32,342
Alexion Pharmaceuticals, Inc.(a)		357	38,367
Allstate Corp. (The)		441	44,859
Ally Financial, Inc.		1,790	29,338
Alphabet, Inc., Class C(a)		91	122,728
Amdocs Ltd.		677	43,626
Ameriprise Financial, Inc.		278	31,953
AmerisourceBergen Corp.		485	43,485
Amgen, Inc.		79	18,898
Apple, Inc.		874	256,781
Applied Materials, Inc.		1,145	56,884
Athene Holding Ltd., Class A(a)		1,277	34,479
AutoNation, Inc.(a)		563	20,966
AutoZone, Inc.(a)		36	36,732
Bank of America Corp.		642	15,440
Best Buy Co., Inc.		691	53,020
Biogen, Inc.(a)		340	100,922
Booking Holdings, Inc.(a)		15	22,209
Brixmor Property Group, Inc.		1,734	19,854
Cadence Design Systems, Inc.(a)		764	61,983
Campbell Soup Co.		641	32,037
Cardinal Health, Inc.		780	38,594
CenturyLink, Inc.		4,068	43,202
CF Industries Holdings, Inc.		1,221	33,578
Cisco Systems, Inc.		1,022	43,312
Citigroup, Inc.		962	46,715
Citrix Systems, Inc.		110	15,951
DaVita, Inc.(a)		645	50,961
DENTSPLY SIRONA, Inc.		1,120	47,533
Discovery, Inc., Class C(a)		1,251	25,533
Electronic Arts, Inc.(a)		313	35,763
Eli Lilly and Co.		88	13,608
Equity Residential		743	48,340
Essex Property Trust, Inc.		228	55,655
Expedia Group, Inc.		187	13,273
Facebook, Inc., Class A(a)		363	74,310
Ferguson PLC		231	16,708
Fifth Third Bancorp		903	16,877
FleetCor Technologies, Inc.(a)		110	26,538
Ford Motor Co.(a)		9,182	46,736
Fortinet, Inc.(a)		201	21,656

	Shares		Value
United States-(continued)
General Mills, Inc.		1,265	$      75,761
General Motors Co.(a)		1,994	44,446
Gilead Sciences, Inc.		958	80,472
HCA Healthcare, Inc.(a)		277	30,437
Hershey Co. (The)		242	32,048
Hewlett Packard Enterprise Co.		5,980	60,159
Humana, Inc.		58	22,146
Incyte Corp.(a)		440	42,970
Ingredion, Inc.		179	14,535
Intel Corp.		1,018	61,060
International Business Machines Corp.		129	16,197
Interpublic Group of Cos., Inc. (The)		856	14,535
Jabil, Inc.		743	21,131
Johnson Controls International PLC		1,366	39,764
JPMorgan Chase & Co.		1,237	118,455
Kimberly-Clark Corp.		515	71,317
Lam Research Corp.		151	38,547
Leidos Holdings, Inc.		671	66,302
Lennar Corp., Class A		361	18,075
LKQ Corp.(a)		528	13,807
McKesson Corp.		437	61,726
MetLife, Inc.		1,105	39,868
Microsoft Corp.		1,927	345,338
Mid-America Apartment Communities, Inc.		532	59,541
Mondelez International, Inc., Class A		1,521	78,240
New York Community Bancorp, Inc.		3,203	34,785
NVIDIA Corp.		51	14,906
NVR, Inc.(a)		5	15,500
Old Dominion Freight Line, Inc.		96	13,948
Omnicom Group, Inc.		546	31,138
Oracle Corp.		1,751	92,751
Owens Corning		389	16,867
PACCAR, Inc.		323	22,361
Procter & Gamble Co. (The)		1,180	139,087
PulteGroup, Inc.		1,490	42,122
QUALCOMM, Inc.		318	25,017
Regeneron Pharmaceuticals, Inc.(a)		35	18,406
SBA Communications Corp., Class A		254	73,640
Seagate Technology PLC		296	14,785
Signature Bank		231	24,759
Synchrony Financial		2,062	40,807
Synopsys, Inc.(a)		547	85,945
Take-Two Interactive Software, Inc.(a)		157	19,005
TEGNA, Inc.		1,364	14,622
U.S. Bancorp		962	35,113
UnitedHealth Group, Inc.		49	14,331
Universal Health Services, Inc., Class B(a)		110	11,626
Unum Group		937	16,351
Vertex Pharmaceuticals, Inc.(a)		56	14,067
Western Union Co. (The)		2,119	40,409
Whirlpool Corp.		144	16,091
Xerox Holdings Corp.		3,499	63,997
			4,349,590
Total Common Stocks & Other Equity Interests (Cost $7,858,071)			7,439,300
Money Market Funds-2.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		52,631	52,631

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

7                     Invesco Global Responsibility Equity Fund

	Shares		Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		41,043	$     41,068
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		60,149	60,149
Total Money Market Funds (Cost $153,800)			153,848
TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $8,011,871)			7,593,148
OTHER ASSETS LESS LIABILITIES-0.08%			6,046
NET ASSETS-100.00%			$7,599,194

Investment Abbreviations:
ADR	– American Depositary Receipt
BR	– Bearer Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $160,813, which represented 2.12% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	35,294		$	484,315		$	(466,978	)		$	-		$	-			$	52,631	$   332
Invesco Liquid Assets Portfolio, Institutional Class			25,232			346,633			(330,830	)			45			(12	)			41,068	389
Invesco Treasury Portfolio, Institutional Class			40,335			553,503			(533,689	)			-			-				60,149	367
Total		$	100,861		$	1,384,451		$	(1,331,497	)		$	45		$	(12	)		$	153,848	$1,088

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	23.79	%
Health Care	16.24
Industrials	11.48
Consumer Staples	10.35
Financials	10.05
Consumer Discretionary	8.07
Communication Services	7.63
Materials	5.28
Real Estate	3.38
Other Sectors, Each Less than 2% of Net Assets	1.63
Money Market Funds Plus Other Assets Less Liabilities	2.10

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

8                     Invesco Global Responsibility Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $7,858,071)	$	7,439,300
Investments in affiliated money market funds, at value (Cost $153,800)		153,848
Cash		875
Foreign currencies, at value (Cost $2,380)		2,403
Receivable for:
Investments sold		26,329
Fund shares sold		6,053
Dividends		20,175
Investment for trustee deferred compensation and retirement plans		9,934
Other assets		21,667
Total assets		7,680,584
Liabilities:
Payable for:
Investments purchased		17,076
Fund shares reacquired		206
Accrued fees to affiliates		13,568
Accrued trustees’ and officers’ fees and benefits		374
Accrued other operating expenses		40,232
Trustee deferred compensation and retirement plans		9,934
Total liabilities		81,390
Net assets applicable to shares outstanding	$	7,599,194
Net assets consist of:
Shares of beneficial interest	$	8,786,049
Distributable earnings (loss)		(1,186,855	)
	$	7,599,194

Net Assets:
Class A	$	1,032,997
Class C	$	187,964
Class R	$	183,651
Class Y	$	486,131
Class R5	$	19,066
Class R6	$	5,689,385
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		98,644
Class C		18,059
Class R		17,582
Class Y		46,279
Class R5		1,815
Class R6		541,605
Class A:
Net asset value per share	$	10.47
Maximum offering price per share (Net asset value of $10.47 ÷ 94.50%)	$	11.08
Class C:
Net asset value and offering price per share	$	10.41
Class R:
Net asset value and offering price per share	$	10.45
Class Y:
Net asset value and offering price per share	$	10.50
Class R5:
Net asset value and offering price per share	$	10.50
Class R6:
Net asset value and offering price per share	$	10.50

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

9                     Invesco Global Responsibility Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,829)	$	96,200
Dividends from affiliated money market funds		1,088
Total investment income		97,288
Expenses:
Advisory fees		27,749
Administrative services fees		619
Custodian fees		1,933
Distribution fees:
Class A		1,906
Class C		1,118
Class R		196
Transfer agent fees – A, C, R and Y		4,407
Transfer agent fees – R5		6
Transfer agent fees – R6		552
Trustees’ and officers’ fees and benefits		7,829
Registration and filing fees		34,744
Reports to shareholders		5,967
Professional services fees		24,286
Other		99
Total expenses		111,411
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(82,666	)
Net expenses		28,745
Net investment income		68,543
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(197,740	)
Foreign currencies		1,076
		(196,664	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(865,419	)
Foreign currencies		159
		(865,260	)
Net realized and unrealized gain (loss)		(1,061,924	)
Net increase (decrease) in net assets resulting from operations	$	(993,381	)

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

10                     Invesco Global Responsibility Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	68,543		$	144,906
Net realized gain (loss)		(196,664	)		(593,308	)
Change in net unrealized appreciation (depreciation)		(865,260	)		759,146
Net increase (decrease) in net assets resulting from operations		(993,381	)		310,744
Distributions to shareholders from distributable earnings:
Class A		(27,377	)		(31,300	)
Class C		(2,218	)		(1,884	)
Class R		(492	)		(685	)
Class Y		(9,964	)		(11,925	)
Class R5		(389	)		(508	)
Class R6		(118,725	)		(178,903	)
Total distributions from distributable earnings		(159,165	)		(225,205	)
Share transactions-net:
Class A		(153,351	)		78,189
Class C		(28,309	)		72,486
Class R		157,624			3,239
Class Y		18,963			69,956
Class R5		419			1,723
Class R6		72,828			(551,637	)
Net increase (decrease) in net assets resulting from share transactions		68,174			(326,044	)
Net increase (decrease) in net assets		(1,084,372	)		(240,505	)
Net assets:
Beginning of period		8,683,566			8,924,071
End of period	$	7,599,194		$	8,683,566

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

11                     Invesco Global Responsibility Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$	11.86		$	0.08		$	(1.28	)		$	(1.20	)		$	(0.19	)		$	-			$	(0.19	)		$	10.47		(10.33	)%		$	1,033		0.85	%(d)		3.05	%(d)		1.43	%(d)		33	%
Year ended 10/31/19			11.76			0.17			0.21				0.38				(0.18	)			(0.10	)			(0.28	)			11.86		3.48				1,483		0.85			3.58			1.51			116
Year ended 10/31/18			12.91			0.17			(0.85	)			(0.68	)			(0.09	)			(0.38	)			(0.47	)			11.76		(5.55	)			1,387		0.84			3.94			1.33			89
Year ended 10/31/17			10.45			0.14			2.39				2.53				(0.06	)			(0.01	)			(0.07	)			12.91		24.36				531		0.84			9.90			1.16			69
Year ended 10/31/16(e)			10.17			0.04			0.24				0.28				-				-				-				10.45		2.75				46		0.84	(f)		31.57	(f)		1.13	(f)		18
Class C
Six months ended 04/30/20			11.75			0.04			(1.27	)			(1.23	)			(0.11	)			-				(0.11	)			10.41		(10.61	)			188		1.60	(d)		3.80	(d)		0.68	(d)		33
Year ended 10/31/19			11.63			0.09			0.20				0.29				(0.07	)			(0.10	)			(0.17	)			11.75		2.66				243		1.60			4.33			0.76			116
Year ended 10/31/18			12.83			0.07			(0.84	)			(0.77	)			(0.05	)			(0.38	)			(0.43	)			11.63		(6.27	)			166		1.59			4.69			0.58			89
Year ended 10/31/17			10.42			0.05			2.39				2.44				(0.02	)			(0.01	)			(0.03	)			12.83		23.49				124		1.59			10.65			0.41			69
Year ended 10/31/16(e)			10.17			0.01			0.24				0.25				-				-				-				10.42		2.46				10		1.59	(f)		32.32	(f)		0.38	(f)		18
Class R
Six months ended 04/30/20			11.81			0.06			(1.26	)			(1.20	)			(0.16	)			-				(0.16	)			10.45		(10.33	)			184		1.10	(d)		3.30	(d)		1.18	(d)		33
Year ended 10/31/19			11.71			0.15			0.20				0.35				(0.15	)			(0.10	)			(0.25	)			11.81		3.17				35		1.10			3.83			1.26			116
Year ended 10/31/18			12.88			0.14			(0.85	)			(0.71	)			(0.08	)			(0.38	)			(0.46	)			11.71		(5.82	)			32		1.09			4.19			1.08			89
Year ended 10/31/17			10.44			0.11			2.39				2.50				(0.05	)			(0.01	)			(0.06	)			12.88		24.04				13		1.09			10.15			0.91			69
Year ended 10/31/16(e)			10.17			0.03			0.24				0.27				-				-				-				10.44		2.65				10		1.09	(f)		31.82	(f)		0.88	(f)		18
Class Y
Six months ended 04/30/20			11.91			0.10			(1.29	)			(1.19	)			(0.22	)			-				(0.22	)			10.50		(10.26	)			486		0.60	(d)		2.80	(d)		1.68	(d)		33
Year ended 10/31/19			11.80			0.20			0.22				0.42				(0.21	)			(0.10	)			(0.31	)			11.91		3.80				522		0.60			3.33			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			446		0.59			3.69			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				189		0.59			9.65			1.41			69
Year ended 10/31/16(e)			10.17			0.05			0.24				0.29				-				-				-				10.46		2.85				42		0.59	(f)		31.32	(f)		1.38	(f)		18
Class R5
Six months ended 04/30/20			11.90			0.10			(1.28	)			(1.18	)			(0.22	)			-				(0.22	)			10.50		(10.18	)			19		0.60	(d)		2.48	(d)		1.68	(d)		33
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				21		0.60			2.95			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			19		0.59			3.47			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				21		0.59			9.28			1.41			69
Year ended 10/31/16(e)			10.17			0.05			0.24				0.29				-				-				-				10.46		2.85				10		0.59	(f)		29.53	(f)		1.38	(f)		18
Class R6
Six months ended 04/30/20			11.90			0.10			(1.28	)			(1.18	)			(0.22	)			-				(0.22	)			10.50		(10.18	)			5,689		0.60	(d)		2.44	(d)		1.68	(d)		33
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				6,379		0.60			2.91			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			6,875		0.59			3.42			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				4,935		0.59			9.28			1.41			69
Year ended 10/31/16(e)			10.17			0.05			0.24				0.29				-				-				-				10.46		2.85				1,353		0.59	(f)		29.53	(f)		1.38	(f)		18

^(a)  Calculated using average shares outstanding.

^(b)  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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,533, $225, $79, $494, $21 and $6,234 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of July 1, 2016.

^(f)  Annualized.

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

12                     Invesco Global Responsibility Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                     Invesco Global Responsibility Equity Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

14                     Invesco Global Responsibility 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 25 million	0.650%
Over $25 million	0.600%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.65%.

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

The Adviser has contractually agreed, through at least June 28,2020, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60%, and 0.60%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 28, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $27,842, reimbursed fund level expenses of $49,787 and reimbursed class level expenses of $2,900, $425, $148, $935, $2 and $553 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $0 and $119 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. 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.

15                     Invesco Global Responsibility Equity Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	-	$	174,565		$-	$   174,565
Canada		425,179		-		-	425,179
Denmark		-		52,107		-	52,107
France		-		266,759		-	266,759
Germany		-		102,703		-	102,703
Hong Kong		-		83,636		-	83,636
Ireland		25,758		56,219		-	81,977
Israel		63,957		14,605		-	78,562
Italy		-		13,974		-	13,974
Japan		-		760,953		-	760,953
Jordan		-		53,408		-	53,408
Netherlands		-		132,446		-	132,446
New Zealand		-		14,226		-	14,226
Norway		-		46,548		-	46,548
Sweden		-		251,257		-	251,257
Switzerland		-		391,227		-	391,227
United Kingdom		-		160,183		-	160,183
United States		4,332,882		16,708		-	4,349,590
Money Market Funds		153,848		-		-	153,848
Total Investments	$	5,001,624	$	2,591,524		$-	$7,593,148

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $74.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration			$416,454		$174,799	$591,253

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

16                     Invesco Global Responsibility Equity Fund

NOTE 8–Investment Transactions

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, 2020 was $2,770,668 and $2,828,154, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	502,286
Aggregate unrealized (depreciation) of investments		(946,211	)
Net unrealized appreciation (depreciation) of investments	$	(443,925	)

Cost of investments for tax purposes is $8,037,073.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		25,281		$	302,589			45,364		$	523,796
Class C		5,280			50,562			11,783			134,617
Class R		14,585			157,386			619			7,105
Class Y		10,237			114,739			7,839			90,940
Class R5		27			300			139			1,623
Class R6		52,293			603,179			54,019			617,394
Issued as reinvestment of dividends:
Class A		1,938			23,472			2,680			29,293
Class C		175			2,109			156			1,708
Class R		27			329			40			434
Class Y		710			8,620			932			10,198
Class R5		14			171			18			197
Class R6		8,164			99,114			13,799			150,958
Automatic conversion of Class C shares to Class A shares:
Class A		1,091			13,343			168			1,912
Class C		(1,101	)		(13,343	)		(169	)		(1,912	)
Reacquired:
Class A		(54,751	)		(492,755	)		(41,044	)		(476,812	)
Class C		(6,946	)		(67,637	)		(5,377	)		(61,927	)
Class R		(8	)		(91	)		(386	)		(4,300	)
Class Y		(8,541	)		(104,396	)		(2,646	)		(31,182	)
Class R5		(5	)		(52	)		(8	)		(97	)
Class R6		(54,705	)		(629,465	)		(114,373	)		(1,319,989	)
Net increase (decrease) in share activity		(6,235	)	$	68,174			(26,447	)	$	(326,044	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

  In addition, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Significant Event

On March 30, 2020, the Board of Trustees approved changes to the principal investment strategies of the Fund in connection with repositioning the Fund as an index-based fund, including changing the Fund’s name to Invesco MSCI World SRI Index Fund, effective on or about June 29, 2020.

17                     Invesco Global Responsibility Equity Fund

NOTE 12–Subsequent Event

Effective on or about June 29, 2020, the contractual management fee for the Fund will be lowered to 0.14% of the Fund’s average daily net assets for the first $2 billion in assets and 0.12% of the Fund’s average daily net assets over $2 billion in assets. The Fund’s expense limits will be lowered from 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively, to 0.44%, 1.19%, 0.69%, 0.19%, 0.19% and 0.19%, respectively, pursuant to a new contractual fee waiver agreement with the Adviser.

18                     Invesco Global Responsibility 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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)1	Expenses Paid During Period2	Ending Account Value (04/30/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$896.70	$4.01	$1,020.64	$4.27	0.85%
Class C	1,000.00	893.90	7.53	1,016.91	8.02	1.60
Class R	1,000.00	896.70	5.19	1,019.39	5.52	1.10
Class Y	1,000.00	897.40	2.83	1,021.88	3.02	0.60
Class R5	1,000.00	898.20	2.83	1,021.88	3.02	0.60
Class R6	1,000.00	898.20	2.83	1,021.88	3.02	0.60

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                     Invesco Global Responsibility Equity Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. GLRE-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco International Core Equity Fund
	Nasdaq:
	A: IBVAX ∎ C: IBVCX ∎ R: IIBRX ∎ Y: IBVYX ∎ Investor: IIBCX ∎ R5: IBVIX ∎ R6: IBVFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco International Core Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-14.46	%
Class C Shares	-14.73
Class R Shares	-14.57
Class Y Shares	-14.33
Investor Class Shares	-14.39
Class R5 Shares	-14.33
Class R6 Shares	-14.33
MSCI EAFE Indexq (Broad Market/Style-Specific Index)	-14.21
Lipper International Large-Cap Core Funds Index∎ (Peer Group Index)	-16.59
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco International Core Equity Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	2.60	%
10 Years	0.55
5 Years	-2.95
1 Year	-18.15
Class C Shares
Inception (2/14/00)	1.21	%
10 Years	0.36
5 Years	-2.56
1 Year	-14.84
Class R Shares
Inception (11/24/03)	3.00	%
10 Years	0.86
5 Years	-2.08
1 Year	-13.60
Class Y Shares
Inception (10/3/08)	1.92	%
10 Years	1.37
5 Years	-1.60
1 Year	-13.13
Investor Class Shares
Inception (10/28/98)	2.56	%
10 Years	1.11
5 Years	-1.83
1 Year	-13.35
Class R5 Shares
Inception (4/30/04)	3.23	%
10 Years	1.58
5 Years	-1.54
1 Year	-13.19
Class R6 Shares
10 Years	1.43	%
5 Years	-1.53
1 Year	-13.10

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

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

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable

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

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

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

4                     Invesco International Core Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco International Core Equity Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.64%
Argentina-1.06%
MercadoLibre, Inc.(a)		996	$	581,176
Australia-7.20%
Ansell Ltd.		71,352		1,309,672
Brambles Ltd.		106,454		759,649
Rio Tinto PLC		22,365		1,039,450
Woodside Petroleum Ltd.		58,075		829,267
				3,938,038
Belgium-2.07%
Umicore S.A.		26,160		1,131,151
Brazil-0.79%
Pagseguro Digital Ltd., Class A(a)		16,989		430,331
China-5.20%
Alibaba Group Holding Ltd., ADR(a)		3,858		781,901
Autohome, Inc., ADR		9,358		768,760
China International Capital Corp. Ltd., H Shares(b)		366,000		559,754
Ping An Healthcare and Technology Co. Ltd.(a)(b)		53,500		736,995
				2,847,410
Denmark-1.03%
Novo Nordisk A/S, Class B		8,833		564,023
France-14.50%
Airbus SE		12,835		815,971
BNP Paribas S.A.		46,361		1,459,238
Cie Generale des Etablissements Michelin S.C.A.		9,348		913,726
Dassault Systemes SE		7,858		1,151,234
Sanofi		22,405		2,191,963
Vivendi S.A.		64,939		1,403,605
				7,935,737
Germany-12.91%
Infineon Technologies AG		72,430		1,345,822
Muenchener Rueckversicherungs- Gesellschaft AG		3,450		760,258
Northern Data AG(a)(c)		6,415		316,491
RWE AG		43,367		1,245,361
SAP SE		19,242		2,294,949
Siemens AG		11,862		1,101,846
				7,064,727
Hong Kong-3.06%
AIA Group Ltd.		184,200		1,676,672
India-1.37%
Housing Development Finance Corp. Ltd.		29,772		750,312
Ireland-0.82%
Ryanair Holdings PLC, ADR(a)		7,059		448,034

	Shares		Value
Italy-3.46%
Enel S.p.A.		276,893	$	1,895,652
Japan-18.21%
Asahi Group Holdings Ltd.		21,300		736,434
FANUC Corp.		7,500		1,236,706
Hitachi Ltd.		54,300		1,629,177
KDDI Corp.		44,300		1,276,523
Keisei Electric Railway Co. Ltd.		32,000		965,056
Kobe Bussan Co. Ltd.		12,700		609,358
Koito Manufacturing Co. Ltd.		10,900		412,713
Komatsu Ltd.		42,393		808,202
Nissan Chemical Corp.		10,300		393,766
ORIX Corp.		48,600		578,522
Shionogi & Co. Ltd.		10,200		559,707
SoftBank Group Corp.		17,700		757,033
				9,963,197
Luxembourg-1.62%
ArcelorMittal S.A.		80,485		883,999
Netherlands-2.74%
Heineken N.V.		11,365		967,597
ING Groep N.V.		97,263		534,707
				1,502,304
Russia-0.50%
Sberbank of Russia PJSC, ADR		26,222		275,593
Singapore-1.31%
DBS Group Holdings Ltd.		51,060		715,709
South Korea-1.48%
Samsung Electronics Co. Ltd.		19,667		810,420
Spain-1.99%
Bankinter S.A.		30,320		125,226
CaixaBank S.A.		397,376		715,604
Iberdrola S.A.		24,641		247,016
				1,087,846
Switzerland-5.08%
Glencore PLC(a)		376,622		699,105
Novartis AG, ADR		24,547		2,079,867
				2,778,972
United Kingdom-7.95%
Experian PLC		38,550		1,154,975
Nomad Foods Ltd.(a)		59,307		1,222,317
Reckitt Benckiser Group PLC		12,484		1,043,182
Vodafone Group PLC, ADR		65,714		929,196
				4,349,670
United States-4.29%
Aptiv PLC		10,560		734,448
Chubb Ltd.		7,645		825,737

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

6                     Invesco International Core Equity Fund

	Shares		Value
United States-(continued)
James Hardie Industries PLC, CDI		54,848	$	786,472
				2,346,657
Total Common Stocks & Other Equity Interests (Cost $60,584,051)				53,977,630
Money Market Funds-1.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e)		353,468		353,468
Invesco Treasury Portfolio, Institutional Class, 0.10%(d)(e)		235,646		235,646
Total Money Market Funds (Cost $589,114)				589,114
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.72% (Cost $61,173,165)				54,566,744

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.53%
Invesco Private Government Fund, 0.01%, 05/12/2020(d)(f)(g) (Cost $289,968)		289,968	$	289,968
TOTAL INVESTMENTS IN SECURITIES-100.25% (Cost $61,463,133)				54,856,712
OTHER ASSETS LESS LIABILITIES-(0.25)%				(137,794	)
NET ASSETS-100.00%			$	54,718,918

Investment Abbreviations:

ADR	–	American Depositary Receipt
CDI	–	CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $1,296,749, which represented 2.37% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$330,611		$4,115,837		$(4,092,980	)		$-		$-		$353,468		$2,003
Invesco Treasury Portfolio, Institutional Class		220,408		2,743,891		(2,728,653	)		-		-		235,646		1,312
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		579,936		(289,968	)		-		-		289,968		-
Total		$551,019		$7,439,664		$(7,111,601	)		$-		$-		$879,082		$3,315

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

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

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

7                     Invesco International Core Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Financials	16.41	%
Information Technology	14.58
Health Care	13.60
Industrials	13.32
Communication Services	9.38
Materials	9.02
Consumer Staples	8.37
Consumer Discretionary	6.26
Utilities	6.19
Energy	1.51
Money Market Funds Plus Other Assets Less Liabilities	1.36

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

8                     Invesco International Core Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $60,584,051)*	$	53,977,630
Investments in affiliated money market funds, at value (Cost $879,082)		879,082
Cash		17,433
Foreign currencies, at value (Cost $30,615)		29,629
Receivable for:
Investments sold		25
Fund shares sold		9,886
Dividends		238,894
Investment for trustee deferred compensation and retirement plans		89,573
Other assets		51,681
Total assets		55,293,833
Liabilities:
Payable for:
Investments purchased		42,012
Fund shares reacquired		34,123
Collateral upon return of securities loaned		289,968
Accrued fees to affiliates		39,046
Accrued other operating expenses		71,754
Trustee deferred compensation and retirement plans		98,012
Total liabilities		574,915
Net assets applicable to shares outstanding	$	54,718,918
Net assets consist of:
Shares of beneficial interest	$	68,675,459
Distributable earnings (loss)		(13,956,541	)
	$	54,718,918

Net Assets:
Class A	$	21,846,868
Class C	$	2,269,877
Class R	$	1,134,476
Class Y	$	3,756,094
Investor Class	$	7,019,847
Class R5	$	2,813,997
Class R6	$	15,877,759
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,445,194
Class C		259,220
Class R		126,405
Class Y		412,676
Investor Class		771,386
Class R5		317,493
Class R6		1,792,050
Class A:
Net asset value per share	$	8.93
Maximum offering price per share (Net asset value of $8.93 ÷ 94.50%)	$	9.45
Class C:
Net asset value and offering price per share	$	8.76
Class R:
Net asset value and offering price per share	$	8.97
Class Y:
Net asset value and offering price per share	$	9.10
Investor Class:
Net asset value and offering price per share	$	9.10
Class R5:
Net asset value and offering price per share	$	8.86
Class R6:
Net asset value and offering price per share	$	8.86

* At April 30, 2020, securities with an aggregate value of $289,968 were on loan to brokers.

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

9                     Invesco International Core Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $81,269)	$	700,905
Dividends from affiliates		3,315
Total investment income		704,220
Expenses:
Advisory fees		239,308
Administrative services fees		4,718
Custodian fees		5,901
Distribution fees:
Class A		32,339
Class C		13,217
Class R		3,073
Investor Class		10,310
Transfer agent fees - A, C, R, Y and Investor		73,200
Transfer agent fees - R5		63
Transfer agent fees - R6		291
Trustees’ and officers’ fees and benefits		7,233
Registration and filing fees		37,276
Reports to shareholders		10,819
Professional services fees		28,816
Other		6,048
Total expenses		472,612
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(136,293	)
Net expenses		336,319
Net investment income		367,901
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(3,239,070	)
Foreign currencies		499
Forward foreign currency contracts		(86,893	)
		(3,325,464	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(6,492,654	)
Foreign currencies		1,054
Forward foreign currency contracts		(88,712	)
		(6,580,312	)
Net realized and unrealized gain (loss)		(9,905,776	)
Net increase (decrease) in net assets resulting from operations	$	(9,537,875	)

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

10                     Invesco International Core Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	367,901		$	1,489,581
Net realized gain (loss)		(3,325,464	)		(3,921,202	)
Change in net unrealized appreciation (depreciation)		(6,580,312	)		9,550,072
Net increase (decrease) in net assets resulting from operations		(9,537,875	)		7,118,451
Distributions to shareholders from distributable earnings:
Class A		(595,374	)		(2,650,679	)
Class C		(35,022	)		(419,998	)
Class R		(23,237	)		(103,364	)
Class Y		(110,748	)		(455,264	)
Investor Class		(187,346	)		(697,637	)
Class R5		(80,744	)		(249,749	)
Class R6		(468,107	)		(925,766	)
Total distributions from distributable earnings		(1,500,578	)		(5,502,457	)
Share transactions–net:
Class A		(1,408,247	)		(5,971,471	)
Class C		(56,530	)		(3,047,980	)
Class R		253,922			(317,798	)
Class Y		107,120			(1,237,710	)
Investor Class		(475,224	)		(268,463	)
Class R5		82,859			211,702
Class R6		(155,192	)		5,840,224
Net increase (decrease) in net assets resulting from share transactions		(1,651,292	)		(4,791,496	)
Net increase (decrease) in net assets		(12,689,745	)		(3,175,502	)
Net assets:
Beginning of period		67,408,663			70,584,165
End of period	$	54,718,918		$	67,408,663

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

11                     Invesco International Core Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$10.66		$0.06		$(1.56	)		$(1.50	)		$(0.23	)		$     –			$(0.23	)		$8.93		(14.46	)%		$21,847		1.12	%(d)		1.66	%(d)		1.09	%(d)		22	%
Year ended 10/31/19		10.59		0.20		0.71			0.91			(0.15	)		(0.69	)		(0.84	)		10.66		9.74			27,707		1.12			1.66			1.97			28
Year ended 10/31/18		12.43		0.19		(1.84	)		(1.65	)		(0.19	)		–			(0.19	)		10.59		(13.53	)		33,798		1.12			1.67			1.54			73
Year ended 10/31/17		10.48		0.15		1.97			2.12			(0.17	)		–			(0.17	)		12.43		20.54			40,865		1.15			1.70			1.38			61
Year ended 10/31/16		10.73		0.12		(0.26	)		(0.14	)		(0.11	)		–			(0.11	)		10.48		(1.26	)		35,406		1.41			1.61			1.18			37
Year ended 10/31/15		11.37		0.13		(0.17	)		(0.04	)		(0.10	)		(0.50	)		(0.60	)		10.73		(0.19	)		40,161		1.61			1.61			1.19			63
Class C
Six months ended 04/30/20		10.40		0.02		(1.53	)		(1.51	)		(0.13	)		–			(0.13	)		8.76		(14.73	)		2,270		1.87	(d)		2.41	(d)		0.34	(d)		22
Year ended 10/31/19		10.31		0.12		0.71			0.83			(0.05	)		(0.69	)		(0.74	)		10.40		8.98			2,775		1.87			2.41			1.22			28
Year ended 10/31/18		12.10		0.09		(1.79	)		(1.70	)		(0.09	)		–			(0.09	)		10.31		(14.14	)		6,022		1.87			2.42			0.79			73
Year ended 10/31/17		10.20		0.07		1.92			1.99			(0.09	)		–			(0.09	)		12.10		19.64			8,476		1.90			2.45			0.63			61
Year ended 10/31/16		10.44		0.04		(0.26	)		(0.22	)		(0.02	)		–			(0.02	)		10.20		(2.06	)		8,581		2.16			2.36			0.43			37
Year ended 10/31/15		11.08		0.05		(0.17	)		(0.12	)		(0.02	)		(0.50	)		(0.52	)		10.44		(0.97	)		10,067		2.36			2.36			0.44			63
Class R
Six months ended 04/30/20		10.69		0.04		(1.56	)		(1.52	)		(0.20	)		–			(0.20	)		8.97		(14.57	)		1,134		1.37	(d)		1.91	(d)		0.84	(d)		22
Year ended 10/31/19		10.60		0.17		0.73			0.90			(0.12	)		(0.69	)		(0.81	)		10.69		9.52			1,105		1.37			1.91			1.72			28
Year ended 10/31/18		12.44		0.16		(1.84	)		(1.68	)		(0.16	)		–			(0.16	)		10.60		(13.73	)		1,414		1.37			1.92			1.29			73
Year ended 10/31/17		10.49		0.12		1.97			2.09			(0.14	)		–			(0.14	)		12.44		20.21			2,201		1.40			1.95			1.13			61
Year ended 10/31/16		10.74		0.09		(0.26	)		(0.17	)		(0.08	)		–			(0.08	)		10.49		(1.54	)		2,180		1.66			1.86			0.93			37
Year ended 10/31/15		11.38		0.10		(0.17	)		(0.07	)		(0.07	)		(0.50	)		(0.57	)		10.74		(0.45	)		1,799		1.86			1.86			0.94			63
Class Y
Six months ended 04/30/20		10.87		0.07		(1.58	)		(1.51	)		(0.26	)		–			(0.26	)		9.10		(14.33	)		3,756		0.87	(d)		1.41	(d)		1.34	(d)		22
Year ended 10/31/19		10.78		0.23		0.73			0.96			(0.18	)		(0.69	)		(0.87	)		10.87		10.09			4,465		0.87			1.41			2.22			28
Year ended 10/31/18		12.65		0.22		(1.87	)		(1.65	)		(0.22	)		–			(0.22	)		10.78		(13.33	)		5,738		0.87			1.42			1.79			73
Year ended 10/31/17		10.66		0.19		2.00			2.19			(0.20	)		–			(0.20	)		12.65		20.88			6,226		0.90			1.45			1.63			61
Year ended 10/31/16		10.92		0.15		(0.27	)		(0.12	)		(0.14	)		–			(0.14	)		10.66		(1.06	)		3,431		1.16			1.36			1.43			37
Year ended 10/31/15		11.56		0.16		(0.17	)		(0.01	)		(0.13	)		(0.50	)		(0.63	)		10.92		0.05			3,017		1.36			1.36			1.44			63
Investor Class
Six months ended 04/30/20		10.85		0.06		(1.58	)		(1.52	)		(0.23	)		–			(0.23	)		9.10		(14.39	)		7,020		1.12	(d)		1.66	(d)		1.09	(d)		22
Year ended 10/31/19		10.76		0.20		0.73			0.93			(0.15	)		(0.69	)		(0.84	)		10.85		9.77			8,886		1.12			1.66			1.97			28
Year ended 10/31/18		12.63		0.19		(1.87	)		(1.68	)		(0.19	)		–			(0.19	)		10.76		(13.55	)		9,037		1.12			1.67			1.54			73
Year ended 10/31/17		10.65		0.16		1.99			2.15			(0.17	)		–			(0.17	)		12.63		20.50			14,503		1.15			1.70			1.38			61
Year ended 10/31/16		10.90		0.12		(0.26	)		(0.14	)		(0.11	)		–			(0.11	)		10.65		(1.24	)		10,280		1.41			1.61			1.18			37
Year ended 10/31/15		11.54		0.13		(0.17	)		(0.04	)		(0.10	)		(0.50	)		(0.60	)		10.90		(0.19	)		11,707		1.61			1.61			1.19			63
Class R5
Six months ended 04/30/20		10.59		0.07		(1.54	)		(1.47	)		(0.26	)		–			(0.26	)		8.86		(14.33	)		2,814		0.87	(d)		1.07	(d)		1.34	(d)		22
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			3,282		0.87			1.10			2.22			28
Year ended 10/31/18		12.36		0.22		(1.83	)		(1.61	)		(0.22	)		–			(0.22	)		10.53		(13.32	)		3,017		0.87			1.15			1.79			73
Year ended 10/31/17		10.44		0.18		1.95			2.13			(0.21	)		–			(0.21	)		12.36		20.82			3,474		0.90			1.15			1.63			61
Year ended 10/31/16		10.71		0.16		(0.26	)		(0.10	)		(0.17	)		–			(0.17	)		10.44		(0.83	)		2,832		1.03			1.04			1.56			37
Year ended 10/31/15		11.35		0.19		(0.17	)		0.02			(0.16	)		(0.50	)		(0.66	)		10.71		0.37			2,830		1.03			1.03			1.77			63
Class R6
Six months ended 04/30/20		10.59		0.07		(1.54	)		(1.47	)		(0.26	)		–			(0.26	)		8.86		(14.33	)		15,878		0.87	(d)		1.07	(d)		1.34	(d)		22
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			19,188		0.87			1.10			2.22			28
Year ended 10/31/18		12.35		0.22		(1.82	)		(1.60	)		(0.22	)		–			(0.22	)		10.53		(13.25	)		11,560		0.87			1.15			1.79			73
Year ended 10/31/17		10.43		0.18		1.96			2.14			(0.22	)		–			(0.22	)		12.35		20.85			15,702		0.90			1.15			1.63			61
Year ended 10/31/16		10.71		0.16		(0.27	)		(0.11	)		(0.17	)		–			(0.17	)		10.43		(0.91	)		26,480		1.02			1.03			1.57			37
Year ended 10/31/15		11.35		0.20		(0.17	)		0.03			(0.17	)		(0.50	)		(0.67	)		10.71		0.38			50,857		1.02			1.02			1.78			63

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $26,008, $2,657, $1,236, $4,486 , $8,292 , $3,181 and $18,307 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

12                     Invesco International Core Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

13                     Invesco International Core Equity Fund

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

14                     Invesco International Core Equity Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.750%
Next $500 million		0.650%
From $1 billion		0.550%
From $2 billion		0.450%
From $4 billion		0.400%
From $6 billion		0.375%
Over $8 billion		0.350%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through February 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 1.12%, 0.87% and 0.87%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $61,569 and reimbursed class level expenses of $44,617, $4,557, $2,115, $7,687, $14,225, $63 and $291 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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

15                     Invesco International Core Equity Fund

shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $1,416 in front-end sales commissions from the sale of Class A shares and $0 and $13 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Argentina		$	581,176		$	–		$	–	$     581,176
Australia			–			3,938,038			–	3,938,038
Belgium			–			1,131,151			–	1,131,151
Brazil			430,331			–			–	430,331
China			1,550,661			1,296,749			–	2,847,410
Denmark			–			564,023			–	564,023
France			–			7,935,737			–	7,935,737
Germany			–			7,064,727			–	7,064,727
Hong Kong			–			1,676,672			–	1,676,672
India			–			750,312			–	750,312
Ireland			448,034			–			–	448,034
Italy			–			1,895,652			–	1,895,652
Japan			–			9,963,197			–	9,963,197
Luxembourg			–			883,999			–	883,999
Netherlands			–			1,502,304			–	1,502,304
Russia			275,593			–			–	275,593
Singapore			–			715,709			–	715,709
South Korea			–			810,420			–	810,420
Spain			–			1,087,846			–	1,087,846
Switzerland			2,079,867			699,105			–	2,778,972
United Kingdom			2,151,513			2,198,157			–	4,349,670
United States			1,560,185			786,472			–	2,346,657
Money Market Funds			589,114			289,968			–	879,082
Total Investments		$	9,666,474		$	45,190,238		$	–	$54,856,712

NOTE 4–Derivative Investments

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

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

Effect of Derivative Investments for the six months ended April 30, 2020

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

	Location of Gain (Loss) on  Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$	(86,893)

16                     Invesco International Core Equity Fund

	Location of Gain (Loss) on  Statement of Operations
	Currency Risk
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		$	(88,712	)
Total		$	(175,605	)

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

	Forward Foreign Currency Contracts
Average notional value		$2,417,051

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,169.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	–		$	3,713,222		$	3,713,222

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $13,828,465 and $16,596,693, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,555,747
Aggregate unrealized (depreciation) of investments		(10,488,966	)
Net unrealized appreciation (depreciation) of investments	$	(6,933,219	)

Cost of investments for tax purposes is $61,789,931.

17                     Invesco International Core Equity Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		86,751		$	857,725			306,173		$	3,076,911
Class C		20,936			204,359			52,968			521,114
Class R		29,934			315,537			18,524			186,914
Class Y		84,101			871,393			173,396			1,805,335
Investor Class		11,933			123,742			16,692			172,492
Class R5		262			2,563			568			5,658
Class R6		-			-			1,176,175			10,713,294
Issued as reinvestment of dividends:
Class A		50,386			553,747			271,803			2,538,646
Class C		3,122			33,715			44,357			406,750
Class R		2,103			23,237			10,994			103,237
Class Y		9,061			101,302			36,283			344,688
Investor Class		16,321			182,631			71,398			678,992
Class R5		7,413			80,731			26,966			249,706
Class R6		42,985			468,107			99,975			925,766
Automatic conversion of Class C shares to Class A shares:
Class A		7,144			69,422			278,763			2,716,128
Class C		(7,287	)		(69,422	)		(284,411	)		(2,716,128	)
Reacquired:
Class A		(298,188	)		(2,889,141	)		(1,450,002	)		(14,303,156	)
Class C		(24,422	)		(225,182	)		(130,254	)		(1,259,716	)
Class R		(9,005	)		(84,852	)		(59,518	)		(607,949	)
Class Y		(91,311	)		(865,575	)		(331,060	)		(3,387,733	)
Investor Class		(75,571	)		(781,597	)		(108,998	)		(1,119,947	)
Class R5		(40	)		(435	)		(4,181	)		(43,662	)
Class R6		(63,305	)		(623,299	)		(561,933	)		(5,798,836	)
Net increase (decrease) in share activity		(196,677	)	$	(1,651,292	)		(345,322	)	$	(4,791,496	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 26% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

18                     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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$855.40	$5.17	$1,019.29	$5.62	1.12%
Class C	1,000.00	852.70	8.61	1,015.56	9.37	1.87
Class R	1,000.00	854.30	6.32	1,018.05	6.87	1.37
Class Y	1,000.00	856.70	4.02	1,020.54	4.37	0.87
Investor Class	1,000.00	856.10	5.17	1,019.29	5.62	1.12
Class R5	1,000.00	856.70	4.02	1,020.54	4.37	0.87
Class R6	1,000.00	856.70	4.02	1,020.54	4.37	0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                     Invesco International Core Equity Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc.             I-ICE-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco International Growth Fund
	Nasdaq:
	A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco International Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-11.50	%
Class C Shares	-11.85
Class R Shares	-11.63
Class Y Shares	-11.39
Class R5 Shares	-11.36
Class R6 Shares	-11.34
MSCI All Country World ex-USA Indexq (Broad Market Index)	-13.22
Custom Invesco International Growth Index∎ (Style-Specific Index)	-6.10
Lipper International Large-Cap Growth Funds Index¨ (Peer Group Index)	-8.94
Source(s): qRIMES Technologies Corp.;∎Invesco, RIMES Technologies Corp.;¨ Lipper Inc.
The MSCI All Country World ex-USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco International Growth Index is composed of the MSCI EAFE Growth Index through February 28, 2013, and the MSCI All Country World ex-USA Growth Index thereafter.
The Lipper International Large-Cap Growth Funds Index is an unmanaged index considered representative of international large-cap growth funds tracked by Lipper.
The MSCI EAFE® Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The MSCI All Country World ex-USA Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco International Growth Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/7/92)	6.48	%
10 Years	3.78
5 Years	-0.96
1 Year	-13.95
Class C Shares
Inception (8/4/97)	4.15	%
10 Years	3.59
5 Years	-0.59
1 Year	-10.42
Class R Shares
Inception (6/3/02)	5.65	%
10 Years	4.11
5 Years	-0.09
1 Year	-9.15
Class Y Shares
Inception (10/3/08)	5.30	%
10 Years	4.64
5 Years	0.41
1 Year	-8.70
Class R5 Shares
Inception (3/15/02)	6.37	%
10 Years	4.74
5 Years	0.50
1 Year	-8.59
Class R6 Shares
10 Years	4.70	%
5 Years	0.58
1 Year	-8.57
Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                     Invesco International Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco International Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.44%
Australia–0.60%
CSL Ltd.		115,223	$       22,839,016
Brazil–1.79%
B3 S.A. - Brasil, Bolsa, Balcao		6,567,102	46,398,069
Banco Bradesco S.A., ADR		6,358,420	22,381,638
			68,779,707
Canada–5.42%
Canadian National Railway Co.		975,987	80,711,135
CGI, Inc., Class A(a)		1,467,483	93,587,030
Suncor Energy, Inc.		1,889,142	33,685,480
			207,983,645
China–10.70%
Alibaba Group Holding Ltd., ADR(a)		506,716	102,696,132
China Mengniu Dairy Co. Ltd.(a)		8,060,000	28,379,717
Kweichow Moutai Co. Ltd., A Shares		151,574	26,821,476
New Oriental Education & Technology Group, Inc., ADR(a)		471,744	60,222,839
Tencent Holdings Ltd.		1,087,200	57,679,334
Wuliangye Yibin Co. Ltd., A Shares		3,114,876	59,968,905
Yum China Holdings, Inc.		1,538,322	74,547,084
			410,315,487
Denmark–2.65%
Carlsberg A/S, Class B		545,541	68,867,764
Novo Nordisk A/S, Class B		513,644	32,798,246
			101,666,010
France–5.87%
Bureau Veritas S.A.		1,421,831	29,543,680
EssilorLuxottica S.A.		437,801	54,109,247
LVMH Moet Hennessy Louis Vuitton SE		65,059	25,164,139
Pernod Ricard S.A.		249,885	38,128,463
Schneider Electric SE		855,153	78,343,508
			225,289,037
Germany–7.94%
Allianz SE		373,911	69,268,368
Beiersdorf AG		341,441	35,839,794
Deutsche Boerse AG		543,966	84,612,872
Knorr-Bremse AG		355,772	33,112,512
SAP SE		683,503	81,519,847
			304,353,393
Hong Kong–1.45%
AIA Group Ltd.		6,090,800	55,441,216
India–0.83%
HDFC Bank Ltd., ADR		734,072	31,822,021
Ireland–1.66%
ICON PLC(a)		397,834	63,840,422
Italy–2.48%
FinecoBank Banca Fineco S.p.A.		7,681,207	85,568,429

	Shares		Value
Italy–(continued)
Mediobanca Banca di Credito Finanziario S.p.A.		1,647,215	$      9,569,459
			95,137,888
Japan–12.86%
Asahi Group Holdings Ltd.		2,011,200	69,535,987
FANUC Corp.		409,812	67,575,600
Hoya Corp.		924,700	84,505,753
Kao Corp.		714,900	55,143,560
Keyence Corp.		127,600	45,842,113
Koito Manufacturing Co. Ltd.		889,800	33,691,005
Komatsu Ltd.		2,592,600	49,426,632
Nidec Corp.		576,000	33,455,918
SMC Corp.		117,700	53,814,555
			492,991,123
Macau–1.91%
Galaxy Entertainment Group Ltd.		11,537,090	73,262,740
Mexico–2.26%
Fomento Economico Mexicano, S.A.B. de C.V., ADR		565,570	36,383,118
Wal-Mart de Mexico S.A.B. de C.V., Series V		20,895,700	50,260,310
			86,643,428
Netherlands–5.57%
ASML Holding N.V.		109,913	32,649,518
EXOR N.V.		407,873	22,357,674
ING Groep N.V.		4,985,793	27,409,574
Prosus N.V.(a)		648,789	49,246,890
Wolters Kluwer N.V.		1,111,898	81,866,506
			213,530,162
Singapore–1.38%
United Overseas Bank Ltd.		3,710,166	53,005,421
South Korea–2.73%
NAVER Corp.		277,685	45,208,470
Samsung Electronics Co. Ltd.		1,440,697	59,366,956
			104,575,426
Spain–0.84%
Amadeus IT Group S.A.		670,275	32,297,565
Sweden–2.36%
Investor AB, Class B		1,800,573	90,437,645
Switzerland–8.67%
Alcon, Inc.(a)		856,486	45,250,136
Kuehne + Nagel International AG		437,919	62,698,166
Logitech International S.A.		542,806	26,182,719
Nestle S.A.		648,879	68,545,027
Novartis AG		944,958	80,610,653
Roche Holding AG		141,705	49,289,044
			332,575,745

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

6                     Invesco International Growth Fund

	Shares		Value
Taiwan–2.32%
Taiwan Semiconductor Manufacturing Co. Ltd.		8,841,887	$      88,856,258
United Kingdom–4.80%
British American Tobacco PLC		1,449,180	56,278,417
Linde PLC		208,719	38,402,209
RELX PLC		3,946,583	89,381,859
			184,062,485
United States–7.35%
Amcor PLC, CDI		4,994,377	45,331,813
Booking Holdings, Inc.(a)		36,128	53,490,033
Broadcom, Inc.		332,276	90,252,807
Philip Morris International, Inc.		1,242,304	92,675,879
			281,750,532
Total Common Stocks & Other Equity Interests (Cost $2,666,443,379)			3,621,456,372

	Shares		Value
Money Market Funds–4.44%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(b)(c)		59,195,559	$      59,195,559
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(b)(c)		43,323,075	43,349,069
Invesco Treasury Portfolio, Institutional Class, 0.10%(b)(c)		67,652,067	67,652,067
Total Money Market Funds (Cost $170,167,380)			170,196,695
TOTAL INVESTMENTS IN SECURITIES–98.88% (Cost $2,836,610,759)			3,791,653,067
OTHER ASSETS LESS LIABILITIES–1.12%			43,110,737
NET ASSETS–100.00%			$3,834,763,804

Investment Abbreviations:

ADR  - American Depositary Receipt

CDI   - CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$28,006,209	$	309,952,562	$	(278,763,212	)	$	-	$	-		$	59,195,559	$298,850
Invesco Liquid Assets Portfolio, Institutional Class		20,021,672		222,636,061		(199,324,186	)		20,911		(5,389	)		43,349,069	268,389
Invesco Treasury Portfolio, Institutional Class		32,007,096		354,231,499		(318,586,528	)		-		-			67,652,067	330,336
Total		$80,034,977	$	886,820,122	$	(796,673,926	)	$	20,911	$	(5,389	)	$	170,196,695	$897,575

^(c)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Staples	17.91	%
Industrials	17.21
Financials	15.60
Information Technology	14.36
Consumer Discretionary	13.73
Health Care	9.89
Communication Services	2.68
Materials	2.18
Other Sectors, Each Less than 2% of Net Assets	0.88
Money Market Funds Plus Other Assets Less Liabilities	5.56

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, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,666,443,379)	$3,621,456,372
Investments in affiliated money market funds, at value (Cost $170,167,380)	170,196,695
Cash	13,265
Foreign currencies, at value (Cost $2,018,519)	2,036,011
Receivable for:
Investments sold	33,887,939
Fund shares sold	1,346,448
Dividends	18,102,893
Investment for trustee deferred compensation and retirement plans	721,797
Other assets	106,936
Total assets	3,847,868,356
Liabilities:
Payable for:
Fund shares reacquired	10,198,007
Accrued fees to affiliates	1,417,185
Accrued other operating expenses	672,764
Trustee deferred compensation and retirement plans	816,596
Total liabilities	13,104,552
Net assets applicable to shares outstanding	$3,834,763,804
Net assets consist of:
Shares of beneficial interest	$2,841,431,857
Distributable earnings	993,331,947
	$3,834,763,804

Net Assets:
Class A	$1,205,088,140
Class C	$     41,551,420
Class R	$     47,065,708
Class Y	$   757,975,959
Class R5	$   487,900,228
Class R6	$1,295,182,349
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	44,299,263
Class C	1,690,019
Class R	1,754,641
Class Y	27,794,012
Class R5	17,588,491
Class R6	46,780,510
Class A:
Net asset value per share	$              27.20
Maximum offering price per share (Net asset value of $27.20 ÷ 94.50%)	$              28.78
Class C:
Net asset value and offering price per share	$              24.59
Class R:
Net asset value and offering price per share	$              26.82
Class Y:
Net asset value and offering price per share	$              27.27
Class R5:
Net asset value and offering price per share	$              27.74
Class R6:
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.

8                     Invesco International Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,064,250)	$	38,196,426
Dividends from affiliated money market funds		897,575
Total investment income		39,094,001
Expenses:
Advisory fees		19,405,802
Administrative services fees		360,479
Custodian fees		293,011
Distribution fees:
Class A		1,763,059
Class C		249,502
Class R		136,604
Transfer agent fees – A, C, R and Y		2,263,754
Transfer agent fees – R5		271,492
Transfer agent fees – R6		30,741
Trustees’ and officers’ fees and benefits		33,848
Registration and filing fees		80,960
Reports to shareholders		232,600
Professional services fees		61,545
Other		(180,066	)
Total expenses		25,003,331
Less: Fees waived and/or expense offset arrangement(s)		(88,961	)
Net expenses		24,914,370
Net investment income		14,179,631
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		135,872,428
Foreign currencies		(1,507,265	)
		134,365,163
Change in net unrealized appreciation (depreciation) of:
Investment securities		(679,220,705	)
Foreign currencies		161,123
		(679,059,582	)
Net realized and unrealized gain (loss)		(544,694,419	)
Net increase (decrease) in net assets resulting from operations	$	(530,514,788	)

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, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	14,179,631		$	82,469,454
Net realized gain		134,365,163			397,801,741
Change in net unrealized appreciation (depreciation)		(679,059,582	)		429,556,831
Net increase (decrease) in net assets resulting from operations		(530,514,788	)		909,828,026
Distributions to shareholders from distributable earnings:
Class A		(154,710,182	)		(134,174,325	)
Class C		(5,609,245	)		(8,736,060	)
Class R		(5,980,324	)		(5,519,651	)
Class Y		(111,599,569	)		(137,588,829	)
Class R5		(62,024,149	)		(92,022,495	)
Class R6		(160,535,126	)		(152,009,506	)
Total distributions from distributable earnings		(500,458,595	)		(530,050,866	)
Share transactions–net:
Class A		(5,763,554	)		(239,943,699	)
Class C		(2,552,199	)		(51,239,152	)
Class R		(2,862,607	)		(9,430,841	)
Class Y		(118,617,886	)		(616,287,806	)
Class R5		(122,039,512	)		(451,501,058	)
Class R6		114,664,793			(399,726,297	)
Net increase (decrease) in net assets resulting from share transactions		(137,170,965	)		(1,768,128,853	)
Net increase (decrease) in net assets		(1,168,144,348	)		(1,388,351,693	)
Net assets:
Beginning of period		5,002,908,152			6,391,259,845
End of period	$	3,834,763,804		$	5,002,908,152

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

10                     Invesco International Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period (b)			Total return			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$	34.10		$	0.06			$	(3.47	)		$	(3.41	)		$	(0.65	)		$	(2.84	)		$	(3.49	)		$	27.20		(11.50	)%		$	1,205,088		1.33	%(d)		1.33	%(d)		0.40	%(d)		21	%
Year ended 10/31/19			31.92			0.38				4.55				4.93				(0.29	)			(2.46	)			(2.75	)			34.10		17.23				1,534,830		1.33			1.33			1.20			22
Year ended 10/31/18			36.61			0.42				(4.18	)			(3.76	)			(0.60	)			(0.33	)			(0.93	)			31.92		(10.55	)			1,665,413		1.30			1.31			1.20			26
Year ended 10/31/17			30.83			0.30				5.85				6.15				(0.37	)			–				(0.37	)			36.61		20.19				2,396,149		1.31			1.32			0.89			25
Year ended 10/31/16			31.91			0.36				(1.06	)			(0.70	)			(0.38	)			–				(0.38	)			30.83		(2.16	)			2,332,125		1.31			1.32			1.15			12
Year ended 10/31/15			34.24			0.37				(1.13	)			(0.76	)			(0.46	)			(1.11	)			(1.57	)			31.91		(2.19	)			2,725,649		1.30			1.31			1.11			20
Class C
Six months ended 04/30/20			31.01			(0.05	)			(3.13	)			(3.18	)			(0.40	)			(2.84	)			(3.24	)			24.59		(11.81	)			41,551		2.08	(d)		2.08	(d)		(0.35	)(d)		21
Year ended 10/31/19			29.20			0.13				4.16				4.29				(0.02	)			(2.46	)			(2.48	)			31.01		16.37				55,768		2.08			2.08			0.45			22
Year ended 10/31/18			33.55			0.14				(3.83	)			(3.69	)			(0.33	)			(0.33	)			(0.66	)			29.20		(11.22	)			105,735		2.05			2.06			0.45			26
Year ended 10/31/17			28.25			0.04				5.38				5.42				(0.12	)			–				(0.12	)			33.55		19.28				144,710		2.06			2.07			0.14			25
Year ended 10/31/16			29.25			0.11				(0.95	)			(0.84	)			(0.16	)			–				(0.16	)			28.25		(2.88	)			160,642		2.06			2.07			0.40			12
Year ended 10/31/15			31.55			0.11				(1.04	)			(0.93	)			(0.26	)			(1.11	)			(1.37	)			29.25		(2.93	)			198,692		2.05			2.06			0.36			20
Class R
Six months ended 04/30/20			33.64			0.02				(3.43	)			(3.41	)			(0.57	)			(2.84	)			(3.41	)			26.82		(11.63	)			47,066		1.58	(d)		1.58	(d)		0.15	(d)		21
Year ended 10/31/19			31.49			0.30				4.51				4.81				(0.20	)			(2.46	)			(2.66	)			33.64		16.99				62,045		1.58			1.58			0.95			22
Year ended 10/31/18			36.13			0.33				(4.13	)			(3.80	)			(0.51	)			(0.33	)			(0.84	)			31.49		(10.78	)			66,981		1.55			1.56			0.95			26
Year ended 10/31/17			30.41			0.21				5.80				6.01				(0.29	)			–				(0.29	)			36.13		19.94				99,556		1.56			1.57			0.64			25
Year ended 10/31/16			31.49			0.28				(1.05	)			(0.77	)			(0.31	)			–				(0.31	)			30.41		(2.44	)			100,493		1.56			1.57			0.90			12
Year ended 10/31/15			33.83			0.28				(1.11	)			(0.83	)			(0.40	)			(1.11	)			(1.51	)			31.49		(2.45	)			116,738		1.55			1.56			0.86			20
Class Y
Six months ended 04/30/20			34.21			0.10				(3.48	)			(3.38	)			(0.72	)			(2.84	)			(3.56	)			27.27		(11.39	)			757,976		1.08	(d)		1.08	(d)		0.65	(d)		21
Year ended 10/31/19			32.05			0.46				4.55				5.01				(0.39	)			(2.46	)			(2.85	)			34.21		17.51				1,091,697		1.08			1.08			1.45			22
Year ended 10/31/18			36.75			0.51				(4.19	)			(3.68	)			(0.69	)			(0.33	)			(1.02	)			32.05		(10.31	)			1,635,426		1.05			1.06			1.45			26
Year ended 10/31/17			30.96			0.38				5.87				6.25				(0.46	)			–				(0.46	)			36.75		20.47				2,427,028		1.06			1.07			1.14			25
Year ended 10/31/16			32.04			0.44				(1.05	)			(0.61	)			(0.47	)			–				(0.47	)			30.96		(1.89	)			3,393,370		1.06			1.07			1.40			12
Year ended 10/31/15			34.37			0.45				(1.14	)			(0.69	)			(0.53	)			(1.11	)			(1.64	)			32.04		(1.96	)			3,449,499		1.05			1.06			1.36			20
Class R5
Six months ended 04/30/20			34.76			0.12				(3.55	)			(3.43	)			(0.75	)			(2.84	)			(3.59	)			27.74		(11.36	)			487,900		0.99	(d)		0.99	(d)		0.74	(d)		21
Year ended 10/31/19			32.48			0.50				4.63				5.13				(0.39	)			(2.46	)			(2.85	)			34.76		17.66				735,592		0.98			0.98			1.55			22
Year ended 10/31/18			37.24			0.55				(4.25	)			(3.70	)			(0.73	)			(0.33	)			(1.06	)			32.48		(10.25	)			1,124,979		0.97			0.98			1.53			26
Year ended 10/31/17			31.37			0.41				5.95				6.36				(0.49	)			–				(0.49	)			37.24		20.57				1,543,192		0.98			0.99			1.22			25
Year ended 10/31/16			32.47			0.47				(1.08	)			(0.61	)			(0.49	)			–				(0.49	)			31.37		(1.85	)			1,471,592		0.97			0.98			1.49			12
Year ended 10/31/15			34.80			0.48				(1.15	)			(0.67	)			(0.55	)			(1.11	)			(1.66	)			32.47		(1.86	)			1,721,004		0.97			0.98			1.44			20
Class R6
Six months ended 04/30/20			34.71			0.13				(3.53	)			(3.40	)			(0.78	)			(2.84	)			(3.62	)			27.69		(11.30	)			1,295,182		0.90	(d)		0.90	(d)		0.83	(d)		21
Year ended 10/31/19			32.49			0.53				4.61				5.14				(0.46	)			(2.46	)			(2.92	)			34.71		17.74				1,522,977		0.90			0.90			1.63			22
Year ended 10/31/18			37.25			0.58				(4.25	)			(3.67	)			(0.76	)			(0.33	)			(1.09	)			32.49		(10.15	)			1,792,725		0.89			0.90			1.61			26
Year ended 10/31/17			31.38			0.45				5.94				6.39				(0.52	)			–				(0.52	)			37.25		20.68				2,427,136		0.89			0.90			1.31			25
Year ended 10/31/16			32.48			0.50				(1.08	)			(0.58	)			(0.52	)			–				(0.52	)			31.38		(1.76	)			764,437		0.88			0.89			1.58			12
Year ended 10/31/15			34.80			0.51				(1.14	)			(0.63	)			(0.58	)			(1.11	)			(1.69	)			32.48		(1.77	)			769,302		0.89			0.90			1.52			20

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,417,767, $50,157, $54,953, $959,922, $581,245 and $1,482,346 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11                     Invesco International Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco International Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.86%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $80,355.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $77,877 in front-end sales commissions from the sale of Class A shares and $5,389 and $556 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

14                     Invesco International Growth Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	22,839,016		$–	$     22,839,016
Brazil		68,779,707		–		–	68,779,707
Canada		207,983,645		–		–	207,983,645
China		237,466,055		172,849,432		–	410,315,487
Denmark		–		101,666,010		–	101,666,010
France		–		225,289,037		–	225,289,037
Germany		–		304,353,393		–	304,353,393
Hong Kong		–		55,441,216		–	55,441,216
India		31,822,021		–		–	31,822,021
Ireland		63,840,422		–		–	63,840,422
Italy		–		95,137,888		–	95,137,888
Japan		–		492,991,123		–	492,991,123
Macau		–		73,262,740		–	73,262,740
Mexico		86,643,428		–		–	86,643,428
Netherlands		–		213,530,162		–	213,530,162
Singapore		–		53,005,421		–	53,005,421
South Korea		–		104,575,426		–	104,575,426
Spain		–		32,297,565		–	32,297,565
Sweden		–		90,437,645		–	90,437,645
Switzerland		–		332,575,745		–	332,575,745
Taiwan		–		88,856,258		–	88,856,258
United Kingdom		38,402,209		145,660,276		–	184,062,485
United States		236,418,719		45,331,813		–	281,750,532
Money Market Funds		170,196,695		–		–	170,196,695
Total Investments	$	1,141,552,901	$	2,650,100,166		$–	$3,791,653,067

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,606.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

15                     Invesco International Growth Fund

NOTE 8–Investment Transactions

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, 2020 was $914,004,240 and $1,584,174,575, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,004,051,533
Aggregate unrealized (depreciation) of investments		(158,512,180	)
Net unrealized appreciation of investments	$	845,539,353
Cost of investments for tax purposes is $2,946,113,714.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		2,000,942		$	59,948,053			4,300,951		$	135,409,256
Class C		93,182			2,547,635			200,758			5,784,086
Class R		153,227			4,459,445			398,443			12,482,384
Class Y		3,301,390			98,284,397			7,320,451			225,503,606
Class R5		1,431,573			44,542,597			4,794,150			154,476,861
Class R6		10,348,253			329,438,884			6,800,896			219,346,459
Issued as reinvestment of dividends:
Class A		4,316,223			137,514,856			4,234,112			119,655,985
Class C		175,747			5,073,827			306,892			7,939,305
Class R		189,998			5,973,527			197,548			5,517,505
Class Y		2,263,480			72,227,660			2,506,936			70,921,218
Class R5		1,844,768			59,844,271			2,665,867			76,537,027
Class R6		4,460,324			144,380,668			5,243,518			150,226,781
Automatic conversion of Class C shares to Class A shares:
Class A		76,962			2,377,783			1,379,952			41,674,000
Class C		(84,930	)		(2,377,783	)		(1,509,572	)		(41,674,000	)
Reacquired:
Class A		(7,099,245	)		(205,604,246	)		(17,080,338	)		(536,682,940	)
Class C		(292,361	)		(7,795,878	)		(820,235	)		(23,288,543	)
Class R		(433,210	)		(13,295,579	)		(878,118	)		(27,430,730	)
Class Y		(9,680,627	)		(289,129,943	)		(28,951,577	)		(912,712,630	)
Class R5		(6,851,990	)		(226,426,380	)		(20,930,076	)		(682,514,946	)
Class R6		(11,907,017	)		(359,154,759	)		(23,344,829	)		(769,299,537	)
Net increase (decrease) in share activity		(5,693,311	)	$	(137,170,965	)		(53,164,271	)	$	(1,768,128,853	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                     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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

										HYPOTHETICAL
										(5% annual return before
				ACTUAL						expenses)
	Beginning       Account Value       (11/01/19)			Ending       Account Value       (04/30/20)1			Expenses       Paid During       Period2			Ending       Account Value       (04/30/20)			Expenses         Paid During       Period2			Annualized         Expense Ratio
Class A		$	1,000.00		$	885.00		$	6.23		$	1,018.25		$	6.67		1.33	%
Class C			1,000.00			881.50			9.73			1,014.52			10.42		2.08
Class R			1,000.00			883.70			7.40			1,017.01			7.92		1.58
Class Y			1,000.00			886.10			5.06			1,019.49			5.42		1.08
Class R5			1,000.00			886.40			4.64			1,019.94			4.97		0.99
Class R6			1,000.00			886.60			4.22			1,020.39			4.52		0.90

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco International Growth Fund

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Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc.                 IGR-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco International Select Equity Fund
	Nasdaq:
	A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
Bruce Crockett	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
Andrew Schlossberg	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco International Select Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-6.12	%
Class C Shares	-6.45
Class R Shares	-6.28
Class Y Shares	-5.99
Class R5 Shares	-5.99
Class R6 Shares	-6.08
MSCI All Country World ex-USA Index▼ (Broad Market Index)	-13.22
MSCI All Country World ex-U.S. Growth Index▼ (Style-Specific Index)	-6.10
Lipper International Multi-Cap Growth Funds Index∎ (Peer Group Index)	-10.68
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country World ex-USA® Index is an index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The MSCI All Country World ex-U.S. Growth Index is an unmanaged index considered representative of growth stocks across developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper International Multi-Cap Growth Funds Index is an unmanaged index considered representative of international multicap growth funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco International Select Equity Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/21/15)	5.11	%
1 Year	-10.11
Class C Shares
Inception (12/21/15)	5.68	%
1 Year	-6.55
Class R Shares
Inception (12/21/15)	6.18	%
1 Year	-5.20
Class Y Shares
Inception (12/21/15)	6.73	%
1 Year	-4.58
Class R5 Shares
Inception (12/21/15)	6.73	%
1 Year	-4.67
Class R6 Shares
Inception (12/21/15)	6.71	%
1 Year	-4.76

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

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

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

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

4                     Invesco International Select Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco International Select Equity Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.16%
Australia–5.74%
Corporate Travel Management Ltd.		736,772	$	5,969,902
Belgium–2.75%
Anheuser-Busch InBev S.A./N.V.		61,696		2,863,758
Canada–2.65%
Ritchie Bros. Auctioneers, Inc.		63,913		2,754,011
China–22.24%
Alibaba Group Holding Ltd., ADR(a)		33,076		6,703,513
Focus Media Information Technology Co. Ltd., A Shares		8,202,747		5,606,449
Gree Electric Appliances, Inc. of Zhuhai, A Shares		683,555		5,308,817
Kweichow Moutai Co. Ltd., A Shares		21,771		3,852,444
Virscend Education Co. Ltd.(b)		7,933,000		1,668,767
				23,139,990
Denmark–1.67%
DSV Panalpina A/S		16,838		1,740,675
Finland–1.38%
Asiakastieto Group OYJ(a)(b)		40,804		1,435,728
France–4.81%
Bureau Veritas S.A.		124,800		2,593,171
Edenred		59,869		2,414,609
				5,007,780
Germany–5.46%
Scout24 AG(b)		86,713		5,679,799
Hong Kong–2.73%
AIA Group Ltd.		311,600		2,836,324
Japan–13.63%
FANUC Corp.		18,600		3,067,031
Kao Corp.		18,100		1,396,137
MISUMI Group, Inc.		88,100		2,109,566
SMC Corp.		4,400		2,011,759
SoftBank Group Corp.		63,200		2,703,077
Sony Corp.		45,000		2,886,984
				14,174,554

	Shares		Value
Luxembourg–5.96%
Eurofins Scientific SE		11,194	$	6,200,516
Netherlands–6.51%
Just Eat Takeaway.com N.V.(a)(b)		2,560		260,650
Prosus N.V.(a)		85,770		6,510,446
				6,771,096
Poland–2.45%
Benefit Systems S.A.(a)		13,368		2,552,687
South Korea–3.80%
Samsung Electronics Co. Ltd., Preference Shares		113,570		3,955,268
Spain–2.84%
Amadeus IT Group S.A.		61,201		2,949,003
United Kingdom–12.54%
Auto Trader Group PLC(b)		307,592		1,778,708
Clarkson PLC		35,231		1,106,880
Domino’s Pizza Group PLC		221,701		961,469
Howden Joinery Group PLC		637,074		4,218,453
Liberty Global PLC, Class A(a)		256,490		4,981,036
				13,046,546
Total Common Stocks & Other Equity Interests (Cost $94,463,464)				101,077,637
Money Market Funds–2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		876,662		876,662
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		313,307		313,495
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		1,001,899		1,001,899
Total Money Market Funds (Cost $2,191,816)				2,192,056
TOTAL INVESTMENTS IN SECURITIES–99.26% (Cost $96,655,280)				103,269,693
OTHER ASSETS LESS LIABILITIES–0.74%				765,137
NET ASSETS–100.00%			$	104,034,830

Investment Abbreviations:

ADR – American Depositary Receipt

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

6                     Invesco International Select Equity Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $10,823,652, which represented 10.40% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,428,698		$  7,232,701		$  (7,784,737	)		$     -		$     -		$   876,662		$  6,984
Invesco Liquid Assets Portfolio, Institutional Class		1,021,215		5,210,817		(5,919,135	)		148		450		313,495		6,051
Invesco Treasury Portfolio, Institutional Class		1,632,797		8,265,944		(8,896,842	)		-		-		1,001,899		7,748
Total		$4,082,710		$20,709,462		$(22,600,714	)		$148		$450		$2,192,056		$20,783

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	29.10	%
Industrials	22.67
Communication Services	19.94
Information Technology	8.96
Consumer Staples	7.80
Health Care	5.96
Financials	2.73
Money Market Funds Plus Other Assets Less Liabilities	2.84

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

7                     Invesco International Select Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $94,463,464)	$	101,077,637
Investments in affiliated money market funds, at value (Cost $2,191,816)		2,192,056
Foreign currencies, at value (Cost $301,454)		300,831
Receivable for: Investments sold		481,481
Fund shares sold		30,715
Fund expenses absorbed		8,071
Dividends		176,608
Investment for trustee deferred compensation and retirement plans		11,309
Other assets		51,544
Total assets		104,330,252
Liabilities:
Payable for:
Fund shares reacquired		241,055
Accrued other operating expenses		43,058
Trustee deferred compensation and retirement plans		11,309
Total liabilities		295,422
Net assets applicable to shares outstanding	$	104,034,830
Net assets consist of:
Shares of beneficial interest	$	101,723,377
Distributable earnings		2,311,453
	$	104,034,830

Net Assets:
Class A	$	5,897,773
Class C	$	675,786
Class R	$	243,476
Class Y	$	2,584,889
Class R5	$	10,598
Class R6	$	94,622,308
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		557,709
Class C		64,871
Class R		23,156
Class Y		244,160
Class R5		1,001
Class R6		8,939,873
Class A:
Net asset value per share	$	10.58
Maximum offering price per share (Net asset value of $10.58 ÷ 94.50%)	$	11.20
Class C:
Net asset value and offering price per share	$	10.42
Class R:
Net asset value and offering price per share	$	10.51
Class Y:
Net asset value and offering price per share	$	10.59
Class R5:
Net asset value and offering price per share	$	10.59
Class R6:
Net asset value and offering price per share	$	10.58

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

8                     Invesco International Select Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $44,431)	$	303,198
Dividends from affiliated money market funds		20,783
Total investment income		323,981
Expenses:
Advisory fees		532,697
Administrative services fees		8,509
Custodian fees		6,342
Distribution fees:
Class A		7,669
Class C		3,830
Class R		586
Transfer agent fees – A, C, R and Y		11,150
Transfer agent fees – R6		435
Trustees’ and officers’ fees and benefits		7,294
Registration and filing fees		32,668
Reports to shareholders		3,632
Professional services fees		22,976
Other		3,002
Total expenses		640,790
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(135,109	)
Net expenses		505,681
Net investment income (loss)		(181,700	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(61,867	)
Foreign currencies		(29,197	)
		(91,064	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(6,729,036	)
Foreign currencies		(3,574	)
		(6,732,610	)
Net realized and unrealized gain (loss)		(6,823,674	)
Net increase (decrease) in net assets resulting from operations	$	(7,005,374	)

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

9                     Invesco International Select Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income (loss)	$	(181,700	)	$	2,628,850
Net realized gain (loss)		(91,064	)		(3,796,953	)
Change in net unrealized appreciation (depreciation)		(6,732,610	)		19,494,424
Net increase (decrease) in net assets resulting from operations		(7,005,374	)		18,326,321
Distributions to shareholders from distributable earnings:
Class A		(119,835	)		(261,379	)
Class C		(10,848	)		(61,039	)
Class R		(4,091	)		(5,692	)
Class Y		(72,461	)		(233,862	)
Class R5		(257	)		(710	)
Class R6		(2,419,527	)		(6,889,723	)
Total distributions from distributable earnings		(2,627,019	)		(7,452,405	)
Share transactions–net:
Class A		710,088			1,004,435
Class C		(67,014	)		(444,675	)
Class R		35,938			125,063
Class Y		(462,292	)		(5,416,992	)
Class R6		(8,001,379	)		(2,081,185	)
Net increase (decrease) in net assets resulting from share transactions		(7,784,659	)		(6,813,354	)
Net increase (decrease) in net assets		(17,417,052	)		4,060,562
Net assets:
Beginning of period		121,451,882			117,391,320
End of period	$	104,034,830		$	121,451,882

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

10                     Invesco International Select Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20	$	11.49	$	(0.03	)	$	(0.64	)	$	(0.67	)	$	(0.24	)	$	–		$	(0.24	)	$	10.58		(6.12	)%	$	5,898		1.12	%(d)		1.55	%(d)		(0.55	)%(d)		19	%
Year ended 10/31/19		10.52		0.22	(e)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	(e)		35
Year ended 10/31/18		13.01		0.09			(1.51	)		(1.42	)		(0.10	)		(0.97	)		(1.07	)		10.52		(11.93	)		4,333		1.11			1.62			0.72			46
Year ended 10/31/17		10.98		0.08			2.41			2.49			(0.10	)		(0.36	)		(0.46	)		13.01		23.77			5,436		1.14			1.70			0.71			43
Year ended 10/31/16(f)		10.00		0.07			0.91			0.98			–			–			–			10.98		9.80			3,378		1.32	(g)		1.90	(g)		0.81	(g)		35
Class C
Six months ended 04/30/20		11.28		(0.07	)		(0.64	)		(0.71	)		(0.15	)		–			(0.15	)		10.42		(6.45	)		676		1.87	(d)		2.30	(d)		(1.30	)(d)		19
Year ended 10/31/19		10.35		0.14	(e)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	(e)		35
Year ended 10/31/18		12.86		(0.00	)		(1.48	)		(1.48	)		(0.06	)		(0.97	)		(1.03	)		10.35		(12.55	)		1,192		1.86			2.37			(0.03	)		46
Year ended 10/31/17		10.91		(0.00	)		2.38			2.38			(0.07	)		(0.36	)		(0.43	)		12.86		22.88			2,167		1.89			2.45			(0.04	)		43
Year ended 10/31/16(f)		10.00		0.01			0.90			0.91			–			–			–			10.91		9.10			50		2.07	(g)		2.65	(g)		0.06	(g)		35
Class R
Six months ended 04/30/20		11.41		(0.04	)		(0.65	)		(0.69	)		(0.21	)		–			(0.21	)		10.51		(6.28	)		243		1.37	(d)		1.80	(d)		(0.80	)(d)		19
Year ended 10/31/19		10.46		0.19	(e)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	(e)		35
Year ended 10/31/18		12.95		0.06			(1.49	)		(1.43	)		(0.09	)		(0.97	)		(1.06	)		10.46		(12.09	)		89		1.36			1.87			0.47			46
Year ended 10/31/17		10.95		0.05			2.40			2.45			(0.09	)		(0.36	)		(0.45	)		12.95		23.44			61		1.39			1.95			0.46			43
Year ended 10/31/16(f)		10.00		0.05			0.90			0.95			–			–			–			10.95		9.50			15		1.57	(g)		2.15	(g)		0.56	(g)		35
Class Y
Six months ended 04/30/20		11.51		(0.02	)		(0.64	)		(0.66	)		(0.26	)		—			(0.26	)		10.59		(5.99	)		2,585		0.87	(d)		1.30	(d)		(0.30	)(d)		19
Year ended 10/31/19		10.56		0.25	(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		8,594		0.86			1.37			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			7,499		0.89			1.45			0.96			43
Year ended 10/31/16(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			2,810		1.07	(g)		1.65	(g)		1.06	(g)		35
Class R5
Six months ended 04/30/20		11.51		(0.02	)		(0.64	)		(0.66	)		(0.26	)		–			(0.26	)		10.59		(5.99	)		11		0.87	(d)		1.08	(d)		(0.30	)(d)		19
Year ended 10/31/19		10.56		0.25	(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		11		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			13		0.89			1.30			0.96			43
Year ended 10/31/16(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			11		1.07	(g)		1.61	(g)		1.06	(g)		35
Class R6
Six months ended 04/30/20		11.51		(0.02	)		(0.65	)		(0.67	)		(0.26	)		–			(0.26	)		10.58		(6.08	)		94,622		0.87	(d)		1.08	(d)		(0.30	)(d)		19
Year ended 10/31/19		10.56		0.25	(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	(e)		35
Year ended 10/31/18		13.03		0.12			(1.50	)		(1.38	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.61	)		103,172		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.39			2.50			(0.11	)		(0.36	)		(0.47	)		13.03		23.94			91,527		0.89			1.30			0.96			43
Year ended 10/31/16(f)		10.00		0.10			0.90			1.00			–			–			–			11.00		10.00			52,208		1.07	(g)		1.61	(g)		1.06	(g)		35

^(a) Calculated using average shares outstanding.

^(b)  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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $6,169, $770, $236, $3,132, $11 and $104,254 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019.Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of December 21, 2015.

^(g)  Annualized.

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

11                     Invesco International Select Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco International Select Equity Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     Invesco International Select 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.935%.

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $123,790 and reimbursed class level expenses of $6,674, $833, $255, $3,388, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $1,257 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                     Invesco International Select Equity Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	5,969,902		$–	$	5,969,902
Belgium		–		2,863,758		–		2,863,758
Canada		2,754,011		–		–		2,754,011
China		6,703,513		16,436,477		–		23,139,990
Denmark		–		1,740,675		–		1,740,675
Finland		–		1,435,728		–		1,435,728
France		–		5,007,780		–		5,007,780
Germany		–		5,679,799		–		5,679,799
Hong Kong		–		2,836,324		–		2,836,324
Japan		–		14,174,554		–		14,174,554
Luxembourg		–		6,200,516		–		6,200,516
Netherlands		–		6,771,096		–		6,771,096
Poland		–		2,552,687		–		2,552,687
South Korea		–		3,955,268		–		3,955,268
Spain		–		2,949,003		–		2,949,003
United Kingdom		4,981,036		8,065,510		–		13,046,546
Money Market Funds		2,192,056		–		–		2,192,056
Total Investments	$	16,630,616	$	86,639,077		$–	$	103,269,693

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $169.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$–	$3,554,957	$3,554,957

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

15                     Invesco International Select Equity Fund

NOTE 8–Investment Transactions

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, 2020 was $20,680,390 and $29,771,834, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	17,181,888
Aggregate unrealized (depreciation) of investments		(11,001,736	)
Net unrealized appreciation of investments	$	6,180,152

Cost of investments for tax purposes is $97,089,541.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		248,817		$	2,783,958			235,291		$	2,507,996
Class C		13,854			150,459			27,714			290,309
Class R		3,677			40,137			12,556			136,256
Class Y		88,720			868,132			110,292			1,193,984
Class R6		125,212			1,286,617			1,123,421			12,123,681
Issued as reinvestment of dividends:
Class A		9,178			108,579			25,834			242,582
Class C		925			10,796			6,448			59,834
Class R		330			3,885			540			5,047
Class Y		5,899			69,729			24,317			228,088
Class R6		204,676			2,419,270			734,436			6,889,012
Automatic conversion of Class C shares to Class A shares:
Class A		152			1,730			25,736			265,668
Class C		(154	)		(1,730	)		(26,056	)		(265,668	)
Reacquired:
Class A		(209,770	)		(2,184,179	)		(189,236	)		(2,011,811	)
Class C		(21,592	)		(226,539	)		(51,465	)		(529,150	)
Class R		(702	)		(8,084	)		(1,773	)		(16,240	)
Class Y		(137,139	)		(1,400,153	)		(661,489	)		(6,839,064	)
Class R6		(1,057,436	)		(11,707,266	)		(1,960,679	)		(21,093,878	)
Net increase (decrease) in share activity		(725,353	)	$	(7,784,659	)		(564,113	)	$	(6,813,354	)

^(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

On June 3, 2020, the Board of Trustees of the Trust, approved a change in the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and the elimination of a related fundamental investment restriction (the “Proposal”). The Proposal requires approval by the shareholders of the Fund and will be submitted to shareholders at a special meeting to be held on September 22, 2020.

16                     Invesco International Select 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, 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, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized       Expense Ratio
	Beginning       Account Value       (11/01/19)		Ending       Account Value       (04/30/20)1		Expenses       Paid During       Period2		Ending       Account Value       (04/30/20)		Expenses       Paid During       Period2
Class A		$1,000.00		$938.80		$5.40		$1,019.29		$5.62		1.12	%
Class C		1,000.00		935.50		9.00		1,015.56		9.37		1.87
Class R		1,000.00		937.20		6.60		1,018.05		6.87		1.37
Class Y		1,000.00		940.10		4.20		1,020.54		4.37		0.87
Class R5		1,000.00		940.10		4.20		1,020.54		4.37		0.87
Class R6		1,000.00		939.20		4.19		1,020.54		4.37		0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco International Select Equity Fund

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Go paperless with eDelivery

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

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

∎  Fund reports and prospectuses

∎  Quarterly statements

∎  Daily confirmations

∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. ICO-SAR-1                             

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Select Opportunities Fund
	Nasdaq:
	A: IZSAX ∎ C: IZSCX ∎ R: IZSRX ∎ Y: IZSYX ∎ R5: IZSIX ∎ R6: IZFSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Select Opportunities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-17.22%
Class C Shares	-17.52
Class R Shares	-17.39
Class Y Shares	-17.16
Class R5 Shares	-17.14
Class R6 Shares	-17.15
MSCI World Indexq (Broad Market Index)	-7.29
MSCI All Country World Small Cap Indexq (Style-Specific Index)	-15.48
Lipper Global Small/Mid-Cap Funds Classification Average∎ (Peer Group)	-10.00
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI All Country World Small Cap Index is an unmanaged index considered representative of small-cap stocks across developed and emerging market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Global Small/Mid-Cap Funds Classification Average represents an average of all funds in the Lipper Global Small/Mid-Cap Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Select Opportunities Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable  sales charges
Class A Shares
Inception (8/3/12)	2.69	%
5 Years	-4.06
1 Year	-25.02
Class C Shares
Inception (8/3/12)	2.69	%
5 Years	-3.68
1 Year	-21.99
Class R Shares
Inception (8/3/12)	3.19	%
5 Years	-3.21
1 Year	-20.87
Class Y Shares
Inception (8/3/12)	3.70	%
5 Years	-2.72
1 Year	-20.50
Class R5 Shares
Inception (8/3/12)	3.71	%
5 Years	-2.72
1 Year	-20.42
Class R6 Shares
Inception	3.70	%
5 Years	-2.72
1 Year	-20.44

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements.

Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Select Opportunities Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Select Opportunities Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.33%
Australia-4.54%
Corporate Travel Management Ltd.		198,594	$	1,609,164
Canada-4.84%
Colliers International Group, Inc.		31,213		1,716,715
France-2.81%
Ipsos		51,548		995,168
Germany-4.22%
Adesso SE		27,961		1,495,676
Monaco-2.99%
GasLog Ltd.		229,698		1,061,205
New Zealand-1.42%
Ryman Healthcare Ltd.		69,745		504,766
Poland-4.40%
Inter Cars S.A.		33,573		1,558,762
Switzerland-3.18%
SIG Combibloc Group AG(a)		69,939		1,126,424
United Kingdom-23.09%
Clarkson PLC		41,526		1,304,655
Clipper Logistics PLC		376,998		1,008,591
Dechra Pharmaceuticals PLC		9,869		344,570
Equiniti Group PLC(b)		934,275		2,018,349
G4S PLC		834,062		1,148,764
Howden Joinery Group PLC		131,413		870,165
Inspired Energy PLC		2,522,313		455,907
PageGroup PLC		218,773		1,036,306
				8,187,307

	Shares		Value
United States-46.84%
Alliance Data Systems Corp.		20,974	$	1,050,168
Axalta Coating Systems Ltd.(a)		51,389		1,014,419
CommScope Holding Co., Inc.(a)		172,145		1,895,316
Delphi Technologies PLC(a)		77,108		770,309
Encore Capital Group, Inc.(a)		54,444		1,414,455
Floor & Decor Holdings, Inc., Class A(a)		17,285		732,884
Global Payments, Inc.		10,742		1,783,387
Insight Enterprises, Inc.(a)		29,244		1,587,657
Interface, Inc.		185,047		1,709,834
Nuance Communications, Inc.(a)		110,738		2,236,907
Performant Financial Corp.(a)		492,974		345,082
Sabre Corp.		218,637		1,589,491
Spirit Airlines, Inc.(a)		31,634		475,143
				16,605,052
Total Common Stocks & Other Equity Interests (Cost $47,257,870)				34,860,239
Money Market Funds-1.67%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		195,677		195,677
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		172,497		172,600
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		223,631		223,631
Total Money Market Funds (Cost $591,820)				591,908
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $47,849,690)				35,452,147
OTHER ASSETS LESS LIABILITIES-(0.00)%				(636	)
NET ASSETS-100.00%			$	35,451,511

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented 5.69% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$258,854	$	3,562,772	$	(3,625,949	)		$   -		$     -		$195,677		$2,703
Invesco Liquid Assets Portfolio, Institutional Class		185,116		2,673,098		(2,685,944	)		82		248		172,600		2,296
Invesco Treasury Portfolio, Institutional Class		295,834		4,071,740		(4,143,943	)		-		-		223,631		3,049
Total		$739,804	$	10,307,610	$	(10,455,836	)		$82		$248		$591,908		$8,048

^(d)    The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

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

6                     Invesco Select Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	38.52	%
Industrials	23.57
Consumer Discretionary	13.18
Materials	6.04
Real Estate	4.84
Financials	3.99
Energy	2.99
Communication Services	2.81
Health Care	2.39
Money Market Funds Plus Other Assets Less Liabilities	1.67

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

7                     Invesco Select Opportunities Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $47,257,870)	$	34,860,239
Investments in affiliated money market funds, at value (Cost $591,820)		591,908
Foreign currencies, at value (Cost $40,434)		40,661
Receivable for:
Fund shares sold		75,376
Dividends		23,327
Investment for trustee deferred compensation and retirement plans		19,745
Other assets		26,969
Total assets		35,638,225
Liabilities:
Payable for:
Fund shares reacquired		111,489
Accrued fees to affiliates		12,633
Accrued other operating expenses		42,686
Trustee deferred compensation and retirement plans		19,906
Total liabilities		186,714
Net assets applicable to shares outstanding	$	35,451,511
Net assets consist of:
Shares of beneficial interest	$	46,326,000
Distributable earnings (loss)		(10,874,489	)
	$	35,451,511

Net Assets:
Class A	$	7,438,894
Class C	$	1,276,867
Class R	$	218,530
Class Y	$	26,495,843
Class R5	$	11,109
Class R6	$	10,268
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		679,506
Class C		123,026
Class R		20,251
Class Y		2,388,339
Class R5		1,001
Class R6		926
Class A:
Net asset value per share	$	10.95
Maximum offering price per share (Net asset value of $10.95 ÷ 94.50%)	$	11.59
Class C:
Net asset value and offering price per share	$	10.38
Class R:
Net asset value and offering price per share	$	10.79
Class Y:
Net asset value and offering price per share	$	11.09
Class R5:
Net asset value and offering price per share	$	11.10
Class R6:
Net asset value and offering price per share	$	11.09

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

8                     Invesco Select Opportunities Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $5,012)	$	149,465
Dividends from affiliated money market funds		8,048
Total investment income		157,513
Expenses:
Advisory fees		177,676
Administrative services fees		3,422
Custodian fees		2,057
Distribution fees:
Class A		12,591
Class C		9,847
Class R		646
Transfer agent fees - A, C, R and Y		45,037
Transfer agent fees - R5		5
Transfer agent fees - R6		5
Trustees’ and officers’ fees and benefits		6,887
Registration and filing fees		35,477
Reports to shareholders		5,043
Professional services fees		23,711
Other		3,950
Total expenses		326,354
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(132,947	)
Net expenses		193,407
Net investment income (loss)		(35,894	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		1,614,351
Foreign currencies		6,608
		1,620,959
Change in net unrealized appreciation (depreciation) of:
Investment securities		(9,579,494	)
Foreign currencies		(266	)
		(9,579,760	)
Net realized and unrealized gain (loss)		(7,958,801	)
Net increase (decrease) in net assets resulting from operations	$	(7,994,695	)

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

9                     Invesco Select Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income (loss)	$	(35,894	)	$	358,255
Net realized gain		1,620,959			2,039,620
Change in net unrealized appreciation (depreciation)		(9,579,760	)		(3,355,104	)
Net increase (decrease) in net assets resulting from operations		(7,994,695	)		(957,229	)
Distributions to shareholders from distributable earnings:
Class A		(505,352	)		(573,902	)
Class C		(111,210	)		(256,083	)
Class R		(11,121	)		(13,600	)
Class Y		(1,647,087	)		(1,368,466	)
Class R5		(682	)		(744	)
Class R6		(631	)		(688	)
Total distributions from distributable earnings		(2,276,083	)		(2,213,483	)
Share transactions-net:
Class A		(1,057,406	)		(935,804	)
Class C		(961,038	)		(3,680,814	)
Class R		(46,938	)		36,971
Class Y		(251,751	)		8,310,885
Net increase (decrease) in net assets resulting from share transactions		(2,317,133	)		3,731,238
Net increase (decrease) in net assets		(12,587,911	)		560,526
Net assets:
Beginning of period		48,039,422			47,478,896
End of period	$	35,451,511		$	48,039,422

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

10                     Invesco Select Opportunities Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/20		$13.85		$(0.02	)		$(2.23	)		$(2.25	)		$(0.05	)		$(0.60	)		$(0.65	)		$10.95		(17.22	)%		$  7,439		1.02	%(d)		1.61	%(d)		(0.31	)%(d)		27	%
Year ended 10/31/19		15.09		0.09			(0.64	)		(0.55	)		(0.04	)		(0.65	)		(0.69	)		13.85		(3.42	)		11,009		1.02			1.64			0.61			40
Year ended 10/31/18		15.82		0.06			(0.79	)		(0.73	)		-			-			-			15.09		(4.61	)		12,796		1.02			1.73			0.37			23
Year ended 10/31/17		13.03		0.05			2.74			2.79			-			-			-			15.82		21.41			19,351		1.08			1.73			0.33			30
Year ended 10/31/16		12.96		(0.04	)		0.42			0.38			-			(0.31	)		(0.31	)		13.03		3.12			19,288		1.49			1.78			(0.32	)		26
Year ended 10/31/15		14.55		(0.06	)		(1.25	)		(1.31	)		-			(0.28	)		(0.28	)		12.96		(9.07	)		19,719		1.48			1.71			(0.40	)		18
Class C
Six months ended 04/30/20		13.16		(0.06	)		(2.12	)		(2.18	)		-			(0.60	)		(0.60	)		10.38		(17.52	)		1,277		1.77	(d)		2.36	(d)		(1.06	)(d)		27
Year ended 10/31/19		14.44		(0.02	)		(0.61	)		(0.63	)		-			(0.65	)		(0.65	)		13.16		(4.17	)		2,590		1.77			2.39			(0.14	)		40
Year ended 10/31/18		15.24		(0.06	)		(0.74	)		(0.80	)		-			-			-			14.44		(5.25	)		6,722		1.77			2.48			(0.38	)		23
Year ended 10/31/17		12.65		(0.06	)		2.65			2.59			-			-			-			15.24		20.47			18,575		1.83			2.48			(0.42	)		30
Year ended 10/31/16		12.68		(0.13	)		0.41			0.28			-			(0.31	)		(0.31	)		12.65		2.38			18,859		2.24			2.53			(1.07	)		26
Year ended 10/31/15		14.35		(0.16	)		(1.23	)		(1.39	)		-			(0.28	)		(0.28	)		12.68		(9.77	)		14,226		2.23			2.46			(1.15	)		18
Class R
Six months ended 04/30/20		13.65		(0.03	)		(2.22	)		(2.25	)		(0.01	)		(0.60	)		(0.61	)		10.79		(17.39	)		219		1.27	(d)		1.86	(d)		(0.56	)(d)		27
Year ended 10/31/19		14.88		0.05			(0.62	)		(0.57	)		(0.01	)		(0.65	)		(0.66	)		13.65		(3.65	)		321		1.27			1.89			0.36			40
Year ended 10/31/18		15.63		0.02			(0.77	)		(0.75	)		-			-			-			14.88		(4.80	)		309		1.27			1.98			0.12			23
Year ended 10/31/17		12.91		0.01			2.71			2.72			-			-			-			15.63		21.07			385		1.33			1.98			0.08			30
Year ended 10/31/16		12.87		(0.07	)		0.42			0.35			-			(0.31	)		(0.31	)		12.91		2.90			283		1.74			2.03			(0.57	)		26
Year ended 10/31/15		14.49		(0.09	)		(1.25	)		(1.34	)		-			(0.28	)		(0.28	)		12.87		(9.32	)		279		1.73			1.96			(0.65	)		18
Class Y
Six months ended 04/30/20		14.04		(0.00	)		(2.27	)		(2.27	)		(0.08	)		(0.60	)		(0.68	)		11.09		(17.16	)		26,496		0.77	(d)		1.36	(d)		(0.06	)(d)		27
Year ended 10/31/19		15.32		0.12			(0.65	)		(0.53	)		(0.10	)		(0.65	)		(0.75	)		14.04		(3.22	)		34,092		0.77			1.39			0.86			40
Year ended 10/31/18		16.01		0.10			(0.79	)		(0.69	)		-			-			-			15.32		(4.31	)		27,622		0.77			1.48			0.62			23
Year ended 10/31/17		13.16		0.09			2.76			2.85			-			-			-			16.01		21.66			14,430		0.83			1.48			0.58			30
Year ended 10/31/16		13.05		(0.01	)		0.43			0.42			-			(0.31	)		(0.31	)		13.16		3.41			7,350		1.24			1.53			(0.07	)		26
Year ended 10/31/15		14.61		(0.02	)		(1.26	)		(1.28	)		-			(0.28	)		(0.28	)		13.05		(8.82	)		25,663		1.23			1.46			(0.15	)		18
Class R5
Six months ended 04/30/20		14.05		(0.00	)		(2.27	)		(2.27	)		(0.08	)		(0.60	)		(0.68	)		11.10		(17.14	)		11		0.77	(d)		1.24	(d)		(0.06	)(d)		27
Year ended 10/31/19		15.32		0.12			(0.64	)		(0.52	)		(0.10	)		(0.65	)		(0.75	)		14.05		(3.15	)		14		0.77			1.27			0.86			40
Year ended 10/31/18		16.02		0.10			(0.80	)		(0.70	)		-			-			-			15.32		(4.37	)		15		0.77			1.37			0.62			23
Year ended 10/31/17		13.17		0.09			2.76			2.85			-			-			-			16.02		21.64			16		0.83			1.38			0.58			30
Year ended 10/31/16		13.05		(0.01	)		0.44			0.43			-			(0.31	)		(0.31	)		13.17		3.49			13		1.24			1.43			(0.07	)		26
Year ended 10/31/15		14.62		(0.02	)		(1.27	)		(1.29	)		-			(0.28	)		(0.28	)		13.05		(8.89	)		13		1.23			1.32			(0.15	)		18
Class R6
Six months ended 04/30/20		14.04		(0.00	)		(2.27	)		(2.27	)		(0.08	)		(0.60	)		(0.68	)		11.09		(17.15	)		10		0.77	(d)		1.24	(d)		(0.06	)(d)		27
Year ended 10/31/19		15.31		0.12			(0.64	)		(0.52	)		(0.10	)		(0.65	)		(0.75	)		14.04		(3.16	)		13		0.77			1.27			0.86			40
Year ended 10/31/18		16.01		0.10			(0.80	)		(0.70	)		-			-			-			15.31		(4.37	)		14		0.77			1.37			0.62			23
Year ended 10/31/17		13.16		0.09			2.76			2.85			-			-			-			16.01		21.66			15		0.83			1.38			0.58			30
Year ended 10/31/16		13.05		(0.01	)		0.43			0.42			-			(0.31	)		(0.31	)		13.16		3.41			12		1.24			1.43			(0.07	)		26
Year ended 10/31/15		14.61		(0.02	)		(1.26	)		(1.28	)		-			(0.28	)		(0.28	)		13.05		(8.82	)		12		1.23			1.32			(0.15	)		18

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $10,124, $1,980, $260, $32,273, $13 and $12 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11                     Invesco Select Opportunities Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1-Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco Select Opportunities Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

K. Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of

13                     Invesco Select Opportunities Fund

taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2-Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.800%
Next $250 million		0.780%
Next $500 million		0.760%
Next $1.5 billion		0.740%
Next $2.5 billion		0.720%
Next $2.5 billion		0.700%
Next $2.5 billion		0.680%
Over $10 billion		0.660%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.80%.

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

The Adviser has contractually agreed, through February 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $87,578 and reimbursed class level expenses of $10,217, $1,997, $262, $32,562, $5 and $5 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $799 in front-end sales commissions from the sale of Class A shares and $0 and $107 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2020, the Fund incurred $102 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3-Additional Valuation Information

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

14                     Invesco Select Opportunities Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	-	$	1,609,164		$-	$	1,609,164
Canada		1,716,715		-		-		1,716,715
France		-		995,168		-		995,168
Germany		-		1,495,676		-		1,495,676
Monaco		1,061,205		-		-		1,061,205
New Zealand		-		504,766		-		504,766
Poland		-		1,558,762		-		1,558,762
Switzerland		-		1,126,424		-		1,126,424
United Kingdom		-		8,187,307		-		8,187,307
United States		16,605,052		-		-		16,605,052
Money Market Funds		591,908		-		-		591,908
Total Investments	$	19,974,880	$	15,477,267		$-	$	35,452,147

NOTE 4-Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $321.

NOTE 5-Trustees’ and Officers’ Fees and Benefits

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

NOTE 6-Cash Balances

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

NOTE 7-Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

15                     Invesco Select Opportunities Fund

NOTE 8-Investment Transactions

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, 2020 was $11,791,853 and $15,892,818, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,340,400
Aggregate unrealized (depreciation) of investments		(15,737,970	)
Net unrealized appreciation (depreciation) of investments	$	(12,397,570	)

Cost of investments for tax purposes is $47,849,717.

NOTE 9-Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2020(a)						October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		27,815		$	357,516			197,165		$	2,584,151
Class C		4,741			54,605			68,815			850,246
Class R		2,080			27,618			1,863			25,916
Class Y		157,860			1,881,568			977,303			13,257,719
Issued as reinvestment of dividends:
Class A		35,973			495,705			39,440			517,055
Class C		8,275			108,321			19,961			250,316
Class R		773			10,508			1,001			12,949
Class Y		117,869			1,644,277			95,734			1,269,431
Automatic conversion of Class C shares to Class A shares:
Class A		145			2,082			31,858			446,486
Class C		(152	)		(2,082	)		(33,371	)		(446,486	)
Reacquired:
Class A		(179,136	)		(1,912,709	)		(321,519	)		(4,483,496	)
Class C		(86,664	)		(1,121,882	)		(324,194	)		(4,334,890	)
Class R		(6,127	)		(85,064	)		(139	)		(1,894	)
Class Y		(314,922	)		(3,777,596	)		(448,708	)		(6,216,265	)
Net increase (decrease) in share activity		(231,470	)	$	(2,317,133	)		305,209		$	3,731,238

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10-Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                     Invesco Select Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/19)			Ending     Account Value     (04/30/20)1			Expenses     Paid During     Period2			Ending     Account Value     (04/30/20)			Expenses     Paid During     Period2			Annualized     Expense Ratio
Class A		$	1,000.00		$	827.80		$	4.64		$	1,019.79		$	5.12		1.02	%
Class C			1,000.00			824.80			8.03			1,016.06			8.87		1.77
Class R			1,000.00			826.10			5.77			1,018.55			6.37		1.27
Class Y			1,000.00			828.40			3.50			1,021.03			3.87		0.77
Class R5			1,000.00			828.60			3.50			1,021.03			3.87		0.77
Class R6			1,000.00			828.50			3.50			1,021.03			3.87		0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco Select Opportunities Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611                     Invesco Distributors, Inc.                     SOPP-SAR-1

	Semiannual Report                                                                                                                                                                    4/30/2020
	lnvesco
	Advantage International Fund*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
	If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.
	You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
	*Prior to the close of business on February 28, 2020, the Fund’s name was lnvesco Oppenheimer Global Multi-Asset Growth Fund

Table of Contents

Top Holdings and Allocations	3
Fund Expenses	7
Schedule of Investments	9
Statement of Assets and Liabilities	28
Statement of Operations	30
Statement of Changes in Net Assets	32
Financial Highlights	33
Notes to Financial Statements	44
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	63
Invesco’s Privacy Policy	64

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			MSCI All Country World ex-U.S. Index			MSCI All Country World Index
6-Month		-9.40	%		-14.35	%		-13.22	%		-7.68	%
1-Year		-6.84			-11.98			-11.51			-4.96
Since Inception (8/27/15)		2.77			1.54			2.63			6.60

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 5.50% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

2      INVESCO ADVANTAGE INTERNATIONAL FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Nestle SA	2.6	%
Novartis AG	2.5
ASML Holding NV	2.0
Samsung Electronics Co. Ltd.	1.8
Novo Nordisk AS, Cl. B	1.8
British American Tobacco plc	1.7
Toyota Motor Corp.	1.6
Sanofi	1.5
SK Hynix, Inc.	1.5
Iberdrola SA	1.3

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	25.6	%
Japan	13.7
China	9.8
United Kingdom	6.7
France	5.9
Switzerland	5.9
Germany	4.3
Australia	3.4
South Korea	3.2
Netherlands	3.1

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020 and are based on total market value of investments.

PORTFOLIO ALLOCATION

Common Stocks	74.5	%
Investment Companies	24.4
Preferred Stocks	0.9
Event-Linked Bonds	0.2

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020 and are based on total market value of investments.

REGIONAL ALLOCATION

Asia/Pacific	34.8	%
Europe	34.8
U.S./Canada	25.6
Latin & South America	1.5
Emerging Europe	1.3
Supranational	1.0
Middle East/Africa	1.0

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

3      INVESCO ADVANTAGE INTERNATIONAL FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			Since     Inception
Class A (QMGAX)		8/27/15		-9.40	%		-6.84	%		2.77	%
Class C (QMGCX)		8/27/15		-9.71			-7.54			2.01
Class R (QMGRX)		8/27/15		-9.47			-7.07			2.52
Class Y (QMGYX)		8/27/15		-9.36			-6.72			2.92
Class R5 (GMAGX)1		5/24/19		-9.30			-6.65			2.82
Class R6 (QMGIX)2		8/27/15		-9.27			-6.62			3.02

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			Since     Inception
Class A (QMGAX)		8/27/15		-14.35	%		-11.98	%		1.54	%
Class C (QMGCX)		8/27/15		-10.60			-8.46			2.01
Class R (QMGRX)		8/27/15		-9.47			-7.07			2.52
Class Y (QMGYX)		8/27/15		-9.36			-6.72			2.92
Class R5 (GMAGX)1		5/24/19		-9.30			-6.65			2.82
Class R6 (QMGIX)2		8/27/15		-9.27			-6.62			3.02

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 5.50%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

4      INVESCO ADVANTAGE INTERNATIONAL FUND

The Fund’s performance is compared to the performance of MSCI All Country World ex-USA^® Index and the MSCI All Country World Index. The MSCI All Country World ex-USA Index is an index considered representative of developed and emerging stock markets, excluding the U.S. The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

5      INVESCO ADVANTAGE INTERNATIONAL FUND

to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

6      INVESCO ADVANTAGE INTERNATIONAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

7      INVESCO ADVANTAGE INTERNATIONAL FUND

Actual	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During 6 Months Ended April 30, 2020
Class A	$	1,000.00	$	906.00	$	4.08
Class C		1,000.00		902.90		7.60
Class R		1,000.00		905.30		5.32
Class Y		1,000.00		906.40		3.13
Class R5		1,000.00		907.00		3.15
Class R6		1,000.00		907.30		2.99
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.59		4.33
Class C		1,000.00		1,016.91		8.06
Class R		1,000.00		1,019.29		5.64
Class Y		1,000.00		1,021.58		3.32
Class R5		1,000.00		1,021.58		3.32
Class R6		1,000.00		1,021.73		3.17

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		0.86	%
Class C		1.60
Class R		1.12
Class Y		0.66
Class R5		0.66
Class R6		0.63

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

8      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

	Shares		Value
Common Stocks—109.6%
Consumer Discretionary—14.1%
Auto Components—0.5%
Aisin Seiki Co. Ltd.		400	$	11,505
Bridgestone Corp.		1,900		59,422
Continental AG1		433		36,580
Denso Corp.		1,000		35,248
Hyundai Mobis Co. Ltd.		216		30,219
Sumitomo Electric Industries Ltd.		1,200		12,338
Toyota Industries Corp.		400		20,124
				205,436
Automobiles—3.4%
Astra International Tbk PT		104,200		26,941
Bayerische Motoren Werke AG		779		46,084
Brilliance China Automotive Holdings Ltd.		20,000		18,119
Ferrari NV		260		40,934
Fiat Chrysler Automobiles NV		3,981		35,055
Geely Automobile Holdings Ltd.		30,000		45,760
Great Wall Motor Co. Ltd., Cl. H		28,500		19,169
Honda Motor Co. Ltd.		4,700		113,475
Hyundai Motor Co.		563		43,455
Isuzu Motors Ltd.		3,400		25,940
Kia Motors Corp.		1,469		35,923
Nissan Motor Co. Ltd.		32,300		110,542
Porsche Automobil Holding SE		692		34,855
Subaru Corp.		800		16,102
Suzuki Motor Corp.		600		19,256
Toyota Motor Corp.		10,600		654,220
Volkswagen AG, Preference		606		85,040
				1,370,870
Diversified Consumer Services—0.4%
New Oriental Education & Technology Group, Inc., Sponsored ADR1		1,107		141,319
TAL Education Group, ADR1		609		33,002
				174,321
Entertainment—0.4%
Nintendo Co. Ltd.		300		124,243
Vivendi SA		1,298		28,055
				152,298
Hotels, Restaurants & Leisure—0.6%
Carnival plc		764		10,517
Compass Group plc		2,337		39,374
Galaxy Entertainment Group Ltd.		4,000		25,401
Genting Bhd		19,000		18,307
Huazhu Group Ltd., ADR		332		11,955
Melco Resorts & Entertainment Ltd., ADR		803		12,703
Oriental Land Co. Ltd. (Japan)		700		88,646

9      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Hotels, Restaurants & Leisure (Continued)
Whitbread plc		563	$	21,158
				228,061
Household Durables—1.7%
Haier Electronics Group Co. Ltd.		14,000		38,783
LG Electronics, Inc.		1,255		56,780
Panasonic Corp.		7,000		53,513
SEB SA		80		9,634
SEB SA, Prime1		392		47,204
SEB SA, Private Shares1		130		15,655
Sekisui House Ltd.		3,800		65,401
Sony Corp.		6,300		404,178
				691,148
Interactive Media & Services—0.9%
58.com, Inc., ADR1		886		46,028
Baidu, Inc., Sponsored ADR1		1,024		103,352
Momo, Inc., Sponsored ADR		803		19,336
NAVER Corp.		822		133,826
Z Holdings Corp.		10,100		39,071
				341,613
Internet & Catalog Retail—1.8%
JD.com, Inc., ADR1		6,281		270,711
Meituan Dianping, Cl. B1		20,300		269,663
Pinduoduo, Inc., ADR1		1,550		73,532
Rakuten, Inc.		4,000		33,871
Trip.com Group Ltd., ADR1		1,910		49,201
Vipshop Holdings Ltd., ADR1		1,605		25,568
				722,546
Media—1.1%
Dentsu Group, Inc.		600		12,609
Grupo Televisa SAB, Sponsored ADR		1,964		10,507
Liberty Global plc, Cl. C1		1,190		21,789
Naspers Ltd., Cl. N		1,558		243,688
Publicis Groupe SA		519		15,446
RELX plc		4,154		94,079
WPP plc		4,233		33,164
Zee Entertainment Enterprises Ltd.		10,544		22,133
				453,415
Multiline Retail—0.5%
Lojas Americanas SA, Preference		3,487		15,954
Lojas Renner SA		2,300		16,237
Magazine Luiza SA		4,000		36,558
Next plc		736		43,858

10      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Multiline Retail (Continued)
Wesfarmers Ltd.		2,899	$	69,981
				182,588
Specialty Retail—0.7%
Fast Retailing Co. Ltd.		200		95,123
Hennes & Mauritz AB, Cl. B		6,794		94,564
Hotai Motor Co. Ltd.		1,000		18,185
Industria de Diseno Textil SA		1,341		34,209
Nitori Holdings Co. Ltd.		100		15,318
Zhongsheng Group Holdings Ltd.		3,000		11,945
				269,344
Textiles, Apparel & Luxury Goods—2.1%
Adidas AG		995		227,754
ANTA Sports Products Ltd.		17,000		145,250
Burberry Group plc		865		15,165
EssilorLuxottica SA		736		90,965
Hermes International		87		63,734
Kering SA		87		43,937
LVMH Moet Hennessy Louis Vuitton SE		606		234,394
Shenzhou International Group Holdings Ltd.		1,400		15,925
Swatch Group AG (The)		87		17,434
Yue Yuen Industrial Holdings Ltd.		7,000		10,995
				865,553
Consumer Staples—13.4%
Beverages—1.7%
Anheuser-Busch InBev SA		3,938		182,791
Arca Continental SAB de CV		1,700		6,548
Asahi Group Holdings Ltd.		1,300		44,947
Carlsberg AS, Cl. B		470		59,331
Coca-Cola European Partners plc		1,024		40,591
Compania Cervecerias Unidas SA		2,186		15,710
Diageo plc		4,717		163,512
Fomento Economico Mexicano SAB de CV, ADR		775		49,856
Heineken NV		303		25,797
Kirin Holdings Co. Ltd.		3,000		57,800
Suntory Beverage & Food Ltd.		400		15,029
Tsingtao Brewery Co. Ltd., Cl. H		4,000		24,202
				686,114
Food & Staples Retailing—1.5%
China Resources Beer Holdings Co. Ltd.		10,000		47,370
Coles Group Ltd.		10,287		102,804
Jeronimo Martins SGPS SA		865		14,621
Koninklijke Ahold Delhaize NV		2,293		55,725
President Chain Store Corp.		1,000		10,318
Raia Drogasil SA		1,900		36,610
Seven & i Holdings Co. Ltd.		1,400		46,127

11      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Food & Staples Retailing (Continued)
Sun Art Retail Group Ltd.		10,500	$	17,361
Tesco plc		33,017		97,855
Wal-Mart de Mexico SAB de CV		21,973		52,851
Woolworths Group Ltd.		5,020		115,699
				597,341
Food Products—4.2%
Ajinomoto Co., Inc.		2,900		51,506
Associated British Foods plc		1,058		25,244
BRF SA1		5,200		18,542
China Mengniu Dairy Co. Ltd.1		16,000		56,337
Chocoladefabriken Lindt & Spruengli AG		3		23,405
Danone SA		2,250		156,089
JBS SA		10,400		45,594
Kerry Group plc, Cl. A		649		74,515
MEIJI Holdings Co. Ltd.		300		20,803
Nestle SA		9,909		1,046,748
Orkla ASA		1,904		17,255
Tiger Brands Ltd.		2,423		23,628
Tingyi Cayman Islands Holding Corp.		14,000		24,780
Uni-President Enterprises Corp.		32,000		74,017
Vietnam Dairy Products JSC		2		8
Want Want China Holdings Ltd.		35,000		24,686
Wilmar International Ltd.		5,700		14,378
				1,697,535
Household Products—0.4%
Essity AB, Cl. B		822		26,707
Reckitt Benckiser Group plc		1,601		133,782
				160,489
Personal Products—3.4%
Amorepacific Corp.		59		8,525
Beiersdorf AG		303		31,805
Hengan International Group Co. Ltd.		4,500		39,634
Kao Corp.		1,600		123,415
LG Household & Health Care Ltd.		43		48,636
L’Oreal SA		779		226,709
Peugeot SA		2,467		35,407
Shiseido Co. Ltd.		1,300		76,687
Unilever NV		6,924		346,116
Unilever plc		8,611		445,206
				1,382,140
Tobacco—2.2%
British American Tobacco plc		17,482		678,908
Imperial Brands plc		4,500		95,242
Japan Tobacco, Inc.		4,700		87,853

12      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Tobacco (Continued)
KT&G Corp.		346	$	23,080
				885,083
Energy—5.3%
Oil, Gas & Consumable Fuels—5.3%
China Petroleum & Chemical Corp., Cl. H		230,000		114,501
China Shenhua Energy Co. Ltd., Cl. H		16,500		29,153
CNOOC Ltd.		39,000		43,779
Cosan SA		800		8,877
Eni SpA		11,943		113,497
Equinor ASA		7,919		111,163
Gazprom PJSC, Sponsored ADR		50,066		254,135
Inpex Corp.		9,200		58,633
JXTG Holdings, Inc.		19,300		68,371
Kunlun Energy Co. Ltd.		32,000		20,897
LUKOIL PJSC, ADR2		407		26,703
LUKOIL PJSC, Sponsored ADR2		3,185		205,655
MOL Hungarian Oil & Gas plc		1,861		11,841
Novatek PJSC, Sponsored GDR		173		24,322
OMV AG		692		22,698
Origin Energy Ltd.		5,231		18,575
PetroChina Co. Ltd., Cl. H		124,000		44,383
Petroleo Brasileiro SA, Preference		49,800		165,301
Renault SA		587		11,666
Repsol SA		15,492		141,396
Rosneft Oil Co. PJSC, GDR1		11,467		51,501
Royal Dutch Shell plc, Cl. A		21,506		365,334
Tatneft PJSC, Sponsored ADR		519		23,200
TOTAL SA		5,366		193,484
Yanzhou Coal Mining Co. Ltd., Cl. H		16,000		12,080
				2,141,145
Financials—20.4%
Capital Markets—2.2%
AXA SA		9,130		162,287
B3 SA-Brasil Bolsa Balcao		8,400		59,348
Deutsche Boerse AG		692		107,639
London Stock Exchange Group plc		2,943		276,634
Natixis SA		2,769		6,570
Nomura Holdings, Inc.		22,700		94,426
Partners Group Holding AG		43		33,897
Schroders plc		519		17,368
UBS Group AG1		9,520		102,131
				860,300
Commercial Banks—9.1%
ABN AMRO Bank NV3		2,943		22,608
Absa Group Ltd.		5,236		25,825
Agricultural Bank of China Ltd., Cl. H		142,000		58,928

13      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Commercial Banks (Continued)
Akbank TAS1		17,635	$	14,699
Banco Bilbao Vizcaya Argentaria SA		44,484		145,843
Banco Bradesco SA, Cl. Preference		5,720		20,143
Banco de Chile		144,948		12,778
Banco do Brasil SA		3,500		18,343
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Cl. B		16,700		9,299
Banco Santander SA		60,235		134,681
Bank Central Asia Tbk PT		40,500		70,322
Bank of China Ltd., Cl. H		451,000		170,543
Bank of Communications Co. Ltd., Cl. H		125,000		78,165
Bank Rakyat Indonesia Persero Tbk PT		553,800		101,166
Barclays plc		43,532		58,157
BNP Paribas SA		4,717		148,470
CaixaBank SA		11,164		20,104
China CITIC Bank Corp. Ltd., Cl. H		53,000		25,819
China Construction Bank Corp., Cl. H		454,000		366,041
China Merchants Bank Co. Ltd., Cl. H		17,000		80,987
China Minsheng Banking Corp. Ltd., Cl. H		82,000		60,686
CIMB Group Holdings Bhd		28,000		22,335
Commerzbank AG		7,313		27,079
Credit Agricole SA		5,928		47,389
CTBC Financial Holding Co. Ltd.		23,000		15,236
Danske Bank AS		9,823		116,728
DNB ASA		1,904		23,136
E.Sun Financial Holding Co. Ltd.		30,000		27,009
Erste Group Bank AG		1,176		25,580
First Financial Holding Co. Ltd.		14,000		10,213
Grupo Elektra SAB de CV		385		22,126
Grupo Financiero Banorte SAB de CV, Cl. O		9,586		26,215
Hua Nan Financial Holdings Co. Ltd.		33,000		21,255
Industrial & Commercial Bank of China Ltd., Cl. H		430,000		288,653
ING Groep NV		9,693		53,288
Intesa Sanpaolo SpA		76,592		119,735
Itau Unibanco Holding SA		6,700		28,055
Itausa - Investimentos Itau SA		11,100		18,371
KB Financial Group, Inc.		1,385		39,703
KBC Group NV		476		25,735
Komercni banka AS1		995		21,110
Lloyds Banking Group plc		255,956		104,107
Mega Financial Holding Co. Ltd.		33,000		33,027
Mitsubishi UFJ Financial Group, Inc.		55,500		223,023
OTP Bank Nyrt		433		12,870
Postal Savings Bank of China Co. Ltd., Cl. H3		134,000		79,564
Powszechna Kasa Oszczednosci Bank Polski SA		7,270		38,568
Resona Holdings, Inc.		5,600		17,454
RHB Bank Bhd		18,200		20,019
Royal Bank of Scotland Group plc		8,784		12,247
Shinhan Financial Group Co. Ltd.		1,644		40,881

14      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Commercial Banks (Continued)
Skandinaviska Enskilda Banken AB, Cl. A		6,621	$	54,405
Societe Generale SA		3,808		59,610
Standard Bank Group Ltd.		3,419		18,859
Standard Chartered plc		3,721		19,122
Sumitomo Mitsui Financial Group, Inc.		5,300		139,580
Sumitomo Mitsui Trust Holdings, Inc.		600		17,531
Swedbank AB		3,289		38,818
Taiwan Cooperative Financial Holding Co. Ltd.		15,000		9,980
Turkiye Garanti Bankasi AS1		13,344		15,723
Turkiye Is Bankasi AS, Cl. C1		35,830		25,089
UniCredit SpA		8,871		68,527
				3,671,562
Diversified Financial Services—0.7%
EXOR NV		587		32,177
FirstRand Ltd.		5,842		12,771
Groupe Bruxelles Lambert SA1		176		14,071
Investor AB, Cl. B		2,467		123,910
ORIX Corp.		7,100		84,517
Yuanta Financial Holding Co. Ltd.		45,000		25,367
				292,813
Insurance—5.3%
AIA Group Ltd.		18,600		169,306
Allianz SE		1,991		368,840
Aon plc		636		109,818
Assicurazioni Generali SpA		7,183		102,646
Aviva plc		18,399		56,111
BB Seguridade Participacoes SA		2,200		10,741
China Life Insurance Co. Ltd., Cl. H		37,000		78,009
China Pacific Insurance Group Co. Ltd., Cl. H		11,800		38,316
China Taiping Insurance Holdings Co. Ltd.		10,200		17,081
Chubb Ltd.		996		107,578
CNP Assurances		764		7,903
Dai-ichi Life Holdings, Inc.		6,100		76,601
Fubon Financial Holding Co. Ltd.		8,000		11,223
Hannover Rueck SE		260		41,521
MS&AD Insurance Group Holdings, Inc.		800		23,121
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		692		152,492
NN Group NV		563		16,315
PICC Property & Casualty Co. Ltd., Cl. H		36,000		33,814
Ping An Insurance Group Co. of China Ltd., Cl. H		30,000		304,193
Poste Italiane SpA3		6,760		57,549
Sompo Holdings, Inc.		600		19,422
Swiss Re AG		1,471		106,292
Tokio Marine Holdings, Inc.		1,400		65,988
Willis Towers Watson plc		277		49,386

15      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Insurance (Continued)
Zurich Insurance Group AG		389	$	124,004
				2,148,270
Real Estate Investment Trusts (REITs)—0.3%
Fibra Uno Administracion SA de CV		13,900		11,402
Gecina SA		353		46,112
Goodman Group		2,856		24,003
Klepierre SA		2,467		49,944
				131,461
Real Estate Management & Development—2.8%
Agile Group Holdings Ltd.		14,000		15,491
Ayala Land, Inc.		73,400		44,882
CapitaLand Ltd.1		4,900		10,342
China Jinmao Holdings Group Ltd.		38,000		26,333
China Overseas Land & Investment Ltd.		20,000		72,089
China Resources Land Ltd.		24,000		96,422
China Vanke Co. Ltd., Cl. H		7,400		24,118
CK Asset Holdings Ltd.		16,500		102,013
Country Garden Holdings Co. Ltd.		49,000		61,799
Daiwa House Industry Co. Ltd.		1,700		43,326
Deutsche Wohnen SE		779		31,609
Henderson Land Development Co. Ltd.		4,000		16,146
Hongkong Land Holdings Ltd.		13,900		58,400
Logan Property Holdings Co. Ltd.		6,000		9,465
Longfor Group Holdings Ltd.3		13,500		66,905
Mitsubishi Estate Co. Ltd.		4,900		79,745
Mitsui Fudosan Co. Ltd.		2,100		38,773
New World Development Co. Ltd.		22,000		25,837
Shimao Property Holdings Ltd.		13,500		54,145
Sun Hung Kai Properties Ltd.		9,000		121,783
Sunac China Holdings Ltd.		6,000		25,961
Swire Pacific Ltd., Cl. A		4,500		28,918
Vonovia SE		1,039		51,373
Wharf Holdings Ltd. (The)		4,000		7,473
Wharf Real Estate Investment Co. Ltd.		3,000		12,738
				1,126,086
Health Care—15.4%
Biotechnology—0.9%
CSL Ltd.		1,774		351,635
Grifols SA		649		22,111
				373,746
Health Care Equipment & Supplies—1.8%
Coloplast AS, Cl. B		563		88,909
Hoya Corp.		3,900		356,410
Koninklijke Philips NV		2,813		122,606
Olympus Corp.		4,500		71,659

16      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Health Care Equipment & Supplies (Continued)
Smith & Nephew plc		4,068	$	79,912
				719,496
Health Care Providers & Services—0.6%
Fresenius Medical Care AG & Co. KGaA		1,168		91,534
Fresenius SE & Co. KGaA		2,120		92,301
Hapvida Participacoes e Investimentos SA3		1,500		14,465
IHH Healthcare Bhd		15,700		19,069
Sinopharm Group Co. Ltd., Cl. H		6,024		16,240
				233,609
Life Sciences Tools & Services—0.2%
Genscript Biotech Corp.1		8,000		13,948
Lonza Group AG		87		38,024
Sartorius Stedim Biotech		59		14,177
Wuxi Biologics Cayman, Inc.1,3		2,000		31,016
				97,165
Pharmaceuticals—11.9%
Astellas Pharma, Inc.		12,100		200,287
AstraZeneca plc		1,644		172,463
Bayer AG		2,034		134,606
Celltrion, Inc.1		130		22,375
China Resources Pharmaceutical Group Ltd.3		29,500		18,663
Chugai Pharmaceutical Co. Ltd.		300		35,587
CSPC Pharmaceutical Group Ltd.		22,000		42,895
Daiichi Sankyo Co. Ltd.		4,400		300,537
Eisai Co. Ltd.		800		55,737
GlaxoSmithKline plc		15,794		330,666
Kalbe Farma Tbk PT		149,000		14,411
Merck KGaA1		1,039		121,101
Mylan NV1		1,015		17,021
Novartis AG		11,857		1,011,474
Novo Nordisk AS, Cl. B		11,554		737,770
Ono Pharmaceutical Co. Ltd.		1,500		35,993
Otsuka Holdings Co. Ltd.		1,000		39,356
Roche Holding AG		1,125		391,307
Sanofi		6,361		622,320
Shionogi & Co. Ltd.		2,500		137,183
Sino Biopharmaceutical Ltd.		102,000		150,200
Takeda Pharmaceutical Co. Ltd.		4,838		173,722
UCB SA1		260		23,822
				4,789,496
Industrials—9.4%
Aerospace & Defense—0.4%
Airbus SE		649		41,259
BAE Systems plc		5,842		37,450
Safran SA		649		59,994

17      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Aerospace & Defense (Continued)
Thales SA		216	$	16,381
				155,084
Air Freight & Couriers—0.3%
Deutsche Post AG		2,467		73,492
DSV PANALPINA AS		346		35,769
ZTO Express Cayman, Inc., ADR		830		24,701
				133,962
Airlines—0.2%
International Consolidated Airlines Group SA		9,433		26,416
Japan Airlines Co. Ltd.		600		10,752
Ryanair Holdings plc, Sponsored ADR1		677		42,969
				80,137
Building Products—0.4%
Assa Abloy AB, Cl. B		1,774		31,942
Daikin Industries Ltd.		500		64,808
Geberit AG		173		77,693
				174,443
Commercial Services & Supplies—0.1%
Secom Co. Ltd.		300		25,029
Construction & Engineering—0.6%
ACS Actividades de Construccion y Servicios SA		823		20,569
Cie de Saint-Gobain		1,991		52,897
Ferrovial SA		2,943		73,616
Vinci SA		952		78,034
				225,116
Electrical Equipment—1.4%
ABB Ltd.		4,197		79,779
Legrand SA		476		32,121
Mitsubishi Electric Corp.		4,600		56,948
Nidec Corp.		1,320		76,670
Schneider Electric SE1		3,072		281,436
Vestas Wind Systems AS		346		29,838
WEG SA		3,500		25,707
				582,499
Industrial Conglomerates—1.0%
Beijing Enterprises Holdings Ltd.		5,000		17,796
CITIC Ltd.		36,000		36,829
CK Hutchison Holdings Ltd.		10,000		72,516
Siemens AG		2,120		196,924
Sime Darby Bhd		44,300		20,515

18      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Industrial Conglomerates (Continued)
Toshiba Corp.		3,200	$	79,488
				424,068
Machinery—1.2%
Atlas Copco AB, Cl. A		1,947		67,551
China Conch Venture Holdings Ltd.		5,000		23,673
Epiroc AB, Cl. A		1,558		15,635
FANUC Corp.		600		98,937
Kone OYJ, Cl. B		692		41,983
Kubota Corp.		1,400		17,458
Mitsubishi Heavy Industries Ltd.		1,400		35,800
Sandvik AB		4,197		64,899
SMC Corp. (Japan)		50		22,861
Volvo AB, Cl. B		6,361		82,035
Weichai Power Co. Ltd., Cl. H		10,000		17,147
				487,979
Marine—0.3%
AP Moller - Maersk AS, Cl. B		87		86,674
Kuehne + Nagel International AG		117		16,751
MISC Bhd		9,900		18,137
				121,562
Professional Services—1.2%
Adecco Group AG		882		38,707
Bureau Veritas SA		779		16,186
Experian plc		3,895		116,696
IHS Markit Ltd.		1,190		80,087
Recruit Holdings Co. Ltd.		4,900		143,746
SGS SA		12		27,193
Wolters Kluwer NV		995		73,260
				495,875
Road & Rail—0.4%
Central Japan Railway Co.		500		78,654
East Japan Railway Co.		800		58,369
Localiza Rent a Car SA		1,300		8,174
Rumo SA1		1,700		6,187
				151,384
Trading Companies & Distributors—1.4%
Ferguson plc		1,385		100,173
ITOCHU Corp.		8,900		174,894
Marubeni Corp.		10,900		52,796
Mitsubishi Corp.		4,400		93,729
Mitsui & Co. Ltd.		4,600		64,521
Sumitomo Corp.		5,700		64,792
				550,905

19      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Transportation Infrastructure—0.5%
Aena SME SA3		346	$	43,796
Atlantia SpA		2,164		35,315
China Tower Corp. Ltd., Cl. H1,3		240,000		53,547
Promotora y Operadora de Infraestructura SAB de CV1		1,000		6,947
Transurban Group		4,803		42,925
				182,530
Information Technology—15.1%
Communications Equipment—0.3%
Nokia OYJ		18,824		67,967
Telefonaktiebolaget LM Ericsson, Cl. B		5,106		44,445
				112,412
Electronic Equipment, Instruments, & Components—2.8%
AAC Technologies Holdings, Inc.		9,500		45,571
Canon, Inc.		3,400		71,835
Delta Electronics, Inc.		5,000		23,192
Hexagon AB, Cl. B		1,212		60,346
Hitachi Ltd.		5,100		153,017
Hon Hai Precision Industry Co. Ltd.		116,000		295,369
Keyence Corp.		510		183,225
Kyocera Corp.		1,000		53,450
Murata Manufacturing Co. Ltd.		800		44,503
Sunny Optical Technology Group Co. Ltd.		6,800		94,221
TE Connectivity Ltd.		1,316		96,673
Yageo Corp.		2,000		25,974
				1,147,376
Internet Software & Services—1.4%
NetEase, Inc., ADR		1,466		505,711
SINA Corp.1		581		19,620
Weibo Corp., Sponsored ADR1		665		24,958
				550,289
IT Services—0.9%
Adyen NV1,3		87		85,582
Amadeus IT Group SA		2,077		100,082
Capgemini SE		1,039		97,722
Fujitsu Ltd.		300		29,227
NTT Data Corp.		1,200		12,249
Samsung SDS Co. Ltd.		173		23,163
Wirecard AG		173		17,170
				365,195
Semiconductors & Semiconductor Equipment—6.3%
ASE Technology Holding Co. Ltd., ADR		9,464		41,168
ASML Holding NV		2,769		822,528
Globalwafers Co. Ltd.		5,000		63,430
MediaTek, Inc.		6,000		82,034

20      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Nanya Technology Corp.		30,000	$	63,730
NXP Semiconductors NV		1,301		129,541
Renesas Electronics Corp.1		3,700		19,761
SK Hynix, Inc.		8,828		600,735
STMicroelectronics NV		2,596		67,648
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		6,586		349,914
Tokyo Electron Ltd.		1,100		232,703
United Microelectronics Corp., Sponsored ADR		36,914		92,285
				2,565,477
Software—0.7%
SAP SE		2,293		273,481
Technology Hardware, Storage & Peripherals—2.7%
Catcher Technology Co. Ltd.		5,000		37,719
FUJIFILM Holdings Corp.		1,400		66,919
Lenovo Group Ltd.		60,000		32,127
Quanta Computer, Inc.		27,000		58,032
Samsung Electronics Co. Ltd.		17,958		739,997
Xiaomi Corp., Cl. B1,3		115,400		150,733
				1,085,527
Materials—7.3%
Chemicals—2.0%
Air Liquide SA		1,601		203,888
BASF SE		1,644		84,508
Covestro AG3		1,176		39,669
EMS-Chemie Holding AG		43		27,895
Formosa Chemicals & Fibre Corp.		10,000		25,094
Givaudan SA		14		46,935
Koninklijke DSM NV		303		37,149
LyondellBasell Industries NV, Cl. A		609		35,292
Novozymes AS, Cl. B		519		25,459
Sasol Ltd.1		6,924		32,513
Shin-Etsu Chemical Co. Ltd.		1,000		110,792
Sika AG		476		78,842
Solvay SA		236		18,442
Toray Industries, Inc.		6,200		28,575
				795,053
Construction Materials—0.6%
Anhui Conch Cement Co. Ltd., Cl. H		10,000		77,425
China Resources Cement Holdings Ltd.		16,000		21,350
CRH plc		1,298		39,241
HeidelbergCement AG		563		26,862
LafargeHolcim Ltd.1		1,125		46,728
Taiwan Cement Corp.		24,000		34,311
				245,917

21      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Metals & Mining—4.6%
Anglo American plc		3,332	$	59,492
AngloGold Ashanti Ltd.		2,423		59,506
ArcelorMittal SA		4,414		48,481
BHP Group Ltd.		15,189		311,096
BHP Group plc		16,833		282,703
China Steel Corp.		29,000		19,282
Cie Generale des Etablissements Michelin SCA		216		21,113
Eregli Demir ve Celik Fabrikalari TAS		29,252		33,620
Fortescue Metals Group Ltd.		17,222		132,009
Glencore plc1		48,465		89,963
Grupo Mexico SAB de CV		4,065		8,669
JFE Holdings, Inc.		1,600		10,722
MMC Norilsk Nickel PJSC, ADR2		846		23,538
MMC Norilsk Nickel PJSC, ADR2		1,534		41,940
Newcrest Mining Ltd.		2,856		51,255
Nippon Steel Corp.		1,600		13,501
Polymetal International plc		952		19,407
POSCO		346		52,061
Rio Tinto Ltd.		2,380		134,061
Rio Tinto plc		5,496		255,436
Severstal PAO, GDR		865		10,328
South32 Ltd.		32,844		41,476
Vale SA		16,800		138,592
				1,858,251
Paper & Forest Products—0.1%
Stora Enso OYJ, Cl. R		1,861		22,052
UPM-Kymmene OYJ		1,039		28,792
				50,844
Telecommunication Services—4.5%
Diversified Telecommunication Services—2.8%
BT Group plc, Cl. A		23,324		34,128
China Telecom Corp. Ltd., Cl. H		34,000		11,646
China Unicom Hong Kong Ltd.		26,000		16,703
Chunghwa Telecom Co. Ltd., Sponsored ADR		775		28,528
Deutsche Telekom AG		4,890		71,439
Koninklijke KPN NV		10,645		24,659
Nippon Telegraph & Telephone Corp.		21,100		480,706
Orange SA		5,582		68,164
Swisscom AG		43		22,368
Telefonica Deutschland Holding AG		4,241		12,072
Telefonica SA		13,328		60,810
Telekomunikasi Indonesia Persero Tbk PT		288,800		67,875
Telenor ASA		5,625		86,439
Telia Co. AB		10,256		35,420
Telstra Corp. Ltd.		50,066		98,597
				1,119,554

22      INVESCO ADVANTAGE INTERNATIONAL FUND

	Shares		Value
Wireless Telecommunication Services—1.7%
China Mobile Ltd.		35,000	$	279,941
Far EasTone Telecommunications Co. Ltd.		6,000		13,307
KDDI Corp.		1,100		31,697
NTT DOCOMO, Inc.		6,900		202,532
SK Telecom Co. Ltd.		87		15,039
Softbank Corp.		2,200		29,927
SoftBank Group Corp.		1,300		55,601
Vodafone Group plc		49,374		69,817
				697,861
Utilities—4.7%
Electric Utilities—3.0%
Bouygues SA1		1,601		49,374
Centrais Eletricas Brasileiras SA1		2,700		12,041
Chubu Electric Power Co., Inc.		2,200		29,714
CK Infrastructure Holdings Ltd.		2,500		14,844
CLP Holdings Ltd.		3,000		32,005
EDP - Energias de Portugal SA		14,972		63,232
Endesa SA		1,082		24,029
Enel Americas SA		116,269		19,079
Enel Chile SA		224,059		18,246
Enel SpA		37,084		253,883
Fortum OYJ		822		13,659
Iberdrola SA		50,672		507,965
Kansai Electric Power Co., Inc. (The)		5,000		51,232
Orsted AS3		519		52,549
SSE plc		3,678		57,970
Tenaga Nasional Bhd		7,700		21,881
				1,221,703
Gas Utilities—0.5%
China Gas Holdings Ltd.		6,800		24,821
China Resources Gas Group Ltd.		6,000		33,606
ENN Energy Holdings Ltd.		1,700		18,896
Hong Kong & China Gas Co. Ltd.		27,000		47,781
Naturgy Energy Group SA		822		14,526
Snam SpA		2,337		10,487
Tokyo Gas Co. Ltd.		1,400		30,608
				180,725
Independent Power and Renewable Electricity Producers—0.0%
China Resources Power Holdings Co. Ltd.		12,000		14,170
Multi-Utilities—1.1%
Engie SA		9,174		99,661
National Grid plc		16,444		193,558
RWE AG		3,174		91,147
Suez		3,592		40,644

23      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Multi-Utilities (Continued)
Veolia Environnement SA		1,082	$	23,128
				448,138
Water Utilities—0.1%
Compania de Saneamento Basico do Estado de Sao Paulo		1,300		9,581
Guangdong Investment Ltd.		8,000		16,485
				26,066
Total Common Stocks (Cost $45,951,963)				44,199,656
Preferred Stocks—1.3%
Grab Holdings, Inc., H Shares, Preference1,4		11,374		70,097
Harambee Re Ltd., 2019-11,4		16,203		26,525
Lion Rock Re Ltd., 2019-11,4		25		36,036
Mt. Logan Re Ltd., 2019-11,4,5		250		234,089
NCM Re Ltd., 2019-11,4		30,022		48,404
Telefonica Brasil SA, Preference		700		5,877
Thopas Re Ltd., 2019-11,4		500		25,345
Torricelli Re, 2019-11,4		276		23,464
Turing Re, 2019-120 (Cost $88,570, Acquisition Date 3/26/19)1,3,4		886		41,353
Viribus Re Ltd., 2019-11,4		38,090		3,207
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		32,510		1,372
Total Preferred Stocks (Cost $583,447)				515,769
Principal Amount
Event-Linked Bonds—0.3%
Alturas Re Segregated Account 2019-1 Catastrophe Linked Nts., 0.00%, 6/30/20 (Cost $1,000, Acquisition Date 12/20/18)3,4,6	$	1,000		26,527
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/23 (Cost $2,500, Acquisition Date 12/14/18)3,4,6		2,500		20,186
Limestone Re Ltd. Catastrophe Linked Nts., 0.00%, 6/30/20 (Cost $5,264, Acquisition Date 12/27/18)3,4,6		5,265		25,388
Sector Re V Ltd. Catastrophe Linked Nts., 0.00%, 3/1/2420 (Cost $120,000, Acquisition Date 4/23/19)3,4,6		120,000		47,285
Versutus Ltd., 2019-1, Cl. B Catastrophe Linked Nts., 0.00%, 6/30/204,6		19,472		20,963
Total Event-Linked Bonds (Cost $148,237)				140,349
		Shares
Investment Company—36.0%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%5,7 (Cost $14,513,552)		14,513,552		14,513,552
Total Investments, at Value (Cost $61,197,199)		147.2%		59,369,326
Net Other Assets (Liabilities)		(47.2)		(19,031,594	)
Net Assets		100.0%	$	40,337,732

Footnotes to Schedule of Investments

1. Non-income producing security.

2. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

24      INVESCO ADVANTAGE INTERNATIONAL FUND

Footnotes to Schedule of Investments (continued)

3. Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $877,385, which represented 2.18% of the Fund’s Net Assets.

4. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

5. Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2019		Gross Additions		Gross Reductions		Shares April 30, 2020
Preferred Stock
Mt. Logan Re Ltd., 2019-1		250		—		—		250
Investment Company
Invesco Russell 1000 Dynamic Multifactor Exchange Traded Fund		147,782		—		147,782		—
Invesco Government & Agency Portfolio, Institutional Class, 0.20%		30,485,214		36,567,789		52,539,451		14,513,552
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Preferred Stock
Mt. Logan Re Ltd., 2019-1	$	234,089	$	—	$	—	$	12,749
Investment Company
Invesco Russell 1000 Dynamic Multifactor Exchange Traded Fund		—		27,657		571,156		(599,336	)
Invesco Government & Agency Portfolio, Institutional Class, 0.20%		14,513,552		177,840		—		—
Total	$	14,747,641	$	205,497	$	571,156	$	(586,587)

6. Zero coupon bond reflects effective yield on the original acquisition date.

7. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value			Percent
United States		$	15,165,691		25.6	%
Japan			8,154,040		13.7
China			5,805,944		9.8
United Kingdom			3,992,920		6.7
France			3,519,162		5.9
Switzerland			3,515,219		5.9
Germany			2,568,979		4.3
Australia			2,032,255		3.4
South Korea			1,914,398		3.2
Netherlands			1,866,567		3.1
Taiwan			1,509,198		2.5

25      INVESCO ADVANTAGE INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value		Percent
Spain	$	1,343,738		2.3%
Denmark		1,233,029		2.1
Italy		802,573		1.4
Sweden		740,678		1.3
Hong Kong		733,458		1.2
Russia		680,729		1.2
Brazil		673,704		1.1
Supranational		578,772		1.0
South Africa		476,284		0.8
Indonesia		280,714		0.5
Belgium		264,861		0.5
Norway		237,994		0.4
Mexico		204,421		0.3
Finland		174,453		0.3
Ireland		156,726		0.3
Malaysia		140,263		0.2
Singapore		94,816		0.2
Turkey		89,130		0.2
Portugal		77,853		0.1
Chile		65,812		0.1
Luxembourg		48,481		0.1
Austria		48,279		0.1
Philippines		44,882		0.1
Poland		38,568		0.1
Macau		25,401		0.0
Hungary		24,711		0.0
India		23,505		0.0
Czech Republic		21,110		0.0
Vietnam		8		0.0
Total	$	59,369,326		100.0%

Futures Contracts as of April 30, 2020

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Canadian Dollar

Index

Buy

6/16/20

37

USD 2,666

$

2,657,525

$

(8,958

)

S&P/TSX 60 Index

Buy

6/18/20

20

CAD 2,344

2,552,391

208,076

$

199,118

Over-the-Counter Total Return Swaps at April 30, 2020

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

MSCI EAFE Minimum Volatility Notes

BOA

Receive

One-Month USD BBA LIBOR minus 15 bps

6/3/20

USD 5,001

$        372,033

$        372,033

MSCI EAFE Minimum Volatility Notes

GSCOI

Receive

One-Month USD BBA LIBOR plus 20 bps

7/6/20

USD 4,889

365,474

365,474

26      INVESCO ADVANTAGE INTERNATIONAL FUND

Over-the-Counter Total Return Swaps (Continued)

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

MSCI EM Minimum Volatility Notes

GSCOI

Receive

One-Month USD BBA LIBOR plus 77 bps

6/2/20

USD    2,074

$

209,643

$

209,643

MSCI EM Minimum Volatility Notes

GSCOI

Receive

One-Month USD BBA LIBOR plus 77 bps

7/2/20

USD    2,093

207,314

207,314

Total Over-the-Counter Total Return Swaps

$

1,154,464

$

1,154,464

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

Glossary:
Counterparty Abbreviations
BOA	Bank of America NA
GSCOI	Goldman Sachs International
Currency abbreviations indicate amounts reporting in currencies
CAD	Canadian Dollar
Definitions
ADR	American Depositary Receipt
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
EAFE	Europe, Australasia and Far East
EM	Emerging Markets
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s
TSX 60	60 largest companies on the Toronto Stock Exchange

See accompanying Notes to Financial Statements.

27      INVESCO ADVANTAGE INTERNATIONAL FUND

STATEMENT OF

ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $46,433,647)	$	44,621,685
Affiliated companies (cost $14,763,552)		14,747,641
		59,369,326
Cash		75,732
Cash—foreign currencies (cost $51,355)		51,430
Swaps, at value		1,154,464
Receivables and other assets:
Investments sold		2,192,187
Variation margin receivable - futures contracts		1,907,173
Interest and dividends		225,794
Shares of beneficial interest sold		10,201
Other		112,469
Total assets		65,098,776
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		24,557,513
Shareholder communications		47,767
Distribution and service plan fees		14,842
Foreign capital gains tax		12,633
Transfer and shareholder servicing agent fees		12,248
Trustees’ compensation		2,079
Advisory fees		865
Administration fees		693
Other		112,404
Total liabilities		24,761,044
Net Assets	$	40,337,732
Composition of Net Assets
Shares of beneficial interest	$	42,989,601
Total accumulated loss		(2,651,869)
Net Assets	$	40,337,732

28      INVESCO ADVANTAGE INTERNATIONAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $33,430,359 and 3,402,786 shares of beneficial interest outstanding)	$9.82
Maximum offering price per share (net asset value plus sales charge of 5.50% of offering price)	$10.39
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,914,223 and 304,326 shares of beneficial interest outstanding)	$9.58
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $3,204,121 and 328,713 shares of beneficial interest outstanding)	$9.75
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $769,549 and 77,890 shares of beneficial interest outstanding)	$9.88
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,588 and 973.71 shares of beneficial interest outstanding)	$9.85
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,892 and 1,000 shares of beneficial interest outstanding)	$9.89

See accompanying Notes to Financial Statements.

29      INVESCO ADVANTAGE INTERNATIONAL FUND

STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $54,163)	$	411,828
Affiliated companies		205,497
Interest		11,447
Total investment income		628,772
Expenses
Advisory fees		230,396
Administration fees		6,584
Distribution and service plan fees:
Class A		77,466
Class C		16,050
Class R		8,475
Transfer and shareholder servicing agent fees:
Class A		32,633
Class C		1,678
Class R		1,768
Class Y		626
Class R5		3
Class R6		2
Shareholder communications:
Class A		14,836
Class C		763
Class R		801
Class Y		285
Class R5		2
Class R6		2
Registration fees		63,026
Legal, auditing and other professional fees		44,202
Custodian fees and expenses		24,897
Trustees’ compensation		8,379
Other		5,149
Total expenses		538,023
Less waivers and reimbursement of expenses		(220,087)
Net expenses		317,936
Net Investment Income		310,836

30    INVESCO ADVANTAGE INTERNATIONAL FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $ 9,552)	$   1,777,611
Affiliated companies	571,156
Option contracts written	(423,525)
Futures contracts	(1,368,446)
Foreign currency transactions	(15,418)
Swap contracts	(1,075,100)
Net realized loss	(533,722)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $ 5,268)	(7,037,937)
Affiliated companies	(586,587)
Foreign currency transactions	(24,015)
Futures contracts	(139,924)
Option contracts written	102,404
Swap contracts	1,154,464
Net change in unrealized appreciation/(depreciation)	(6,531,595)
Net Decrease in Net Assets Resulting from Operations	$(6,754,481)

See accompanying Notes to Financial Statements.

31      INVESCO ADVANTAGE INTERNATIONAL FUND

STATEMENT OF CHANGES IN NET ASSETS

		Six Months Ended April 30, 2020 (Unaudited)				Year Ended   October 31, 2019
Operations
Net investment income	$		310,836		$		590,217
Net realized gain (loss)			(533,722	)			(593,439	)
Net change in unrealized appreciation/(depreciation)			(6,531,595	)			6,133,644
Net increase (decrease) in net assets resulting from operations			(6,754,481	)			6,130,422
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A			(368,886	)			(3,362,080	)
Class C			(19,719	)			(212,542	)
Class R			(19,406	)			(141,361	)
Class Y			(8,268	)			(24,701	)
Class R5			(61	)			—
Class R6			(63	)			(583	)
Total distributions from distributable earnings			(416,403	)			(3,741,267	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A			(24,112,810	)			934,186
Class C			(49,319	)			(455,722	)
Class R			334,351				616,194
Class Y			(557,160	)			861,682
Class R5			—				10,001
Class R6			—				—
Total beneficial interest transactions			(24,384,938	)			1,966,341
Net Assets
Total increase (decrease)			(31,555,822	)			4,355,496
Beginning of period			71,893,554				67,538,058
End of period	$		40,337,732		$		71,893,554

See accompanying Notes to Financial Statements.

32      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.90		$10.57		$11.62		$10.49		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.05		0.09		0.17		0.15		0.14		0.02
Net realized and unrealized gain (loss)		(1.07)		0.82		(0.96)		1.48		0.14		0.28
Total from investment operations		(1.02)		0.91		(0.79)		1.63		0.28		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.05)		(0.50)		(0.09)		0.00
Distributions from net realized gain		(0.06)		(0.58)		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.06)		(0.58)		(0.26)		(0.50)		(0.09)		0.00
Net asset value, end of period		$9.82		$10.90		$10.57		$11.62		$10.49		$10.30
Total Return, at Net Asset Value5		(9.41)%		9.51%		(6.98)%		16.26%		2.73%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$33,430		$63,878		$60,916		$64,323		$53,579		$51,525
Average net assets (in thousands)		$62,801		$60,766		$65,968		$57,577		$50,502		$49,048
Ratios to average net assets:6
Net investment income		0.93%		0.91%7		1.48%7		1.41%7		1.38%7		1.07%
Expenses excluding specific expenses listed below		1.49%		1.53%		1.49%8		1.47%8		1.42%8		1.61%
Interest and fees from borrowings		0.00%		0.00%9		0.00%9		0.00%		0.00%		0.00%
Total expenses10		1.49%		1.53%		1.49%8		1.47%8		1.42%8		1.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		1.14%		1.17%8		1.10%8		1.10%8		1.05%
Portfolio turnover rate11		120%		43%		126%		54%		61%		8%

33      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

3. Calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Less than 0.005%.

10. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.54	%
Year Ended October 31, 2019	1.67	%
Year Ended October 31, 2018	1.66	%
Year Ended October 31, 2017	1.62	%
Year Ended October 31, 2016	1.53	%
Period Ended October 30, 2015	1.72	%

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

See accompanying Notes to Financial Statements.

34      INVESCO ADVANTAGE INTERNATIONAL FUND

Class C	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.66		$10.42		$11.50		$10.41		$10.29		$10.00
Income (loss) from investment operations:
Net investment income3		0.01		0.02		0.08		0.07		0.04		0.01
Net realized and unrealized gain (loss)		(1.03)		0.80		(0.95)		1.47		0.15		0.28
Total from investment operations		(1.02)		0.82		(0.87)		1.54		0.19		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		(0.45)		(0.07)		0.00
Distributions from net realized gain		(0.06)		(0.58)		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.06)		(0.58)		(0.21)		(0.45)		(0.07)		0.00
Net asset value, end of period		$9.58		$10.66		$10.42		$11.50		$10.41		$10.29
Total Return, at Net Asset Value5		(9.62)%		8.73%		(7.72)%		15.42%		1.88%		2.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,914		$3,294		$3,649		$1,701		$522		$45
Average net assets (in thousands)		$3,226		$3,637		$3,483		$997		$308		$28
Ratios to average net assets:6
Net investment income		0.19%		0.16%7		0.73%7		0.67%7		0.36%7		0.42%
Expenses excluding specific expenses listed below		2.24%		2.43%		2.62%8		2.98%8		3.05%8		2.34%
Interest and fees from borrowings		0.00%		0.00%9		0.00%9		0.00%		0.00%		0.00%
Total expenses10		2.24%		2.43%		2.62%8		2.98%8		3.05%8		2.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.60%		1.89%		1.92%8		1.85%8		1.85%8		1.81%
Portfolio turnover rate11		120%		43%		126%		54%		61%		8%

35      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

3. Calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Less than 0.005%.

10. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	2.29	%
Year Ended October 31, 2019	2.57	%
Year Ended October 31, 2018	2.79	%
Year Ended October 31, 2017	3.13	%
Year Ended October 31, 2016	3.16	%
Period Ended October 30, 2015	2.45	%

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

See accompanying Notes to Financial Statements.

36      INVESCO ADVANTAGE INTERNATIONAL FUND

Class R	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.83		$10.52		$11.58		$10.47		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.04		0.07		0.14		0.13		0.04		0.01
Net realized and unrealized gain (loss)		(1.06)		0.82		(0.96)		1.47		0.21		0.29
Total from investment operations		(1.02)		0.89		(0.82)		1.60		0.25		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.03)		(0.49)		(0.08)		0.00
Distributions from net realized gain		(0.06)		(0.58)		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.06)		(0.58)		(0.24)		(0.49)		(0.08)		0.00
Net asset value, end of period		$9.75		$10.83		$10.52		$11.58		$10.47		$10.30
Total Return, at Net Asset Value5		(9.47)%		9.35%		(7.29)%		16.03%		2.43%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,204		$3,266		$2,513		$2,533		$1,204		$10
Average net assets (in thousands)		$3,411		$2,886		$2,904		$1,995		$226		$10
Ratios to average net assets:6
Net investment income		0.67%		0.66%7		1.23%7		1.17%7		0.43%7		0.77%
Expenses excluding specific expenses listed below		1.74%		1.94%		2.15%8		2.57%8		2.07%8		1.48%
Interest and fees from borrowings		0.00%		0.00%9		0.00%9		0.00%		0.00%		0.00%
Total expenses10		1.74%		1.94%		2.15%8		2.57%8		2.07%8		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.12%		1.39%		1.42%8		1.35%8		1.33%8		1.33%
Portfolio turnover rate11		120%		43%		126%		54%		61%		8%

37      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

3. Calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Less than 0.005%.

10. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.79	%
Year Ended October 31, 2019	2.08	%
Year Ended October 31, 2018	2.32	%
Year Ended October 31, 2017	2.72	%
Year Ended October 31, 2016	2.18	%
Period Ended October 30, 2015	1.59	%

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

See accompanying Notes to Financial Statements.

38      INVESCO ADVANTAGE INTERNATIONAL FUND

Class Y	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.95		$10.60		$11.65		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.06		0.11		0.19		0.17		0.12		0.02
Net realized and unrealized gain (loss)		(1.07)		0.82		(0.97)		1.47		0.17		0.29
Total from investment operations		(1.01)		0.93		(0.78)		1.64		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.06)		(0.50)		(0.09)		0.00
Distributions from net realized gain		(0.06)		(0.58)		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.06)		(0.58)		(0.27)		(0.50)		(0.09)		0.00
Net asset value, end of period		$9.88		$10.95		$10.60		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(9.27)%		9.67%		(6.86)%		16.41%		2.86%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$770		$1,433		$450		$271		$89		$10
Average net assets (in thousands)		$1,187		$1,195		$401		$165		$23		$10
Ratios to average net assets:6
Net investment income		1.13%		1.06%7		1.63%7		1.57%7		1.13%7		1.17%
Expenses excluding specific expenses listed below		1.24%		1.36%		1.63%8		2.65%8		1.52%8		1.48%
Interest and fees from borrowings		0.00%		0.00%9		0.00%9		0.00%		0.00%		0.00%
Total expenses10		1.24%		1.36%		1.63%8		2.65%8		1.52%8		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.66%		0.99%		1.02%8		0.95%8		0.94%8		0.94%
Portfolio turnover rate11		120%		43%		126%		54%		61%		8%

39      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

3. Calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Less than 0.005%.

10. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.29	%
Year Ended October 31, 2019	1.50	%
Year Ended October 31, 2018	1.80	%
Year Ended October 31, 2017	2.80	%
Year Ended October 31, 2016	1.63	%
Period Ended October 30, 2015	1.59	%

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

See accompanying Notes to Financial Statements.

40      INVESCO ADVANTAGE INTERNATIONAL FUND

Class R5	Six Months Ended April 30, 2020 (Unaudited)		Period Ended October 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$10.91		$10.27
Income (loss) from investment operations:
Net investment income2		0.06		0.05
Net realized and unrealized gain (loss)		(1.06)		0.59
Total from investment operations		(1.00)		0.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00
Distributions from net realized gain		(0.06)		0.00
Total dividends and/or distributions to shareholders		(0.06)		0.00
Net asset value, end of period		$9.85		$10.91
Total Return, at Net Asset Value3		(9.22)%		6.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$11
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income		1.13%		1.11%5
Expenses excluding specific expenses listed below		1.19%		1.26%
Interest and fees from borrowings		0.00%		0.00%
Total expenses6		1.19%		1.26%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.66%		0.94%
Portfolio turnover rate7		120%		43%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.24	%
Period Ended October 31, 2019	1.40	%

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

See accompanying Notes to Financial Statements.

41      INVESCO ADVANTAGE INTERNATIONAL FUND

FINANCIAL HIGHLIGHTS Continued

Class R6	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.96		$10.59		$11.65		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.06		0.12		0.20		0.18		0.16		0.02
Net realized and unrealized gain (loss)		(1.07)		0.83		(0.97)		1.48		0.13		0.29
Total from investment operations		(1.01)		0.95		(0.77)		1.66		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.08)		(0.52)		(0.09)		0.00
Distributions from net realized gain		(0.06)		(0.58)		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.06)		(0.58)		(0.29)		(0.52)		(0.09)		0.00
Net asset value, end of period		$9.89		$10.96		$10.59		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(9.27)%		9.88%		(6.84)%		16.60%		2.91%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$11		$10		$12		$11		$10
Average net assets (in thousands)		$11		$10		$12		$11		$10		$10
Ratios to average net assets:6
Net investment income		1.16%		1.16%7		1.74%7		1.66%7		1.61%7		1.27%
Expenses excluding specific expenses listed below		1.16%		1.21%		1.24%8		1.21%8		1.19%8		1.30%
Interest and fees from borrowings		0.00%		0.00%9		0.00%9		0.00%		0.00%		0.00%
Total expenses10		1.16%		1.21%		1.24%8		1.21%8		1.19%8		1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.63%		0.89%		0.92%8		0.85%8		0.85%8		0.84%
Portfolio turnover rate11		120%		43%		126%		54%		61%		8%

42      INVESCO ADVANTAGE INTERNATIONAL FUND

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

3. Calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Less than 0.005%.

10. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.21	%
Year Ended October 31, 2019	1.35	%
Year Ended October 31, 2018	1.41	%
Year Ended October 31, 2017	1.36	%
Year Ended October 31, 2016	1.30	%
Period Ended October 30, 2015	1.41	%

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

See accompanying Notes to Financial Statements.

43      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

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

The Fund sought to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer Capital Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary. Effective February 10, 2020, the Subsidiary liquidated and ceased operations. For the period November 1, 2019 through February 10, 2020 and for the year ended October 31, 2019, the Subsidiary operations were consolidated on the Statement of Operations, Statement of Net Assets and the Financial Highlights.

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board

Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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

44      INVESCO ADVANTAGE INTERNATIONAL FUND

at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

45

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded

46      INVESCO ADVANTAGE INTERNATIONAL FUND

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

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

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.

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

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

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

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions.

Generally, the Fund is subject to examinations by such taxing authorities for up to three

47      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 the performance of their duties to the Fund, respectively. 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. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of

48      INVESCO ADVANTAGE INTERNATIONAL FUND

assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

49      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with

50      INVESCO ADVANTAGE INTERNATIONAL FUND

the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

51      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

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

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

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

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

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

52      INVESCO ADVANTAGE INTERNATIONAL 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Effective November 1, 2019 through February 27, 2020. Fee Schedule
Up to $500 million	0.75	%
Next $500 million	0.70
Next $4.0 billion	0.65
Over $5.0 billion	0.60
Effective February 28, 2020. Fee Schedule
Up to $500 million	0.49	%
Next $500 million	0.47
Next $4.0 billion	0.44
Over $5.0 billion	0.42

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and / or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.35%, 0.95%, 0.90% and 0.85%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective February 28, 2020, the Fund’s expense limitation agreement was amended to reflect a reduction to the Fund’s existing expense limits. Under the amended expense limitation agreement, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60%

53      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”) from February 28, 2020 through May 31, 2021. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or nonroutine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $17,544 and reimbursed fund expenses of $180,254, $9,470, $9,638, $3,131, $25 and $25 for Class A, Class C, Class R, Class Y, Class R5 and Class R6, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid

54      INVESCO ADVANTAGE INTERNATIONAL FUND

as a service fee under the Plan 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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, 2020, IDI advised the Fund that IDI retained $7,869 in front-end sales commissions from the sale of Class A shares and $51 from Class C shares, for CDSC imposed on redemptions by shareholders.

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

Note 3 – Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. 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

55      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	887,752		$	4,769,441	$	—	$	5,657,193
Consumer Staples		266,302			5,142,400		—		5,408,702
Energy		681,490			1,459,655		—		2,141,145
Financials		503,603			7,726,889		—		8,230,492
Health Care		31,486			6,182,026		—		6,213,512
Industrials		194,772			3,595,801		—		3,790,573
Information Technology		1,259,870			4,839,887		—		6,099,757
Materials		234,821			2,715,244		—		2,950,065
Telecommunication Services		28,528			1,788,887		—		1,817,415
Utilities		58,947			1,831,855		—		1,890,802
Preferred Stocks		7,249			—		508,520		515,769
Event-Linked Bonds		—			—		140,349		140,349
Investment Company		14,513,552			—		—		14,513,552
Total Investments, at Value		18,668,372			40,052,085		648,869		59,369,326
Other Financial Instruments:
Swaps, at value		—			1,154,464		—		1,154,464
Futures contracts		208,076			—		—		208,076
Total Assets	$	18,876,448		$	41,206,549	$	648,869	$	60,731,866
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(8,958	)	$	—	$	—	$	(8,958	)
Total Liabilities	$	(8,958	)	$	—	$	—	$	(8,958	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

	Value as of October 31, 2019		Realized gain (loss)		Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Preferred Stocks	$	1,959,347	$	127,452	$	45,300		$	—
Event-Linked Bonds		1,298,796		40,583		(6,684	)		—
Total Assets	$	3,258,143	$	168,035	$	38,616		$	—

a. Included in net investment income.

56      INVESCO ADVANTAGE INTERNATIONAL FUND

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Value as of April 30, 2020
Assets Table
Investments, at Value:
Preferred Stocks	$	—	$	(1,623,579	)	$	—	$	—	$	508,520
Event-Linked Bonds		—		(1,192,346	)		—		—		140,349
Total Assets	$	—	$	(2,815,925	)	$	—	$	—	$	648,869

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Preferred Stocks	$	45,300
Event-Linked Bonds		(6,684)
Total Assets	$	38,616

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of April 30, 2020:

	Value as of April 30, 2020		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Preferred Stocks	$	438,423		Pricing Service		N/A		N/A		N/A (a)
				Recent Transac-		Recent Transac-				$6.1629/share
Preferred Stocks		70,097		tion Price		tion Price		N/A		(b)
Event-Linked Bonds		140,349		Pricing Service		N/A		N/A		N/A (a)
Total	$	648,869

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b) The Fund fair values certain preferred stocks at the most recent transaction price occurring within the past three months. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

Note 4 - Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These

57      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors. For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA

Master Agreement or other agreement for OTC derivative asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	372,033	$	–	$	–	$	–	$	372,033
Goldman Sachs
International		782,431		–		–		–		782,431
	$	1,154,464	$	–	$	–	$	–	$	1,154,464

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA

Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives					Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location		Value			Statement of Assets and Liabilities Location		Value
Volatility contracts		Swaps, at value	$	1,154,464
Equity contracts		Futures contracts		208,076	*
Currency contracts							Futures contracts	$	8,958	*
Total			$	1,362,540				$	8,958

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

58      INVESCO ADVANTAGE INTERNATIONAL FUND

Effect of Derivative Investments for the Six Months Ended April 30, 2020

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Option contracts written		Futures contracts		Swap contracts		Total
Currency contracts	$	—	$	(202,827)	$	—	$	(202,827)
Equity contracts		(423,525)		(1,165,619)		—		(1,589,144)
Volatility contracts		—		—		(1,075,100)		(1,075,100)
Total	$	(423,525)	$	(1,368,446)	$	(1,075,100)	$	(2,867,071)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Option contracts written		Futures contracts		Swap contracts		Total
Currency contracts	$	—	$	(12,158)	$	—	$	(12,158)
Equity contracts		102,404		(127,766)		—		(25,362)
Volatility contracts		—		—		1,154,464		1,154,464
Total	$	102,404	$	(139,924)	$	1,154,464	$	1,116,944

The table below summarizes the six months ended average notional value of futures contracts, swap agreements, and options agreements purchased during the period.

	Futures contracts		Written Index Options *		Swap agreements *
Average notional amount	$	17,565,040	$	19,194,967	$	11,097,245
Average contracts				441

*Summarizes the three month average notional value of written index options and the two month average notional value of swaps.

Note 5 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the

59      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. Effective May 5, 2020 the custodian changed to State Street Bank and Trust.

Note 7 – Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

Note 8 – Investment Transactions

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, 2020 was $59,641,131 and $48,844,313, respectively. During the same period, sales of U.S. Treasury obligations were $254,678. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,600,208
Aggregate unrealized (depreciation) of investments		(4,105,396	)
Net unrealized depreciation of investments	$	(505,188	)

Cost of investments for tax purposes is $ 61,197,199.

60      INVESCO ADVANTAGE INTERNATIONAL FUND

Note 9 – Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 20201						Year Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class A
Sold		129,300		$	1,382,158			265,160		$	2,735,421
Automatic Conversion Class C to Class A Shares		415			4,458			23,594			250,921
Dividends and/or distributions reinvested		4,863			55,103			47,840			450,172
Redeemed		(2,592,493	)		(25,554,529	)		(241,099	)		(2,502,328	)
Net increase (decrease)		(2,457,915	)	$	(24,112,810	)		95,495		$	934,186
Class C
Sold		43,060		$	450,574			111,161		$	1,133,228
Dividends and/or distributions reinvested		1,776			19,657			22,865			211,959
Automatic Conversion Class C to Class A Shares		(425	)		(4,458	)		(24,048	)		(250,921	)
Redeemed		(49,077	)		(515,092	)		(151,038	)		(1,549,988	)
Net increase (decrease)		(4,666	)	$	(49,319	)		(41,060	)	$	(455,722	)
Class R
Sold		65,103		$	698,860			143,056		$	1,463,383
Dividends and/or distributions reinvested		1,720			19,343			15,024			140,779
Redeemed		(39,844	)		(383,852	)		(95,106	)		(987,968	)
Net increase (decrease)		26,979		$	334,351			62,974		$	616,194
Class Y
Sold		34,825		$	313,118			109,572		$	1,079,142
Dividends and/or distributions reinvested		720			8,205			2,552			24,118
Redeemed		(88,434	)		(878,483	)		(23,788	)		(241,578	)
Net increase (decrease)		(52,889	)	$	(557,160)			88,336		$	861,682
Class R53
Sold		—		$	—			974		$	10,001
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			974		$	10,001
Class R6
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 38% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for

61      INVESCO ADVANTAGE INTERNATIONAL FUND

NOTES TO

FINANCIAL STATEMENTS Unaudited / Continued

providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 76% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

3. Commencement date after the close of business on May 24, 2019.

Note 10 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

62      INVESCO ADVANTAGE INTERNATIONAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

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

63      INVESCO ADVANTAGE INTERNATIONAL FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

64      INVESCO ADVANTAGE INTERNATIONAL FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

65      INVESCO ADVANTAGE INTERNATIONAL FUND

INVESCO’S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

66      INVESCO ADVANTAGE INTERNATIONAL FUND

· Request that we amend, rectify, delete or update the personal data we hold about you;

· Where possible (e.g. in relation to marketing) amend or update your choices around processing;

· Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

67      INVESCO ADVANTAGE INTERNATIONAL FUND

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Explore High-Conviction Investing with Invesco
Go paperless with eDelivery
Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.
With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:
∎  Fund reports and prospectuses
∎  Quarterly statements
∎  Daily confirmations
∎  Tax forms
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Invesco Distributors, Inc.	O-GLMAG-SAR-1    06272020

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Global Fund
	Nasdaq: A: OPPAX ⬛ C: OGLCX ⬛ R: OGLNX ⬛ Y: OGLYX ⬛ R5: GFDDX ⬛ R6: OGLIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and
the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer Global Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–5.79	%
Class C Shares	–6.14
Class R Shares	–5.92
Class Y Shares	–5.67
Class R5 Shares	–5.63
Class R6 Shares	–5.60
MSCI All Country World Index	–7.68
Source(s): RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Oppenheimer Global Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/22/69)	10.87	%
10 Years	7.65
5 Years	4.29
1 Year	–10.55
Class C Shares
Inception (10/2/95)	8.74	%
10 Years	7.45
5 Years	4.67
1 Year	–6.98
Class R Shares
Inception (3/1/01)	6.14	%
10 Years	7.95
5 Years	5.20
1 Year	–5.60
Class Y Shares
Inception (11/17/98)	8.72	%
10 Years	8.53
5 Years	5.73
1 Year	–5.11
Class R5 Shares
10 Years	8.29	%
5 Years	5.55
1 Year	–5.04
Class R6 Shares
Inception (1/27/12)	9.81	%
5 Years	5.91
1 Year	–4.95

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Global Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Global Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

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

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

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

4                     Invesco Oppenheimer Global Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Oppenheimer Global Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.41%
Argentina–0.30%
Maternidad Swiss Medical Argentina(a)(b)		1,029,617,880	$    27,831,601
Brazil–0.45%
StoneCo Ltd., Class A(a)		1,618,900	42,706,582
China–2.83%
JD.com, Inc., ADR(a)		6,161,480	265,559,788
France–9.55%
Airbus SE		3,129,088	198,928,361
Dassault Systemes SE		145,957	21,383,382
Kering S.A.		458,595	231,600,361
LVMH Moet Hennessy Louis Vuitton SE		1,040,130	402,311,381
Societe Generale S.A.		2,733,850	42,795,061
			897,018,546
Germany–4.27%
Allianz SE		257,514	47,705,402
Bayer AG		1,003,294	66,395,820
SAP SE		2,404,878	286,824,324
			400,925,546
India–3.19%
DLF Ltd.		88,938,649	172,011,567
ICICI Bank Ltd., ADR		13,081,577	127,676,192
			299,687,759
Italy–0.27%
Brunello Cucinelli S.p.A.		773,116	24,926,934
Japan–14.30%
Capcom Co. Ltd.		2,856,600	87,072,022
FANUC Corp.		598,400	98,672,657
Keyence Corp.		656,012	235,681,634
MINEBEA MITSUMI, Inc.		1,839,900	30,097,226
Murata Manufacturing Co. Ltd.		4,330,212	240,887,494
Nidec Corp.		3,819,432	221,844,797
Omron Corp.		2,246,400	131,898,267
Takeda Pharmaceutical Co. Ltd.		2,622,189	94,157,061
TDK Corp.		2,336,500	202,044,976
			1,342,356,134
Netherlands–0.95%
ASML Holding N.V.		79,142	23,509,031
uniQure N.V.(a)		1,031,898	65,669,989
			89,179,020
Spain–1.42%
Industria de Diseno Textil S.A.(a)		5,223,712	133,258,059
Sweden–2.71%
Assa Abloy AB, Class B		6,401,588	115,264,202
Atlas Copco AB, Class A		3,998,937	138,742,339
			254,006,541

	Shares		Value
Switzerland–0.21%
Credit Suisse Group AG		2,219,909	$    20,103,498
United Kingdom–2.67%
Farfetch Ltd., Class A(a)		3,126,870	41,399,759
Prudential PLC		8,545,950	121,719,269
Unilever PLC		1,701,648	87,978,574
			251,097,602
United States–56.29%
Adobe, Inc.(a)		1,225,614	433,426,135
Agilent Technologies, Inc.		1,856,680	142,333,089
Alphabet, Inc., Class A(a)		615,013	828,238,007
Amazon.com, Inc.(a)		53,288	131,834,512
Anthem, Inc.		597,750	167,806,358
Avantor, Inc.(a)		5,874,297	98,746,933
Blueprint Medicines Corp.(a)		666,014	39,181,604
Centene Corp.(a)		1,696,120	112,927,670
Citigroup, Inc.		2,207,504	107,196,394
Colgate-Palmolive Co.		1,736,965	122,056,531
Electronic Arts, Inc.(a)		789,437	90,201,072
Equifax, Inc.		1,047,869	145,549,004
Facebook, Inc., Class A(a)		2,050,329	419,722,850
Fidelity National Information Services, Inc.		892,610	117,726,333
GlycoMimetics, Inc.(a)		962,998	2,686,764
Illumina, Inc.(a)		119,448	38,107,495
Incyte Corp.(a)		822,079	80,284,235
Intel Corp.		795,132	47,692,017
International Game Technology PLC		3,403,000	25,658,620
Intuit, Inc.		1,384,920	373,665,265
Ionis Pharmaceuticals, Inc.(a)		1,240,416	68,880,300
IQVIA Holdings, Inc.(a)		221,141	31,532,495
MacroGenics, Inc.(a)		2,401,800	17,292,960
Maxim Integrated Products, Inc.		4,220,473	232,041,606
Microsoft Corp.		571,949	102,498,980
PayPal Holdings, Inc.(a)		1,993,212	245,165,076
Phathom Pharmaceuticals, Inc.(a)		1,123,410	38,016,194
S&P Global, Inc.		1,519,633	445,070,113
Sage Therapeutics, Inc.(a)		565,744	22,052,701
Sarepta Therapeutics, Inc.(a)		523,480	61,707,822
United Parcel Service, Inc., Class B		1,263,180	119,572,619
Veracyte, Inc.(a)		1,307,840	35,272,445
Visa, Inc., Class A		463,805	82,891,230
Walt Disney Co. (The)		1,447,460	156,542,799
Zimmer Biomet Holdings, Inc.		852,879	102,089,616
			5,285,667,844
Total Common Stocks & Other Equity Interests (Cost $4,852,620,595)			9,334,325,454
Preferred Stocks–0.01%
India–0.01%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		15,040,130	634,892

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

6                     Invesco Oppenheimer Global Fund

	Shares		Value
Money Market Funds–0.37%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d) (Cost $35,195,831)		35,195,831	$	35,195,831
TOTAL INVESTMENTS IN SECURITIES–99.79% (Cost $4,887,816,426)				9,370,156,177
OTHER ASSETS LESS LIABILITIES–0.21%				20,024,608
NET ASSETS–100.00%			$	9,390,180,785

Investment Abbreviations:

ADR - American Depositary Receipt

Pfd.  - Preferred

Notes to Schedule of Investments:

^(a)  Non-income producing security.

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

^(c)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

								Change in		Realized
	Value		Purchases		Proceeds			Unrealized		Gain			Value		Dividend
	October 31, 2019		at Cost		from Sales			Appreciation		(Loss)			April 30, 2020		Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$13,620,687		$713,762,189		$(692,187,045	)	$	-	$	-			$35,195,831	$258,874
Investments in Other Affiliates:
GlycoMimetics, Inc.**		13,509,355		-		(3,755,097	)		15,983,314		(23,050,808	)		2,686,764	-
Total		$27,130,042		$713,762,189		$(695,942,142	)		$15,983,314		$(23,050,808	)		$37,882,595	$258,874

** As of April 30, 2020, this security was not considered as an affiliate of the Fund.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	30.03	%
Communication Services	16.85
Health Care	13.69
Consumer Discretionary	13.38
Industrials	11.68
Financials	9.72
Consumer Staples	2.24
Real Estate	1.83
Money Market Funds Plus Other Assets Less Liabilities	0.58

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

7                     Invesco Oppenheimer Global Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 4,852,620,595)	$	9,334,960,346
Investments in affiliated money market funds, at value (Cost $ 35,195,831)		35,195,831
Cash		7,000,000
Receivable for:
Investments sold		78,785
Fund shares sold		4,223,729
Dividends		23,817,968
Investment for trustee deferred compensation and retirement plans		774,371
Other assets		192,746
Total assets		9,406,243,776
Liabilities:
Payable for:
Fund shares reacquired		8,940,898
Accrued foreign taxes		12,732
Accrued fees to affiliates		4,310,537
Accrued interest expense		1,746
Accrued trustees’ and officers’ fees and benefits		610,639
Accrued other operating expenses		1,412,068
Trustee deferred compensation and retirement plans		774,371
Total liabilities		16,062,991
Net assets applicable to shares outstanding	$	9,390,180,785
Net assets consist of:
Shares of beneficial interest	$	4,421,000,386
Distributable earnings		4,969,180,399
	$	9,390,180,785

Net Assets:
Class A	$	5,457,592,640
Class C	$	226,893,997
Class R	$	177,159,085
Class Y	$	1,838,047,798
Class R5	$	9,950
Class R6	$	1,690,477,315
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		64,944,033
Class C		3,002,177
Class R		2,125,592
Class Y		21,801,368
Class R5		118
Class R6		20,017,158
Class A:
Net asset value per share	$	84.04
Maximum offering price per share (Net asset value of $84.04 ÷ 94.50%)	$	88.93
Class C:
Net asset value and offering price per share	$	75.58
Class R:
Net asset value and offering price per share	$	83.35
Class Y:
Net asset value and offering price per share	$	84.31
Class R5:
Net asset value and offering price per share	$	84.32
Class R6:
Net asset value and offering price per share	$	84.45

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

8                     Invesco Oppenheimer Global Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,605,397)	$	46,241,855
Dividends from affiliated money market funds		258,874
Total investment income		46,500,729
Expenses:
Advisory fees		32,974,759
Administrative services fees		739,228
Custodian fees		449,347
Distribution fees:
Class A		6,980,673
Class C		1,301,889
Class R		493,746
Transfer agent fees – A, C, R and Y		6,931,004
Transfer agent fees – R6		37,391
Trustees’ and officers’ fees and benefits		5,564
Registration and filing fees		41,481
Reports to shareholders		274,895
Professional services fees		45,733
Other		(261,257	)
Total expenses		50,014,453
Less: Fees waived and/or expense offset arrangement(s)		(65,750	)
Net expenses		49,948,703
Net investment income (loss)		(3,447,974	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		505,607,845
Foreign currencies		(161,042	)
		505,446,803
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $493,851)		(1,082,661,151	)
Foreign currencies		586,378
		(1,082,074,773	)
Net realized and unrealized gain (loss)		(576,627,970	)
Net increase (decrease) in net assets resulting from operations	$	(580,075,944	)

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

9                     Invesco Oppenheimer Global Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended September 30, 2019

(Unaudited)

	Six Months Ended			One Month Ended			Year Ended
	April 30, 2020			October 31, 2019			September 30, 2019
Operations:
Net investment income (loss)	$	(3,447,974	)	$	(1,206,978	)	$	59,306,843
Net realized gain		505,446,803			53,613,182			158,096,896
Change in net unrealized appreciation (depreciation)		(1,082,074,773	)		473,353,686			(435,694,925	)
Net increase (decrease) in net assets resulting from operations		(580,075,944	)		525,759,890			(218,291,186	)
Distributions to shareholders from distributable earnings:
Class A		(88,258,392	)		–			(644,212,077	)
Class C		(4,268,184	)		–			(63,948,727	)
Class R		(2,930,692	)		–			(21,951,881	)
Class Y		(28,337,555	)		–			(209,603,608	)
Class R5		(153	)		–			–
Class R6		(26,220,136	)		–			(184,803,850	)
Total distributions from distributable earnings		(150,015,112	)		–			(1,124,520,143	)
Share transactions–net:
Class A		(366,634,110	)		(80,658,315	)		83,821,636
Class C		(27,472,538	)		(6,132,258	)		(302,493,819	)
Class R		(18,652,784	)		(3,178,723	)		(6,781,822	)
Class Y		5,428,700			(10,692,619	)		2,836,340
Class R5		–			–			10,000
Class R6		(243,715,489	)		(6,371,881	)		679,741,497
Net increase (decrease) in net assets resulting from share transactions		(651,046,221	)		(107,033,796	)		457,133,832
Net increase (decrease) in net assets		(1,381,137,277	)		418,726,094			(885,677,497	)
Net assets:
Beginning of period		10,771,318,062			10,352,591,968			11,238,269,465
End of period	$	9,390,180,785		$	10,771,318,062		$	10,352,591,968

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

10                     Invesco Oppenheimer Global Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/20		$	90.42		$	(0.07	)		$	(5.01	)		$	(5.08	)		$	(0.51	)		$	(0.79	)		$	(1.30	)		$	84.04		(5.78	)%		$	5,457,593		1.06	%(e)		1.06	%(e)		(0.16	)%(e)		5	%
One month ended 10/31/19			86.02			(0.02	)			4.42				4.40				–				–				–				90.42		5.11				6,250,324		1.06	(f)		1.06	(f)		(0.23	)(f)		1
Year ended 09/30/19			98.63			0.42				(3.48	)			(3.06	)			(0.40	)			(9.15	)			(9.55	)			86.02		(2.09	)			6,026,243		1.09			1.09			0.49			10
Year ended 09/30/18			95.03			0.38				8.90				9.28				(0.53	)			(5.15	)			(5.68	)			98.63		10.08				6,759,414		1.10			1.10			0.38			14
Year ended 09/30/17			75.13			0.31				20.11				20.42				(0.52	)			–				(0.52	)			95.03		27.36				7,004,011		1.12			1.13			0.37			7
Year ended 09/30/16			74.79			0.47				3.75				4.22				(0.52	)			(3.36	)			(3.88	)			75.13		5.62				6,391,711		1.13			1.13			0.64			6
Year ended 09/30/15			80.61			0.61	(g)			(1.95	)(g)			(1.34	)			(0.66	)			(3.82	)			(4.48	)			74.79		(1.87	)			6,935,324		1.13			1.13			0.76			11
Class C
Six months ended 04/30/20			81.75			(0.37	)			(4.50	)			(4.87	)			(0.51	)			(0.79	)			(1.30	)			75.58		(6.15	)			226,894		1.83	(e)		1.83	(e)		(0.92	)(e)		5
One month ended 10/31/19			77.82			(0.07	)			4.00				3.93				–				–				–				81.75		5.05				274,378		1.82	(f)		1.82	(f)		(0.99	)(f)		1
Year ended 09/30/19			90.43			(0.22	)			(3.24	)			(3.46	)			–				(9.15	)			(9.15	)			77.82		(2.85	)			267,208		1.86			1.86			(0.28	)		10
Year ended 09/30/18			87.71			(0.34	)			8.21				7.87				–				(5.15	)			(5.15	)			90.43		9.24				646,353		1.86			1.86			(0.38	)		14
Year ended 09/30/17			69.39			(0.30	)			18.62				18.32				–				–				–				87.71		26.40				647,114		1.88			1.89			(0.40	)		7
Year ended 09/30/16			69.37			(0.08	)			3.46				3.38				–				(3.36	)			(3.36	)			69.39		4.80				626,045		1.90			1.90			(0.12	)		6
Year ended 09/30/15			75.10			(0.01	)(g)			(1.79	)(g)			(1.80	)			(0.11	)			(3.82	)			(3.93	)			69.37		(2.60	)			674,573		1.90			1.90			(0.01	)		11
Class R
Six months ended 04/30/20			89.81			(0.19	)			(4.97	)			(5.16	)			(0.51	)			(0.79	)			(1.30	)			83.35		(5.91	)			177,159		1.33	(e)		1.33	(e)		(0.42	)(e)		5
One month ended 10/31/19			85.46			(0.04	)			4.39				4.35				–				–				–				89.81		5.09				209,838		1.32	(f)		1.32	(f)		(0.49	)(f)		1
Year ended 09/30/19			98.01			0.19				(3.44	)			(3.25	)			(0.15	)			(9.15	)			(9.30	)			85.46		(2.35	)			202,819		1.35			1.35			0.22			10
Year ended 09/30/18			94.48			0.12				8.86				8.98				(0.30	)			(5.15	)			(5.45	)			98.01		9.79				237,458		1.36			1.36			0.12			14
Year ended 09/30/17			74.69			0.09				20.02				20.11				(0.32	)			–				(0.32	)			94.48		27.04				226,446		1.38			1.39			0.11			7
Year ended 09/30/16			74.35			0.28				3.72				4.00				(0.30	)			(3.36	)			(3.66	)			74.69		5.33				210,141		1.39			1.39			0.39			6
Year ended 09/30/15			80.17			0.39	(g)			(1.93	)(g)			(1.54	)			(0.46	)			(3.82	)			(4.28	)			74.35		(2.13	)			224,577		1.40			1.40			0.49			11
Class Y
Six months ended 04/30/20			90.61			0.03				(5.03	)			(5.00	)			(0.51	)			(0.79	)			(1.30	)			84.31		(5.69	)			1,838,048		0.83	(e)		0.83	(e)		0.08	(e)		5
One month ended 10/31/19			86.18			–				4.43				4.43				–				–				–				90.61		5.14				1,985,139		0.82	(f)		0.82	(f)		0.00	(f)		1
Year ended 09/30/19			98.88			0.62				(3.51	)			(2.89	)			(0.66	)			(9.15	)			(9.81	)			86.18		(1.88	)			1,899,009		0.86			0.86			0.72			10
Year ended 09/30/18			95.27			0.61				8.92				9.53				(0.77	)			(5.15	)			(5.92	)			98.88		10.33				2,158,393		0.87			0.87			0.62			14
Year ended 09/30/17			75.32			0.49				20.16				20.65				(0.70	)			–				(0.70	)			95.27		27.66				1,589,161		0.88			0.89			0.59			7
Year ended 09/30/16			75.00			0.65				3.76				4.41				(0.73	)			(3.36	)			(4.09	)			75.32		5.87				1,182,183		0.90			0.90			0.90			6
Year ended 09/30/15			80.81			0.78	(g)			(1.94	)(g)			(1.16	)			(0.83	)			(3.82	)			(4.65	)			75.00		(1.64	)			1,256,847		0.90			0.90			0.96			11
Class R5
Six months ended 04/30/20			90.55			0.10				(5.03	)			(4.93	)			(0.51	)			(0.79	)			(1.30	)			84.32		(5.61	)			10		0.68	(e)		0.68	(e)		0.22	(e)		5
One month ended 10/31/19			86.12			0.01				4.42				4.43				–				–				–				90.55		5.15				11		0.66	(f)		0.66	(f)		0.17	(f)		1
Period ended 09/30/19(h)			84.75			0.26				1.11				1.37				–				–				–				86.12		1.61				10		0.75	(f)		0.75	(f)		0.83	(f)		10
Class R6
Six months ended 04/30/20			90.69			0.11				(5.05	)			(4.94	)			(0.51	)			(0.79	)			(1.30	)			84.45		(5.61	)			1,690,477		0.67	(e)		0.67	(e)		0.23	(e)		5
One month ended 10/31/19			86.25			0.01				4.43				4.44				–				–				–				90.69		5.15				2,051,628		0.67	(f)		0.67	(f)		0.16	(f)		1
Year ended 09/30/19			98.97			0.76				(3.51	)			(2.75	)			(0.82	)			(9.15	)			(9.97	)			86.25		(1.70	)			1,957,302		0.69			0.69			0.88			10
Year ended 09/30/18			95.35			0.77				8.92				9.69				(0.92	)			(5.15	)			(6.07	)			98.97		10.52				1,436,651		0.69			0.69			0.78			14
Year ended 09/30/17			75.40			0.70				20.10				20.80				(0.85	)			–				(0.85	)			95.35		27.91				1,005,841		0.70			0.70			0.84			7
Year ended 09/30/16			75.07			0.80				3.77				4.57				(0.88	)			(3.36	)			(4.24	)			75.40		6.05				663,292		0.71			0.71			1.11			6
Year ended 09/30/15			80.92			0.95	(g)			(1.96	)(g)			(1.01	)			(1.02	)			(3.82	)			(4.84	)			75.07		(1.44	)			499,965		0.71			0.71			1.18			11

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $6,045,442, $261,808, $198,583, $1,987,171, $11 and $1,869,228 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Net investment income (loss) per share, net realized and unrealized gain (loss) per share and the net investment income (loss) ratio include an adjustment for a prior period reclassification for the year ended September 30, 2015.

^(h) For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

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

11                     Invesco Oppenheimer Global Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco Oppenheimer Global Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

13                     Invesco Oppenheimer Global 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $250 million		0.800	%
Next $250 million		0.770	%
Next $500 million		0.750	%
Next $1 billion		0.690	%
Next $1.5 billion		0.670	%
Next $2.5 billion		0.650	%
Next $2.5 billion		0.630	%
Next $2.5 billion		0.600	%
Next $4 billion		0.580	%
Next $8 billion		0.560	%
Over $23 billion		0.540	%

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.65%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 1.89%, 1.39%, 0.89%, 0.75%, and 0.70% , respectively, of average daily net assets (the “expense limits”) .In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $18,509.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $148,769 in front-end sales commissions from the sale of Class A shares and $4,305 and $5,856 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

14                     Invesco Oppenheimer Global Fund

Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina	$	–	$	–	$	27,831,601	$	27,831,601
Brazil		42,706,582		–		–		42,706,582
China		265,559,788		–		–		265,559,788
France		–		897,018,546		–		897,018,546
Germany		–		400,925,546		–		400,925,546
India		128,311,084		172,011,567		–		300,322,651
Italy		–		24,926,934		–		24,926,934
Japan		–		1,342,356,134		–		1,342,356,134
Netherlands		65,669,989		23,509,031		–		89,179,020
Spain		–		133,258,059		–		133,258,059
Sweden		–		254,006,541		–		254,006,541
Switzerland		–		20,103,498		–		20,103,498
United Kingdom		41,399,759		209,697,843		–		251,097,602
United States		5,285,667,844		–		–		5,285,667,844
Money Market Funds		35,195,831		–		–		35,195,831
Total Investments	$	5,864,510,877	$	3,477,813,699	$	27,831,601	$	9,370,156,177

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-month period ended April 30, 2020, the Fund engaged in securities purchases of $237,859.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $47,241.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

15                     Invesco Oppenheimer Global Fund

NOTE 9–Investment Transactions

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, 2020 was $484,688,183 and $1,308,646,443, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,726,135,532
Aggregate unrealized (depreciation) of investments		(256,369,735	)
Net unrealized appreciation of investments	$	4,469,765,797

Cost of investments for tax purposes is $4,900,390,380.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended              April 30, 2020(a)						One Month Ended           October 31, 2019						Year ended         September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		2,184,060		$	192,009,083			305,253		$	26,612,228			7,833,389		$	678,594,057
Class C		186,823			15,011,877			29,760			2,354,344			472,034			36,239,072
Class R		163,893			14,334,199			21,262			1,847,460			384,575			32,601,280
Class Y		3,269,757			297,900,831			340,470			29,957,811			4,797,756			408,527,888
Class R5(b)		-			-			-			-			118			10,000
Class R6		1,618,083			145,448,263			259,683			22,532,695			11,105,303			948,086,377
Issued as reinvestment of dividends:
Class A		868,089			82,407,767			-			-			7,920,817			617,268,800
Class C		47,741			4,087,570			-			-			889,014			63,075,486
Class R		30,963			2,917,951			-			-			275,176			21,350,942
Class Y		266,718			25,378,194			-			-			2,569,730			200,259,104
Class R6		273,804			26,082,561			-			-			2,346,782			182,790,847
Automatic conversion of Class C shares to Class A shares:
Class A		120,746			10,786,434			-			-			-			-
Class C		(134,003	)		(10,786,434	)		-			-			-			-
Reacquired:
Class A		(7,355,074	)		(651,837,394	)		(1,234,244	)		(107,270,543	)		(14,230,311	)		(1,212,041,221	)
Class C		(454,703	)		(35,785,551	)		(106,938	)		(8,486,602	)		(5,075,155	)		(401,808,377	)
Class R		(405,827	)		(35,904,934	)		(58,057	)		(5,026,183	)		(709,256	)		(60,734,044	)
Class Y		(3,644,864	)		(317,850,325	)		(465,691	)		(40,650,430	)		(7,161,948	)		(605,950,652	)
Class R6		(4,498,223	)		(415,246,313	)		(330,479	)		(28,904,576	)		(5,273,251	)		(451,135,727	)
Net increase (decrease) in share activity		(7,462,017	)	$	(651,046,221	)		(1,238,981	)	$	(107,033,796	)		6,144,773		$	457,133,832

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

In addition, 5% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Global Fund to Invesco Global Fund.

16                     Invesco Oppenheimer Global Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$942.10	$5.12	$1,019.59	$5.32		1.06	%
Class C	1,000.00	938.60	8.82	1,015.76	9.17		1.83
Class R	1,000.00	940.80	6.42	1,018.25	6.67		1.33
Class Y	1,000.00	943.30	4.01	1,020.74	4.17		0.83
Class R5	1,000.00	943.70	3.29	1,021.48	3.42		0.68
Class R6	1,000.00	944.00	3.24	1,021.53	3.37		0.67

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco Oppenheimer Global Fund

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Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Global Focus Fund
	Nasdaq:
	A: GLVAX ⬛ C: GLVCX ⬛ R: GLVNX ⬛ Y: GLVYX ⬛ R5: GFFDX ⬛ R6: GLVIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges

for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer Global Focus Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.03	%
Class C Shares	11.61
Class R Shares	11.90
Class Y Shares	12.16
Class R5 Shares	12.24
Class R6 Shares	12.28
MSCI All Country World Index	-7.68
Source(s): RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index(es), including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Oppenheimer Global Focus Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (10/1/07)	6.14	%
10 Years	8.81
5 Years	6.75
1 Year	3.49
Class C Shares
Inception (10/1/07)	6.03	%
10 Years	8.59
5 Years	7.15
1 Year	7.72
Class R Shares
Inception (10/1/07)	6.42	%
10 Years	9.14
5 Years	7.69
1 Year	9.25
Class Y Shares
Inception (10/1/07)	6.99	%
10 Years	9.72
5 Years	8.22
1 Year	9.77
Class R5 Shares
10 Years	9.46	%
5 Years	8.04
1 Year	9.90
Class R6 Shares
Inception (8/28/12)	11.61	%
5 Years	8.42
1 Year	9.99

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Global Focus Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Global Focus Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

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

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

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

4                     Invesco Oppenheimer Global Focus Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Oppenheimer Global Focus Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.18%
Aerospace & Defense–1.04%
Airbus SE (France)		66,042	$    4,198,548
Application Software–13.70%
Alteryx, Inc., Class A(b)		89,086	10,082,754
Nice Ltd., ADR (Israel)(b)		73,144	12,017,559
salesforce.com, inc.(b)		125,651	20,349,179
Splunk, Inc.(b)		90,658	12,724,757
			55,174,249
Biotechnology–2.41%
BeiGene Ltd., ADR (China)(b)		45,549	6,961,254
Twist Bioscience Corp.(b)		83,644	2,735,995
			9,697,249
Data Processing & Outsourced Services–7.64%
Mastercard, Inc., Class A		57,078	15,694,738
PayPal Holdings, Inc.(b)		122,611	15,081,153
			30,775,891
Health Care Equipment–0.80%
ABIOMED, Inc.(b)		16,822	3,217,207
Health Care Supplies–0.86%
Coloplast A/S, Class B (Denmark)		21,941	3,464,936
Integrated Telecommunication Services–2.76%
Cellnex Telecom S.A. (Spain)(b)(c)		212,261	11,130,347
Interactive Media & Services–15.96%
Alphabet, Inc., Class A(b)		12,551	16,902,432
Facebook, Inc., Class A(b)		153,439	31,410,498
Tencent Holdings Ltd. (China)		238,700	12,663,776
Yandex N.V., Class A (Russia)(b)		87,166	3,293,131
			64,269,837
Internet & Direct Marketing Retail–9.78%
Alibaba Group Holding Ltd., ADR (China)(b)		82,983	16,818,165
Amazon.com, Inc.(b)		9,124	22,572,776
			39,390,941
Internet Services & Infrastructure–5.19%
Okta, Inc.(b)		36,630	5,542,119
Twilio, Inc., Class A(b)		136,667	15,347,704
			20,889,823

	Shares		Value
Life Sciences Tools & Services–14.49%
Biotage AB (Sweden)		174,659	$    2,174,493
Illumina, Inc.(b)		57,288	18,276,591
Lonza Group AG (Switzerland)		21,974	9,603,904
Tecan Group AG, Class R (Switzerland)		19,542	6,311,047
Thermo Fisher Scientific, Inc.		44,900	15,027,132
Wuxi Biologics Cayman, Inc. (China)(b)(c)		450,000	6,978,632
			58,371,799
Pharmaceuticals–7.82%
Bayer AG (Germany)		122,716	8,121,079
Bristol-Myers Squibb Co.		182,710	11,110,595
Novo Nordisk A/S, Class B (Denmark)		191,815	12,248,163
			31,479,837
Research & Consulting Services–2.88%
IHS Markit Ltd.		172,157	11,586,166
Semiconductors–1.05%
QUALCOMM, Inc.		53,995	4,247,787
Specialty Chemicals–2.24%
Chr. Hansen Holding A/S (Denmark)		104,731	9,035,320
Systems Software–7.90%
Crowdstrike Holdings, Inc., Class A(b)		152,392	10,310,843
ServiceNow, Inc.(b)		61,137	21,492,101
			31,802,944
Trucking–1.66%
Uber Technologies, Inc.(b)		220,691	6,680,317
Total Common Stocks & Other Equity Interests (Cost $257,815,275)			395,413,198
Money Market Funds–1.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.20% (Cost $6,502,452)(d)(e)		6,502,452	6,502,452
TOTAL INVESTMENTS IN SECURITIES–99.80% (Cost $264,317,727)			401,915,650
OTHER ASSETS LESS LIABILITIES–0.20%			823,174
NET ASSETS–100.00%			$402,738,824

Investment Abbreviations:

ADR – American Depositary Receipt

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

6                     Invesco Oppenheimer Global Focus Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $18,108,979, which represented 4.50% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019	Purchases  at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain	Value April 30, 2020	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$-	$38,410,207	$(31,907,755)	$-	$-	$6,502,452	$4,654

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	35.48	%
Health Care	26.38
Communication Services	18.72
Consumer Discretionary	9.78
Industrials	5.58
Materials	2.24
Money Market Funds Plus Other Assets Less Liabilities	1.82

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

7                     Invesco Oppenheimer Global Focus Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $257,815,275)	$	395,413,198
Investments in affiliated money market funds, at value (Cost $6,502,452)		6,502,452
Cash		100,000
Foreign currencies, at value (Cost $98)		101
Receivable for:
Fund shares sold		1,478,703
Dividends		1,018,729
Investment for trustee deferred compensation and retirement plans		12,887
Other assets		145,763
Total assets		404,671,833
Liabilities:
Payable for:
Fund shares reacquired		1,494,146
Accrued fees to affiliates		245,976
Accrued other operating expenses		180,000
Trustee deferred compensation and retirement plans		12,887
Total liabilities		1,933,009
Net assets applicable to shares outstanding	$	402,738,824
Net assets consist of:
Shares of beneficial interest	$	233,230,167
Distributable earnings		169,508,657
	$	402,738,824

Net Assets:
Class A	$	162,664,608
Class C	$	46,806,255
Class R	$	11,311,559
Class Y	$	160,091,548
Class R5	$	10,587
Class R6	$	21,854,267
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,020,220
Class C		952,417
Class R		216,826
Class Y		2,895,257
Class R5		195.85
Class R6		389,507
Class A:
Net asset value per share	$	53.86
Maximum offering price per share (Net asset value of $53.86 ÷ 94.50%)	$	56.99
Class C:
Net asset value and offering price per share	$	49.14
Class R:
Net asset value and offering price per share	$	52.17
Class Y:
Net asset value and offering price per share	$	55.29
Class R5:
Net asset value and offering price per share	$	54.06
Class R6:
Net asset value and offering price per share	$	56.11

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

8                     Invesco Oppenheimer Global Focus Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $159,084)	$	1,494,074
Dividends from affiliated money market funds		4,654
Total investment income		1,498,728
Expenses:
Advisory fees		1,584,283
Administrative services fees		28,902
Custodian fees		74,758
Distribution fees:
Class A		184,276
Class C		223,183
Class R		26,053
Transfer agent fees – A, C, R and Y		248,460
Transfer agent fees – R6		1,261
Trustees’ and officers’ fees and benefits		1,122
Registration and filing fees		23,587
Reports to shareholders		58,927
Professional services fees		23,804
Other		11,167
Total expenses		2,489,783
Less: Fees waived and/or expense offset arrangement(s)		(43,451	)
Net expenses		2,446,332
Net investment income (loss)		(947,604	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		37,447,520
Foreign currencies		32,633
		37,480,153
Change in net unrealized appreciation (depreciation) of:
Investment securities		9,719,128
Foreign currencies		(188	)
		9,718,940
Net realized and unrealized gain		47,199,093
Net increase in net assets resulting from operations	$	46,251,489

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

9                     Invesco Oppenheimer Global Focus Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended April 30, 2019

(Unaudited)

	Six Months Ended April 30, 2020			Six Months Ended October 31, 2019			Year Ended April 30, 2019
Operations:
Net investment income (loss)	$	(947,604	)	$	(1,314,341	)	$	(928,007	)
Net realized gain		37,480,153			40,571,189			662,042
Change in net unrealized appreciation (depreciation)		9,718,940			(58,586,566	)		57,611,090
Net increase (decrease) in net assets resulting from operations		46,251,489			(19,329,718	)		57,345,125
Distributions to shareholders from distributable earnings:
Class A		(14,079,191	)		–			(5,161,344	)
Class C		(4,595,162	)		–			(2,126,031	)
Class R		(980,122	)		–			(316,929	)
Class Y		(12,860,914	)		–			(9,705,305	)
Class R5		(1,022	)		–			–
Class R6		(3,992,852	)		–			(3,303,642	)
Total distributions from distributable earnings		(36,509,263	)		–			(20,613,251	)
Share transactions–net:
Class A		14,180,590			(6,448,556	)		(919,943	)
Class C		3,149,902			(10,762,438	)		(4,647,399	)
Class R		1,464,998			29,511			1,584,945
Class Y		16,821,215			(152,166,902	)		20,840,692
Class R5		–			10,000			–
Class R6		(93,465,535	)		(14,516,075	)		20,421,920
Net increase (decrease) in net assets resulting from share transactions		(57,848,830	)		(183,854,460	)		37,280,215
Net increase (decrease) in net assets		(48,106,604	)		(203,184,178	)		74,012,089
Net assets:
Beginning of period		450,845,428			654,029,606			580,017,517
End of period	$	402,738,824		$	450,845,428		$	654,029,606

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

10                     Invesco Oppenheimer Global Focus Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/20		$	52.99		$	(0.14	)		$	6.23			$	6.09			$	(5.22	)		$	53.86		12.03	%		$	162,665		1.27	%(e)		1.28	%(e)		(0.53	)%(e)		24	%
Six months ended 10/31/19			54.20			(0.16	)			(1.05	)			(1.21	)			–				52.99		(2.23	)			145,332		1.27	(f)		1.31	(f)		(0.60	)(f)		20
Year ended 04/30/19			51.71			(0.13	)			4.48				4.35				(1.86	)			54.20		9.11				155,251		1.25			1.25			(0.26	)		46
Year ended 04/30/18			45.73			(0.24	)			7.15				6.91				(0.93	)			51.71		15.17				148,492		1.27			1.28			(0.47	)		63
Year ended 04/30/17			39.26			(0.12	)			6.59				6.47				–				45.73		16.51				145,248		1.30			1.30			(0.29	)		59
Year ended 04/30/16			42.91			(0.08	)			(3.57	)			(3.65	)			–				39.26		(8.53	)			176,181		1.30			1.30			(0.20	)		89
Year ended 04/30/15			42.01			0.02				1.63				1.65				(0.75	)			42.91		3.94				231,060		1.31			1.31			0.04			102
Class C
Six months ended 04/30/20			48.95			(0.30	)			5.71				5.41				(5.22	)			49.14		11.61				46,806		2.01	(e)		2.04	(e)		(1.27	)(e)		24
Six months ended 10/31/19			50.26			(0.33	)			(0.98	)			(1.31	)			–				48.95		(2.60	)			43,574		2.01	(f)		2.07	(f)		(1.34	)(f)		20
Year ended 04/30/19			48.45			(0.49	)			4.16				3.67				(1.86	)			50.26		8.28				55,891		2.01			2.01			(1.02	)		46
Year ended 04/30/18			43.23			(0.59	)			6.74				6.15				(0.93	)			48.45		14.29				58,385		2.02			2.03			(1.23	)		63
Year ended 04/30/17			37.39			(0.42	)			6.26				5.84				–				43.23		15.62				54,019		2.06			2.06			(1.06	)		59
Year ended 04/30/16			41.18			(0.37	)			(3.42	)			(3.79	)			–				37.39		(9.20	)			70,795		2.06			2.06			(0.96	)		89
Year ended 04/30/15			40.65			(0.30	)			1.58				1.28				(0.75	)			41.18		3.16				89,540		2.07			2.07			(0.75	)		102
Class R
Six months ended 04/30/20			51.54			(0.20	)			6.05				5.85				(5.22	)			52.17		11.90				11,312		1.52	(e)		1.54	(e)		(0.78	)(e)		24
Six months ended 10/31/19			52.79			(0.22	)			(1.03	)			(1.25	)			–				51.54		(2.37	)			9,692		1.52	(f)		1.57	(f)		(0.85	)(f)		20
Year ended 04/30/19			50.53			(0.26	)			4.38				4.12				(1.86	)			52.79		8.84				9,895		1.51			1.51			(0.52	)		46
Year ended 04/30/18			44.82			(0.36	)			7.00				6.64				(0.93	)			50.53		14.88				7,812		1.52			1.53			(0.73	)		63
Year ended 04/30/17			38.57			(0.23	)			6.48				6.25				–				44.82		16.21				6,898		1.56			1.56			(0.56	)		59
Year ended 04/30/16			42.27			(0.18	)			(3.52	)			(3.70	)			–				38.57		(8.76	)			7,709		1.55			1.55			(0.46	)		89
Year ended 04/30/15			41.50			(0.12	)			1.64				1.52				(0.75	)			42.27		3.70				8,113		1.53			1.53			(0.30	)		102
Class Y
Six months ended 04/30/20			54.21			(0.07	)			6.37				6.30				(5.22	)			55.29		12.16				160,092		1.02	(e)		1.04	(e)		(0.28	)(e)		24
Six months ended 10/31/19			55.39			(0.10	)			(1.08	)			(1.18	)			–				54.21		(2.13	)			138,470		1.02	(f)		1.07	(f)		(0.36	)(f)		20
Year ended 04/30/19			52.67			(0.01	)			4.59				4.58				(1.86	)			55.39		9.36				301,919		1.02			1.02			(0.03	)		46
Year ended 04/30/18			46.46			(0.12	)			7.26				7.14				(0.93	)			52.67		15.44				266,886		1.03			1.04			(0.24	)		63
Year ended 04/30/17			39.78			(0.00	)(g)			6.68				6.68				–				46.46		16.79				250,427		1.05			1.05			(0.01	)		59
Year ended 04/30/16			43.38			0.02				(3.62	)			(3.60	)			–				39.78		(8.28	)			109,761		1.05			1.05			0.04			89
Year ended 04/30/15			42.35			0.08				1.70				1.78				(0.75	)			43.38		4.22				132,678		1.05			1.07			0.20			102
Class R5
Six months ended 04/30/20			53.08			(0.04	)			6.24				6.20				(5.22	)			54.06		12.24				11		0.90	(e)		0.90	(e)		(0.16	)(e)		24
Period ended 10/31/19(h)			51.06			(0.05	)			2.07				2.02				–				53.08		3.96				10		0.90	(f)		0.92	(f)		(0.23	)(f)		20
Class R6
Six months ended 04/30/20			54.89			(0.03	)			6.47				6.44				(5.22	)			56.11		12.28				21,854		0.85	(e)		0.90	(e)		(0.11	)(e)		24
Six months ended 10/31/19			56.03			(0.05	)			(1.09	)			(1.14	)			–				54.89		(2.03	)			113,768		0.85	(f)		0.87	(f)		(0.18	)(f)		20
Year ended 04/30/19			53.16			0.08				4.65				4.73				(1.86	)			56.03		9.56				131,074		0.85			0.85			0.15			46
Year ended 04/30/18			46.80			(0.02	)			7.31				7.29				(0.93	)			53.16		15.65				98,443		0.85			0.85			(0.05	)		63
Year ended 04/30/17			40.00			0.05				6.75				6.80				–				46.80		17.00				75,145		0.86			0.86			0.13			59
Year ended 04/30/16			43.53			0.08				(3.61	)			(3.53	)			–				40.00		(8.11	)			72,137		0.86			0.86			0.20			89
Year ended 04/30/15			42.42			0.18				1.68				1.86				(0.75	)			43.53		4.40				18,703		0.87			0.87			0.43			102

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $152,324, $44,882, $10,479, $142,819, $10 and $54,998 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Amount represents less than $0.005.

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

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

11                     Invesco Oppenheimer Global Focus Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                     Invesco Oppenheimer Global Focus Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

J. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 500 million	0.800%
Next $500 million	0.750%
Over $1 billion	0.720%

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

13                     Invesco Oppenheimer Global Focus Fund

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.80%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.27%, 2.01%, 1.52%, 1.02%, 0.90%, and 0.85%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $439 and reimbursed class level expenses of $6,871, $5,538, $848, $13,180, $0 and $13,598 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $17,221 in front-end sales commissions from the sale of Class A shares and $5,578 and $709 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$309,482,952		$85,930,246		$–		$395,413,198
Money Market Funds		6,502,452		–		–		6,502,452
Total Investments		$315,985,404		$85,930,246		$–		$401,915,650

14                     Invesco Oppenheimer Global Focus Fund

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,977.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances and Borrowings

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

NOTE 7–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

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, 2020 was $97,812,467 and $200,941,836, respectively. Cost of investments, including any derivatives, on a tax basis, includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	133,598,513
Aggregate unrealized (depreciation) of investments		(600,165	)
Net unrealized appreciation of investments	$	132,998,348

Cost of investments for tax purposes is $268,917,302.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Six Months Ended				Year ended
	April 30, 2020(a)				October 31, 2019				April 30, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		370,950	$	18,802,013		138,031	$	7,261,420		488,290	$	25,088,454
Class C		133,309		6,347,907		35,592		1,720,913		152,895		7,202,424
Class R		38,079		1,929,284		23,105		1,176,671		60,022		3,005,653
Class Y		784,055		39,945,480		442,609		23,782,088		2,297,925		118,606,099
Class R5(b)		–		–		196		10,000		–		–
Class R6		74,322		3,958,829		92,795		4,987,731		908,696		43,054,151
Issued as reinvestment of dividends:
Class A		261,532		13,338,156		–		–		111,675		5,092,381
Class C		89,929		4,196,996		–		–		49,054		2,079,902
Class R		19,687		973,520		–		–		7,118		316,388
Class Y		207,499		10,856,339		–		–		205,504		9,566,198
Class R6		74,981		3,977,731		–		–		70,201		3,303,642

15                     Invesco Oppenheimer Global Focus Fund

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Six Months Ended October 31, 2019						Year ended April 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		9,924		$	498,324			120,423		$	6,311,091			–		$	–
Class C		(10,862	)		(498,324	)		(130,062	)		(6,311,091	)		–			–
Reacquired:
Class A		(364,638	)		(18,457,903	)		(380,155	)		(20,021,067	)		(607,672	)		(31,100,778	)
Class C		(150,062	)		(6,896,677	)		(127,445	)		(6,172,260	)		(294,971	)		(13,929,725	)
Class R		(28,984	)		(1,437,806	)		(22,515	)		(1,147,160	)		(34,273	)		(1,737,096	)
Class Y		(650,445	)		(33,980,604	)		(3,339,207	)		(175,948,990	)		(2,119,769	)		(107,331,605	)
Class R6		(1,832,427	)		(101,402,095	)		(359,610	)		(19,503,806	)		(491,186	)		(25,935,873	)
Net increase (decrease) in share activity		(973,151	)	$	(57,848,830	)		(3,506,243	)	$	(183,854,460	)		803,509		$	37,280,215

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Global Focus Fund to Invesco Global Focus Fund.

16                     Invesco Oppenheimer Global Focus Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$1,120.30	$6.70	$1,018.55	$6.37	1.27%
Class C	1,000.00	1,116.10	10.58	1,014.87	10.07	2.01
Class R	1,000.00	1,119.00	8.01	1,017.30	7.62	1.52
Class Y	1,000.00	1,121.60	5.38	1,019.79	5.12	1.02
Class R5	1,000.00	1,122.40	4.75	1,020.39	4.52	0.90
Class R6	1,000.00	1,122.80	4.49	1,020.64	4.27	0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                     Invesco Oppenheimer Global Focus Fund

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Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Global Opportunities Fund
	Nasdaq:
	A: OPGIX ∎ C: OGICX ∎ R: OGINX ∎ Y: OGIYX ∎ R5: GOFFX ∎ R6: OGIIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer Global Opportunities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–0.78	%
Class C Shares	–1.15
Class R Shares	–0.94
Class Y Shares	–0.66
Class R5 Shares	–0.62
Class R6 Shares	–0.58
MSCI All Country World Index	–7.68
Source(s): RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Oppenheimer Global Opportunities Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (10/22/90)	11.08	%
10 Years	9.27
5 Years	10.96
1 Year	–11.36
Class C Shares
Inception (12/1/93)	10.96	%
10 Years	9.06
5 Years	11.38
1 Year	–7.76
Class R Shares
Inception (3/1/01)	8.46	%
10 Years	9.57
5 Years	11.93
1 Year	–6.46
Class Y Shares
Inception (2/1/01)	8.41	%
10 Years	10.17
5 Years	12.49
1 Year	–5.97
Class R5 Shares
10 Years	9.92	%
5 Years	12.29
1 Year	–5.89
Class R6 Shares
Inception (1/27/12)	11.77	%
5 Years	12.69
1 Year	–5.82

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Global Opportunities Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Global Opportunities Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

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

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

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

4                     Invesco Oppenheimer Global Opportunities Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Oppenheimer Global Opportunities Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.06%
Argentina–0.37%
Globant S.A.(a)		200,000	$      23,134,000
Belgium–2.01%
Biocartis N.V.(b)(c)		6,000,000	32,909,415
Ion Beam Applications(a)		400,000	3,320,864
Materialise N.V., ADR(c)		3,100,000	63,426,000
Umicore S.A.		600,000	25,943,839
			125,600,118
Canada–0.27%
BlackBerry Ltd.(a)		4,000,000	17,120,000
Denmark–4.30%
Bang & Olufsen A/S(a)		2,000,000	6,245,559
Bavarian Nordic A/S(a)(c)		2,880,000	68,007,867
Genmab A/S(a)		300,000	72,242,193
H Lundbeck A/S		2,000,000	72,952,057
Novozymes A/S, Class B		1,000,000	49,054,645
			268,502,321
Finland–0.45%
Rovio Entertainment OYJ(b)(c)		4,700,000	28,157,632
France–1.30%
Adevinta ASA, Class B(a)		900,000	7,448,714
Mersen S.A.		1,000,000	21,998,962
Technicolor S.A.(a)(c)		29,700,000	6,864,659
Teleperformance		200,000	44,854,760
			81,167,095
Germany–4.90%
AIXTRON SE(a)		4,000,000	37,335,569
Aumann AG(b)(c)		1,000,000	11,119,992
Basler AG(c)		600,000	30,750,198
Carl Zeiss Meditec AG, BR		700,000	69,085,591
Manz AG(a)(c)		500,000	7,812,573
MorphoSys AG(a)		700,000	73,688,310
PVA TePla AG(c)		2,050,000	22,467,540
Rational AG		80,000	38,665,912
SLM Solutions Group AG(c)		2,000,000	14,786,439
			305,712,124
Ireland–0.80%
Flutter Entertainment PLC		406,701	49,988,881
Israel–1.05%
Wix.com Ltd.(a)		500,000	65,405,000
Italy–2.02%
Amplifon S.p.A.		1,000,000	22,969,529
Brunello Cucinelli S.p.A.		1,500,000	48,363,248
Freni Brembo S.p.A.		2,000,000	17,059,421
Moncler S.p.A.		1,000,000	37,677,061
			126,069,259
Japan–11.89%
Comture Corp.(c)		3,000,000	60,447,548

	Shares		Value
Japan–(continued)
CyberAgent, Inc.		1,300,000	$      54,654,450
Disco Corp.		200,000	44,924,939
Jeol Ltd.(c)		2,500,000	74,074,945
M3, Inc.		4,000,000	143,860,439
Nidec Corp.		600,000	34,849,914
Nikon Corp.		2,000,000	18,636,355
Optex Group Co. Ltd.(c)		2,000,000	22,804,396
PeptiDream, Inc.(a)		3,000,000	112,461,120
Rakuten, Inc.		6,000,000	50,806,414
Rheon Automatic Machinery Co. Ltd.		1,000,000	11,318,263
THK Co. Ltd.		2,000,000	48,038,666
Yaskawa Electric Corp.		2,000,000	65,747,882
			742,625,331
Luxembourg–1.78%
Eurofins Scientific SE		200,000	110,782,855
Norway–1.64%
Mowi ASA		4,000,000	68,654,991
Nordic Semiconductor ASA(a)		5,750,358	33,985,653
			102,640,644
Sweden–4.63%
Addtech AB, Class B		1,000,000	27,336,721
Beijer Ref AB		2,000,000	41,479,321
Boozt AB(a)(b)(c)		3,750,000	23,189,219
Hansa Biopharma AB(a)		1,938,841	23,424,521
Indutrade AB		2,000,000	64,395,940
Midsona AB, Class B		1,000,000	5,511,361
Oncopeptides AB(a)(b)		2,000,000	26,475,175
RaySearch Laboratories AB(c)		4,000,000	30,646,036
Recipharm AB, Class B		2,000,000	23,971,525
Tobii AB(a)		3,000,000	8,469,760
Xvivo Perfusion AB(a)		1,000,000	14,000,182
			288,899,761
Switzerland–0.50%
GeNeuro S.A.(a)(c)		1,661,017	5,424,969
STMicroelectronics N.V.		1,000,000	26,030,791
			31,455,760
United Kingdom–12.50%
Allied Minds PLC		10,000,000	3,968,734
AO World PLC(a)		20,000,000	14,412,305
ASOS PLC(a)		700,000	21,119,530
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		102,500,000	74,072,460
Blue Prism Group PLC(a)		3,000,000	48,905,336
boohoo Group PLC(a)		30,000,000	122,182,197
EVR Holdings PLC(a)		68,750,000	4,633,031
Fevertree Drinks PLC		2,000,000	43,881,040
First Derivatives PLC		1,200,000	39,171,872
Frontier Developments PLC(a)(c)		3,000,000	57,460,240
Gooch & Housego PLC(c)		2,000,000	26,720,459
GW Pharmaceuticals PLC, ADR(a)		100,000	10,014,000
IG Group Holdings PLC		3,000,000	28,535,745

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

6                     Invesco Oppenheimer Global Opportunities Fund

	Shares		Value
United Kingdom–(continued)
IP Group PLC(a)		20,785,545	$      14,548,279
IQE PLC(c)		140,000,000	72,378,162
M&C Saatchi PLC(c)		6,600,000	3,169,200
Rentokil Initial PLC		14,500,000	86,707,686
Spirax-Sarco Engineering PLC		464,285	51,089,846
WANdisco PLC(c)		5,000,000	35,318,716
Xaar PLC(a)(c)		4,000,000	2,137,537
Zoo Digital Group PLC(c)		7,000,000	6,658,749
Zotefoams PLC(c)		4,000,000	13,303,361
			780,388,485
United States–48.65%
3D Systems Corp.(a)(c)		8,000,000	67,920,000
Acacia Research Corp.(a)(c)		2,500,000	6,325,000
Advanced Micro Devices, Inc.(a)		8,000,000	419,120,000
Align Technology, Inc.(a)		200,000	42,970,000
Applied Materials, Inc.		1,000,000	49,680,000
Arrowhead Pharmaceuticals, Inc.(a)		3,000,000	103,290,000
Cloudera, Inc.(a)		8,220,000	68,061,600
Cognex Corp.		1,200,000	66,288,000
Coherent, Inc.(a)		600,000	76,722,000
Corning, Inc.		1,000,000	22,010,000
Cree, Inc.(a)		1,000,000	43,130,000
Dolby Laboratories, Inc., Class A		800,000	48,024,000
Exact Sciences Corp.(a)		2,500,000	197,450,000
FireEye, Inc.(a)		6,000,000	69,060,000
First Solar, Inc.(a)		2,000,000	88,020,000
Halozyme Therapeutics, Inc.(a)		1,000,000	22,655,000
Illumina, Inc.(a)		200,000	63,806,000
IPG Photonics Corp.(a)		600,000	77,598,000

	Shares		Value
United States–(continued)
iRobot Corp.(a)		900,000	$      54,864,000
Littelfuse, Inc.		400,000	58,096,000
Manhattan Associates, Inc.(a)		600,000	42,564,000
Nektar Therapeutics(a)(c)		33,523,001	643,641,619
Nevro Corp.(a)		1,000,000	117,640,000
ON Semiconductor Corp.(a)		2,000,000	32,090,000
PDF Solutions, Inc.(a)(c)		3,000,000	47,910,000
PTC, Inc.(a)		1,200,000	83,100,000
QUALCOMM, Inc.		1,500,000	118,005,000
Rigel Pharmaceuticals, Inc.(a)		5,000,000	8,950,000
Rite Aid Corp.(a)		2,500,000	35,825,000
Rollins, Inc.		1,500,000	60,000,000
Shake Shack, Inc., Class A(a)		1,000,000	54,510,000
Twitter, Inc.(a)		1,000,000	28,680,000
Veeco Instruments, Inc.(a)(c)		4,000,000	43,720,000
Vicor Corp.(a)		500,000	26,585,000
Xeris Pharmaceuticals, Inc.(a)		1,000,000	2,700,000
Zendesk, Inc.(a)		600,000	46,128,000
			3,037,138,219
Total Common Stocks & Other Equity Interests (Cost $5,768,742,706)			6,184,787,485
Money Market Funds–0.86%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d) (Cost $54,011,701)		54,011,701	54,011,701
TOTAL INVESTMENTS IN SECURITIES–99.92% (Cost $5,822,754,407)			6,238,799,186
OTHER ASSETS LESS LIABILITIES–0.08%			4,743,885
NET ASSETS–100.00%			$6,243,543,071

Investment Abbreviations:
ADR	– American Depositary Receipt
BR	– Bearer Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $195,923,893, which represented 3.14% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	202,009,160	$	774,419,259	$	(922,416,718	)	$	-		$-	$	54,011,701	$	923,484

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

7                     Invesco Oppenheimer Global Opportunities Fund

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2020		Dividend Income
Investments in Other Affiliates:
3D Systems Corp.	$	75,920,000	$	-	$	-		$	(8,000,000	)		$-	$	67,920,000	$                -
Acacia Research Corp.		6,350,000		-		-			(25,000	)		-		6,325,000	-
Aston Martin Lagonda Global Holdings PLC		54,351,585		299,067,773		-			(279,346,898	)		-		74,072,460	-
Aumann AG		13,351,769		-		-			(2,231,777	)		-		11,119,992	-
Basler AG		30,938,468		-		-			(188,270	)		-		30,750,198	-
Bavarian Nordic A/S		37,629,040		-		-			30,378,827			-		68,007,867	-
Biocartis N.V.		21,488,283		19,106,968		-			(7,685,836	)		-		32,909,415	-
Boozt AB		25,006,956		-		-			(1,817,737	)		-		23,189,219	-
Comture Corp.		56,920,881		-		-			3,526,667			-		60,447,548	360,283
Frontier Developments PLC		42,523,380		-		-			14,936,860			-		57,460,240	-
GeNeuro S.A.		-		5,434,343		-			(9,374	)		-		5,424,969	-
Gooch & Housego PLC		28,894,340		-		-			(2,173,881	)		-		26,720,459	188,798
IQE PLC		67,965,522		43,400,190		-			(38,987,550	)		-		72,378,162	-
Jeol Ltd.		66,229,962		-		-			7,844,983			-		74,074,945	235,934
M&C Saatchi PLC		-		6,947,954		-			(3,778,754	)		-		3,169,200	-
Manz AG		10,687,288		-		-			(2,874,715	)		-		7,812,573	-
Materialise N.V., ADR		-		51,708,000		-			11,718,000			-		63,426,000	-
Nektar Therapeutics		536,012,500		34,016,122		-			73,612,997			-		643,641,619	-
Optex Group Co. Ltd.		30,597,058		-		-			(7,792,662	)		-		22,804,396	246,621
PDF Solutions, Inc.		48,480,000		-		-			(570,000	)		-		47,910,000	-
PVA TePla AG		24,334,731		-		-			(1,867,191	)		-		22,467,540	-
RaySearch Laboratories AB		24,085,284		28,275,261		-			(21,714,509	)		-		30,646,036	-
Rovio Entertainment OYJ		21,096,633		-		-			7,060,999			-		28,157,632	392,755
SLM Solutions Group AG		17,981,027		17,081,772		-			(20,276,360	)		-		14,786,439	-
Technicolor S.A.		24,799,848		-		-			(17,935,189	)		-		6,864,659	-
Veeco Instruments, Inc.		54,560,000		-		-			(10,840,000	)		-		43,720,000	-
WANdisco PLC		16,337,599		8,968,272		-			10,012,845			-		35,318,716	-
Xaar PLC		2,456,756		-		-			(319,219	)		-		2,137,537	-
Zoo Digital Group PLC		7,813,467		-		-			(1,154,718	)		-		6,658,749	-
Zotefoams PLC		-		23,164,974		-			(9,861,613	)		-		13,303,361	-
Total	$	1,548,821,537	$	1,311,590,888	$	(922,416,718	)	$	(280,359,075	)		$-	$	1,657,636,632	$2,347,875

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	36.31	%
Health Care	35.13
Industrials	10.50
Consumer Discretionary	9.50
Communication Services	2.99
Consumer Staples	2.46
Other Sectors, Each Less than 2% of Net Assets	2.16
Money Market Funds Plus Other Assets Less Liabilities	0.95

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

8                     Invesco Oppenheimer Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,402,767,828)	$4,581,162,554
Investments in affiliates, at value (Cost $2,419,986,579)	1,657,636,632
Cash	4,377,783
Foreign currencies, at value (Cost $1,287,795)	1,281,295
Receivable for:
Investments sold	186,953
Fund shares sold	8,994,333
Dividends	6,868,387
Interest	842
Investment for trustee deferred compensation and retirement plans	260,023
Other assets	123,544
Total assets	6,260,892,346
Liabilities:
Payable for:
Fund shares reacquired	13,542,138
Accrued fees to affiliates	2,560,971
Accrued trustees’ and officers’ fees and benefits	152,741
Accrued other operating expenses	833,402
Trustee deferred compensation and retirement plans	260,023
Total liabilities	17,349,275
Net assets applicable to shares outstanding	$6,243,543,071
Net assets consist of:
Shares of beneficial interest	$5,417,790,687
Distributable earnings	825,752,384
	$6,243,543,071

Net Assets:
Class A	$	2,780,955,070
Class C	$	384,176,494
Class R	$	200,774,358
Class Y	$	1,648,434,993
Class R5	$	9,272
Class R6	$	1,229,192,884
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		51,459,643
Class C		8,384,834
Class R		3,912,627
Class Y		29,912,998
Class R5		171
Class R6		22,112,826
Class A:
Net asset value per share	$	54.04
Maximum offering price per share (Net asset value of $54.04 ÷ 94.50%)	$	57.19
Class C:
Net asset value and offering price per share	$	45.82
Class R:
Net asset value and offering price per share	$	51.31
Class Y:
Net asset value and offering price per share	$	55.11
Class R5:
Net asset value and offering price per share	$	54.22
Class R6:
Net asset value and offering price per share	$	55.59

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

9                     Invesco Oppenheimer Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,432,143)	$	14,254,109
Dividends from affiliates		2,347,875
Interest		14,179
Total investment income		16,616,163
Expenses:
Advisory fees		22,955,782
Administrative services fees		498,750
Custodian fees		219,570
Distribution fees:
Class A		3,670,912
Class C		2,225,514
Class R		541,662
Transfer agent fees – A, C, R and Y		4,426,046
Transfer agent fees – R6		13,097
Trustees’ and officers’ fees and benefits		30,378
Registration and filing fees		98,244
Reports to shareholders		194,300
Professional services fees		36,268
Other		(112,651	)
Total expenses		34,797,872
Less: Fees waived and/or expense offset arrangement(s)		(97,224	)
Net expenses		34,700,648
Net investment income (loss)		(18,084,485	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $6,765,662)		430,866,949
Foreign currencies		(631,312	)
		430,235,637
Change in net unrealized appreciation (depreciation) of:
Investment securities		(477,155,888	)
Foreign currencies		(75,921	)
		(477,231,809	)
Net realized and unrealized gain (loss)		(46,996,172	)
Net increase (decrease) in net assets resulting from operations	$	(65,080,657	)

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

10                     Invesco Oppenheimer Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended September 30, 2019

(Unaudited)

	Six Months Ended April 30, 2020			One Month Ended October 31, 2019			Year Ended September 30, 2019
Operations:
Net investment income (loss)	$	(18,084,485	)	$	(4,911,418	)	$	(14,771,743	)
Net realized gain		430,235,637			163,014,465			243,432,285
Change in net unrealized appreciation (depreciation)		(477,231,809	)		62,681,537			(1,944,841,823	)
Net increase (decrease) in net assets resulting from operations		(65,080,657	)		220,784,584			(1,716,121,281	)
Distributions to shareholders from distributable earnings:
Class A		(197,648,894	)		–			(294,422,937	)
Class C		(34,384,347	)		–			(78,670,553	)
Class R		(14,772,771	)		–			(21,281,297	)
Class Y		(130,780,055	)		–			(215,972,897	)
Class R5		(645	)		–			–
Class R6		(80,621,014	)		–			(106,613,747	)
Total distributions from distributable earnings		(458,207,726	)		–			(716,961,431	)
Share transactions–net:
Class A		(96,345,783	)		(55,270,289	)		(45,089,774	)
Class C		(42,804,944	)		(15,343,596	)		(248,602,819	)
Class R		(4,648,736	)		(3,710,957	)		11,721,377
Class Y		(309,584,447	)		(72,231,746	)		(182,833,851	)
Class R5		–			–			10,000
Class R6		28,781,330			(24,328,174	)		222,420,238
Net increase (decrease) in net assets resulting from share transactions		(424,602,580	)		(170,884,762	)		(242,374,829	)
Net increase (decrease) in net assets		(947,890,963	)		49,899,822			(2,675,457,541	)
Net assets:
Beginning of period		7,191,434,034			7,141,534,212			9,816,991,753
End of period	$	6,243,543,071		$	7,191,434,034		$	7,141,534,212

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

11                     Invesco Oppenheimer Global Opportunities Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period	Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/20	$57.92		$	(0.17	)		$	0.06			$	(0.11	)		$	–			$	(3.77	)		$	(3.77	)		$	54.04		(0.78	)%(e)		$	2,780,955		1.09	%(e)(f)		1.09	%(e)(f)		(0.61	)%(e)(f)		11	%
One month ended 10/31/19	56.16			(0.04	)			1.80				1.76				–				–				–				57.92		3.13				3,099,689		1.09	(g)		1.09	(g)		(0.90	)(g)		3
Year ended 09/30/19	75.01			(0.15	)			(13.16	)			(13.31	)			–				(5.54	)			(5.54	)			56.16		(17.48	)			3,059,916		1.12			1.12			(0.25	)		12
Year ended 09/30/18	61.40			(0.22	)			15.42				15.20				–				(1.59	)			(1.59	)			75.01		25.09				4,124,481		1.12			1.12			(0.31	)		21
Year ended 09/30/17	50.76			(0.23	)			14.49				14.26				(0.13	)			(3.49	)			(3.62	)			61.40		30.48				3,085,024		1.17			1.17			(0.43	)		18
Year ended 09/30/16	39.42			(0.17	)			11.81				11.64				(0.05	)			(0.25	)			(0.30	)			50.76		29.66				2,529,288		1.18			1.18			(0.39	)		26
Year ended 09/30/15	38.67			(0.27	)			1.13				0.86				(0.11	)			–				(0.11	)			39.42		2.22				2,118,295		1.18			1.18			(0.66	)		16
Class C
Six months ended 04/30/20	49.81			(0.33	)			0.11				(0.22	)			–				(3.77	)			(3.77	)			45.82		(1.15	)			384,176		1.85	(f)		1.85	(f)		(1.37	)(f)		11
One month ended 10/31/19	48.32			(0.07	)			1.56				1.49				–				–				–				49.81		3.08				467,908		1.84	(g)		1.84	(g)		(1.65	)(g)		3
Year ended 09/30/19	65.97			(0.52	)			(11.59	)			(12.11	)			–				(5.54	)			(5.54	)			48.32		(18.12	)			469,174		1.88			1.88			(1.01	)		12
Year ended 09/30/18	54.57			(0.67	)			13.66				12.99				–				(1.59	)			(1.59	)			65.97		24.15				955,893		1.87			1.87			(1.06	)		21
Year ended 09/30/17	45.72			(0.56	)			12.90				12.34				–				(3.49	)			(3.49	)			54.57		29.47				648,270		1.92			1.92			(1.18	)		18
Year ended 09/30/16	35.75			(0.45	)			10.67				10.22				–				(0.25	)			(0.25	)			45.72		28.71				475,199		1.94			1.94			(1.14	)		26
Year ended 09/30/15	35.24			(0.52	)			1.03				0.51				–				–				–				35.75		1.45				385,550		1.94			1.94			(1.41	)		16
Class R
Six months ended 04/30/20	55.25			(0.23	)			0.06				(0.17	)			–				(3.77	)			(3.77	)			51.31		(0.94	)			200,774		1.35	(f)		1.35	(f)		(0.87	)(f)		11
One month ended 10/31/19	53.58			(0.05	)			1.72				1.67				–				–				–				55.25		3.12				221,803		1.34	(g)		1.34	(g)		(1.15	)(g)		3
Year ended 09/30/19	72.06			(0.28	)			(12.66	)			(12.94	)			–				(5.54	)			(5.54	)			53.58		(17.71	)			218,747		1.37			1.37			(0.51	)		12
Year ended 09/30/18	59.18			(0.39	)			14.86				14.47				–				(1.59	)			(1.59	)			72.06		24.79				276,790		1.37			1.37			(0.56	)		21
Year ended 09/30/17	49.10			(0.35	)			13.98				13.63				(0.06	)			(3.49	)			(3.55	)			59.18		30.15				199,696		1.42			1.42			(0.67	)		18
Year ended 09/30/16	38.19			(0.27	)			11.43				11.16				–				(0.25	)			(0.25	)			49.10		29.34				123,310		1.44			1.44			(0.64	)		26
Year ended 09/30/15	37.46			(0.36	)			1.09				0.73				–				–				–				38.19		1.95				85,548		1.43			1.43			(0.91	)		16
Class Y
Six months ended 04/30/20	58.93			(0.11	)			0.06				(0.05	)			–				(3.77	)			(3.77	)			55.11		(0.66	)			1,648,435		0.85	(f)		0.85	(f)		(0.37	)(f)		11
One month ended 10/31/19	57.13			(0.03	)			1.83				1.80				–				–				–				58.93		3.15				2,113,652		0.84	(g)		0.84	(g)		(0.65	)(g)		3
Year ended 09/30/19	76.02			–				(13.35	)			(13.35	)			–				(5.54	)			(5.54	)			57.13		(17.29	)			2,120,749		0.87			0.87			(0.01	)		12
Year ended 09/30/18	62.05			(0.05	)			15.61				15.56				–				(1.59	)			(1.59	)			76.02		25.40				3,055,996		0.87			0.87			(0.07	)		21
Year ended 09/30/17	51.28			(0.09	)			14.61				14.52				(0.26	)			(3.49	)			(3.75	)			62.05		30.79				1,241,346		0.92			0.92			(0.16	)		18
Year ended 09/30/16	39.82			(0.06	)			11.92				11.86				(0.15	)			(0.25	)			(0.40	)			51.28		29.98				544,742		0.94			0.94			(0.14	)		26
Year ended 09/30/15	39.07			(0.17	)			1.13				0.96				(0.21	)			–				(0.21	)			39.82		2.46				360,040		0.94			0.94			(0.41	)		16
Class R5
Six months ended 04/30/20	58.01			(0.06	)			0.04				(0.02	)			–				(3.77	)			(3.77	)			54.22		(0.62	)			9		0.70	(f)		0.70	(f)		(0.22	)(f)		11
One month ended 10/31/19	56.23			(0.02	)			1.80				1.78				–				–				–				58.01		3.16				10		0.68	(g)		0.68	(g)		(0.50	)(g)		3
Period ended 09/30/19(h)	58.48			0.03				(2.28	)			(2.25	)			–				–				–				56.23		(3.85	)			10		0.74	(g)		0.74	(g)		0.12	(g)		12
Class R6
Six months ended 04/30/20	59.37			(0.06	)			0.05				(0.01	)			–				(3.77	)			(3.77	)			55.59		(0.58	)			1,229,193		0.69	(f)		0.69	(f)		(0.21	)(f)		11
One month ended 10/31/19	57.55			(0.02	)			1.84				1.82				–				–				–				59.37		3.16				1,288,373		0.69	(g)		0.69	(g)		(0.50	)(g)		3
Year ended 09/30/19	76.41			0.09				(13.41	)			(13.32	)			–				(5.54	)			(5.54	)			57.55		(17.16	)			1,272,938		0.71			0.71			0.15			12
Year ended 09/30/18	62.26			0.07				15.67				15.74				–				(1.59	)			(1.59	)			76.41		25.61				1,403,832		0.71			0.71			0.10			21
Year ended 09/30/17	51.43			–				14.66				14.66				(0.34	)			(3.49	)			(3.83	)			62.26		31.01				662,176		0.73			0.73			0.01			18
Year ended 09/30/16	39.93			0.02				11.97				11.99				(0.24	)			(0.25	)			(0.49	)			51.43		30.21				127,643		0.75			0.75			0.04			26
Year ended 09/30/15	39.18			(0.09	)			1.13				1.04				(0.29	)			–				(0.29	)			39.93		2.67				69,700		0.75			0.75			(0.21	)		16

^(a) Calculated using average shares outstanding.

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

^(c) Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2020.

^(f) Ratios are annualized and based on average daily net assets (000’s omitted) of $3,044,962, $447,549, $217,855, $1,991,072, $10 and $1,297,252 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g) Annualized.

^(h) For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

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

12                     Invesco Oppenheimer Global Opportunities Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                     Invesco Oppenheimer Global Opportunities Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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 net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

14                     Invesco Oppenheimer Global Opportunities 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $250 million	0.800%
Next $250 million	0.770%
Next $500 million	0.750%
Next $1 billion	0.690%
Next $1.5 billion	0.670%
Next $2.5 billion	0.650%
Next $4 billion	0.630%
Over $10 billion	0.610%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.17%, 1.92%, 1.42%, 0.92%, 0.78%, and 0.73% , respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $65,451.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $203,557 in front-end sales commissions from the sale of Class A shares and $11,875 and $14,724 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

15                     Invesco Oppenheimer Global Opportunities Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina	$	23,134,000	$	–		$–	$    23,134,000
Belgium		63,426,000		62,174,118		–	125,600,118
Canada		17,120,000		–		–	17,120,000
Denmark		–		268,502,321		–	268,502,321
Finland		–		28,157,632		–	28,157,632
France		–		81,167,095		–	81,167,095
Germany		–		305,712,124		–	305,712,124
Ireland		–		49,988,881		–	49,988,881
Israel		65,405,000		–		–	65,405,000
Italy		–		126,069,259		–	126,069,259
Japan		–		742,625,331		–	742,625,331
Luxembourg		–		110,782,855		–	110,782,855
Norway		–		102,640,644		–	102,640,644
Sweden		–		288,899,761		–	288,899,761
Switzerland		–		31,455,760		–	31,455,760
United Kingdom		10,014,000		770,374,485		–	780,388,485
United States		3,037,138,219		–		–	3,037,138,219
Money Market Funds		54,011,701		–		–	54,011,701
Total Investments	$	3,270,248,920	$	2,968,550,266		$–	$6,238,799,186

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–month period ended April 30, 2020, the Fund engaged in securities purchases of $277,366,935 and securities sales of $15,255,238, which resulted in net realized gains of $6,765,662.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $31,773.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period–end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker–dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year–end.

16                     Invesco Oppenheimer Global Opportunities Fund

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 9–Investment Transactions

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, 2020 was $716,820,113 and $1,429,055,346, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,992,746,862
Aggregate unrealized (depreciation) of investments		(1,578,098,831	)
Net unrealized appreciation of investments	$	414,648,031

Cost of investments for tax purposes is $5,824,151,155.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						One Month Ended						Year ended
	April 30, 2020(a)						October 31, 2019						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		2,548,707		$	142,505,484			382,626		$	21,670,522			10,144,937		$	599,301,813
Class C		500,706			23,627,082			64,925			3,164,942			1,968,469			100,466,518
Class R		347,214			18,268,792			51,037			2,753,995			1,017,950			57,289,117
Class Y		4,865,071			274,075,156			820,606			47,588,593			18,833,466			1,135,577,841
Class R5(b)		-			-			-			-			171			10,000
Class R6		3,216,286			182,140,215			437,568			25,400,178			9,163,740			549,075,698
Issued as reinvestment of dividends:
Class A		3,133,465			186,315,811			-			-			5,232,780			283,773,684
Class C		645,609			32,635,540			-			-			1,628,745			76,469,589
Class R		260,276			14,710,786			-			-			399,943			20,737,042
Class Y		1,884,458			114,160,464			-			-			3,517,773			193,688,586
Class R6		1,286,607			78,585,952			-			-			1,913,847			106,027,116
Automatic conversion of Class C shares to Class A shares:
Class A		188,811			10,704,368			-			-			-			-
Class C		(221,997	)		(10,704,368	)		-			-			-			-
Reacquired:
Class A		(7,927,695	)		(435,871,446	)		(1,353,782	)		(76,940,811	)		(15,873,831	)		(928,165,271	)
Class C		(1,933,701	)		(88,363,198	)		(379,879	)		(18,508,538	)		(8,377,888	)		(425,538,926	)
Class R		(709,322	)		(37,628,314	)		(119,113	)		(6,464,952	)		(1,176,633	)		(66,304,782	)
Class Y		(12,700,752	)		(697,820,067	)		(2,078,135	)		(119,820,339	)		(25,430,630	)		(1,512,100,278	)
Class R6		(4,089,247	)		(231,944,837	)		(857,941	)		(49,728,352	)		(7,330,503	)		(432,682,576	)
Net increase (decrease) in share activity		(8,705,504	)	$	(424,602,580	)		(3,032,088	)	$	(170,884,762	)		(4,367,664	)	$	(242,374,829	)

^(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 Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b) Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                     Invesco Oppenheimer Global Opportunities Fund

NOTE 12–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Global Opportunities Fund to Invesco Global Opportunities Fund.

18                     Invesco Oppenheimer Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

				HYPOTHETICAL (5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$992.20	$5.40	$1,019.44	$5.47		1.09	%
Class C	1,000.00	988.50	9.15	1,015.66	9.27		1.85
Class R	1,000.00	990.60	6.68	1,018.15	6.77		1.35
Class Y	1,000.00	993.40	4.21	1,020.64	4.27		0.85
Class R5	1,000.00	993.80	3.47	1,021.38	3.52		0.70
Class R6	1,000.00	994.20	3.42	1,021.43	3.47		0.69

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                     Invesco Oppenheimer Global Opportunities Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611         Invesco Distributors, Inc.                              O-GLOPP-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer International Equity Fund
	Nasdaq:
	A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer International Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–8.20	%
Class C Shares	–8.51
Class R Shares	–8.34
Class Y Shares	–8.06
Class R5 Shares	–8.00
Class R6 Shares	–7.99
MSCI All Country World ex USA Index	–13.22
Source(s): RIMES Technologies Corp.
The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Oppenheimer International Equity Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (7/2/90)	5.61	%
10 Years	2.61
5 Years	–0.21
1 Year	–12.29
Class C Shares
Inception (9/1/93)	5.38	%
10 Years	2.42
5 Years	0.17
1 Year	–8.78
Class R Shares
Inception (3/1/01)	2.83	%
10 Years	2.93
5 Years	0.66
1 Year	–7.44
Class Y Shares
Inception (11/13/08)	7.64	%
10 Years	3.56
5 Years	1.23
1 Year	–6.82
Class R5 Shares
10 Years	3.24	%
5 Years	1.01
1 Year	–6.79
Class R6 Shares
Inception (3/28/13)	3.52	%
5 Years	1.36
1 Year	–6.77

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer International Equity Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer International Equity Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Oppenheimer International Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

^∎  The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎  The Fund’s investment strategy remained appropriate for an open-end fund;

^∎  The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎  The Fund did not breach the 15% limit on Illiquid Investments; and

^∎  The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Oppenheimer International Equity Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.00%
Aerospace & Defense–0.37%
Airbus SE (France)		85,360	$      5,426,669
Apparel Retail–0.41%
Industria de Diseno Textil S.A. (Spain)(b)		234,752	5,988,576
Apparel, Accessories & Luxury Goods–1.39%
adidas AG (Germany)		47,536	10,880,906
Kering S.A. (France)		18,357	9,270,681
			20,151,587
Application Software–4.51%
SAP SE (Germany)		453,387	54,074,435
Weimob, Inc. (China)(b)(c)		14,822,000	11,190,923
			65,265,358
Automobile Manufacturers–1.20%
Volkswagen AG, Preference Shares (Germany)		123,728	17,362,852
Brewers–0.83%
Carlsberg A/S, Class B (Denmark)		94,913	11,981,585
Casinos & Gaming–0.56%
Sands China Ltd. (Macau)		2,009,600	8,080,413
Construction & Engineering–0.79%
Vinci S.A. (France)		139,336	11,421,221
Construction Materials–0.44%
James Hardie Industries PLC, CDI		436,124	6,371,769
Consumer Electronics–4.37%
Sony Corp. (Japan)		985,800	63,244,183
Data Processing & Outsourced Services–0.43%
Worldline S.A. (France)(b)(c)		91,192	6,205,926
Distillers & Vintners–3.28%
Diageo PLC (United Kingdom)		1,154,138	40,007,504
Pernod Ricard S.A. (France)		49,161	7,501,184
			47,508,688
Diversified Banks–1.08%
BNP Paribas S.A. (France)		313,973	9,882,474
ING Groep N.V. (Netherlands)		1,046,387	5,752,550
			15,635,024
Diversified Metals & Mining–3.01%
Anglo American PLC (South Africa)		1,572,419	28,075,359
BHP Group Ltd., ADR (Australia)		379,862	15,452,786
			43,528,145
Electronic Components–4.88%
Murata Manufacturing Co. Ltd. (Japan)		500,300	27,831,435
Samsung Electro-Mechanics Co. Ltd. (South Korea)		137,663	12,887,736
TDK Corp. (Japan)		346,900	29,997,604
			70,716,775

	Shares		Value
Footwear–0.00%
China Hongxing Sports Ltd. (China)(b)(d)		36,005,000	$                26
Gold–7.64%
AngloGold Ashanti Ltd., ADR (South Africa)		399,095	9,733,927
Barrick Gold Corp. (Canada)		733,900	18,875,908
Gold Fields Ltd., ADR (South Africa)		1,214,303	8,912,984
Shandong Gold Mining Co. Ltd., H Shares (China)(c)		3,820,000	11,297,389
Wheaton Precious Metals Corp. (Canada)		1,639,741	61,916,620
			110,736,828
Health Care Equipment–2.03%
Medtronic PLC		207,372	20,245,729
Siemens Healthineers AG (Germany)(c)		209,109	9,219,925
			29,465,654
Health Care Services–2.17%
Fresenius Medical Care AG & Co. KGaA (Germany)		401,637	31,475,484
Heavy Electrical Equipment–0.64%
Mitsubishi Electric Corp. (Japan)		745,600	9,230,597
Homebuilding–1.15%
Taylor Wimpey PLC (United Kingdom)		9,005,782	16,700,237
Human Resource & Employment Services–1.66%
Recruit Holdings Co. Ltd. (Japan)		817,700	23,987,938
Industrial Gases–3.00%
Air Liquide S.A. (France)		340,809	43,402,120
Integrated Telecommunication Services–3.17%
Nippon Telegraph & Telephone Corp. (Japan)		1,185,900	27,017,514
Spark New Zealand Ltd. (New Zealand)		7,026,615	18,957,518
			45,975,032
Interactive Home Entertainment–4.14%
Nexon Co. Ltd. (Japan)		651,200	10,532,507
Nintendo Co. Ltd. (Japan)		119,400	49,448,531
			59,981,038
Interactive Media & Services–2.18%
Tencent Holdings Ltd. (China)		595,800	31,609,039
Internet & Direct Marketing Retail–4.58%
Alibaba Group Holding Ltd., ADR (China)(b)		327,179	66,309,368
Leisure Products–0.90%
Bandai Namco Holdings, Inc. (Japan)		260,600	13,101,921
Life & Health Insurance–1.02%
Prudential PLC (United Kingdom)		1,037,502	14,777,056
Packaged Foods & Meats–5.43%
Danone S.A. (France)		418,041	29,000,704
Kikkoman Corp. (Japan)		289,900	13,338,897
WH Group Ltd. (Hong Kong)		38,000,500	36,374,471
			78,714,072

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Oppenheimer International Equity Fund

	Shares		Value
Personal Products–2.90%
Amorepacific Corp. (South Korea)		85,990	$    12,425,364
Hengan International Group Co. Ltd. (China)		984,500	8,670,942
L’Oreal S.A. (France)		37,618	10,947,784
Unilever PLC (United Kingdom)		191,699	9,911,218
			41,955,308
Pharmaceuticals–5.58%
Bayer AG (Germany)		457,307	30,263,585
Novo Nordisk A/S, Class B (Denmark)		386,243	24,663,177
Takeda Pharmaceutical Co. Ltd. (Japan)		719,400	25,832,078
			80,758,840
Research & Consulting Services–0.63%
IHS Markit Ltd.		136,451	9,183,152
Restaurants–0.38%
Yum China Holdings, Inc. (China)(b)		112,375	5,445,693
Semiconductor Equipment–1.89%
Advantest Corp. (Japan)		204,800	9,959,977
Disco Corp. (Japan)		25,800	5,795,317
SCREEN Holdings Co. Ltd. (Japan)		238,600	11,561,768
			27,317,062
Semiconductors–9.01%
NXP Semiconductors N.V. (Netherlands)		123,670	12,313,822
QUALCOMM, Inc.		420,686	33,095,368
SK Hynix, Inc. (South Korea)		439,134	29,882,540
STMicroelectronics N.V., New York Shares (Switzerland)		1,314,026	33,599,645
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		405,983	21,569,877
			130,461,252
Soft Drinks–1.28%
Coca-Cola European Partners PLC (United Kingdom)		467,780	18,542,799

	Shares		Value
Specialty Chemicals–1.74%
Akzo Nobel N.V. (Netherlands)		331,694	$    25,180,472
Systems Software–1.37%
Oracle Corp. Japan (Japan)		193,300	19,869,724
Technology Hardware, Storage & Peripherals–1.47%
Samsung Electronics Co. Ltd. (South Korea)		517,231	21,313,593
Tobacco–2.51%
Philip Morris International, Inc.		235,530	17,570,538
Swedish Match AB (Sweden)		303,986	18,833,372
			36,403,910
Trading Companies & Distributors–1.64%
Ashtead Group PLC (United Kingdom)		429,020	11,772,558
ITOCHU Corp. (Japan)		611,800	12,022,498
			23,795,056
Wireless Telecommunication Services–0.34%
Rogers Communications, Inc., Class B (Canada)		118,608	4,967,741
Total Common Stocks & Other Equity Interests (Cost $1,280,788,300)			1,419,549,783
Money Market Funds–1.68%
Invesco Government & Agency Portfolio, Institutional Class, 0.20% (Cost $24,360,904)(e)(f)		24,360,904	24,360,904
TOTAL INVESTMENTS IN SECURITIES–99.68% (Cost $1,305,149,204)			1,443,910,687
OTHER ASSETS LESS LIABILITIES–0.32%			4,631,116
NET ASSETS–100.00%			$1,448,541,803

Investment Abbreviations:
ADR	– American Depositary Receipt
CDI	– CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $37,914,163, which represented 2.62% of the Fund’s Net Assets.

^(d) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain	Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$66,249,700		$489,859,163		$	(531,747,959)	$-	$-		$24,360,904		$247,373

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Oppenheimer International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	23.55	%
Consumer Staples	16.23
Materials	15.83
Consumer Discretionary	14.94
Communication Services	9.84
Health Care	9.78
Industrials	5.73
Financials	2.10
Money Market Funds Plus Other Assets Less Liabilities	2.00

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Oppenheimer International Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,280,788,300)	$1,419,549,783
Investments in affiliated money market funds, at value (Cost $24,360,904)	24,360,904
Cash	2,197,562
Foreign currencies, at value (Cost $16,404)	17,087
Receivable for:
Investments sold	9,484,121
Fund shares sold	151,330
Dividends	8,718,769
Interest	1,766
Investment for trustee deferred compensation and retirement plans	69,560
Other assets	146,194
Total assets	1,464,697,076
Liabilities:
Payable for:
Investments purchased	15,224,696
Fund shares reacquired	398,812
Accrued fees to affiliates	189,005
Accrued trustees’ and officers’ fees and benefits	5,609
Accrued other operating expenses	197,542
Trustee deferred compensation and retirement plans	139,609
Total liabilities	16,155,273
Net assets applicable to shares outstanding	$1,448,541,803
Net assets consist of:
Shares of beneficial interest	$1,604,144,771
Distributable earnings (loss)	(155,602,968)
	$1,448,541,803

Net Assets:
Class A	$	153,090,718
Class C	$	15,288,340
Class R	$	17,935,878
Class Y	$	57,486,806
Class R5	$	9,758
Class R6	$	1,204,730,303
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,130,276
Class C		913,308
Class R		965,580
Class Y		3,025,257
Class R5		518
Class R6		64,284,430
Class A:
Net asset value per share	$	18.83
Maximum offering price per share (Net asset value of $18.83 ÷ 94.50%)	$	19.93
Class C:
Net asset value and offering price per share	$	16.74
Class R:
Net asset value and offering price per share	$	18.58
Class Y:
Net asset value and offering price per share	$	19.00
Class R5:
Net asset value and offering price per share	$	18.84
Class R6:
Net asset value and offering price per share	$	18.74

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Oppenheimer International Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,615,002)	$	12,997,827
Dividends from affiliated money market funds		247,373
Interest		24,143
Total investment income		13,269,343
Expenses:
Advisory fees		6,316,056
Administrative services fees		121,588
Custodian fees		95,510
Distribution fees:
Class A		214,926
Class C		91,884
Class R		48,607
Transfer agent fees – A, C, R and Y		301,550
Transfer agent fees – R5		3
Transfer agent fees – R6		7,098
Trustees’ and officers’ fees and benefits		10,234
Registration and filing fees		53,558
Reports to shareholders		32,115
Professional services fees		31,422
Other		(27,922	)
Total expenses		7,296,629
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(95,600	)
Net expenses		7,201,029
Net investment income		6,068,314
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(46,234,640	)
Foreign currencies		227,474
Forward foreign currency contracts		(13,995	)
		(46,021,161	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(102,579,979	)
Foreign currencies		64,002
		(102,515,977	)
Net realized and unrealized gain (loss)		(148,537,138	)
Net increase (decrease) in net assets resulting from operations	$	(142,468,824	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Oppenheimer International Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended November 30, 2018

(Unaudited)

	Six Months Ended April 30, 2020			Eleven Months Ended October 31, 2019			Year Ended November 30, 2018
Operations:
Net investment income	$	6,068,314			$      34,381,411		$	32,418,485
Net realized gain (loss)		(46,021,161	)		(155,299,052	)		(102,608,346	)
Change in net unrealized appreciation (depreciation)		(102,515,977	)		273,721,261			(208,208,094	)
Net increase (decrease) in net assets resulting from operations		(142,468,824	)		152,803,620			(278,397,955	)
Distributions to shareholders from distributable earnings:
Class A		(2,775,294	)		(2,117,061	)		(12,105	)
Class C		(169,923	)		(159,566	)		–
Class R		(265,548	)		(172,591	)		–
Class Y		(1,354,131	)		(2,162,116	)		(174,428	)
Class R5		(208	)		–			–
Class R6		(29,039,080	)		(25,558,438	)		(5,822,882	)
Total distributions from distributable earnings		(33,604,184	)		(30,169,772	)		(6,009,415	)
Share transactions–net:
Class A		(11,613,775	)		(20,130,272	)		(5,403,575	)
Class B		–			–			(599,517	)
Class C		(3,012,808	)		(16,653,799	)		175,780
Class R		(125,221	)		1,570,884			6,304,881
Class Y		(10,211,449	)		(69,713,314	)		104,397,177
Class R5		–			10,000			–
Class R6		(163,215,302	)		(151,142,043	)		286,648,395
Net increase (decrease) in net assets resulting from share transactions		(188,178,555	)		(256,058,544	)		391,523,141
Net increase (decrease) in net assets		(364,251,563	)		(133,424,696	)		107,115,771
Net assets:
Beginning of period		1,812,793,366			1,946,218,062			1,839,102,291
End of period	$	1,448,541,803			$ 1,812,793,366		$	1,946,218,062

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Oppenheimer International Equity Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/20		$	20.82		$	0.03			$	(1.70	)		$	(1.67	)		$	(0.32	)		$	18.83		(8.20	)%		$	153,091		1.23	%(e)		1.25	%(e)		0.34	%(e)		35	%
Eleven months ended 10/31/19			19.44			0.31				1.29				1.60				(0.22	)			20.82		8.38				181,695		1.24	(f)		1.24	(f)		1.69	(f)		54
Year ended 11/30/18			22.23			0.27				(3.06	)			(2.79	)			(0.00	)(g)			19.44		(12.55	)			189,130		1.24			1.24			1.23			85
Year ended 11/30/17			17.40			0.18				5.00				5.18				(0.35	)			22.23		30.33				222,358		1.28			1.28			0.92			83
Year ended 11/30/16			17.56			0.25				(0.31	)			(0.06	)			(0.10	)			17.40		(0.31	)			166,493		1.32			1.32			1.43			79
Year ended 11/30/15			18.39			0.11				(0.60	)			(0.49	)			(0.34	)			17.56		(2.60	)			169,107		1.30			1.30			0.59			79
Year ended 11/30/14			19.53			0.15				(0.96	)			(0.81	)			(0.33	)			18.39		(4.20	)			185,609		1.30			1.30			0.80			68
Class C
Six months ended 04/30/20			18.45			(0.04	)			(1.51	)			(1.55	)			(0.16	)			16.74		(8.51	)			15,288		1.98	(e)		2.00	(e)		(0.41	)(e)		35
Eleven months ended 10/31/19			17.23			0.15				1.15				1.30				(0.08	)			18.45		7.59				20,057		1.99	(f)		1.99	(f)		0.93	(f)		54
Year ended 11/30/18			19.84			0.09				(2.70	)			(2.61	)			–				17.23		(13.20	)			34,738		1.99			1.99			0.48			85
Year ended 11/30/17			15.56			0.03				4.47				4.50				(0.22	)			19.84		29.42				40,178		2.04			2.04			0.19			83
Year ended 11/30/16			15.73			0.10				(0.27	)			(0.17	)			–				15.56		(1.08	)			30,895		2.08			2.08			0.66			79
Year ended 11/30/15			16.51			(0.03	)			(0.53	)			(0.56	)			(0.22	)			15.73		(3.34	)			35,938		2.06			2.06			(0.17	)		79
Year ended 11/30/14			17.59			0.01				(0.87	)			(0.86	)			(0.22	)			16.51		(4.93	)			38,418		2.05			2.05			0.06			68
Class R
Six months ended 04/30/20			20.52			0.01				(1.68	)			(1.67	)			(0.27	)			18.58		(8.29	)			17,936		1.48	(e)		1.50	(e)		0.09	(e)		35
Eleven months ended 10/31/19			19.18			0.26				1.27				1.53				(0.19	)			20.52		8.10				20,044		1.49	(f)		1.49	(f)		1.44	(f)		54
Year ended 11/30/18			21.98			0.21				(3.01	)			(2.80	)			–				19.18		(12.74	)			17,112		1.49			1.49			0.98			85
Year ended 11/30/17			17.21			0.13				4.94				5.07				(0.30	)			21.98		29.99				13,223		1.53			1.53			0.65			83
Year ended 11/30/16			17.37			0.20				(0.30	)			(0.10	)			(0.06	)			17.21		(0.55	)			8,410		1.57			1.57			1.18			79
Year ended 11/30/15			18.20			0.06				(0.59	)			(0.53	)			(0.30	)			17.37		(2.89	)			8,098		1.56			1.56			0.33			79
Year ended 11/30/14			19.33			0.10				(0.94	)			(0.84	)			(0.29	)			18.20		(4.42	)			8,641		1.56			1.56			0.55			68
Class Y
Six months ended 04/30/20			21.04			0.07				(1.72	)			(1.65	)			(0.39	)			19.00		(8.06	)			57,487		0.85	(e)		1.00	(e)		0.72	(e)		35
Eleven months ended 10/31/19			19.67			0.38				1.30				1.68				(0.31	)			21.04		8.73				74,540		0.99	(f)		0.99	(f)		2.06	(f)		54
Year ended 11/30/18			22.46			0.35				(3.07	)			(2.72	)			(0.07	)			19.67		(12.16	)			138,750		1.00			1.00			1.63			85
Year ended 11/30/17			17.59			0.21				5.06				5.27				(0.40	)			22.46		30.63				57,166		1.03			1.03			1.01			83
Year ended 11/30/16			17.75			0.27				(0.28	)			(0.01	)			(0.15	)			17.59		(0.03	)			15,965		1.07			1.07			1.54			79
Year ended 11/30/15			18.59			0.15				(0.60	)			(0.45	)			(0.39	)			17.75		(2.37	)			10,789		1.06			1.06			0.84			79
Year ended 11/30/14			19.44			0.17				(0.94	)			(0.77	)			(0.08	)			18.59		(3.98	)			10,065		1.06			1.06			0.91			68
Class R5
Six months ended 04/30/20			20.86			0.07				(1.69	)			(1.62	)			(0.40	)			18.84		(8.00	)			10		0.83	(e)		0.83	(e)		0.74	(e)		35
Period ended 10/31/19(h)			19.31			0.18				1.37				1.55				–				20.86		8.03				11		0.82	(f)		0.82	(f)		2.09	(f)		54
Class R6
Six months ended 04/30/20			20.75			0.08				(1.69	)			(1.61	)			(0.40	)			18.74		(7.99	)			1,204,730		0.78	(e)		0.78	(e)		0.79	(e)		35
Eleven months ended 10/31/19			19.40			0.38				1.29				1.67				(0.32	)			20.75		8.77				1,516,446		0.80	(f)		0.80	(f)		2.11	(f)		54
Year ended 11/30/18			22.17			0.35				(3.03	)			(2.68	)			(0.09	)			19.40		(12.20	)			1,566,488		0.82			0.82			1.65			85
Year ended 11/30/17			17.36			0.23				5.01				5.24				(0.43	)			22.17		30.96				1,505,578		0.83			0.83			1.17			83
Year ended 11/30/16			17.53			0.32				(0.30	)			0.02				(0.19	)			17.36		0.11				689,409		0.87			0.87			1.85			79
Year ended 11/30/15			18.37			0.19				(0.60	)			(0.41	)			(0.43	)			17.53		(2.16	)			716,793		0.86			0.86			1.03			79
Year ended 11/30/14			19.51			0.23				(0.95	)			(0.72	)			(0.42	)			18.37		(3.78	)			737,126		0.86			0.86			1.24			68

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.00%, 0.01%, 0.01% and 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $172,885, $18,478, $19,550, $68,318, $11 and $1,427,335 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Annualized.

^(g)  Amount represents less than $(0.005).

^(h) For the period after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Oppenheimer International Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer International Equity Fund (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                     Invesco Oppenheimer International Equity Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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 net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of

14                     Invesco Oppenheimer International Equity Fund

taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $500 million		0.850	%
Next $500 million		0.750	%
Next $1 billion		0.700	%
Next $3 billion		0.670	%
Over $5 billion		0.650	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.85%, 0.85% and 0.80%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $25,192 and reimbursed class level expenses of $13,513, $1,446, $1,532, $49,511, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $11,724 in front-end sales commissions from the sale of Class A shares and $0 and $472 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

15                     Invesco Oppenheimer International Equity Fund

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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Common Stocks & Other Equity Interests	$	357,735,955	$	1,061,813,802	$26	$	1,419,549,783
Money Market Funds		24,360,904		–	–		24,360,904
Total Investments	$	382,096,859	$	1,061,813,802	$26	$	1,443,910,687

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(13,995)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$2,951,139

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,406.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

16                     Invesco Oppenheimer International Equity Fund

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$183,574,808	$66,463,300	$250,038,108

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $558,153,928 and $722,636,466, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	197,550,405
Aggregate unrealized (depreciation) of investments		(62,936,791	)
Net unrealized appreciation of investments	$	134,613,614

Cost of investments for tax purposes is $1,309,297,073.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Eleven Months Ended October 31, 2019						Year ended November 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		401,381		$	7,851,323			1,640,929		$	31,165,329			3,048,686		$	66,743,236
Class B(b)		-			-			-			-			435			9,083
Class C		64,029			1,147,615			249,928			4,250,853			457,323			9,033,495
Class R		123,371			2,508,005			339,596			6,581,641			498,228			10,740,591
Class Y		435,130			8,623,252			1,828,775			36,331,191			7,787,432			173,301,233
Class R5(c)		-			-			518			10,000			-			-
Class R6		230,388			4,384,485			6,784,562			130,936,421			21,215,246			461,196,633
Issued as reinvestment of dividends:
Class A		116,636			2,519,332			109,652			2,061,465			529			11,736
Class C		8,410			161,897			9,476			158,911			-			-
Class R		12,437			265,283			8,865			164,617			-			-
Class Y		55,002			1,196,848			114,130			2,160,492			7,669			171,486
Class R6		1,352,711			29,029,172			1,365,818			25,499,813			264,076			5,822,882
Automatic conversion of Class C shares to Class A shares:
Class A		41,023			821,832			542,209			10,941,224			-			-
Class C		(46,111	)		(821,832	)		(610,311	)		(10,941,224	)		-			-
Reacquired:
Class A		(1,155,648	)		(22,806,262	)		(3,293,850	)		(64,298,290	)		(3,324,106	)		(72,158,547	)
Class B(b)		-			-			-			-			(29,993	)		(608,600	)
Class C		(199,910	)		(3,500,488	)		(578,794	)		(10,122,339	)		(465,394	)		(8,857,715	)
Class R		(146,996	)		(2,898,509	)		(264,043	)		(5,175,374	)		(207,447	)		(4,435,710	)
Class Y		(1,008,477	)		(20,031,549	)		(5,454,878	)		(108,204,997	)		(3,284,612	)		(69,075,542	)
Class R6		(10,367,277	)		(196,628,959	)		(15,831,394	)		(307,578,277	)		(8,630,768	)		(180,371,120	)
Net increase (decrease) in share activity		(10,083,901	)	$	(188,178,555	)		(13,038,812	)	$	(256,058,544	)		17,337,304		$	391,523,141

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)  Commencement date after the close of business on May 24, 2019.

17                     Invesco Oppenheimer International Equity Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer International Equity Fund to Invesco International Equity Fund.

18                     Invesco Oppenheimer International 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, 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, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$918.00	$5.87	$1,018.75	$6.17	1.23%
Class C	1,000.00	914.90	9.43	1,015.02	9.92	1.98
Class R	1,000.00	916.60	7.05	1,017.50	7.42	1.48
Class Y	1,000.00	919.40	4.06	1,020.64	4.27	0.85
Class R5	1,000.00	920.00	3.96	1,020.74	4.17	0.83
Class R6	1,000.00	920.10	3.72	1,020.98	3.92	0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                     Invesco Oppenheimer International Equity Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611         Invesco Distributors, Inc.                              O-IEQ-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer International Growth Fund
	Nasdaq: A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer International Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-6.22	%
Class C Shares	-6.55
Class R Shares	-6.33
Class Y Shares	-6.09
Class R5 Shares	-6.04
Class R6 Shares	-6.01
MSCI All Country World ex USA Index▼	-13.22
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Oppenheimer International Growth Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (3/25/96)	6.83	%
10 Years	4.70
5 Years	0.03
1 Year	-9.75
Class C Shares
Inception (3/25/96)	6.74	%
10 Years	4.52
5 Years	0.41
1 Year	-6.15
Class R Shares
Inception (3/1/01)	4.45	%
10 Years	5.03
5 Years	0.92
1 Year	-4.72
Class Y Shares
Inception (9/7/05)	5.66	%
10 Years	5.62
5 Years	1.42
1 Year	-4.25
Class R5 Shares
10 Years	5.33	%
5 Years	1.24
1 Year	-4.16
Class R6 Shares
Inception (3/29/12)	5.11	%
5 Years	1.60
1 Year	-4.07

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer International Growth Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer International Growth Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Oppenheimer International Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

^∎  The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎  The Fund’s investment strategy remained appropriate for an open-end fund;

^∎  The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎  The Fund did not breach the 15% limit on Illiquid Investments; and

^∎  The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Oppenheimer International Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.81%
Australia–2.26%
CSL Ltd.		1,420,786	$ 281,622,196
Belgium–0.86%
Galapagos N.V.(a)		482,281	106,662,934
Canada–5.13%
Alimentation Couche-Tard, Inc., Class B		9,471,466	264,285,168
CAE, Inc.(a)		1,990,552	32,891,049
CCL Industries, Inc., Class B		100,784	3,150,337
Dollarama, Inc.		4,984,603	156,347,403
Saputo, Inc.		4,728,148	118,887,302
Shopify, Inc., Class A(a)		98,604	62,535,033
			638,096,292
China–2.03%
Alibaba Group Holding Ltd., ADR(a)		923,013	187,067,045
Tencent Holdings Ltd.		1,224,700	64,974,136
			252,041,181
Denmark–3.30%
Ascendis Pharma A/S, ADR(a)		441,150	59,877,289
Novo Nordisk A/S, Class B		5,492,447	350,714,947
			410,592,236
France–16.13%
Airbus SE		1,907,125	121,243,394
Dassault Systemes SE		951,205	139,355,976
Edenred		2,773,797	111,871,503
EssilorLuxottica S.A.		533,976	65,995,827
Hermes International		503,480	368,837,004
Kering S.A.		129,594	65,447,764
Legrand S.A.		1,759,917	118,759,739
L’Oreal S.A.		209,144	60,866,163
LVMH Moet Hennessy Louis Vuitton SE		593,960	229,737,501
Pernod Ricard S.A.		726,958	110,922,190
Sartorius Stedim Biotech		240,936	57,891,872
SEB S.A.(a)		1,763,577	212,368,143
Ubisoft Entertainment S.A.(a)		2,653,458	197,712,027
Worldline S.A.(a)(b)		2,146,474	146,074,865
			2,007,083,968
Germany–7.13%
Fresenius Medical Care AG & Co. KGaA		2,638,466	206,771,276
Infineon Technologies AG		7,258,121	134,863,160
SAP SE		3,037,060	362,223,233
Siemens Healthineers AG(b)		4,161,481	183,485,854
			887,343,523
Hong Kong–1.05%
WH Group Ltd.		135,888,000	130,073,396
India–0.12%
ICICI Bank Ltd., ADR		1,513,466	14,771,428
Ireland–1.00%
Flutter Entertainment PLC(a)		1,013,484	124,570,460

	Shares		Value
Italy–0.65%
Davide Campari-Milano S.p.A.		10,463,269	$ 81,209,784
Japan–9.42%
Daikin Industries Ltd.		909,600	117,899,281
Hitachi Ltd.		7,630,900	228,951,932
Hoya Corp.		2,903,910	265,380,231
Keyence Corp.		686,084	246,485,427
Nidec Corp.		2,164,140	125,700,156
Nihon M&A Center, Inc.		1,985,600	65,291,228
Nitori Holdings Co. Ltd.		797,900	122,220,320
			1,171,928,575
Netherlands–5.74%
Aalberts N.V.		3,825,221	107,880,614
Adyen N.V.(a)(b)		67,887	66,780,739
ASML Holding N.V.		1,314,840	390,571,560
Boskalis Westminster		1,036,159	18,017,480
Heineken N.V.(a)		1,544,852	131,526,157
			714,776,550
New Zealand–1.34%
Xero Ltd.(a)		3,268,047	166,192,231
Spain–3.96%
Amadeus IT Group S.A.		2,736,029	131,837,045
Grifols S.A.		9,317,309	317,444,849
Prosegur Cash S.A.(b)		50,298,553	44,037,457
			493,319,351
Sweden–4.56%
Atlas Copco AB, Class A		6,936,352	240,655,379
Epiroc AB, Class A		11,975,737	120,181,332
Swedish Match AB		3,337,257	206,758,875
			567,595,586
Switzerland–12.59%
Barry Callebaut AG		118,349	232,113,930
Lonza Group AG		284,179	124,202,595
Novartis AG		438,455	37,402,873
Roche Holding AG		1,004,556	349,413,255
Sika AG		796,584	131,940,872
STMicroelectronics N.V.		12,804,930	333,322,459
Temenos AG		1,119,524	145,881,694
VAT Group AG(b)		1,281,767	211,675,022
			1,565,952,700
Taiwan–2.13%
Taiwan Semiconductor Manufacturing Co. Ltd.		26,361,000	264,914,017
Thailand–0.55%
CP ALL PCL, Foreign Shares		31,299,100	68,146,994
United Kingdom–7.59%
Blue Prism Group PLC(a)		2,075,800	33,839,232
boohoo Group PLC(a)		25,464,297	103,709,458
Britvic PLC		10,918,749	100,804,887
Compass Group PLC		5,011,462	84,434,462

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Oppenheimer International Growth Fund

	Shares		Value
United Kingdom–(continued)
GVC Holdings PLC		7,747,972	$    73,670,843
Legal & General Group PLC		60,263,308	155,577,302
London Stock Exchange Group PLC		581,940	54,700,750
Melrose Industries PLC		68,788,267	86,592,628
Next PLC		1,965,763	117,138,825
Ocado Group PLC(a)		3,439,482	69,566,797
Trainline PLC(a)(b)		13,444,574	64,346,455
			944,381,639
United States–7.27%
Atlassian Corp. PLC, Class A(a)		547,738	85,167,782
EPAM Systems, Inc.(a)		1,087,158	240,142,331
Ferguson PLC		1,261,597	91,247,406
James Hardie Industries PLC, CDI		6,491,083	93,076,447
LivaNova PLC(a)		1,192,012	63,319,677
Medtronic PLC		1,479,760	144,468,969
ResMed, Inc.		1,200,570	186,472,532
			903,895,144
Total Common Stocks & Other Equity Interests (Cost $7,725,269,976)			11,795,170,185

	Shares		Value
Preferred Stocks–0.00%
India–0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		17,213,928	$            726,655
Money Market Funds–2.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d) (Cost $299,384,826)		299,384,826	299,384,826
TOTAL INVESTMENTS IN SECURITIES–97.22% (Cost $8,024,654,802)			12,095,281,666
OTHER ASSETS LESS LIABILITIES–2.78%			345,955,588
NET ASSETS–100.00%			$12,441,237,254

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Pfd. – Preferred

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $716,400,392, which represented 5.76% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value     October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$196,446,145		$1,798,635,564		$(1,695,696,883	)	$	-	$	-			$299,384,826	$	809,764
Investments in Other Affiliates:
Prosegur Cia de Seguridad S.A.*		112,217,841		-		(110,496,967	)		16,252,174		(17,973,048	)		-		462,112
VAT Group AG**		272,526,250		-		(87,502,869	)		29,179,487		(2,527,846	)		211,675,022		-
Total		$581,190,236		$1,798,635,564		$(1,893,696,719	)	$	45,431,661	$	(20,500,894	)		$511,059,848	$	1,271,876

* At April 30, 2020, this security was no longer held.

** As of April 30, 2020, this security was not considered as an affiliate of the Fund.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Oppenheimer International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	26.45	%
Health Care	21.99
Consumer Discretionary	16.44
Consumer Staples	12.10
Industrials	12.07
Communication Services	2.12
Other Sectors, Each Less than 2% of Net Assets	3.63
Money Market Funds Plus Other Assets Less Liabilities	5.20

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Oppenheimer International Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $7,725,269,976)	$	11,795,896,840
Investments in affiliated money market funds, at value (Cost $299,384,826)		299,384,826
Cash		20,000,000
Foreign currencies, at value (Cost $224,151)		228,528
Receivable for:
Investments sold		299,542,037
Fund shares sold		6,274,910
Dividends		86,480,642
Investment for trustee deferred compensation and retirement plans		578,555
Other assets		91,820
Total assets		12,508,478,158
Liabilities:
Payable for:
Investments purchased		38,769,588
Fund shares reacquired		16,987,462
Accrued foreign taxes		4,140,889
Accrued fees to affiliates		3,374,475
Accrued trustees’ and officers’ fees and benefits		33,168
Accrued other operating expenses		3,356,767
Trustee deferred compensation and retirement plans		578,555
Total liabilities		67,240,904
Net assets applicable to shares outstanding	$	12,441,237,254
Net assets consist of:
Shares of beneficial interest	$	7,956,459,359
Distributable earnings		4,484,777,895
	$	12,441,237,254

Net Assets:
Class A	$	1,368,160,658
Class C	$	192,737,669
Class R	$	244,866,206
Class Y	$	4,881,258,318
Class R5	$	10,015
Class R6	$	5,754,204,388
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,248,442
Class C		5,239,944
Class R		6,434,540
Class Y		126,585,496
Class R5		258
Class R6		149,195,754
Class A:
Net asset value per share	$	38.81
Maximum offering price per share (Net asset value of $38.81 ÷ 94.50%)	$	41.07
Class C:
Net asset value and offering price per share	$	36.78
Class R:
Net asset value and offering price per share	$	38.05
Class Y:
Net asset value and offering price per share	$	38.56
Class R5:
Net asset value and offering price per share	$	38.82
Class R6:
Net asset value and offering price per share	$	38.57

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Oppenheimer International Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $10,897,217)	$	92,617,476
Dividends from affiliated money market funds		809,764
Interest		59,775
Total investment income		93,487,015
Expenses:
Advisory fees		46,839,063
Administrative services fees		1,041,819
Custodian fees		920,087
Distribution fees:
Class A		1,955,868
Class C		1,129,664
Class R		719,728
Transfer agent fees – A, C, R and Y		8,015,983
Transfer agent fees – R6		171,435
Trustees’ and officers’ fees and benefits		8,426
Registration and filing fees		114,640
Reports to shareholders		795,030
Professional services fees		58,810
Other		(234,478	)
Total expenses		61,536,075
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,589,035	)
Net expenses		59,947,040
Net investment income		33,539,975
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $3,211,169)		729,780,650
Foreign currencies		(443,318	)
Forward foreign currency contracts		(72,096	)
		729,265,236
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $6,609,748)		(1,638,409,060	)
Foreign currencies		11,398,427
		(1,627,010,633	)
Net realized and unrealized gain (loss)		(897,745,397	)
Net increase (decrease) in net assets resulting from operations	$	(864,205,422	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Oppenheimer International Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended November 30, 2018

(Unaudited)

	Six Months Ended April 30, 2020			Eleven Months Ended October 31, 2019			Year Ended November 30, 2018
Operations:
Net investment income		$       33,539,975			$      197,677,641			$      276,978,576
Net realized gain		729,265,236			2,184,765			362,454,853
Change in net unrealized appreciation (depreciation)		(1,627,010,633	)		2,124,910,396			(4,324,008,212	)
Net increase (decrease) in net assets resulting from operations		(864,205,422	)		2,324,772,802			(3,684,574,783	)
Distributions to shareholders from distributable earnings:
Class A		(14,967,697	)		(21,472,225	)		(19,117,217	)
Class C		(389,252	)		(664,356	)		–
Class R		(2,024,284	)		(2,973,185	)		(2,152,886	)
Class Y		(66,722,610	)		(124,261,284	)		(110,353,712	)
Class R5		(136	)		–			–
Class R6		(92,899,212	)		(135,457,439	)		(111,069,812	)
Total distributions from distributable earnings		(177,003,191	)		(284,828,489	)		(242,693,627	)
Share transactions–net:
Class A		(276,284,115	)		(625,772,217	)		(703,314,792	)
Class B		–			–			(3,096,841	)
Class C		(34,160,234	)		(140,057,632	)		(58,174,703	)
Class R		(50,191,187	)		(107,203,986	)		(37,402,650	)
Class Y		(727,760,580	)		(4,174,878,050	)		(1,480,027,724	)
Class R5		–			10,000			–
Class R6		(1,113,636,740	)		(2,189,411,468	)		(203,189,913	)
Net increase (decrease) in net assets resulting from share transactions		(2,202,032,856	)		(7,237,313,353	)		(2,485,206,623	)
Net increase (decrease) in net assets		(3,243,241,469	)		(5,197,369,040	)		(6,412,475,033	)
Net assets:
Beginning of period		15,684,478,723			20,881,847,763			27,294,322,796
End of period		$12,441,237,254			$15,684,478,723			$20,881,847,763

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Oppenheimer International Growth Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/20		$	41.74		$	0.04			$	(2.59	)		$	(2.55	)		$	(0.38	)		$	38.81		(6.22	)%		$	1,368,161		1.10	%(e)		1.14	%(e)		0.19	%(e)		11	%
Eleven months ended 10/31/19			37.08			0.33				4.71				5.04				(0.38	)			41.74		13.75				1,746,483		1.10	(f)		1.10	(f)		0.93	(f)		10
Year ended 11/30/18			43.71			0.34				(6.71	)			(6.37	)			(0.26	)			37.08		(14.66	)			2,146,246		1.11			1.11			0.79			18
Year ended 11/30/17			34.34			0.35				9.38				9.73				(0.36	)			43.71		28.61				3,249,744		1.13			1.13			0.89			22
Year ended 11/30/16			37.14			0.38				(2.87	)			(2.49	)			(0.31	)			34.34		(6.73	)			4,253,937		1.14			1.14			1.08			9
Year ended 11/30/15			36.45			0.31				0.68				0.99				(0.30	)			37.14		2.76				5,394,512		1.14			1.14			0.85			10
Year ended 11/30/14			37.45			0.38				(1.11	)			(0.73	)			(0.27	)			36.45		(1.95	)			4,726,302		1.14			1.14			1.02			12
Class C
Six months ended 04/30/20			39.42			(0.11	)			(2.46	)			(2.57	)			(0.07	)			36.78		(6.55	)			192,738		1.85	(e)		1.89	(e)		(0.56	)(e)		11
Eleven months ended 10/31/19			34.97			0.06				4.46				4.52				(0.07	)			39.42		12.95				241,807		1.85	(f)		1.85	(f)		0.18	(f)		10
Year ended 11/30/18			41.29			0.02				(6.34	)			(6.32	)			—				34.97		(15.31	)			345,228		1.86			1.86			0.04			18
Year ended 11/30/17			32.44			0.03				8.91				8.94				(0.09	)			41.29		27.64				468,753		1.88			1.88			0.09			22
Year ended 11/30/16			35.10			0.10				(2.70	)			(2.60	)			(0.06	)			32.44		(7.42	)			453,990		1.89			1.89			0.30			9
Year ended 11/30/15			34.49			0.05				0.63				0.68				(0.07	)			35.10		1.99				543,536		1.89			1.89			0.14			10
Year ended 11/30/14			35.54			0.09				(1.04	)			(0.95	)			(0.10	)			34.49		(2.68	)			498,041		1.89			1.89			0.25			12
Class R
Six months ended 04/30/20			40.88			(0.01	)			(2.55	)			(2.56	)			(0.27	)			38.05		(6.33	)			244,866		1.35	(e)		1.39	(e)		(0.06	)(e)		11
Eleven months ended 10/31/19			36.32			0.24				4.61				4.85				(0.29	)			40.88		13.47				313,081		1.35	(f)		1.35	(f)		0.68	(f)		10
Year ended 11/30/18			42.86			0.23				(6.58	)			(6.35	)			(0.19	)			36.32		(14.88	)			377,926		1.36			1.36			0.54			18
Year ended 11/30/17			33.70			0.21				9.25				9.46				(0.30	)			42.86		28.31				486,089		1.38			1.38			0.55			22
Year ended 11/30/16			36.44			0.27				(2.79	)			(2.52	)			(0.22	)			33.70		(6.96	)			390,589		1.38			1.38			0.78			9
Year ended 11/30/15			35.80			0.23				0.65				0.88				(0.24	)			36.44		2.50				400,622		1.39			1.39			0.64			10
Year ended 11/30/14			36.81			0.28				(1.09	)			(0.81	)			(0.20	)			35.80		(2.19	)			369,630		1.39			1.39			0.74			12
Class Y
Six months ended 04/30/20			41.51			0.09				(2.56	)			(2.47	)			(0.48	)			38.56		(6.09	)			4,881,258		0.85	(e)		0.89	(e)		0.44	(e)		11
Eleven months ended 10/31/19			36.92			0.42				4.67				5.09				(0.50	)			41.51		14.01				5,993,234		0.85	(f)		0.85	(f)		1.18	(f)		10
Year ended 11/30/18			43.55			0.44				(6.69	)			(6.25	)			(0.38	)			36.92		(14.47	)			9,329,538		0.86			0.86			1.04			18
Year ended 11/30/17			34.23			0.41				9.37				9.78				(0.46	)			43.55		28.96				12,543,811		0.88			0.88			1.04			22
Year ended 11/30/16			37.01			0.47				(2.85	)			(2.38	)			(0.40	)			34.23		(6.49	)			9,929,295		0.89			0.89			1.33			9
Year ended 11/30/15			36.36			0.42				0.64				1.06				(0.41	)			37.01		2.99				10,782,234		0.89			0.89			1.13			10
Year ended 11/30/14			37.35			0.46				(1.10	)			(0.64	)			(0.35	)			36.36		(1.71	)			8,774,567		0.89			0.89			1.23			12
Class R5
Six months ended 04/30/20			41.80			0.12				(2.57	)			(2.45	)			(0.53	)			38.82		(6.02	)			10		0.69	(e)		0.69	(e)		0.60	(e)		11
Period ended 10/31/19(g)			38.79			0.23				2.78				3.01				—				41.80		7.76				11		0.74	(f)		0.74	(f)		1.29	(f)		10
Class R6
Six months ended 04/30/20			41.55			0.12				(2.55	)			(2.43	)			(0.55	)			38.57		(6.01	)			5,754,204		0.69	(e)		0.69	(e)		0.60	(e)		11
Eleven months ended 10/31/19			36.98			0.48				4.67				5.15				(0.58	)			41.55		14.18				7,389,864		0.69	(f)		0.69	(f)		1.34	(f)		10
Year ended 11/30/18			43.62			0.51				(6.69	)			(6.18	)			(0.46	)			36.98		(14.32	)			8,682,910		0.69			0.69			1.20			18
Year ended 11/30/17			34.31			0.45				9.40				9.85				(0.54	)			43.62		29.14				10,542,873		0.69			0.69			1.15			22
Year ended 11/30/16			37.09			0.49				(2.81	)			(2.32	)			(0.46	)			34.31		(6.31	)			6,435,502		0.70			0.70			1.38			9
Year ended 11/30/15			36.43			0.48				0.65				1.13				(0.47	)			37.09		3.19				4,381,328		0.70			0.70			1.31			10
Year ended 11/30/14			37.41			0.55				(1.11	)			(0.56	)			(0.42	)			36.43		(1.51	)			3,763,546		0.70			0.70			1.47			12

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,595,592, $227,174, $289,473, $5,637,974, $11 and $6,870,876 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer International Growth Fund (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                     Invesco Oppenheimer International Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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 net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

14                     Invesco Oppenheimer 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 250 million		0.800	%
Next $250 million		0.770	%
Next $500 million		0.750	%
Next $1 billion		0.690	%
Next $3 billion		0.670	%
Next $5 billion		0.650	%
Next $10 billion		0.630	%
Next $10 billion		0.610	%
Over $30 billion		0.590	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.35%, 0.85%, 0.74% and 0.69%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $83,683 and reimbursed class level expenses of $284,924, $44,575, $56,660, $1,103,591, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $55,977 in front-end sales commissions from the sale of Class A shares and $925 and $2,904 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

    Level 1 – Prices are determined using quoted prices in an active market for identical assets.

15                     Invesco Oppenheimer International Growth Fund

Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	281,622,196		$–	$	281,622,196
Belgium		–		106,662,934		–		106,662,934
Canada		638,096,292		–		–		638,096,292
China		187,067,045		64,974,136		–		252,041,181
Denmark		59,877,289		350,714,947		–		410,592,236
France		–		2,007,083,968		–		2,007,083,968
Germany		–		887,343,523		–		887,343,523
Hong Kong		–		130,073,396		–		130,073,396
India		15,498,083		–		–		15,498,083
Ireland		–		124,570,460		–		124,570,460
Italy		–		81,209,784		–		81,209,784
Japan		–		1,171,928,575		–		1,171,928,575
Netherlands		–		714,776,550		–		714,776,550
New Zealand		–		166,192,231		–		166,192,231
Spain		–		493,319,351		–		493,319,351
Sweden		–		567,595,586		–		567,595,586
Switzerland		–		1,565,952,700		–		1,565,952,700
Taiwan		–		264,914,017		–		264,914,017
Thailand		–		68,146,994		–		68,146,994
United Kingdom		–		944,381,639		–		944,381,639
United States		719,571,291		184,323,853		–		903,895,144
Money Market Funds		299,384,826		–		–		299,384,826
Total Investments	$	1,919,494,826	$	10,175,786,840		$–	$	12,095,281,666

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(72,096)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$15,203,025

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,602.

16                     Invesco Oppenheimer International Growth Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration		$320,622,754	$–		$320,622,754

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $1,560,587,469 and $4,316,891,028, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,492,836,903
Aggregate unrealized (depreciation) of investments		(446,274,445	)
Net unrealized appreciation of investments	$	4,046,562,458

Cost of investments for tax purposes is $8,048,719,208.

NOTE 10–Share Information

					Summary of Share Activity
	Six months ended April 30, 2020(a)				Eleven Months Ended October 31, 2019				Year ended November 30, 2018
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		2,845,423	$	115,345,523		6,871,447	$	264,050,494		13,042,124	$	560,127,026
Class B(b)		-		-		-		-		991		42,173
Class C		158,157		6,080,058		553,040		19,733,822		1,363,260		56,199,892
Class R		478,065		19,249,623		1,426,463		53,719,770		2,704,918		114,658,142
Class Y		17,393,823		690,004,707		38,196,649		1,438,608,285		75,558,580		3,241,532,895
Class R5(c)		-		-		258		10,000		-		-
Class R6		14,139,931		543,184,072		48,275,973		1,845,003,663		72,450,594		3,098,489,284
Issued as reinvestment of dividends:
Class A		308,046		13,550,937		502,245		18,060,735		368,768		15,982,424
Class C		8,380		350,394		17,797		608,658		-		-
Class R		46,843		2,022,225		78,761		2,781,038		45,886		1,952,456
Class Y		1,056,005		46,105,173		2,617,559		93,420,675		2,017,447		86,851,078
Class R6		1,861,159		81,220,968		3,293,319		117,472,702		2,213,095		95,273,724

17                     Invesco Oppenheimer International Growth Fund

							Summary of Share Activity
	Six months ended April 30, 2020(a)						Eleven Months Ended October 31, 2019						Year ended November 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		159,774		$	6,692,449			1,171,497		$	47,493,837			-		$	-
Class C		(168,513	)		(6,692,449	)		(1,237,300	)		(47,493,837	)		-			-
Reacquired:
Class A		(9,910,837	)		(411,873,024	)		(24,582,143	)		(955,377,283	)		(29,869,620	)		(1,279,424,242	)
Class B(b)		-			-			-			-			(74,086	)		(3,139,014	)
Class C		(891,540	)		(33,898,237	)		(3,071,796	)		(112,906,275	)		(2,843,103	)		(114,374,595	)
Class R		(1,748,756	)		(71,463,035	)		(4,253,256	)		(163,704,794	)		(3,685,874	)		(154,013,248	)
Class Y		(36,250,061	)		(1,463,870,460	)		(149,109,574	)		(5,706,907,010	)		(112,942,542	)		(4,808,411,697	)
Class R6		(44,663,065	)		(1,738,041,780	)		(108,498,191	)		(4,151,887,833	)		(81,556,482	)		(3,396,952,921	)
Net increase (decrease) in share activity		(55,177,166	)	$	(2,202,032,856	)		(187,747,252	)	$	(7,237,313,353	)		(61,206,044	)	$	(2,485,206,623	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)  Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

18                     Invesco Oppenheimer 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, 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, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value     (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense     Ratio
			Ending     Account Value     (04/30/20)1		Expenses     Paid During     Period2		Ending     Account Value     (04/30/20)		Expenses     Paid During     Period2
Class A		$1,000.00		$937.80		$5.30		$1,019.39		$5.52		1.10	%
Class C		1,000.00		934.50		8.90		1,015.66		9.27		1.85
Class R		1,000.00		936.70		6.50		1,018.15		6.77		1.35
Class Y		1,000.00		939.10		4.10		1,020.64		4.27		0.85
Class R5		1,000.00		939.60		3.33		1,021.43		3.47		0.69
Class R6		1,000.00		939.90		3.33		1,021.43		3.47		0.69

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                     Invesco Oppenheimer International Growth Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. O-IGR-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer International Small-Mid Company Fund
	Nasdaq:
	A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the
fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                             Invesco Oppenheimer International Small-Mid Company Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-8.17	%
Class C Shares	-8.50
Class R Shares	-8.29
Class Y Shares	-8.07
Class R5 Shares	-7.98
Class R6 Shares	-7.99
MSCI ACWI ex USA SMID Cap Indexq	-15.22
MSCI ACWI ex USA Small Cap Indexq	-15.05
Source(s): qRIMES Technologies Corp.
The MSCI ACWI ex USA SMID Cap Index is designed to measure the equity market performance of small- and mid-cap developed and emerging markets, excluding the US.
The MSCI ACWI ex USA Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                             Invesco Oppenheimer International Small-Mid Company Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/17/97)	11.56	%
10 Years	10.34
5 Years	6.00
1 Year	-13.59
Class C Shares
Inception (11/17/97)	11.45	%
10 Years	10.13
5 Years	6.40
1 Year	-10.09
Class R Shares
Inception (3/1/01)	12.25	%
10 Years	10.66
5 Years	6.93
1 Year	-8.79
Class Y Shares
Inception (9/7/05)	10.73	%
10 Years	11.30
5 Years	7.47
1 Year	-8.34
Class R5 Shares
10 Years	11.00	%
5 Years	7.28
1 Year	-8.26
Class R6 Shares
Inception (12/29/11)	13.59	%
5 Years	7.66
1 Year	-8.21

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer International Small-Mid Company Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer International Small-Mid Company Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                             Invesco Oppenheimer International Small-Mid Company Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                             Invesco Oppenheimer International Small-Mid Company Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.42%
Australia–4.65%
ALS Ltd.		9,329,367	$    40,779,381
Ansell Ltd.		783,340	14,378,271
Bravura Solutions Ltd.		5,225,793	16,339,519
carsales.com Ltd.		3,557,532	32,205,535
Cochlear Ltd.		514,183	61,613,576
Corporate Travel Management Ltd.		4,405,734	35,698,697
IPH Ltd.		8,754,520	41,738,712
Technology One Ltd.		8,607,025	52,661,482
			295,415,173
Belgium–0.95%
Galapagos N.V.(a)		272,340	60,231,656
Brazil–1.30%
Linx S.A.		4,432,000	17,694,095
Odontoprev S.A.		15,592,100	43,009,526
TOTVS S.A.		2,030,979	22,091,691
			82,795,312
Canada–1.96%
Altus Group Ltd.		845,555	25,531,576
Descartes Systems Group, Inc. (The)(a)		1,343,911	56,490,702
Morneau Shepell, Inc.		1,757,200	42,479,816
			124,502,094
China–0.80%
TravelSky Technology Ltd., H Shares		29,361,000	50,934,864
Denmark–4.88%
Chemometec A/S		518,821	23,541,936
Chr. Hansen Holding A/S		1,891,310	163,166,503
Genmab A/S(a)		161,728	38,945,285
SimCorp A/S		909,080	84,227,348
			309,881,072
Finland–0.47%
Nokian Renkaat OYJ		1,381,477	29,605,356
France–2.29%
Alten S.A.		409,436	29,510,779
BioMerieux		572,193	71,088,314
Gaztransport Et Technigaz S.A.		613,797	44,601,478
			145,200,571
Germany–10.59%
Amadeus Fire AG(a)		203,632	20,994,668
Carl Zeiss Meditec AG, BR		2,024,385	199,794,048
Fuchs Petrolub SE, Preference Shares		1,448,894	56,379,567
MorphoSys AG(a)		551,095	58,013,228
Nemetschek SE		1,218,704	76,812,305
New Work SE		245,773	58,524,321
PVA TePla AG		263,907	2,892,361
Sartorius AG, Preference Shares		213,010	60,004,156
STRATEC SE(b)		692,469	65,676,069
Symrise AG		717,733	72,859,382
			671,950,105

	Shares		Value
Iceland–3.07%
Marel HF(c)		11,065,504	$    47,281,434
Ossur HF(b)		22,965,962	147,388,780
			194,670,214
India–0.42%
AIA Engineering Ltd.		1,241,017	26,471,593
Israel–3.03%
Nice Ltd., ADR(a)		1,169,278	192,112,375
Italy–1.76%
DiaSorin S.p.A.		574,824	97,955,904
Interpump Group S.p.A.		240,824	7,027,615
Tinexta S.p.A.		491,222	6,547,366
			111,530,885
Japan–23.13%
Ariake Japan Co. Ltd.		1,492,000	86,388,589
As One Corp.		412,563	36,725,877
Azbil Corp.		3,850,800	101,498,960
Benefit One, Inc.		3,018,700	53,163,675
Daifuku Co. Ltd.		2,533,800	176,482,527
Disco Corp.		125,000	28,078,087
Fujitec Co. Ltd.		3,351,700	48,066,783
Fukui Computer Holdings, Inc.		762,300	20,428,477
Harmonic Drive Systems, Inc.		406,500	18,887,102
Infomart Corp.		4,167,700	29,017,235
Japan Elevator Service Holdings Co. Ltd.		2,000,000	51,121,530
Mani, Inc.		322,700	7,169,591
Meitec Corp.		912,886	40,325,918
MISUMI Group, Inc.		1,047,900	25,092,105
MonotaRO Co. Ltd.		3,082,900	99,138,821
Nippon Shinyaku Co. Ltd.		1,125,100	78,934,238
NSD Co. Ltd.		1,834,900	26,236,012
OBIC Business Consultants Co. Ltd.		2,162,400	96,757,746
Obic Co. Ltd.		1,424,500	213,320,139
SCSK Corp.		1,038,200	46,714,796
TechnoPro Holdings, Inc.		839,000	47,653,661
Trend Micro, Inc.		1,200,300	60,706,621
USS Co. Ltd.		4,790,348	75,928,744
			1,467,837,234
Jersey–0.88%
Sanne Group PLC		6,855,422	55,845,398
Malaysia–0.37%
Hartalega Holdings Bhd.		13,182,800	23,262,038
Netherlands–3.28%
ASM International N.V.		606,696	66,900,141
IMCD N.V.		1,032,282	91,414,268
Intertrust N.V.(c)		3,168,743	49,980,845
			208,295,254
New Zealand–1.09%
Fisher & Paykel Healthcare Corp. Ltd.		4,149,742	69,142,686

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                             Invesco Oppenheimer International Small-Mid Company Fund

	Shares		Value
Norway–0.01%
TGS NOPEC Geophysical Co. ASA		65,301	$    1,003,572
Spain–0.46%
Applus Services S.A.		3,784,471	24,886,849
Grupo Catalana Occidente S.A.		231,709	4,482,113
			29,368,962
Sweden–5.48%
Addtech AB, Class B		1,022,460	27,950,703
Alfa Laval AB(a)		871,884	16,359,127
Biotage AB		2,124,632	26,451,534
Bravida Holding AB(a)(c)		4,621,605	37,724,646
Elekta AB, Class B		4,653,388	43,010,321
Hexpol AB(a)		8,627,143	62,865,085
Karnov Group AB(a)		2,040,998	11,136,920
Lifco AB, Class B		886,701	42,286,355
Loomis AB, Class B		2,092,498	51,111,676
Mycronic AB		1,707,219	28,673,488
			347,569,855
Switzerland–12.34%
Belimo Holding AG		15,617	103,778,960
Bossard Holding AG, Class A		280,926	35,014,063
dormakaba Holding AG(a)		103,640	51,874,367
Forbo Holding AG		22,741	30,512,134
Interroll Holding AG		14,228	27,065,225
Kardex AG		372,893	53,753,500
LEM Holding S.A.		36,802	47,677,796
Partners Group Holding AG		255,620	201,506,372
Tecan Group AG, Class R		503,471	162,594,877
VZ Holding AG		994,260	69,572,682
			783,349,976

	Shares		Value
United Kingdom–14.63%
Abcam PLC		6,349,060	$    101,634,299
Ascential PLC(c)		5,213,753	16,625,262
Ashmore Group PLC		7,347,523	35,157,312
boohoo Group PLC(a)		19,874,330	80,942,977
Croda International PLC		2,063,871	127,016,203
Diploma PLC		2,987,649	64,988,856
FDM Group Holdings PLC		4,503,070	42,459,445
Halma PLC		3,725,333	98,169,684
IMI PLC		2,857,314	29,806,221
Johnson Service Group PLC		8,369,096	13,102,992
Lancashire Holdings Ltd.		665,311	5,130,698
Ocado Group PLC(a)		5,044,438	102,028,560
Restore PLC		5,560,152	27,133,408
Rotork PLC		11,706,811	36,697,131
Spirax-Sarco Engineering PLC		980,234	107,864,790
Victrex PLC		1,593,318	40,079,395
			928,837,233
United States–0.58%
Bruker Corp.		933,403	36,701,406
Total Common Stocks & Other Equity Interests (Cost $4,651,713,648)			6,246,514,884
Money Market Funds–0.59%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(b)(d) (Cost $37,319,966)		37,319,966	37,319,966
TOTAL INVESTMENTS IN SECURITIES–99.01% (Cost $4,689,033,614)			6,283,834,850
OTHER ASSETS LESS LIABILITIES–0.99%			62,894,861
NET ASSETS–100.00%			$6,346,729,711

Investment Abbreviations:

ADR – American Depositary Receipt

BR   – Bearer Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	588,934,676	$	1,345,524,300	$	(1,897,139,010	)	$	-	$	-	$	37,319,966	$	2,385,268

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                             Invesco Oppenheimer International Small-Mid Company Fund

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Other Affiliates:
AMG Advanced Metallurgical Group NV *	$	49,384,237	$	-	$	(47,635,939	)	$	42,176,258		$	(43,924,556	)	$	-	$	-
Biocartis N.V.*		21,488,283		-		(19,106,968	)		18,265,010			(20,646,325	)		-		-
Fujitec Co. Ltd.**		72,759,396		-		(22,659,963	)		(4,103,785	)		2,071,135			48,066,783		810,085
IQE PLC*		67,965,522		-		(43,400,190	)		9,873,006			(34,438,338	)		-		-
Istyle, Inc. *		31,481,282		-		(25,574,353	)		3,361,004			(9,267,933	)		-		-
M&C Saatchi PLC*		17,167,491		-		(8,838,107	)		20,522,481			(28,851,865	)		-		-
Materialise N.V., ADR*		59,179,000		-		(51,708,000	)		(7,165,501	)		(305,499	)		-		-
Mycronic AB**		99,759,667		-		(47,351,490	)		(18,433,791	)		(5,300,898	)		28,673,488		-
New Work SE**		105,106,921		-		(27,648,499	)		(33,008,259	)		14,074,158			58,524,321		-
Ossur HF		166,277,568		-		(729	)		(18,888,249	)		190			147,388,780		399,434
PVA TePla AG**		15,135,016		-		(8,868,307	)		(175,671	)		(3,198,677	)		2,892,362		-
RaySearch Laboratories AB*		40,142,140		-		(28,275,261	)		(7,040,464	)		(4,826,415	)		-		-
SLM Solutions Group AG*		17,981,027		-		(17,081,772	)		1,024,533			(1,923,788	)		-		-
STRATEC SE		56,755,200		-		(5,829,347	)		13,689,991			1,060,225			65,676,069		-
Tecan Group AG**		155,905,994		-		(48,361,054	)		40,817,941			14,231,996			162,594,877		1,237,845
Ted Baker plc*		15,781,497		-		(14,622,683	)		46,995,492			(48,154,306	)		-		-
Theratechnologies, Inc*		15,974,489		-		(11,567,319	)		11,557,264			(15,964,434	)		-		-
UUUM, Inc. *		81,243,851		-		(69,645,659	)		(4,967,538	)		(6,630,654	)		-		-
WANdisco PLC*		16,337,599		-		(13,481,792	)		2,640,616			(5,496,423	)		-		-
Zoo Digital Group PLC*		7,813,467		-		(6,866,459	)		3,665,763			(4,612,771	)		-		-
Zotefoams PLC*		15,667,998		-		(23,049,726	)		16,127,980			(8,746,252	)		-		-
Total	$	1,718,242,321	$	1,345,524,300	$	(2,438,712,627	)	$	136,934,081		$	(210,851,430	)	$	551,136,646	$	4,832,632

* At April 30, 2020, this security was no longer held.

** As of April 30, 2020, this security was not considered as an affiliate of the Fund.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $151,612,187, which represented 2.39% of the Fund’s Net Assets.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Industrials	26.56	%
Health Care	24.06
Information Technology	23.77
Materials	8.23
Financials	5.86
Consumer Discretionary	5.59
Other Sectors, Each Less than 2% of Net Assets	4.35
Money Market Funds Plus Other Assets Less Liabilities	1.58

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                             Invesco Oppenheimer International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $4,651,713,648)	$6,246,514,884
Investments in affiliated money market funds, at value (Cost $37,319,966)	37,319,966
Cash	3,000,000
Foreign currencies, at value (Cost $10,041,020)	10,132,146
Receivable for:
Investments sold	65,483,372
Fund shares sold	3,173,070
Dividends	34,723,058
Investment for trustee deferred compensation and retirement plans	197,634
Other assets	191,955
Total assets	6,400,736,085
Liabilities:
Payable for:
Investments purchased	34,532,927
Fund shares reacquired	15,602,751
Accrued fees to affiliates	1,979,662
Accrued interest expense	594
Accrued trustees’ and officers’ fees and benefits	28,220
Accrued other operating expenses	1,664,586
Trustee deferred compensation and retirement plans	197,634
Total liabilities	54,006,374
Net assets applicable to shares outstanding	$6,346,729,711
Net assets consist of:
Shares of beneficial interest	$4,926,075,170
Distributable earnings	1,420,654,541
	$6,346,729,711

Net Assets:
Class A	$	1,093,923,823
Class C	$	134,369,902
Class R	$	80,631,462
Class Y	$	2,776,760,785
Class R5	$	90,785
Class R6	$	2,260,952,954
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		25,936,262
Class C		3,549,526
Class R		2,023,272
Class Y		66,430,763
Class R5		2,146
Class R6		53,885,846
Class A:
Net asset value per share	$	42.18
Maximum offering price per share (Net asset value of $42.18 ÷ 94.50%)	$	44.63
Class C:
Net asset value and offering price per share	$	37.86
Class R:
Net asset value and offering price per share	$	39.85
Class Y:
Net asset value and offering price per share	$	41.80
Class R5:
Net asset value and offering price per share	$	42.30
Class R6:
Net asset value and offering price per share	$	41.96

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                             Invesco Oppenheimer International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,218,069)	$	42,851,666
Dividends from affiliated money market funds		2,385,268
Interest		(85,276	)
Total investment income		45,151,658
Expenses:
Advisory fees		35,110,987
Administrative services fees		554,493
Custodian fees		456,949
Distribution fees:
Class A		1,564,509
Class C		796,692
Class R		223,136
Transfer agent fees – A, C, R and Y		3,829,171
Transfer agent fees – R5		1
Transfer agent fees – R6		38,921
Trustees’ and officers’ fees and benefits		9,206
Registration and filing fees		46,949
Reports to shareholders		316,915
Professional services fees		66,514
Other		(117,565	)
Total expenses		42,896,878
Less: Fees waived and/or expense offset arrangement(s)		(174,813	)
Net expenses		42,722,065
Net investment income		2,429,593
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(247,323,575))		(49,026,353	)
Foreign currencies		1,187,517
Forward foreign currency contracts		(275,640	)
		(48,114,476	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(694,393,431	)
Foreign currencies		359,375
		(694,034,056	)
Net realized and unrealized gain (loss)		(742,148,532	)
Net increase (decrease) in net assets resulting from operations	$	(739,718,939	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                             Invesco Oppenheimer International Small-Mid Company Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended August 31, 2019

(Unaudited)

	Six Months Ended April 30, 2020			Two Months Ended October 31, 2019			Year Ended August 31, 2019
Operations:
Net investment income (loss)	$	2,429,593		$	(2,209,265	)	$	13,988,958
Net realized gain (loss)		(48,114,476	)		48,904,956			502,388,993
Change in net unrealized appreciation (depreciation)		(694,034,056	)		304,627,726			(1,285,912,315	)
Net increase (decrease) in net assets resulting from operations		(739,718,939	)		351,323,417			(769,534,364	)
Distributions to shareholders from distributable earnings:
Class A		(68,564,320	)		-			(139,080,623	)
Class C		(9,282,894	)		-			(25,956,690	)
Class R		(4,821,631	)		-			(8,517,948	)
Class Y		(199,590,574	)		-			(435,294,440	)
Class R5		(1,004	)		-			-
Class R6		(135,725,492	)		-			(272,368,594	)
Total distributions from distributable earnings		(417,985,915	)		-			(881,218,295	)
Share transactions–net:
Class A		(139,630,691	)		(34,872,319	)		(121,699,037	)
Class C		(18,891,210	)		(9,868,630	)		(95,796,785	)
Class R		(2,164,399	)		(3,241,275	)		6,368,039
Class Y		(739,120,261	)		(68,628,740	)		(979,187,194	)
Class R5		71,978			-			20,000
Class R6		(132,121,944	)		(46,716,971	)		(63,792,999	)
Net increase (decrease) in net assets resulting from share transactions		(1,031,856,527	)		(163,327,935	)		(1,254,087,976	)
Net increase (decrease) in net assets		(2,189,561,381	)		187,995,482			(2,904,840,635	)
Net assets:
Beginning of period		8,536,291,092			8,348,295,610			11,253,136,245
End of period	$	6,346,729,711		$	8,536,291,092		$	8,348,295,610

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                             Invesco Oppenheimer International Small-Mid Company Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (e)
Class A
Six months ended 04/30/20		$	48.20		$	(0.04	)		$	(3.62	)		$	(3.66	)		$	(0.18	)		$	(2.18	)		$	(2.36	)		$	42.18		(8.17	)%		$	1,093,924		1.33	%(f)		1.33	%(f)		(0.17	)%(f)		57	%
Two months ended 10/31/19			46.25			(0.03	)			1.98				1.95				-				-				-				48.20		4.22				1,417,657		1.31	(g)		1.31	(g)		(0.37	)(g)		0	(h)
Year ended 08/31/19			54.54			(0.03	)			(3.81	)			(3.84	)			(0.22	)			(4.23	)			(4.45	)			46.25		(6.21	)			1,394,542		1.36			1.36			(0.06	)		28
Year ended 08/31/18			47.11			(0.05	)			8.94				8.89				(0.37	)			(1.09	)			(1.46	)			54.54		19.27				1,777,990		1.38			1.38			(0.10	)		27
Year ended 08/31/17			38.28			(0.06	)			8.95				8.89				(0.06	)			-				(0.06	)			47.11		23.25				2,260,943		1.41			1.41			(0.15	)		22
Year ended 08/31/16			36.38			0.05				1.87				1.92				(0.02	)			-				(0.02	)			38.28		5.29				2,678,644		1.29			1.29			(0.14	)		19
Year ended 08/31/15			33.92			0.06				2.55				2.61				(0.15	)			-				(0.15	)			36.38		7.77				1,968,434		1.19			1.19			(0.18	)		15
Class C
Six months ended 04/30/20			43.62			(0.19	)			(3.24	)			(3.43	)			(0.15	)			(2.18	)			(2.33	)			37.86		(8.50	)			134,370		2.09	(f)		2.09	(f)		(0.93	)(f)		57
Two months ended 10/31/19			41.91			(0.08	)			1.79				1.71				-				-				-				43.62		4.08				177,238		2.07	(g)		2.07	(g)		(1.13	)(g)		0	(h)
Year ended 08/31/19			50.01			(0.35	)			(3.52	)			(3.87	)			-				(4.23	)			(4.23	)			41.91		(6.91	)			179,992		2.12			2.12			(0.82	)		28
Year ended 08/31/18			43.36			(0.40	)			8.22				7.82				(0.08	)			(1.09	)			(1.17	)			50.01		18.37				323,001		2.13			2.13			(0.85	)		27
Year ended 08/31/17			35.45			(0.34	)			8.25				7.91				-				-				-				43.36		22.35				323,084		2.16			2.16			(0.91	)		22
Year ended 08/31/16			33.92			(0.21	)			1.74				1.53				-				-				-				35.45		4.48				339,118		2.04			2.04			(0.62	)		19
Year ended 08/31/15			31.71			(0.18	)			2.39				2.21				-				-				-				33.92		6.97				281,439		1.94			1.94			(0.57	)		15
Class R
Six months ended 04/30/20			45.70			(0.09	)			(3.42	)			(3.51	)			(0.16	)			(2.18	)			(2.34	)			39.85		(8.29	)			80,631		1.59	(f)		1.59	(f)		(0.43	)(f)		57
Two months ended 10/31/19			43.88			(0.05	)			1.87				1.82				-				-				-				45.70		4.15				95,501		1.57	(g)		1.57	(g)		(0.63	)(g)		0	(h)
Year ended 08/31/19			52.05			(0.14	)			(3.65	)			(3.79	)			(0.15	)			(4.23	)			(4.38	)			43.88		(6.44	)			94,864		1.61			1.61			(0.31	)		28
Year ended 08/31/18			45.08			(0.17	)			8.55				8.38				(0.32	)			(1.09	)			(1.41	)			52.05		18.99				103,818		1.63			1.63			(0.35	)		27
Year ended 08/31/17			36.67			(0.15	)			8.56				8.41				-				-				-				45.08		22.93				91,019		1.66			1.66			(0.39	)		22
Year ended 08/31/16			34.92			(0.05	)			1.80				1.75				-				-				-				36.67		5.01				73,150		1.53			1.53			(0.15	)		19
Year ended 08/31/15			32.55			(0.02	)			2.46				2.44				(0.07	)			-				(0.07	)			34.92		7.53				60,908		1.44			1.44			(0.07	)		15
Class Y
Six months ended 04/30/20			47.75			0.02				(3.59	)			(3.57	)			(0.20	)			(2.18	)			(2.38	)			41.80		(8.07	)			2,776,761		1.09	(f)		1.09	(f)		0.07	(f)		57
Two months ended 10/31/19			45.80			(0.01	)			1.96				1.95				-				-				-				47.75		4.26				4,085,890		1.07	(g)		1.07	(g)		(0.13	)(g)		0	(h)
Year ended 08/31/19			54.15			0.08				(3.80	)			(3.72	)			(0.40	)			(4.23	)			(4.63	)			45.80		(5.98	)			3,986,316		1.12			1.12			0.18			28
Year ended 08/31/18			46.82			0.08				8.87				8.95				(0.53	)			(1.09	)			(1.62	)			54.15		19.57				5,811,651		1.14			1.14			0.15			27
Year ended 08/31/17			38.06			0.05				8.87				8.92				(0.16	)			-				(0.16	)			46.82		23.55				4,125,091		1.16			1.16			0.13			22
Year ended 08/31/16			36.16			0.15				1.85				2.00				(0.10	)			-				(0.10	)			38.06		5.53				2,239,385		1.04			1.04			0.41			19
Year ended 08/31/15			33.71			0.16				2.52				2.68				(0.23	)			-				(0.23	)			36.16		8.05				1,397,394		0.95			0.95			0.47			15
Class R5
Six months ended 04/30/20			48.26			0.05				(3.63	)			(3.58	)			(0.20	)			(2.18	)			(2.38	)			42.30		(7.98	)			91		0.96	(f)		0.96	(f)		0.20	(f)		57
Two months ended 10/31/19			46.29			(0.01	)			1.98				1.97				-				-				-				48.26		4.26				20		1.01	(g)		1.01	(g)		(0.07	)(g)		0	(h)
Period ended 08/31/19			46.97			0.04				(0.72	)			(0.68	)			-				-				-				46.29		(1.45	)			19		1.01			1.01			0.29			28
Class R6
Six months ended 04/30/20			47.90			0.05				(3.60	)			(3.55	)			(0.21	)			(2.18	)			(2.39	)			41.96		(7.99	)			2,260,953		0.94	(f)		0.94	(f)		0.22	(f)		57
Two months ended 10/31/19			45.94			-				1.96				1.96				-				-				-				47.90		4.27				2,759,984		0.94	(g)		0.94	(g)		0.00	(g)		0	(h)
Year ended 08/31/19			54.32			0.16				(3.82	)			(3.66	)			(0.49	)			(4.23	)			(4.72	)			45.94		(5.82	)			2,692,561		0.96			0.96			0.34			28
Year ended 08/31/18			46.95			0.16				8.90				9.06				(0.60	)			(1.09	)			(1.69	)			54.32		19.77				3,236,676		0.96			0.96			0.32			27
Year ended 08/31/17			38.17			0.12				8.88				9.00				(0.22	)			-				(0.22	)			46.95		23.76				2,285,847		0.97			0.97			0.30			22
Year ended 08/31/16			36.23			0.21				1.87				2.08				(0.14	)			-				(0.14	)			38.17		5.75				1,272,537		0.85			0.85			0.57			19
Year ended 08/31/15			33.76			0.21				2.54				2.75				(0.28	)			-				(0.28	)			36.23		8.27				1,032,630		0.76			0.76			0.60			15

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Includes fee waivers which were less than 0.005% per share.

^(d)  Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, 0.01%, 0.01%, 0.01% and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,292,483, $160,214, $89,745, $3,663,297, $20 and $2,591,228 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  Amount represents less than 0.005%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                             Invesco Oppenheimer International Small-Mid Company Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer International Small-Mid Company Fund (the “Fund”) is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                             Invesco Oppenheimer International Small-Mid Company Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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 net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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 Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

14                             Invesco Oppenheimer International Small-Mid Company 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $500 million		1.000	%
Next $500 million		0.950	%
Next $4 billion		0.920	%
Next $5 billion		0.900	%
Next $10 billion		0.880	%
Over $20 billion		0.870	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.92%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 1.38%, 2.13%, 1.63%, 1.14%, 1.01% and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $165,386.

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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, 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, 2020, IDI advised the Fund that IDI retained $23,839 in front-end sales commissions from the sale of Class A shares and $28 and $1,526 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

15                             Invesco Oppenheimer International Small-Mid Company Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	-	$	295,415,173		$-	$	295,415,173
Belgium		-		60,231,656		-		60,231,656
Brazil		82,795,312		-		-		82,795,312
Canada		124,502,094		-		-		124,502,094
China		-		50,934,864		-		50,934,864
Denmark		-		309,881,072		-		309,881,072
Finland		-		29,605,356		-		29,605,356
France		-		145,200,571		-		145,200,571
Germany		-		671,950,105		-		671,950,105
Iceland		-		194,670,214		-		194,670,214
India		-		26,471,593		-		26,471,593
Israel		192,112,375		-		-		192,112,375
Italy		-		111,530,885		-		111,530,885
Japan		-		1,467,837,234		-		1,467,837,234
Jersey		-		55,845,398		-		55,845,398
Malaysia		-		23,262,038		-		23,262,038
Netherlands		-		208,295,254		-		208,295,254
New Zealand		-		69,142,686		-		69,142,686
Norway		-		1,003,572		-		1,003,572
Spain		-		29,368,962		-		29,368,962
Sweden		-		347,569,855		-		347,569,855
Switzerland		-		783,349,976		-		783,349,976
United Kingdom		-		928,837,233		-		928,837,233
United States		36,701,406		-		-		36,701,406
Money Market Funds		37,319,966		-		-		37,319,966
Total Investments	$	473,431,153	$	5,810,403,697		$-	$	6,283,834,850

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(275,640)

NOTE 5–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-month period ended April 30, 2020, the Fund engaged in securities purchases of $15,255,238 and securities sales of $284,874,675, which resulted in net realized gains (losses) of $(247,323,575).

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,427.

16                             Invesco Oppenheimer International Small-Mid Company Fund

NOTE 7–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 9–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 10–Investment Transactions

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, 2020 was $4,220,906,080 and $5,161,629,535, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,784,815,837
Aggregate unrealized (depreciation) of investments		(319,316,612	)
Net unrealized appreciation of investments	$	1,465,499,225

Cost of investments for tax purposes is $4,818,335,625.

NOTE 11–Share Information

							Summary of Share Activity
	Six months ended						Two Months Ended						Year ended
	April 30, 2020(a)						October 31, 2019						August 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		1,417,062		$	68,357,062			326,229		$	15,360,516			4,657,721	$	218,862,059
Class C		76,588			3,030,594			12,336			520,604			123,498		5,197,438
Class R		126,136			5,363,917			32,586			1,453,412			413,022		18,375,264
Class Y		7,317,461			322,192,438			1,893,257			88,237,648			15,184,170		697,565,533
Class R5		1,715			71,481			-			-			421		20,000
Class R6		4,448,675			194,448,209			1,069,455			49,949,769			11,458,099		533,041,328
Issued as reinvestment of dividends:
Class A		1,234,547			59,060,716			-			-			3,158,390		132,304,962
Class C		194,910			8,392,805			-			-			646,497		24,676,799
Class R		105,881			4,790,061			-			-			206,099		8,204,796
Class Y		3,355,855			158,933,304			-			-			9,781,788		405,063,860
Class R5		10			497			-			-			-		-
Class R6		2,728,217			129,644,859			-			-			6,378,561		264,646,520
Automatic conversion of Class C shares to Class A shares:
Class A		121,577			5,443,194			87,515			4,117,033			-		-
Class C		(135,100	)		(5,443,194	)		(96,619	)		(4,117,033	)		-		-

17                             Invesco Oppenheimer International Small-Mid Company Fund

							Summary of Share Activity
	Six months ended						Two Months Ended						Year ended
	April 30, 2020(a)						October 31, 2019						August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(6,250,241	)	$	(272,491,663	)		(1,153,752	)	$	(54,349,868	)		(10,264,731	)	$	(472,866,058	)
Class C		(649,684	)		(24,871,415	)		(147,279	)		(6,272,201	)		(2,934,301	)		(125,671,022	)
Class R		(298,269	)		(12,318,377	)		(105,176	)		(4,694,687	)		(451,678	)		(20,212,021	)
Class Y		(29,812,204	)		(1,220,246,003	)		(3,360,875	)		(156,866,388	)		(45,259,264	)		(2,081,816,587	)
Class R6		(10,907,636	)		(456,215,012	)		(2,066,823	)		(96,666,740	)		(18,807,451	)		(861,480,847	)
Net increase (decrease) in share activity		(26,924,500	)	$	(1,031,856,527	)		(3,509,146	)	$	(163,327,935	)		(25,709,159	)	$	(1,254,087,976	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 13–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer International Small-Mid Company Fund to Invesco International Small-Mid Company Fund.

18                             Invesco Oppenheimer International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/19)	Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$918.30	$6.34	$1,018.25	$6.67	1.33%
Class C	1,000.00	915.00	9.95	1,014.47	10.47	2.09
Class R	1,000.00	917.10	7.58	1,016.96	7.97	1.59
Class Y	1,000.00	919.30	5.20	1,019.44	5.47	1.09
Class R5	1,000.00	920.20	4.58	1,020.09	4.82	0.96
Class R6	1,000.00	920.10	4.49	1,020.19	4.72	0.94

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                             Invesco Oppenheimer International Small-Mid Company Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. O-ISMC-SAR-1                                         

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of June 17, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 17, 2020, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:     AIM International Mutual Funds (Invesco International Mutual Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 8, 2020

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 8, 2020
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	July 8, 2020

EX-99.CERT

I, Sheri Morris, Principal Executive Officer, certify that:

1.    I have reviewed this report on Form N-CSR of AIM International Mutual Funds (Invesco International Mutual Funds)

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.    The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2020	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

I, Kelli Gallegos, 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.    The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2020	/s/ Kelli Gallegos
	Kelli Gallegos, 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, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, 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, 2020	/s/ Sheri Morris
	Sheri Morris, 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, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Kelli Gallegos, 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, 2020	/s/ Kelli Gallegos
	Kelli Gallegos, 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.