# EDGAR Filing Document

**Accession Number:** 0000880859
**File Stem:** 0001193125-23-002133
**Filing Date:** 2023-1
**Character Count:** 2261824
**Document Hash:** fc385adcc04188ed48108817b5f6b0a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-002133.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001193125-23-002133

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
- **CENTRAL INDEX KEY:** 0000880859
- **IRS NUMBER:** 760352823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06463
- **FILM NUMBER:** 23510302

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20031126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL FUNDS INC /MD/
- **DATE OF NAME CHANGE:** 20000620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000323

## Series and Classes Contracts Data

### Invesco EQV Asia Pacific Equity Fund (Series ID: S000000226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000537 | Class A      | ASIAX           |
| C000000539 | Class C      | ASICX           |
| C000071235 | Class Y      | ASIYX           |
| C000188848 | Class R6     |  |

### Invesco EQV European Equity Fund (Series ID: S000000227)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000540 | Class A        | AEDAX           |
| C000000542 | Class C        | AEDCX           |
| C000000543 | Class R        | AEDRX           |
| C000000544 | Investor Class | EGINX           |
| C000071236 | Class Y        | AEDYX           |
| C000188849 | Class R6       |  |

### INVESCO Global Growth Fund (Series ID: S000000229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000548 | Class A      | AGGAX           |
| C000000550 | Class C      | AGGCX           |
| C000053092 | CLASS R5     | GGAIX           |
| C000071238 | Class Y      | AGGYX           |
| C000120686 | Class R6     | AGGFX           |

### Invesco EQV International Equity Fund (Series ID: S000000230)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000551 | Class A      | AIIEX           |
| C000000553 | Class C      | AIECX           |
| C000000554 | Class R      | AIERX           |
| C000023043 | CLASS R5     | AIEVX           |
| C000071239 | Class Y      | AIIYX           |
| C000120687 | Class R6     | IGFRX           |

### INVESCO International Core Equity Fund (Series ID: S000000231)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000555 | Class A        | IBVAX           |
| C000000557 | Class C        | IBVCX           |
| C000000558 | Class R        | IIBRX           |
| C000000559 | Investor Class | IIBCX           |
| C000023044 | CLASS R5       | IBVIX           |
| C000071240 | Class Y        | IBVYX           |
| C000120688 | Class R6       | IBVFX           |

### Invesco International Select Equity Fund (Series ID: S000052140)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000164117 | Class A      |  |
| C000164118 | Class C      |  |
| C000164119 | Class R      |  |
| C000164120 | Class Y      |  |
| C000164121 | Class R5     |  |
| C000164122 | Class R6     |  |

### Invesco MSCI World SRI Index Fund (Series ID: S000054632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171594 | Class A      |  |
| C000171595 | Class C      |  |
| C000171596 | Class R      |  |
| C000171597 | Class Y      |  |
| C000171598 | Class R5     |  |
| C000171599 | Class R6     |  |

### Invesco Global Focus Fund (Series ID: S000064622)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209193 | Class R6     |  |
| C000209194 | Class R5     |  |
| C000209195 | Class A      |  |
| C000209196 | Class Y      |  |
| C000209197 | Class C      |  |
| C000209198 | Class R      |  |

### Invesco International Small-Mid Company Fund (Series ID: S000064623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209199 | Class R6     |  |
| C000209200 | Class R5     |  |
| C000209201 | Class R      |  |
| C000209202 | Class C      |  |
| C000209203 | Class A      |  |
| C000209204 | Class Y      |  |

### Invesco Global Fund (Series ID: S000064624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209205 | Class C      |  |
| C000209206 | Class R      |  |
| C000209207 | Class Y      |  |
| C000209208 | Class R5     |  |
| C000209209 | Class R6     |  |
| C000209210 | Class A      |  |

### Invesco Global Opportunities Fund (Series ID: S000064625)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209211 | Class R5     |  |
| C000209212 | Class R6     |  |
| C000209213 | Class Y      |  |
| C000209214 | Class A      |  |
| C000209215 | Class C      |  |
| C000209216 | Class R      |  |

### Invesco Advantage International Fund (Series ID: S000064626)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209217 | Class R6     |  |
| C000209218 | Class R5     |  |
| C000209219 | Class A      |  |
| C000209220 | Class Y      |  |
| C000209221 | Class R      |  |
| C000209222 | Class C      |  |

### Invesco International Equity Fund (Series ID: S000064627)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209223 | Class R6     |  |
| C000209224 | Class R5     |  |
| C000209225 | Class R      |  |
| C000209226 | Class C      |  |
| C000209227 | Class A      |  |
| C000209228 | Class Y      |  |

### Invesco Oppenheimer International Growth Fund (Series ID: S000064628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209229 | Class C      |  |
| C000209230 | Class R      |  |
| C000209231 | Class R6     |  |
| C000209232 | Class R5     |  |
| C000209233 | Class Y      |  |
| C000209234 | Class A      |  |

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

---

Registrant's telephone number, including area code: <u>(713) 626-1919</u> 

---

| | |
|:---|:---|
| Date of fiscal year end: | <u>10/31</u> |
| Date of reporting period: | <u>10/31/22</u> |

---

------

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

------

![LOGO](g126829dsp001jpg.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco Advantage International Fund** 

Nasdaq:

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

---

| | |
|:---|:---|
| 2 | [Management's Discussion](#edg126829_1) |
| 2 | [Performance Summary](#edg126829_2) |
| 3 | [Long-Term Fund Performance](#edg126829_3) |
| 5 | [Supplemental Information](#edg126829_4) |
| 7 | [Schedule of Investments](#edg126829_5) |
| 14 | [Financial Statements](#edg126829_6) |
| 17 | [Financial Highlights](#edg126829_7) |
| 18 | [Notes to Financial Statements](#edg126829_8) |
| 28 | [Report of Independent Registered Public Accounting Firm](#edg126829_9) |
| 29 | [Fund Expenses](#edg126829_10) |
| 30 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg126829_11) |
| 32 | [Tax Information](#edg126829_12) |
| T-1 | [Trustees and Officers](#edg126829_13) |

---

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Advantage International Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex USA Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Advantage International Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex USA Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -14.34 | % |
| &nbsp;&nbsp; Class C Shares | -14.94 |  |
| &nbsp;&nbsp; Class R Shares | -14.53 |  |
| &nbsp;&nbsp; Class Y Shares | -14.12 |  |
| &nbsp;&nbsp; Class R5 Shares | -14.02 |  |
| &nbsp;&nbsp; Class R6 Shares | -14.10 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> | -24.73 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance as equity market volatility was sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the beginning of the fiscal year, international developed equity markets were mostly positive, despite rising inflation and the emergence of the Omicron COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Meanwhile, emerging market equities began the fiscal year with declines, due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first half of 2022 brought steep decline for equity markets as Russia's invasion of Ukraine exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply. Inflation headwinds continued into the third quarter of 2022, with the US Federal Reserve, the European Central Bank and the Bank of England all raising interest rates in response. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities were further hampered by a strengthening US dollar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory for October. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the

rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against this backdrop, we believe the Fund's positioning toward options-based defense and overweight exposure to low volatility and value stocks proved beneficial as low volatility and value stocks outperformed the benchmark and the options-based defense buffered equity market drawdowns during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike the cap-weighted benchmark, which overweights the largest companies and underweights smaller companies, the Fund buys stocks based on multiple characteristics that have proven to be important drivers of returns. These characteristics, or factors, are widely known as value, momentum, quality and low or minimum volatility. While the Fund's relative positioning during the fiscal year ultimately resulted in outperformance, we continue to believe equity portfolios should be constructed with intentional exposures to a diversified set of identifiable risk factors. We believe, based on the team's research, that doing so allows the Fund to better target its exposure to rewarded risks over a full market cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the Fund's strategy utilizes derivative instruments that include futures, options and total return swaps. Therefore, some of the strategy performance, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in Invesco Advantage International Fund. As always, we welcome your comments and questions.

------

**Portfolio manager(s):** 

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

---

| | |
|:---|:---|
| **2** | **Invesco Advantage International Fund** |

---

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 8/27/15

![LOGO](g126829g71f21.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

---

| | |
|:---|:---|
| **3** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (8/27/15) | 3.19 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.36 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -19.06 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (8/27/15) | 3.25 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.78 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -15.69 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (8/27/15) | 3.77 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.27 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.53 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (8/27/15) | 4.21 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.72 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.12 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception | 4.15 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.71 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.02 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (8/27/15) | 4.28 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.78 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -14.10 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 Advantage International Fund** |

---

------

**Supplemental Information** 

**Invesco Advantage International Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA<sup>®</sup> 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **5** | **Invesco Advantage International Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Financials | 14.62% |
|  Health Care | 9.07 |
|  Consumer Discretionary | 8.63 |
|  Industrials | 8.58 |
|  Energy | 6.72 |
|  Consumer Staples | 6.55 |
|  Information Technology | 5.89 |
|  Materials | 5.84 |
|  Communication Services | 5.70 |
|  Utilities | 2.03 |
|  Real Estate | 1.16 |
|  Money Market Funds Plus Other Assets Less Liabilities | 25.21 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Roche Holding AG | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Shell PLC | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Novartis AG | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | TotalEnergies SE | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | British American Tobacco PLC | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Toyota Motor Corp. | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Sanofi | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | SK Hynix, Inc. | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Takeda Pharmaceutical Co. Ltd. | 0.94 |
| 10. | AP Moller - Maersk A/S, Class B | 0.90 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **6** | **Invesco Advantage International Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–74.12%** | **Common Stocks & Other Equity Interests–74.12%** | **Common Stocks & Other Equity Interests–74.12%** |
|  **Australia–2.65%** |  |  |
|  Australia & New Zealand Banking Group Ltd. | 236 | $3847 |
|  BHP Group Ltd. | 4900 | 117325 |
|  Coles Group Ltd. | 599 | 6251 |
|  Commonwealth Bank of Australia | 95 | 6341 |
|  Fortescue Metals Group Ltd. | 3466 | 32345 |
|  Glencore PLC | 7830 | 44753 |
|  Goodman Group | 394 | 4291 |
|  Macquarie Group Ltd. | 47 | 5067 |
|  National Australia Bank Ltd. | 284 | 5873 |
|  Newcrest Mining Ltd. | 1665 | 18387 |
|  Rio Tinto Ltd. | 2237 | 125328 |
|  Rio Tinto PLC | 3088 | 160670 |
|  Telstra Group Ltd.<sup>(a)</sup> | 7720 | 19357 |
|  Wesfarmers Ltd. | 268 | 7762 |
|  Woodside Energy Group Ltd. | 788 | 18256 |
|  Woolworths Group Ltd. | 284 | 5989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581842 |
|  **Austria–0.16%** |  |  |
|  OMV AG | 756 | 34807 |
|  **Belgium–0.68%** |  |  |
|  Anheuser-Busch InBev S.A./N.V. | 2615 | 130981 |
|  UCB S.A. | 252 | 19002 |
|  |  | 149983 |
|  **Brazil–2.18%** |  |  |
|  B3 S.A. – Brasil, Bolsa, Balcao | 20100 | 58524 |
|  Banco do Brasil S.A. | 3700 | 26517 |
|  CCR S.A. | 1900 | 4767 |
|  Centrais Eletricas Brasileiras S.A. | 600 | 5787 |
|  ENGIE Brasil Energia S.A. | 600 | 4672 |
|  Gerdau S.A., Preference Shares | 1100 | 5483 |
|  Itau Unibanco Holding S.A., Preference Shares | 1900 | 11182 |
|  Itausa S.A., Preference Shares | 2100 | 4366 |
|  Localiza Rent a Car S.A. | 300 | 4097 |
|  Petroleo Brasileiro S.A., Preference Shares | 30700 | 177169 |
|  Telefonica Brasil S.A. | 2800 | 22392 |
|  TIM S.A. | 4200 | 10733 |
|  Vale S.A. | 9700 | 126060 |
|  WEG S.A. | 1600 | 12477 |
|  XP,Inc.,BDR<sup>(a)</sup> | 189 | 3472 |
|  |  | 477698 |
|  **Chile–0.23%** |  |  |
|  Banco de Chile | 57551 | 5200 |
|  Cencosud S.A. | 4096 | 5508 |
|  Cia Sud Americana de Vapores S.A. | 191999 | 13297 |
|  Falabella S.A. | 1696 | 3315 |
|  Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 252 | 23655 |
|  |  | 50975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China–6.93%** |  |  |
|  Agricultural Bank of China Ltd., H Shares | 123000 | $35060 |
|  Air China Ltd., H Shares<sup>(a)</sup> | 8000 | 5566 |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137733 |
|  Aluminum Corp. of China Ltd., H Shares | 14000 | 3997 |
|  Anhui Conch Cement Co. Ltd., H Shares | 2000 | 5155 |
|  ANTA Sports Products Ltd. | 1600 | 14072 |
|  Autohome, Inc., ADR | 175 | 4571 |
|  Baidu, Inc., A Shares<sup>(a)</sup> | 2200 | 21110 |
|  Bank of China Ltd., H Shares | 294000 | 94773 |
|  Bank of Communications Co. Ltd., H Shares | 85000 | 41415 |
|  Beijing Enterprises Holdings Ltd. | 2000 | 5068 |
|  BOC Hong Kong Holdings Ltd. | 2000 | 6222 |
|  Brilliance China Automotive Holdings Ltd. | 6000 | 2584 |
|  BYD Co. Ltd., H Shares | 1500 | 33602 |
|  China CITIC Bank Corp. Ltd., H Shares | 36000 | 13577 |
|  China Coal Energy Co. Ltd., H Shares | 9000 | 6629 |
|  China Construction Bank Corp., H Shares | 151000 | 80237 |
|  China Feihe Ltd.<sup>(b)</sup> | 7000 | 4037 |
|  China Galaxy Securities Co. Ltd., H Shares | 15500 | 5807 |
|  China Gas Holdings Ltd. | 3000 | 2661 |
|  China Hongqiao Group Ltd. | 12500 | 8840 |
|  China Jinmao Holdings Group Ltd. | 34000 | 4497 |
|  China Life Insurance Co. Ltd., H Shares | 16000 | 17387 |
|  China Longyuan Power Group Corp. Ltd., H Shares | 4000 | 4577 |
|  China Merchants Bank Co. Ltd., H Shares | 4000 | 13153 |
|  China Merchants Port Holdings Co. Ltd. | 8000 | 9351 |
|  China Minsheng Banking Corp. Ltd., H Shares | 9000 | 2613 |
|  China Oilfield Services Ltd., H Shares | 8000 | 9006 |
|  China Overseas Land & Investment Ltd. | 30500 | 58222 |
|  China Petroleum & Chemical Corp., H Shares | 184000 | 72687 |
|  China Railway Group Ltd., H Shares | 24000 | 10419 |
|  China Resources Land Ltd. | 18000 | 56431 |
|  China Shenhua Energy Co. Ltd., H Shares | 6500 | 17091 |
|  China Taiping Insurance Holdings Co. Ltd. | 4600 | 3182 |
|  China Tower Corp. Ltd., H Shares<sup>(b)</sup> | 132000 | 11942 |
|  China Vanke Co. Ltd., H Shares | 2300 | 2955 |
|  CITIC Ltd. | 6000 | 5375 |
|  COSCO SHIPPING Holdings Co. Ltd., H Shares | 6850 | 7394 |
|  CSPC Pharmaceutical Group Ltd. | 20640 | 21227 |
|  ENN Energy Holdings Ltd. | 900 | 8928 |
|  Geely Automobile Holdings Ltd. | 2000 | 2142 |
|  Great Wall Motor Co. Ltd., H Shares | 4500 | 4893 |
|  Haier Smart Home Co. Ltd., H Shares | 3000 | 7510 |
|  Hengan International Group Co. Ltd. | 1500 | 5822 |
|  Industrial & Commercial Bank of China Ltd., H Shares | 283000 | 122691 |
|  JD Health International, Inc.<sup>(a)(b)</sup> | 700 | 3842 |
|  JD.com, Inc., A Shares | 3316 | 61919 |
|  Kingsoft Corp. Ltd. | 1800 | 5449 |
|  Kunlun Energy Co. Ltd. | 6000 | 3585 |
|  Lenovo Group Ltd. | 12000 | 9561 |
|  Li Ning Co. Ltd. | 2500 | 12938 |
|  Longfor Group Holdings Ltd.<sup>(b)</sup> | 7000 | 8921 |
|  Lufax Holding Ltd., ADR | 1276 | 2029 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China–(continued)** |  |  |
|  NetEase, Inc. | 2600 | $28929 |
|  Nongfu Spring Co. Ltd., H Shares<sup>(b)</sup> | 9000 | 45247 |
|  NXP Semiconductors N.V. | 126 | 18406 |
|  People's Insurance Co. Group of China Ltd. (The), H Shares | 14000 | 3868 |
|  PetroChina Co. Ltd., H Shares | 188000 | 71869 |
|  PICC Property & Casualty Co. Ltd., H Shares | 8000 | 7380 |
|  Ping An Insurance (Group) Co. of China Ltd., H Shares | 9000 | 36016 |
|  Postal Savings Bank of China Co. Ltd., H Shares<sup>(b)</sup> | 37000 | 17174 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 4000 | 5516 |
|  Shenzhou International Group Holdings Ltd. | 800 | 5522 |
|  Sino Biopharmaceutical Ltd. | 19000 | 9202 |
|  Sunny Optical Technology Group Co. Ltd. | 600 | 5205 |
|  Tencent Holdings Ltd. | 1300 | 34112 |
|  Tingyi Cayman Islands Holding Corp. | 8000 | 12521 |
|  Trip.com Group Ltd., ADR<sup>(a)</sup> | 248 | 5612 |
|  Want Want China Holdings Ltd. | 34000 | 22328 |
|  Yankuang Energy Group Co. Ltd., H Shares | 14000 | 39477 |
|  Zijin Mining Group Co. Ltd., H Shares | 26000 | 24752 |
|  ZTO Express (Cayman), Inc., ADR | 441 | 7448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1521039 |
|  **Colombia–0.04%** |  |  |
|  Bancolombia S.A., Preference Shares | 1355 | 8574 |
|  **Czech Republic–0.04%** |  |  |
|  CEZ A.S. | 252 | 8241 |
|  **Denmark–1.64%** |  |  |
|  AP Moller – Maersk A/S, Class B | 95 | 198361 |
|  Carlsberg A/S, Class B | 32 | 3768 |
|  Coloplast A/S, Class B | 47 | 5237 |
|  Danske Bank A/S | 1465 | 23617 |
|  Novo Nordisk A/S, Class B | 1182 | 128454 |
|  |  | 359437 |
|  **Finland–0.40%** |  |  |
|  Fortum OYJ | 1260 | 17738 |
|  Nokia OYJ | 10492 | 46580 |
|  Nordea Bank Abp | 1938 | 18521 |
|  Sampo OYJ, Class A | 126 | 5758 |
|  |  | 88597 |
|  **France–6.04%** |  |  |
|  Air Liquide S.A. | 126 | 16458 |
|  AXA S.A. | 677 | 16708 |
|  BNP Paribas S.A. | 2064 | 96694 |
|  Bouygues S.A. | 677 | 19307 |
|  Carrefour S.A. | 1670 | 26862 |
|  Cie de Saint-Gobain | 993 | 40568 |
|  Cie Generale des Etablissements Michelin S.C.A. | 1087 | 27688 |
|  Credit Agricole S.A. | 3245 | 29421 |
|  Danone S.A. | 1024 | 50911 |
|  ENGIE S.A. | 5230 | 67935 |
|  EssilorLuxottica S.A. | 126 | 19958 |
|  Hermes International | 6 | 7771 |
|  Kering S.A. | 47 | 21514 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **France–(continued)** |  |  |
|  L'Oreal S.A. | 110 | $34536 |
|  LVMH Moet Hennessy Louis Vuitton SE | 110 | 69396 |
|  Orange S.A. | 4367 | 41667 |
|  Pernod Ricard S.A. | 63 | 11053 |
|  Safran S.A. | 236 | 26240 |
|  Sanofi | 2473 | 213535 |
|  Societe Generale S.A. | 3198 | 73304 |
|  Thales S.A. | 95 | 12074 |
|  TotalEnergies SE | 4663 | 254834 |
|  Vinci S.A. | 1150 | 105682 |
|  Vivendi SE | 4994 | 40855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1324971 |
|  **Germany–5.32%** |  |  |
|  adidas AG | 47 | 4597 |
|  Allianz SE | 268 | 48250 |
|  BASF SE | 1938 | 86998 |
|  Bayer AG | 756 | 39771 |
|  Bayerische Motoren Werke AG | 898 | 70570 |
|  Continental AG | 142 | 7365 |
|  Daimler Truck Holding AG<sup>(a)</sup> | 898 | 23961 |
|  Deutsche Bank AG | 6554 | 62561 |
|  Deutsche Boerse AG | 47 | 7647 |
|  Deutsche Post AG | 1654 | 58684 |
|  Deutsche Telekom AG | 4679 | 88628 |
|  E.ON SE | 3844 | 32206 |
|  Evonik Industries AG | 898 | 16555 |
|  Fresenius Medical Care AG & Co. KGaA | 473 | 13083 |
|  Fresenius SE & Co. KGaA | 1843 | 42433 |
|  Henkel AG & Co. KGaA, Preference Shares | 567 | 35738 |
|  Mercedes-Benz Group AG | 2127 | 123177 |
|  Merck KGaA | 315 | 51367 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R | 32 | 8455 |
|  RWE AG | 473 | 18231 |
|  Sartorius AG, Preference Shares | 16 | 5647 |
|  Siemens AG | 1056 | 115440 |
|  Siemens Energy AG | 748 | 8734 |
|  Volkswagen AG, Preference Shares | 1544 | 197354 |
|  |  | 1167452 |
|  **Greece–0.06%** |  |  |
|  Hellenic Telecommunications Organization S.A. | 882 | 13867 |
|  **Hong Kong–1.57%** |  |  |
|  CK Asset Holdings Ltd. | 6000 | 33183 |
|  CK Hutchison Holdings Ltd. | 27500 | 136344 |
|  CK Infrastructure Holdings Ltd. | 5000 | 23772 |
|  CLP Holdings Ltd. | 1000 | 6709 |
|  Henderson Land Development Co. Ltd. | 2000 | 4898 |
|  Hong Kong & China Gas Co. Ltd. (The) | 7292 | 5623 |
|  Jardine Matheson Holdings Ltd. | 900 | 41436 |
|  Power Assets Holdings Ltd. | 2500 | 11961 |
|  Prudential PLC | 3371 | 31287 |
|  Sun Hung Kai Properties Ltd. | 4500 | 48454 |
|  |  | 343667 |
|  **Hungary–0.15%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 1875 | 11262 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hungary–(continued)** |  |  |
|  OTP Bank Nyrt | 1008 | $22065 |
|  |  | 33327 |
|  **Indonesia–1.21%** |  |  |
|  PT Adaro Energy Indonesia Tbk | 64800 | 16510 |
|  PT Astra International Tbk | 64700 | 27527 |
|  PT Bank Central Asia Tbk | 62500 | 35218 |
|  PT Bank Mandiri (Persero) Tbk | 38300 | 25912 |
|  PT Bank Negara Indonesia (Persero) Tbk | 20700 | 12455 |
|  PT Bank Rakyat Indonesia (Persero) Tbk | 33800 | 10059 |
|  PT Kalbe Farma Tbk | 34200 | 4496 |
|  PT Merdeka Copper Gold Tbk<sup>(a)</sup> | 45300 | 10923 |
|  PT Telkom Indonesia (Persero) Tbk | 416500 | 117462 |
|  PT United Tractors Tbk | 2100 | 4353 |
|  |  | 264915 |
|  **Ireland–0.17%** |  |  |
|  CRH PLC | 1008 | 36268 |
|  **Israel–0.02%** |  |  |
|  Check Point Software Technologies<br>Ltd.<sup>(a)</sup> | 32 | 4135 |
|  **Italy–1.30%** |  |  |
|  Assicurazioni Generali S.p.A. | 2662 | 39962 |
|  Atlantia S.p.A. | 1271 | 28364 |
|  Enel S.p.A. | 1985 | 8877 |
|  Eni S.p.A. | 6570 | 86459 |
|  Ferrari N.V. | 79 | 15590 |
|  Intesa Sanpaolo S.p.A. | 24845 | 47440 |
|  Poste Italiane S.p.A.<sup>(b)</sup> | 1812 | 15815 |
|  UniCredit S.p.A. | 3403 | 42265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284772 |
|  **Japan–13.55%** |  |  |
|  Asahi Group Holdings Ltd. | 900 | 25192 |
|  Astellas Pharma, Inc. | 3600 | 49523 |
|  Bridgestone Corp. | 1600 | 57662 |
|  Canon, Inc. | 2300 | 48937 |
|  Chugai Pharmaceutical Co. Ltd. | 1000 | 23187 |
|  Dai-ichi Life Holdings, Inc. | 400 | 6328 |
|  Daiichi Sankyo Co. Ltd. | 900 | 28859 |
|  Denso Corp. | 200 | 9931 |
|  Eisai Co. Ltd. | 400 | 24123 |
|  FUJIFILM Holdings Corp. | 1100 | 50291 |
|  Hitachi Ltd. | 1500 | 67946 |
|  Honda Motor Co. Ltd. | 7200 | 163238 |
|  Hoya Corp. | 100 | 9324 |
|  ITOCHU Corp. | 3500 | 90541 |
|  Japan Post Holdings Co. Ltd. | 16100 | 108151 |
|  Japan Tobacco, Inc. | 2500 | 41419 |
|  Kao Corp. | 100 | 3753 |
|  KDDI Corp. | 1800 | 53152 |
|  Kirin Holdings Co. Ltd. | 400 | 5882 |
|  Komatsu Ltd. | 1600 | 30625 |
|  Kyocera Corp. | 600 | 29946 |
|  Mitsubishi Corp. | 4200 | 113788 |
|  Mitsubishi Electric Corp. | 2800 | 24652 |
|  Mitsubishi Estate Co. Ltd. | 1000 | 12573 |
|  Mitsubishi UFJ Financial Group, Inc. | 29500 | 139848 |
|  Mitsui & Co. Ltd. | 7700 | 170413 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Mitsui Fudosan Co. Ltd. | 400 | $7662 |
|  Mizuho Financial Group, Inc. | 7570 | 81687 |
|  Murata Manufacturing Co. Ltd. | 300 | 14717 |
|  Nexon Co. Ltd. | 300 | 5024 |
|  Nintendo Co. Ltd. | 900 | 36675 |
|  Nippon Telegraph & Telephone Corp. | 3700 | 101851 |
|  Nissan Motor Co. Ltd. | 12600 | 40170 |
|  Nomura Holdings, Inc. | 5000 | 16215 |
|  NTT Data Corp. | 300 | 4349 |
|  Olympus Corp. | 700 | 14770 |
|  Oriental Land Co. Ltd. | 200 | 26769 |
|  ORIX Corp. | 4000 | 58578 |
|  Otsuka Holdings Co. Ltd. | 800 | 25638 |
|  Panasonic Holdings Corp. | 8200 | 58669 |
|  Recruit Holdings Co. Ltd. | 800 | 24554 |
|  Renesas Electronics Corp.<sup>(a)</sup> | 2300 | 19261 |
|  Secom Co. Ltd. | 400 | 22790 |
|  Sekisui House Ltd. | 1000 | 16618 |
|  Seven & i Holdings Co. Ltd. | 1200 | 44797 |
|  Shionogi & Co. Ltd. | 400 | 18530 |
|  SoftBank Corp. | 2800 | 27605 |
|  SoftBank Group Corp. | 1600 | 68808 |
|  Sompo Holdings, Inc. | 600 | 24980 |
|  Sony Group Corp. | 2000 | 135425 |
|  Sumitomo Corp. | 4900 | 62426 |
|  Sumitomo Mitsui Financial Group, Inc. | 3800 | 106609 |
|  Suzuki Motor Corp. | 500 | 16870 |
|  Takeda Pharmaceutical Co. Ltd. | 7738 | 205000 |
|  Tokio Marine Holdings, Inc. | 1300 | 23485 |
|  Tokyo Electron Ltd. | 100 | 26446 |
|  Toshiba Corp. | 100 | 3483 |
|  Toyota Industries Corp. | 400 | 20591 |
|  Toyota Motor Corp. | 16100 | 223318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2973654 |
|  **Luxembourg–0.47%** |  |  |
|  ArcelorMittal S.A. | 4585 | 102653 |
|  **Malaysia–0.33%** |  |  |
|  CIMB Group Holdings Bhd. | 7300 | 8521 |
|  IHH Healthcare Bhd. | 8300 | 10443 |
|  Malayan Banking Bhd. | 5200 | 9447 |
|  Petronas Chemicals Group Bhd. | 7500 | 13839 |
|  Public Bank Bhd. | 23500 | 22228 |
|  Tenaga Nasional Bhd. | 4300 | 7662 |
|  |  | 72140 |
|  **Mexico–0.65%** |  |  |
|  Arca Continental S.A.B. de C.V. | 1300 | 10649 |
|  Fomento Economico Mexicano S.A.B. de C.V., Series CPO | 900 | 6461 |
|  Grupo Bimbo S.A.B. de C.V., Series A | 4300 | 16648 |
|  Grupo Financiero Banorte S.A.B. de C.V., Class O | 1200 | 9754 |
|  Grupo Financiero Inbursa S.A.B. de C.V., Class O<sup>(a)</sup> | 6600 | 12182 |
|  Grupo Mexico S.A.B. de C.V., Class B | 3900 | 14139 |
|  Grupo Televisa S.A.B., Series CPO | 4700 | 4986 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Mexico–(continued)** |  |  |
|  Wal-Mart de Mexico S.A.B. de C.V., Series V | 17273 | $66719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141538 |
|  **Netherlands–3.61%** |  |  |
|  ASML Holding N.V. | 173 | 81555 |
|  EXOR N.V.<sup>(a)</sup> | 69 | 4637 |
|  EXOR N.V.<sup>(a)</sup> | 104 | 6985 |
|  Heineken Holding N.V. | 189 | 12906 |
|  ING Groep N.V. | 6806 | 66850 |
|  Koninklijke Ahold Delhaize N.V. | 2915 | 81348 |
|  Koninklijke DSM N.V. | 268 | 31558 |
|  Koninklijke KPN N.V. | 7089 | 19831 |
|  Koninklijke Philips N.V. | 5152 | 65232 |
|  Shell PLC | 14856 | 411780 |
|  Wolters Kluwer N.V. | 95 | 10097 |
|  |  | 792779 |
|  **Peru–0.06%** |  |  |
|  Credicorp Ltd. | 95 | 13904 |
|  **Philippines–0.13%** |  |  |
|  International Container Terminal Services, Inc. | 2960 | 8864 |
|  Manila Electric Co. | 1430 | 7432 |
|  SM Prime Holdings, Inc. | 23400 | 12788 |
|  |  | 29084 |
|  **Poland–0.06%** |  |  |
|  Polski Koncern Naftowy ORLEN S.A. | 488 | 5616 |
|  Powszechna Kasa Oszczednosci Bank Polski S.A. | 1418 | 7731 |
|  |  | 13347 |
|  **Russia–0.00%** |  |  |
|  PhosAgro PJSC, GDR<sup>(c)</sup> | 1 | 0 |
|  Sberbank of Russia PJSC<sup>(a)(c)</sup> | 9800 | 0 |
|  Tatneft PJSC<sup>(c)</sup> | 1980 | 0 |
|  VTB Bank PJSC<sup>(a)(c)</sup> | 9716000 | 0 |
|  |  | 0 |
|  **Singapore–0.47%** |  |  |
|  DBS Group Holdings Ltd. | 500 | 12073 |
|  Oversea-Chinese Banking Corp. Ltd. | 5700 | 48813 |
|  Singapore Telecommunications Ltd. | 16200 | 28599 |
|  STMicroelectronics N.V. | 142 | 4435 |
|  United Overseas Bank Ltd. | 500 | 9802 |
|  |  | 103722 |
|  **South Africa–1.50%** |  |  |
|  Absa Group Ltd. | 1048 | 11403 |
|  Anglo American PLC | 2930 | 87649 |
|  Bid Corp. Ltd. | 315 | 5071 |
|  Capitec Bank Holdings Ltd. | 142 | 14692 |
|  Discovery Ltd.<sup>(a)</sup> | 977 | 6399 |
|  FirstRand Ltd. | 4301 | 15079 |
|  Gold Fields Ltd. | 1544 | 12323 |
|  Grindrod Ltd. | 362 | 205 |
|  Impala Platinum Holdings Ltd. | 1229 | 12589 |
|  MTN Group Ltd. | 3450 | 24427 |
|  Naspers Ltd., Class N | 124 | 12840 |
|  Nedbank Group Ltd. | 740 | 8769 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Africa–(continued)** |  |  |
|  Remgro Ltd. | 1182 | $8798 |
|  Sanlam Ltd. | 3088 | 8988 |
|  Sasol Ltd. | 1922 | 32321 |
|  Shoprite Holdings Ltd. | 2458 | 31313 |
|  Sibanye Stillwater Ltd. | 2726 | 6376 |
|  Standard Bank Group Ltd. | 3293 | 30796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330038 |
|  **South Korea–2.00%** |  |  |
|  Hyundai Mobis Co. Ltd. | 252 | 38666 |
|  KB Financial Group, Inc. | 457 | 15373 |
|  NAVER Corp. | 55 | 6520 |
|  Samsung Electronics Co. Ltd. | 3450 | 143463 |
|  Samsung SDI Co. Ltd. | 32 | 16505 |
|  Shinhan Financial Group Co. Ltd. | 488 | 12415 |
|  SK Hynix, Inc. | 3560 | 206033 |
|  |  | 438975 |
|  **Spain–2.34%** |  |  |
|  Aena SME S.A.<sup>(a)(b)</sup> | 32 | 3765 |
|  Amadeus IT Group S.A.<sup>(a)</sup> | 173 | 9006 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 10886 | 55941 |
|  Banco Santander S.A. | 42679 | 110411 |
|  CaixaBank S.A. | 10697 | 35446 |
|  Iberdrola S.A. | 12714 | 129151 |
|  Industria de Diseno Textil S.A. | 331 | 7497 |
|  Repsol S.A. | 4065 | 55306 |
|  Telefonica S.A. | 30579 | 105693 |
|  |  | 512216 |
|  **Sweden–1.22%** |  |  |
|  Atlas Copco AB, Class A | 693 | 7399 |
|  Epiroc AB, Class A | 410 | 6269 |
|  H & M Hennes & Mauritz AB, Class B | 1308 | 13160 |
|  Investor AB, Class B<sup>(d)</sup> | 4852 | 79174 |
|  Skandinaviska Enskilda Banken AB, Class A | 725 | 7643 |
|  Swedbank AB, Class A | 1575 | 23467 |
|  Telefonaktiebolaget LM Ericsson, Class B | 8350 | 46392 |
|  Telia Co. AB | 5609 | 14853 |
|  Volvo AB, Class B | 4206 | 68773 |
|  |  | 267130 |
|  **Switzerland–3.26%** |  |  |
|  ABB Ltd. | 2505 | 69540 |
|  Accelleron Industries AG<sup>(a)</sup> | 54 | 916 |
|  Cie Financiere Richemont S.A. | 189 | 18486 |
|  Geberit AG | 16 | 7106 |
|  Holcim AG | 709 | 32161 |
|  Novartis AG | 4789 | 388151 |
|  Partners Group Holding AG | 15 | 13445 |
|  SGS S.A. | 2 | 4408 |
|  Swatch Group AG (The), BR | 79 | 17762 |
|  Swisscom AG | 44 | 21723 |
|  UBS Group AG | 7720 | 122231 |
|  Zurich Insurance Group AG | 47 | 20040 |
|  |  | 715969 |
|  **Taiwan–3.60%** |  |  |
|  ASE Technology Holding Co. Ltd., ADR | 658 | 3349 |
|  Asustek Computer, Inc. | 4000 | 29204 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Taiwan–(continued)** |  |  |
|  Catcher Technology Co. Ltd. | 1000 | $5250 |
|  Cathay Financial Holding Co. Ltd. | 3000 | 3509 |
|  Chailease Holding Co. Ltd. | 1155 | 5319 |
|  Chang Hwa Commercial Bank Ltd. | 7000 | 3597 |
|  Cheng Shin Rubber Industry Co. Ltd. | 3000 | 3001 |
|  China Development Financial Holding Corp. | 11000 | 3999 |
|  China Steel Corp. | 15000 | 12473 |
|  Chunghwa Telecom Co. Ltd., ADR | 2426 | 83479 |
|  CTBC Financial Holding Co. Ltd. | 25000 | 15774 |
|  Delta Electronics, Inc. | 1000 | 7970 |
|  E Ink Holdings, Inc. | 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133292 |
|  E.Sun Financial Holding Co. Ltd. | 8000 | 5749 |
|  Evergreen Marine Corp. Taiwan Ltd. | 800 | 3415 |
|  Far EasTone Telecommunications Co. Ltd. | 11000 | 24107 |
|  First Financial Holding Co. Ltd. | 16120 | 12357 |
|  Formosa Chemicals & Fibre Corp. | 2000 | 4304 |
|  Formosa Plastics Corp. | 6000 | 15448 |
|  Hon Hai Precision Industry Co. Ltd. | 6000 | 19041 |
|  Hua Nan Financial Holdings Co. Ltd. | 10000 | 6518 |
|  MediaTek, Inc. | 1000 | 18219 |
|  Mega Financial Holding Co. Ltd. | 15125 | 14009 |
|  Nan Ya Plastics Corp. | 6000 | 12687 |
|  Nan Ya Printed Circuit Board Corp. | 1000 | 6517 |
|  Novatek Microelectronics Corp. | 1000 | 7447 |
|  Pegatron Corp. | 12000 | 21893 |
|  Quanta Computer, Inc. | 14000 | 29661 |
|  Realtek Semiconductor Corp. | 1000 | 7882 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 17150 | 13269 |
|  Taiwan Mobile Co. Ltd. | 8000 | 23597 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2521 | 155168 |
|  Unimicron Technology Corp. | 14000 | 53755 |
|  Uni-President Enterprises Corp. | 3000 | 6086 |
|  United Microelectronics Corp., ADR | 1268 | 7519 |
|  Wan Hai Lines Ltd. | 1645 | 3439 |
|  Yuanta Financial Holding Co. Ltd. | 13798 | 8412 |
|  |  | 790715 |
|  **Turkey–0.17%** |  |  |
|  Eregli Demir ve Celik Fabrikalari TAS | 14872 | 23703 |
|  Ford Otomotiv Sanayi A.S. | 646 | 12599 |
|  |  | 36302 |
|  **United Kingdom–6.29%** |  |  |
|  Ashtead Group PLC | 142 | 7390 |
|  Associated British Foods PLC | 457 | 7057 |
|  AstraZeneca PLC | 394 | 46224 |
|  Aviva PLC | 5656 | 27093 |
|  BAE Systems PLC | 7594 | 70924 |
|  Barclays PLC | 57204 | 97393 |
|  BP PLC<sup>(d)</sup> | 32486 | 180224 |
|  British American Tobacco PLC | 6191 | 244579 |
|  BT Group PLC | 12745 | 18945 |
|  Coca-Cola Europacific Partners PLC | 347 | 16326 |
|  Compass Group PLC | 851 | 17923 |
|  Diageo PLC | 1512 | 62334 |
|  Experian PLC | 173 | 5499 |
|  Haleon PLC<sup>(a)</sup> | 1119 | 3437 |
|  HSBC Holdings PLC | 8413 | 43152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom–(continued)** |  |  |
|  Imperial Brands PLC | 2710 | $65977 |
|  Lloyds Banking Group PLC | 153416 | 73839 |
|  National Grid PLC | 2741 | 29824 |
|  NatWest Group PLC | 11264 | 30249 |
|  Reckitt Benckiser Group PLC | 394 | 26103 |
|  RELX PLC | 740 | 19891 |
|  SSE PLC | 1717 | 30652 |
|  Standard Chartered PLC | 4474 | 26690 |
|  Tesco PLC | 30138 | 74294 |
|  Unilever PLC | 725 | 32978 |
|  Vodafone Group PLC | 103869 | 121044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1380041 |
|  **United Republic of Tanzania–0.03%** |  |  |
|  AngloGold Ashanti Ltd. | 504 | 6586 |
|  **United States–3.59%** |  |  |
|  Atlassian Corp., Class A<sup>(a)</sup> | 47 | 9528 |
|  Ferguson PLC | 32 | 3487 |
|  GSK PLC | 914 | 14978 |
|  JBS S.A. | 2400 | 11597 |
|  Nestle S.A. | 1197 | 130283 |
|  Roche Holding AG | 1465 | 486894 |
|  Stellantis N.V. | 8948 | 120801 |
|  Swiss Re AG | 126 | 9349 |
|  |  | 786917 |
|  **Vietnam–0.00%** |  |  |
|  Vietnam Dairy Products JSC | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $16,689,054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $16,689,054) | 16262283 |
|  | **Principal<br>Amount** |  |
|  **Event-Linked Bonds–0.41%** |  |  |
|  **Multinational–0.41%** |  |  |
|  Alturas RE Segregated Account, Catastrophe Linked Notes, 0.00%, 12/31/2022<sup>(b)(c)(e)</sup> | $1000 | 0 |
|  Eden RE II Ltd., Class A, Catastrophe Linked Notes, 0.00%,<br>03/22/2023<sup>(b)(c)(e)</sup> | 720 | 7979 |
|  Limestone Re Ltd., Class A, Catastrophe Linked Notes, 0.00%,<br>12/31/2023<sup>(b)(c)(e)</sup> | 1175 | 1416 |
|  Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024<sup>(b)(c)(e)</sup> | 120000 | 81303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Event-Linked Bonds (Cost $122,895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Event-Linked Bonds (Cost $122,895) | 90698 |
|  | **Shares** |  |
|  **Preferred Stocks–0.26%** |  |  |
|  **Multinational–0.26%** |  |  |
|  Harambee Re Ltd., Pfd.<sup>(c)</sup> | 15 | 1403 |
|  Lion Rock Re Ltd., Series S, Pfd.<sup>(c)</sup> | 25 | 1573 |
|  Mt. Logan Re Ltd., Pfd.<sup>(c)</sup> | 116 | 48578 |
|  Thopas Re Ltd., Pfd.<sup>(c)</sup> | 5 | 1362 |
|  Turing Re Ltd., Series 2019-1, Pfd.<sup>(b)(c)</sup> | 885 | 2386 |
|  Viribus Re Ltd., Pfd.<sup>(c)</sup> | 33312 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $241,561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $241,561) | 57406 |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco Advantage International Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–19.58%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(f)(g)</sup> | 1503463 | $1503463 |
|  Invesco Liquid Assets Portfolio, Institutional Class,<br>3.03%<sup>(f)(g)</sup> | 1073794 | 1074009 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(f)(g)</sup> | 1718243 | 1718243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $4,295,609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $4,295,609) | 4295715 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-93.96% (Cost $21,226,224) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-93.96% (Cost $21,226,224) | 20615404 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.30%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(f)(g)(h)</sup> | 18242 | 18242 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** |  |  |
|  Invesco Private Prime Fund, 3.28%<sup>(f)(g)(h)</sup> | 46647 | $46646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,884) |  | 64888 |
|  TOTAL INVESTMENTS IN SECURITIES–94.67%<br>(Cost $21,414,003) | TOTAL INVESTMENTS IN SECURITIES–94.67%<br>(Cost $21,414,003) | 20770990 |
|  OTHER ASSETS LESS LIABILITIES–5.33% | OTHER ASSETS LESS LIABILITIES–5.33% | 1169139 |
|  NET ASSETS–100.00% |  | $21940129 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

BDR - Brazilian Depositary Receipt

BR - Bearer Shares

CPO - Certificates of Ordinary Participation

GDR - Global Depositary Receipt

Pfd. - Preferred

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 October 31, 2022 was $203,827, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(d)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$705491 | $6944368 | $(6146396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$1503463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11395 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 880433 | 4960263 | (4766539) | 182 | (330) | 1074009 | 14248 |
|  Invesco Treasury Portfolio, Institutional Class | 806276 | 7936421 | (7024454) | - | - | 1718243 | 16429 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 203776 | (185534) | - | - | 18242 | 100\* |
|  Invesco Private Prime Fund | - | 481483 | (434821) | 4 | (20) | 46646 | 269\* |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;$2392200 | $20526311 | $(18557744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$186 | $(350) | &nbsp;&nbsp;&nbsp;&nbsp;$4360603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42441 |

---

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

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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

---

| | |
|:---|:---|
| **12** | **Invesco Advantage International Fund** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value\*** | **Notional**<br> **Value\*** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  MSCI EAFE Index | Call | 11/18/2022 | 40 | USD | 1770.00 | USD | 7080000 | $(120600) |
|  MSCI Emerging Markets Index | Call | 11/18/2022 | 35 | USD | 930.00 | USD | 3255000 | (5163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Exchange-Traded Index Call Options Written |  |  |  |  |  |  |  | (125763) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  MSCI EAFE Index | Put | 11/18/2022 | 40 | USD | 1550.00 | USD | 6200000 | (12200) |
|  MSCI Emerging Markets Index | Put | 11/18/2022 | 35 | USD | 820.00 | USD | 2870000 | (26425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Exchange-Traded Index Put Options Written |  |  |  |  |  |  |  | (38625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Written |  |  |  |  |  |  |  | $(164388) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts<sup>(a)</sup>** | **Open Futures Contracts<sup>(a)</sup>** | **Open Futures Contracts<sup>(a)</sup>** | **Open Futures Contracts<sup>(a)</sup>** | **Open Futures Contracts<sup>(a)</sup>** | **Open Futures Contracts<sup>(a)</sup>** |
| **Long Futures Contracts** | **Number of<br>Contracts** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Currency Risk** | | | | | |
|  Canadian Dollar | 24 | December-2022 | $1761720 | $(38605) | $(38605) |
|  **Equity Risk** |  |  |  |  |  |
|  S&P/TSX 60 Index | 11 | December-2022 | 1901655 | 15216 | 15216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Long Futures Contracts |  |  |  | (23389) | (23389) |
|  **Short Futures Contracts** |  |  |  |  |  |
|  **Equity Risk** |  |  |  |  |  |
|  MSCI EAFE Index | 79 | December-2022 | (6935805) | 334639 | 334639 |
|  MSCI Emerging Markets Index | 71 | December-2022 | (3030280) | 409551 | 409551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Short Futures Contracts |  |  |  | 744190 | 744190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $720801 | $720801 |

---

<sup>(a)</sup> Futures contracts collateralized by $624,516 cash held with Merrill Lynch International, the futures commission merchant. 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>** |
| **Counterparty** | **Pay/<br>Receive** | **Reference Entity** | **Floating<br>Rate<br>Index** | **Payment<br>Frequency** | **Number of**<br> **Contracts** | **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments<br>Paid<br>(Received)** | **Value** | **Unrealized**<br> **Appreciation** |
|  **Equity Risk** | | | | | | | | | | | |
|  BNP Paribas S.A. | Receive | MSCI EAFE Minimum Volatility Daily Net Total Return Index | SOFR +<br>0.340% | Monthly | 936 | February-2023 | USD | 1575906 | $- | $39293 | $39293 |
|  Goldman Sachs International | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR +<br>0.700% | Monthly | 378 | December-2022 | USD | 630149 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2657 | 2657 |
|  Goldman Sachs International | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR +<br>0.700% | Monthly | 345 | December-2022 | USD | 575136 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2426 | 2426 |
|  Goldman Sachs International | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR +<br>0.700% | Monthly | 334 | December-2022 | USD | 556798 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2348 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total - Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total - Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total - Total Return Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; Total - Total Return Swap Agreements |  |  |  |  |  | $- | $46724 | $46724 |

---

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

Abbreviations:

SOFR – Secured Overnight Financing Rate

USD – U.S. Dollar

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

---

| | |
|:---|:---|
| **13** | **Invesco Advantage International Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $17,053,510)\* | $16410387 |
|  Investments in affiliated money market funds, at value<br>(Cost $4,360,493) | 4360603 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable - futures contracts | 491719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap agreements - OTC | 46724 |
|  Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral - exchange-traded futures contracts | 624516 |
|  Cash | 288834 |
|  Foreign currencies, at value (Cost $48,187) | 47991 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 46895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 105334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 404 |
|  Investment for trustee deferred compensation and retirement plans | 12014 |
|  Other assets | 40449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 22475870 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $291,991) | 164388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps payable - OTC | 4658 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 209957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 14157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 64884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 8677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 56207 |
|  Trustee deferred compensation and retirement plans | 12014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 535741 |
|  Net assets applicable to shares outstanding | $21940129 |

---

---

| | |
|:---|:---|
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $23239810 |
|  Distributable earnings (loss) | (1299681) |
|  | $21940129 |
|  **Net Assets:** |  |
|  Class A | $12411623 |
|  Class C | $2920495 |
|  Class R | $3520688 |
|  Class Y | $3076025 |
|  Class R5 | $9872 |
|  Class R6 | $1426 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 1233478 |
|  Class C | 301918 |
|  Class R | 354167 |
|  Class Y | 302331 |
|  Class R5 | 974 |
|  Class R6 | 140 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $10.06 ÷ 94.50%) | $10.65 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $9.67 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $9.94 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.17 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.14 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.19 |

---

\* At October 31, 2022, securities with an aggregate value of $33,753 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **14** | **Invesco Advantage International Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $17531 |
|  Dividends (net of foreign withholding taxes of $45,934) | 711754 |
|  Dividends from affiliated money market funds (includes net securities lending income of $553) | 42625 |
|  Foreign withholding tax claims | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 772079 |
|  **Expenses:** |  |
|  Advisory fees | 102708 |
|  Administrative services fees | 2955 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 27715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 32211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 19419 |
|  Transfer agent fees - A, C, R and Y | 42359 |
|  Transfer agent fees - R5 | 3 |
|  Trustees' and officers' fees and benefits | 19136 |
|  Registration and filing fees | 75415 |
|  Professional services fees | 92220 |
|  Other | 11218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 425359 |
|  Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (219811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 205548 |
|  Net investment income | 566531 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (1666293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (3826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 885437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | (31983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1148394) |
|  | (1967626) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2561713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (6446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 637717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 69642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 2445 |
|  | (1858169) |
|  Net realized and unrealized gain (loss) | (3825795) |
|  Net increase (decrease) in net assets resulting from operations | $(3259264) |

---

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

---

| | |
|:---|:---|
| **15** | **Invesco Advantage International Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $566531 | $372232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1967626) | 2948430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1858169) | 867477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3259264) | 4188139 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1513571) | (8308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (394740) | (2808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (529023) | (3184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (138310) | (732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1617) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (232) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (2577493) | (15042) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3277465 | 212515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 486659 | (619837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 281907 | (110212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2325217 | 65517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 6371248 | (452019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 534491 | 3721078 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 21405638 | 17684560 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $21940129 | $21405638 |

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

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|:---|:---|
| **16** | **Invesco Advantage International Fund** |

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**Financial Highlights** 

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $13.37 | $0.32 | $(2.00) | $(1.68) | $(0.14) | $(1.49) | $(1.63) | $10.06 | (14.27)%<sup>(e)</sup> | $12412 | 0.83 %<sup>(e)</sup> | 1.87 %<sup>(e)</sup> | 2.85 %<sup>(e)</sup> | 157% |
|  Year ended 10/31/21 | 10.83 | 0.25 | 2.30 | 2.55 |  | (0.01) | (0.01) | 13.37 | 23.54 <sup>(e)</sup> | 12502 | 0.87 <sup>(e)</sup> | 2.27 <sup>(e)</sup> | 1.89 <sup>(e)</sup> | 141 |
|  Year ended 10/31/20 | 10.90 | 0.12 | (0.13) | (0.01) |  | (0.06) | (0.06) | 10.83 | (0.09) | 9934 | 0.94 | 1.74 | 1.08 | 238 |
|  Year ended 10/31/19 | 10.57 | 0.09 | 0.82 | 0.91 | 0.00 | (0.58) | (0.58) | 10.90 | 9.51 | 63878 | 1.14 | 1.53 | 0.91 | 43 |
|  Year ended 10/31/18 | 11.62 | 0.17 | (0.96) | (0.79) | (0.05) | (0.21) | (0.26) | 10.57 | (6.98) | 60916 | 1.17 | 1.49 | 1.48 | 126 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 12.90 | 0.23 | (1.93) | (1.70) | (0.04) | (1.49) | (1.53) | 9.67 | (14.94) | 2920 | 1.58 | 2.64 | 2.10 | 157 |
|  Year ended 10/31/21 | 10.52 | 0.14 | 2.25 | 2.39 |  | (0.01) | (0.01) | 12.90 | 22.72 | 3350 | 1.62 | 3.04 | 1.14 | 141 |
|  Year ended 10/31/20 | 10.66 | 0.04 | (0.12) | (0.08) |  | (0.06) | (0.06) | 10.52 | (0.75) | 3241 | 1.65 | 2.49 | 0.37 | 238 |
|  Year ended 10/31/19 | 10.42 | 0.02 | 0.80 | 0.82 |  | (0.58) | (0.58) | 10.66 | 8.73 | 3294 | 1.89 | 2.43 | 0.16 | 43 |
|  Year ended 10/31/18 | 11.50 | 0.08 | (0.95) | (0.87) | – | (0.21) | (0.21) | 10.42 | (7.72) | 3649 | 1.92 | 2.62 | 0.73 | 126 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.23 | 0.29 | (1.98) | (1.69) | (0.11) | (1.49) | (1.60) | 9.94 | (14.53) | 3521 | 1.08 | 2.14 | 2.60 | 157 |
|  Year ended 10/31/21 | 10.74 | 0.21 | 2.29 | 2.50 |  | (0.01) | (0.01) | 13.23 | 23.27 | 4360 | 1.12 | 2.54 | 1.64 | 141 |
|  Year ended 10/31/20 | 10.83 | 0.09 | (0.12) | (0.03) |  | (0.06) | (0.06) | 10.74 | (0.28) | 3607 | 1.14 | 1.99 | 0.88 | 238 |
|  Year ended 10/31/19 | 10.52 | 0.07 | 0.82 | 0.89 |  | (0.58) | (0.58) | 10.83 | 9.35 | 3266 | 1.39 | 1.94 | 0.66 | 43 |
|  Year ended 10/31/18 | 11.58 | 0.14 | (0.96) | (0.82) | (0.03) | (0.21) | (0.24) | 10.52 | (7.29) | 2513 | 1.42 | 2.15 | 1.23 | 126 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.51 | 0.34 | (2.01) | (1.67) | (0.18) | (1.49) | (1.67) | 10.17 | (14.12) | 3076 | 0.58 | 1.64 | 3.10 | 157 |
|  Year ended 10/31/21 | 10.91 | 0.28 | 2.33 | 2.61 |  | (0.01) | (0.01) | 13.51 | 23.92 | 1178 | 0.62 | 2.04 | 2.14 | 141 |
|  Year ended 10/31/20 | 10.95 | 0.14 | (0.12) | 0.02 |  | (0.06) | (0.06) | 10.91 | 0.18 | 890 | 0.71 | 1.49 | 1.31 | 238 |
|  Year ended 10/31/19 | 10.60 | 0.11 | 0.82 | 0.93 |  | (0.58) | (0.58) | 10.95 | 9.67 | 1433 | 0.99 | 1.36 | 1.06 | 43 |
|  Year ended 10/31/18 | 11.65 | 0.19 | (0.97) | (0.78) | (0.06) | (0.21) | (0.27) | 10.60 | (6.86) | 450 | 1.02 | 1.63 | 1.63 | 126 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.46 | 0.35 | (2.00) | (1.65) | (0.18) | (1.49) | (1.67) | 10.14 | (14.02) | 10 | 0.58 | 1.47 | 3.10 | 157 |
|  Year ended 10/31/21 | 10.88 | 0.28 | 2.31 | 2.59 |  | (0.01) | (0.01) | 13.46 | 23.80 | 13 | 0.62 | 1.85 | 2.14 | 141 |
|  Year ended 10/31/20 | 10.91 | 0.15 | (0.12) | 0.03 |  | (0.06) | (0.06) | 10.88 | 0.28 | 11 | 0.66 | 1.47 | 1.36 | 238 |
|  Period ended 10/31/19<sup>(f)</sup> | 10.27 | 0.05 | 0.59 | 0.64 | – | – | – | 10.91 | 6.23 | 11 | 1.94 <sup>(g)</sup> | 1.26 <sup>(g)</sup> | 1.11 <sup>(g)</sup> | 43 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.53 | 0.35 | (2.02) | (1.67) | (0.18) | (1.49) | (1.67) | 10.19 | (14.10) | 1 | 0.58 | 1.47 | 3.10 | 157 |
|  Year ended 10/31/21 | 10.93 | 0.28 | 2.33 | 2.61 |  | (0.01) | (0.01) | 13.53 | 23.88 | 2 | 0.62 | 1.85 | 2.14 | 141 |
|  Year ended 10/31/20 | 10.96 | 0.14 | (0.11) | 0.03 |  | (0.06) | (0.06) | 10.93 | 0.28 | 2 | 0.68 | 1.47 | 1.34 | 238 |
|  Year ended 10/31/19 | 10.59 | 0.12 | 0.83 | 0.95 |  | (0.58) | (0.58) | 10.96 | 9.88 | 11 | 0.89 | 1.21 | 1.16 | 43 |
|  Year ended 10/31/18 | 11.65 | 0.20 | (0.97) | (0.77) | (0.08) | (0.21) | (0.29) | 10.59 | (6.84) | 10 | 0.92 | 1.24 | 1.74 | 126 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Estimated acquired fund fees from underlying funds were 0.14% and 0.17% for the years ended October 31, 2019 and 2018 respectively. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the years ended October 31, 2022 and 2021. 

<sup>(f)</sup> Commencement date after the close of business on May 24, 2019.

<sup>(g)</sup> Annualized.

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

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|:---|:---|
| **17** | **Invesco Advantage International Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

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|:---|:---|
| **18** | **Invesco Advantage International Fund** |

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the

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|:---|:---|
| **19** | **Invesco Advantage International Fund** |

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**N.** **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

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|:---|:---|
| **20** | **Invesco Advantage International Fund** |

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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.

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

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

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

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and

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| **21** | **Invesco Advantage International Fund** |

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amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| **Average Daily Net Assets** | **Rate\*** |
|  First $500 million | 0.490% |
|  Next $500 million | 0.470% |
|  Next $4.0 billion | 0.440% |
|  Over $5.0 billion | 0.420% |

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\* 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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.49%.

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

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $102,708, reimbursed fund level expenses of $74,325 and reimbursed class level expenses of $24,308, $6,501, $7,834, $3,717, $3 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the

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| **22** | **Invesco Advantage International Fund** |

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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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $13,773 in front-end sales commissions from the sale of Class A shares and $0 and $79 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3–Additional Valuation Information** 

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

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $&nbsp;&nbsp;&nbsp;&nbsp;180027 | $401815 | $– | $581842 |
|  Austria | – | 34807 | – | 34807 |
|  Belgium | – | 149983 | – | 149983 |
|  Brazil | 477698 | – | – | 477698 |
|  Chile | – | 50975 | – | 50975 |
|  China | 40650 | 1480389 | – | 1521039 |
|  Colombia | 8574 | – | – | 8574 |
|  Czech Republic | – | 8241 | – | 8241 |
|  Denmark | – | 359437 | – | 359437 |
|  Finland | 36259 | 52338 | – | 88597 |
|  France | 7771 | 1317200 | – | 1324971 |
|  Germany | 35738 | 1131714 | – | 1167452 |
|  Greece | – | 13867 | – | 13867 |
|  Hong Kong | – | 343667 | – | 343667 |
|  Hungary | – | 33327 | – | 33327 |
|  Indonesia | – | 264915 | – | 264915 |
|  Ireland | – | 36268 | – | 36268 |
|  Israel | 4135 | – | – | 4135 |
|  Italy | – | 284772 | – | 284772 |
|  Japan | – | 2973654 | – | 2973654 |
|  Luxembourg | 102653 | – | – | 102653 |
|  Malaysia | – | 72140 | – | 72140 |
|  Mexico | 141538 | – | – | 141538 |
|  Multinational | – | – | 148104 | 148104 |
|  Netherlands | 14734 | 778045 | – | 792779 |
|  Peru | 13904 | – | – | 13904 |
|  Philippines | – | 29084 | – | 29084 |
|  Poland | – | 13347 | – | 13347 |
|  Russia | – | – | – | – |
|  Singapore | – | 103722 | – | 103722 |
|  South Africa | 87649 | 242389 | – | 330038 |
|  South Korea | – | 438975 | – | 438975 |
|  Spain | 35446 | 476770 | – | 512216 |
|  Sweden | – | 267130 | – | 267130 |

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| **23** | **Invesco Advantage International Fund** |

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|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Switzerland | $19402 | $696567 | $– | $715969 |
|  Taiwan | 249515 | 541200 |  | 790715 |
|  Turkey |  | 36302 |  | 36302 |
|  United Kingdom | 131863 | 1248178 |  | 1380041 |
|  United Republic of Tanzania |  | 6586 |  | 6586 |
|  United States | 21125 | 765792 |  | 786917 |
|  Vietnam |  | 6 |  | 6 |
|  Money Market Funds | 4295715 | 64888 |  | 4360603 |
|  **Total Investments in Securities** | 5904396 | 14718490 | 148104 | 20770990 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Futures Contracts | 759406 |  |  | 759406 |
|  Swap Agreements |  | 46724 |  | 46724 |
|  | 759406 | 46724 |  | 806130 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Futures Contracts | (38605) |  |  | (38605) |
|  Options Written | (164388) |  |  | (164388) |
|  | (202993) |  |  | (202993) |
|  **Total Other Investments** | 556413 | 46724 |  | 603137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $6460809 | $14765214 | $148104 | $21374127 |

---

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

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended October 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**10/31/21** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** |<br>**Accrued**<br>**Discounts/**<br>**Premiums** |<br>**Realized**<br>**Gain**<br>**(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Transfers**<br>**into**<br>**Level 3** |<br>**Transfers**<br>**out of**<br>**Level 3** |<br>**Value**<br>**10/31/22** |
|  Event-Linked Bonds | $101488 | $– | $(1250) | $– | $(5351) | $(4189) | $– | $– | $90698 |
|  Preferred Stocks | 106327 | – | (27844) | – | 15206 | (36283) | – | – | 57406 |
|  Common Stocks & Other Equity Interests | 1157 | 56399 | – | – | – | (56399) | – | (1157) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $208972 | $56399 | $(29094) | $– | $9855 | $(96871) | $– | $(1157) | $148104 |

---

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

**NOTE 4–Derivative Investments** 

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

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

**Value of Derivative Investments at Period-End** 

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on futures contracts –Exchange-Traded<sup>(a)</sup> | $759406 |
|  Unrealized appreciation on swap agreements – OTC | 46724 |
|  Total Derivative Assets | 806130 |
|  Derivatives not subject to master netting agreements | (759406) |
|  Total Derivative Assets subject to master netting agreements | $46724 |

---

---

| | |
|:---|:---|
| **24** | **Invesco Advantage International Fund** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
|  | **Currency** | **Equity** | |
| **Derivative Liabilities** | **Risk** | **Risk** | **Total** |
|  Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> | $(38605) | $– | $(38605) |
|  Options written, at value — Exchange-Traded |  | (164388) | (164388) |
|  Total Derivative Liabilities | (38605) | (164388) | (202993) |
|  Derivatives not subject to master netting agreements | 38605 | 164388 | 202993 |
|  Total Derivative Liabilities subject to master netting agreements | $– | $– | $– |

---

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

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Collateral** | **Collateral** | |
| | **Financial**<br>**Derivative**<br>**Assets** |<br>**Financial Derivative Liabilities** | | **(Received)/Pledged** | **(Received)/Pledged** | |
| <br>**Counterparty** | **Swap**<br>**Agreements** | **Swap**<br>**Agreements** |<br><br>**Net Value of**<br>**Derivatives** |<br>**Non-Cash** |<br>**Cash** |<br><br>**Net**<br>**Amount** |
|  BNP Paribas S.A. | $39293 | $(1918) | $37375 | $– | $– | $37375 |
|  Goldman Sachs International | 7431 | (2740) | 4691 | – | – | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $46724 | $(4658) | $42066 | $– | $– | $42066 |

---

**Effect of Derivative Investments for the year ended October 31, 2022** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** | **Location of Gain (Loss) on** | **Location of Gain (Loss) on** |
|  | **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
|  | **Currency** | **Equity** | |
|  | **Risk** | **Risk** | **Total** |
|  Realized Gain (Loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(2217) | $- | $(2217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (87145) | 972582 | 885437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | (31983) | (31983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | (1148394) | (1148394) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (73134) | 710851 | 637717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 69642 | 69642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | 2445 | 2445 |
|  Total | $(162496) | $575143 | $412647 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Forward**<br>**Foreign Currency**<br>**Contracts** |<br>**Futures**<br>**Contracts** | **Index**<br>**Options**<br>**Written** |<br>**Swap**<br>**Agreements** |
|  Average notional value | $115231 | $8445590 | $8110818 | $4552272 |
|  Average contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | – | 58 | – |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $415.

**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.

---

| | |
|:---|:---|
| **25** | **Invesco Advantage International 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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $1824898 | $– |
|  Long-term capital gain | 752595 | 15042 |
|  Total distributions | $2577493 | $15042 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(1171893) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (5374) |
|  Temporary book/tax differences | (10423) |
|  Capital loss carryforward | (111991) |
|  Shares of beneficial interest | 23239810 |
|  Total net assets | $21940129 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative instruments.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $111991 | $– | $111991 |

---

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

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $26,633,729 and $22,799,366, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $293613 |
|  Aggregate unrealized (depreciation) of investments | (1465506) |
|  Net unrealized appreciation (depreciation) of investments | $(1171893) |

---

Cost of investments for tax purposes is $22,546,020.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses and derivative instruments, on October 31, 2022, undistributed net investment income was decreased by $490,134, undistributed net realized gain (loss) was increased by $730,978 and shares of beneficial interest was decreased by $240,844. This reclassification had no effect on the net assets of the Fund.

---

| | |
|:---|:---|
| **26** | **Invesco Advantage International Fund** |

---

------

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 349749 | $3777786 | 265567 | $3466204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 65696 | 724213 | 52280 | 661111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 80205 | 887745 | 97739 | 1239930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 261354 | 2817156 | 20242 | 261063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 10 | 130 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 128932 | 1505924 | 668 | 8294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 34576 | 390706 | 231 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 44248 | 511946 | 259 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 8680 | 102345 | 57 | 714 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8202 | 88383 | 12864 | 163378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (8512) | (88383) | (13269) | (163378) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (188143) | (2094628) | (261679) | (3425361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (49589) | (539877) | (87451) | (1120355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (99929) | (1117784) | (104357) | (1353326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (54935) | (594284) | (14619) | (196260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (10) | (132) |
|  Net increase (decrease) in share activity | 580534 | $6371248 | (31468) | $(452019) |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% 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. 

---

| | |
|:---|:---|
| **27** | **Invesco Advantage International Fund** |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Advantage International Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Advantage International Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6. |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022, and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5. |

---

The financial statements of Oppenheimer Global Multi-Asset Growth Fund (subsequently renamed Invesco Advantage International Fund) as of and for the year ended October 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, insurance companies, and brokers; when replies were not received from brokers or insurance companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/PricewaterhouseCoopers LLP |
| Houston, Texas |
| December 23, 2022 |

---

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **28** | **Invesco Advantage International Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>**Annualized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense** <br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $911.20 | $3.85 | $1021.17 | $4.08 | 0.80% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;908.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;1017.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | 1.57 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;910.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;1019.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;912.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;1022.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 0.57 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;912.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;1022.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 0.57 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;912.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;1022.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 0.57 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **29** | **Invesco Advantage International Fund** |

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------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Advantage International Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-USA Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods, and reasonably comparable to the performance of the Index for the three year period. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that, prior to November 18, 2019, the Fund was sub-advised by Barings. The Board recognized that the performance data reflects a snapshot in time as

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|:---|:---|
| **30** | **Invesco Advantage International Fund** |

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of a particular date and that selecting a different performance period could produce different results. The Board noted that the Fund's exposure to certain factors detracted from performance. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared in 2020 and that performance results prior to such date reflected that of the Fund's former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective in 2020. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of

scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers.

The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **31** | **Invesco Advantage International Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $752595 |
|  Qualified Dividend Income\* | 25.58% |
|  Corporate Dividends Received Deduction\* | 5.50% |
|  U.S. Treasury Obligations\* | 0.02% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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|:---|:---|
| **Non-Resident Alien Shareholders** | |
|  Short-Term Capital Gain Distributions | $1619967 |

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|:---|:---|
| **32** | **Invesco Advantage International Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco Advantage International Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler -1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School – Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc.<br> (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco Advantage International Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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|:---|:---|
| **T-3** | **Invesco Advantage International Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Advantage International Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Advantage International Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Advantage International Fund** |

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![LOGO](g126829dsp0032jpg.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g126829dsp001jpg.jpg)

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

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![LOGO](g388957dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco EQV Asia Pacific Equity Fund** 

**Nasdaq:** 

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

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg388957_1) |
| 2 | [Performance Summary](#edg388957_2) |
| 4 | [Long-Term Fund Performance](#edg388957_3) |
| 6 | [Supplemental Information](#edg388957_4) |
| 8 | [Schedule of Investments](#edg388957_5) |
| 10 | [Financial Statements](#edg388957_6) |
| 13 | [Financial Highlights](#edg388957_7) |
| 14 | [Notes to Financial Statements](#edg388957_8) |
| 20 | [Report of Independent Registered Public Accounting Firm](#edg388957_9) |
| 21 | [Fund Expenses](#edg388957_10) |
| 22 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg388957_11) |
| 24 | [Tax Information](#edg388957_12) |
| T-1 | [Trustees and Officers](#edg388957_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV Asia Pacific Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country Asia Pacific ex Japan Index, the Fund's broad market/style-specific benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV Asia Pacific Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country Asia Pacific ex Japan Index, the Fund's broad market/style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown<br>does not include applicable contingent deferred sales charges (CDSC) or front-end<br>sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown<br>does not include applicable contingent deferred sales charges (CDSC) or front-end<br>sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -26.42 | % |
| &nbsp;&nbsp; Class C Shares | -26.94 |  |
| &nbsp;&nbsp; Class Y Shares | -26.24 |  |
| &nbsp;&nbsp; Class R6 Shares | -26.16 |  |
| &nbsp;&nbsp; MSCI All Country Asia Pacific ex Japan Index<sup>▼</sup> (Broad Market/Style-Specific Index) | -31.22 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, under performed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relative outperformance versus the Fund's broad-based/style-specific benchmark, MSCI All Country Asia Pacific ex Japan Index, was primarily driven by strong stock selection in the real estate sector. Within the sector, Thailand-based retail property development company **Central Pattana** was a notable contributor during the fiscal year. Security selection and an overweight in health care also contributed to relative performance. Within health care, Indonesia-based **Kalbe Farma**, a pharmaceutical and consumer health company, and **Mitra Keluarga Karyasehat**, a leading community hospital operator, added to both absolute and relative results. On a geographic basis, an overweight in Indonesia was the largest contributor to the Fund's relative return. Stock selection in China and exposure in the US added to relative results. In a declining equity market environment, the Fund's cash exposure contributed to the Fund's relative performance. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In contrast, stock selection in consumer staples was the largest detractor from the Fund's relative performance. Within the sector, weakness was seen in select Chinese names, including dairy products manufacturer and distributor **China Mengniu Dairy** and liquor spirits maker **Wuliangye Yibin**. These companies have faced headwinds due to sporadic COVID-19 lockdowns and uneven macroeconomic recovery in China. Lack of exposure in the energy sector, the best performing sector in the MSCI All Country Asia Pacific ex Japan Index during the fiscal

year, negatively affected relative results. Fund holdings in the materials sector outperformed those of the benchmark index, but an underweight in the sector had a negative impact on relative performance. Geographically, underweights in Australia and India were among the largest detractors from the Fund's relative return. Security selection in South Korea and India detracted from relative performance as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund's portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including South Korea-based information technology (IT) company **LEENO Industrial**, a global leader in the high-end testing pins and sockets market, China-based industrials company **AirTAC International**, a manufacturer and supplier of pneumatic control equipment and Taiwan-based IT company **MediaTek**, a fabless semiconductor company. We sold several holdings, including China-based companies **Alibaba Group Holding** and **Sunny Optical Technology**, US-based (formerly Australia-based) global packaging company **Amcor** and South Korea-based internet conglomerate company **NAVER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco EQV Asia Pacific Equity Fund.

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| | |
|:---|:---|
| **2** | **Invesco EQV Asia Pacific Equity Fund** |

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**Portfolio manager(s):** 

Brent Bates

Steve Cao - Lead

Mark Jason

Michael Shaman

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco EQV Asia Pacific Equity Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g388957dsp_04.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco EQV Asia Pacific Equity Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable<br>sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable<br>sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (11/3/97) | 7.15 | % |
| &nbsp;&nbsp; 10 Years | 2.92 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.70 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.48 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (11/3/97) | 7.14 | % |
| &nbsp;&nbsp; 10 Years | 2.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.32 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -27.62 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 8.01 | % |
| &nbsp;&nbsp; 10 Years | 3.76 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.33 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.24 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 3.74 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.17 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.16 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Supplemental Information** 

**Invesco EQV Asia Pacific Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country Asia Pacific ex Japan Index** is an unmanaged index considered representative of Asia Pacific
region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **6** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Financials | 16.71% |
|  Information Technology | 14.98 |
|  Consumer Discretionary | 14.95 |
|  Real Estate | 14.21 |
|  Consumer Staples | 12.26 |
|  Health Care | 8.75 |
|  Industrials | 5.21 |
|  Communication Services | 3.50 |
|  Money Market Funds Plus Other Assets<br>Less Liabilities | 9.43 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 4.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;&nbsp;Central Pattana PCL, Foreign Shares | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp;&nbsp;&nbsp;Swire Properties Ltd. | 3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | 3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings Ltd. | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing<br> &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd. | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | 3.35 |
| 10. | &nbsp;&nbsp;&nbsp;&nbsp;CSL Ltd. | 3.27 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-90.57%** | **Common Stocks & Other Equity Interests-90.57%** | **Common Stocks & Other Equity Interests-90.57%** |
|  **Australia-3.27%** | **Australia-3.27%** | **Australia-3.27%** |
|  CSL Ltd. | 81549 | $14614460 |
|  **China-25.89%** |  |  |
|  Airtac International Group | 296000 | 6798863 |
|  China Mengniu Dairy Co. Ltd. | 3034000 | 9724775 |
|  China Resources Beer Holdings Co. Ltd. | 1556000 | 7336371 |
|  Chongqing Fuling Zhacai Group Co. Ltd., A Shares | 2018788 | 6228710 |
|  Fuyao Glass Industry Group Co. Ltd., H Shares<sup>(a)</sup> | 1949200 | 6977997 |
|  JD.com, Inc., ADR<sup>(b)</sup> | 371036 | 13835932 |
|  Minth Group Ltd. | 1838000 | 3607968 |
|  Tencent Holdings Ltd. | 338900 | 8892656 |
|  Tongcheng Travel Holdings<br>Ltd.<sup>(a)(c)</sup> | 9879200 | 15330699 |
|  Wuliangye Yibin Co. Ltd., A Shares | 669038 | 12248140 |
|  Yum China Holdings, Inc. | 599316 | 24781717 |
|  |  | 115763828 |
|  **Hong Kong-4.58%** |  |  |
|  Hongkong Land Holdings Ltd. | 861300 | 3318432 |
|  Swire Properties Ltd. | 8914200 | 17139445 |
|  |  | 20457877 |
|  **India-6.22%** |  |  |
|  Emami Ltd. | 1412464 | 8084560 |
|  HDFC Bank Ltd., ADR | 316741 | 19736132 |
|  |  | 27820692 |
|  **Indonesia-13.37%** |  |  |
|  PT Bank Central Asia Tbk | 26531800 | 14950344 |
|  PT Kalbe Farma Tbk | 105015100 | 13806621 |
|  PT Mitra Keluarga Karyasehat<br>Tbk<sup>(a)</sup> | 60322700 | 10665126 |
|  PT Pakuwon Jati Tbk | 484554400 | 13608052 |
|  PT Telkom Indonesia (Persero) Tbk | 23918700 | 6745591 |
|  |  | 59775734 |
|  **Macau-0.52%** |  |  |
|  Galaxy Entertainment Group Ltd. | 513000 | 2337562 |
|  **Malaysia-3.77%** |  |  |
|  Bursa Malaysia Bhd. | 7666250 | 10460092 |
|  Heineken Malaysia Bhd. | 1306900 | 6385407 |
|  |  | 16845499 |
|  **New Zealand-2.06%** |  |  |
|  Auckland International Airport<br>Ltd.<sup>(c)</sup> | 1304042 | 5831792 |
|  Freightways Ltd. | 558671 | 3359770 |
|  |  | 9191562 |
|  **Philippines-7.35%** |  |  |
|  BDO Unibank, Inc. | 7545740 | 16677680 |
|  SM Investments Corp. | 511646 | 7279177 |
|  SM Prime Holdings, Inc. | 16339500 | 8929523 |
|  |  | 32886380 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Singapore-3.37%** |  |  |
|  Keppel REIT | 3441600 | $2175159 |
|  United Overseas Bank Ltd. | 658700 | 12912806 |
|  |  | 15087965 |
|  **South Korea-4.94%** |  |  |
|  Douzone Bizon Co. Ltd. | 87490 | 1867306 |
|  LEENO Industrial, Inc. | 74656 | 7146011 |
|  Samsung Electronics Co. Ltd. | 314061 | 13059757 |
|  |  | 22073074 |
|  **Taiwan-5.00%** |  |  |
|  ASPEED Technology, Inc. | 45000 | 2326577 |
|  MediaTek, Inc. | 275000 | 5010311 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1249464 | 15036176 |
|  |  | 22373064 |
|  **Thailand-4.12%** |  |  |
|  Central Pattana PCL, Foreign Shares | 10208100 | 18428534 |
|  **United States-5.04%** |  |  |
|  Broadcom, Inc. | 47949 | 22541784 |
|  **Vietnam-1.07%** |  |  |
|  Vietnam Dairy Products JSC | 1510890 | 4766966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $365,103,632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $365,103,632) | 404964981 |
|  **Money Market Funds-8.49%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup> | 13283138 | 13283138 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup> | 9509011 | 9510912 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup> | 15180730 | 15180730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $37,971,389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $37,971,389) | 37974780 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.06%<br>(Cost $403,075,021) |  | 442939761 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-1.93%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 2413043 | 2413043 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 6203151 | 6203151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,615,573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,615,573) | 8616194 |
|  TOTAL INVESTMENTS IN SECURITIES–100.99%<br>(Cost $411,690,594) | TOTAL INVESTMENTS IN SECURITIES–100.99%<br>(Cost $411,690,594) | 451555955 |
|  OTHER ASSETS LESS LIABILITIES-(0.99)% | OTHER ASSETS LESS LIABILITIES-(0.99)% | (4436857) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $447119098 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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 October 31, 2022 was $32,973,822, which represented 7.37% of the Fund's Net Assets. 

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31,<br>2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $12256961 | $57717926 | $(56691749) | $- | $- | $13283138 | $108678 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 8779296 | 41227090 | (40494107) | 721 | (2088) | 9510912 | 78213 |
|  Invesco Treasury Portfolio, Institutional Class | 14007956 | 65963344 | (64790570) | - | - | 15180730 | 119289 |
| **Investments Purchased with Cash Collateralfrom Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 38780581 | (36367538) | - | - | 2413043 | 7,854\* |
|  Invesco Private Prime Fund | - | 97442191 | (91242302) | 621 | 2641 | 6203151 | 22,040\* |
|  Total | $35044213 | $301131132 | $(289586266) | $1342 | $553 | $46590974 | $336074 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **9** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $365,103,632)\* | $404964981 |
|  Investments in affiliated money market funds, at value (Cost $46,586,962) | 46590974 |
|  Foreign currencies, at value (Cost $454,545) | 452860 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4722456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 307219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 270521 |
|  Investment for trustee deferred compensation and retirement plans | 85647 |
|  Other assets | 39234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 457433892 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 347179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 782880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 8615573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 314385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 154907 |
|  Trustee deferred compensation and retirement plans | 95106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10314794 |
|  Net assets applicable to shares outstanding | $447119098 |

---

---

| | |
|:---|:---|
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $&nbsp;&nbsp;&nbsp;&nbsp;373810411 |
|  Distributable earnings | 73308687 |
|  | $447119098 |
|  **Net Assets:** |  |
|  Class A | $295254691 |
|  Class C | $8846868 |
|  Class Y | $122929221 |
|  Class R6 | $20088318 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 11778407 |
|  Class C | 398623 |
|  Class Y | 4887334 |
|  Class R6 | 799358 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $25.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $25.07 ÷ 94.50%) | $26.53 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $22.19 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $25.15 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $25.13 |

---

\* At October 31, 2022, a security with a value of $8,290,723 was on loan to brokers. 

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

---

| | |
|:---|:---|
| **10** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $794,065) | $11350338 |
|  Dividends from affiliated money market funds (includes net securities lending income of $3,019) | 309199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11659537 |
|  **Expenses:** |  |
|  Advisory fees | 5386210 |
|  Administrative services fees | 82068 |
|  Custodian fees | 181245 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 945438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 122600 |
|  Transfer agent fees – A, C and Y | 1052469 |
|  Transfer agent fees – R6 | 16233 |
|  Trustees' and officers' fees and benefits | 23751 |
|  Registration and filing fees | 69205 |
|  Reports to shareholders | 55896 |
|  Professional services fees | 78800 |
|  Other | 14185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8028100 |
|  Less: Fees waived and/or expense offset arrangement(s) | (25666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8002434 |
|  Net investment income | 3657103 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $56,672) | 34929034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (168392) |
|  | 34761195 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $231,494) | (208795173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (3225) |
|  | (208797056) |
|  Net realized and unrealized gain (loss) | (174035861) |
|  Net increase (decrease) in net assets resulting from operations | $(170378758) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3657103 | $2066034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 34761195 | 51103824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (208797056) | 13836921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (170378758) | 67006779 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (30871663) | (33752095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1135132) | (1877272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (11823956) | (12868796) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6813606) | (8742429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (50644357) | (57240592) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (11461589) | 3390566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2034106) | (7801060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 11646727 | 11664145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (53445726) | (16827003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (55294694) | (9573352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (276317809) | 192835 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 723436907 | 723244072 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $447119098 | $723436907 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco EQV Asia Pacific Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee<br>waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover<sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $36.69 | $0.17 | $(9.22) | $(9.05) | $(0.07) | $(2.50) | $(2.57) | $25.07 | (26.39)% | $295255 | 1.45% | 1.45% | 0.53% | 13% |
|  Year ended 10/31/21 | 36.20 | 0.07 | 3.23 | 3.30 | (0.10) | (2.71) | (2.81) | 36.69 | 8.97 | 447947 | 1.38 | 1.38 | 0.17 | 15 |
|  Year ended 10/31/20 | 33.15 | 0.13 | 5.12 | 5.25 | (0.35) | (1.85) | (2.20) | 36.20 | 16.67 | 438473 | 1.44 | 1.45 | 0.40 | 27 |
|  Year ended 10/31/19 | 30.30 | 0.35 | 4.60 | 4.95 | (0.34) | (1.76) | (2.10) | 33.15 | 17.17 | 433120 | 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) | 395319 | 1.44 | 1.46 | 1.04 | 21 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 32.94 | (0.06) | (8.19) | (8.25) |  | (2.50) | (2.50) | 22.19 | (26.94) | 8847 | 2.20 | 2.20 | (0.22) | 13 |
|  Year ended 10/31/21 | 32.90 | (0.20) | 2.95 | 2.75 |  | (2.71) | (2.71) | 32.94 | 8.16 | 15631 | 2.13 | 2.13 | (0.58) | 15 |
|  Year ended 10/31/20 | 30.25 | (0.10) | 4.65 | 4.55 | (0.05) | (1.85) | (1.90) | 32.90 | 15.78 | 23167 | 2.19 | 2.20 | (0.35) | 27 |
|  Year ended 10/31/19 | 27.77 | 0.10 | 4.21 | 4.31 | (0.07) | (1.76) | (1.83) | 30.25 | 16.29 | 31409 | 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) | 53201 | 2.19 | 2.21 | 0.29 | 21 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 36.83 | 0.24 | (9.25) | (9.01) | (0.17) | (2.50) | (2.67) | 25.15 | (26.24) | 122929 | 1.20 | 1.20 | 0.78 | 13 |
|  Year ended 10/31/21 | 36.31 | 0.16 | 3.25 | 3.41 | (0.18) | (2.71) | (2.89) | 36.83 | 9.28 | 167045 | 1.13 | 1.13 | 0.42 | 15 |
|  Year ended 10/31/20 | 33.25 | 0.21 | 5.13 | 5.34 | (0.43) | (1.85) | (2.28) | 36.31 | 16.95 | 154378 | 1.19 | 1.20 | 0.65 | 27 |
|  Year ended 10/31/19 | 30.41 | 0.43 | 4.60 | 5.03 | (0.43) | (1.76) | (2.19) | 33.25 | 17.44 | 170249 | 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) | 172297 | 1.19 | 1.21 | 1.29 | 21 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 36.83 | 0.31 | (9.28) | (8.97) | (0.23) | (2.50) | (2.73) | 25.13 | (26.16) | 20088 | 1.03 | 1.03 | 0.95 | 13 |
|  Year ended 10/31/21 | 36.32 | 0.22 | 3.25 | 3.47 | (0.25) | (2.71) | (2.96) | 36.83 | 9.44 | 92813 | 0.97 | 0.97 | 0.58 | 15 |
|  Year ended 10/31/20 | 33.27 | 0.28 | 5.12 | 5.40 | (0.50) | (1.85) | (2.35) | 36.32 | 17.16 | 107226 | 0.99 | 1.00 | 0.85 | 27 |
|  Year ended 10/31/19 | 30.43 | 0.49 | 4.61 | 5.10 | (0.50) | (1.76) | (2.26) | 33.27 | 17.70 | 96533 | 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) | 87386 | 1.01 | 1.03 | 1.47 | 21 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

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|:---|:---|
| **13** | **Invesco EQV Asia Pacific Equity Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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|:---|:---|
| **14** | **Invesco EQV Asia Pacific Equity Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

**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.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to
the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to
termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be
liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result
in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.
Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate
value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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|:---|:---|
| **15** | **Invesco EQV Asia Pacific Equity Fund** |

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

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

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

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **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% |

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For the year ended October 31, 2022, 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 June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee

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|:---|:---|
| **16** | **Invesco EQV Asia Pacific Equity Fund** |

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waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $23,485.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $44,747 in front-end sales commissions from the sale of Class A shares and $2,263 and $553 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $361 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $– | $14614460 | $– | $14614460 |
|  China | 38617649 | 77146179 | – | 115763828 |
|  Hong Kong | – | 20457877 | – | 20457877 |
|  India | 19736132 | 8084560 | – | 27820692 |
|  Indonesia | – | 59775734 | – | 59775734 |
|  Macau | – | 2337562 | – | 2337562 |
|  Malaysia | – | 16845499 | – | 16845499 |
|  New Zealand | – | 9191562 | – | 9191562 |
|  Philippines | – | 32886380 | – | 32886380 |
|  Singapore | – | 15087965 | – | 15087965 |
|  South Korea | – | 22073074 | – | 22073074 |
|  Taiwan | – | 22373064 | – | 22373064 |
|  Thailand | – | 18428534 | – | 18428534 |

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| | |
|:---|:---|
| **17** | **Invesco EQV Asia Pacific Equity Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  United States | $22541784 | $– | $– | $22541784 |
|  Vietnam | – | 4766966 | – | 4766966 |
|  Money Market Funds | 37974780 | 8616194 | – | 46590974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $118870345 | $332685610 | $– | $451555955 |

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**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,181.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $2226909 | $16431676 |
|  Long-term capital gain | 48417448 | 40808916 |
|  Total distributions | $50644357 | $57240592 |

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\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $3136732 |
|  Undistributed long-term capital gain | 31236065 |
|  Net unrealized appreciation – investments | 39009618 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (1001) |
|  Temporary book/tax differences | (72727) |
|  Shares of beneficial interest | 373810411 |
|  Total net assets | $447119098 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

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| | |
|:---|:---|
| **18** | **Invesco EQV Asia Pacific Equity Fund** |

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**NOTE 8—Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $74,376,990 and $184,527,263, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $94209136 |
|  Aggregate unrealized (depreciation) of investments | (55199518) |
|  Net unrealized appreciation of investments | $39009618 |

---

Cost of investments for tax purposes is $412,546,337.

**NOTE 9—Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2022, undistributed net investment income was decreased by $194,050, undistributed net realized gain was decreased by $3,360,952 and shares of beneficial interest was increased by $3,555,002. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 664361 | $20457732 | 1055106 | $40878456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 75647 | 2139688 | 109717 | 3916065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1901384 | 56730168 | 1071817 | 41374912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 203870 | 6226437 | 255879 | 9560023 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 848289 | 28137738 | 825110 | 30834363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 34846 | 1030042 | 51722 | 1746651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 284922 | 9462262 | 282750 | 10580517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 42783 | 1418688 | 204038 | 7626943 |
|  **Automatic conversion of Class C shares to Class A shares:** | **Automatic conversion of Class C shares to Class A shares:** | **Automatic conversion of Class C shares to Class A shares:** | **Automatic conversion of Class C shares to Class A shares:** | **Automatic conversion of Class C shares to Class A shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 67760 | 2080436 | 218755 | 8279134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (76186) | (2080436) | (242383) | (8279134) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2009691) | (62137495) | (2005215) | (76601387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (110161) | (3123400) | (148756) | (5184642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1835074) | (54545703) | (1070116) | (40291284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1967336) | (61090851) | (891926) | (34013969) |
|  Net increase (decrease) in share activity | (1874586) | $(55294694) | (283502) | $(9573352) |

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<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% 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. 

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| | |
|:---|:---|
| **19** | **Invesco EQV Asia Pacific Equity Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco EQV Asia Pacific Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV Asia Pacific Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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| | |
|:---|:---|
| **20** | **Invesco EQV Asia Pacific Equity Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $842.30 | $6.78 | $1017.85 | $7.43 | 1.46% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;839.20 | 10.25 | &nbsp;&nbsp;&nbsp;&nbsp;1014.06 | 11.22 | 2.21 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;843.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;1019.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | 1.21 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;844.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;1019.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | 1.04 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **21** | **Invesco EQV Asia Pacific Equity Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV Asia Pacific Equity Fund's (formerly, Invesco Asia Pacific Growth Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance

with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that

Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country Asia Pacific ex-Japan Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that stock selection in, and overweight or underweight exposure to, certain sectors and regions negatively impacted short-term

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| | |
|:---|:---|
| **22** | **Invesco EQV Asia Pacific Equity Fund** |

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Fund performance. The Board noted that the Fund's underperformance relative to its peers was also attributable to stock selection driven by the Fund's earnings, quality and valuation investment style. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management's philosophy regarding breakpoints in the Fund's contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that there were only three funds (including the Fund) in the expense group and requested and considered additional information from management regarding the appropriateness of the actual and contractual management fees in light of the Fund's relative ranking in its expense group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the

effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **23** | **Invesco EQV Asia Pacific Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **<u>Federal and State Income Tax</u>** | |
|  Long-Term Capital Gain Distributions | $51972448 |
|  Qualified Dividend Income\* | 100.00% |
|  Corporate Dividends Received Deduction\* | 44.47% |
|  U.S. Treasury Obligations\* | 0.13% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |
| **<u>Non-Resident Alien Shareholders</u>** |  |
|  Short-Term Capital Gain Distributions | $100847 |

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| | |
|:---|:---|
| **24** | **Invesco EQV Asia Pacific Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco EQV Asia Pacific Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br>**Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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| | |
|:---|:---|
| **T-2** | **Invesco EQV Asia Pacific Equity Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees—(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees—(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco EQV Asia Pacific Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal<br> Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief<br> Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco EQV Asia Pacific Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers—(continued)** | &nbsp;&nbsp;&nbsp;**Officers—(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering<br> Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco EQV Asia Pacific Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br> Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers—(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

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| | |
|:---|:---|
| **T-6** | **Invesco EQV Asia Pacific Equity Fund** |

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(This page intentionally left blank)

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![LOGO](g388957dsp032a.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g388957dsp032b.jpg)

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

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![LOGO](g416168dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco EQV European Equity Fund** 

Nasdaq:

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

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg416168_1) |
| 2 | [Performance Summary](#edg416168_2) |
| 4 | [Long-Term Fund Performance](#edg416168_3) |
| 6 | [Supplemental Information](#edg416168_4) |
| 8 | [Schedule of Investments](#edg416168_5) |
| 10 | [Financial Statements](#edg416168_6) |
| 13 | [Financial Highlights](#edg416168_7) |
| 14 | [Notes to Financial Statements](#edg416168_8) |
| 20 | [Report of Independent Registered Public Accounting Firm](#edg416168_9) |
| 21 | [Fund Expenses](#edg416168_10) |
| 22 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg416168_11) |
| 25 | [Distribution Information](#edg416168_12) |
| 26 | [Tax Information](#edg416168_13) |
| T-1 | [Trustees and Officers](#edg416168_14) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV European Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Europe Index, the Fund's broad market benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV European Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Europe Index, the Fund's broad market benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -30.38 | % |
| &nbsp;&nbsp; Class C Shares | -30.89 |  |
| &nbsp;&nbsp; Class R Shares | -30.54 |  |
| &nbsp;&nbsp; Class Y Shares | -30.21 |  |
| &nbsp;&nbsp; Investor Class Shares | -30.33 |  |
| &nbsp;&nbsp; Class R6 Shares | -30.11 |  |
| &nbsp;&nbsp; MSCI Europe Index<sup>▼</sup> (Broad Market Index) | -22.88 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its broad-based benchmark, the MSCI Europe Index, for the fiscal year. Stock selection in the financials sector was the largest detractor from relative results. Within the sector, **Sberbank of Russia** was the most notable detractor. Due to market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco has been employing fair value pricing for Russian equities held in its funds and the valuation of this security was marked to zero on March 2, 2022. This impact was factored into the Fund's NAV. Overweight exposure and security selection in the industrials sector also detracted from the Fund's relative performance. Within industrials, UK-based building materials distributor **Travis Perkins** and Sweden-based **Lifco**, a decentralized conglomerate with companies organized in three similar sized areas – Dental, Demolition & Tools and System Solutions, were key detractors. We sold the Fund's position in Travis Perkins during the fiscal year. Fund holdings in the energy sector underperformed those of the benchmark index, detracting from relative return. An underweight in energy, the best performing sector in the MSCI Europe Index during the fiscal year, negatively affected relative results as well. Geographically, exposure to Russia, a country not represented in the benchmark index, was the largest detractor from relative performance. Due to Russia's invasion of Ukraine during the fiscal year, all Russian stocks were negatively impacted. Stock selection in the UK also hampered relative results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversely, an underweight in information technology (IT), one of the weakest sectors in the MSCI Europe Index during the fiscal year,

contributed to the Fund's relative performance. An underweight relative to the benchmark index in Netherlands-based **ASML Holding**, a global leader in lithography technologies critical in semiconductor chip manufacturing, added to relative results. Not owning certain weaker performing benchmark index stocks, including Dutch payment company Adyen and German semiconductor manufacturer Infineon Technologies, was beneficial as well. From a geographic perspective, security selection in Germany, Denmark and the Netherlands contributed to the Fund's relative return. An underweight in Germany and exposure to Turkey, a country not represented in the benchmark index, added to relative results. In a declining equity market environment, the Fund's cash exposure (average 2.3%) contributed to the Fund's relative performance during the fiscal year. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund's portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including UK-based consumer products company **Reckitt Benckiser Group**, Sweden-based financial services company **Svenska Handelsbanken** and Spain-based **Amadeus IT Group**, an IT provider for the global travel and tourism industry. We sold several holdings during the fiscal year, including Switzerland-based tobacco company **Philip Morris International** and industrials company **Kuehne + Nagel International** and UK-based home support services company **HomeServe**. HomeServe had agreed to be acquired by Brookfield Asset Management (not a Fund holding), but we decided to exit the position due to the low discount to offer price. During the fiscal year, the Fund's position in UK-based industrials company **Ultra Electronics** was acquired by Cobham (not a Fund holding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco EQV European Equity Fund.

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| | |
|:---|:---|
| **2** | **Invesco EQV European Equity Fund** |

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------

**Portfolio manager(s):** 

Borge Endresen - Lead

Mark McDonnell

Richard Nield

Clas Olsson - Lead

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco EQV European Equity Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g416168dsp4.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco EQV European Equity Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (11/3/97) | 7.27 | % |
| &nbsp;&nbsp; 10 Years | 1.74 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -4.74 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -34.22 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (11/3/97) | 7.28 | % |
| &nbsp;&nbsp; 10 Years | 1.71 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -4.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -31.53 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (6/3/02) | 5.82 | % |
| &nbsp;&nbsp; 10 Years | 2.07 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -3.89 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.54 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 4.24 | % |
| &nbsp;&nbsp; 10 Years | 2.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -3.41 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.21 |  |
| &nbsp;&nbsp; **Investor Class Shares** |  |  |
| &nbsp;&nbsp; Inception (9/30/03) | 6.40 | % |
| &nbsp;&nbsp; 10 Years | 2.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -3.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.33 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 2.53 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -3.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -30.11 |  |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

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| | |
|:---|:---|
| **5** | **Invesco EQV European Equity Fund** |

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------

**Supplemental Information** 

**Invesco EQV European Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI Europe Index** is an unmanaged index considered representative of stocks of developed European countries.
The index is computed using the net return, which withholds applicable taxes for nonresident 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **6** | **Invesco EQV European Equity Fund** |

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 26.26% |
|  Financials | 16.09 |
|  Consumer Staples | 11.85 |
|  Health Care | 10.58 |
|  Consumer Discretionary | 9.44 |
|  Information Technology | 5.78 |
|  Energy | 5.45 |
|  Materials | 5.45 |
|  Communication Services | 4.35 |
|  Real Estate | 2.56 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.19 |

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**Top 10 Equity Holdings\*** 

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| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | DCC PLC | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | FinecoBank Banca Fineco S.p.A. | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | IG Group Holdings PLC | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Sandvik AB | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Deutsche Boerse AG | 3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Heineken Holding N.V. | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Roche Holding AG | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Novo Nordisk A/S, Class B | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Reckitt Benckiser Group PLC | 2.69 |
| 10. | Gedeon Richter PLC | 2.66 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco EQV European Equity Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.81%** | **Common Stocks & Other Equity Interests–97.81%** | **Common Stocks & Other Equity Interests–97.81%** |
|  **China–1.46%** | **China–1.46%** | **China–1.46%** |
|  Prosus N.V. | 171769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475819 |
|  **Denmark–4.42%** |  |  |
|  Carlsberg A/S, Class B | 72848 | 8577592 |
|  Novo Nordisk A/S, Class B | 128493 | 13964010 |
|  |  | 22541602 |
|  **France–16.75%** |  |  |
|  Air Liquide S.A. | 55642 | 7267888 |
|  Arkema S.A. | 66762 | 5278645 |
|  Bollore SE | 2592329 | 12964442 |
|  Criteo S.A., ADR<sup>(a)</sup>  | 153718 | 3919809 |
|  Kaufman & Broad S.A. | 430801 | 10473178 |
|  LVMH Moet Hennessy Louis Vuitton SE | 18422 | 11621995 |
|  Metropole Television S.A. | 513702 | 5316904 |
|  Pernod Ricard S.A. | 42172 | 7398969 |
|  Schneider Electric SE | 90535 | 11457650 |
|  TotalEnergies SE | 179548 | 9812348 |
|  |  | 85511828 |
|  **Germany–4.51%** |  |  |
|  Bechtle AG | 103306 | 3573257 |
|  Deutsche Boerse AG | 94085 | 15307585 |
|  flatexDEGIRO AG<sup>(a)</sup>  | 475479 | 4162936 |
|  |  | 23043778 |
|  **Hungary–2.66%** |  |  |
|  Gedeon Richter PLC | 685812 | 13561247 |
|  **Ireland–4.95%** |  |  |
|  CRH PLC | 272505 | 9804672 |
|  Flutter Entertainment PLC<sup>(a)</sup>  | 76955 | 10208120 |
|  Origin Enterprises PLC | 1420512 | 5260916 |
|  |  | 25273708 |
|  **Italy–7.68%** |  |  |
|  Danieli & C. Officine Meccaniche S.p.A., RSP | 982851 | 13515655 |
|  FinecoBank Banca Fineco S.p.A. | 1276318 | 17236761 |
|  Technogym S.p.A.<sup>(b)(c)</sup>  | 1227587 | 8443991 |
|  |  | 39196407 |
|  **Netherlands–10.30%** |  |  |
|  Aalberts N.V. | 182941 | 6349956 |
|  ASML Holding N.V. | 16671 | 7859006 |
|  Heineken Holding N.V. | 222150 | 15169372 |
|  SBM Offshore N.V. | 654151 | 8848513 |
|  Shell PLC | 143281 | 3971477 |
|  Wolters Kluwer N.V. | 97394 | 10351644 |
|  |  | 52549968 |
|  **Norway–1.02%** |  |  |
|  TGS ASA | 379831 | 5188490 |
|  **Russia–0.00%** |  |  |
|  Sberbank of Russia PJSC, Preference Shares<sup>(a)(d)</sup>  | 11172332 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Russia–(continued)** |  |  |
|  Yandex N.V., Class A<sup>(a)(d)</sup>  | 301028 | $0 |
|  |  | 11 |
|  **Spain–3.35%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 192840 | 10038464 |
|  Construcciones y Auxiliar de Ferrocarriles S.A.<sup>(c)</sup>  | 271190 | 7069574 |
|  |  | 17108038 |
|  **Sweden–8.70%** |  |  |
|  Husqvarna AB, Class B<sup>(c)</sup>  | 468501 | 2779513 |
|  Investor AB, Class B | 783451 | 12784261 |
|  Lifco AB, Class B | 326217 | 4708642 |
|  Sandvik AB | 1029031 | 16086182 |
|  Svenska Handelsbanken AB, Class A | 868299 | 8065106 |
|  |  | 44423704 |
|  **Switzerland–0.84%** |  |  |
|  Logitech International S.A., Class R<sup>(c)</sup>  | 86071 | 4273059 |
|  **Turkey–1.56%** |  |  |
|  Haci Omer Sabanci Holding A.S. | 4422672 | 7969959 |
|  **United Kingdom–20.84%** |  |  |
|  Ashtead Group PLC | 197408 | 10273278 |
|  Clarkson PLC | 304315 | 9649526 |
|  DCC PLC | 379438 | 21044526 |
|  Diploma PLC | 190729 | 5432802 |
|  FDM Group Holdings PLC | 511728 | 3703020 |
|  Hays PLC | 5885430 | 7408873 |
|  IG Group Holdings PLC | 1818473 | 16581218 |
|  Linde PLC | 18500 | 5500975 |
|  Reckitt Benckiser Group PLC | 206740 | 13696829 |
|  Savills PLC | 1385473 | 13075245 |
|  |  | 106366292 |
|  **United States–8.77%** |  |  |
|  ICON PLC<sup>(a)(c)</sup>  | 62741 | 12412679 |
|  Nestle S.A. | 95652 | 10410896 |
|  Roche Holding AG | 42269 | 14048147 |
|  Signify N.V. | 284391 | 7876883 |
|  |  | 44748605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $492,390,355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $492,390,355) | 499232515 |
|  **Money Market Funds–1.13%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(e)(f)</sup>  | 1920372 | 1920372 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(e)(f)</sup>  | 1638893 | 1639220 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(e)(f)</sup>  | 2194711 | 2194711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,753,898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $5,753,898) | 5754303 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–98.94%<br>(Cost $498,144,253) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–98.94%<br>(Cost $498,144,253) | 504986818 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco EQV European Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–2.21%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(e)(f)(g)</sup>  | 3165143 | $3165143 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(e)(f)(g)</sup>  | 8136806 | 8136806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $11,301,862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $11,301,862) | 11301949 |
|  TOTAL INVESTMENTS IN SECURITIES–101.15%<br>(Cost $509,446,115) | TOTAL INVESTMENTS IN SECURITIES–101.15%<br>(Cost $509,446,115) | 516288767 |
|  OTHER ASSETS LESS LIABILITIES–(1.15)% | OTHER ASSETS LESS LIABILITIES–(1.15)% | (5863830) |
|  NET ASSETS–100.00% |  | $510424937 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

RSP - Registered Savings Plan Shares

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 October 31, 2022 represented 1.65% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $7739892 | $88221935 | $(94041455) | $- | $- | $1920372 | $28593 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 7531081 | 63015668 | (68905393) | (5105) | 2969 | 1639220 | 26950 |
|  Invesco Treasury Portfolio, Institutional Class | 8845590 | 100825069 | (107475948) | - | - | 2194711 | 30363 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 9903960 | 76604773 | (83343590) | - | - | 3165143 | 46,008\* |
|  Invesco Private Prime Fund | 23109240 | 127336040 | (142308515) | 87 | (46) | 8136806 | 124,621\* |
|  Total | $57129763 | $456003485 | $(496074901) | $(5018) | $2923 | $17056252 | $256535 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

---

| | |
|:---|:---|
| **9** | **Invesco EQV European Equity Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $492,390,355)\* | $499232515 |
|  Investments in affiliated money market funds, at value (Cost $17,055,760) | 17056252 |
|  Foreign currencies, at value (Cost $200,788) | 199124 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2229287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 125441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3613987 |
|  Investment for trustee deferred compensation and retirement plans | 144280 |
|  Other assets | 55185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 522656071 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 301926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 11301862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 339661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 125930 |
|  Trustee deferred compensation and retirement plans | 159935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12231134 |
|  Net assets applicable to shares outstanding | $510424937 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $479809815 |
|  Distributable earnings | 30615122 |
|  | $510424937 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $213528654 |
|  Class C | $8844183 |
|  Class R | $4660585 |
|  Class Y | $199353675 |
|  Investor Class | $80989435 |
|  Class R6 | $3048405 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 7398703 |
|  Class C | 331765 |
|  Class R | 162074 |
|  Class Y | 6891893 |
|  Investor Class | 2813885 |
|  Class R6 | 105378 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $28.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $28.86 ÷ 94.50%) | $30.54 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $26.66 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.76 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.93 |
|  Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.78 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.93 |

---

\* At October 31, 2022, securities with an aggregate value of $7,788,916 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **10** | **Invesco EQV European Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $178446 |
|  Dividends (net of foreign withholding taxes of $1,938,164) | 19456446 |
|  Dividends from affiliated money market funds (includes net securities lending income of $58,849) | 144755 |
|  Foreign withholding tax claims | 2187584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 21967231 |
|  **Expenses:** |  |
|  Advisory fees | 7410605 |
|  Administrative services fees | 111997 |
|  Custodian fees | 155159 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 690839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 134421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 28197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 184671 |
|  Transfer agent fees – A, C, R, Y and Investor | 1252096 |
|  Transfer agent fees – R6 | 1312 |
|  Trustees' and officers' fees and benefits | 26713 |
|  Registration and filing fees | 97248 |
|  Reports to shareholders | 60981 |
|  Professional services fees | 74571 |
|  Other | 11827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10240637 |
|  Less: Fees waived and/or expense offset arrangement(s) | (14368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10226269 |
|  Net investment income | 11740962 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 60657306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (863007) |
|  | 59797222 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (381931959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (5018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (344857) |
|  | (382281834) |
|  Net realized and unrealized gain (loss) | (322484612) |
|  Net increase (decrease) in net assets resulting from operations | $(310743650) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco EQV European Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11740962 | $13222530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 59797222 | 99979868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (382281834) | 225496596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (310743650) | 338698994 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (30271914) | (4332934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1645602) | (132308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (595162) | (71734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (53433019) | (9434694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (10970302) | (1665385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (597707) | (160084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (97513706) | (15797139) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (11928341) | (27347605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4950092) | (8577015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (70600) | (716021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (214465710) | (74124325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1040973 | (11181237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1671354) | (3775365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (232045124) | (125721568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (640302480) | 197180287 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1150727417 | 953547130 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $510424937 | $1150727417 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco EQV European Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of<br>net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $45.47 | $0.46 | $(13.20) | $(12.74) | $(1.04) | $(2.83) | $(3.87) | $28.86 | (30.38)% | $213529 | 1.37% | 1.37% | 1.32% | 24% |
|  Year ended 10/31/21 | 33.73 | 0.44 | 11.81 | 12.25 | (0.51) |  | (0.51) | 45.47 | 36.58 | 359154 | 1.35 | 1.35 | 1.02 | 18 |
|  Year ended 10/31/20 | 38.76 | 0.30 | (4.31) | (4.01) | (1.02) |  | (1.02) | 33.73 | (10.74) | 287960 | 1.36 | 1.37 | 0.84 | 27 |
|  Year ended 10/31/19 | 35.55 | 0.74 | 2.94 | 3.68 | (0.47) |  | (0.47) | 38.76 | 10.57 | 386369 | 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) | 402331 | 1.34 | 1.35 | 1.45 | 16 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 42.22 | 0.18 | (12.24) | (12.06) | (0.67) | (2.83) | (3.50) | 26.66 | (30.89) | 8844 | 2.12 | 2.12 | 0.57 | 24 |
|  Year ended 10/31/21 | 31.31 | 0.11 | 11.00 | 11.11 | (0.20) |  | (0.20) | 42.22 | 35.56 | 20596 | 2.10 | 2.10 | 0.27 | 18 |
|  Year ended 10/31/20 | 35.97 | 0.03 | (4.04) | (4.01) | (0.65) |  | (0.65) | 31.31 | (11.43) | 22166 | 2.11 | 2.12 | 0.09 | 27 |
|  Year ended 10/31/19 | 32.94 | 0.43 | 2.75 | 3.18 | (0.15) |  | (0.15) | 35.97 | 9.72 | 38236 | 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) | 71859 | 2.09 | 2.10 | 0.70 | 16 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 45.29 | 0.37 | (13.15) | (12.78) | (0.92) | (2.83) | (3.75) | 28.76 | (30.53) | 4661 | 1.62 | 1.62 | 1.07 | 24 |
|  Year ended 10/31/21 | 33.59 | 0.33 | 11.78 | 12.11 | (0.41) |  | (0.41) | 45.29 | 36.25 | 7420 | 1.60 | 1.60 | 0.77 | 18 |
|  Year ended 10/31/20 | 38.59 | 0.21 | (4.32) | (4.11) | (0.89) |  | (0.89) | 33.59 | (10.98) | 6092 | 1.61 | 1.62 | 0.59 | 27 |
|  Year ended 10/31/19 | 35.38 | 0.64 | 2.93 | 3.57 | (0.36) |  | (0.36) | 38.59 | 10.26 | 7803 | 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) | 10795 | 1.59 | 1.60 | 1.20 | 16 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 45.58 | 0.56 | (13.23) | (12.67) | (1.15) | (2.83) | (3.98) | 28.93 | (30.21) | 199354 | 1.12 | 1.12 | 1.57 | 24 |
|  Year ended 10/31/21 | 33.81 | 0.54 | 11.84 | 12.38 | (0.61) |  | (0.61) | 45.58 | 36.93 | 628317 | 1.10 | 1.10 | 1.27 | 18 |
|  Year ended 10/31/20 | 38.85 | 0.39 | (4.31) | (3.92) | (1.12) |  | (1.12) | 33.81 | (10.51) | 524899 | 1.11 | 1.12 | 1.09 | 27 |
|  Year ended 10/31/19 | 35.67 | 0.83 | 2.93 | 3.76 | (0.58) |  | (0.58) | 38.85 | 10.81 | 700808 | 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) | 820248 | 1.09 | 1.10 | 1.70 | 16 |
|  **Investor Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 45.37 | 0.48 | (13.16) | (12.68) | (1.08) | (2.83) | (3.91) | 28.78 | (30.33)<sup>(d)</sup> | 80989 | 1.30 <sup>(d)</sup> | 1.30 <sup>(d)</sup> | 1.39 <sup>(d)</sup> | 24 |
|  Year ended 10/31/21 | 33.65 | 0.48 | 11.79 | 12.27 | (0.55) |  | (0.55) | 45.37 | 36.73 <sup>(d)</sup> | 128214 | 1.24 <sup>(d)</sup> | 1.24 <sup>(d)</sup> | 1.13 <sup>(d)</sup> | 18 |
|  Year ended 10/31/20 | 38.67 | 0.33 | (4.31) | (3.98) | (1.04) |  | (1.04) | 33.65 | (10.68)<sup>(d)</sup> | 103954 | 1.27 <sup>(d)</sup> | 1.28 <sup>(d)</sup> | 0.93 <sup>(d)</sup> | 27 |
|  Year ended 10/31/19 | 35.48 | 0.76 | 2.93 | 3.69 | (0.50) |  | (0.50) | 38.67 | 10.61 <sup>(d)</sup> | 133149 | 1.29 <sup>(d)</sup> | 1.30 <sup>(d)</sup> | 2.08 <sup>(d)</sup> | 10 |
|  Year ended 10/31/18 | 40.86 | 0.60 | (5.19) | (4.59) | (0.79) | – | (0.79) | 35.48 | (11.47)<sup>(d)</sup> | 133359 | 1.29 <sup>(d)</sup> | 1.30 <sup>(d)</sup> | 1.50 <sup>(d)</sup> | 16 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 45.58 | 0.60 | (13.22) | (12.62) | (1.20) | (2.83) | (4.03) | 28.93 | (30.11) | 3048 | 1.00 | 1.00 | 1.69 | 24 |
|  Year ended 10/31/21 | 33.81 | 0.59 | 11.84 | 12.43 | (0.66) |  | (0.66) | 45.58 | 37.08 | 7026 | 0.98 | 0.98 | 1.39 | 18 |
|  Year ended 10/31/20 | 38.86 | 0.43 | (4.32) | (3.89) | (1.16) |  | (1.16) | 33.81 | (10.43) | 8477 | 0.99 | 1.00 | 1.21 | 27 |
|  Year ended 10/31/19 | 35.68 | 0.87 | 2.94 | 3.81 | (0.63) |  | (0.63) | 38.86 | 10.96 | 8613 | 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) | 9925 | 0.99 | 1.00 | 1.80 | 16 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> 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 0.18%, 0.14%, 0.16%, 0.19% and 0.20% for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively. 

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

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|:---|:---|
| **13** | **Invesco EQV European Equity Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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|:---|:---|
| **14** | **Invesco EQV European Equity Fund** |

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

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

**G.** **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.

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the

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| **15** | **Invesco EQV European Equity Fund** |

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borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

**M.** **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.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **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% |

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For the year ended October 31, 2022, 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. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the

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|:---|:---|
| **16** | **Invesco EQV European Equity Fund** |

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

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $11,456.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $19,501 in front-end sales commissions from the sale of Class A shares and $33,991 and $453 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $1,468 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | |
|:---|:---|
| **17** | **Invesco EQV European Equity Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  China | $7475819 | $– | $– | $7475819 |
|  Denmark | &nbsp;&nbsp;&nbsp;&nbsp;– | 22541602 | &nbsp;&nbsp;&nbsp;&nbsp;– | 22541602 |
|  France | 14392987 | 71118841 | &nbsp;&nbsp;&nbsp;&nbsp;– | 85511828 |
|  Germany | &nbsp;&nbsp;&nbsp;&nbsp;– | 23043778 | &nbsp;&nbsp;&nbsp;&nbsp;– | 23043778 |
|  Hungary | &nbsp;&nbsp;&nbsp;&nbsp;– | 13561247 | &nbsp;&nbsp;&nbsp;&nbsp;– | 13561247 |
|  Ireland | &nbsp;&nbsp;&nbsp;&nbsp;– | 25273708 | &nbsp;&nbsp;&nbsp;&nbsp;– | 25273708 |
|  Italy | &nbsp;&nbsp;&nbsp;&nbsp;– | 39196407 | &nbsp;&nbsp;&nbsp;&nbsp;– | 39196407 |
|  Netherlands | 10351644 | 42198324 | &nbsp;&nbsp;&nbsp;&nbsp;– | 52549968 |
|  Norway | &nbsp;&nbsp;&nbsp;&nbsp;– | 5188490 | &nbsp;&nbsp;&nbsp;&nbsp;– | 5188490 |
|  Russia | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | 11 | 11 |
|  Spain | &nbsp;&nbsp;&nbsp;&nbsp;– | 17108038 | &nbsp;&nbsp;&nbsp;&nbsp;– | 17108038 |
|  Sweden | 16086182 | 28337522 | &nbsp;&nbsp;&nbsp;&nbsp;– | 44423704 |
|  Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;– | 4273059 | &nbsp;&nbsp;&nbsp;&nbsp;– | 4273059 |
|  Turkey | &nbsp;&nbsp;&nbsp;&nbsp;– | 7969959 | &nbsp;&nbsp;&nbsp;&nbsp;– | 7969959 |
|  United Kingdom | 18853521 | 87512771 | &nbsp;&nbsp;&nbsp;&nbsp;– | 106366292 |
|  United States | 12412679 | 32335926 | &nbsp;&nbsp;&nbsp;&nbsp;– | 44748605 |
|  Money Market Funds | 5754303 | 11301949 | &nbsp;&nbsp;&nbsp;&nbsp;– | 17056252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $85327135 | $430961621 | $11 | $516288767 |

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**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,912.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $27301453 | $15797139 |
|  Long-term capital gain | 70212253 | &nbsp;&nbsp;&nbsp;&nbsp;– |
|  Total distributions | $97513706 | $15797139 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $805004 |
|  Undistributed long-term capital gain | 36309297 |
|  Net unrealized appreciation (depreciation) – investments | (6117308) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (261445) |
|  Temporary book/tax differences | (120426) |
|  Shares of beneficial interest | 479809815 |
|  Total net assets | $510424937 |

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---

| | |
|:---|:---|
| **18** | **Invesco EQV European Equity Fund** |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to passive foreign investment companies.

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

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

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

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $190,391,605 and $502,894,106, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $87110990 |
|  Aggregate unrealized (depreciation) of investments | (93228298) |
|  Net unrealized appreciation (depreciation) of investments | $(6117308) |

---

Cost of investments for tax purposes is $522,406,075.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2022, undistributed net investment income was increased by $4,123,681, undistributed net realized gain was decreased by $23,728,681 and shares of beneficial interest was increased by $19,605,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 337999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12427640 | 487483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20795527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 17552 | 584593 | 39070 | 1552563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 22213 | 744958 | 25349 | 1068463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1152186 | 41667586 | 1560556 | 66111697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 23957 | 863836 | 60517 | 2552827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 31176 | 1109207 | 39698 | 1731663 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 671928 | 26816647 | 97439 | 3811815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 37200 | 1380497 | 2977 | 108822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 14784 | 589150 | 1825 | 71265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 928843 | 37079406 | 204943 | 8017382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 243268 | 9677197 | 38415 | 1498177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13696 | 546053 | 4018 | 157063 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 92954 | 3291723 | 112073 | 4704313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (100193) | (3291723) | (120210) | (4704313) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1603594) | (54464351) | (1335829) | (56659260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (110590) | (3623459) | (141957) | (5534087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (38749) | (1404708) | (44689) | (1855749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (8975208) | (293212702) | (3505257) | (148253404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (279180) | (9500060) | (362086) | (15232241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (93647) | (3326614) | (140282) | (5664091) |
|  Net increase (decrease) in share activity | (7613405) | $(232045124) | (2975947) | $(125721568) |

---

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

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| | |
|:---|:---|
| **19** | **Invesco EQV European Equity Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco EQV European Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV European Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **20** | **Invesco EQV European Equity Fund** |

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------

**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>**  | **Expenses<br> Paid During** <br> **Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $882.00 | &nbsp;&nbsp;&nbsp;&nbsp;$6.74 | $1018.05 | &nbsp;&nbsp;&nbsp;&nbsp;$7.22 | 1.42% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;878.70 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;1014.27 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | 2.17 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;881.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;1016.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49 | 1.67 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;883.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;1019.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96 | 1.17 |
| &nbsp;&nbsp;&nbsp; Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;882.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;1018.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | 1.31 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;883.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;1020.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | 1.02 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **21** | **Invesco EQV European Equity Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV European Equity Fund's (formerly, Invesco European Growth Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Europe Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in certain sectors detracted from Fund

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| | |
|:---|:---|
| **22** | **Invesco EQV European Equity Fund** |

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performance. The Board noted that the Fund's underperformance relative to its peers was also attributable to stock selection driven by the Fund's earnings, quality and valuation investment style. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management's philosophy regarding breakpoints in the Fund's contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were in the fourth quintile of its expense group and that the Fund's actual management fees were in the fifth quintile of its expense group. The Board requested and considered additional information from management regarding the appropriateness of the management fees and total expense ratio, and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board noted that there are only six funds (including the Fund) in its expense group and discussed how the Fund's versus its peers affects the comparability of the Fund's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds

relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The

Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco

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| | |
|:---|:---|
| **23** | **Invesco EQV European Equity Fund** |

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Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **24** | **Invesco EQV European Equity Fund** |

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**Distribution Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders were sent a notice from the Fund that set forth an estimate on a per share basis of the source or sources from which the distribution was paid in December of 2021. Subsequently, certain of these estimates have been corrected. Listed below is a written statement of the sources of this distribution, as corrected, on a generally accepted accounting principles ("GAAP") basis.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net Income** | **Gain from<br>Sale of Securities** | **Return of Principal** | **Total Distribution** |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $0.0000 | $2.7999 | $1.0658 | $3.8657 |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | $0.0000 | $2.7999 | $0.7032 | $3.5031 |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | $0.0000 | $2.7999 | $0.9457 | $3.7456 |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | $0.0183 | $2.7999 | $1.1600 | $3.9782 |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $0.0000 | $2.7999 | $1.1136 | $3.9135 |
| 12/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | $0.0716 | $2.7999 | $1.1600 | $4.0315 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

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|:---|:---|
| **25** | **Invesco EQV European Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $89817253 |
|  Qualified Dividend Income\* | 88.24% |
|  Corporate Dividends Received Deduction\* | 4.92% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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|:---|:---|
| **26** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. – 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli – 1949 Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort – 1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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|:---|:---|
| **T-3** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief<br>Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Andrew R. Schlossberg – 1974 Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco EQV European Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco EQV European Equity Fund** |

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![LOGO](g416168dsp36.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g416168dsp1.jpg)

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

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![LOGO](g388967dsp1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco Global Focus Fund** 

Nasdaq:

A: GLVAX ∎ C: GLVCX ∎ R: GLVNX ∎ Y: GLVYX ∎ R5: GFFDX ∎ R6: GLVIX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg388967_1) |
| 2 | [Performance Summary](#edg388967_2) |
| 4 | [Long-Term Fund Performance](#edg388967_3) |
| 6 | [Supplemental Information](#edg388967_4) |
| 8 | [Schedule of Investments](#edg388967_5) |
| 10 | [Financial Statements](#edg388967_6) |
| 13 | [Financial Highlights](#edg388967_7) |
| 14 | [Notes to Financial Statements](#edg388967_8) |
| 20 | [Report of Independent Registered Public Accounting Firm](#edg388967_9) |
| 21 | [Fund Expenses](#edg388967_10) |
| 22 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg388967_11) |
| 24 | [Tax Information](#edg388967_12) |
| T-1 | [Trustees and Officers](#edg388967_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Focus Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Focus Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -45.25 | % |
| &nbsp;&nbsp; Class C Shares | -45.66 |  |
| &nbsp;&nbsp; Class R Shares | -45.38 |  |
| &nbsp;&nbsp; Class Y Shares | -45.10 |  |
| &nbsp;&nbsp; Class R5 Shares | -45.04 |  |
| &nbsp;&nbsp; Class R6 Shares | -45.04 |  |
| &nbsp;&nbsp; MSCI All Country World Index<sup>▼</sup>\* | -19.96 |  |
| &nbsp;&nbsp; MSCI All Country World Growth Index<sup>▼</sup>\* | -29.25 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.<br>\* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.<br>\* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underper-formed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with

no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Class A shares (without sales charge) produced a total return of -45.25% during the fiscal year ended October 31, 2022, underperforming the MSCI All Country World Growth Index (the "Index") which returned -29.25%. The Fund underperformed the Index most in the information technology, communication services and healthcare sectors, primarily due to stock selection within each sector. A lack of exposure to sectors that held up better in this volatile environment, such as energy, financials and consumer staples, also weighed on relative Fund results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 has been a year where macro has taken center stage. Rapidly rising interest rates, a war in Europe and COVID-19 have caused markets to decline significantly. Inflationary, rising rate environments such as this usually result in investment horizons becoming very short. Investors become fixated on near-term events and the future is not a concern. Our focus on the future gets punished in these environments; however, we remain resolute in our investment horizon of three to five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three best contributors to the Fund's absolute performance for the fiscal year were **IDEXX Laboratories**, **Visa** and **Novo Nordisk**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories is a position we initiated towards the end of the fiscal year. It is a leading company in veterinary diagnostics. The company has historically been very good

at innovating new tests and expanding its product array and has built scale. As a general rule, pet owners are taking better care of their pets today than in decades past, which means more trips to the vet. In the years to come we see several opportunities for them to grow in the US by continuing to innovate and offer more varied testing capabilities. Outside the US, diagnostics are less commonly done by vet practices, which can result in growth over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa operates a payment network and is a good example of our investment theme around the digitization of money. We view Visa as a meaningful beneficiary of pent-up demand in travel. Visa is poised to benefit from a resurgence in global travel as they are part of a global duopoly (along with Master-card, also a Fund holding) in enabling cross-border transactions. The stock performed well during the fiscal year as consumer spending remained robust despite a challenging economic backdrop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk is a Danish pharmaceutical company focused on diabetes care, including its pre-eminent glucagon-like peptide (GLP) drug franchise. Driven by Ozempic, the largest global GLP-1 drug for diabetes, Novo Nordisk's GLP-1 franchise makes up over 60% of the global market share; altogether the company retains over 31% share of the diabetes market by value. Additionally, Novo Nordisk is addressing an emerging opportunity in obesity care with its drug Wegovy. While making up just 8% of total sales today, obesity sales are growing over 100% and will become an increasingly large contributor to growth in the years to come. Both diabetes and obesity are chronic conditions and the number of people impacted is sadly on the rise across much of the world, which provides a structural tailwind to this company's economic profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three major negative contributors to the Fund's absolute performance for the fiscal year were **Meta Platforms**, **Twilio** and **Tencent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, despite a difficult fiscal year for the stock's performance, has the world's largest audience and the most targetable one for advertisers ever assembled. The company has seen a slowing in the ad environment and has had to rebuild its ad stack technology to comply with Apple's new privacy standards. They are well on their way to getting that completed. We believe the company is capable of growing its revenues next fiscal year at a high single-digit rate while producing strong cash flows. It trades on a price earnings multiple of just under 9 times. If we are correct about the growth at Meta Platforms next fiscal year, we expect it could be propelled higher by improving earnings and the market assigning it a higher multiple. The capital expenditures on building the metaverse, however, have been a headwind. The company has merely said that it is, in their view, a very big opportunity. Historically, Meta Platforms has allocated capital quite

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| | |
|:---|:---|
| **2** | **Invesco Global Focus Fund** |

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effectively. The stock remains a top 10 holding in the portfolio as of the end of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twilio is a company that provides developer tools that pave the way for businesses to engage with their customers in virtually any way a customer desires. When you get a text that tells you your gate has changed at the airport or you get food delivered on any of the digital platforms, Twilio likely provided the tools to allow that to happen. The company has been growing rapidly but has not yet found a clear path to improving its margins. Earlier this fiscal year, the company admitted it had hired too many employees and would be laying off 11% of its workforce. We have reduced our holdings in it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent is a Chinese company that owns the largest and most profitable gaming business in the world, while also having strong competitive positions in digital payments and cloud computing. The company has had headaches from the Chinese COVID-19 lockdowns and regulatory interventions, both of which we believe will ease. Half the population of China uses Tencent's products each day and we believe it is well-positioned over the long-term for success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe market volatility may persist in the near-term, as the markets adjust to the new realities of prolonged high inflation, higher interest rates and geo-political instability. Rapid adjustment periods are difficult and we are seeing that occurring now. In the near-term, we do envisage the market participants will return to a relatively steady state of operation, with fundamentals of stocks returning to center stage. We believe we own a collection of assets in the Fund that will create considerable economic value for our shareholders in the coming years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in the Invesco Global Focus Fund.

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**Portfolio manager(s):** 

John Delano

Randall Dishmon

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco Global Focus Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g388967dsp4.jpg)

1 Source: RIMES Technologies Corp.

\* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. 

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco Global Focus Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; <br> **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (10/1/07) | 4.46 | % |
| &nbsp;&nbsp; 10 Years | 6.40 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -48.25 |  |
| &nbsp;&nbsp; <br> **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (10/1/07) | 4.48 | % |
| &nbsp;&nbsp; 10 Years | 6.35 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.60 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -46.18 |  |
| &nbsp;&nbsp; <br> **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (10/1/07) | 4.65 | % |
| &nbsp;&nbsp; 10 Years | 6.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.11 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.38 |  |
| &nbsp;&nbsp; <br> **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/1/07) | 5.21 | % |
| &nbsp;&nbsp; 10 Years | 7.27 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.61 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.10 |  |
| &nbsp;&nbsp; <br> **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 7.13 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.62 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.04 |  |
| &nbsp;&nbsp; <br> **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (8/28/12) | 7.77 | % |
| &nbsp;&nbsp; 10 Years | 7.44 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.77 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.04 |  |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

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| | |
|:---|:---|
| **5** | **Invesco Global Focus Fund** |

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**Supplemental Information** 

**Invesco Global Focus Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI All Country World Index** is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **MSCI All Country World Growth Index** is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **6** | **Invesco Global Focus Fund** |

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 33.24% |
|  Health Care | 30.08 |
|  Consumer Discretionary | 17.36 |
|  Communication Services | 15.80 |
|  Industrials | 3.34 |
|  Other Assets Less Liabilities | 0.18 |

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**Top 10 Equity Holdings\*** 

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| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Amazon.com, Inc. | 6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Alphabet, Inc., Class A | 5.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Meta Platforms, Inc., Class A | 5.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Hermes International | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Mastercard, Inc., Class A | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Thermo Fisher Scientific, Inc. | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | salesforce.com, inc. | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Crowdstrike Holdings, Inc., Class A | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Novo Nordisk A/S, Class B | 4.43 |
| 10.  | Illumina, Inc. | 4.39 |

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The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

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| | |
|:---|:---|
| **7** | **Invesco Global Focus Fund** |

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**Schedule of Investments<sup>(a)</sup>** 

*October 31, 2022* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.82%** | **Common Stocks & Other Equity Interests–99.82%** | **Common Stocks & Other Equity Interests–99.82%** |
|  **Apparel, Accessories & Luxury Goods–5.34%** | **Apparel, Accessories & Luxury Goods–5.34%** |  |
|  Hermes International (France) | 18621 | $&nbsp;&nbsp;&nbsp;&nbsp;24116080 |
|  **Application Software–7.28%** | **Application Software–7.28%** | **Application Software–7.28%** |
|  Nice Ltd., ADR (Israel)<sup>(b)</sup>  | 64956 | 12334495 |
|  salesforce.com, inc.<sup>(b)</sup>  | 126331 | 20540157 |
|  |  | 32874652 |
|  **Biotechnology–1.70%** | **Biotechnology–1.70%** | **Biotechnology–1.70%** |
|  BeiGene Ltd., ADR (China) (Acquired 01/05/2018-01/17/2018; Cost $4,124,875)<sup>(b)(c)</sup>  | 41630 | 7030891 |
|  Twist Bioscience Corp.<sup>(b)</sup>  | 19907 | 653547 |
|  |  | 7684438 |
|  **Data Processing & Outsourced Services–14.58%** | **Data Processing & Outsourced Services–14.58%** | **Data Processing & Outsourced Services–14.58%** |
|  Adyen N.V. (Netherlands)<sup>(b)(d)</sup>  | 13347 | 19119803 |
|  Amadeus IT Group S.A. (Spain)<sup>(b)</sup>  | 270248 | 14068009 |
|  Mastercard, Inc., Class A | 68892 | 22608976 |
|  Visa, Inc., Class A | 48616 | 10071291 |
|  |  | 65868079 |
|  **Health Care Equipment–7.18%** |  |  |
|  ABIOMED, Inc.<sup>(b)</sup>  | 17685 | 4458035 |
|  Edwards Lifesciences Corp.<sup>(b)</sup>  | 49814 | 3608028 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup>  | 28700 | 10322816 |
|  Stryker Corp. | 61210 | 14031780 |
|  |  | 32420659 |
|  **Hotels, Resorts & Cruise Lines–1.80%** | **Hotels, Resorts & Cruise Lines–1.80%** | **Hotels, Resorts & Cruise Lines–1.80%** |
|  Airbnb, Inc., Class A<sup>(b)</sup>  | 76030 | 8128367 |
|  **Integrated Telecommunication Services–0.06%** | **Integrated Telecommunication Services–0.06%** | **Integrated Telecommunication Services–0.06%** |
|  Cellnex Telecom S.A. (Spain)<sup>(d)</sup>  | 7842 | 256266 |
|  **Interactive Home Entertainment–0.67%** | **Interactive Home Entertainment–0.67%** |  |
|  Sea Ltd., ADR (Singapore)<sup>(b)</sup>  | 61003 | 3030629 |
|  **Interactive Media & Services–15.07%** | **Interactive Media & Services–15.07%** | **Interactive Media & Services–15.07%** |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 281300 | 26585663 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 271031 | 25249249 |
|  Tencent Holdings Ltd. (China) | 619800 | 16263405 |
|  |  | 68098317 |

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Investment Abbreviations:

ADR – American Depositary Receipt

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Internet & Direct Marketing Retail–10.22%** | **Internet & Direct Marketing Retail–10.22%** | **Internet & Direct Marketing Retail–10.22%** |
|  Alibaba Group Holding Ltd., ADR (China)<sup>(b)</sup>  | 198858 | $12643391 |
|  Amazon.com, Inc.<sup>(b)</sup>  | 279338 | 28615385 |
|  JD.com, Inc., A Shares (China) | 140892 | 2630861 |
|  Meituan, B Shares (China)<sup>(b)(d)</sup>  | 143000 | 2274740 |
|  |  | 46164377 |
|  **Internet Services & Infrastructure–1.14%** | **Internet Services & Infrastructure–1.14%** |  |
|  Twilio, Inc., Class A<sup>(b)</sup>  | 68980 | 5130043 |
|  **Life Sciences Tools & Services–16.77%** | **Life Sciences Tools & Services–16.77%** |  |
|  Biotage AB (Sweden) | 190149 | 3119461 |
|  Illumina, Inc.<sup>(b)</sup>  | 86615 | 19819244 |
|  Lonza Group AG (Switzerland) | 22811 | 11726874 |
|  Tecan Group AG, Class R (Switzerland) | 33069 | 12160628 |
|  Thermo Fisher Scientific, Inc. | 42439 | 21812373 |
|  Wuxi Biologics Cayman, Inc.<br>(China)<sup>(b)(d)</sup>  | 1576500 | 7132094 |
|  |  | 75770674 |
|  **Pharmaceuticals–4.43%** |  |  |
|  Novo Nordisk A/S, Class B (Denmark) | 184031 | 19999617 |
|  **Semiconductor Equipment–2.14%** |  |  |
|  ASML Holding N.V. (Netherlands) | 20528 | 9677265 |
|  **Semiconductors–0.32%** |  |  |
|  Infineon Technologies AG (Germany) | 59638 | 1452001 |
|  **Systems Software–7.78%** |  |  |
|  Crowdstrike Holdings, Inc., Class A<sup>(b)</sup> | 127392 | 20535591 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 34714 | 14605568 |
|  |  | 35141159 |
|  **Trucking–3.34%** |  |  |
|  Uber Technologies, Inc.<sup>(b)</sup>  | 568338 | 15100741 |
|  TOTAL INVESTMENTS IN SECURITIES–99.82%<br>(Cost $423,415,536) | TOTAL INVESTMENTS IN SECURITIES–99.82%<br>(Cost $423,415,536) | 450913364 |
|  OTHER ASSETS LESS LIABILITIES–0.18% | OTHER ASSETS LESS LIABILITIES–0.18% | 809217 |
|  NET ASSETS–100.00% |  | $451722581 |

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

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| | |
|:---|:---|
| **8** | **Invesco Global Focus Fund** |

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Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security. The value of this security at October 31, 2022 represented 1.56% of the Fund's Net Assets. 

<sup>(d)</sup> 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 October 31, 2022 was $28,782,903, which represented 6.37% of the Fund's Net Assets. 

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 fiscal year ended October 31, 2022.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds from<br>Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$71 | $32355007 | $(32355078) | $- | $- | $- | $12218 |
|  Invesco Liquid Assets Portfolio, Institutional Class | - | 23110719 | (23111238) | - | 519 | - | &nbsp;&nbsp;&nbsp;&nbsp;8949 |
|  Invesco Treasury Portfolio, Institutional Class | 81 | 36977151 | (36977232) | - | - | - | 13238 |
|  Total | $152 | $92442877 | $(92443548) | $- | $519 | $- | $34405 |

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

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| | |
|:---|:---|
| **9** | **Invesco Global Focus Fund** |

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**Statement of Assets and Liabilities** 

*October 31, 2022*

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| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $423,415,536) | $450913364 |
|  Foreign currencies, at value (Cost $720) | 724 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 9391844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 109264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 415962 |
|  Investment for trustee deferred compensation and retirement plans | 24442 |
|  Other assets | 60801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 460916401 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6970144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 620814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 1243517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 263652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 69787 |
|  Trustee deferred compensation and retirement plans | 24442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9193820 |
|  Net assets applicable to shares outstanding | $451722581 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $452524203 |
|  Distributable earnings (loss) | (801622) |
|  | $451722581 |

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| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $206114665 |
|  Class C | $22964350 |
|  Class R | $21518832 |
|  Class Y | $174207613 |
|  Class R5 | $6765 |
|  Class R6 | $26910356 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 4569372 |
|  Class C | 574141 |
|  Class R | 497111 |
|  Class Y | 3729491 |
|  Class R5 | 148 |
|  Class R6 | 565136 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $45.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $45.11 ÷ 94.50%) | $47.74 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $40.00 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $43.29 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $46.71 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $45.71 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $47.62 |

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

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| | |
|:---|:---|
| **10** | **Invesco Global Focus Fund** |

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**Statement of Operations** 

*For the year ended October 31, 2022* 

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| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $253,182) | $2643860 |
|  Dividends from affiliated money market funds | 34405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2678265 |
|  **Expenses:** |  |
|  Advisory fees | 5412438 |
|  Administrative services fees | 99002 |
|  Custodian fees | 69245 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 713846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 407600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 143990 |
|  Transfer agent fees – A, C, R and Y | 1042405 |
|  Transfer agent fees – R5 | 5 |
|  Transfer agent fees – R6 | 11769 |
|  Trustees' and officers' fees and benefits | 25857 |
|  Registration and filing fees | 118950 |
|  Professional services fees | 56746 |
|  Other | (29211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8072642 |
|  Less: Fees waived and/or expense offset arrangement(s) | (5245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8067397 |
|  Net investment income (loss) | (5389132) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (21290726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (39549) |
|  | (21329756) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (412152445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (66359) |
|  | (412218804) |
|  Net realized and unrealized gain (loss) | (433548560) |
|  Net increase (decrease) in net assets resulting from operations | $(438937692) |

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

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| | |
|:---|:---|
| **11** | **Invesco Global Focus Fund** |

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**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5389132) | $(9298896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21329756) | 50274094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (412218804) | 145930865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (438937692) | 186906063 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (14955683) | (14021673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2706384) | (4016167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1493565) | (1267019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (15895479) | (15198819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (462) | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1926473) | (1794069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (36978046) | (36298449) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (11792696) | 82391644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (19164475) | (14730005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1281449 | 11632732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (74121872) | 82239319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 5 | (4299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2148288) | 12884518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (105945877) | 174413909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (581861615) | 325021523 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1033584196 | 708562673 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $451722581 | $1033584196 |

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

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| | |
|:---|:---|
| **12** | **Invesco Global Focus Fund** |

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**Financial Highlights** 

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Distributions<br>from net<br>realized<br>gains** | **Net asset<br>value, end<br>of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,<br>end of period**<br> **(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with<br>fee waivers<br>and/or<br>expenses**<br> **absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without**<br> **fee waivers<br>and/or<br>expenses<br>absorbed<sup>(c)</sup>**  | **Ratio of net**<br> **investment<br>income<br>(loss)<br>to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $85.76 | $(0.51)<sup>(e)</sup> | $(37.02) | $(37.53) | $(3.12) | $45.11 | (45.25)% | $206115 | 1.23% | 1.23% | (0.85)%<sup>(e)</sup> | 25% |
|  Year ended 10/31/21 | 72.26 | (0.84) | 17.88 | 17.04 | (3.54) | 85.76 | 24.30 <sup>(f)</sup> | 414186 | 1.18 <sup>(f)</sup> | 1.18 <sup>(f)</sup> | (1.03)<sup>(f)</sup> | 24 |
|  Year ended 10/31/20 | 52.99 | (0.51) | 25.00 | 24.49 | (5.22) | 72.26 | 50.31 <sup>(f)</sup> | 273684 | 1.26 <sup>(f)</sup> | 1.26 <sup>(f)</sup> | (0.84)<sup>(f)</sup> | 43 |
|  Six months ended 10/31/19 | 54.20 | (0.16) | (1.05) | (1.21) |  | 52.99 | (2.23) | 145332 | 1.27 <sup>(g)</sup> | 1.31 <sup>(g)</sup> | (0.60)<sup>(g)</sup> | 20 |
|  Year ended 04/30/19 | 51.71 | (0.13) | 4.48 | 4.35 | (1.86) | 54.20 | 9.11 | 155251 | 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 | 148492 | 1.27 | 1.28 | (0.47) | 63 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 77.00 | (0.89)<sup>(e)</sup> | (32.99) | (33.88) | (3.12) | 40.00 | (45.66) | 22964 | 1.98 | 1.98 | (1.60)<sup>(e)</sup> | 25 |
|  Year ended 10/31/21 | 65.69 | (1.31) | 16.16 | 14.85 | (3.54) | 77.00 | 23.36 | 70996 | 1.94 | 1.94 | (1.79) | 24 |
|  Year ended 10/31/20 | 48.95 | (0.88) | 22.84 | 21.96 | (5.22) | 65.69 | 49.20 | 73587 | 2.01 | 2.02 | (1.59) | 43 |
|  Six months ended 10/31/19 | 50.26 | (0.33) | (0.98) | (1.31) |  | 48.95 | (2.60) | 43574 | 2.01 <sup>(g)</sup> | 2.07 <sup>(g)</sup> | (1.34)<sup>(g)</sup> | 20 |
|  Year ended 04/30/19 | 48.45 | (0.49) | 4.16 | 3.67 | (1.86) | 50.26 | 8.28 | 55891 | 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 | 58385 | 2.02 | 2.03 | (1.23) | 63 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 82.63 | (0.64)<sup>(e)</sup> | (35.58) | (36.22) | (3.12) | 43.29 | (45.38) | 21519 | 1.48 | 1.48 | (1.10)<sup>(e)</sup> | 25 |
|  Year ended 10/31/21 | 69.91 | (1.02) | 17.28 | 16.26 | (3.54) | 82.63 | 23.99 | 39611 | 1.44 | 1.44 | (1.29) | 24 |
|  Year ended 10/31/20 | 51.54 | (0.65) | 24.24 | 23.59 | (5.22) | 69.91 | 49.95 | 22854 | 1.52 | 1.52 | (1.10) | 43 |
|  Six months ended 10/31/19 | 52.79 | (0.22) | (1.03) | (1.25) |  | 51.54 | (2.37) | 9692 | 1.52 <sup>(g)</sup> | 1.57 <sup>(g)</sup> | (0.85)<sup>(g)</sup> | 20 |
|  Year ended 04/30/19 | 50.53 | (0.26) | 4.38 | 4.12 | (1.86) | 52.79 | 8.84 | 9895 | 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 | 7812 | 1.52 | 1.53 | (0.73) | 63 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 88.48 | (0.38)<sup>(e)</sup> | (38.27) | (38.65) | (3.12) | 46.71 | (45.11) | 174208 | 0.98 | 0.98 | (0.60)<sup>(e)</sup> | 25 |
|  Year ended 10/31/21 | 74.28 | (0.66) | 18.40 | 17.74 | (3.54) | 88.48 | 24.60 | 453276 | 0.94 | 0.94 | (0.79) | 24 |
|  Year ended 10/31/20 | 54.21 | (0.38) | 25.67 | 25.29 | (5.22) | 74.28 | 50.68 | 304779 | 1.02 | 1.02 | (0.60) | 43 |
|  Six months ended 10/31/19 | 55.39 | (0.10) | (1.08) | (1.18) |  | 54.21 | (2.13) | 138470 | 1.02 <sup>(g)</sup> | 1.07 <sup>(g)</sup> | (0.36)<sup>(g)</sup> | 20 |
|  Year ended 04/30/19 | 52.67 | (0.01) | 4.59 | 4.58 | (1.86) | 55.39 | 9.36 | 301919 | 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 | 266886 | 1.03 | 1.04 | (0.24) | 63 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 86.56 | (0.29)<sup>(e)</sup> | (37.44) | (37.73) | (3.12) | 45.71 | (45.05) | 7 | 0.85 | 0.85 | (0.47)<sup>(e)</sup> | 25 |
|  Year ended 10/31/21 | 72.67 | (0.56) | 17.99 | 17.43 | (3.54) | 86.56 | 24.72 | 13 | 0.84 | 0.84 | (0.69) | 24 |
|  Year ended 10/31/20 | 53.08 | (0.28) | 25.09 | 24.81 | (5.22) | 72.67 | 50.88 | 14 | 0.89 | 0.89 | (0.47) | 43 |
|  Period ended 10/31/19<sup>(h)</sup> | 51.06 | (0.05) | 2.07 | 2.02 | – | 53.08 | 3.96 | 10 | 0.90 <sup>(g)</sup> | 0.92 <sup>(g)</sup> | (0.23)<sup>(g)</sup> | 20 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 90.02 | (0.30)<sup>(e)</sup> | (38.98) | (39.28) | (3.12) | 47.62 | (45.04) | 26910 | 0.85 | 0.85 | (0.47)<sup>(e)</sup> | 25 |
|  Year ended 10/31/21 | 75.43 | (0.58) | 18.71 | 18.13 | (3.54) | 90.02 | 24.74 | 55502 | 0.84 | 0.84 | (0.69) | 24 |
|  Year ended 10/31/20 | 54.89 | (0.26) | 26.02 | 25.76 | (5.22) | 75.43 | 50.94 | 33645 | 0.85 | 0.89 | (0.43) | 43 |
|  Six months ended 10/31/19 | 56.03 | (0.05) | (1.09) | (1.14) |  | 54.89 | (2.03) | 113768 | 0.85 <sup>(g)</sup> | 0.87 <sup>(g)</sup> | (0.18)<sup>(g)</sup> | 20 |
|  Year ended 04/30/19 | 53.16 | 0.08 | 4.65 | 4.73 | (1.86) | 56.03 | 9.56 | 131074 | 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 | 98443 | 0.85 | 0.85 | (0.05) | 63 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended October 31, 2019 and the years ended April 30, 2019, and 2018, respectively. 

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

<sup>(e)</sup> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.60) and (1.00)% , $(0.98) and (1.75)%, $(0.73) and (1.25)%, $(0.47) and (0.75)%, $(0.38) and (0.62)%, $(0.39) and (0.62)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

<sup>(f)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020, respectively. 

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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.

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| **13** | **Invesco Global Focus Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| **14** | **Invesco Global Focus Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

**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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed,

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|:---|:---|
| **15** | **Invesco Global Focus Fund** |

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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 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.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  First $500 million | 0.800% |
|  Next $500 million | 0.750% |
|  Over $1 billion | 0.720% |

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\* 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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.

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 had contractually agreed, through at least June 30, 2023, the waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $2,421.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $84,655 in front-end sales commissions from the sale of Class A shares and $6,011 and $5,185 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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| | |
|:---|:---|
| **16** | **Invesco Global Focus Fund** |

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For the year ended October 31, 2022, the Fund incurred $323 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $331032340 | $119881024 | $– | $450913364 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,824.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $7550181 | $– |
|  Long-term capital gain | 29427865 | 36298449 |
|  Total distributions | $36978046 | $36298449 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **17** | **Invesco Global Focus Fund** |

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**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Net unrealized appreciation – investments | $18769937 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (52282) |
|  Temporary book/tax differences | (22364) |
|  Late-Year ordinary loss deferral | (3633600) |
|  Capital loss carryforward | (15863313) |
|  Shares of beneficial interest | 452524203 |
|  Total net assets | $451722581 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $15863313 | $– | $15863313 |

---

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

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $175,741,988 and $326,498,867, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $110537755 |
|  Aggregate unrealized (depreciation) of investments | (91767818) |
|  Net unrealized appreciation of investments | $18769937 |

---

Cost of investments for tax purposes is $432,143,427.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $1,750,889, undistributed net realized gain (loss) was increased by $66,935 and shares of beneficial interest was decreased by $1,817,824. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 599231 | $37546596 | 1744703 | $140088002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 90052 | 5167312 | 274423 | 19831291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 116370 | 7005595 | 208636 | 16147088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1281119 | 81643797 | 2038492 | 168361173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 220246 | 14286678 | 568403 | 47476776 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 187077 | 14217809 | 179137 | 13379755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 37118 | 2518470 | 55442 | 3742875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 20415 | 1492133 | 17538 | 1264827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 156123 | 12261933 | 166685 | 12818076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 23043 | 1842783 | 22625 | 1768392 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 178917 | 10908341 | 251407 | 20223985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (200823) | (10908341) | (278661) | (20223985) |

---

---

| | |
|:---|:---|
| **18** | **Invesco Global Focus Fund** |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1225186) | $(74465442) | (1133195) | $(91300098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (274234) | (15941916) | (249425) | (18080186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (119047) | (7216279) | (73712) | (5779183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (2830430) | (168027602) | (1185623) | (98939930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | (51) | (4299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (294696) | (18277749) | (420492) | (36360650) |
|  Net increase (decrease) in share activity | (2034705) | $(105945877) | 2186332 | $174413909 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

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| | |
|:---|:---|
| **19** | **Invesco Global Focus Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Focus Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Focus Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022 and the six months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5. |

---

The financial statements of Oppenheimer Global Focus Fund (subsequently renamed Invesco Global Focus Fund) as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated June 25, 2019, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and broker. When replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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| | |
|:---|:---|
| **20** | **Invesco Global Focus Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $803.50 | $5.77 | $1018.80 | $6.46 | 1.27% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;800.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;1015.02 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | 2.02 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;802.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;1017.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | 1.52 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;804.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1020.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | 1.02 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;805.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1020.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | 0.89 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;805.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1020.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | 0.89 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **21** | **Invesco Global Focus Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Focus Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the first quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund's stock selection in certain sectors, as well as the Fund's exposure to certain issuers significantly

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|:---|:---|
| **22** | **Invesco Global Focus Fund** |

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impacted by the COVID-19 pandemic, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C*. *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D*. *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size.

The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E*. *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F*. *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **23** | **Invesco Global Focus Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $29427865 |
|  Qualified Dividend Income\* | 19.27% |
|  Corporate Dividends Received Deduction\* | 5.22% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |
| **Non-Resident Alien Shareholders** |  |
|  Short-Term Capital Gain Distributions | $7550181 |

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|:---|:---|
| **24** | **Invesco Global Focus Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco Global Focus Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair<br> (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco Global Focus Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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|:---|:---|
| **T-3** | **Invesco Global Focus Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal<br> Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief<br> Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Global Focus Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Global Focus Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Global Focus Fund** |

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(This page intentionally left blank)

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![LOGO](g388967dsp24.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g388967dsp1.jpg)

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

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![LOGO](g422077dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco Global Fund** 

**Nasdaq:** 

A: OPPAX ∎ C: OGLCX ∎ R: OGLNX ∎ Y: OGLYX ∎ R5: GFDDX ∎ R6: OGLIX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg422077_1) |
| 2 | [Performance Summary](#edg422077_2) |
| 4 | [Long-Term Fund Performance](#edg422077_3) |
| 6 | [Supplemental Information](#edg422077_4) |
| 8 | [Schedule of Investments](#edg422077_5) |
| 10 | [Financial Statements](#edg422077_6) |
| 13 | [Financial Highlights](#edg422077_7) |
| 14 | [Notes to Financial Statements](#edg422077_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg422077_9) |
| 22 | [Fund Expenses](#edg422077_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg422077_11) |
| 25 | [Tax Information](#edg422077_12) |
| T-1 | [Trustees and Officers](#edg422077_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -36.80 | % |
| &nbsp;&nbsp; Class C Shares | -37.28 |  |
| &nbsp;&nbsp; Class R Shares | -36.97 |  |
| &nbsp;&nbsp; Class Y Shares | -36.64 |  |
| &nbsp;&nbsp; Class R5 Shares | -36.57 |  |
| &nbsp;&nbsp; Class R6 Shares | -36.57 |  |
| &nbsp;&nbsp; MSCI All Country World Index<sup>▼</sup>\* | -19.96 |  |
| &nbsp;&nbsp; MSCI All Country World Growth Index<sup>▼</sup>\* | -29.25 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |
| &nbsp;&nbsp; \* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. | &nbsp;&nbsp; \* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance. |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with

no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the MSCI All Country World Growth Index in one of 11 Global Industry Classification Standard sectors. Stock selection in the real estate sector contributed to relative Fund performance compared to the MSCI All Country World Growth Index. Stock selection in information technology and health care, as well as an overweight allocation to communication services detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a geographic basis, overweight exposure to India and France, as well as underweight exposure to Russia contributed the most to relative Fund performance. Stock selection in the United States, Japan and Brazil detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual contributors to Fund performance during the fiscal year were **ICICI Bank Limited**, **Amadeus IT Group** and **Novo Nordisk**. ICICI Bank Limited is an Indian multinational bank and financial services company. India remains a structurally under-banked nation with attractive demographics, which help create a backdrop where we believe banks may be able to do well. The company has seen steadily increasing loan growth year-over-year. We believe they look set to strengthen their position, as they have continued to ramp-up their digital initiatives to drive long-term growth. Amadeus IT Group is a maker of software that processes transactions across the travel industry and is used by

airlines, hotels, railroads and travel agents. Its share price declined steeply in the August and September 2022 sell-off and we used that window to open a small position. Travel demand continued to improve in 2021 and this year, aided by vaccine distribution and lifted restrictions. Travel demand can continue to grow in 2023, due to pent-up demand, remote work flexibility and improving geopolitical tensions. Novo Nordisk is the world's leading maker of diabetes care products and insulin. Last year, it introduced Wegovy, for weight loss and it has been a hit. The company originally underestimated the demand for Wegovy and had a hard time keeping up, but they are back on track. Given the propensity toward obesity, this product should see continued high demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual detractors from Fund performance were **Alphabet**, **Meta Platforms** and **JD.com**. Alphabet has been our largest holding for some time. Earlier this year there was a lot of conjecture about a slowdown in ad spending across the industry. While this has negatively affected several companies, Alphabet's diversified advertising offerings and focus on search proved to be more resilient than other categories of digital spend. This provided solid support for the overall business. The company's cloud numbers have also been very encouraging. The digital transformation to the cloud remains a top priority for many businesses and Alphabet has been benefiting. Meta Platforms has reported disappointing earnings over the past few quarters and the share price has declined. Apple's new privacy restrictions have raised concerns of weakened advertising capabilities for Meta Platforms. They have been reworking their ad architecture, but this may take some time. The market also seems to be concerned with the firm's metaverse strategy, which the firm plans to invest significantly more in than was projected in 2023. JD.com is a major player in Chinese e-commerce, offering a wide selection of authentic products at competitive prices, with fast and reliable delivery. The shares have trended lower in recent months as the Chinese COVID-19 lockdowns have weighed on economic growth. The company's operations have been rather good, all things considered. Potential easing of COVID-19 restrictions in 2023 and a recovery in macroeconomic conditions could be strong catalysts for JD.com looking out over the next fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's holdings are selected for the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, our portfolio should be able to weather most transient issues well and create meaningful economic value for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco Global Fund.

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| | |
|:---|:---|
| **2** | **Invesco Global Fund** |

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**Portfolio manager(s):** 

John Delano

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco Global Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g422077dsp_04.jpg)

1 Source: RIMES Technologies Corp.

\*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund's performance.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco Global Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (12/22/69) | 10.49 | % |
| &nbsp;&nbsp; 10 Years | 7.05 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.94 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -40.27 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (10/2/95) | 8.26 | % |
| &nbsp;&nbsp; 10 Years | 7.00 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -37.86 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 5.74 | % |
| &nbsp;&nbsp; 10 Years | 7.37 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.81 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.97 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (11/17/98) | 8.13 | % |
| &nbsp;&nbsp; 10 Years | 7.91 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.32 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.64 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 7.79 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.34 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.57 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (1/27/12) | 8.27 | % |
| &nbsp;&nbsp; 10 Years | 8.09 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.47 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.57 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco Global Fund** |

---

------

**Supplemental Information** 

**Invesco Global Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ 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 nonresident investors.

∎ The **MSCI All Country World Growth Index** is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **6** | **Invesco Global Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 31.83% |
|  Consumer Discretionary | 14.86 |
|  Communication Services | 14.54 |
|  Industrials | 14.41 |
|  Health Care | 12.27 |
|  Financials | 7.82 |
|  Real Estate | 3.93 |
|  Materials | 0.35 |
|  Money Market Funds Plus Other Assets Less Liabilities | (0.01) |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Alphabet, Inc., Class A | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | LVMH Moet Hennessy Louis Vuitton SE | 5.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Intuit, Inc. | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | S&P Global, Inc. | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Analog Devices, Inc. | 4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Airbus SE | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | DLF Ltd. | 3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | JD.com, Inc., ADR | 3.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Novo Nordisk A/S, Class B | 3.23 |
| 10. | Keyence Corp. | 3.20 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco Global Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
|  **Argentina-0.49%** |  |  |
|  Reservas de Maternidad - Swiss Medical<sup>(a)(b)</sup>  | 1029617880 | $38284282 |
|  **Brazil-0.26%** |  |  |
|  StoneCo Ltd., Class A<sup>(c)</sup>  | 1884756 | 19789938 |
|  **China-3.96%** |  |  |
|  JD.com, Inc., ADR | 6728822 | 250917772 |
|  Meituan, B Shares<sup>(c)(d)</sup>  | 2483400 | 39504120 |
|  Tencent Holdings Ltd. | 603400 | 15833073 |
|  |  | 306254965 |
|  **Denmark-3.23%** |  |  |
|  Novo Nordisk A/S, Class B | 2296857 | 249611534 |
|  **France-13.89%** |  |  |
|  Airbus SE | 3221286 | 348840803 |
|  Dassault Systemes SE | 891660 | 29853090 |
|  EssilorLuxottica S.A. | 237266 | 37583065 |
|  Kering S.A. | 484091 | 221585809 |
|  LVMH Moet Hennessy Louis Vuitton SE | 692397 | 436816554 |
|  |  | 1074679321 |
|  **Germany-1.81%** |  |  |
|  Allianz SE | 94067 | 16937619 |
|  SAP SE | 1271051 | 122719303 |
|  |  | 139656922 |
|  **India-6.34%** |  |  |
|  DLF Ltd. | 65402429 | 304296289 |
|  ICICI Bank Ltd., ADR | 8461827 | 186498667 |
|  |  | 490794956 |
|  **Italy-0.58%** |  |  |
|  Brunello Cucinelli S.p.A. | 773116 | 44835999 |
|  **Japan-8.22%** |  |  |
|  Keyence Corp. | 656012 | 247235950 |
|  Murata Manufacturing Co. Ltd. | 4330212 | 212424708 |
|  Nidec Corp. | 845832 | 46641052 |
|  Omron Corp. | 519900 | 24164851 |
|  TDK Corp. | 3387300 | 105458862 |
|  |  | 635925423 |
|  **Netherlands-0.99%** |  |  |
|  ASML Holding N.V. | 162490 | 76600680 |
|  **Spain-0.63%** |  |  |
|  Amadeus IT Group S.A.<sup>(c)</sup>  | 940500 | 48958594 |
|  **Sweden-3.88%** |  |  |
|  Assa Abloy AB, Class B | 6401588 | 129166677 |
|  Atlas Copco AB, Class A | 15995748 | 170776354 |
|  |  | 299943031 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Switzerland-0.86%** |  |  |
|  Lonza Group AG | 129983 | $66822769 |
|  **United Kingdom-0.40%** |  |  |
|  Farfetch Ltd., Class A<sup>(c)</sup>  | 3672396 | 31141918 |
|  **United States-54.47%** |  |  |
|  Adobe, Inc.<sup>(c)</sup>  | 727307 | 231647279 |
|  Agilent Technologies, Inc. | 1088232 | 150556897 |
|  Alphabet, Inc., Class A<sup>(c)</sup>  | 9287984 | 877807368 |
|  Amazon.com, Inc.<sup>(c)</sup>  | 733800 | 75170472 |
|  Analog Devices, Inc. | 2624536 | 374311324 |
|  Avantor, Inc.<sup>(c)</sup>  | 3417106 | 68923028 |
|  Boston Scientific Corp.<sup>(c)</sup>  | 555431 | 23944630 |
|  Charles River Laboratories International, Inc.<sup>(c)</sup>  | 151975 | 32256694 |
|  Charter Communications, Inc., Class A<sup>(c)</sup>  | 59835 | 21996543 |
|  Danaher Corp. | 176623 | 44450710 |
|  Datadog, Inc., Class A<sup>(c)</sup>  | 214992 | 17309006 |
|  Dun & Bradstreet Holdings, Inc. | 1003057 | 12889282 |
|  Ecolab, Inc. | 169812 | 26672371 |
|  Equifax, Inc. | 863509 | 146399316 |
|  Fidelity National Information Services, Inc. | 480584 | 39883666 |
|  IDEXX Laboratories, Inc.<sup>(c)</sup>  | 63815 | 22952979 |
|  Illumina, Inc.<sup>(c)</sup>  | 297946 | 68176004 |
|  Intuit, Inc. | 1009034 | 431362035 |
|  Intuitive Surgical, Inc.<sup>(c)</sup>  | 262883 | 64792773 |
|  IQVIA Holdings, Inc.<sup>(c)</sup>  | 402456 | 84382950 |
|  Lam Research Corp. | 20496 | 8296371 |
|  Marriott International, Inc., Class A | 313411 | 50180235 |
|  Marvell Technology, Inc. | 2416988 | 95906084 |
|  Meta Platforms, Inc., Class A<sup>(c)</sup>  | 2050329 | 191008650 |
|  Microsoft Corp. | 489160 | 113548711 |
|  NVIDIA Corp. | 255111 | 34432332 |
|  Omnicell, Inc.<sup>(c)</sup>  | 300336 | 23221980 |
|  Phathom Pharmaceuticals, Inc.<sup>(c)</sup>  | 1123410 | 11908146 |
|  Qualtrics International, Inc., Class A<sup>(c)</sup>  | 1949224 | 23332211 |
|  S&P Global, Inc. | 1249957 | 401548686 |
|  Splunk, Inc.<sup>(c)</sup>  | 422440 | 35108988 |
|  United Parcel Service, Inc., Class B | 1325453 | 222371250 |
|  Visa, Inc., Class A | 813819 | 168590744 |
|  Walt Disney Co. (The)<sup>(c)</sup>  | 169200 | 18026568 |
|  |  | 4213366283 |
|  TOTAL INVESTMENTS IN SECURITIES-100.01%<br>(Cost $4,126,968,973) | TOTAL INVESTMENTS IN SECURITIES-100.01%<br>(Cost $4,126,968,973) | 7736666615 |
|  OTHER ASSETS LESS LIABILITIES-(0.01)% | OTHER ASSETS LESS LIABILITIES-(0.01)% | (903820) |
|  NET ASSETS-100.00% |  | $7735762795 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Global Fund** |

---

------

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio | $- | $149624528 | $(149624528) | $- | $- | $- | $3526 |
|  Invesco Liquid Assets Portfolio | 257579 | 106874663 | (107132169) | - | (73) | - | 3155 |
|  Invesco Treasury Portfolio, Institutional Class | - | 170999460 | (170999460) | - | - | - | 2479 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 11491180 | (11491180) | - | - | - | 12,578\* |
|  Invesco Private Prime Fund | - | 29540488 | (29541753) | - | 1265 | - | 33,916\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
|  Reservas de Maternidad - Swiss Medical | 46866147 | - | - | (8581865) | - | 38284282 | - |
|  Total | $47123726 | $468530319 | $(468789090) | $(8581865) | $1192 | $38284282 | $55654 |

---

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

<sup>(b)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 October 31, 2022 represented less than 1% of the Fund's Net Assets. 

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

---

| | |
|:---|:---|
| **9** | **Invesco Global Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $4,096,578,973) | $7698382333 |
|  Investments in affiliates, at value<br>(Cost $30,390,000) | 38284282 |
|  Foreign currencies, at value (Cost $1,778,405) | 1736211 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 40303442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 3209072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7445402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 7785262 |
|  Investment for trustee deferred compensation and retirement plans | 661500 |
|  Other assets | 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7797911089 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 31283802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 9050019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 1456739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 12899206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 4092924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 543136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 550871 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fees for foreign withholding tax claims | 1610097 |
|  Trustee deferred compensation and retirement plans | 661500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 62148294 |
|  Net assets applicable to shares outstanding | $7735762795 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $3147931514 |
|  Distributable earnings | 4587831281 |
|  | $7735762795 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $4538019198 |
|  Class C | $122528785 |
|  Class R | $142466764 |
|  Class Y | $1405312945 |
|  Class R5 | $7131645 |
|  Class R6 | $1520303458 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 56985965 |
|  Class C | 1773528 |
|  Class R | 1818886 |
|  Class Y | 17474255 |
|  Class R5 | 88345 |
|  Class R6 | 18802310 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $79.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $79.63 ÷ 94.50%) | $84.26 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $69.09 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $78.33 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $80.42 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $80.72 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $80.86 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco Global Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $17523 |
|  Dividends (net of foreign withholding taxes of $5,050,592) | 88626217 |
|  Dividends from affiliated money market funds (includes net securities lending income of $21,216) | 30376 |
|  Foreign withholding tax claims | 11994853 |
|  Less: IRS closing agreement fees for foreign withholding tax claims | (810097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 99858872 |
|  **Expenses:** |  |
|  Advisory fees | 67149930 |
|  Administrative services fees | 1488849 |
|  Custodian fees | 882363 |
|  Distribution fees: | Distribution fees: |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 14072322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1780768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 944007 |
|  Transfer agent fees – A, C, R and Y | 12835876 |
|  Transfer agent fees – R5 | 411 |
|  Transfer agent fees – R6 | 607966 |
|  Trustees' and officers' fees and benefits | 192760 |
|  Registration and filing fees | 213371 |
|  Professional services fees | 126817 |
|  Other | (507295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 99788145 |
|  Less: Fees waived and/or expense offset arrangement(s) | (27354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 99760791 |
|  Net investment income | 98081 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 1106429074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1692248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 41977 |
|  | 1104779995 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $4,699,197) | (5986830058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (8581865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (900788) |
|  | (5996312711) |
|  Net realized and unrealized gain (loss) | (4891532716) |
|  Net increase (decrease) in net assets resulting from operations | $(4891434635) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco Global Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $98081 | $(42757387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 1104779995 | 989363951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (5996312711) | 3314245442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (4891434635) | 4260852006 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (527301347) | (401499276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (18273693) | (17266924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (16351348) | (12789748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (177321555) | (135222107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1053) | (780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (171095528) | (125000218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (910344524) | (691779053) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (173404479) | (250965242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (22985896) | (63045551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (215109) | (13049350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (185436166) | (76298994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 7790385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (439745) | 21812204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (374691010) | (381546933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (6176470169) | 3187526020 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 13912232964 | 10724706944 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7735762795 | $13912232964 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco Global Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<br>(loss)<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return<sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed<sup>(c)</sup>** | **Ratio of net<br>investment<br>income<br>(loss)<br>to average<br>net assets** | **Portfolio<br>turnover<sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $135.11 | $(0.10) | $(46.46) | $(46.56) | $– | $(8.92) | $(8.92) | $79.63 | (36.79)%<sup>(e)</sup> | $4538019 | 1.04 %<sup>(e)</sup> | 1.04 %<sup>(e)</sup> | (0.09)%<sup>(e)</sup> | 9% |
|  Year ended 10/31/21 | 101.84 | (0.52) | 40.40 | 39.88 |  | (6.61) | (6.61) | 135.11 | 40.51 <sup>(e)</sup> | 8073179 | 1.03 <sup>(e)</sup> | 1.03 <sup>(e)</sup> | (0.42)<sup>(e)</sup> | 7 |
|  Year ended 10/31/20 | 90.42 | (0.23) | 12.95 | 12.72 | (0.51) | (0.79) | (1.30) | 101.84 | 14.17 | 6256292 | 1.06 | 1.06 | (0.25) | 8 |
|  One month ended 10/31/19 | 86.02 | (0.02) | 4.42 | 4.40 |  |  |  | 90.42 | 5.11 | 6250324 | 1.06 <sup>(f)</sup> | 1.06 <sup>(f)</sup> | (0.23)<sup>(f)</sup> | 1 |
|  Year ended 09/30/19 | 98.63 | 0.42 | (3.48) | (3.06) | (0.40) | (9.15) | (9.55) | 86.02 | (2.09) | 6026243 | 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 | 6759414 | 1.10 | 1.10 | 0.38 | 14 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 119.28 | (0.77) | (40.50) | (41.27) |  | (8.92) | (8.92) | 69.09 | (37.26) | 122529 | 1.81 | 1.81 | (0.86) | 9 |
|  Year ended 10/31/21 | 91.23 | (1.30) | 35.96 | 34.66 |  | (6.61) | (6.61) | 119.28 | 39.44 | 248647 | 1.80 | 1.80 | (1.19) | 7 |
|  Year ended 10/31/20 | 81.75 | (0.85) | 11.63 | 10.78 | (0.51) | (0.79) | (1.30) | 91.23 | 13.28 | 243600 | 1.83 | 1.83 | (1.02) | 8 |
|  One month ended 10/31/19 | 77.82 | (0.07) | 4.00 | 3.93 |  |  |  | 81.75 | 5.05 | 274378 | 1.82 <sup>(f)</sup> | 1.82 <sup>(f)</sup> | (0.99)<sup>(f)</sup> | 1 |
|  Year ended 09/30/19 | 90.43 | (0.22) | (3.24) | (3.46) |  | (9.15) | (9.15) | 77.82 | (2.85) | 267208 | 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 | 646353 | 1.86 | 1.86 | (0.38) | 14 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 133.38 | (0.36) | (45.77) | (46.13) |  | (8.92) | (8.92) | 78.33 | (36.95) | 142467 | 1.31 | 1.31 | (0.36) | 9 |
|  Year ended 10/31/21 | 100.86 | (0.84) | 39.97 | 39.13 |  | (6.61) | (6.61) | 133.38 | 40.16 | 247549 | 1.30 | 1.30 | (0.69) | 7 |
|  Year ended 10/31/20 | 89.81 | (0.48) | 12.83 | 12.35 | (0.51) | (0.79) | (1.30) | 100.86 | 13.85 | 197067 | 1.33 | 1.33 | (0.52) | 8 |
|  One month ended 10/31/19 | 85.46 | (0.04) | 4.39 | 4.35 |  |  |  | 89.81 | 5.09 | 209838 | 1.32 <sup>(f)</sup> | 1.32 <sup>(f)</sup> | (0.49)<sup>(f)</sup> | 1 |
|  Year ended 09/30/19 | 98.01 | 0.19 | (3.44) | (3.25) | (0.15) | (9.15) | (9.30) | 85.46 | (2.35) | 202819 | 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 | 237458 | 1.36 | 1.36 | 0.12 | 14 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 136.06 | 0.14 | (46.86) | (46.72) |  | (8.92) | (8.92) | 80.42 | (36.63) | 1405313 | 0.81 | 0.81 | 0.14 | 9 |
|  Year ended 10/31/21 | 102.29 | (0.23) | 40.61 | 40.38 |  | (6.61) | (6.61) | 136.06 | 40.84 | 2713045 | 0.80 | 0.80 | (0.19) | 7 |
|  Year ended 10/31/20 | 90.61 | (0.01) | 12.99 | 12.98 | (0.51) | (0.79) | (1.30) | 102.29 | 14.42 | 2093441 | 0.83 | 0.83 | (0.02) | 8 |
|  One month ended 10/31/19 | 86.18 | 0.00 | 4.43 | 4.43 |  |  |  | 90.61 | 5.14 | 1985139 | 0.82 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 0.00 <sup>(f)</sup> | 1 |
|  Year ended 09/30/19 | 98.88 | 0.62 | (3.51) | (2.89) | (0.66) | (9.15) | (9.81) | 86.18 | (1.88) | 1899009 | 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 | 2158393 | 0.87 | 0.87 | 0.62 | 14 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 136.38 | 0.21 | (46.95) | (46.74) |  | (8.92) | (8.92) | 80.72 | (36.56) | 7132 | 0.69 | 0.69 | 0.26 | 9 |
|  Year ended 10/31/21 | 102.39 | (0.06) | 40.66 | 40.60 |  | (6.61) | (6.61) | 136.38 | 41.03 | 16 | 0.66 | 0.66 | (0.05) | 7 |
|  Year ended 10/31/20 | 90.55 | 0.14 | 13.00 | 13.14 | (0.51) | (0.79) | (1.30) | 102.39 | 14.62 | 12 | 0.68 | 0.68 | 0.13 | 8 |
|  One month ended 10/31/19 | 86.12 | 0.01 | 4.42 | 4.43 |  |  |  | 90.55 | 5.15 | 11 | 0.66 <sup>(f)</sup> | 0.66 <sup>(f)</sup> | 0.17 <sup>(f)</sup> | 1 |
|  Period ended 09/30/19<sup>(g)</sup> | 84.75 | 0.26 | 1.11 | 1.37 | – | – | – | 86.12 | 1.61 | 10 | 0.75 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 0.83 <sup>(f)</sup> | 10 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 136.59 | 0.26 | (47.07) | (46.81) |  | (8.92) | (8.92) | 80.86 | (36.56) | 1520303 | 0.69 | 0.69 | 0.26 | 9 |
|  Year ended 10/31/21 | 102.54 | (0.07) | 40.73 | 40.66 |  | (6.61) | (6.61) | 136.59 | 41.02 | 2629798 | 0.66 | 0.66 | (0.05) | 7 |
|  Year ended 10/31/20 | 90.69 | 0.13 | 13.02 | 13.15 | (0.51) | (0.79) | (1.30) | 102.54 | 14.61 | 1934295 | 0.68 | 0.68 | 0.13 | 8 |
|  One month ended 10/31/19 | 86.25 | 0.01 | 4.43 | 4.44 |  |  |  | 90.69 | 5.15 | 2051628 | 0.67 <sup>(f)</sup> | 0.67 <sup>(f)</sup> | 0.16 <sup>(f)</sup> | 1 |
|  Year ended 09/30/19 | 98.97 | 0.76 | (3.51) | (2.75) | (0.82) | (9.15) | (9.97) | 86.25 | (1.70) | 1957302 | 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 | 1436651 | 0.69 | 0.69 | 0.78 | 14 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, respectively. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the years ended October 31, 2022 and 2021. 

<sup>(f)</sup> Annualized.

<sup>(g)</sup> 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.

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| **13** | **Invesco Global Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| **14** | **Invesco Global Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower

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| **15** | **Invesco Global Fund** |

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  First $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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.64%.

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

---

| | |
|:---|:---|
| **16** | **Invesco Global Fund** |

---

------

to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $1,429.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $246,494 in front-end sales commissions from the sale of Class A shares and $5,702 and $4,400 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3–Additional Valuation Information** 

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

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Argentina | $– | $– | $38284282 | $38284282 |
|  Brazil | 19789938 |  |  | 19789938 |
|  China | 250917772 | 55337193 |  | 306254965 |
|  Denmark |  | 249611534 |  | 249611534 |
|  France | 348840803 | 725838518 |  | 1074679321 |
|  Germany |  | 139656922 |  | 139656922 |
|  India | 186498667 | 304296289 |  | 490794956 |
|  Italy |  | 44835999 |  | 44835999 |
|  Japan |  | 635925423 |  | 635925423 |
|  Netherlands |  | 76600680 |  | 76600680 |

---

---

| | |
|:---|:---|
| **17** | **Invesco Global Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Spain | $– | $48958594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $48958594 |
|  Sweden |  | 299943031 |  | 299943031 |
|  Switzerland |  | 66822769 |  | 66822769 |
|  United Kingdom | 31141918 |  |  | 31141918 |
|  United States | 4213366283 |  |  | 4213366283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $5050555381 | $2647826952 | $38284282 | $7736666615 |

---

**NOTE 4–Derivative Investments** 

The Trust may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a trust 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 Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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

---

| | |
|:---|:---|
|  | **Location of Gain on<br>Statement of Operations** |
|  | **Currency<br>Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $41977 |

---

The table below summarizes the average notional value of forward foreign currency contracts held during the period.

---

| | |
|:---|:---|
|  | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $13831283 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $25,925.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Long-term capital gain | $910344524 | $691779053 |

---

---

| | |
|:---|:---|
| **18** | **Invesco Global Fund** |

---

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed long-term capital gain | $993187989 |
|  Net unrealized appreciation – investments | 3596798380 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (969854) |
|  Temporary book/tax differences | (1185234) |
|  Shares of beneficial interest | 3147931514 |
|  Total net assets | $7735762795 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $937,350,583 and $2,225,652,835, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $4064797765 |
|  Aggregate unrealized (depreciation) of investments | (467999385) |
|  Net unrealized appreciation of investments | $3596798380 |

---

Cost of investments for tax purposes is $4,139,868,235.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on October 31, 2022, undistributed net investment income was increased by $34,662,773, undistributed net realized gain was decreased by $106,951,919 and shares of beneficial interest was increased by $72,289,146. This reclassification had no effect on the net assets of the Fund.

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2699919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276201243 | 3660050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445852844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 185240 | 16485700 | 225219 | 24481370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 305417 | 30560185 | 247221 | 29926712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2959302 | 306075991 | 3076347 | 379177809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 91860 | 8130749 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3084053 | 310393178 | 3450228 | 421553485 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3986432 | 489772840 | 3349658 | 374357712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 164422 | 17644163 | 168181 | 16707111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 134571 | 16300613 | 115245 | 12744947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1297998 | 160718093 | 1103599 | 123945145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1369177 | 170270798 | 1104877 | 124431282 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 213043 | 21179663 | 499921 | 59156588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (244403) | (21179663) | (563177) | (59156588) |

---

---

| | |
|:---|:---|
| **19** | **Invesco Global Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9665952) | $(960558225) | (9191411) | $(1130332386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (416277) | (35936096) | (415804) | (45077444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (477092) | (47075907) | (460246) | (55721009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (6723450) | (652230250) | (4705939) | (579421948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (3633) | (340364) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4904320) | (481103721) | (4166331) | (524172563) |
|  Net increase (decrease) in share activity | (5943693) | $(374691010) | (2502362) | $(381546933) |

---

<sup>(a)</sup> 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. 

**NOTE 12–Significant Event** 

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

The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

---

| | |
|:---|:---|
| **20** | **Invesco Global Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.<br> For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5. |

---

The financial statements of Oppenheimer Global Fund (subsequently renamed Invesco Global Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and portfolio company investees; when replies were not received from portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **21** | **Invesco Global Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before<br>expenses)** | **HYPOTHETICAL<br>(5% annual return before<br>expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $860.80 | $5.07 | $1019.76 | $5.50 | 1.08% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;857.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;1015.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | 1.85 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;859.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;1018.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | 1.35 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;861.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;1020.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | 0.85 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;862.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;1021.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | 0.67 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;862.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;1021.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | 0.71 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **22** | **Invesco Global Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Adviser* s

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund's stock selection in and underweight and overweight exposures to certain sectors and regions detracted from Fund

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| | |
|:---|:---|
| **23** | **Invesco Global Fund** |

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------

performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **24** | **Invesco Global Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $1018978524 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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| | |
|:---|:---|
| **25** | **Invesco Global Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco Global Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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| | |
|:---|:---|
| **T-2** | **Invesco Global Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco Global Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Global Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Global Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | Invesco Advisers, Inc.<br> 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | Invesco Distributors, Inc.<br> 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | PricewaterhouseCoopers LLP<br> 1000 Louisiana Street, Suite 5800<br> Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103-7018 | Goodwin Procter LLP<br> 901 New York Avenue, N.W.<br> Washington, D.C. 20001 | Invesco Investment Services, Inc.<br> 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | State Street Bank and Trust Company<br> 225 Franklin Street<br> Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Global Fund** |

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![LOGO](g422077dsp40a.jpg)

**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.

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**Fund holdings and proxy voting information** 

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

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

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

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

![LOGO](g422077dsp40b.jpg)

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

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![LOGO](g421542dsp4a.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco Global Growth Fund** 

Nasdaq:

A: AGGAX ∎ C: AGGCX ∎ Y: AGGYX ∎ R5: GGAIX ∎ R6: AGGFX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg421542_1) |
| 2 | [Performance Summary](#edg421542_2) |
| 4 | [Long-Term Fund Performance](#edg421542_3) |
| 6 | [Supplemental Information](#edg421542_4) |
| 8 | [Schedule of Investments](#edg421542_5) |
| 10 | [Financial Statements](#edg421542_6) |
| 13 | [Financial Highlights](#edg421542_7) |
| 14 | [Notes to Financial Statements](#edg421542_8) |
| 20 | [Report of Independent Registered Public Accounting Firm](#edg421542_9) |
| 21 | [Fund Expenses](#edg421542_10) |
| 22 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421542_11) |
| 24 | [Tax Information](#edg421542_12) |
| T-1 | [Trustees and Officers](#edg421542_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index, the Fund's style-specific benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index, the Fund's style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -37.61 | % |
| &nbsp;&nbsp; Class C Shares | -38.12 |  |
| &nbsp;&nbsp; Class Y Shares | -37.47 |  |
| &nbsp;&nbsp; Class R5 Shares | -37.39 |  |
| &nbsp;&nbsp; Class R6 Shares | -37.37 |  |
| &nbsp;&nbsp; MSCI All Country World Index<sup>▼</sup> (Style-Specific Index) | -19.96 |  |
| &nbsp;&nbsp; MSCI All Country World Growth Index<sup>▼</sup> (Broad Market Index) | -29.25 |  |
| &nbsp;&nbsp; Lipper Global Multi-Cap Growth Funds Index<sup>∎</sup> (Peer Group Index) | -31.27 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns

for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed the MSCI All Country World Growth Index during the fiscal year. The Fund outperformed the MSCI All Country World Growth Index in one of 11 Global Industry Classification Standard sectors. Stock selection in the real estate sector contributed to relative Fund performance compared to the MSCI All Country World Growth Index. Stock selection in information technology and consumer staples, as well as an overweight allocation to communication services, detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a geographic basis, stock selection in France, an overweight allocation to India and an underweight allocation to Russia contributed the most to relative Fund performance. Stock selection in the United States and Japan, as well as an overweight allocation to China detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual contributors to the Fund's absolute performance during the fiscal year were **Clinigen Group**, **Criteo** and **Apple**. Clinigen Group is a global specialty pharmaceuticals and pharmaceutical services business. Criteo is a global commerce marketing technology company. They are one of the leading ad-tech companies in the growing digital-ad market. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services. The company has been relatively resilient this fiscal year. Clinigen Group, Criteo and Apple were sold during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual detractors from the Fund's absolute performance were **Alphabet**, **Meta Platforms** and **JD.com**. Alphabet has been our largest holding for some time. Earlier this year there was a lot of conjecture about a slowdown in ad spending across the

industry. While this has negatively affected several companies, Alphabet's diversified advertising offerings and focus on search proved to be more resilient than other categories of digital spend. This provided solid support for the overall business. The company's cloud numbers have also been very encouraging. The digital transformation to the cloud remains a top priority for many businesses and Alphabet has been benefiting. Meta Platforms has reported disappointing earnings over the past few quarters and the share price has declined. Apple's new privacy restrictions have raised concerns of weakened advertising capabilities for Meta Platforms. Meta Platforms has been reworking their ad architecture but this may take some time. The market also seems to be concerned with the firm's metaverse strategy which the firm plans to invest significantly more in than was projected in 2023. JD.com is a major player in Chinese e-commerce, offering a wide selection of authentic products at competitive prices with fast and reliable delivery. The shares have trended lower in recent months as the Chinese COVID-19 lockdowns have weighed on economic growth. The company's operations have been rather good, all things considered. Potential easing of COVID-19 restrictions in 2023 and a recovery in macroeconomic conditions could be strong catalysts for JD.com looking out over the next calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note, effective December 9, 2021, John Delano assumed responsibility for the portfolio management of the Invesco Global Growth Fund, a Fund previously managed by the Invesco EQV Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's holdings are selected for the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, our portfolio should be able to weather most transient issues well and create meaningful economic value for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco Global Fund.

------

**Portfolio manager(s):** 

John Delano

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

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| | |
|:---|:---|
| **2** | **Invesco Global Growth Fund** |

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See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco Global Growth Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g421542g63t58.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco Global Growth Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (9/15/94) | 5.17 | % |
| &nbsp;&nbsp; 10 Years | 3.67 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -2.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -41.05 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (8/4/97) | 3.41 | % |
| &nbsp;&nbsp; 10 Years | 3.64 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.93 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -38.73 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 5.34 | % |
| &nbsp;&nbsp; 10 Years | 4.52 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.94 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -37.47 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/28/07) | 2.75 | % |
| &nbsp;&nbsp; 10 Years | 4.65 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.84 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -37.39 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/24/12) | 4.34 | % |
| &nbsp;&nbsp; 10 Years | 4.67 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -37.37 |  |

---

**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco Global Growth Fund** |

---

------

**Supplemental Information** 

**Invesco Global Growth Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ 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 nonresident 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 multi-cap growth funds tracked by Lipper.

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

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

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **6** | **Invesco Global Growth Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 31.75% |
|  Consumer Discretionary | 14.87 |
|  Communication Services | 14.23 |
|  Industrials | 13.92 |
|  Health Care | 12.26 |
|  Financials | 7.83 |
|  Real Estate | 3.91 |
|  Materials | 0.35 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.88 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Alphabet, Inc., Class A | 11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | LVMH Moet Hennessy Louis Vuitton SE | 5.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Intuit, Inc. | 5.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | S&P Global, Inc. | 5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Analog Devices, Inc. | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Airbus SE | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | DLF Ltd. | 3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | JD.com, Inc., ADR | 3.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Novo Nordisk A/S, Class B | 3.22 |
| 10. | Keyence Corp. | 3.18 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco Global Growth Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.12%** | **Common Stocks & Other Equity Interests–99.12%** | **Common Stocks & Other Equity Interests–99.12%** |
|  **Brazil–0.25%** | **Brazil–0.25%** | **Brazil–0.25%** |
|  StoneCo Ltd., Class A<sup>(a)</sup>  | 110490 | $1160145 |
|  **China–3.95%** | **China–3.95%** | **China–3.95%** |
|  JD.com, Inc., ADR | 394465 | 14709600 |
|  Meituan, B Shares<sup>(a)(b)</sup>  | 145600 | 2316099 |
|  Tencent Holdings Ltd. | 35300 | 926263 |
|  |  | 17951962 |
|  **Denmark–3.22%** |  |  |
|  Novo Nordisk A/S, Class B | 134649 | 14633015 |
|  **France–13.89%** |  |  |
|  Airbus SE | 188842 | 20450154 |
|  Dassault Systemes SE | 52272 | 1750085 |
|  EssilorLuxottica S.A. | 13994 | 2216658 |
|  Kering S.A. | 28379 | 12990086 |
|  LVMH Moet Hennessy Louis Vuitton SE | 40783 | 25729010 |
|  |  | 63135993 |
|  **Germany–1.80%** |  |  |
|  Allianz SE | 5540 | 997527 |
|  SAP SE | 74326 | 7176136 |
|  |  | 8173663 |
|  **India–6.32%** |  |  |
|  DLF Ltd. | 3824473 | 17794033 |
|  ICICI Bank Ltd., ADR | 496058 | 10933118 |
|  |  | 28727151 |
|  **Italy–0.58%** |  |  |
|  Brunello Cucinelli S.p.A. | 45322 | 2628399 |
|  **Japan–8.20%** |  |  |
|  Keyence Corp. | 38400 | 14472084 |
|  Murata Manufacturing Co. Ltd. | 253900 | 12455426 |
|  Nidec Corp. | 49800 | 2746082 |
|  Omron Corp. | 30700 | 1426930 |
|  TDK Corp. | 198600 | 6183134 |
|  |  | 37283656 |
|  **Netherlands–0.99%** |  |  |
|  ASML Holding N.V. | 9526 | 4490726 |
|  **Spain–0.63%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 55396 | 2883690 |
|  **Sweden–3.87%** |  |  |
|  Assa Abloy AB, Class B | 375283 | 7572193 |
|  Atlas Copco AB, Class A | 937722 | 10011457 |
|  |  | 17583650 |
|  **Switzerland–0.86%** |  |  |
|  Lonza Group AG | 7636 | 3925580 |
|  **United Kingdom–0.40%** |  |  |
|  Farfetch Ltd., Class A<sup>(a)(c)</sup>  | 215288 | 1825642 |
|  **United States–54.16%** |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13663013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Agilent Technologies, Inc. | 63596 | $8798507 |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | 532222 | 50300301 |
|  Amazon.com, Inc.<sup>(a)</sup>  | 43018 | 4406764 |
|  Analog Devices, Inc. | 153859 | 21943371 |
|  Avantor, Inc.<sup>(a)</sup>  | 201546 | 4065183 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 32562 | 1403748 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 8960 | 1901760 |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 3524 | 1295493 |
|  Danaher Corp. | 10355 | 2606043 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 12604 | 1014748 |
|  Dun & Bradstreet Holdings, Inc.<sup>(c)</sup>  | 58804 | 755631 |
|  Ecolab, Inc. | 10002 | 1571014 |
|  Equifax, Inc. | 50857 | 8622296 |
|  Fidelity National Information Services, Inc. | 28103 | 2332268 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 3742 | 1345923 |
|  Illumina, Inc.<sup>(a)</sup>  | 17467 | 3996799 |
|  Intuit, Inc. | 59433 | 25407607 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 15411 | 3798349 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 23644 | 4957437 |
|  Lam Research Corp. | 1201 | 486141 |
|  Marriott International, Inc., Class A | 18460 | 2955631 |
|  Marvell Technology, Inc. | 141691 | 5622299 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup>  | 120197 | 11197553 |
|  Microsoft Corp. | 28677 | 6656792 |
|  NVIDIA Corp. | 14956 | 2018611 |
|  Omnicell, Inc.<sup>(a)(c)</sup>  | 17645 | 1364311 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)</sup>  | 65860 | 698116 |
|  Qualtrics International, Inc., Class A<sup>(a)(c)</sup>  | 114273 | 1367848 |
|  S&P Global, Inc. | 73638 | 23656207 |
|  Splunk, Inc.<sup>(a)</sup>  | 24907 | 2070021 |
|  United Parcel Service, Inc., Class B | 77703 | 13036232 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 47709 | 9883396 |
|  Walt Disney Co. (The)<sup>(a)</sup>  | 9919 | 1056770 |
|  |  | 246256183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $649,248,344) |  | 450659455 |
|  **Money Market Funds–0.93%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 1486191 | 1486191 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 1065881 | 1066095 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 1698503 | 1698503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $4,250,583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $4,250,583) | 4250789 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $653,498,927) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $653,498,927) | 454910244 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–2.74%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 3486672 | 3486672 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Global Growth Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–(continued)** |  |  |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 8961477 | $8961477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,447,950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,447,950) | 12448149 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–102.79%<br>(Cost $665,946,877) | TOTAL INVESTMENTS IN<br>SECURITIES–102.79%<br>(Cost $665,946,877) | 467358393 |
|  OTHER ASSETS LESS LIABILITIES–(2.79)% | OTHER ASSETS LESS LIABILITIES–(2.79)% | (12682487) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $454675906 |

---

Investment Abbreviations: <br> ADR - American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized**<br> **Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $3735198 | $24764684 | $(27013691) | $- | $- | $1486191 | $12025 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 8264369 | 17689060 | (24886690) | (3030) | 2386 | 1066095 | 8772 |
|  Invesco Treasury Portfolio, Institutional Class | 4268798 | 28302495 | (30872790) | - | - | 1698503 | 13276 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 7991419 | 117496904 | (122001651) | - | - | 3486672 | 71,566\* |
|  Invesco Private Prime Fund | 22153218 | 215509411 | (228685594) | 199 | (15757) | 8961477 | 195,703\* |
|  Total | $46413002 | $403762554 | $(433460416) | $(2831) | $(13371) | $16698938 | $301342 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

---

| | |
|:---|:---|
| **9** | **Invesco Global Growth Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $649,248,344)\* | $450659455 |
|  Investments in affiliated money market funds, at value<br>(Cost $16,698,533) | 16698938 |
|  Foreign currencies, at value (Cost $3,271) | 3189 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2391702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 49677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 655931 |
|  Investment for trustee deferred compensation and retirement plans | 201285 |
|  Other assets | 62625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 470722802 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1866340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 843791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 12447950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 294251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 370444 |
|  Trustee deferred compensation and retirement plans | 219272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16046896 |
|  Net assets applicable to shares outstanding | $454675906 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $462962867 |
|  Distributable earnings (loss) | (8286961) |
|  | $454675906 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $427824872 |
|  Class C | $7240424 |
|  Class Y | $16239230 |
|  Class R5 | $446869 |
|  Class R6 | $2924511 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 21520330 |
|  Class C | 425292 |
|  Class Y | 809366 |
|  Class R5 | 22514 |
|  Class R6 | 147337 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $19.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $19.88 ÷ 94.50%) | $21.04 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $17.02 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.06 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $19.85 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $19.85 |

---

\* At October 31, 2022, securities with an aggregate value of $12,084,349 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **10** | **Invesco Global Growth Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $39284 |
|  Dividends (net of foreign withholding taxes of $440,324) | 5534317 |
|  Dividends from affiliated money market funds (includes net securities lending income of $32,452) | 66525 |
|  Foreign withholding tax claims | 219724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5859850 |
|  **Expenses:** |  |
|  Advisory fees | 4795228 |
|  Administrative services fees | 86530 |
|  Custodian fees | 112335 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1431431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 99938 |
|  Transfer agent fees – A, C and Y | 981399 |
|  Transfer agent fees – R5 | 543 |
|  Transfer agent fees – R6 | 1182 |
|  Trustees' and officers' fees and benefits | 24452 |
|  Registration and filing fees | 120895 |
|  Reports to shareholders | 63156 |
|  Professional services fees | 118486 |
|  Other | 208037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8043612 |
|  Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (55659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7987953 |
|  Net investment income (loss) | (2128103) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $141) | 198449855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (13371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (100828) |
|  | 198335656 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (490565203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (2831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (52862) |
|  | (490620896) |
|  Net realized and unrealized gain (loss) | (292285240) |
|  Net increase (decrease) in net assets resulting from operations | $(294413343) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco Global Growth Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2128103) | $(595460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 198335656 | 143710817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (490620896) | 84373446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (294413343) | 227488803 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8761351) | (179126956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (182123) | (3954487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (396758) | (8392337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (9155) | (181428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (58924) | (29738165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (9408311) | (221393373) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (58071180) | 106927183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1657507) | (360732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (7107128) | 6329576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (62974) | 95013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (652585) | (105023558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (67551374) | 7967482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (371373028) | 14062912 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 826048934 | 811986022 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $454675906 | $826048934 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco Global Growth Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $32.25 | $(0.09) | $(11.91) | $(12.00) | $- | $(0.37) | $(0.37) | $19.88 | (37.61)% | $427825 | 1.30% | 1.31% | (0.34)% | 132% |
|  Year ended 10/31/21 | 32.19 | (0.04) | 8.78 | 8.74 |  | (8.68) | (8.68) | 32.25 | 28.36 | 770445 | 1.22 | 1.23 | (0.11) | 51 |
|  Year ended 10/31/20 | 32.19 | (0.03) | 2.77 | 2.74 | (0.29) | (2.45) | (2.74) | 32.19 | 8.87 | 658772 | 1.22 | 1.29 | (0.12) | 90 |
|  Year ended 10/31/19 | 29.42 | 0.22 | 4.04 | 4.26 | (0.13) | (1.36) | (1.49) | 32.19 | 15.46 | 296262 | 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) | 273874 | 1.22 | 1.32 | 0.74 | 32 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 27.88 | (0.24) | (10.25) | (10.49) |  | (0.37) | (0.37) | 17.02 | (38.10) | 7240 | 2.05 | 2.06 | (1.09) | 132 |
|  Year ended 10/31/21 | 28.99 | (0.28) | 7.85 | 7.57 |  | (8.68) | (8.68) | 27.88 | 27.36 | 13997 | 1.97 | 1.98 | (0.86) | 51 |
|  Year ended 10/31/20 | 29.17 | (0.24) | 2.51 | 2.27 |  | (2.45) | (2.45) | 28.99 | 8.09 | 14628 | 1.97 | 2.04 | (0.87) | 90 |
|  Year ended 10/31/19 | 26.86 | (0.01) | 3.68 | 3.67 |  | (1.36) | (1.36) | 29.17 | 14.61 | 6963 | 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) | 21058 | 1.97 | 2.07 | (0.01) | 32 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 32.47 | (0.02) | (12.02) | (12.04) | (0.00)<sup>(d)</sup> | (0.37) | (0.37) | 20.06 | (37.47) | 16239 | 1.05 | 1.06 | (0.09) | 132 |
|  Year ended 10/31/21 | 32.30 | 0.05 | 8.81 | 8.86 | (0.01) | (8.68) | (8.69) | 32.47 | 28.68 | 35476 | 0.97 | 0.98 | 0.14 | 51 |
|  Year ended 10/31/20 | 32.28 | 0.04 | 2.80 | 2.84 | (0.37) | (2.45) | (2.82) | 32.30 | 9.18 | 29147 | 0.97 | 1.04 | 0.13 | 90 |
|  Year ended 10/31/19 | 29.52 | 0.29 | 4.05 | 4.34 | (0.22) | (1.36) | (1.58) | 32.28 | 15.74 | 13871 | 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) | 14935 | 0.97 | 1.07 | 0.99 | 32 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 32.13 | (0.00) | (11.87) | (11.87) | (0.04) | (0.37) | (0.41) | 19.85 | (37.39) | 447 | 0.97 | 1.00 | (0.01) | 132 |
|  Year ended 10/31/21 | 32.03 | 0.09 | 8.73 | 8.82 | (0.04) | (8.68) | (8.72) | 32.13 | 28.79 | 771 | 0.87 | 0.88 | 0.24 | 51 |
|  Year ended 10/31/20 | 32.03 | 0.07 | 2.78 | 2.85 | (0.40) | (2.45) | (2.85) | 32.03 | 9.31 | 664 | 0.87 | 0.93 | 0.23 | 90 |
|  Year ended 10/31/19 | 29.31 | 0.32 | 4.01 | 4.33 | (0.25) | (1.36) | (1.61) | 32.03 | 15.84 | 12 | 0.86 | 0.86 | 1.08 | 32 |
|  Year ended 10/31/18 | 32.09 | 0.34 | (2.23) | (1.89) | (0.42) | (0.47) | (0.89) | 29.31 | (6.08) | 11 | 0.88 | 0.88 | 1.08 | 32 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 32.13 | 0.01 | (11.87) | (11.86) | (0.05) | (0.37) | (0.42) | 19.85 | (37.37) | 2925 | 0.92 | 0.93 | 0.04 | 132 |
|  Year ended 10/31/21 | 32.03 | 0.10 | 8.72 | 8.82 | (0.04) | (8.68) | (8.72) | 32.13 | 28.81 | 5360 | 0.83 | 0.83 | 0.28 | 51 |
|  Year ended 10/31/20 | 32.03 | 0.08 | 2.77 | 2.85 | (0.40) | (2.45) | (2.85) | 32.03 | 9.32 | 108775 | 0.84 | 0.84 | 0.26 | 90 |
|  Year ended 10/31/19 | 29.30 | 0.32 | 4.02 | 4.34 | (0.25) | (1.36) | (1.61) | 32.03 | 15.88 | 129894 | 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) | 266574 | 0.88 | 0.88 | 1.08 | 32 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $264,724,061 and sold of $91,251,356 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco Global Small & Mid Cap Growth Fund into the Fund. 

<sup>(d)</sup> Amount represents less than $(0.005) per share. 

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

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|:---|:---|
| **13** | **Invesco Global Growth Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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|:---|:---|
| **14** | **Invesco Global Growth Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund

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|:---|:---|
| **15** | **Invesco Global Growth Fund** |

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could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,754 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

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).

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets. Prior to March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%,

---

| | |
|:---|:---|
| **16** | **Invesco Global Growth Fund** |

---

------

0.87% and 0.87%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $3,518 and reimbursed class level expenses of $44,427, $791, $2,008, $172 and $173 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $37,938 in front-end sales commissions from the sale of Class A shares and $33 and $346 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $1,521 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3–Additional Valuation Information** 

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

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Brazil | $1160145 | $– | $– | $1160145 |
|  China | 14709600 | 3242362 |  | 17951962 |
|  Denmark |  | 14633015 |  | 14633015 |
|  France | 20450154 | 42685839 |  | 63135993 |
|  Germany |  | 8173663 |  | 8173663 |
|  India | 10933118 | 17794033 |  | 28727151 |
|  Italy |  | 2628399 |  | 2628399 |
|  Japan |  | 37283656 |  | 37283656 |
|  Netherlands |  | 4490726 |  | 4490726 |
|  Spain |  | 2883690 |  | 2883690 |
|  Sweden |  | 17583650 |  | 17583650 |
|  Switzerland |  | 3925580 |  | 3925580 |

---

---

| | |
|:---|:---|
| **17** | **Invesco Global Growth Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  United Kingdom | $1825642 | $– | $– | $1825642 |
|  United States | 246256183 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 246256183 |
|  Money Market Funds | 4250789 | 12448149 | &nbsp;&nbsp;&nbsp;&nbsp;– | 16698938 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $299585631 | $167772762 | $– | $467358393 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,570.

**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 State Street Bank and Trust Company, 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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $2204357 | $49558352 |
|  Long-term capital gain | 7203954 | 171835021 |
|  Total distributions | $9408311 | $221393373 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed long-term capital gain | $192614774 |
|  Net unrealized appreciation (depreciation) – investments | (199036650) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (47065) |
|  Temporary book/tax differences | (163492) |
|  Late-Year ordinary loss deferral | (1654528) |
|  Shares of beneficial interest | 462962867 |
|  Total net assets | $454675906 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

---

| | |
|:---|:---|
| **18** | **Invesco Global Growth Fund** |

---

------

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $807,977,116 and $878,740,023, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $10024116 |
|  Aggregate unrealized (depreciation) of investments | (209060766) |
|  Net unrealized appreciation (depreciation) of investments | $(199036650) |

---

Cost of investments for tax purposes is $666,395,043.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $2,450,697, undistributed net realized gain was decreased by $1,687,030 and shares of beneficial interest was decreased by $763,667. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 573173 | $15011384 | 554150 | $19998215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 55253 | 1167428 | 73269 | 2351067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 134337 | 3562137 | 312894 | 11421293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 5862 | 155984 | 2491 | 85655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 82798 | 1962311 | 130862 | 4745901 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 268898 | 8263225 | 5100734 | 167533426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 6669 | 176650 | 131344 | 3778617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 10874 | 336551 | 212498 | 7017919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 295 | 9025 | 5429 | 177527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1864 | 57011 | 908338 | 29699578 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 35814 | 854903 | 98873 | 3430174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (41676) | (854903) | (111462) | (3430174) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3248720) | (82200692) | (2325257) | (84034632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (96962) | (2146682) | (95817) | (3060242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (428554) | (11005816) | (335067) | (12109636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (7640) | (227983) | (4648) | (168169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (104143) | (2671907) | (4268803) | (139469037) |
|  Net increase (decrease) in share activity | (2751858) | $(67551374) | 389828 | $7967482 |

---

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

**NOTE 11–Significant Event** 

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Global Fund (the "Acquiring Fund").

The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.

---

| | |
|:---|:---|
| **19** | **Invesco Global Growth Fund** |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Growth Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Growth Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **20** | **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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $857.30 | $6.69 | $1018.00 | $7.27 | 1.43% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;854.00 | 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;1014.22 | 11.07 | 2.18 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;858.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;1019.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | 1.18 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;858.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;1019.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | 1.08 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;859.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | 1.00 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **21** | **Invesco Global Growth Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board noted that the Fund underwent a change in portfolio management as well as a change in its investment process in December 2021. The Board noted that stock selection in and overweight, underweight or lack of exposure to certain sectors, geographic regions and names, as well as the Fund's cash position, detracted from the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a

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| | |
|:---|:---|
| **22** | **Invesco Global Growth Fund** |

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particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the

effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **23** | **Invesco Global Growth Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $7203954 |
|  Qualified Dividend Income\* | 35.32% |
|  Corporate Dividends Received Deduction\* | 13.93% |
|  U.S. Treasury Obligations\* | 0.02% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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|:---|:---|
| **Non-Resident Alien Shareholders** | |
|  Short-Term Capital Gain Distributions | $2194276 |

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|:---|:---|
| **24** | **Invesco Global Growth Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco Global Growth Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler –1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly:<br> Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco Global Growth Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel – 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli – 1949 Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort –1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance<br> Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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|:---|:---|
| **T-3** | **Invesco Global Growth Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Global Growth Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Global Growth Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Global Growth Fund** |

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(This page intentionally left blank)

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![LOGO](g421542g17b95.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g421542g46c02.jpg)

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

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![LOGO](g419842dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco Global Opportunities Fund** 

**Nasdaq:** 

A: OPGIX ∎ C: OGICX ∎ R: OGINX ∎ Y: OGIYX ∎ R5: GOFFX ∎ R6: OGIIX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg419842_1) |
| 2 | [Performance Summary](#edg419842_2) |
| 4 | [Long-Term Fund Performance](#edg419842_3) |
| 6 | [Supplemental Information](#edg419842_4) |
| 8 | [Schedule of Investments](#edg419842_5) |
| 11 | [Financial Statements](#edg419842_6) |
| 14 | [Financial Highlights](#edg419842_7) |
| 15 | [Notes to Financial Statements](#edg419842_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg419842_9) |
| 22 | [Fund Expenses](#edg419842_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg419842_11) |
| 25 | [Tax Information](#edg419842_12) |
| T-1 | [Trustees and Officers](#edg419842_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
|  <br> **Performance summary** | <br> **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Opportunities Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Opportunities Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; <br> **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| Class A Shares | -44.95 | % |
| Class C Shares | -45.36 |  |
| Class R Shares | -45.08 |  |
| Class Y Shares | -44.81 |  |
| Class R5 Shares | -44.77 |  |
| Class R6 Shares | -44.73 |  |
| MSCI All Country World Index<sup>▼</sup>  | -19.96 |  |
| Source(s): <sup>▼</sup>RIMES Technologies Corp.<br>|  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the MSCI All Country World Index in 2 of the 11 Global Industry Classification Standard sectors for the fiscal year ended October 31, 2022. Underweight allocations to the communication services and real estate sectors contributed to relative Fund performance compared to the MSCI All Country World Index. Stock selection in healthcare, information technology and industrials detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a geographic basis, underweight allocations in China, Russia and Taiwan contributed the most to relative Fund performance. Stock selection in the United States, the United Kingdom and Japan detracted the most from relative Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual contributors to Fund performance during the fiscal year were **Mandiant**, **Halozyme Therapeutics** and **Rollins**. Mandiant provides malware protection systems and network threat prevention solutions. The company was acquired by Alphabet during the fiscal year. We think this is a good example of things we tend to buy that we find to be very attractive. Halozyme Therapeutics is a US biopharma company that develops products for diabetes, cancer, dermatology, etc. It's a company platform that we like. The company has a technology that enables the conversion of a drug into an injection, instead of an IV - which we believe is generally a better experience for everyone - the patient is able to leave and they aren't taking up room in the clinic. A couple of drugs have gone to market and we see a lot of opportunity to create high-value optimized drug formulations with several drugs. In May 2022, the company completed the acquisition of Antares Pharma, which will diversify the firm's royalty revenue and intellectual property. Rollins is a global leader in route-based pest control services, with operations around the world. Its portfolio includes the Orkin brand. Rollins

shares have shown resiliency admist heady inflation pressures and slowing economic activity. We believe that Rollins has the potential to perform solidly in 2023 regardless of likely inflation and recession pressures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top three individual detractors from Fund performance during the fiscal year were **Nektar Therapeutics**, **Advanced Micro Devices (AMD)** and **Aston Martin.** Nektar Therapeutics is a bio-pharmaceutical company focused on large areas of unmet need in the healthcare space, such as cancer and autoimmune diseases. In mid-March 2022, the stock fell sharply following a phase III clinical trial failure in its immuno-oncology drug Bempeg, for the treatment of melanoma. We were extremely disappointed with the results. Based on earlier clinical research, we thought Bempeg had a lot of potential. As disappointing as the Bempeg news was, our thesis on Nektar Therapeutics was never solely about one drug. To us, Nektar Therapeutics has always been unique in the biotech space, with such an extensive pipeline and intellectual property. The company has been restructuring its business to ensure cash reserves last through the first half of 2025. This will allow time to see potentially positive news from the other drugs in their pipeline, including autoimmune drug NKTR-358 which they're partnered on with Eli Lilly and NKTR- 255, an immuno-oncology drug they are developing on their own. We believe there's value in the platform and that the other drugs they're working on have potential. Advanced Micro Devices is a global semiconductor company that designs an assortment of chips for various computing applications. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs. In addition, AMD supplies the chips found in prominent gaming systems such as PlayStation and Xbox. The share price has corrected after a large rise in its share price over the last few years. However, the company continues to execute well on its product roadmap and we continue to be very optimistic about the company's future. AMD's valuation is lower than it has been in several years. Aston Martin has had a difficult time since going public in 2018 due to some management changes, production headwinds and parts shortages. However, over the long term, we think the company can do very well. They have a timeless luxury brand and a new SUV model coming out that could help to grow sales. They are also working on an all-electric supercar, which we think could provide a longer-term tailwind. We believe the economics of the luxury car business have always been excellent and we've historically found a lot of success by investing in other companies in this area. Therefore, we continue to stick with Aston Martin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our emergent growth investment philosophy has been in place for over 25 years. Throughout that time, we've focused on the powerful structural growth trends that are

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| | |
|:---|:---|
| **2** | **Invesco Global Opportunities Fund** |

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playing out in the world economy and on the small, innovative companies we believe are best positioned to capture the rewards that flow from these trends over a multi-year period. The changes playing out in areas like immuno-oncology, robotics, semiconductors, electrical infrastructure, lasers and other themes can create significant economic value for investors over our ten-year investment horizon and we remain excited about the potential for our portfolio companies in the years to come. We are long-term investors, as opposed to short-term traders and we will continue adhering to our discipline as we continue to monitor macro and geopolitical events such as interest rate hikes, inflation, the war in Ukraine, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in Invesco Global Opportunities Fund.

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**Portfolio manager(s):** 

Frank Jennings - Lead

Máire Lane

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **3** | **Invesco Global Opportunities Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g419842dsp_004.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco Global Opportunities Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (10/22/90) | 9.76 | % |
| &nbsp;&nbsp; 10 Years | 7.62 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -2.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -47.98 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (12/1/93) | 9.56 | % |
| &nbsp;&nbsp; 10 Years | 7.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -2.36 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.87 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 6.82 | % |
| &nbsp;&nbsp; 10 Years | 7.94 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -45.08 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (2/1/01) | 6.84 | % |
| &nbsp;&nbsp; 10 Years | 8.50 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -44.81 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 8.36 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -44.77 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (1/27/12) | 7.79 | % |
| &nbsp;&nbsp; 10 Years | 8.68 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.24 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -44.73 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 deduc-** 

**tion 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco Global Opportunities Fund** |

---

------

**Supplemental Information** 

**Invesco Global Opportunities Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **6** | **Invesco Global Opportunities Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector, based on Net Assets<br>as of October 31, 2022** | |
|  Information Technology | 41.51% |
|  Health Care | 21.36 |
|  Industrials | 13.89 |
|  Consumer Discretionary | 8.38 |
|  Communication Services | 5.40 |
|  Consumer Staples | 2.14 |
|  Other Sectors, Each Less than 2% of Net Assets | 1.91 |
|  Money Market Funds Plus Other Assets Less Liabilities | 5.41 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Advanced Micro Devices, Inc. | 5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | PTC, Inc. | 3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Nektar Therapeutics | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | AIXTRON SE | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Jeol Ltd. | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Bavarian Nordic A/S | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | M3, Inc. | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Littelfuse, Inc. | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Brunello Cucinelli S.p.A. | 2.05 |
| 10. | Aston Martin Lagonda Global Holdings PLC | 2.00 |

---

 <br> The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. \* Excluding money market fund holdings, if any. Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco Global Opportunities Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–94.59%** | **Common Stocks & Other Equity Interests–94.59%** | **Common Stocks & Other Equity Interests–94.59%** |
|  **Belgium–0.89%** |  |  |
|  Biocartis Group N.V.<sup>(a)(b)(c)</sup>  | 5899627 | $7106383 |
|  Materialise N.V., ADR<sup>(a)(c)</sup>  | 2900000 | 30711000 |
|  |  | 37817383 |
|  **Denmark–3.76%** |  |  |
|  Atlantic Sapphire ASA | 5113407 | 3239873 |
|  Bavarian Nordic A/S<sup>(c)</sup>  | 2880000 | 91666498 |
|  Genmab A/S<sup>(c)</sup>  | 100000 | 38566043 |
|  Novozymes A/S, Class B | 500000 | 26230126 |
|  |  | 159702540 |
|  **Finland–0.63%** |  |  |
|  Rovio Entertainment OYJ<sup>(a)(b)</sup>  | 4700000 | 26803800 |
|  **France–1.56%** |  |  |
|  Mersen S.A. | 1000000 | 32361041 |
|  Technicolor Creative Studios S.A.<sup>(c)</sup>  | 8891524 | 13857172 |
|  Teleperformance | 50000 | 13393636 |
|  Vantiva S.A.<sup>(c)</sup>  | 8781120 | 6528084 |
|  Vantiva S.A., Wts., expiring 09/22/2024<sup>(c)</sup>  | 1100000 | 81313 |
|  |  | 66221246 |
|  **Germany–7.02%** |  |  |
|  AIXTRON SE | 4000000 | 98393685 |
|  Aumann AG<sup>(a)(b)</sup>  | 980594 | 11861710 |
|  Basler AG<sup>(a)</sup>  | 1800000 | 48931519 |
|  Carl Zeiss Meditec AG, BR | 200000 | 24224156 |
|  Manz AG<sup>(a)</sup>  | 500000 | 13121717 |
|  MorphoSys AG<sup>(c)</sup>  | 400000 | 7568925 |
|  PVA TePla AG<sup>(a)(c)</sup>  | 2887082 | 48529344 |
|  Rational AG | 80000 | 45153494 |
|  |  | 297784550 |
|  **Ireland–0.93%** |  |  |
|  Ads-Tec Energy PLC | 2319856 | 13107186 |
|  Flutter Entertainment PLC<sup>(c)</sup>  | 200000 | 26530103 |
|  |  | 39637289 |
|  **Isle of Man–0.24%** |  |  |
|  Kape Technologies PLC<sup>(c)</sup>  | 4000000 | 10106216 |
|  **Italy–2.64%** |  |  |
|  Amplifon S.p.A. | 1000000 | 24857989 |
|  Brunello Cucinelli S.p.A. | 1500000 | 86990824 |
|  |  | 111848813 |
|  **Japan–12.33%** |  |  |
|  Comture Corp.<sup>(a)</sup>  | 3000000 | 48775634 |
|  CyberAgent, Inc. | 5200000 | 42642897 |
|  Disco Corp. | 200000 | 47859824 |
|  Jeol Ltd. | 2500000 | 91709971 |
|  M3, Inc. | 3000000 | 89603607 |
|  Nidec Corp. | 600000 | 33085330 |
|  Nikon Corp. | 2000000 | 19339785 |
|  Optex Group Co. Ltd.<sup>(a)</sup>  | 2000000 | 27540836 |
|  PeptiDream, Inc.<sup>(c)</sup>  | 3000000 | 32755611 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Rakuten Group, Inc. | 6000000 | $26730081 |
|  Rheon Automatic Machinery Co. Ltd. | 1000000 | 7843045 |
|  Yaskawa Electric Corp. | 2000000 | 55297366 |
|  |  | 523183987 |
|  **Norway–3.06%** |  |  |
|  Mowi ASA | 4000000 | 59589764 |
|  Nordic Semiconductor ASA<sup>(c)</sup>  | 4999999 | 70435937 |
|  |  | 130025701 |
|  **Singapore–0.74%** |  |  |
|  STMicroelectronics N.V. | 1000000 | 31173541 |
|  **Sweden–5.91%** |  |  |
|  AddTech AB, Class B | 3000000 | 36251614 |
|  Beijer Ref AB | 4000000 | 62004915 |
|  Boozt AB<sup>(a)(b)(c)</sup>  | 3750000 | 27374742 |
|  Indutrade AB | 4000000 | 69947408 |
|  Midsona AB, Class B | 1000000 | 741642 |
|  RaySearch Laboratories AB<sup>(a)(c)</sup>  | 4000000 | 20788083 |
|  Surgical Science Sweden AB<sup>(c)</sup>  | 1000000 | 14427780 |
|  Tobii AB<sup>(c)</sup>  | 3000000 | 4961030 |
|  Xvivo Perfusion AB<sup>(c)</sup>  | 1000000 | 14379704 |
|  |  | 250876918 |
|  **Switzerland–0.10%** |  |  |
|  GeNeuro S.A.<sup>(a)</sup>  | 2457241 | 4128332 |
|  **United Kingdom–14.09%** |  |  |
|  AO World PLC<sup>(c)</sup>  | 19302836 | 9891953 |
|  ASOS PLC<sup>(c)</sup>  | 700000 | 4516200 |
|  Aston Martin Lagonda Global Holdings PLC<sup>(a)(b)(c)</sup>  | 70000000 | 84673564 |
|  boohoo Group PLC<sup>(c)</sup>  | 30000000 | 13943006 |
|  Darktrace PLC<sup>(c)</sup>  | 7170000 | 29298377 |
|  FD Technologies PLC<sup>(c)</sup>  | 1200000 | 18495583 |
|  Fevertree Drinks PLC | 2000000 | 21892896 |
|  Frontier Developments PLC<sup>(a)(c)</sup>  | 3000000 | 45619685 |
|  Future PLC | 1000000 | 13968018 |
|  Gooch & Housego PLC<sup>(a)</sup>  | 2000000 | 11009275 |
|  IG Group Holdings PLC | 3000000 | 27354629 |
|  IP Group PLC | 20785545 | 14005510 |
|  IQE PLC<sup>(a)(c)</sup>  | 140000000 | 67203506 |
|  M&C Saatchi PLC<sup>(a)(c)</sup>  | 6044563 | 9530450 |
|  Ocado Group PLC<sup>(c)</sup>  | 1000000 | 5410540 |
|  Oxford Nanopore Technologies PLC<sup>(c)</sup>  | 23000000 | 69238021 |
|  Rentokil Initial PLC | 5000000 | 31190785 |
|  Spirax-Sarco Engineering PLC | 464285 | 57173560 |
|  WANdisco PLC<sup>(a)(c)</sup>  | 5000000 | 25109582 |
|  Xaar PLC<sup>(a)(c)</sup>  | 6000000 | 11672694 |
|  Zoo Digital Group PLC<sup>(a)(c)</sup>  | 7000000 | 13245534 |
|  Zotefoams PLC<sup>(a)</sup>  | 4000000 | 13509174 |
|  |  | 597952542 |
|  **United States–40.69%** |  |  |
|  3D Systems Corp.<sup>(c)</sup>  | 5000000 | 44150000 |
|  Advanced Micro Devices, Inc.<sup>(c)</sup>  | 4000000 | 240240000 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Global Opportunities Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Align Technology, Inc.<sup>(c)</sup>  | 100000 | $19430000 |
|  Applied Materials, Inc. | 600000 | 52974000 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(c)</sup>  | 2000000 | 69620000 |
|  Cognex Corp. | 1200000 | 55476000 |
|  Coherent Corp.<sup>(c)</sup>  | 1000000 | 33610000 |
|  Exact Sciences Corp.<sup>(c)</sup>  | 1800000 | 62604000 |
|  Globant S.A.<sup>(c)</sup>  | 200000 | 37736000 |
|  Halozyme Therapeutics, Inc.<sup>(c)</sup>  | 1000000 | 47810000 |
|  IPG Photonics Corp.<sup>(c)</sup>  | 600000 | 51396000 |
|  Littelfuse, Inc. | 400000 | 88100000 |
|  Manhattan Associates, Inc.<sup>(c)</sup>  | 600000 | 73002000 |
|  Nektar Therapeutics<sup>(a)(c)</sup>  | 35770000 | 134495200 |
|  Nevro Corp.<sup>(c)</sup>  | 1000000 | 38340000 |
|  ON Semiconductor Corp.<sup>(c)</sup>  | 1000000 | 61430000 |
|  PDF Solutions, Inc.<sup>(a)(c)</sup>  | 3000000 | 70740000 |
|  PTC, Inc.<sup>(c)</sup>  | 1200000 | 141396000 |
|  QUALCOMM, Inc. | 500000 | 58830000 |
|  Rollins, Inc. | 1250000 | 52600000 |
|  Shake Shack, Inc., Class A<sup>(c)</sup>  | 1000000 | 55570000 |
|  Veeco Instruments, Inc.<sup>(a)(c)</sup>  | 3000000 | 54690000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Vicor Corp.<sup>(c)</sup>  | 500000 | $23885000 |
|  Wolfspeed, Inc.<sup>(c)</sup>  | 1000000 | 78750000 |
|  Xeris Biopharma Holdings, Inc.<sup>(c)</sup>  | 2000000 | 3200000 |
|  Yelp, Inc.<sup>(c)</sup>  | 2000000 | 76820000 |
|  |  | 1726894200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $4,560,387,810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $4,560,387,810) | 4014157058 |
|  **Money Market Funds–5.30%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(a)(d)</sup>  | 81100213 | 81100213 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(a)(d)</sup>  | 51093142 | 51103361 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(a)(d)</sup>  | 92685957 | 92685957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $224,877,959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $224,877,959) | 224889531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN<br>SECURITIES–99.89%<br>(Cost $4,785,265,769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN<br>SECURITIES–99.89%<br>(Cost $4,785,265,769) | 4239046589 |
|  OTHER ASSETS LESS LIABILITIES–0.11% |  | 4626146 |
|  NET ASSETS–100.00% |  | $4243672735 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

BR - Bearer Shares

Wts. - Warrants

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $21788683 | $454962808 | $(395651278) | $- | $- | $81100213 | $667598 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 5221390 | 324973435 | (279099627) | 11572 | (3409) | 51103361 | 414438 |
|  Invesco Treasury Portfolio, Institutional Class | 24901352 | 519957495 | (452172890) | - | - | 92685957 | 738883 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Global Opportunities Fund** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Other Affiliates:** | | | | | | | |
|  Acacia Research Corp. | $14325000 | $- | $(9184168) | $53176097 | $(58316929) | $- | $- |
|  Aston Martin Lagonda Global Holdings PLC\* | 210795827 | 69625611 | 109056691 | (304742295) | (62270) | 84673564 | - |
|  Aumann AG | 18753868 | - | (205511) | (5439828) | (1246819) | 11861710 | 78422 |
|  Basler AG | 111168781 | - | - | (62237262) | - | 48931519 | 293920 |
|  Biocartis Group N.V. | 27411964 | - | (134379) | (18636808) | (1534394) | 7106383 | - |
|  Boozt AB | 63215117 | - | - | (35840375) | - | 27374742 | - |
|  Comture Corp. | 81268627 | - | - | (32492993) | - | 48775634 | 889624 |
|  Frontier Developments PLC | 101325060 | - | - | (55705375) | - | 45619685 | - |
|  GeNeuro S.A. | 7299053 | 2394591 | - | (5565311) | (1) | 4128332 | - |
|  Gooch & Housego PLC | 32827448 | - | - | (21818173) | - | 11009275 | 324782 |
|  IQE PLC | 90237060 | - | - | (23033554) | - | 67203506 | - |
|  M&C Saatchi PLC\* | 14640104 | - | (1513837) | (4524934) | 929117 | 9530450 | - |
|  Manz AG | 26127086 | - | - | (13005369) | - | 13121717 | - |
|  Materialise N.V., ADR | 69977000 | - | - | (39266000) | - | 30711000 | - |
|  Nektar Therapeutics | 526810000 | 13460605 | - | (405775405) | - | 134495200 | - |
|  Optex Group Co. Ltd. | 25450031 | - | - | 2090805 | - | 27540836 | 472034 |
|  PDF Solutions, Inc. | 70590000 | - | - | 150000 | - | 70740000 | - |
|  PVA TePla AG | 131180793 | - | - | (82651449) | - | 48529344 | - |
|  RaySearch Laboratories AB | 28489106 | - | - | (7701023) | - | 20788083 | - |
|  Rovio Entertainment OYJ | 38576764 | - | - | (11772964) | - | 26803800 | 521227 |
|  SLM Solutions Group AG | 47439244 | - | (46776107) | 18041144 | (18704281) | - | - |
|  Veeco Instruments, Inc. | 97160000 | - | (23601268) | (25441467) | 6572735 | 54690000 | - |
|  WANdisco PLC | 23101909 | - | - | 2007673 | - | 25109582 | - |
|  Xaar PLC | 9468542 | 6448814 | - | (4244663) | 1 | 11672694 | - |
|  Zoo Digital Group PLC | 12117118 | - | - | 1128416 | - | 13245534 | - |
|  Zotefoams PLC | 19687795 | - | - | (6178621) | - | 13509174 | 317448 |
|  Total | $1951354722 | $1391823359 | $(1099282374) | $(1089468162) | $(72366250) | $1082061295 | $4718376 |

---

\* At October 31, 2022, this security was no longer an affiliate of the Fund.

<sup>(b)</sup> 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 October 31, 2022 was $157,820,199, which represented 3.72% of the Fund's Net Assets. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

---

| | |
|:---|:---|
| **10** | **Invesco Global Opportunities Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $2,962,360,622) | $3251189308 |
|  Investments in affiliates, at value<br>(Cost $1,822,905,147) | 987857281 |
|  Cash | 4000000 |
|  Foreign currencies, at value (Cost $157,224) | 154718 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 3585475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 6350939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 92690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 24 |
|  Investment for trustee deferred compensation and retirement plans | 254668 |
|  Other assets | 98860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4253614603 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 6518987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 2265098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 158386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 744729 |
|  Trustee deferred compensation and retirement plans | 254668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9941868 |
|  Net assets applicable to shares outstanding | $4243672735 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $4812702227 |
|  Distributable earnings (loss) | (569029492) |
|  | $4243672735 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $1927070378 |
|  Class C | $165704943 |
|  Class R | $139891008 |
|  Class Y | $892145830 |
|  Class R5 | $624857 |
|  Class R6 | $1118235719 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 46418822 |
|  Class C | 4940928 |
|  Class R | 3602654 |
|  Class Y | 20878642 |
|  Class R5 | 14850 |
|  Class R6 | 25815551 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $41.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $41.51 ÷ 94.50%) | $43.93 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $33.54 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $38.83 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $42.73 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $42.08 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $43.32 |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco Global Opportunities Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $8316 |
|  Dividends (net of foreign withholding taxes of $2,810,644) | 27159720 |
|  Dividends from affiliates | 4718376 |
|  Foreign withholding tax claims | 558218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 32444630 |
|  **Expenses:** |  |
|  Advisory fees | 42277560 |
|  Administrative services fees | 898173 |
|  Custodian fees | 433291 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 6774601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2706964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 987723 |
|  Transfer agent fees – A, C, R and Y | 8278699 |
|  Transfer agent fees – R5 | 922 |
|  Transfer agent fees – R6 | 509330 |
|  Trustees' and officers' fees and benefits | 105144 |
|  Registration and filing fees | 273649 |
|  Reports to shareholders | 172035 |
|  Professional services fees | 128542 |
|  Other | 72909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 63619542 |
|  Less: Fees waived and/or expense offset arrangement(s) | (128078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 63491464 |
|  Net investment income (loss) | (31046834) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 112740627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (72366250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 207969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3653775) |
|  | 36928571 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2800870072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (1089468162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (590398) |
|  | (3890928632) |
|  Net realized and unrealized gain (loss) | (3854000061) |
|  Net increase (decrease) in net assets resulting from operations | $(3885046895) |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco Global Opportunities Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(31046834) | $(57842876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 36928571 | 498242547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (3890928632) | 1585999042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3885046895) | 2026398713 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (194328046) | (339297321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (24420772) | (50327508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (14273037) | (25015143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (113074056) | (197213266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (66097) | (1196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (101013872) | (155622626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (447175880) | (767477060) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (164909820) | 71983213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (60433988) | (63886987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 521479 | 4106384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (468704535) | 147484680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 182418 | 1105075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 46604325 | 288650779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (646740121) | 449443144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (4978962896) | 1708364797 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 9222635631 | 7514270834 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4243672735 | $9222635631 |

---

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

---

| | |
|:---|:---|
| **13** | **Invesco Global Opportunities Fund** |

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------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net**<br> **investment**<br> **income<br>(loss)<sup>(a)</sup>**  | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Distributions<br>from net<br>realized<br>gains** | **Net asset<br>value, end<br>of period** | **Total<br>return<sup>(b)</sup>** | **Net assets,<br>end of period**<br> **(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with<br>fee waivers<br>and/or<br>expenses**<br> **absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without**<br> **fee waivers**<br> **and/or<br>expenses<br>absorbed<sup>(c)</sup>** | **Ratio of<br>net**<br> **investment**<br> **income<br>(loss)<br>to average<br>net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $79.58 | $(0.34) | $(33.80) | $(34.14) | $(3.93) | $41.51 | (44.95)%<sup>(e)</sup> | $1927070 | 1.11 %<sup>(e)</sup> | 1.11 %<sup>(e)</sup> | (0.60)%<sup>(e)</sup> | 9% |
|  Year ended 10/31/21 | 68.56 | (0.57) | 18.59 | 18.02 | (7.00) | 79.58 | 26.83 <sup>(e)</sup> | 3991359 | 1.04 <sup>(e)</sup> | 1.04 <sup>(e)</sup> | (0.71)<sup>(e)</sup> | 7 |
|  Year ended 10/31/20 | 57.92 | (0.45) | 14.86 | 14.41 | (3.77) | 68.56 | 25.88 <sup>(e)</sup> | 3359360 | 1.10 <sup>(e)</sup> | 1.10 <sup>(e)</sup> | (0.74)<sup>(e)</sup> | 12 |
|  One month ended 10/31/19 | 56.16 | (0.04) | 1.80 | 1.76 |  | 57.92 | 3.13 | 3099689 | 1.09 <sup>(f)</sup> | 1.09 <sup>(f)</sup> | (0.90)<sup>(f)</sup> | 3 |
|  Year ended 09/30/19 | 75.01 | (0.15) | (13.16) | (13.31) | (5.54) | 56.16 | (17.48) | 3059916 | 1.12 | 1.12 | (0.25) | 12 |
|  Year ended 09/30/18 | 61.40 | (0.22) | 15.42 | 15.20 | (1.59) | 75.01 | 25.09 | 4124481 | 1.12 | 1.12 | (0.31) | 21 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 65.56 | (0.63) | (27.46) | (28.09) | (3.93) | 33.54 | (45.36) | 165705 | 1.87 | 1.87 | (1.36) | 9 |
|  Year ended 10/31/21 | 57.90 | (0.98) | 15.64 | 14.66 | (7.00) | 65.56 | 25.89 | 418630 | 1.80 | 1.80 | (1.47) | 7 |
|  Year ended 10/31/20 | 49.81 | (0.77) | 12.63 | 11.86 | (3.77) | 57.90 | 24.91 | 422919 | 1.86 | 1.86 | (1.50) | 12 |
|  One month ended 10/31/19 | 48.32 | (0.07) | 1.56 | 1.49 |  | 49.81 | 3.08 | 467908 | 1.84 <sup>(f)</sup> | 1.84 <sup>(f)</sup> | (1.65)<sup>(f)</sup> | 3 |
|  Year ended 09/30/19 | 65.97 | (0.52) | (11.59) | (12.11) | (5.54) | 48.32 | (18.12) | 469174 | 1.88 | 1.88 | (1.01) | 12 |
|  Year ended 09/30/18 | 54.57 | (0.67) | 13.66 | 12.99 | (1.59) | 65.97 | 24.15 | 955893 | 1.87 | 1.87 | (1.06) | 21 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 74.88 | (0.45) | (31.67) | (32.12) | (3.93) | 38.83 | (45.08) | 139891 | 1.37 | 1.37 | (0.86) | 9 |
|  Year ended 10/31/21 | 65.02 | (0.73) | 17.59 | 16.86 | (7.00) | 74.88 | 26.49 | 274251 | 1.30 | 1.30 | (0.97) | 7 |
|  Year ended 10/31/20 | 55.25 | (0.58) | 14.12 | 13.54 | (3.77) | 65.02 | 25.53 | 233141 | 1.36 | 1.36 | (1.00) | 12 |
|  One month ended 10/31/19 | 53.58 | (0.05) | 1.72 | 1.67 |  | 55.25 | 3.12 | 221803 | 1.34 <sup>(f)</sup> | 1.34 <sup>(f)</sup> | (1.15)<sup>(f)</sup> | 3 |
|  Year ended 09/30/19 | 72.06 | (0.28) | (12.66) | (12.94) | (5.54) | 53.58 | (17.71) | 218747 | 1.37 | 1.37 | (0.51) | 12 |
|  Year ended 09/30/18 | 59.18 | (0.39) | 14.86 | 14.47 | (1.59) | 72.06 | 24.79 | 276790 | 1.37 | 1.37 | (0.56) | 21 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 81.60 | (0.21) | (34.73) | (34.94) | (3.93) | 42.73 | (44.81) | 892146 | 0.87 | 0.87 | (0.36) | 9 |
|  Year ended 10/31/21 | 70.00 | (0.38) | 18.98 | 18.60 | (7.00) | 81.60 | 27.13 | 2419916 | 0.80 | 0.80 | (0.47) | 7 |
|  Year ended 10/31/20 | 58.93 | (0.31) | 15.15 | 14.84 | (3.77) | 70.00 | 26.18 | 1940275 | 0.86 | 0.86 | (0.50) | 12 |
|  One month ended 10/31/19 | 57.13 | (0.03) | 1.83 | 1.80 |  | 58.93 | 3.15 | 2113652 | 0.84 <sup>(f)</sup> | 0.84 <sup>(f)</sup> | (0.65)<sup>(f)</sup> | 3 |
|  Year ended 09/30/19 | 76.02 |  | (13.35) | (13.35) | (5.54) | 57.13 | (17.29) | 2120749 | 0.87 | 0.87 | (0.01) | 12 |
|  Year ended 09/30/18 | 62.05 | (0.05) | 15.61 | 15.56 | (1.59) | 76.02 | 25.40 | 3055996 | 0.87 | 0.87 | (0.07) | 21 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 80.36 | (0.16) | (34.19) | (34.35) | (3.93) | 42.08 | (44.77) | 625 | 0.80 | 0.80 | (0.29) | 9 |
|  Year ended 10/31/21 | 68.95 | (0.28) | 18.69 | 18.41 | (7.00) | 80.36 | 27.28 | 1089 | 0.68 | 0.68 | (0.35) | 7 |
|  Year ended 10/31/20 | 58.01 | (0.21) | 14.92 | 14.71 | (3.77) | 68.95 | 26.38 | 12 | 0.70 | 0.70 | (0.34) | 12 |
|  One month ended 10/31/19 | 56.23 | (0.02) | 1.80 | 1.78 |  | 58.01 | 3.16 | 10 | 0.68 <sup>(f)</sup> | 0.68 <sup>(f)</sup> | (0.50)<sup>(f)</sup> | 3 |
|  Period ended 09/30/19<sup>(g)</sup>  | 58.48 | 0.03 | (2.28) | (2.25) | – | 56.23 | (3.85) | 10 | 0.74 <sup>(f)</sup> | 0.74 <sup>(f)</sup> | 0.12 <sup>(f)</sup> | 12 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 82.55 | (0.13) | (35.17) | (35.30) | (3.93) | 43.32 | (44.73) | 1118236 | 0.73 | 0.73 | (0.22) | 9 |
|  Year ended 10/31/21 | 70.67 | (0.30) | 19.18 | 18.88 | (7.00) | 82.55 | 27.28 | 2117391 | 0.68 | 0.68 | (0.35) | 7 |
|  Year ended 10/31/20 | 59.37 | (0.21) | 15.28 | 15.07 | (3.77) | 70.67 | 26.39 | 1558563 | 0.70 | 0.70 | (0.34) | 12 |
|  One month ended 10/31/19 | 57.55 | (0.02) | 1.84 | 1.82 |  | 59.37 | 3.16 | 1288373 | 0.69 <sup>(f)</sup> | 0.69 <sup>(f)</sup> | (0.50)<sup>(f)</sup> | 3 |
|  Year ended 09/30/19 | 76.41 | 0.09 | (13.41) | (13.32) | (5.54) | 57.55 | (17.16) | 1272938 | 0.71 | 0.71 | 0.15 | 12 |
|  Year ended 09/30/18 | 62.26 | 0.07 | 15.67 | 15.74 | (1.59) | 76.41 | 25.61 | 1403832 | 0.71 | 0.71 | 0.10 | 21 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, respectively. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2022, 2021 and 2020, respectively. 

<sup>(f)</sup> Annualized.

<sup>(g)</sup> 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.

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| | |
|:---|:---|
| **14** | **Invesco Global Opportunities Fund** |

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------

**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **15** | **Invesco Global Opportunities Fund** |

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------

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**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

---

| | |
|:---|:---|
| **16** | **Invesco Global Opportunities Fund** |

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------

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

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

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

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

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

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  First $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 year ended October 31, 2022, 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 at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $110,312.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

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| | |
|:---|:---|
| **17** | **Invesco Global Opportunities Fund** |

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------

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $323,466 in front-end sales commissions from the sale of Class A shares and $14,177 and $15,162 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $24,599 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Belgium | $30711000 | $7106383 | $– | $37817383 |
|  Denmark | – | 159702540 | – | 159702540 |
|  Finland | – | 26803800 | – | 26803800 |
|  France | 13938485 | 52282761 | – | 66221246 |
|  Germany | – | 297784550 | – | 297784550 |
|  Ireland | 13107186 | 26530103 | – | 39637289 |
|  Isle of Man | – | 10106216 | – | 10106216 |
|  Italy | – | 111848813 | – | 111848813 |
|  Japan | – | 523183987 | – | 523183987 |
|  Norway | – | 130025701 | – | 130025701 |
|  Singapore | – | 31173541 | – | 31173541 |
|  Sweden | 41802522 | 209074396 | – | 250876918 |
|  Switzerland | – | 4128332 | – | 4128332 |
|  United Kingdom | 171576116 | 426376426 | – | 597952542 |
|  United States | 1726894200 | – | – | 1726894200 |
|  Money Market Funds | 224889531 | – | – | 224889531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $2222919040 | $2016127549 | $– | $4239046589 |

---

**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.

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| | |
|:---|:---|
| **18** | **Invesco Global Opportunities Fund** |

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------

**Effect of Derivative Investments for the year ended October 31, 2022** 

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on<br>Statement of Operations** |
| | **Currency**<br> **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(3653775) |

---

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

---

| | |
|:---|:---|
| | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $33340806 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $17,766.

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

**NOTE 8–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Long-term capital gain | $447175880 | $767477060 |

---

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
| | **2022** |
|  Net unrealized appreciation (depreciation) – investments | $(564171193) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (654453) |
|  Temporary book/tax differences | (398139) |
|  Late-Year ordinary loss deferral | (3805707) |
|  Shares of beneficial interest | 4812702227 |
|  Total net assets | $4243672735 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to passive foreign investment companies and distributions.

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

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

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

---

| | |
|:---|:---|
| **19** | **Invesco Global Opportunities Fund** |

---

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**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $590,456,847 and $1,928,483,672, 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.

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | |
|  Aggregate unrealized appreciation of investments | $1511904139 |
|  Aggregate unrealized (depreciation) of investments | (2076075332) |
|  Net unrealized appreciation (depreciation) of investments | $(564171193) |

---

Cost of investments for tax purposes is $4,803,217,782.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of net operating losses, equalization and distributions, on October 31, 2022, undistributed net investment income (loss) was increased by $43,438,965, undistributed net realized gain (loss) was decreased by $51,879,274 and shares of beneficial interest was increased by $8,440,309. This reclassification had no effect on the net assets of the Fund.

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended<br>October 31, 2022<sup>(a)</sup>** | **Year ended<br>October 31, 2022<sup>(a)</sup>** | **Year ended<br>October 31, 2021** | **Year ended<br>October 31, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3254628 | $185584018 | 4875396 | $393802172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 443106 | 19998680 | 756235 | 50644040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 608409 | 31896957 | 609103 | 46265081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 5028780 | 296706405 | 8288976 | 684796223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 4580 | 323793 | 13459 | 1110671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7776012 | 452950123 | 7512295 | 627833253 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2569622 | 182161472 | 4232742 | 319318097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 402014 | 23172081 | 764060 | 47799623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 214377 | 14245371 | 350770 | 24957284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1308410 | 95265309 | 2223327 | 171640821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 906 | 64942 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1304716 | 96170583 | 1937551 | 151167699 |
|  <br> **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 449469 | 25099203 | 877602 | 70149842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (553670) | (25099203) | (1059201) | (70149842) |
|  <br> **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (10011459) | (557754513) | (8827130) | (711286898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1736307) | (78505546) | (1378993) | (92180808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (882467) | (45620849) | (883441) | (67115981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (15114185) | (860676249) | (8575585) | (708952364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (4193) | (206317) | (73) | (5596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (8916516) | (502516381) | (5853490) | (490350173) |
|  Net increase (decrease) in share activity | (13853768) | $(646740121) | 5863603 | $449443144 |

---

<sup>(a)</sup> 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. 

---

| | |
|:---|:---|
| **20** | **Invesco Global Opportunities Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Opportunities Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Opportunities Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.<br> For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5. |

---

The financial statements of Oppenheimer Global Opportunities Fund (subsequently renamed Invesco Global Opportunities Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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| | |
|:---|:---|
| **21** | **Invesco Global Opportunities Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before<br>expenses)** | **HYPOTHETICAL<br>(5% annual return before<br>expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; Class A  | $1000.00 | $804.90 | $5.23 | $1019.41 | $5.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp; Class C  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;802.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;1015.58 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | 1.91 |
| &nbsp;&nbsp;&nbsp; Class R  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;803.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;1018.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 | 1.41 |
| &nbsp;&nbsp;&nbsp; Class Y  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;805.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;1020.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | 0.91 |
| &nbsp;&nbsp;&nbsp; Class R5  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;806.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1020.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | 0.84 |
| &nbsp;&nbsp;&nbsp; Class R6  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;806.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;1021.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 0.75 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **22** | **Invesco Global Opportunities Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Opportunities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight

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| | |
|:---|:---|
| **23** | **Invesco Global Opportunities Fund** |

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------

exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in

economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money

market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **24** | **Invesco Global Opportunities Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $486184059 |
|  Qualified Dividend Income\* | 0.00% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

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| | |
|:---|:---|
| **25** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> - 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)<br>| 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler - 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman - 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava,<br> Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis - 1950 Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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| | |
|:---|:---|
| **T-2** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli - 1949 Trustee | 2016 | Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort - 1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp;Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC<br>| N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC<br>| N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;John M. Zerr - 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Global Opportunities Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or<br>Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee<br>During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br>Chief Compliance Officer and<br> Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959<br>Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000<br> Houston, TX 77046-1173 | Invesco Advisers, Inc.<br> 1555 Peachtree Street, N.E.<br> Atlanta, GA 30309 | Invesco Distributors, Inc.<br> 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | PricewaterhouseCoopers LLP<br> 1000 Louisiana Street, Suite 5800<br> Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Global Opportunities Fund** |

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![LOGO](g419842dsp32a.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g419842dsp32b.jpg)

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

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![LOGO](g421822dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco International Core Equity Fund** 

**Nasdaq:** 

A: IBVAX ∎ C: IBVCX ∎ R: IIBRX ∎ Y: IBVYX ∎ Investor: IIBCX ∎ R5: IBVIX ∎ R6: IBVFX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg421822_1) |
| 2 | [Performance Summary](#edg421822_2) |
| 4 | [Long-Term Fund Performance](#edg421822_3) |
| 6 | [Supplemental Information](#edg421822_4) |
| 8 | [Schedule of Investments](#edg421822_5) |
| 10 | [Financial Statements](#edg421822_6) |
| 13 | [Financial Highlights](#edg421822_7) |
| 14 | [Notes to Financial Statements](#edg421822_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg421822_9) |
| 22 | [Fund Expenses](#edg421822_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421822_11) |
| 25 | [Distribution Information](#edg421822_12) |
| 26 | [Tax Information](#edg421822_13) |
| T-1 | [Trustees and Officers](#edg421822_14) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco International Core Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI EAFE Index, the Fund's broad market/style-specific benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco International Core Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI EAFE Index, the Fund's broad market/style-specific benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown<br>does not include applicable contingent deferred sales charges (CDSC) or front-end<br>sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown<br>does not include applicable contingent deferred sales charges (CDSC) or front-end<br>sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -22.38 | % |
| &nbsp;&nbsp; Class C Shares | -22.99 |  |
| &nbsp;&nbsp; Class R Shares | -22.55 |  |
| &nbsp;&nbsp; Class Y Shares | -22.13 |  |
| &nbsp;&nbsp; Investor Class Shares | -22.39 |  |
| &nbsp;&nbsp; Class R5 Shares | -22.22 |  |
| &nbsp;&nbsp; Class R6 Shares | -22.16 |  |
| &nbsp;&nbsp; MSCI EAFE Index<sup>▼</sup> (Broad Market/Style-Specific Index) | -23.00 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year re-

turns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended October 31, 2022, Class A shares of the Invesco International Core Equity Fund returned -22.38%, modestly outperforming the MSCI EAFE Index, which returned -23.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, stock selections in the communication services, health care and industrials sectors were the Fund's primary contributors to relative performance against its broad market/style-specific benchmark. An overweight to energy, the top performing sector in the benchmark during the fiscal year, was also accretive to relative returns. Conversely, stock selections in the consumer discretionary, utilities and information technology (IT) detracted from the Fund's relative performance during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment team believes – as part of the investment approach – that equity values know no boundary, and indeed, 2022 showed the team's ability to identify opportunities in a wide range of sectors and countries. From a geographic perspective, holdings in developed markets generated the strong contributions to Fund returns, particularly in France, the United Kingdom and Netherlands. As well, multiple sectors – communication services, health care, industrials, consumer staples and energy, all delivered stock selection that outperformed the benchmark. Unfortunately, these results were offset by the Fund's overweight to emerging markets, particularly China, whose stock market was impacted by sweeping regulatory changes and negative market sentiment in the wake of the country's leadership changes towards the end of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the company level during the Fund's fiscal year, the largest individual contributors to relative performance were **BP**, **Deutsche Telekom** and **TotalEnergies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP is a leading British energy firm. The company executed well throughout the year and benefited from the sharp increase in oil prices stemming from the Russia/Ukraine war.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom is a German telecommunications firm which also has substantial business operations in the United States (they are the majority owners of T-Mobile). The stock benefited from rumors of a potential private equity buyout of the company as well as a relatively steady business model that held up well in the market volatility during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies is a French energy firm, which also benefited from a similar dynamic as BP, namely the rise in oil prices stemming from the geopolitical events of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As for detractors during the Fund's fiscal year, the largest were **Alibaba Group Holding**, **Adidas** and **Linea Directa**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba is a Chinese e-commerce company that we purchased during the pandemic-induced sell-off of early 2020. The stock traded down during the fiscal year primarily due to the above-noted concerns about governance and regulatory interventions as well as investor negativity around the leadership changes to the Chinese government announced at the end of October 2022. We continue to hold the position, though at a reduced weight relative to the start of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adidas is a German sports apparel company, which reported strong results during the fiscal year but whose recent outlook reflected pessimism regarding the health of consumer spending in the near future, leading to a share price decline during the fiscal year. This is a relatively new position that we initiated during the fiscal year and continue to own as of the end of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linea Directa is a Spanish insurance company that was spun off from Bankinter, a Spanish bank, in 2021. The company has struggled recently with a difficult business environment but we have maintained our position as of the end of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of the fiscal year, and relative to the broad market/style specific benchmark, the Fund maintained overweight positions in consumer discretionary, health care, industrials and IT. Conversely, the Fund's notable underweight positions came from the consumer staples, materials and real estate sectors. From a geographic perspective, Japan and the United Kingdom are most notably underweight relative to the benchmark, while we are overweight in Germany, Canada and Finland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Going into the next fiscal year we remain confident in the positioning we have, in the stocks we own, in the portfolio construction and in the results, we believe our strategy will continue to yield. Following our mandate as a core investment for our clients' portfolios, we

---

| | |
|:---|:---|
| **2** | **Invesco International Core Equity Fund** |

---

------

continue to focus on mitigating risk and providing investors with a high-conviction investment strategy focused on bottom-up company research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco International Core Equity Fund.

------

**Portfolio manager(s):** 

Erik Esselink - Lead

Andy Tidby

Douglas Turnbull

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

---

| | |
|:---|:---|
| **3** | **Invesco International Core Equity Fund** |

---

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g421822dsp_04.jpg)

1 Source: RIMES Technologies Corp.

\* The Fund's oldest share class (Investor) does not have a sales charge; therefore, the second-oldest share class with a sales charge (Class C) is also included in the chart.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **4** | **Invesco International Core Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable<br>sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable<br>sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (3/28/02) | 3.26 | % |
| &nbsp;&nbsp; 10 Years | 2.84 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.67 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (2/14/00) | 2.02 | % |
| &nbsp;&nbsp; 10 Years | 2.80 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.00 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -23.73 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (11/24/03) | 3.62 | % |
| &nbsp;&nbsp; 10 Years | 3.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.50 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.55 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 3.04 | % |
| &nbsp;&nbsp; 10 Years | 3.68 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.00 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.13 |  |
| &nbsp;&nbsp; **Investor Class Shares** |  |  |
| &nbsp;&nbsp; Inception (10/28/98) | 3.12 | % |
| &nbsp;&nbsp; 10 Years | 3.41 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.26 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.39 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (4/30/04) | 3.91 | % |
| &nbsp;&nbsp; 10 Years | 3.77 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.02 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.22 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/24/12) | 3.57 | % |
| &nbsp;&nbsp; 10 Years | 3.79 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.00 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.16 |  |

---

**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco International Core Equity Fund** |

---

------

**Supplemental Information** 

**Invesco International Core Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI EAFE <sup>®</sup> 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 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.

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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **6** | **Invesco International Core Equity Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 18.22% |
|  Financials | 18.01 |
|  Health Care | 16.90 |
|  Consumer Discretionary | 15.03 |
|  Information Technology | 10.23 |
|  Energy | 6.67 |
|  Communication Services | 5.33 |
|  Consumer Staples | 3.60 |
|  Materials | 3.47 |
|  Utilities | 2.29 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.25 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG, ADR | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Tate & Lyle PLC | 2.58 |
| 10. | &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 2.54 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco International Core Equity Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.75%** | **Common Stocks & Other Equity Interests-99.75%** | **Common Stocks & Other Equity Interests-99.75%** |
|  **Australia-5.21%** | **Australia-5.21%** | **Australia-5.21%** |
|  Ansell Ltd. | 55823 | $1006314 |
|  Australia & New Zealand Banking Group Ltd. | 73846 | 1203797 |
|  Worley Ltd. | 75936 | 692705 |
|  |  | 2902816 |
|  **Austria-1.26%** |  |  |
|  BAWAG Group AG<sup>(a)</sup>  | 14575 | 703429 |
|  **Canada-1.93%** |  |  |
|  CAE, Inc.<sup>(b)</sup>  | 56203 | 1072616 |
|  **China-1.00%** |  |  |
|  Alibaba Group Holding Ltd., ADR<sup>(b)(c)</sup>  | 8789 | 558804 |
|  **Finland-2.25%** |  |  |
|  Metso Outotec OYJ | 131797 | 998500 |
|  QT Group OYJ<sup>(b)</sup>  | 6005 | 256342 |
|  |  | 1254842 |
|  **France-11.35%** |  |  |
|  Airbus SE | 16876 | 1827542 |
|  Coface S.A.<sup>(b)</sup>  | 86034 | 957365 |
|  Thales S.A. | 9954 | 1265073 |
|  TotalEnergies SE | 28429 | 1553653 |
|  Veolia Environnement S.A. | 32317 | 720554 |
|  |  | 6324187 |
|  **Germany-15.00%** |  |  |
|  adidas AG | 5264 | 514907 |
|  Deutsche Telekom AG | 61795 | 1170494 |
|  Hensoldt AG | 42975 | 1010803 |
|  Infineon Technologies AG | 46268 | 1126483 |
|  Mercedes-Benz Group AG | 25942 | 1502334 |
|  Merck KGaA | 6505 | 1060774 |
|  SAP SE | 15846 | 1529923 |
|  TeamViewer AG<sup>(a)(b)</sup>  | 45901 | 441553 |
|  |  | 8357271 |
|  **Hong Kong-2.41%** |  |  |
|  AIA Group Ltd. | 177600 | 1341182 |
|  **India-3.26%** |  |  |
|  Fairfax India Holdings Corp.<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;102206 | 956648 |
|  Housing Development Finance Corp. Ltd. | 28735 | 856676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1813324 |
|  **Italy-2.13%** |  |  |
|  Ariston Holding N.V. | 138794 | 1184639 |
|  **Japan-17.08%** |  |  |
|  Disco Corp. | 1200 | 287159 |
|  FANUC Corp. | 7500 | 985721 |
|  Hitachi Ltd. | 23100 | 1046370 |
|  Hoya Corp. | 11000 | 1025608 |
|  KDDI Corp. | 33500 | 989210 |
|  Koito Manufacturing Co. Ltd. | 32000 | 454538 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan-(continued)** |  |  |
|  Nintendo Co. Ltd. | 20000 | $814997 |
|  Recruit Holdings Co. Ltd. | 22100 | 678299 |
|  Shin-Etsu Chemical Co. Ltd. | 6400 | 668288 |
|  Shinko Electric Industries Co. Ltd. | 10800 | 260048 |
|  Sony Group Corp. | 13200 | 893807 |
|  Toyota Motor Corp. | 101900 | 1413421 |
|  |  | 9517466 |
|  **Netherlands-4.21%** |  |  |
|  BE Semiconductor Industries N.V. | 15694 | 800563 |
|  EXOR N.V.<sup>(b)</sup>  | 14505 | 974750 |
|  Koninklijke Ahold Delhaize N.V. | 20466 | 571138 |
|  |  | 2346451 |
|  **Norway-0.95%** |  |  |
|  Norsk Hydro ASA | 83265 | 527403 |
|  **Singapore-2.33%** |  |  |
|  DBS Group Holdings Ltd. | 53760 | 1298071 |
|  **Spain-2.73%** |  |  |
|  Industria de Diseno Textil S.A.<sup>(c)</sup>  | 29871 | 676554 |
|  Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros<sup>(c)</sup>  | 902425 | 845893 |
|  |  | 1522447 |
|  **Sweden-2.12%** |  |  |
|  SkiStar AB<sup>(c)</sup>  | 46693 | 446800 |
|  SSAB AB, Class B | 157566 | 731798 |
|  |  | 1178598 |
|  **Switzerland-6.08%** |  |  |
|  Novartis AG, ADR | 21615 | 1753625 |
|  Swissquote Group Holding S.A. | 7527 | 889879 |
|  Tecan Group AG, Class R | 2021 | 743192 |
|  |  | 3386696 |
|  **Taiwan-1.79%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 16229 | 998895 |
|  **United Kingdom-11.70%** |  |  |
|  AstraZeneca PLC | 14919 | 1750304 |
|  BP PLC | 264668 | 1468310 |
|  Drax Group PLC | 93362 | 557314 |
|  Just Eat Takeaway.com N.V.<sup>(a)(b)</sup>  | 42553 | 728614 |
|  Rotork PLC | 196221 | 576517 |
|  Tate & Lyle PLC | &nbsp;&nbsp;&nbsp;&nbsp;178681 | &nbsp;&nbsp;&nbsp;&nbsp;1435610 |
|  |  | 6516669 |
|  **United States-4.96%** |  |  |
|  Roche Holding AG | 6253 | 2078191 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco International Core Equity Fund** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **United States-(continued)** |  |  |  |
|  Signify N.V. | 24648 | $| 682685 |
|  |  |  | 2760876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity<br>Interests (Cost $60,399,081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity<br>Interests (Cost $60,399,081) |  | 55566682 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)-99.75% (Cost $60,399,081) |  |  | 55566682 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-3.19%** | **Money Market Funds-3.19%** | **Money Market Funds-3.19%** | **Money Market Funds-3.19%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 498646 |  | 498646 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** |  |  |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 1281895 | $1281895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,780,496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,780,496) | 1780541 |
|  TOTAL INVESTMENTS IN SECURITIES-102.94%<br>(Cost $62,179,577) | TOTAL INVESTMENTS IN SECURITIES-102.94%<br>(Cost $62,179,577) | 57347223 |
|  OTHER ASSETS LESS LIABILITIES-(2.94)% | OTHER ASSETS LESS LIABILITIES-(2.94)% | (1640122) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $55707101 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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 October 31, 2022 was $2,830,244, which represented 5.08% of the Fund's Net Assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31,**<br> **2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31,**<br> **2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio | $504450 | $13355770 | $(13860220) | $- | $- | $- | $2516 |
|  Invesco Treasury Portfolio | 336300 | 8903847 | (9240147) | - | - | - | 1605 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 421800 | 9648416 | (9571570) | - | - | 498646 | 8,680\* |
|  Invesco Private Prime Fund | 984200 | 21510368 | (21212388) | 45 | (330) | 1281895 | 24,220\* |
|  Total | $2246750 | $53418401 | $(53884325) | $45 | $(330) | $1780541 | $37021 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

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| | |
|:---|:---|
| **9** | **Invesco International Core Equity Fund** |

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------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $60,399,081)\* | $55566682 |
|  Investments in affiliated money market funds, at value (Cost $1,780,496) | 1780541 |
|  Foreign currencies, at value (Cost $52,735) | 49312 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 82115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 207424 |
|  Investment for trustee deferred compensation and retirement plans | 57956 |
|  Other assets | 44854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 57788884 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 68785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 38536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 18021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 1780496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 25527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 51871 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fees for foreign withholding tax claims | 33000 |
|  Trustee deferred compensation and retirement plans | 64718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2081783 |
|  Net assets applicable to shares outstanding | $55707101 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $62509041 |
|  Distributable earnings (loss) | (6801940) |
|  | $55707101 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $24401796 |
|  Class C | $1542658 |
|  Class R | $1569337 |
|  Class Y | $3950082 |
|  Investor Class | $7057806 |
|  Class R5 | $4205471 |
|  Class R6 | $12979951 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 2361996 |
|  Class C | 152686 |
|  Class R | 151331 |
|  Class Y | 374567 |
|  Investor Class | 670204 |
|  Class R5 | 410144 |
|  Class R6 | 1266666 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $10.33 ÷ 94.50%) | $10.93 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.10 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.37 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.55 |
|  Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.53 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.25 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.25 |

---

\* At October 31, 2022, securities with an aggregate value of $1,045,013 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **10** | **Invesco International Core Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $67606 |
|  Dividends (net of foreign withholding taxes of $185,969) | 2066708 |
|  Dividends from affiliated money market funds (includes net securities lending income of $6,455) | 10576 |
|  Foreign withholding tax claims | 261542 |
|  Less: IRS closing agreement fees for foreign withholding tax claims | (33000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2373432 |
|  **Expenses:** |  |
|  Advisory fees | 487963 |
|  Administrative services fees | 9369 |
|  Custodian fees | 16363 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 71785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 17348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 8143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 20864 |
|  Transfer agent fees – A, C, R, Y and Investor | 107420 |
|  Transfer agent fees – R5 | 2675 |
|  Transfer agent fees – R6 | 4808 |
|  Trustees' and officers' fees and benefits | 19470 |
|  Registration and filing fees | 84621 |
|  Reports to shareholders | 10577 |
|  Professional services fees | 65663 |
|  Other | 15273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 942342 |
|  Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (258473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 683869 |
|  Net investment income | 1689563 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $18) | (3074552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (113939) |
|  | (3188821) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $20,850) | (15263492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (12559) |
|  | (15276006) |
|  Net realized and unrealized gain (loss) | (18464827) |
|  Net increase (decrease) in net assets resulting from operations | $(16775264) |

---

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

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| | |
|:---|:---|
| **11** | **Invesco International Core Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1689563 | $916662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3188821) | 11204735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (15276006) | 6069366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (16775264) | 18190763 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1247203) | (262403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (58262) | (2288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (66809) | (10609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (217355) | (59408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (364280) | (83908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (223313) | (45382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (688692) | (171257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (2865914) | (635255) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1248607 | (158263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 112002 | (428513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 173055 | 119942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 101309 | (440909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (305227) | (479304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 247800 | 1025262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 618726 | 277480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 2196272 | (84305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (17444906) | 17471203 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 73152007 | 55680804 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $55707101 | $73152007 |

---

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

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| | |
|:---|:---|
| **12** | **Invesco International Core Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with<br>fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover<sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $13.86 | $0.31 | $(3.31) | $(3.00) | $(0.20) | $(0.33) | $(0.53) | $10.33 | (22.38)% | $24402 | 1.12% | 1.58% | 2.53% | 81% |
|  Year ended 10/31/21 | 10.53 | 0.16 | 3.28 | 3.44 | (0.11) |  | (0.11) | 13.86 | 32.82 | 31958 | 1.12 | 1.52 | 1.20 | 86 |
|  Year ended 10/31/20 | 10.66 | 0.12 | (0.02) | 0.10 | (0.23) |  | (0.23) | 10.53 | 0.86 | 24443 | 1.12 | 1.68 | 1.13 | 61 |
|  Year ended 10/31/19 | 10.59 | 0.20 | 0.71 | 0.91 | (0.15) | (0.69) | (0.84) | 10.66 | 9.74 | 27707 | 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) | 33798 | 1.12 | 1.67 | 1.54 | 73 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.54 | 0.22 | (3.25) | (3.03) | (0.08) | (0.33) | (0.41) | 10.10 | (22.99) | 1543 | 1.87 | 2.33 | 1.78 | 81 |
|  Year ended 10/31/21 | 10.28 | 0.06 | 3.21 | 3.27 | (0.01) |  | (0.01) | 13.54 | 31.85 | 1947 | 1.87 | 2.27 | 0.45 | 86 |
|  Year ended 10/31/20 | 10.40 | 0.04 | (0.03) | 0.01 | (0.13) |  | (0.13) | 10.28 | 0.06 | 1827 | 1.87 | 2.43 | 0.38 | 61 |
|  Year ended 10/31/19 | 10.31 | 0.12 | 0.71 | 0.83 | (0.05) | (0.69) | (0.74) | 10.40 | 8.98 | 2775 | 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) | 6022 | 1.87 | 2.42 | 0.79 | 73 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.90 | 0.27 | (3.31) | (3.04) | (0.16) | (0.33) | (0.49) | 10.37 | (22.55) | 1569 | 1.37 | 1.83 | 2.28 | 81 |
|  Year ended 10/31/21 | 10.57 | 0.13 | 3.28 | 3.41 | (0.08) |  | (0.08) | 13.90 | 32.37 | 1872 | 1.37 | 1.77 | 0.95 | 86 |
|  Year ended 10/31/20 | 10.69 | 0.09 | (0.01) | 0.08 | (0.20) |  | (0.20) | 10.57 | 0.67 | 1329 | 1.37 | 1.93 | 0.88 | 61 |
|  Year ended 10/31/19 | 10.60 | 0.17 | 0.73 | 0.90 | (0.12) | (0.69) | (0.81) | 10.69 | 9.52 | 1105 | 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) | 1414 | 1.37 | 1.92 | 1.29 | 73 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 14.14 | 0.34 | (3.36) | (3.02) | (0.24) | (0.33) | (0.57) | 10.55 | (22.13) | 3950 | 0.87 | 1.33 | 2.78 | 81 |
|  Year ended 10/31/21 | 10.74 | 0.20 | 3.34 | 3.54 | (0.14) |  | (0.14) | 14.14 | 33.12 | 5380 | 0.87 | 1.27 | 1.45 | 86 |
|  Year ended 10/31/20 | 10.87 | 0.14 | (0.01) | 0.13 | (0.26) |  | (0.26) | 10.74 | 1.11 | 4407 | 0.87 | 1.43 | 1.38 | 61 |
|  Year ended 10/31/19 | 10.78 | 0.23 | 0.73 | 0.96 | (0.18) | (0.69) | (0.87) | 10.87 | 10.09 | 4465 | 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) | 5738 | 0.87 | 1.42 | 1.79 | 73 |
|  **Investor Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 14.12 | 0.31 | (3.37) | (3.06) | (0.20) | (0.33) | (0.53) | 10.53 | (22.39) | 7058 | 1.12 | 1.58 | 2.53 | 81 |
|  Year ended 10/31/21 | 10.73 | 0.17 | 3.33 | 3.50 | (0.11) |  | (0.11) | 14.12 | 32.77 | 9851 | 1.12 | 1.52 | 1.20 | 86 |
|  Year ended 10/31/20 | 10.85 | 0.12 | (0.01) | 0.11 | (0.23) |  | (0.23) | 10.73 | 0.94 | 7848 | 1.12 | 1.68 | 1.13 | 61 |
|  Year ended 10/31/19 | 10.76 | 0.20 | 0.73 | 0.93 | (0.15) | (0.69) | (0.84) | 10.85 | 9.77 | 8886 | 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) | 9037 | 1.12 | 1.67 | 1.54 | 73 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.77 | 0.33 | (3.28) | (2.95) | (0.24) | (0.33) | (0.57) | 10.25 | (22.22) | 4205 | 0.87 | 1.15 | 2.78 | 81 |
|  Year ended 10/31/21 | 10.46 | 0.20 | 3.25 | 3.45 | (0.14) |  | (0.14) | 13.77 | 33.14 | 5393 | 0.87 | 1.03 | 1.45 | 86 |
|  Year ended 10/31/20 | 10.59 | 0.14 | (0.01) | 0.13 | (0.26) |  | (0.26) | 10.46 | 1.14 | 3318 | 0.87 | 1.12 | 1.38 | 61 |
|  Year ended 10/31/19 | 10.53 | 0.22 | 0.71 | 0.93 | (0.18) | (0.69) | (0.87) | 10.59 | 10.04 | 3282 | 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) | 3017 | 0.87 | 1.15 | 1.79 | 73 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.76 | 0.33 | (3.27) | (2.94) | (0.24) | (0.33) | (0.57) | 10.25 | (22.16) | 12980 | 0.87 | 1.12 | 2.78 | 81 |
|  Year ended 10/31/21 | 10.46 | 0.20 | 3.24 | 3.44 | (0.14) |  | (0.14) | 13.76 | 33.05 | 16752 | 0.87 | 1.03 | 1.45 | 86 |
|  Year ended 10/31/20 | 10.59 | 0.14 | (0.01) | 0.13 | (0.26) |  | (0.26) | 10.46 | 1.14 | 12508 | 0.87 | 1.12 | 1.38 | 61 |
|  Year ended 10/31/19 | 10.53 | 0.22 | 0.71 | 0.93 | (0.18) | (0.69) | (0.87) | 10.59 | 10.04 | 19188 | 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) | 11560 | 0.87 | 1.15 | 1.79 | 73 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

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| | |
|:---|:---|
| **13** | **Invesco International Core Equity Fund** |

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------

**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **14** | **Invesco International Core Equity Fund** |

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

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower

---

| | |
|:---|:---|
| **15** | **Invesco International Core Equity Fund** |

---

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates** 

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $500 million | 0.750% |
|  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 year ended October 31, 2022, 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 at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 1.12%, 0.87% and 0.87%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into

---

| | |
|:---|:---|
| **16** | **Invesco International Core Equity Fund** |

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------

account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $142,817 and reimbursed class level expenses of $67,695, $4,090, $3,840, $12,120, $19,675, $2,675 and $4,808 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $4,611 in front-end sales commissions from the sale of Class A shares and $309 and $58 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $841 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $2902816 | $– | $2902816 |
|  Austria |  | 703429 | &nbsp;&nbsp;&nbsp;&nbsp;– | 703429 |
|  Canada | 1072616 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 1072616 |
|  China | 558804 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 558804 |
|  Finland |  | 1254842 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1254842 |
|  France | 1827542 | 4496645 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6324187 |
|  Germany |  | 8357271 | &nbsp;&nbsp;&nbsp;&nbsp;– | 8357271 |
|  Hong Kong |  | 1341182 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1341182 |
|  India | 956648 | 856676 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1813324 |
|  Italy |  | 1184639 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1184639 |
|  Japan |  | 9517466 | &nbsp;&nbsp;&nbsp;&nbsp;– | 9517466 |

---

---

| | |
|:---|:---|
| **17** | **Invesco International Core Equity Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Netherlands | $974750 | $1371701 | $– | $2346451 |
|  Norway |  | 527403 | &nbsp;&nbsp;&nbsp;&nbsp;– | 527403 |
|  Singapore |  | 1298071 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1298071 |
|  Spain | 845893 | 676554 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1522447 |
|  Sweden |  | 1178598 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1178598 |
|  Switzerland | 1753625 | 1633071 | &nbsp;&nbsp;&nbsp;&nbsp;– | 3386696 |
|  Taiwan | 998895 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 998895 |
|  United Kingdom | 576517 | 5940152 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6516669 |
|  United States |  | 2760876 | &nbsp;&nbsp;&nbsp;&nbsp;– | 2760876 |
|  Money Market Funds |  | 1780541 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1780541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $9565290 | $47781933 | $– | $57347223 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $753.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $2865914 | $635255 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1558280 |
|  Net unrealized appreciation (depreciation) – investments | (5330238) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (16583) |
|  Temporary book/tax differences | (49731) |
|  Capital loss carryforward | (2963668) |
|  Shares of beneficial interest | 62509041 |
|  Total net assets | $55707101 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and distributions.

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

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

---

| | |
|:---|:---|
| **18** | **Invesco International Core Equity Fund** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $2779765 | $183903 | $2963668 |

---

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

**NOTE 8—Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $53,922,985 and $52,092,564, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $3270856 |
|  Aggregate unrealized (depreciation) of investments | (8601094) |
|  Net unrealized appreciation (depreciation) of investments | $(5330238) |

---

Cost of investments for tax purposes is $62,677,461.

**NOTE 9—Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign currency transactions and distributions, on October 31, 2022, undistributed net investment income was increased by $224,636, undistributed net realized gain (loss) was increased by $54,378 and shares of beneficial interest was decreased by $279,014. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 584083 | $&nbsp;&nbsp;&nbsp;&nbsp;7140413 | 291986 | $&nbsp;&nbsp;&nbsp;&nbsp;4031325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 43527 | 493898 | 37454 | 497284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 39115 | 444910 | 35076 | 480721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 206112 | 2578349 | 245351 | 3426704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 92428 | 1107765 | 25155 | 347218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 24433 | 288063 | 72716 | 1002580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 517 | 5809 | 9533 | 131407 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 92027 | 1173530 | 19390 | 245478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 4546 | 57058 | 179 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 5132 | 65791 | 833 | 10604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 14654 | 190210 | 4367 | 56287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 26226 | 340672 | 6234 | 80414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 17693 | 223285 | 3615 | 45375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 54572 | 688692 | 13657 | 171257 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8583 | 100014 | 35707 | 465485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (8752) | (100014) | (36380) | (465485) |

---

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| | |
|:---|:---|
| **19** | **Invesco International Core Equity Fund** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (628821) | $(7165350) | (361500) | $(4900551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (30428) | (338940) | (35098) | (462543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (27550) | (337646) | (27039) | (371383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (226599) | (2667250) | (279503) | (3923900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (146241) | (1753664) | (65111) | (906936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (23687) | (263548) | (1770) | (22693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5901) | (75775) | (1870) | (25184) |
|  Net increase (decrease) in share activity | 115669 | $2196272 | (7018) | $(84305) |

---

<sup>(a)</sup> 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, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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| | |
|:---|:---|
| **20** | **Invesco International Core Equity Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Core Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Core Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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| | |
|:---|:---|
| **21** | **Invesco International Core Equity Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $888.20 | $5.33 | $1019.56 | $5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;884.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;1015.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;887.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;1018.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;889.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;1020.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp;&nbsp; Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;887.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;1019.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;889.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;1020.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;889.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;1020.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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|:---|:---|
| **22** | **Invesco International Core Equity Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Core Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI EAFE<sup>®</sup> Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the first quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board noted that exposure to Chinese equities, as well as a lack of exposure to growth stocks, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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| | |
|:---|:---|
| **23** | **Invesco International Core Equity Fund** |

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*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco

Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending

cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **24** | **Invesco International Core Equity Fund** |

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**Distribution Information** 

Shareholders were sent a notice from the Fund that set forth an estimate on a per share basis of the source or sources from which the distribution was paid in December of 2021. Subsequently, certain of these estimates have been corrected. Listed below is a written statement of the sources of this distribution, as corrected, on a generally accepted accounting principles ("GAAP") basis.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Income** | **Gain from<br> Sale of Securities** | **Return of Principal** | **Total Distribution** |
|  12/16/2021 | Class A | $0.1681 | $0.2753 | $0.0843 | $0.5277 |
|  12/16/2021 | Class C | $0.0478 | $0.2753 | $0.0843 | $0.4074 |
|  12/16/2021 | Class R | $0.1288 | $0.2753 | $0.0843 | $0.4884 |
|  12/16/2021 | Class Y | $0.2077 | $0.2753 | $0.0843 | $0.5673 |
|  12/16/2021 | Investor Class | $0.1681 | $0.2753 | $0.0843 | $0.5277 |
|  12/16/2021 | Class R5 | $0.2077 | $0.2753 | $0.0843 | $0.5673 |
|  12/16/2021 | Class R6 | $0.2077 | $0.2753 | $0.0843 | $0.5673 |

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Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

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| | |
|:---|:---|
| **25** | **Invesco International Core Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 65.70% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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|:---|:---|
| **Non-Resident Alien Shareholders** | |
|  Short-Term Capital Gain Distributions | $1444034 |

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| | |
|:---|:---|
| **26** | **Invesco International Core Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;Martin L. Flanagan<sup>1</sup> – 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco International Core Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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| | |
|:---|:---|
| **T-2** | **Invesco International Core Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco International Core Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco International Core Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco International Core Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br>Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco International Core Equity Fund** |

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![LOGO](g421822dsp032a.jpg)

**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

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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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g421822dsp032b.jpg)

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. I-ICE-AR-1

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![LOGO](g420185dsp01.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

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**Invesco International Equity Fund** 

Nasdaq:

A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg420185_1) |
| 2 | [Performance Summary](#edg420185_2) |
| 3 | [Long-Term Fund Performance](#edg420185_3) |
| 5 | [Supplemental Information](#edg420185_4) |
| 7 | [Schedule of Investments](#edg420185_5) |
| 10 | [Financial Statements](#edg420185_6) |
| 13 | [Financial Highlights](#edg420185_7) |
| 14 | [Notes to Financial Statements](#edg420185_8) |
| 22 | [Report of Independent Registered Public Accounting Firm](#edg420185_9) |
| 23 | [Fund Expenses](#edg420185_10) |
| 24 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg420185_11) |
| 26 | [Tax Information](#edg420185_12) |
| T-1 | [Trustees and Officers](#edg420185_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -25.54 | % |
| &nbsp;&nbsp; Class C Shares | -26.11 |  |
| &nbsp;&nbsp; Class R Shares | -25.71 |  |
| &nbsp;&nbsp; Class Y Shares | -25.30 |  |
| &nbsp;&nbsp; Class R5 Shares | -25.40 |  |
| &nbsp;&nbsp; Class R6 Shares | -25.25 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> | -24.73 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Class A shares returned -25.54% during the fiscal year ended October 31, 2022. Its benchmark, the MSCI All Country World ex USA Index, returned -24.73% for the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed most in the financials sector due to stock selection and an underweight allocation to the sector relative to the benchmark. Stock selection in materials and industrials also hurt relative Fund performance during the fiscal year. The Fund outperformed the MSCI All Country World ex USA Index most in the energy and information technology sectors due to stock selection. The Fund's overweight allocation to energy and underweight allocation to real estate also contributed positively to the Fund's relative performance. The Fund's cash weighting was also a positive addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top-performing holdings of the Fund during the fiscal year included **Swedish Match, INPEX** and **Dollarama.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Match, a smokeless tobacco company, was a top contributor to absolute returns during the fiscal year, largely due to an all-cash bid for the company by Phillip Morris International (also a Fund holding). Swedish Match's Board of Directors has recommended that shareholders accept the offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INPEX is a Japanese oil and gas exploration and production company which benefited from the rise in oil and natural gas prices during the fiscal year. Liquid natural gas (LNG) prices surged in the early parts of 2022 which resulted in a strong performance for shares of INPEX. We expect the company to continue to benefit from LNG price and demand increases because Japan, which depends on LNG, is currently INPEX's largest single market and because LNG is generally considered more environmentally friendly than crude oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama was also a top contributor to the Fund's performance during the fiscal year. Dollarama is a discount retailer in Canada

much like Dollar Tree and Dollar General in the US. However, unlike the US, the retail market segment for such retailers in Canada is not as saturated, in our opinion. We continue to view the company's prospects favorably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top detractors from Fund performance during the fiscal year included **Adidas, Sony** and **Siemens.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adidas was among the top detractors from absolute performance during the fiscal year. Adidas is a leading sportswear manufacturer and the largest competitor to Nike. The company's share price dropped during the fiscal year due to forecast cuts, elevated inventory levels and management changes, among other issues. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony was a detractor from Fund performance during the fiscal year. We first owned Sony back in 2014 and it has been part of our 'restructuring' theme as its "new Sony" story continued to evolve over the years. Sony's share price suffered as the company's CMOS image sensor market share showed vulnerability and its PS5 gaming console encountered supply issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens was another detractor from Fund performance during the fiscal year. Siemens is a diversified industrial conglomerate. The company performed poorly during the fiscal year due to business pressures stemming from China's COVID-19 lockdowns. We exited our position during the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco International Equity Fund.

------

**Portfolio manager(s):** 

Brent Bates

Mark Jason

Richard Nield

Clas Olsson

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

---

| | |
|:---|:---|
| **2** | **Invesco International Equity Fund** |

---

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g420185dsp03.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

---

| | |
|:---|:---|
| **3** | **Invesco International Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (7/2/90) | 5.26 | % |
| &nbsp;&nbsp; 10 Years | 3.26 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -3.24 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -29.64 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (9/1/93) | 5.06 | % |
| &nbsp;&nbsp; 10 Years | 3.23 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -2.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.83 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 2.61 | % |
| &nbsp;&nbsp; 10 Years | 3.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -2.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.71 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (11/13/08) | 6.52 | % |
| &nbsp;&nbsp; 10 Years | 4.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.79 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.30 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 3.98 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.90 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.40 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (3/28/13) | 3.01 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.25 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 Equity Fund** |

---

------

**Supplemental Information** 

**Invesco International Equity Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA<sup>®</sup> 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

---

| | |
|:---|:---|
| **5** | **Invesco International Equity Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Consumer Discretionary | 13.28% |
|  Industrials | 13.21 |
|  Consumer Staples | 12.61 |
|  Energy | 12.54 |
|  Materials | 11.01 |
|  Information Technology | 10.22 |
|  Financials | 7.60 |
|  Health Care | 7.56 |
|  Communication Services | 3.04 |
|  Other Sectors, Each Less than 2% of Net Assets | 1.19 |
|  Money Market Funds Plus Other Assets Less Liabilities | 7.74 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| 1. | Societe Generale S.A. | 2.78% |
| 2. | Inpex Corp. | 2.60 |
| 3. | Sekisui House Ltd. | 2.36 |
| 4. | Vinci S.A. | 2.35 |
| 5. | Novo Nordisk A/S, Class B | 2.35 |
| 6. | Carlsberg A/S, Class B | 2.10 |
| 7. | Air Liquide S.A. | 2.08 |
| 8. | Enbridge, Inc. | 1.96 |
| 9. | Swedish Match AB | 1.91 |
| 10. | Rentokil Initial PLC | 1.82 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **6** | **Invesco International Equity Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–92.26%** | **Common Stocks & Other Equity Interests–92.26%** | **Common Stocks & Other Equity Interests–92.26%** |
|  **Australia–1.82%** |  |  |
|  James Hardie Industries PLC, CDI | 160474 | $3525442 |
|  Northern Star Resources Ltd. | 624752 | 3470222 |
|  Santos Ltd. | 1703842 | 8418686 |
|  |  | 15414350 |
|  **Brazil–0.99%** |  |  |
|  Wheaton Precious Metals Corp. | 255232 | 8343534 |
|  **Canada–6.82%** |  |  |
|  Agnico Eagle Mines Ltd. | 52085 | 2289657 |
|  Dollarama, Inc. | 256710 | 15253550 |
|  Enbridge, Inc. | 425587 | 16576614 |
|  Franco-Nevada Corp. | 42128 | 5206178 |
|  Nutrien Ltd. | 134979 | 11405725 |
|  Teck Resources Ltd., Class B | 228081 | 6942786 |
|  |  | 57674510 |
|  **Denmark–4.65%** |  |  |
|  Carlsberg A/S, Class B | 151052 | 17785832 |
|  DSV A/S | 12544 | 1695572 |
|  Novo Nordisk A/S, Class B | 182351 | 19817043 |
|  |  | 39298447 |
|  **France–16.34%** |  |  |
|  Air Liquide S.A. | 134712 | 17595912 |
|  Airbus SE | 125561 | 13597302 |
|  Capgemini SE | 52275 | 8576868 |
|  Edenred | 190273 | 9763488 |
|  Eramet S.A. | 43371 | 2839874 |
|  L'Oreal S.A. | 14925 | 4685912 |
|  LVMH Moet Hennessy Louis Vuitton SE | 19033 | 12007460 |
|  Pernod Ricard S.A. | 61247 | 10745628 |
|  Societe Generale S.A. | 1025685 | 23510596 |
|  Veolia Environnement S.A. | 304831 | 6796644 |
|  Vinci S.A. | 215655 | 19818202 |
|  Worldline S.A.<sup>(a)(b)</sup> | 187718 | 8209932 |
|  |  | 138147818 |
|  **Germany–3.09%** |  |  |
|  Bayer AG | 59507 | 3130485 |
|  Dr. Ing. h.c. F. Porsche AG, Preference Shares<sup>(b)</sup> | 73258 | 7493110 |
|  Infineon Technologies AG | 430249 | 10475237 |
|  Puma SE | 114277 | 5060577 |
|  |  | 26159409 |
|  **Ireland–1.57%** |  |  |
|  Flutter Entertainment PLC<sup>(b)</sup> | 100187 | 13289857 |
|  **Japan–20.10%** |  |  |
|  Asahi Group Holdings Ltd. | 436700 | 12223903 |
|  Bandai Namco Holdings, Inc. | 138900 | 9188142 |
|  Disco Corp. | 27100 | 6485006 |
|  FUJIFILM Holdings Corp. | 180100 | 8234019 |
|  Hitachi Ltd. | 95400 | 4321371 |
|  Hoya Corp. | 97300 | 9071967 |
|  Inpex Corp. | 2150300 | 21966265 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Konami Group Corp. | 42000 | $1845063 |
|  Marubeni Corp. | 1585400 | 13883108 |
|  MISUMI Group, Inc. | 340800 | 7247773 |
|  Mitsui Fudosan Co. Ltd. | 172100 | 3296518 |
|  Recruit Holdings Co. Ltd. | 363600 | 11159708 |
|  Renesas Electronics Corp.<sup>(b)</sup> | 628300 | 5261650 |
|  Sekisui House Ltd. | 1199500 | 19933245 |
|  Seven & i Holdings Co. Ltd. | 256800 | 9586459 |
|  Shimano, Inc. | 60800 | 9427916 |
|  SMC Corp. | 8300 | 3341077 |
|  Sony Group Corp. | 20000 | 1354253 |
|  Suzuki Motor Corp. | 106100 | 3579852 |
|  Tokyo Electron Ltd. | 18900 | 4998352 |
|  Yokogawa Electric Corp. | 211100 | 3533888 |
|  |  | 169939535 |
|  **Netherlands–5.76%** |  |  |
|  Adyen N.V.<sup>(a)(b)</sup> | 3914 | 5606871 |
|  Akzo Nobel N.V. | 112440 | 6931167 |
|  ING Groep N.V. | 1430729 | 14053024 |
|  Shell PLC, ADR | 276733 | 15394657 |
|  Universal Music Group N.V. | 342311 | 6707830 |
|  |  | 48693549 |
|  **New Zealand–1.69%** |  |  |
|  Spark New Zealand Ltd. | 4806583 | 14295034 |
|  **Norway–0.67%** |  |  |
|  Var Energi ASA | 1661576 | 5633154 |
|  **Singapore–0.73%** |  |  |
|  STMicroelectronics N.V., New York Shares | 197548 | 6147694 |
|  **South Africa–0.62%** |  |  |
|  Anglo American PLC | 175598 | 5252885 |
|  **South Korea–2.52%** |  |  |
|  Korea Zinc Co. Ltd. | 23034 | 10327335 |
|  LG Chem Ltd. | 8254 | 3616827 |
|  S-Oil Corp. | 121281 | 7357894 |
|  |  | 21302056 |
|  **Spain–3.00%** |  |  |
|  Amadeus IT Group S.A.<sup>(b)</sup> | 64897 | 3378273 |
|  CaixaBank S.A. | 1990877 | 6596973 |
|  Repsol S.A. | 1128889 | 15359111 |
|  |  | 25334357 |
|  **Sweden–2.51%** |  |  |
|  Sandvik AB | 327950 | 5126632 |
|  Swedish Match AB | 1568169 | 16134478 |
|  |  | 21261110 |
|  **Switzerland–2.10%** |  |  |
|  Alcon, Inc. | 118091 | 7165762 |
|  Cie Financiere Richemont S.A., Wts.,expiring 11/22/2023<sup>(b)</sup> | 138702 | 67872 |
|  Sika AG | 7878 | 1773546 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco International Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Switzerland–(continued)** |  |  |
|  Tecan Group AG, Class R | 23864 | $8775628 |
|  |  | 17782808 |
|  **United Kingdom–12.06%** |  |  |
|  Ashtead Group PLC | 174281 | 9069730 |
|  BAE Systems PLC | 758721 | 7086101 |
|  BP PLC | 2764194 | 15335039 |
|  Coca-Cola Europacific Partners PLC | 82677 | 3889953 |
|  Croda International PLC | 44546 | 3450340 |
|  Diageo PLC | 92509 | 3813783 |
|  Entain PLC | 577532 | 8358836 |
|  Lloyds Banking Group PLC | 25891806 | 12461645 |
|  London Stock Exchange Group PLC | 88729 | 7693516 |
|  Rentokil Initial PLC | 2470255 | 15409839 |
|  Unilever PLC | 278516 | 12668825 |
|  Vodafone Group PLC | 2380309 | 2773904 |
|  |  | 102011511 |
|  **United States–5.22%** |  |  |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 194555 | 7395036 |
|  Medtronic PLC | 125422 | 10954357 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Oracle Corp. | 57500 | $3067075 |
|  Philip Morris International, Inc. | 165128 | 15167007 |
|  QUALCOMM, Inc. | 22404 | 2636055 |
|  Roche Holding AG | 14941 | 4965657 |
|  |  | 44185187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $797,487,496) |  | 780166805 |
|  **Money Market Funds–7.45%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(c)(d)</sup> | 22233140 | 22233140 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(c)(d)</sup> | 15365617 | 15368690 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(c)(d)</sup> | 25409302 | 25409302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $63,004,773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $63,004,773) | 63011132 |
|  TOTAL INVESTMENTS IN SECURITIES—99.71% (Cost $860,492,269) | TOTAL INVESTMENTS IN SECURITIES—99.71% (Cost $860,492,269) | 843177937 |
|  OTHER ASSETS LESS LIABILITIES–0.29% | OTHER ASSETS LESS LIABILITIES–0.29% | 2427756 |
|  NET ASSETS–100.00% |  | $845605693 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Wts. – Warrants

Notes to Schedule of Investments:

<sup>(a)</sup> 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 October 31, 2022 was $13,816,803, which represented 1.63% of the Fund's Net Assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $12601716 | $356187521 | $(346556097) | $- | $- | $22233140 | $272355 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 8486409 | 254419658 | (247540070) | 6708 | (4015) | 15368690 | 264625 |
|  Invesco Treasury Portfolio, Institutional Class | 14401962 | 407071452 | (396064112) | - | - | 25409302 | 411109 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 6581310 | (6581310) | - | - | - | 3,154\* |
|  Invesco Private Prime Fund | - | 16912752 | (16912908) | - | 156 | - | 8,440\* |
|  Total | $35490087 | $1041172693 | $(1013654497) | $6708 | $(3859) | $63011132 | $959683 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement**<br> **Date** |  | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Currency Risk** |  |  |  |  |  |
|  12/21/2022 | Bank of America, N.A. | JPY 9,529,731,760 | USD | 66722434 | $2233114 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco International Equity Fund** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts–(continued)** | **Open Forward Foreign Currency Contracts–(continued)** | **Open Forward Foreign Currency Contracts–(continued)** | **Open Forward Foreign Currency Contracts–(continued)** | **Open Forward Foreign Currency Contracts–(continued)** | **Open Forward Foreign Currency Contracts–(continued)** |
| **Settlement**<br> **Date** |  | **Contract to** | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  **Currency Risk** |  |  |  |  |  |
|  12/21/2022 | Barclays Bank PLC | USD 32,725,691 | JPY | 4764865880 | $(481031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | $1752083 |

---

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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

---

| | |
|:---|:---|
| **9** | **Invesco International Equity Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $797,487,496) | $780166805 |
|  Investments in affiliated money market funds, at value<br>(Cost $63,004,773) | 63011132 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 2233114 |
|  Cash | 2592363 |
|  Foreign currencies, at value (Cost $2,387,030) | 2385572 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5247005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 170790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3624088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 331774 |
|  Investment for trustee deferred compensation and retirement plans | 79358 |
|  Other assets | 44324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 859886325 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 481031 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6967450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 6330060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 212582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 146692 |
|  Trustee deferred compensation and retirement plans | 136378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 14280632 |
|  Net assets applicable to shares outstanding | $845605693 |

---

---

| | |
|:---|:---|
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $893250752 |
|  Distributable earnings (loss) | (47645059) |
|  | $845605693 |
|  **Net Assets:** |  |
|  Class A | $129754418 |
|  Class C | $7308224 |
|  Class R | $19005047 |
|  Class Y | $61060598 |
|  Class R5 | $1141410 |
|  Class R6 | $627335996 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 6992603 |
|  Class C | 447411 |
|  Class R | 1040408 |
|  Class Y | 3255456 |
|  Class R5 | 61460 |
|  Class R6 | 33907520 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $18.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $18.56 ÷ 94.50%) | $19.64 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.33 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.27 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.76 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.57 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.50 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco International Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $3,639,850) | $23871283 |
|  Dividends from affiliated money market funds (includes net securities lending income of $2,526) | 950615 |
|  Foreign withholding tax claims | 331774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 25153672 |
|  **Expenses:** |  |
|  Advisory fees | 8913407 |
|  Administrative services fees | 164408 |
|  Custodian fees | 163307 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 395450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 101606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 112703 |
|  Transfer agent fees – A, C, R and Y | 512630 |
|  Transfer agent fees – R5 | 3607 |
|  Transfer agent fees – R6 | 292324 |
|  Trustees' and officers' fees and benefits | 38748 |
|  Registration and filing fees | 94471 |
|  Professional services fees | 68153 |
|  Other | (41063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10819751 |
|  Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (207348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10612403 |
|  Net investment income | 14541269 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (59699695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (3859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (854672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 23951446 |
|  | (36606780) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (305461910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 6708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (467967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2012397 |
|  | (303910772) |
|  Net realized and unrealized gain (loss) | (340517552) |
|  Net increase (decrease) in net assets resulting from operations | $(325976283) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco International Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $14541269 | $17051653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (36606780) | 243209917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (303910772) | (4587291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (325976283) | 255674279 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6721473) | (892282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (413159) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (888242) | (65532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (4438964) | (717019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (408095) | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (47138761) | (10102777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (60008694) | (11777722) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2868962) | (14241327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2101261) | (5033298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 757183 | 1362415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (23722741) | 21442470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (8020425) | 10058902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (241940993) | (80029217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (277897199) | (66440055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (663882176) | 177456502 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1509487869 | 1332031367 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $845605693 | $1509487869 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco International Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $25.89 | $0.20 | $(6.59) | $(6.39) | $(0.26) | $(0.68) | $(0.94) | $18.56 | (25.52)% | $129754 | 1.24% | 1.25% | 0.94% | 107% |
|  Year ended 10/31/21 | 21.86 | 0.20 | 3.95 | 4.15 | (0.12) |  | (0.12) | 25.89 | 19.01 | 185393 | 1.23 | 1.24 | 0.76 | 98 |
|  Year ended 10/31/20 | 20.82 | 0.08 | 1.28 | 1.36 | (0.32) |  | (0.32) | 21.86 | 6.57 | 168596 | 1.23 | 1.28 | 0.39 | 69 |
|  Eleven months ended 10/31/19 | 19.44 | 0.31 | 1.29 | 1.60 | (0.22) |  | (0.22) | 20.82 | 8.38 | 181695 | 1.22 <sup>(e)</sup> | 1.24 <sup>(e)</sup> | 1.69 <sup>(e)</sup> | 54 |
|  Year ended 11/30/18 | 22.23 | 0.27 | (3.06) | (2.79) | (0.00) |  | (0.00) | 19.44 | (12.55) | 189130 | 1.23 | 1.24 | 1.23 | 85 |
|  Year ended 11/30/17 | 17.40 | 0.18 | 5.00 | 5.18 | (0.35) | - | (0.35) | 22.23 | 30.33 | 222358 | 1.27 | 1.28 | 0.92 | 83 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 22.87 | 0.04 | (5.83) | (5.79) | (0.07) | (0.68) | (0.75) | 16.33 | (26.11) | 7308 | 1.99 | 2.00 | 0.19 | 107 |
|  Year ended 10/31/21 | 19.36 | 0.00 | 3.51 | 3.51 |  |  |  | 22.87 | 18.13 | 12844 | 1.98 | 1.99 | 0.01 | 98 |
|  Year ended 10/31/20 | 18.45 | (0.07) | 1.14 | 1.07 | (0.16) |  | (0.16) | 19.36 | 5.81 | 15113 | 1.98 | 2.03 | (0.36) | 69 |
|  Eleven months ended 10/31/19 | 17.23 | 0.15 | 1.15 | 1.30 | (0.08) |  | (0.08) | 18.45 | 7.59 | 20057 | 1.98 <sup>(e)</sup> | 1.99 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 54 |
|  Year ended 11/30/18 | 19.84 | 0.09 | (2.70) | (2.61) |  |  |  | 17.23 | (13.20) | 34738 | 1.98 | 1.99 | 0.48 | 85 |
|  Year ended 11/30/17 | 15.56 | 0.03 | 4.47 | 4.50 | (0.22) | - | (0.22) | 19.84 | 29.42 | 40178 | 2.03 | 2.04 | 0.19 | 83 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 25.50 | 0.15 | (6.50) | (6.35) | (0.20) | (0.68) | (0.88) | 18.27 | (25.71) | 19005 | 1.49 | 1.50 | 0.69 | 107 |
|  Year ended 10/31/21 | 21.53 | 0.13 | 3.91 | 4.04 | (0.07) |  | (0.07) | 25.50 | 18.77 | 25742 | 1.48 | 1.49 | 0.51 | 98 |
|  Year ended 10/31/20 | 20.52 | 0.03 | 1.25 | 1.28 | (0.27) |  | (0.27) | 21.53 | 6.27 | 20619 | 1.48 | 1.53 | 0.14 | 69 |
|  Eleven months ended 10/31/19 | 19.18 | 0.26 | 1.27 | 1.53 | (0.19) |  | (0.19) | 20.52 | 8.10 | 20044 | 1.47 <sup>(e)</sup> | 1.49 <sup>(e)</sup> | 1.44 <sup>(e)</sup> | 54 |
|  Year ended 11/30/18 | 21.98 | 0.21 | (3.01) | (2.80) |  |  |  | 19.18 | (12.74) | 17112 | 1.48 | 1.49 | 0.98 | 85 |
|  Year ended 11/30/17 | 17.21 | 0.13 | 4.94 | 5.07 | (0.30) | - | (0.30) | 21.98 | 29.99 | 13223 | 1.52 | 1.53 | 0.65 | 83 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 26.19 | 0.28 | (6.66) | (6.38) | (0.37) | (0.68) | (1.05) | 18.76 | (25.30) | 61061 | 0.93 | 1.00 | 1.25 | 107 |
|  Year ended 10/31/21 | 22.10 | 0.30 | 3.99 | 4.29 | (0.20) |  | (0.20) | 26.19 | 19.48 | 111226 | 0.85 | 0.99 | 1.14 | 98 |
|  Year ended 10/31/20 | 21.04 | 0.16 | 1.29 | 1.45 | (0.39) |  | (0.39) | 22.10 | 6.94 | 75777 | 0.85 | 1.03 | 0.77 | 69 |
|  Eleven months ended 10/31/19 | 19.67 | 0.38 | 1.30 | 1.68 | (0.31) |  | (0.31) | 21.04 | 8.73 | 74540 | 0.84 <sup>(e)</sup> | 0.99 <sup>(e)</sup> | 2.06 <sup>(e)</sup> | 54 |
|  Year ended 11/30/18 | 22.46 | 0.35 | (3.07) | (2.72) | (0.07) |  | (0.07) | 19.67 | (12.16) | 138750 | 0.85 | 1.00 | 1.63 | 85 |
|  Year ended 11/30/17 | 17.59 | 0.21 | 5.06 | 5.27 | (0.40) | - | (0.40) | 22.46 | 30.63 | 57166 | 1.02 | 1.03 | 1.01 | 83 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 25.98 | 0.31 | (6.66) | (6.35) | (0.38) | (0.68) | (1.06) | 18.57 | (25.40) | 1141 | 0.90 | 0.91 | 1.28 | 107 |
|  Year ended 10/31/21 | 21.92 | 0.31 | 3.97 | 4.28 | (0.22) |  | (0.22) | 25.98 | 19.56 | 10186 | 0.81 | 0.81 | 1.18 | 98 |
|  Year ended 10/31/20 | 20.86 | 0.17 | 1.29 | 1.46 | (0.40) |  | (0.40) | 21.92 | 7.04 | 11 | 0.79 | 0.79 | 0.83 | 69 |
|  Period ended 10/31/19<sup>(f)</sup> | 19.31 | 0.18 | 1.37 | 1.55 | - | - | - | 20.86 | 8.03 | 11 | 0.82 <sup>(e)</sup> | 0.82 <sup>(e)</sup> | 2.09 <sup>(e)</sup> | 54 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 25.83 | 0.30 | (6.57) | (6.27) | (0.38) | (0.68) | (1.06) | 18.50 | (25.22) | 627336 | 0.81 | 0.84 | 1.37 | 107 |
|  Year ended 10/31/21 | 21.80 | 0.31 | 3.94 | 4.25 | (0.22) |  | (0.22) | 25.83 | 19.54 | 1164098 | 0.80 | 0.81 | 1.19 | 98 |
|  Year ended 10/31/20 | 20.75 | 0.17 | 1.28 | 1.45 | (0.40) |  | (0.40) | 21.80 | 7.04 | 1051915 | 0.79 | 0.79 | 0.83 | 69 |
|  Eleven months ended 10/31/19 | 19.40 | 0.38 | 1.29 | 1.67 | (0.32) |  | (0.32) | 20.75 | 8.77 | 1516446 | 0.79 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 2.11 <sup>(e)</sup> | 54 |
|  Year ended 11/30/18 | 22.17 | 0.35 | (3.03) | (2.68) | (0.09) |  | (0.09) | 19.40 | (12.20) | 1566488 | 0.81 | 0.82 | 1.65 | 85 |
|  Year ended 11/30/17 | 17.36 | 0.23 | 5.01 | 5.24 | (0.43) | - | (0.43) | 22.17 | 30.96 | 1505578 | 0.83 | 0.83 | 1.17 | 83 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01% and 0.00 for the eleven months ended October 31, 2019 and the years ended November 30, 2018 and 2017, respectively. 

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **13** | **Invesco International Equity Fund** |

---

------

**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **14** | **Invesco International Equity Fund** |

---

------

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to
the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to
termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be
liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund

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| | |
|:---|:---|
| **15** | **Invesco International Equity Fund** |

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------

could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  First $500 million | 0.850% |
|  Next $500 million | 0.750% |
|  Next $1 billion | 0.700% |
|  Next $3 billion | 0.670% |
|  Over $5 billion | 0.650% |

---

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

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.

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

---

| | |
|:---|:---|
| **16** | **Invesco International Equity Fund** |

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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.

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets. Prior to March 1, 2022, the Adviser had contractually agreed, through February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.85%, 0.85% and 0.80%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $70,489 and reimbursed class level expenses of $0, $0, $0, $40,231, $0 and $94,275 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $17,583 in front-end sales commissions from the sale of Class A shares and $0 and $213 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $81,691 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | |
|:---|:---|
| **17** | **Invesco International Equity Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $15414350 | $– | $15414350 |
|  Brazil | 8343534 |  |  | 8343534 |
|  Canada | 57674510 |  |  | 57674510 |
|  Denmark |  | 39298447 |  | 39298447 |
|  France | 13597302 | 124550516 |  | 138147818 |
|  Germany | 7493110 | 18666299 |  | 26159409 |
|  Ireland |  | 13289857 |  | 13289857 |
|  Japan |  | 169939535 |  | 169939535 |
|  Netherlands | 15394657 | 33298892 |  | 48693549 |
|  New Zealand |  | 14295034 |  | 14295034 |
|  Norway |  | 5633154 |  | 5633154 |
|  Singapore | 6147694 |  |  | 6147694 |
|  South Africa | 5252885 |  |  | 5252885 |
|  South Korea |  | 21302056 |  | 21302056 |
|  Spain | 6596973 | 18737384 |  | 25334357 |
|  Sweden | 21261110 |  |  | 21261110 |
|  Switzerland | 7233634 | 10549174 |  | 17782808 |
|  United Kingdom | 10976054 | 91035457 |  | 102011511 |
|  United States | 36152455 | 8032732 |  | 44185187 |
|  Money Market Funds | 63011132 |  |  | 63011132 |
|  **Total Investments in Securities** | 259135050 | 584042887 |  | 843177937 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | 2233114 |  | 2233114 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (481031) |  | (481031) |
|  **Total Other Investments** |  | 1752083 |  | 1752083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $259135050 | $585794970 | $– | $844930020 |

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\* Unrealized appreciation (depreciation).

**NOTE 4–Derivative Investments** 

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

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

**Value of Derivative Investments at Period-End** 

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $2233114 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $2233114 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(481031) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(481031) |

---

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| | |
|:---|:---|
| **18** | **Invesco International Equity Fund** |

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**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Derivative**<br>**Assets** | **Financial<br>Derivative<br>Liabilities** | | **Collateral<br>(Received)/Pledged** | **Collateral<br>(Received)/Pledged** | |
| **Counterparty** | **Forward Foreign<br>Currency Contracts** | **Forward Foreign<br>Currency Contracts** | **Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | **Net**<br> **Amount** |
|  Bank of America, N.A. | $2233114 | $– | $2233114 | $– | $– | $2233114 |
|  Barclays Bank PLC |  | (481031) | (481031) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (481031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2233114 | $(481031) | $1752083 | $– | $– | $1752083 |

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**Effect of Derivative Investments for the year ended October 31, 2022** 

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

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| | |
|:---|:---|
|  | **Location of Gain on<br>Statement of Operations** |
|  | **Currency**<br> **Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23951446 |
|  Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2012397 |
|  Total | $25963843 |

---

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

---

| | |
|:---|:---|
|  | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $211011510 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,353.

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

**NOTE 8–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $20759753 | $11777722 |
|  Long-term capital gain | 39248941 |  |
|  Total distributions | $60008694 | $11777722 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **19** | **Invesco International Equity Fund** |

---

------

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $11814188 |
|  Net unrealized appreciation (depreciation) - investments | (30683335) |
|  Net unrealized appreciation (depreciation) - foreign currencies | (461040) |
|  Temporary book/tax differences | (138287) |
|  Capital loss carryforward | (28176585) |
|  Shares of beneficial interest | 893250752 |
|  Total net assets | $845605693 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative instruments.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $28176585 | $– | $28176585 |

---

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

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,131,987,099 and $1,462,087,041, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $48836592 |
|  Aggregate unrealized (depreciation) of investments | (79519927) |
|  Net unrealized appreciation (depreciation) of investments | $(30683335) |

---

Cost of investments for tax purposes is $875,613,355.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies and distributions, on October 31, 2022, undistributed net investment income was increased by $1,511,846, undistributed net realized gain (loss) was increased by $7,585,575 and shares of beneficial interest was decreased by $9,097,421. This reclassification had no effect on the net assets of the Fund.

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 667211 | $14824517 | 775946 | $20342361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 111111 | 2168456 | 91106 | 2103332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 218075 | 4778953 | 244941 | 6333593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1028414 | 22747516 | 1924333 | 50845416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 25425 | 590844 | 402310 | 10338201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1825410 | 38772438 | 3097786 | 81918835 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 255259 | 6167058 | 32590 | 803344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 18392 | 393769 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 37246 | 887583 | 2691 | 65480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 158917 | 3871221 | 26706 | 663640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 16883 | 407548 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1950446 | 46810697 | 412337 | 10102244 |

---

---

| | |
|:---|:---|
| **20** | **Invesco International Equity Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 53539 | $1154723 | 138995 | $3564235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (60624) | (1154723) | (156521) | (3564235) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1143138) | (25015260) | (1501795) | (38951267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (183015) | (3508763) | (153786) | (3572395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (224318) | (4909353) | (195720) | (5036658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (2178216) | (50341478) | (1133785) | (30066586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (372941) | (9018817) | (10735) | (279299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (14927331) | (327524128) | (6704085) | (172050296) |
|  Net increase (decrease) in share activity | (12723255) | $(277897199) | (2706686) | $(66440055) |

---

<sup>(a)</sup> 70% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. 

---

| | |
|:---|:---|
| **21** | **Invesco International Equity Fund** |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Equity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

**Financial Highlights** 

------

For each of the three years in the period ended October 31, 2022 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer International Equity Fund (subsequently renamed Invesco International Equity Fund) as of and for the year ended November 30, 2018 and the financial highlights for each of the periods ended on or prior to November 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 22, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **22** | **Invesco 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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $865.70 | $6.07 | $1018.70 | $6.56 | 1.29% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;861.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;1014.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | 2.04 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;864.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;1017.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83 | 1.54 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;866.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;1019.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | 1.04 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;865.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;1018.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41 | 1.26 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;867.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;1020.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | 0.87 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **23** | **Invesco International Equity Fund** |

---

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance*  

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA<sup>®</sup> Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board considered that the Fund was

---

| | |
|:---|:---|
| **24** | **Invesco International Equity Fund** |

---

------

created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund's overweight exposure to and stock selection in certain sectors as well as the Fund's cash allocation detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management's philosophy regarding breakpoints in the Fund's contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group, requested and considered additional information from management regarding such total expenses, and discussed with management reasons for such relative total expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

---

| | |
|:---|:---|
| **25** | **Invesco International Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
| **Federal and State Income Tax** | | |
|  Long-Term Capital Gain Distributions | $39248941 |  |
|  Qualified Dividend Income\* | 100.00% |  |
|  Corporate Dividends Received Deduction\* | 2.82% |  |
|  U.S. Treasury Obligations\* | 0.02% |  |
|  Qualified Business Income\* | 0.00% |  |
|  Business Interest Income\* | 0.00% |  |
|  Foreign Taxes | $0.0525 | per share |
|  Foreign Source Income | $0.5851 | per share |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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| | |
|:---|:---|
| **26** | **Invesco International Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

---

<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco International Equity Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

---

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| | |
|:---|:---|
| **T-2** | **Invesco International Equity Fund** |

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------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco International Equity Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other**<br> **Directorship(s)<br>Held by Trustee<br>During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg - 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco International Equity Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and<br>Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco International Equity Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl - 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

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| | |
|:---|:---|
| **T-6** | **Invesco International Equity Fund** |

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![LOGO](g420185dsp36a.jpg)

**Go paperless with eDelivery** 

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

------

**Invesco mailing information** 

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

------

**Important notice regarding delivery of security holder documents** 

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

------

**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g420185dsp36b.jpg)

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

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![LOGO](g390436page1.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco EQV International Equity Fund** 

Nasdaq:

A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX

---

| | |
|:---|:---|
| 2 | [Management's Discussion](#edg390436_1) |
| 2 | [Performance Summary](#edg390436_2) |
| 4 | [Long-Term Fund Performance](#edg390436_3) |
| 6 | [Supplemental Information](#edg390436_4) |
| 8 | [Schedule of Investments](#edg390436_5) |
| 10 | [Financial Statements](#edg390436_6) |
| 13 | [Financial Highlights](#edg390436_7) |
| 14 | [Notes to Financial Statements](#edg390436_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg390436_9) |
| 22 | [Fund Expenses](#edg390436_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg390436_11) |
| 26 | [Tax Information](#edg390436_12) |
| T-1 | [Trustees and Officers](#edg390436_13) |

---

------

**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index, the Fund's broad market benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index, the Fund's broad market benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -24.90 | % |
| &nbsp;&nbsp; Class C Shares | -25.45 |  |
| &nbsp;&nbsp; Class R Shares | -25.06 |  |
| &nbsp;&nbsp; Class Y Shares | -24.71 |  |
| &nbsp;&nbsp; Class R5 Shares | -24.63 |  |
| &nbsp;&nbsp; Class R6 Shares | -24.59 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> (Broad Market Index) | -24.73 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality, and valuation (EQV) process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund holdings in the information technology (IT) sector outperformed those of the Fund's broad-based benchmark, the MSCI All Country World ex USA Index, and were the largest contributors to relative performance. Within the sector, US-based **Broadcom**, a semiconductor products manufacturer, and Japan-based **TIS**, a provider of network solutions and system integration services, were notable relative contributors during the fiscal year. Security selection and overweight exposure in the health care sector added to relative results. Within health care, Japan-based optics and reprography manufacturer **Olympus** was a key relative contributor. Stock selection in financials also contributed to the Fund's relative performance. Brazil-based exchange operator **B3** added to both absolute and relative results within the financials sector. On a geographic basis, the Fund's holdings in Germany, China and Mexico outperformed those of the benchmark index, contributing to relative return. No exposure in Russia, exposure in the US, an underweight in Germany, and an overweight in Mexico all added to relative results as well. In a declining equity market environment, the Fund's cash exposure (average 2.5%) contributed to the Fund's relative performance. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's holdings in the energy sector outperformed those of the benchmark index, but an underweight in the sector, the fiscal year's best performing sector, hampered relative return. Stock selection in the communication services, consumer staples and industrials

sectors detracted from the Fund's relative performance versus the benchmark index. Within the communication services sector, South Korea-based internet conglomerate company **NAVER** detracted from both absolute and relative results. During the fiscal year, we sold the Fund's position in NAVER because the company has been losing share in the digital advertising business and heightened competition in e-commerce. In the consumer staples sector, weakness was seen in select Chinese holdings, including **China Mengniu Dairy** and **Wuliangye Yibin**. Within industrials, Sweden-based garden products and services company **Husqvarna** and global engineering group **Sandvik** were key detractors during the fiscal year. Geographically, the Fund's holdings in the UK, Japan and South Korea underperformed those of the benchmark index and were among the largest detractors from relative performance. Underweights in the UK and Japan and an overweight in Sweden also had a negative impact on the Fund's relative return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund's portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including UK-based consumer products company **Reckitt Benckiser Group**, Hong Kong-based power tools and outdoor power equipment company **Techtronic Industries**, and Spain-based **Amadeus IT Group**, an IT provider for the global travel and tourism industry. We sold several holdings during the fiscal year, including Switzerland-based tobacco company **Philip Morris International**, US-based global packaging company **Amcor**, and UK-based communication services company **WPP**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality companies that exhibit the following characteristics: strong organic growth; high returns on capital; pricing power; strong balance sheets; cash generation; and reasonable valuations. In addition, we continue to favor companies that are able to consistently generate cash during weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your continued investment in Invesco EQV International Equity Fund.

---

| | |
|:---|:---|
| **2** | **Invesco EQV International Equity Fund** |

---

------

**Portfolio manager(s):** 

Brent Bates

Mark Jason

Richard Nield

Clas Olsson

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

---

| | |
|:---|:---|
| **3** | **Invesco EQV International Equity Fund** |

---

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g390436page4.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

---

| | |
|:---|:---|
| **4** | **Invesco EQV International Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (4/7/92) | 6.13 | % |
| &nbsp;&nbsp; 10 Years | 2.91 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.53 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -29.03 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (8/4/97) | 4.02 | % |
| &nbsp;&nbsp; 10 Years | 2.87 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.03 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (6/3/02) | 5.18 | % |
| &nbsp;&nbsp; 10 Years | 3.24 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.65 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -25.06 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 4.79 | % |
| &nbsp;&nbsp; 10 Years | 3.75 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.71 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (3/15/02) | 5.89 | % |
| &nbsp;&nbsp; 10 Years | 3.84 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.07 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.63 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/24/12) | 3.73 | % |
| &nbsp;&nbsp; 10 Years | 3.93 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.01 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -24.59 |  |

---

**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

---

| | |
|:---|:---|
| **5** | **Invesco EQV International Equity Fund** |

---

------

**Supplemental Information** 

**Invesco EQV International Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA <sup>®</sup> 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **6** | **Invesco EQV International Equity Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Industrials | 18.94% |
|  Financials | 16.14 |
|  Information Technology | 15.76 |
|  Consumer Staples | 15.13 |
|  Health Care | 13.27 |
|  Consumer Discretionary | 9.73 |
|  Materials | 6.04 |
|  Energy | 2.61 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.38 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Broadcom, Inc. | 3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Wal-Mart de Mexico S.A.B. de C.V., Series V | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Sandvik AB | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | HDFC Bank Ltd., ADR | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Investor AB, Class B | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Olympus Corp. | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | ICON PLC | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Novo Nordisk A/S, Class B | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Ritchie Bros. Auctioneers, Inc. | 2.32 |
| 10. | Reckitt Benckiser Group PLC | 2.26 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco EQV International Equity Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.62%** | **Common Stocks & Other Equity Interests–97.62%** | **Common Stocks & Other Equity Interests–97.62%** |
|  **Australia–2.05%** | **Australia–2.05%** | **Australia–2.05%** |
|  CSL Ltd. | 207220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37136058 |
|  **Brazil–3.71%** |  |  |
|  B3 S.A. - Brasil, Bolsa, Balcao | 11551906 | 33634820 |
|  MercadoLibre, Inc.<sup>(a)</sup>  | 13482 | 12155641 |
|  Rede D'Or Sao Luiz S.A.<sup>(b)</sup>  | 3451800 | 21497320 |
|  |  | 67287781 |
|  **Canada–6.79%** |  |  |
|  Bank of Nova Scotia (The) | 284784 | 13765204 |
|  CGI, Inc., Class A<sup>(a)</sup>  | 474251 | 38201861 |
|  Magna International, Inc. | 521874 | 29082596 |
|  Ritchie Bros. Auctioneers, Inc. | 643761 | 42055807 |
|  |  | 123105468 |
|  **China–6.55%** |  |  |
|  Airtac International Group | 927000 | 21292385 |
|  China Mengniu Dairy Co. Ltd. | 6680000 | 21411172 |
|  China Resources Beer Holdings Co. Ltd. | 4070000 | 19189609 |
|  JD.com, Inc., ADR | 484973 | 18084643 |
|  Wuliangye Yibin Co. Ltd., A Shares | 906197 | 16589832 |
|  Yum China Holdings, Inc. | 537053 | 22207141 |
|  |  | 118774782 |
|  **Denmark–3.48%** |  |  |
|  Carlsberg A/S, Class B | 162812 | 19170530 |
|  Novo Nordisk A/S, Class B | 404193 | 43925780 |
|  |  | 63096310 |
|  **France–9.67%** |  |  |
|  Air Liquide S.A. | 190681 | 24906513 |
|  Arkema S.A. | 291912 | 23080492 |
|  LVMH Moet Hennessy Louis Vuitton SE | 63400 | 39997529 |
|  Pernod Ricard S.A. | 106425 | 18671992 |
|  Schneider Electric SE | 297775 | 37684891 |
|  TotalEnergies SE | 569988 | 31150002 |
|  |  | 175491419 |
|  **Germany–1.37%** |  |  |
|  Deutsche Boerse AG | 152258 | 24772305 |
|  **Hong Kong–2.71%** |  |  |
|  AIA Group Ltd. | 3076800 | 23235065 |
|  Techtronic Industries Co. Ltd. | 2749500 | 25936142 |
|  |  | 49171207 |
|  **India–2.67%** |  |  |
|  HDFC Bank Ltd., ADR | 778218 | 48490764 |
|  **Ireland–3.16%** |  |  |
|  CRH PLC | 850318 | 30594261 |
|  Flutter Entertainment PLC<sup>(a)</sup>  | 202273 | 26831618 |
|  |  | 57425879 |
|  **Italy–2.23%** |  |  |
|  FinecoBank Banca Fineco S.p.A. | 2993352 | 40425422 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan–12.14%** |  |  |
|  Asahi Group Holdings Ltd. | 567500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15885196 |
|  FANUC Corp. | 221212 | 29073771 |
|  Hoya Corp. | 257800 | 24036517 |
|  Keyence Corp. | 26400 | 9949557 |
|  Koito Manufacturing Co. Ltd. | 841000 | 11945838 |
|  Komatsu Ltd. | 426500 | 8163540 |
|  Olympus Corp. | 2251000 | 47495457 |
|  SMC Corp. | 28200 | 11351610 |
|  Sony Group Corp. | 241900 | 16379691 |
|  TIS, Inc.<sup>(c)</sup>  | 925800 | 24927394 |
|  Tokyo Electron Ltd. | 79800 | 21104155 |
|  |  | 220312726 |
|  **Mexico–3.28%** |  |  |
|  Wal-Mart de Mexico S.A.B. de C.V., Series V | 15405602 | 59505916 |
|  **Netherlands–6.06%** |  |  |
|  ASML Holding N.V. | 59054 | 27839107 |
|  Heineken N.V. | 367145 | 30694147 |
|  Shell PLC | 584099 | 16190114 |
|  Wolters Kluwer N.V. | 332076 | 35295115 |
|  |  | 110018483 |
|  **Singapore–2.13%** |  |  |
|  United Overseas Bank Ltd. | 1971866 | 38655416 |
|  **South Korea–1.69%** |  |  |
|  Samsung Electronics Co. Ltd. | 735373 | 30579385 |
|  **Spain–1.74%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 608126 | 31656559 |
|  **Sweden–7.22%** |  |  |
|  Husqvarna AB, Class B<sup>(c)</sup>  | 1842307 | 10930002 |
|  Investor AB, Class B<sup>(c)</sup>  | 2962040 | 48334219 |
|  Sandvik AB | 3208868 | 50162176 |
|  Svenska Handelsbanken AB, Class A | 2315265 | 21505100 |
|  |  | 130931497 |
|  **Switzerland–1.49%** |  |  |
|  Kuehne + Nagel International AG, Class R | 41083 | 8747080 |
|  Logitech International S.A., Class R<sup>(c)</sup>  | 366830 | 18211547 |
|  |  | 26958627 |
|  **Taiwan–1.30%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1955887 | 23537341 |
|  **United Kingdom–7.44%** |  |  |
|  Ashtead Group PLC | 637204 | 33160632 |
|  DCC PLC | 533215 | 29573361 |
|  Linde PLC | 105015 | 31226210 |
|  Reckitt Benckiser Group PLC | 619677 | 41054513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;135014716 |
|  **United States–8.74%** |  |  |
|  Broadcom, Inc. | 127262 | 59828411 |
|  ICON PLC<sup>(a)(c)</sup>  | 224283 | 44372149 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco EQV International Equity Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Nestle S.A. | 295493 | $32161866 |
|  Roche Holding AG | 66925 | 22242595 |
|  |  | 158605021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,503,184,443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,503,184,443) | 1770953082 |
|  **Money Market Funds–1.30%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 8293455 | 8293455 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 5778098 | 5779253 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 9478234 | 9478235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $23,548,302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $23,548,302) | 23550943 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.92%<br>(Cost $1,526,732,745) | TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.92%<br>(Cost $1,526,732,745) | 1794504025 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–4.46%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 22662648 | $22662648 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 58261438 | 58261438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $80,921,084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $80,921,084) | 80924086 |
|  TOTAL INVESTMENTS IN SECURITIES–103.38%<br>(Cost $1,607,653,829) | TOTAL INVESTMENTS IN SECURITIES–103.38%<br>(Cost $1,607,653,829) | 1875428111 |
|  OTHER ASSETS LESS LIABILITIES–(3.38)% | OTHER ASSETS LESS LIABILITIES–(3.38)% | (61327850) |
|  NET ASSETS–100.00% |  | $1814100261 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 October 31, 2022 represented 1.19% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $19221547 | $271914810 | $(282842902) | $- | $- | $8293455 | $139238 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 13158402 | 194224865 | (201601031) | (594) | (2389) | 5779253 | 98781 |
|  Invesco Treasury Portfolio, Institutional Class | 21967482 | 310759784 | (323249031) | - | - | 9478235 | 150234 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 26320731 | 268128180 | (271786263) | - | - | 22662648 | 153,624\* |
|  Invesco Private Prime Fund | 61415040 | 538187471 | (541341563) | 3002 | (2512) | 58261438 | 425,350\* |
|  Total | $142083202 | $1583215110 | $(1620820790) | $2408 | $(4901) | $104475029 | $967227 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

---

| | |
|:---|:---|
| **9** | **Invesco EQV International Equity Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $1,503,184,443)\* | $1770953082 |
|  Investments in affiliated money market funds, at value (Cost $104,469,386) | 104475029 |
|  Foreign currencies, at value (Cost $1,433,906) | 1425948 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14764184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 961021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7478324 |
|  Investment for trustee deferred compensation and retirement plans | 571225 |
|  Other assets | 79451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1900708264 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 446637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 2505961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 80921084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 1042663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 392621 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fees for foreign withholding tax claims | 653000 |
|  Trustee deferred compensation and retirement plans | 639645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 86608003 |
|  Net assets applicable to shares outstanding | $1814100261 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $1388088127 |
|  Distributable earnings | 426012134 |
|  | $1814100261 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;866494521 |
|  Class C | $14712123 |
|  Class R | $29868073 |
|  Class Y | $350174191 |
|  Class R5 | $102736688 |
|  Class R6 | $450114665 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 42997150 |
|  Class C | 844564 |
|  Class R | 1512596 |
|  Class Y | 17302351 |
|  Class R5 | 4953675 |
|  Class R6 | 21766358 |
|  Class A:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $20.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $20.15 ÷ 94.50%) | $21.32 |
|  Class C:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $17.42 |
|  Class R:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $19.75 |
|  Class Y:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.24 |
|  Class R5:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.74 |
|  Class R6:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.68 |
|  <br> \* At October 31, 2022, securities with an aggregate value of $76,183,138 were on loan to brokers. | <br> \* At October 31, 2022, securities with an aggregate value of $76,183,138 were on loan to brokers. |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco EQV International Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762095 |
|  Dividends (net of foreign withholding taxes of $4,488,040) | 44566379 |
|  Dividends from affiliated money market funds (includes net securities lending income of $168,180) | 556433 |
|  Foreign withholding tax claims | 6756093 |
|  Less: IRS closing agreement fees for foreign withholding tax claims | (653000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 51988000 |
|  **Expenses:** |  |
|  Advisory fees | 21274223 |
|  Administrative services fees | 341555 |
|  Custodian fees | 385313 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2707347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 208063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 184588 |
|  Transfer agent fees – A, C, R and Y | 3034414 |
|  Transfer agent fees – R5 | 151206 |
|  Transfer agent fees – R6 | 209155 |
|  Trustees' and officers' fees and benefits | 40122 |
|  Registration and filing fees | 141416 |
|  Reports to shareholders | 34170 |
|  Professional services fees | 126572 |
|  Other | 30217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 28868361 |
|  Less: Fees waived and/or expense offset arrangement(s) | (43044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 28825317 |
|  Net investment income | 23162683 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 275578258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (4901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (2241404) |
|  | 273331953 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (964779640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (568792) |
|  | (965346024) |
|  Net realized and unrealized gain (loss) | (692014071) |
|  Net increase (decrease) in net assets resulting from operations | $(668851388) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco EQV International Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $23162683 | $12139574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 273331953 | 685724085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (965346024) | 58372427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (668851388) | 756236086 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (269566679) | (162361243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (5944677) | (4686976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (9009500) | (6009271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (147915684) | (95393068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (36378164) | (60741990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (160121795) | (119582621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (628936499) | (448775169) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 103125726 | (33236883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1143848) | (10699534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 5380358 | (7607797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (103788271) | (78388009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (217864583) | (136521130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (10760493) | (203323755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (225051111) | (469777108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1522838998) | (162316191) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3336939259 | 3499255450 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1814100261 | $3336939259 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco EQV International Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $33.82 | $0.19 | $(6.92) | $(6.73) | $(0.55) | $(6.39) | $(6.94) | $20.15 | (24.90)% | $866495 | 1.35% | 1.35% | 0.80% | 39% |
|  Year ended 10/31/21 | 31.34 | 0.05 | 6.54 | 6.59 | (0.30) | (3.81) | (4.11) | 33.82 | 21.99 | 1338896 | 1.32 | 1.32 | 0.14 | 25 |
|  Year ended 10/31/20 | 34.10 | 0.11 | 0.62 | 0.73 | (0.65) | (2.84) | (3.49) | 31.34 | 1.97 | 1262456 | 1.35 | 1.35 | 0.36 | 35 |
|  Year ended 10/31/19 | 31.92 | 0.38 | 4.55 | 4.93 | (0.29) | (2.46) | (2.75) | 34.10 | 17.23 | 1534830 | 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) | 1665413 | 1.30 | 1.31 | 1.20 | 26 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 30.08 | 0.01 | (6.01) | (6.00) | (0.27) | (6.39) | (6.66) | 17.42 | (25.45) | 14712 | 2.10 | 2.10 | 0.05 | 39 |
|  Year ended 10/31/21 | 28.22 | (0.19) | 5.88 | 5.69 | (0.02) | (3.81) | (3.83) | 30.08 | 21.09 | 27874 | 2.07 | 2.07 | (0.61) | 25 |
|  Year ended 10/31/20 | 31.01 | (0.11) | 0.56 | 0.45 | (0.40) | (2.84) | (3.24) | 28.22 | 1.20 | 36108 | 2.10 | 2.10 | (0.39) | 35 |
|  Year ended 10/31/19 | 29.20 | 0.13 | 4.16 | 4.29 | (0.02) | (2.46) | (2.48) | 31.01 | 16.37 | 55768 | 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) | 105735 | 2.05 | 2.06 | 0.45 | 26 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 33.25 | 0.13 | (6.79) | (6.66) | (0.45) | (6.39) | (6.84) | 19.75 | (25.06) | 29868 | 1.60 | 1.60 | 0.55 | 39 |
|  Year ended 10/31/21 | 30.87 | (0.04) | 6.44 | 6.40 | (0.21) | (3.81) | (4.02) | 33.25 | 21.66 | 44016 | 1.57 | 1.57 | (0.11) | 25 |
|  Year ended 10/31/20 | 33.64 | 0.03 | 0.61 | 0.64 | (0.57) | (2.84) | (3.41) | 30.87 | 1.71 | 47493 | 1.60 | 1.60 | 0.11 | 35 |
|  Year ended 10/31/19 | 31.49 | 0.30 | 4.51 | 4.81 | (0.20) | (2.46) | (2.66) | 33.64 | 16.99 | 62045 | 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) | 66981 | 1.55 | 1.56 | 0.95 | 26 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 33.96 | 0.26 | (6.95) | (6.69) | (0.64) | (6.39) | (7.03) | 20.24 | (24.71) | 350174 | 1.10 | 1.10 | 1.05 | 39 |
|  Year ended 10/31/21 | 31.46 | 0.13 | 6.56 | 6.69 | (0.38) | (3.81) | (4.19) | 33.96 | 22.30 | 738512 | 1.07 | 1.07 | 0.39 | 25 |
|  Year ended 10/31/20 | 34.21 | 0.19 | 0.62 | 0.81 | (0.72) | (2.84) | (3.56) | 31.46 | 2.22 | 751518 | 1.10 | 1.10 | 0.61 | 35 |
|  Year ended 10/31/19 | 32.05 | 0.46 | 4.55 | 5.01 | (0.39) | (2.46) | (2.85) | 34.21 | 17.51 | 1091697 | 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) | 1635426 | 1.05 | 1.06 | 1.45 | 26 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 34.62 | 0.29 | (7.11) | (6.82) | (0.67) | (6.39) | (7.06) | 20.74 | (24.63) | 102737 | 1.02 | 1.02 | 1.13 | 39 |
|  Year ended 10/31/21 | 32.02 | 0.16 | 6.67 | 6.83 | (0.42) | (3.81) | (4.23) | 34.62 | 22.35 | 392893 | 0.99 | 0.99 | 0.47 | 25 |
|  Year ended 10/31/20 | 34.76 | 0.22 | 0.63 | 0.85 | (0.75) | (2.84) | (3.59) | 32.02 | 2.32 | 486808 | 1.00 | 1.00 | 0.71 | 35 |
|  Year ended 10/31/19 | 32.48 | 0.50 | 4.63 | 5.13 | (0.39) | (2.46) | (2.85) | 34.76 | 17.66 | 735592 | 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) | 1124979 | 0.97 | 0.98 | 1.53 | 26 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 34.56 | 0.30 | (7.09) | (6.79) | (0.70) | (6.39) | (7.09) | 20.68 | (24.59) | 450115 | 0.95 | 0.95 | 1.20 | 39 |
|  Year ended 10/31/21 | 31.97 | 0.19 | 6.66 | 6.85 | (0.45) | (3.81) | (4.26) | 34.56 | 22.48 | 794749 | 0.91 | 0.91 | 0.55 | 25 |
|  Year ended 10/31/20 | 34.71 | 0.25 | 0.63 | 0.88 | (0.78) | (2.84) | (3.62) | 31.97 | 2.41 | 914873 | 0.91 | 0.91 | 0.80 | 35 |
|  Year ended 10/31/19 | 32.49 | 0.53 | 4.61 | 5.14 | (0.46) | (2.46) | (2.92) | 34.71 | 17.74 | 1522977 | 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) | 1792725 | 0.89 | 0.90 | 1.61 | 26 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 which are an integral part of the financial statements.

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|:---|:---|
| **13** | **Invesco EQV International Equity Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **14** | **Invesco EQV International Equity Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the

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|:---|:---|
| **15** | **Invesco EQV International Equity Fund** |

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borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

**M.** **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.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **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% |

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For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.88%.

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

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|:---|:---|
| **16** | **Invesco EQV International Equity Fund** |

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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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $38,510.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $113,437 in front-end sales commissions from the sale of Class A shares and $62,264 and $1,313 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,961 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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|:---|:---|
| **17** | **Invesco EQV International Equity Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $37136058 | $– | $37136058 |
|  Brazil | 67287781 |  |  | 67287781 |
|  Canada | 123105468 |  |  | 123105468 |
|  China | 40291784 | 78482998 |  | 118774782 |
|  Denmark |  | 63096310 |  | 63096310 |
|  France |  | 175491419 |  | 175491419 |
|  Germany |  | 24772305 |  | 24772305 |
|  Hong Kong |  | 49171207 |  | 49171207 |
|  India | 48490764 |  |  | 48490764 |
|  Ireland |  | 57425879 |  | 57425879 |
|  Italy |  | 40425422 |  | 40425422 |
|  Japan |  | 220312726 |  | 220312726 |
|  Mexico | 59505916 |  |  | 59505916 |
|  Netherlands | 35295115 | 74723368 |  | 110018483 |
|  Singapore |  | 38655416 |  | 38655416 |
|  South Korea |  | 30579385 |  | 30579385 |
|  Spain |  | 31656559 |  | 31656559 |
|  Sweden | 50162176 | 80769321 |  | 130931497 |
|  Switzerland |  | 26958627 |  | 26958627 |
|  Taiwan |  | 23537341 |  | 23537341 |
|  United Kingdom | 31226210 | 103788506 |  | 135014716 |
|  United States | 104200560 | 54404461 |  | 158605021 |
|  Money Market Funds | 23550943 | 80924086 |  | 104475029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $583116717 | $1292311394 | $– | $1875428111 |

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**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,534.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $68285355 | $39477229 |
|  Long-term capital gain | 560651144 | 409297940 |
|  Total distributions | $628936499 | $448775169 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **18** | **Invesco EQV International Equity Fund** |

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| | |
|:---|:---|
| **<u>Tax Components of Net Assets at Period-End:</u>** | |
|  | **2022** |
|  Undistributed ordinary income | $2188142 |
|  Undistributed long-term capital gain | 209778896 |
|  Net unrealized appreciation – investments | 215068159 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (545704) |
|  Temporary book/tax differences | (477359) |
|  Shares of beneficial interest | 1388088127 |
|  Total net assets | $1814100261 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

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

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

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

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $917,022,931 and $1,743,551,592, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $386334483 |
|  Aggregate unrealized (depreciation) of investments | (171266324) |
|  Net unrealized appreciation of investments | $215068159 |

---

Cost of investments for tax purposes is $1,660,359,952.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2022, undistributed net investment income was increased by $16,826,250, undistributed net realized gain was decreased by $73,643,249 and shares of beneficial interest was increased by $56,816,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2807680 | $67617432 | 2472063 | $83272497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 111238 | 2438626 | 99116 | 2984995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 237323 | 5662217 | 210021 | 6966650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3988472 | 98443477 | 3395750 | 114436058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 666022 | 17263820 | 1542256 | 53192219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4567576 | 113671778 | 4059082 | 139074649 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 9377469 | 249815764 | 4683312 | 147430584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 240218 | 5565840 | 153799 | 4334053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 344332 | 9007726 | 193675 | 6007801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 3840165 | 102494007 | 2274005 | 71722134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 1253150 | 34248586 | 1851390 | 59485152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4995991 | 136090803 | 3350388 | 107379925 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 168338 | 4033916 | 285485 | 9393276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (193643) | (4033916) | (319462) | (9393276) |

---

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| | |
|:---|:---|
| **19** | **Invesco EQV International Equity Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8944538) | $(218341386) | (8131861) | $(273333240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (240013) | (5114398) | (286179) | (8625306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (392744) | (9289585) | (618671) | (20582248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (12274214) | (304725755) | (7809657) | (264546201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (8312888) | (269376989) | (7251373) | (249198501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (10792532) | (260523074) | (13030191) | (449778329) |
|  Net increase (decrease) in share activity | (8552598) | $(225051111) | (12877052) | $(469777108) |

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<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% 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. 

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| | |
|:---|:---|
| **20** | **Invesco EQV International Equity Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco EQV International Equity Fund.

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV International Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **21** | **Invesco EQV International Equity Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $895.90 | $6.69 | $1018.15 | $7.12 | 1.40% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;892.90 | 10.26 | &nbsp;&nbsp;&nbsp;&nbsp;1014.37 | 10.92 | 2.15 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;894.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;1016.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.39 | 1.65 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;897.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;1019.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | 1.15 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;897.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;1019.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;898.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | 1.00 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **22** | **Invesco EQV International Equity Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV International Equity Fund's (formerly, Invesco International Growth Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative

investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk

management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the

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| | |
|:---|:---|
| **23** | **Invesco EQV International Equity Fund** |

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Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund's underperformance can primarily be attributed to stock selection driven by the Fund's earnings, quality and valuation investment style. Specifically, the Board noted that stock selection in and underweight exposure to certain sectors, as well as stock selection in certain geographic regions, detracted from the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule

(including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021. The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers'

ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the

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|:---|:---|
| **24** | **Invesco EQV International Equity Fund** |

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Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of

such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **25** | **Invesco EQV International Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $617468144 |
|  Qualified Dividend Income\* | 61.49% |
|  Corporate Dividends Received Deduction\* | 12.22% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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| | |
|:---|:---|
| **Non-Resident Alien Shareholders** | |
|  Short-Term Capital Gain Distributions | $13679836 |

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| | |
|:---|:---|
| **26** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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|:---|:---|
| **T-4** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco EQV International Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco EQV International Equity Fund** |

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![LOGO](g390436page36a.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g390436dsp0036bjpg.jpg)

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

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![LOGO](g388917g00n01.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco International Select Equity Fund** 

Nasdaq:

A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg388917_1) |
| 2 | [Performance Summary](#edg388917_2) |
| 3 | [Long-Term Fund Performance](#edg388917_3) |
| 5 | [Supplemental Information](#edg388917_4) |
| 7 | [Schedule of Investments](#edg388917_5) |
| 9 | [Financial Statements](#edg388917_6) |
| 12 | [Financial Highlights](#edg388917_7) |
| 13 | [Notes to Financial Statements](#edg388917_8) |
| 19 | [Report of Independent Registered Public Accounting Firm](#edg388917_9) |
| 20 | [Fund Expenses](#edg388917_10) |
| 21 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg388917_11) |
| 24 | [Tax Information](#edg388917_12) |
| T-1 | [Trustees and Officers](#edg388917_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary**<br> For the fiscal year ended October 31, 2022, Class A shares of Invesco International Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; **Performance summary**<br> For the fiscal year ended October 31, 2022, Class A shares of Invesco International Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -38.28 | % |
| &nbsp;&nbsp; Class C Shares | -38.72 |  |
| &nbsp;&nbsp; Class R Shares | -38.38 |  |
| &nbsp;&nbsp; Class Y Shares | -38.03 |  |
| &nbsp;&nbsp; Class R5 Shares | -38.10 |  |
| &nbsp;&nbsp; Class R6 Shares | -38.10 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> (Broad Market Index) | -24.73 |  |
| &nbsp;&nbsp; MSCI All Country World ex U.S. Growth Index<sup>▼</sup> (Style-Specific Index) | -30.99 |  |
| &nbsp;&nbsp; Lipper International Multi-Cap Growth Funds Index<sup>∎</sup> (Peer Group Index) | -30.41 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before we discuss the Fund's results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. We seek to maintain a long-term perspective, with stock selection in the portfolio being bottom-up and fundamentally driven. We invest in high-conviction businesses with preferred quality characteristics, including a focus on a company's growth potential and sustainable competitive advantages. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on an estimate of its future free cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the Fund's cash weight provided a cushion to declining equity markets. There were no sectors or regions that positively contributed to relative performance versus the MSCI All Country World ex USA Index over the fiscal year. Conversely, stock selection in the health care and industrials sectors were the largest detractors from the Fund's relative performance. Regionally, stock selection within Europe ex-UK was the primary detractor from the Fund's relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The top contributors to the Fund's absolute performance over the fiscal year included **Edenred**, a leading French services and payments platform, specializing in prepaid corporate services and **Ritchie Bros. Auctioneers**, a Canadian business that is a world leader in equipment disposition and management technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top detractors from the Fund's absolute performance over the fiscal year included

**Eckert & Ziegler Strahlen**, a German provider of isotope technology for medical, scientific and industrial uses and **Howden Joinery**, a leading UK supplier of kitchens and joinery products to the building trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the Fund's new investments included **Inner Mongolia Yili Industrial**, **Shenzhou International**, **Davide Campari-Milano**, **United Overseas Bank**, **Pinduoduo**, **Seven & I Holdings**, **Diageo, Evotec SE**, **Yum China Holdings**, **M3**, **Freee KK**, **InterContinental Hotels**, **Experian**, **Fast Retailing**, **Keyence** and **Kering SA**. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. As such, we sold **China National Building Material**, **Focus Media Information Technology**, **Taiwan Semiconductor Manufacturing**, **Auto Trader**, **Tencent**, **Alibaba Holding Group**, **Anheuser-Busch**, **AutoHome** and **Fortnox**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period-end, the Fund's largest overweight positions versus the index were in the consumer discretionary and information technology sectors and from a regional perspective, in Japan and Europe ex-U.K. Conversely, the largest underweight positions were in financials and materials and in emerging markets, despite continuing to be overweight in China and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As always, the Fund's country and sector allocations are the result of our bottom-up, fundamental stock selection process and are not based on the characteristics of the Fund's primary index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We thank you for your investment in Invesco International Select Equity Fund.

------

**Portfolio manager(s):** 

George Evans

Robert Dunphy

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **2** | **Invesco International Select Equity Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 12/21/15

![LOGO](g388917dsp003.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **3** | **Invesco International Select Equity Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | -0.18 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -6.19 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -41.66 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | -0.09 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -5.81 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.32 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | 0.40 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -5.33 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -38.38 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | 0.91 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -4.85 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -38.03 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | 0.89 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -4.88 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -38.10 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/15) | 0.89 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -4.86 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -38.10 |  |

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**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

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| | |
|:---|:---|
| **4** | **Invesco International Select Equity Fund** |

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**Supplemental Information** 

**Invesco International Select Equity Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI All Country World ex USA <sup>®</sup> 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 multi-cap growth funds tracked by Lipper.

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

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

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **5** | **Invesco International Select Equity Fund** |

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**Fund Information** 

**Portfolio Composition** 

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| | | |
|:---|:---|:---|
| **By sector** | **By sector** | **% of total net assets** |
|  Consumer Discretionary | Consumer Discretionary | 26.52% |
|  Industrials | Industrials | 18.57 |
|  Information Technology | Information Technology | 18.05 |
|  Consumer Staples | Consumer Staples | 12.63 |
|  Health Care | Health Care | 10.79 |
|  Financials | Financials | 5.29 |
|  Communication Services | Communication Services | 3.40 |
|  Real Estate | Real Estate | 2.18 |
|  Money Market Funds Plus Other Assets Less Liabilities | Money Market Funds Plus Other Assets Less Liabilities | 2.57 |
| <br> **Top 10 Equity Holdings\*** | <br> **Top 10 Equity Holdings\*** |  |
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Edenred | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Eurofins Scientific SE | 4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Pan Pacific International Holdings Corp. | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Pinduoduo, Inc., ADR | 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Kweichow Moutai Co. Ltd., A Shares | 3.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Adyen N.V. | 3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Scout24 SE | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Howden Joinery Group PLC | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Gree Electric Appliances, Inc. of Zhuhai, A Shares | 3.33 |
| 10. | Amadeus IT Group S.A. | 3.16 |

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The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

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| | |
|:---|:---|
| **6** | **Invesco International Select Equity Fund** |

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**Schedule of Investments** 

*October 31, 2022* 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.43%** | **Common Stocks & Other Equity Interests–97.43%** | **Common Stocks & Other Equity Interests–97.43%** |
|  **Australia–2.70%** | **Australia–2.70%** | **Australia–2.70%** |
|  Corporate Travel Management Ltd. | 341000 | $3783048 |
|  **Canada–4.15%** |  |  |
|  Dye & Durham Ltd. | 135859 | 1502841 |
|  Ritchie Bros. Auctioneers, Inc. | 66000 | 4311780 |
|  |  | 5814621 |
|  **China–19.61%** |  |  |
|  Gree Electric Appliances, Inc. of Zhuhai, A Shares | 1188274 | 4668783 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., A Shares | 1021799 | 3532491 |
|  KE Holdings, Inc., ADR<sup>(a)(b)</sup>  | 300000 | 3054000 |
|  Kweichow Moutai Co. Ltd., A Shares | 28071 | 5196653 |
|  Pinduoduo, Inc., ADR<sup>(a)</sup>  | 96000 | 5263680 |
|  Shenzhou International Group Holdings Ltd. | 334000 | 2305258 |
|  Virscend Education Co. Ltd.<sup>(c)</sup>  | 26668000 | 462498 |
|  Yum China Holdings, Inc. | 73000 | 3018550 |
|  |  | 27501913 |
|  **Denmark–2.76%** |  |  |
|  DSV A/S | 28600 | 3865860 |
|  **Finland–2.32%** |  |  |
|  Enento Group OYJ<sup>(b)(c)</sup>  | 157000 | 3257370 |
|  **France–9.43%** |  |  |
|  Bureau Veritas S.A. | 120000 | 2970496 |
|  Edenred | 157000 | 8056149 |
|  Kering S.A. | 4800 | 2197132 |
|  |  | 13223777 |
|  **Germany–6.71%** |  |  |
|  Eckert & Ziegler Strahlen-und Medizintechnik AG | 83600 | 3308802 |
|  Evotec SE<sup>(a)</sup>  | 70000 | 1336922 |
|  Scout24 SE<sup>(c)</sup>  | 93000 | 4768266 |
|  |  | 9413990 |
|  **Hong Kong–3.12%** |  |  |
|  AIA Group Ltd. | 580000 | 4379985 |
|  **Italy–1.59%** |  |  |
|  Davide Campari-Milano N.V. | 248000 | 2230414 |
|  **Japan–19.70%** |  |  |
|  FANUC Corp. | 25000 | 3285736 |
|  Fast Retailing Co. Ltd. | 5500 | 3067239 |
|  Freee KK<sup>(a)(b)</sup>  | 52500 | 1020692 |
|  Hoya Corp. | 18600 | 1734209 |
|  Keyence Corp. | 5000 | 1884386 |
|  M3, Inc. | 66000 | 1971279 |
|  Pan Pacific International Holdings Corp. | 347000 | 5682364 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Japan–(continued)** |  |  |
|  Seven & i Holdings Co. Ltd. | 88000 | $3285079 |
|  SMC Corp. | 3800 | 1529650 |
|  Sony Group Corp. | 61500 | 4164328 |
|  |  | 27624962 |
|  **Luxembourg–4.83%** |  |  |
|  Eurofins Scientific SE | 106000 | 6778475 |
|  **Netherlands–3.49%** |  |  |
|  Adyen N.V.<sup>(a)(c)</sup>  | 3420 | 4899208 |
|  **Singapore–2.17%** |  |  |
|  United Overseas Bank Ltd. | 155000 | 3038538 |
|  **South Korea–2.53%** |  |  |
|  Samsung Electronics Co. Ltd., Preference Shares | 95000 | 3547560 |
|  **Spain–3.15%** |  |  |
|  Amadeus IT Group S.A.<sup>(a)</sup>  | 85000 | 4424753 |
|  **United Kingdom–9.17%** |  |  |
|  Diageo PLC | 84000 | 3462990 |
|  Experian PLC | 66000 | 2097820 |
|  Howden Joinery Group PLC | 800000 | 4710484 |
|  InterContinental Hotels Group PLC | 48000 | 2582380 |
|  |  | 12853674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $157,166,461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $157,166,461) | 136638148 |
|  **Money Market Funds–1.42%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 699519 | 699519 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 499908 | 500008 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 799451 | 799451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,998,922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,998,922) | 1998978 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–98.85%<br>(Cost $159,165,383) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding Investments purchased with cash collateral from securities on loan)–98.85%<br>(Cost $159,165,383) | 138637126 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–2.05%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 803707 | 803707 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 2066141 | 2066141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,869,836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,869,836) | 2869848 |
|  TOTAL INVESTMENTS IN SECURITIES–100.90%<br>(Cost $162,035,219) | TOTAL INVESTMENTS IN SECURITIES–100.90%<br>(Cost $162,035,219) | 141506974 |
|  OTHER ASSETS LESS LIABILITIES–(0.90)% | OTHER ASSETS LESS LIABILITIES–(0.90)% | (1266940) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $140240034 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco International Select Equity Fund** |

---

------

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 October 31, 2022 was $13,387,342, which represented 9.55% of the Fund's Net Assets. 

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $7083647 | $43441015 | $(49825143) | $- | $- | $699519 | $7678 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 5043949 | 31029297 | (35573047) | 56 | (247) | 500008 | 7197 |
|  Invesco Treasury Portfolio, Institutional Class | 8095597 | 49646875 | (56943021) | - | - | 799451 | 10566 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 16104408 | (15300701) | - | - | 803707 | 10,431\* |
|  Invesco Private Prime Fund | - | 39181279 | (37116035) | 12 | 885 | 2066141 | 28,138\* |
|  Total | $20223193 | $179402874 | $(194757947) | $68 | $638 | $4868826 | $64010 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **8** | **Invesco International Select Equity Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $157,166,461)\* | $136638148 |
|  Investments in affiliated money market funds,<br>at value (Cost $4,868,758) | 4868826 |
|  Foreign currencies, at value (Cost $2,932,151) | 2844003 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 695483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 90478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 218029 |
|  Investment for trustee deferred compensation and retirement plans | 19904 |
|  Other assets | 21125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 145395996 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2151855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 15584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 2869836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 22518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 75081 |
|  Trustee deferred compensation and retirement plans | 19904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5155962 |
|  Net assets applicable to shares outstanding | $140240034 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $228188322 |
|  Distributable earnings (loss) | (87948288) |
|  | $140240034 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $4873924 |
|  Class C | $459765 |
|  Class R | $514743 |
|  Class Y | $2398925 |
|  Class R5 | $6166 |
|  Class R6 | $131986511 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 592711 |
|  Class C | 57844 |
|  Class R | 63303 |
|  Class Y | 290576 |
|  Class R5 | 747 |
|  Class R6 | 15992552 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $8.22 ÷ 94.50%) | $8.70 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $7.95 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $8.13 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $8.26 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $8.25 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $8.25 |

---

\* At October 31, 2022, securities with an aggregate value of $2,739,293 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **9** | **Invesco International Select Equity Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $399,817) | $4008831 |
|  Dividends from affiliated money market funds (includes net securities lending income of $4,320) | 29761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4038592 |
|  **Expenses:** |  |
|  Advisory fees | 2134704 |
|  Administrative services fees | 32040 |
|  Custodian fees | 73125 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 6034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 2952 |
|  Transfer agent fees – A, C, R and Y | 32411 |
|  Transfer agent fees – R5 | 3 |
|  Transfer agent fees – R6 | 69320 |
|  Trustees' and officers' fees and benefits | 21197 |
|  Registration and filing fees | 79450 |
|  Reports to shareholders | 6762 |
|  Professional services fees | 49680 |
|  Other | 13615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2544082 |
|  Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (417793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2126289 |
|  Net investment income | 1912303 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (64321588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (337333) |
|  | (64658283) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (48087094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (99917) |
|  | (48186943) |
|  Net realized and unrealized gain (loss) | (112845226) |
|  Net increase (decrease) in net assets resulting from operations | $(110932923) |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco International Select Equity Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1912303 | $1389950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (64658283) | 5788676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (48186943) | (12329172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (110932923) | (5150546) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (280283) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (16203) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (14844) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (239531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (252) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7624228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (8175341) |  |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3484133) | 4058320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 26452 | (57772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 151176 | 436326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3944180) | 6224505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (55253516) | 103777526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (62504201) | 114434905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (181612465) | 109284359 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 321852499 | 212568140 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $140240034 | $321852499 |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco International Select Equity Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total<br>distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $13.63 | $0.07 <sup>(d)</sup> | $(5.18) | $(5.11) | $(0.01) | $(0.29) | $(0.30) | $8.22 | (38.28)% | $4874 | 1.17% | 1.51% | 0.60 %<sup>(d)</sup> | 53% |
|  Year ended 10/31/21 | 13.54 | 0.05 | 0.04 <sup>(e)</sup> | 0.09 |  |  |  | 13.63 | 0.66 | 13189 | 1.12 | 1.48 | 0.30 | 45 |
|  Year ended 10/31/20 | 11.49 | (0.05) | 2.33 | 2.28 | (0.23) |  | (0.23) | 13.54 | 20.15 | 10027 | 1.12 | 1.60 | (0.41) | 59 |
|  Year ended 10/31/19 | 10.52 | 0.22 <sup>(d)</sup> | 1.42 | 1.64 | (0.07) | (0.60) | (0.67) | 11.49 | 16.99 | 5852 | 1.11 | 1.60 | 2.06 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 13.01 | 0.09 | (1.51) | (1.42) | (0.10) | (0.97) | (1.07) | 10.52 | (11.93) | 4333 | 1.11 | 1.62 | 0.72 | 46 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.28 | (0.02)<sup>(d)</sup> | (5.02) | (5.04) |  | (0.29) | (0.29) | 7.95 | (38.72) | 460 | 1.92 | 2.26 | (0.15)<sup>(d)</sup> | 53 |
|  Year ended 10/31/21 | 13.28 | (0.07) | 0.07 <sup>(e)</sup> | 0.00 |  |  |  | 13.28 | 0.00 | 745 | 1.87 | 2.23 | (0.45) | 45 |
|  Year ended 10/31/20 | 11.28 | (0.13) | 2.28 | 2.15 | (0.15) |  | (0.15) | 13.28 | 19.22 | 792 | 1.87 | 2.35 | (1.16) | 59 |
|  Year ended 10/31/19 | 10.35 | 0.14 <sup>(d)</sup> | 1.39 | 1.53 |  | (0.60) | (0.60) | 11.28 | 16.03 | 811 | 1.86 | 2.35 | 1.31 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 12.86 | (0.00) | (1.48) | (1.48) | (0.06) | (0.97) | (1.03) | 10.35 | (12.55) | 1192 | 1.86 | 2.37 | (0.03) | 46 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.50 | 0.04 <sup>(d)</sup> | (5.12) | (5.08) |  | (0.29) | (0.29) | 8.13 | (38.38) | 515 | 1.42 | 1.76 | 0.35 <sup>(d)</sup> | 53 |
|  Year ended 10/31/21 | 13.44 | 0.01 | 0.05 <sup>(e)</sup> | 0.06 |  |  |  | 13.50 | 0.45 | 665 | 1.37 | 1.73 | 0.05 | 45 |
|  Year ended 10/31/20 | 11.41 | (0.08) | 2.32 | 2.24 | (0.21) |  | (0.21) | 13.44 | 19.85 | 290 | 1.37 | 1.85 | (0.66) | 59 |
|  Year ended 10/31/19 | 10.46 | 0.19 <sup>(d)</sup> | 1.40 | 1.59 | (0.04) | (0.60) | (0.64) | 11.41 | 16.60 | 227 | 1.36 | 1.85 | 1.81 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 12.95 | 0.06 | (1.49) | (1.43) | (0.09) | (0.97) | (1.06) | 10.46 | (12.09) | 89 | 1.36 | 1.87 | 0.47 | 46 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.69 | 0.10 <sup>(d)</sup> | (5.19) | (5.09) | (0.05) | (0.29) | (0.34) | 8.26 | (38.03) | 2399 | 0.92 | 1.26 | 0.85 <sup>(d)</sup> | 53 |
|  Year ended 10/31/21 | 13.57 | 0.08 | 0.04 <sup>(e)</sup> | 0.12 |  |  |  | 13.69 | 0.88 | 9434 | 0.87 | 1.23 | 0.55 | 45 |
|  Year ended 10/31/20 | 11.51 | (0.02) | 2.34 | 2.32 | (0.26) |  | (0.26) | 13.57 | 20.46 | 3926 | 0.87 | 1.35 | (0.16) | 59 |
|  Year ended 10/31/19 | 10.56 | 0.25 <sup>(d)</sup> | 1.41 | 1.66 | (0.11) | (0.60) | (0.71) | 11.51 | 17.24 | 3299 | 0.86 | 1.35 | 2.31 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 13.04 | 0.12 | (1.51) | (1.39) | (0.12) | (0.97) | (1.09) | 10.56 | (11.68) | 8594 | 0.86 | 1.37 | 0.97 | 46 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.69 | 0.09 <sup>(d)</sup> | (5.19) | (5.10) | (0.05) | (0.29) | (0.34) | 8.25 | (38.10) | 6 | 0.92 | 1.09 | 0.85 <sup>(d)</sup> | 53 |
|  Year ended 10/31/21 | 13.57 | 0.08 | 0.04 <sup>(e)</sup> | 0.12 |  |  |  | 13.69 | 0.88 | 10 | 0.87 | 1.05 | 0.55 | 45 |
|  Year ended 10/31/20 | 11.51 | (0.02) | 2.34 | 2.32 | (0.26) |  | (0.26) | 13.57 | 20.46 | 14 | 0.87 | 1.12 | (0.16) | 59 |
|  Year ended 10/31/19 | 10.56 | 0.25 <sup>(d)</sup> | 1.41 | 1.66 | (0.11) | (0.60) | (0.71) | 11.51 | 17.23 | 12 | 0.86 | 1.14 | 2.31 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 13.04 | 0.12 | (1.51) | (1.39) | (0.12) | (0.97) | (1.09) | 10.56 | (11.68) | 11 | 0.86 | 1.19 | 0.97 | 46 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 13.69 | 0.09 <sup>(d)</sup> | (5.19) | (5.10) | (0.05) | (0.29) | (0.34) | 8.25 | (38.10) | 131987 | 0.92 | 1.09 | 0.85 <sup>(d)</sup> | 53 |
|  Year ended 10/31/21 | 13.56 | 0.08 | 0.05 <sup>(e)</sup> | 0.13 |  |  |  | 13.69 | 0.96 | 297809 | 0.87 | 1.05 | 0.55 | 45 |
|  Year ended 10/31/20 | 11.51 | (0.02) | 2.33 | 2.31 | (0.26) |  | (0.26) | 13.56 | 20.37 | 197521 | 0.87 | 1.12 | (0.16) | 59 |
|  Year ended 10/31/19 | 10.56 | 0.25 <sup>(d)</sup> | 1.41 | 1.66 | (0.11) | (0.60) | (0.71) | 11.51 | 17.24 | 111252 | 0.86 | 1.14 | 2.31 <sup>(d)</sup> | 35 |
|  Year ended 10/31/18 | 13.03 | 0.12 | (1.50) | (1.38) | (0.12) | (0.97) | (1.09) | 10.56 | (11.61) | 103172 | 0.86 | 1.19 | 0.97 | 46 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.04 and 0.35%, $(0.05) and (0.40)%, $0.01 and 0.10%, $0.07 and 0.60%, $0.06 and 0.60%, and $0.06 and 0.60% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

<sup>(e)</sup> Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments.

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

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|:---|:---|
| **12** | **Invesco International Select Equity Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

Invesco International Select Equity Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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|:---|:---|
| **13** | **Invesco International Select Equity Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

**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, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**J.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases

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|:---|:---|
| **14** | **Invesco International Select Equity Fund** |

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

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

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

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

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

**L.** **Other Risks** – The Fund is non-diversified and may invest in securities
of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **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% |

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For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.94%.

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).

Effective March 1, 2022, the Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96%, respectively, of the Fund's average daily net assets (the "expense limits"). Prior to March 1, 2022, the Adviser contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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

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| **15** | **Invesco International Select Equity Fund** |

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For the year ended October 31, 2022, the Adviser waived advisory fees of $315,894 and reimbursed class level expenses of $18,540, $1,229, $1,203, $11,439, $3 and $69,320 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $2,334 in front-end sales commissions from the sale of Class A shares and $53 and $4 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,028 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $– | $3783048 | $– | $3783048 |
|  Canada | 5814621 | – | – | 5814621 |
|  China | 11336230 | 16165683 | – | 27501913 |
|  Denmark | – | 3865860 | – | 3865860 |
|  Finland | – | 3257370 | – | 3257370 |
|  France | – | 13223777 | – | 13223777 |
|  Germany | – | 9413990 | – | 9413990 |
|  Hong Kong | – | 4379985 | – | 4379985 |
|  Italy | – | 2230414 | – | 2230414 |
|  Japan | – | 27624962 | – | 27624962 |
|  Luxembourg | – | 6778475 | – | 6778475 |
|  Netherlands | – | 4899208 | – | 4899208 |
|  Singapore | – | 3038538 | – | 3038538 |
|  South Korea | – | 3547560 | – | 3547560 |
|  Spain | – | 4424753 | – | 4424753 |
|  United Kingdom | – | 12853674 | – | 12853674 |
|  Money Market Funds | 1998978 | 2869848 | – | 4868826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $19149829 | $122357145 | $– | $141506974 |

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| | |
|:---|:---|
| **16** | **Invesco International Select Equity Fund** |

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**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $165.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $5940561 | $– |
|  Long-term capital gain | 2234780 | – |
|  Total distributions | $8175341 | $– |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $1483854 |
|  Net unrealized appreciation (depreciation) – investments | (25539260) |
|  Net unrealized appreciation (depreciation) – foreign currencies | (100997) |
|  Temporary book/tax differences | (17095) |
|  Capital loss carryforward | (63774790) |
|  Shares of beneficial interest | 228188322 |
|  Total net assets | $140240034 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $40045671 | $23729119 | $63774790 |

---

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

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $118,141,840 and $175,888,243, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $13847375 |
|  Aggregate unrealized (depreciation) of investments | (39386635) |
|  Net unrealized appreciation (depreciation) of investments | $(25539260) |

---

Cost of investments for tax purposes is $167,046,234.

---

| | |
|:---|:---|
| **17** | **Invesco International Select Equity Fund** |

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**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of passive foreign investment companies and distributions, on October 31, 2022, undistributed net investment income was decreased by $402,140 and undistributed net realized gain (loss) was increased by $402,140. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 247383 | $3072292 | 877051 | $13717786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 12236 | 126233 | 33464 | 510598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 35831 | 382821 | 41924 | 643804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 206773 | 2298927 | 526337 | 8114418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3524004 | 41546237 | 8227171 | 120033132 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 21471 | 266450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1328 | 16033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1208 | 14844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 17759 | 220741 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 613847 | 7623976 |  |  |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3853 | 39931 | 4804 | 74511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (3970) | (39931) | (4909) | (74511) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (647961) | (6862806) | (654662) | (9733977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (7850) | (75883) | (32069) | (493859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (22987) | (246489) | (14214) | (207478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (622880) | (6463848) | (126753) | (1889913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | (254) | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (9898925) | (104423729) | (1034915) | (16255606) |
|  Net increase (decrease) in share activity | (6518880) | $(62504201) | 7842975 | $114434905 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 32% 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, 55% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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| | |
|:---|:---|
| **18** | **Invesco International Select Equity Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Select Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Select Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **19** | **Invesco International Select Equity Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $811.50 | $5.57 | $1019.06 | $6.21 | 1.22% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;808.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;1015.27 | 10.01 | 1.97 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;810.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;1017.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | 1.47 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;813.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;1020.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | 0.97 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;812.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;1020.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | 0.96 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;812.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;1020.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | 0.96 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **20** | **Invesco International Select Equity Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Select Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense

data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of

investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

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| | |
|:---|:---|
| **21** | **Invesco International Select Equity Fund** |

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The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Hong Kong Limited currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA<sup>®</sup> Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods. (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that stock selection in and overweight, underweight or lack of exposure to certain sectors and geographic regions detracted from the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees were in the fifth quintile of its expense group and discussed with

management reasons for such relative contractual management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco

Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7

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|:---|:---|
| **22** | **Invesco International Select Equity Fund** |

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(collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **23** | **Invesco International Select Equity Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Long-Term Capital Gain Distributions | $2234780 |
|  Qualified Dividend Income\* | 61.44% |
|  Corporate Dividends Received Deduction\* | 0.00% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |
|  \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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|:---|:---|
| **24** | **Invesco International Select Equity Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco International Select Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco International Select Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort – 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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|:---|:---|
| **T-3** | **Invesco International Select Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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|:---|:---|
| **T-4** | **Invesco International Select Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco International Select Equity Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and<br>Position(s)<br>Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

**Office of the Fund** 

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

**Counsel to the Fund** 

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

**Investment Adviser** 

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

**Counsel to the Independent Trustees** 

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

**Distributor** 

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

**Transfer Agent** 

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

**Auditors** 

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

**Custodian** 

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

---

| | |
|:---|:---|
| **T-6** | **Invesco International Select Equity Fund** |

---

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(This page intentionally left blank)

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![LOGO](g388917g00n32.jpg)

**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

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∎ Daily confirmations

∎ Tax forms

------

**Invesco mailing information** 

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

------

**Important notice regarding delivery of security holder documents** 

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

------

**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g388917g03n32.jpg)

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

------

![LOGO](g390460dsp1.jpg)

---

| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco International Small-Mid Company Fund** 

Nasdaq: <br> A: OSMAX ◾ C: OSMCX ◾ R: OSMNX ◾ Y: OSMYX ◾ R5: INSLX ◾ R6: OSCIX

---

| | |
|:---|:---|
| 2 | [Management's Discussion](#edg390460_1) |
| 2 | [Performance Summary](#edg390460_2) |
| 4 | [Long-Term Fund Performance](#edg390460_3) |
| 6 | [Supplemental Information](#edg390460_4) |
| 8 | [Schedule of Investments](#edg390460_5) |
| 11 | [Financial Statements](#edg390460_6) |
| 14 | [Financial Highlights](#edg390460_7) |
| 15 | [Notes to Financial Statements](#edg390460_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg390460_9) |
| 22 | [Fund Expenses](#edg390460_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg390460_11) |
| 26 | [Tax Information](#edg390460_12) |
| T-1 | [Trustees and Officers](#edg390460_13) |

---

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**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
|  **Performance summary** | **Performance summary** |  |
|  For the fiscal year ended October 31, 2022, Class A shares of Invesco International Small-Mid Company Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA SMID Cap Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | For the fiscal year ended October 31, 2022, Class A shares of Invesco International Small-Mid Company Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA SMID Cap Index.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
|  <br> **Fund vs. Indexes** | <br> **Fund vs. Indexes** |  |
|  *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
|  Class A Shares | -36.72% |  |
|  Class C Shares | -37.20 |  |
|  Class R Shares | -36.87 |  |
|  Class Y Shares | -36.57 |  |
|  Class R5 Shares | -36.51 |  |
|  Class R6 Shares | -36.48 |  |
|  MSCI All Country World ex USA SMID Cap Index<sup>▼</sup>  | -27.32 |  |
|  MSCI All Country World ex USA Small Cap Index<sup>▼</sup> | -27.75 |  |
| &nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. | &nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |

---

------

**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underper-formed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year re-

turns for developed market equities and emerging market equities were both in negative territory.

The Fund's Class A shares returned -36.72% during the fiscal year ended October 31, 2022. Its benchmark, the MSCI All Country World ex USA SMID Cap Index, returned -27.32%.

The Fund reflects a consistent philosophy. We are disciplined, long-term investors, focused on international small- and mid-cap companies that we believe can compound returns for shareholders over time. We scour healthy and growing industries to find businesses that we believe are built to last. We seek companies that are often leaders in their niche, are positioned to thrive in a wide range of economic environments and we expect can deliver consistently high returns on capital.

The Fund mostly performed as we would expect a quality-growth compounder strategy to do in a cyclical and commodity driven market environment. Through most of the fiscal year, uncertainty permeated the markets due to fears of inflation, higher interest rates, supply chain problems and Russia's invasion of Ukraine, among other issues. During the first half of the fiscal year, equity markets made a sharp turn towards value and cyclical industries, as they are better-suited short-term investments. This led to our long-term oriented strategy trailing its benchmark during that time. The Fund performed in line with the benchmark during the second half of the fiscal year as quality-growth markets outperformed for portions of the fiscal year.

The Fund underperformed the most in the industrials, healthcare and financials sectors due to stock selection. Our overweight allocation to healthcare and underweight allocation to financials also hurt relative Fund performance. The Fund outperformed in the real estate and consumer discretionary sectors due to its underweight allocation to the sectors.

Top contributors to the Fund's absolute performance during this fiscal year were

**Gaztransport & Technigaz**, **Brewin Dolphin Holdings** and **Triveni Turbine**.

Gaztransport & Technigaz is a French engineering company that provides liquified natural gas (LNG) containment systems to shippers and storers of LNG. Structural demand is strong as the world tries to move from coal to cleaner energy sources, of which LNG is one. The Russian invasion of Ukraine has accelerated demand for LNG infrastructure around the world. We exited our position in the company during the fiscal year.

Brewin Dolphin Holdings is a UK asset management firm. At the end of the first quarter of 2022, the Royal Bank of Canada bid for the company at a significant premium and management accepted. We exited our position during the first half of the fiscal year.

Triveni Turbine is an Indian manufacturer and after-sales servicer of steam turbines to a variety of industries. The share price responded favorably to the company's earnings announcements during the third quarter of 2022.

Top detractors from the Fund's absolute performance during this fiscal year were

**Partners Group Holding**, **Sdiptech** and **MIPS**.

Partners Group Holding is a Swiss company that was added to the portfolio in the fourth quarter of 2019. Partners Group Holding is an asset manager that invests in private equity, with a seven-year "lock-up" on the money invested with it. We have long been attracted to Partners Group Holding's strong business model and track record. The shares experienced profit taking during the fiscal year after performing well last fiscal year.

Sdiptech is a Swedish company focused on providing equipment and control systems for public infrastructure in the niche areas of water treatment, transportation and building climate control and security. The stock has experienced profit taking this fiscal year after performing well last fiscal year. We continue to view the company's prospects favorably.

MIPS is a Swedish company that is one of the worlds leading suppliers of the interior safety systems for sports helmets. Over the years, MIPS has managed to establish a recognizable brand among end users, much as Intel did many years ago with "Intel inside." MIPS share price declined from previous highs due to profit taking and market volatility. We continue to view the company's prospects favorably.

Thank you for your continued investment in Invesco International Small-Mid Company Fund.

**2 Invesco International Small-Mid Company Fund**

------

**Portfolio manager(s)**:

David Nadel

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

**3 Invesco International Small-Mid Company Fund**

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment — Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g390460dsp004.jpg)

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

**4 Invesco International Small-Mid Company Fund**

------

---

| | | |
|:---|:---|:---|
|  **Average Annual Total Returns** | **Average Annual Total Returns** |  |
| *As of 10/31/22, including maximum*<br> *applicable sales charges* | *As of 10/31/22, including maximum*<br> *applicable sales charges* | <br>|
|  **Class A Shares** |  |  |
|  Inception (11/17/97) | 10.48 | % |
|  10 Years | 8.73 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.23 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -40.20 |  |
|  **Class C Shares** |  |  |
|  Inception (11/17/97) | 10.45 | % |
|  10 Years | 8.69 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.61 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -37.76 |  |
|  **Class R Shares** |  |  |
|  Inception (3/1/01) | 10.89 | % |
|  10 Years | 9.06 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.11 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.87 |  |
|  **Class Y Shares** |  |  |
|  Inception (9/7/05) | 9.33 | % |
|  10 Years | 9.62 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.62 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.57 |  |
|  **Class R5 Shares** |  |  |
|  10 Years | 9.48 | % |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.61 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.51 |  |
|  **Class R6 Shares** |  |  |
|  Inception (12/29/11) | 10.71 | % |
|  10 Years | 9.79 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.76 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.48 |  |

---

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

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

**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.** 

**5 Invesco International Small-Mid Company Fund**

------

**Supplemental Information** 

**Invesco International Small-Mid Company Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA SMID Cap Index** is designed to measure the equity market performance of small-and mid-cap developed
and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **MSCI All Country World ex USA Small Cap Index** represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed
using the net return, which withholds applicable taxes for non-resident investors.

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

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

---

| |
|:---|
| &nbsp;&nbsp; <br> **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.**<br>|
| <br>NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE |

---

**6 Invesco International Small-Mid Company Fund**

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.73% |
| Information Technology | 25.94 |
| Health Care | 16.96 |
| Materials | 5.47 |
| Financials | 4.83 |
| Communication Services | 4.21 |
| Consumer Staples | 2.86 |
|  Consumer Discretionary | 2.39 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.61 |

---

**Top 10 Equity Holdings\*** 

---

| | |
|:---|:---|
|  | **% of total net assets** |
|  &nbsp;&nbsp;&nbsp;&nbsp;1. Partners Group Holding AG | 2.42% |
|  &nbsp;&nbsp;&nbsp;&nbsp;2. Obic Co. Ltd. | 2.22 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3. Nice Ltd., ADR | 1.83 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4. Azbil Corp. | 1.80 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5. Croda International PLC | 1.71 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6. Carl Zeiss Meditec AG, BR | 1.71 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7. Disco Corp. | 1.50 |
|  &nbsp;&nbsp;&nbsp;&nbsp;8. Spirax-Sarco Engineering PLC | 1.50 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9. Bruker Corp. | 1.43 |
| 10. Ariake Japan Co. Ltd. | 1.42 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

**7 Invesco International Small-Mid Company Fund** 

------

**Schedule of Investments** 

*October 31, 2022* 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–99.39%** | **Common Stocks & Other Equity Interests–99.39%** | **Common Stocks & Other Equity Interests–99.39%** |
|  **Australia–4.34%** |  |  |
|  ALS Ltd. | 5339911 | $38950543 |
|  carsales.com Ltd. | 4114926 | 53263041 |
|  Cochlear Ltd. | 351530 | 44981286 |
|  IPH Ltd. | 10383417 | 65815085 |
|  |  | 203009955 |
|  **Austria–0.42%** |  |  |
|  Fabasoft AG | 1112457 | 19789074 |
|  **Brazil–2.26%** |  |  |
|  Boa Vista Servicos S.A. | 23343854 | 28470870 |
|  Odontoprev S.A. | 16151240 | 25889511 |
|  TOTVS S.A. | 6179237 | 39667699 |
|  WEG S.A. | 1488300 | 11605600 |
|  |  | 105633680 |
|  **Canada–1.18%** |  |  |
|  Descartes Systems Group, Inc. (The)<sup>(a)</sup>  | 804257 | 55492464 |
|  **Denmark–2.64%** |  |  |
|  Chemometec A/S | 532771 | 50157097 |
|  Chr. Hansen Holding A/S | 521169 | 28905800 |
|  SimCorp A/S | 746030 | 44504240 |
|  |  | 123567137 |
|  **France–3.56%** |  |  |
|  Alten S.A. | 333940 | 38987888 |
|  Interparfums S.A. | 574184 | 27672325 |
|  Lectra | 980484 | 31380840 |
|  Neurones | 921048 | 31934950 |
|  Thermador Groupe | 240448 | 20015485 |
|  Vetoquinol S.A. | 202517 | 16831553 |
|  |  | 166823041 |
|  **Germany–8.03%** |  |  |
|  Amadeus Fire AG<sup>(b)</sup>  | 298096 | 30113154 |
|  Atoss Software AG | 191151 | 23319282 |
|  Carl Zeiss Meditec AG, BR | 661437 | 80113765 |
|  CTS Eventim AG & Co. KGaA<sup>(a)</sup>  | 690669 | 32995260 |
|  Fuchs Petrolub SE, Preference Shares | 664890 | 19055663 |
|  Knorr-Bremse AG | 237335 | 10684025 |
|  Nemetschek SE | 727133 | 34746306 |
|  New Work SE | 248246 | 31108966 |
|  Sartorius AG, Preference Shares | 128963 | 45515742 |
|  STRATEC SE | 412804 | 34637151 |
|  Symrise AG | 328974 | 33600463 |
|  |  | 375889777 |
|  **Iceland–1.74%** |  |  |
|  Marel HF<sup>(c)</sup>  | 6108614 | 21916757 |
|  Ossur HF<sup>(a)</sup>  | 13469863 | 59499512 |
|  |  | 81416269 |
|  **India–2.65%** |  |  |
|  AIA Engineering Ltd. | 835735 | 27061193 |
|  Britannia Industries Ltd. | 885813 | 40292566 |
|  Coforge Ltd. | 504094 | 23173562 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **India–(continued)** |  |  |
|  Triveni Turbine Ltd. | 9893329 | $33427583 |
|  |  | 123954904 |
|  **Indonesia–0.17%** |  |  |
|  PT Selamat Sempurna Tbk | 81283400 | 7816855 |
|  **Israel–1.83%** |  |  |
|  Nice Ltd., ADR<sup>(a)</sup>  | 451072 | 85654062 |
|  **Italy–4.17%** |  |  |
|  Antares Vision S.p.A.<sup>(a)(b)</sup>  | 1945014 | 16508773 |
|  DiaSorin S.p.A. | 390522 | 51081180 |
|  GVS S.p.A.<sup>(a)(c)</sup>  | 2465468 | 12645941 |
|  Interpump Group S.p.A. | 902937 | 35018962 |
|  Recordati Industria Chimica e Farmaceutica S.p.A. | 780646 | 29353178 |
|  Technoprobe S.p.A.<sup>(a)</sup>  | 3675425 | 25282674 |
|  Tinexta S.p.A. | 1251859 | 25239334 |
|  |  | 195130042 |
|  **Japan–21.90%** |  |  |
|  Ariake Japan Co. Ltd.<sup>(b)</sup>  | 1916600 | 66191196 |
|  As One Corp. | 1246726 | 53134740 |
|  Azbil Corp. | 3090400 | 84008154 |
|  Benefit One, Inc. | 2980600 | 41335765 |
|  Daifuku Co. Ltd. | 1138200 | 52158294 |
|  Disco Corp. | 294000 | 70353941 |
|  Fukui Computer Holdings, Inc.<sup>(b)</sup>  | 1357900 | 31715825 |
|  Funai Soken Holdings, Inc. | 308200 | 5497568 |
|  Infomart Corp. | 8456826 | 27311934 |
|  Japan Elevator Service Holdings Co. Ltd. | 3819200 | 45109160 |
|  Kakaku.com, Inc. | 1370200 | 23140931 |
|  Medikit Co. Ltd. | 7600 | 123632 |
|  Meitec Corp. | 3177258 | 53577954 |
|  MISUMI Group, Inc. | 1374800 | 29237787 |
|  MonotaRO Co. Ltd. | 1936920 | 29516756 |
|  NSD Co. Ltd. | 2063400 | 35283473 |
|  OBIC Business Consultants Co. Ltd. | 1356900 | 38952587 |
|  Obic Co. Ltd. | 694000 | 104092713 |
|  SCSK Corp. | 2729200 | 40208331 |
|  Seria Co. Ltd. | 1751600 | 28636169 |
|  SHO-BOND Holdings Co. Ltd. | 1030200 | 44529129 |
|  Sysmex Corp. | 409600 | 22095941 |
|  TechnoPro Holdings, Inc. | 1903200 | 45176880 |
|  TKC Corp. | 1337518 | 34088945 |
|  USS Co. Ltd. | 1315748 | 19831230 |
|  |  | 1025309035 |
|  **Jersey–0.80%** |  |  |
|  JTC PLC<sup>(c)</sup>  | 4659679 | 37352586 |
|  **Netherlands–1.09%** |  |  |
|  IMCD N.V. | 395553 | 51255734 |
|  **New Zealand–0.38%** |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 1583955 | 18029284 |

---

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

**8 Invesco International Small-Mid Company Fund** 

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **Norway–0.42%** |  |  |
|  Medistim ASA | 863098 | $19923349 |
|  **South Korea–0.45%** |  |  |
|  NICE Information Service Co. Ltd. | 2318417 | 21106756 |
|  **Spain–0.35%** |  |  |
|  Applus Services S.A. | 2762140 | 16327441 |
|  **Sweden–12.80%** |  |  |
|  AddTech AB, Class B | 2684037 | 32433558 |
|  Alfa Laval AB | 1980488 | 48693789 |
|  Biotage AB | 2664336 | 43709369 |
|  Bravida Holding AB<sup>(c)</sup>  | 3610682 | 33821012 |
|  Cellavision AB | 943238 | 17676964 |
|  Epiroc AB, Class A | 1763835 | 26969384 |
|  Fortnox AB | 9654743 | 41102525 |
|  Hexpol AB | 4642085 | 45781830 |
|  Karnov Group AB<sup>(a)(b)</sup>  | 6523524 | 34774863 |
|  Lifco AB, Class B | 2689161 | 38815561 |
|  Lime Technologies AB<sup>(b)</sup>  | 762921 | 13931719 |
|  Loomis AB | 1816352 | 50741097 |
|  MIPS AB<sup>(c)</sup>  | 814189 | 26318527 |
|  Mycronic AB | 2122317 | 33369039 |
|  Sdiptech AB, Class B<sup>(a)(b)</sup>  | 2383465 | 45943824 |
|  SmartCraft ASA<sup>(a)</sup>  | 8513068 | 13091449 |
|  Vitec Software Group AB, Class B | 1282738 | 47121557 |
|  Vitrolife AB | 320630 | 5179350 |
|  |  | 599475417 |
|  **Switzerland–10.15%** |  |  |
|  Belimo Holding AG | 117141 | 47833573 |
|  Bossard Holding AG, Class A | 116963 | 23177427 |
|  dormakaba Holding AG | 39136 | 12407093 |
|  Forbo Holding AG | 24038 | 29078398 |
|  Interroll Holding AG, Class R | 12485 | 26278422 |
|  Kardex Holding AG | 264500 | 40368556 |
|  LEM Holding S.A. | 25605 | 42646442 |
|  Partners Group Holding AG | 126195 | 113115538 |
|  Tecan Group AG, Class R | 172642 | 63486503 |
|  VAT Group AG<sup>(c)</sup>  | 124128 | 28304423 |
|  VZ Holding AG | 702144 | 48431099 |
|  |  | 475127474 |
|  **Taiwan–0.45%** |  |  |
|  Advantech Co. Ltd. | 2326000 | 21053000 |

---

Investment Abbreviations:

ADR - American Depositary Receipt <br> BR - Bearer Shares

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **United Kingdom–14.66%** |  |  |
|  Alpha Financial Markets Consulting PLC<sup>(b)</sup>  | 6044324 | $25993604 |
|  Auction Technology Group PLC<sup>(a)</sup>  | 3422020 | 29315050 |
|  Bunzl PLC | 625972 | 20376416 |
|  Croda International PLC | 1034783 | 80149798 |
|  Diploma PLC | 2005065 | 57113081 |
|  FDM Group Holdings PLC | 3624457 | 26227676 |
|  Halma PLC | 2316362 | 56117859 |
|  Hill & Smith Holdings PLC | 1469413 | 16624449 |
|  Howden Joinery Group PLC | 5593479 | 32934995 |
|  IMI PLC | 2370322 | 33380529 |
|  Intertek Group PLC | 277909 | 11638212 |
|  Johnson Service Group PLC<sup>(b)</sup>  | 35452722 | 37689191 |
|  Rathbones Group PLC | 1257012 | 27002614 |
|  Restore PLC<sup>(b)</sup>  | 10934102 | 45141202 |
|  Rightmove PLC | 3793959 | 21373251 |
|  Rotork PLC | 12033507 | 35355651 |
|  Spirax-Sarco Engineering PLC | 570453 | 70247432 |
|  Victrex PLC | 1671287 | 31665753 |
|  Weir Group PLC (The) | 1598699 | 27875359 |
|  |  | 686222122 |
|  **United States–2.95%** |  |  |
|  Allegion PLC | 237175 | 24848825 |
|  Bruker Corp. | 1081138 | 66857574 |
|  ICON PLC<sup>(a)</sup>  | 234183 | 46330764 |
|  |  | 138037163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $4,085,269,496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $4,085,269,496) | 4653396621 |
|  **Money Market Funds–0.39%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(b)(d)</sup>  | 6447173 | 6447173 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(b)(d)</sup>  | 4603988 | 4604909 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(b)(d)</sup>  | 7368198 | 7368198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $18,419,883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $18,419,883) | 18420280 |
|  TOTAL INVESTMENTS IN SECURITIES–99.78%<br>(Cost $4,103,689,379) | TOTAL INVESTMENTS IN SECURITIES–99.78%<br>(Cost $4,103,689,379) | 4671816901 |
|  OTHER ASSETS LESS LIABILITIES–0.22% | OTHER ASSETS LESS LIABILITIES–0.22% | 10314567 |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $4682131468 |

---

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

**9 Invesco International Small-Mid Company Fund** 

------

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31,**<br> **2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31,**<br> **2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $26783461 | $365074256 | $(385410544) | $- | $- | $6447173 | $148147 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 16470796 | 260767326 | (272629865) | 397 | (3745) | 4604909 | 83610 |
|  Invesco Treasury Portfolio, Institutional Class | 30609669 | 417227721 | (440469192) | - | - | 7368198 | 141907 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 8748669 | (8748669) | - | - | - | 9904 \* |
|  Invesco Private Prime Fund | - | 22508347 | (22508454) | - | 107 | - | 25967 \* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
|  Alpha Financial Markets Consulting PLC | - | 30096639 | - | (4103035) | - | 25993604 | 676530 |
|  Amadeus Fire AG | 72508225 | 2165768 | (6632436) | (38819933) | 891530 | 30113154 | 772185 |
|  Antares Vision S.p.A. | 22089362 | 2408809 | - | (7989398) | - | 16508773 | - |
|  Ariake Japan Co. Ltd. | 109549953 | 12413093 | (4335454) | (48979570) | (2456826) | 66191196 | 1222622 |
|  Bravura Solutions Ltd. | 50286904 | - | (32337087) | 7361325 | (25311142) | - | 441380 |
|  Fukui Computer Holdings, Inc. | 38155165 | 12271527 | (3565281) | (13564382) | (1581204) | 31715825 | 641617 |
|  IPH Ltd.\*\* | 82084407 | 3980215 | (16651783) | (3235884) | (361870) | 65815085 | 2423357 |
|  Johnson Service Group PLC | 46281211 | 21022901 | (5476189) | (23071555) | (1067177) | 37689191 | 328410 |
|  Karnov Group AB | 49345718 | 9990548 | (17259549) | (7161111) | (140743) | 34774863 | - |
|  Lime Technologies AB | 5833382 | 21963177 | (6847) | (13849742) | (8251) | 13931719 | 171578 |
|  Meitec Corp.\*\* | 90716025 | 6674547 | (30904825) | (10736377) | (2171416) | 53577954 | 2284838 |
|  New Work SE\*\* | 74916904 | 4347066 | (9133495) | (28310924) | (10710585) | 31108966 | 1895117 |
|  Odontoprev S.A.\*\* | 76227051 | 5268564 | (37847500) | 10293746 | (28052350) | 25889511 | 1817480 |
|  Restore PLC | 86055343 | - | (13883222) | (27746331) | 715412 | 45141202 | 993796 |
|  Sdiptech AB, Class B | 130016552 | 4212722 | (10994040) | (79375953) | 2084543 | 45943824 | - |
|  Total | $1007930128 | $1211141895 | $(1318794432) | $(289288727) | $(68173717) | $542815147 | $14078445 |

---

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

\*\* As of October 31, 2022, this security was not considered as an affiliate of the Fund.

<sup>(c)</sup> 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 October 31, 2022 was $160,359,246, which represented 3.42% of the Fund's Net Assets. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

**10 Invesco International Small-Mid Company Fund** 

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $3,704,968,215) | $4305393270 |
|  Investments in affiliates, at value<br>(Cost $398,721,164) | 366423631 |
|  Cash | 943714 |
|  Foreign currencies, at value (Cost $2,635,514) | 2660383 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12815260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2940092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 22624376 |
|  Investment for trustee deferred compensation and retirement plans | 212713 |
|  Other assets | 2138679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4716152118 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2222227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 25781138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 3044334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 1944350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 59415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 756473 |
|  Trustee deferred compensation and retirement plans | 212713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 34020650 |
|  Net assets applicable to shares outstanding | $4682131468 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Shares of beneficial interest | $4170326083 |
|  Distributable earnings | 511805385 |
|  | $4682131468 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $787041668 |
|  Class C | $41813085 |
|  Class R | $63205322 |
|  Class Y | $1943232672 |
|  Class R5 | $379371 |
|  Class R6 | $1846459350 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 21679771 |
|  Class C | 1340461 |
|  Class R | 1876764 |
|  Class Y | 53895704 |
|  Class R5 | 10353 |
|  Class R6 | 50869821 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $36.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $36.30 ÷ 94.50%) | $38.41 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $31.19 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $33.68 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $36.06 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $36.64 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $36.30 |

---

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

**11 Invesco International Small-Mid Company Fund** 

------

**Statement of Operations** 

*For the year ended October 31, 2022*

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $249 |
|  Dividends (net of foreign withholding taxes of $8,661,959) | 78619197 |
|  Dividends from affiliates (includes net securities lending income of $4,138) | 14046712 |
|  Foreign withholding tax claims | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 92687908 |
|  **Expenses:** |  |
|  Advisory fees | 59137152 |
|  Administrative services fees | 920546 |
|  Custodian fees | 861454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A | 2565814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C | 729370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class R | 405125 |
|  Transfer agent fees – A, C, R and Y | 6155436 |
|  Transfer agent fees – R5 | 235 |
|  Transfer agent fees – R6 | 784830 |
|  Trustees' and officers' fees and benefits | 79708 |
|  Registration and filing fees | 198418 |
|  Professional services fees | 91342 |
|  Other | (166843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 71762587 |
|  Less: Fees waived and/or expense offset arrangement(s) | (40941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 71721646 |
|  Net investment income | 20966262 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $5,180,309) | 120822718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (68173717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (3132067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 536 |
|  | 49517470 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $6,982,249) | (2859513376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (289288727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1994760) |
|  | (3150796863) |
|  Net realized and unrealized gain (loss) | (3101279393) |
|  Net increase (decrease) in net assets resulting from operations | $(3080313131) |

---

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

**12 Invesco International Small-Mid Company Fund** 

------

**Statement of Changes in Net Assets** 

*For* *the years ended October 31, 2022 and 2021*

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $20966262 | $22078358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 49517470 | 915933338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (3150796863) | 1415006946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3080313131) | 2353018642 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (128634056) | (102620781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (11532447) | (12866389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (10131133) | (8163910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (374453286) | (284649017) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (34765) | (30241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (296558579) | (220448627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (821344266) | (628778965) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (21103345) | (36705496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (28026470) | (42639705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 5279589 | (2099240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (335933581) | 27689473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 85430 | 232272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 33384828 | 63256803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (346313549) | 9734107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (4247970946) | 1733973784 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8930102414 | 7196128630 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4682131468 | $8930102414 |

---

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

**13 Invesco International Small-Mid Company Fund** 

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income**<br> **(loss)<sup>(a)</sup>** | **Net gains<br>(losses)** <br> **on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net**<br> **realized<br>gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total<br>return<sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with<br>fee waivers<br>and/or**<br> **expenses**<br> **absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers**<br> **and/or<br>expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(d)</sup>** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | $63.38 | $0.04 | $(21.41) | $(21.37) | $(0.02) | $(5.69) | $(5.71) | $36.30 | (36.72)%<sup>(e)</sup> | $787042 | 1.33 %<sup>(e)</sup> | 1.33 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 20% |
| Year ended 10/31/21 | 51.69 | 0.02 | 16.17 | 16.19 |  | (4.50) | (4.50) | 63.38 | 33.13 <sup>(e)</sup> | 1439340 | 1.31 <sup>(e)</sup> | 1.31 <sup>(e)</sup> | 0.04 <sup>(e)</sup> | 24 |
| Year ended 10/31/20 | 48.20 | (0.10) | 5.95 | 5.85 | (0.18) | (2.18) | (2.36) | 51.69 | 12.53 <sup>(e)</sup> | 1199225 | 1.34 <sup>(e)</sup> | 1.34 <sup>(e)</sup> | (0.22)<sup>(e)</sup> | 73 |
| Two months ended 10/31/19 | 46.25 | (0.03) | 1.98 | 1.95 |  |  |  | 48.20 | 4.22 | 1417657 | 1.31 <sup>(f)</sup> | 1.31 <sup>(f)</sup> | (0.37)<sup>(f)</sup> | 0 <sup>(g)</sup> |
| Year ended 08/31/19 | 54.54 | (0.03) | (3.81) | (3.84) | (0.22) | (4.23) | (4.45) | 46.25 | (6.21) | 1394542 | 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 | 1777990 | 1.38 | 1.38 | (0.10) | 27 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | 55.66 | (0.27) | (18.51) | (18.78) |  | (5.69) | (5.69) | 31.19 | (37.20) | 41813 | 2.09 | 2.09 | (0.66) | 20 |
| Year ended 10/31/21 | 46.22 | (0.37) | 14.31 | 13.94 |  | (4.50) | (4.50) | 55.66 | 32.10 | 117303 | 2.07 | 2.07 | (0.72) | 24 |
| Year ended 10/31/20 | 43.62 | (0.41) | 5.34 | 4.93 | (0.15) | (2.18) | (2.33) | 46.22 | 11.70 | 135265 | 2.10 | 2.10 | (0.98) | 73 |
| Two months ended 10/31/19 | 41.91 | (0.08) | 1.79 | 1.71 |  |  |  | 43.62 | 4.08 | 177238 | 2.07 <sup>(f)</sup> | 2.07 <sup>(f)</sup> | (1.13)<sup>(f)</sup> | 0 <sup>(g)</sup> |
| Year ended 08/31/19 | 50.01 | (0.35) | (3.52) | (3.87) |  | (4.23) | (4.23) | 41.91 | (6.91) | 179992 | 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 | 323001 | 2.13 | 2.13 | (0.85) | 27 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | 59.34 | (0.07) | (19.90) | (19.97) |  | (5.69) | (5.69) | 33.68 | (36.87) | 63205 | 1.59 | 1.59 | (0.16) | 20 |
| Year ended 10/31/21 | 48.78 | (0.12) | 15.18 | 15.06 |  | (4.50) | (4.50) | 59.34 | 32.76 | 106435 | 1.57 | 1.57 | (0.22) | 24 |
| Year ended 10/31/20 | 45.70 | (0.21) | 5.63 | 5.42 | (0.16) | (2.18) | (2.34) | 48.78 | 12.26 | 88420 | 1.60 | 1.60 | (0.48) | 73 |
| Two months ended 10/31/19 | 43.88 | (0.05) | 1.87 | 1.82 |  |  |  | 45.70 | 4.15 | 95501 | 1.57 <sup>(f)</sup> | 1.57 <sup>(f)</sup> | (0.63)<sup>(f)</sup> | 0 <sup>(g)</sup> |
| Year ended 08/31/19 | 52.05 | (0.14) | (3.65) | (3.79) | (0.15) | (4.23) | (4.38) | 43.88 | (6.44) | 94864 | 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 | 103818 | 1.63 | 1.63 | (0.35) | 27 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | 63.00 | 0.15 | (21.23) | (21.08) | (0.17) | (5.69) | (5.86) | 36.06 | (36.55) | 1943233 | 1.09 | 1.09 | 0.34 | 20 |
| Year ended 10/31/21 | 51.29 | 0.16 | 16.05 | 16.21 |  | (4.50) | (4.50) | 63.00 | 33.45 | 4039299 | 1.07 | 1.07 | 0.28 | 24 |
| Year ended 10/31/20 | 47.75 | 0.02 | 5.90 | 5.92 | (0.20) | (2.18) | (2.38) | 51.29 | 12.81 | 3240701 | 1.10 | 1.10 | 0.02 | 73 |
| Two months ended 10/31/19 | 45.80 | (0.01) | 1.96 | 1.95 |  |  |  | 47.75 | 4.26 | 4085890 | 1.07 <sup>(f)</sup> | 1.07 <sup>(f)</sup> | (0.13)<sup>(f)</sup> | 0 <sup>(g)</sup> |
| Year ended 08/31/19 | 54.15 | 0.08 | (3.80) | (3.72) | (0.40) | (4.23) | (4.63) | 45.80 | (5.98) | 3986316 | 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 | 5811651 | 1.14 | 1.14 | 0.15 | 27 |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | 63.92 | 0.19 | (21.57) | (21.38) | (0.21) | (5.69) | (5.90) | 36.64 | (36.51) | 379 | 1.00 | 1.00 | 0.43 | 20 |
| Year ended 10/31/21 | 51.94 | 0.20 | 16.28 | 16.48 |  | (4.50) | (4.50) | 63.92 | 33.55 | 512 | 1.00 | 1.00 | 0.35 | 24 |
| Year ended 10/31/20 | 48.26 | 0.07 | 5.99 | 6.06 | (0.20) | (2.18) | (2.38) | 51.94 | 12.99 | 191 | 0.99 | 0.99 | 0.13 | 73 |
| Two months ended 10/31/19 | 46.29 | (0.01) | 1.98 | 1.97 |  |  |  | 48.26 | 4.26 | 20 | 1.01 <sup>(f)</sup> | 1.01 <sup>(f)</sup> | (0.07)<sup>(f)</sup> | 0 <sup>(g)</sup> |
| Period ended 08/31/19<sup>(h)</sup> | 46.97 | 0.04 | (0.72) | (0.68) | – | – | – | 46.29 | (1.45) | 19 | 1.01 <sup>(f)</sup> | 1.01 <sup>(f)</sup> | 0.29 <sup>(f)</sup> | 28 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended 10/31/22 | 63.39 | 0.21 | (21.37) | (21.16) | (0.24) | (5.69) | (5.93) | 36.30 | (36.48) | 1846459 | 0.97 | 0.97 | 0.46 | 20 |
| Year ended 10/31/21 | 51.52 | 0.23 | 16.14 | 16.37 |  | (4.50) | (4.50) | 63.39 | 33.62 | 3227212 | 0.95 | 0.95 | 0.40 | 24 |
| Year ended 10/31/20 | 47.90 | 0.08 | 5.93 | 6.01 | (0.21) | (2.18) | (2.39) | 51.52 | 12.97 | 2532327 | 0.95 | 0.95 | 0.17 | 73 |
| Two months ended 10/31/19 | 45.94 | (0.00<sup></sup>)<sup>(i)</sup> | 1.96 | 1.96 |  |  |  | 47.90 | 4.27 | 2759984 | 0.94 <sup>(f)</sup> | 0.94 <sup>(f)</sup> | 0.00 <sup>(f)(g)</sup> | 0 <sup>(g)</sup> |
| Year ended 08/31/19 | 54.32 | 0.16 | (3.82) | (3.66) | (0.49) | (4.23) | (4.72) | 45.94 | (5.82) | 2692561 | 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 | 3236676 | 0.96 | 0.96 | 0.32 | 27 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018, respectively. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended October 31, 2022, 2021 and 2020. 

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount represents less than 0.005%. 

<sup>(h)</sup> Commencement date after the close of business on May 24, 2019.

<sup>(i)</sup> Amount represents less than $(0.005) per share. 

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

**14 Invesco International Small-Mid Company Fund** 

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**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1—Significant Accounting Policies** 

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

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

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

Effective as of the open of business June 28, 2022, the Fund reopened to all investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**15 Invesco International Small-Mid Company Fund** 

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

**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**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

**16 Invesco International Small-Mid Company Fund** 

------

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates** 

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  Up to $500 million | 1.000% |
|  Next $500 million | 0.950% |
|  Next $4 billion | 0.920% |
|  Next $5 billion | 0.900% |
|  Next $10 billion | 0.880% |
|  Over $20 billion | 0.870% |

---

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

For the year ended October 31, 2022, 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. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund's average daily net assets (the "expense limits").In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $36,397.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and

**17 Invesco International Small-Mid Company Fund** 

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Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $29,999 in front-end sales commissions from the sale of Class A shares and $0 and $494 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $4,114 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 market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

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

---

---

| | |
|:---|:---|
| Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.  |

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | | | | |
|  Australia | $– | $203009955 | $– | $203009955 |
|  Austria | – | 19789074 | – | 19789074 |
|  Brazil | 105633680 | – | – | 105633680 |
|  Canada | 55492464 | – | – | 55492464 |
|  Denmark | – | 123567137 | – | 123567137 |
|  France | 16831553 | 149991488 | – | 166823041 |
|  Germany | – | 375889777 | – | 375889777 |
|  Iceland | – | 81416269 | – | 81416269 |
|  India | – | 123954904 | – | 123954904 |
|  Indonesia | – | 7816855 | – | 7816855 |
|  Israel | 85654062 | – | – | 85654062 |
|  Italy | – | 195130042 | – | 195130042 |
|  Japan | – | 1025309035 | – | 1025309035 |
|  Jersey | 37352586 | – | – | 37352586 |
|  Netherlands | – | 51255734 | – | 51255734 |
|  New Zealand | – | 18029284 | – | 18029284 |
|  Norway | – | 19923349 | – | 19923349 |
|  South Korea | – | 21106756 | – | 21106756 |
|  Spain | – | 16327441 | – | 16327441 |
|  Sweden | 121593121 | 477882296 | – | 599475417 |
|  Switzerland | – | 475127474 | – | 475127474 |
|  Taiwan | – | 21053000 | – | 21053000 |
|  United Kingdom | 233102903 | 453119219 | – | 686222122 |
|  United States | 138037163 | – | – | 138037163 |
|  Money Market Funds | 18420280 | – | – | 18420280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $812117812 | $3859699089 | $– | $4671816901 |

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**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

**18 Invesco International Small-Mid Company Fund** 

------

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 year ended October 31, 2022** 

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

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| | |
|:---|:---|
|  | **Location of Gain on<br>Statement of Operations** |
| | **Currency<br>Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $536 |

---

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

---

| | |
|:---|:---|
| | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $734567 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,544.

**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
|  Ordinary income\* | $113739597 | $– |
|  Long-term capital gain | 707604669 | 628778965 |
|  Total distributions | $821344266 | $628778965 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
| | **2022** |
|  Undistributed ordinary income | $13104198 |
|  Undistributed long-term capital gain | 13347994 |
|  Net unrealized appreciation – investments | 486086136 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (1757938) |
|  Temporary book/tax differences | 1024995 |
|  Shares of beneficial interest | 4170326083 |
|  Total net assets | $4682131468 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to passive foreign investment companies and wash sales.

**19 Invesco International Small-Mid Company Fund** 

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

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

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

**NOTE 9—Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,310,999,416 and $2,409,337,798, 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.

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| | |
|:---|:---|
|  **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | |
|  Aggregate unrealized appreciation of investments | $918759072 |
|  Aggregate unrealized (depreciation) of investments | (432672936) |
|  Net unrealized appreciation of investments | $486086136 |

---

Cost of investments for tax purposes is $4,185,730,765.

**NOTE 10—Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and equalization, on October 31, 2022, undistributed net investment income was decreased by $5,749,207, undistributed net realized gain (loss) was decreased by $44,690,796 and shares of beneficial interest was increased by $50,440,003. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br>**October 31, 2022<sup>(a)</sup>** | **Year ended**<br>**October 31, 2022<sup>(a)</sup>** | **Year ended**<br>**October 31, 2021** | **Year ended**<br>**October 31, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1827230 | $82188095 | 1688336 | $96716229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 70288 | 2619285 | 62162 | 3177985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 175017 | 7297886 | 193668 | 10433562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 11529970 | 521840152 | 11044718 | 628844474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 6285 | 288152 | 5860 | 321103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10123742 | 443784590 | 10066439 | 575754165 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2117805 | 115293297 | 1742904 | 91554723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 219526 | 10339660 | 252485 | 11727933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 198990 | 10072877 | 164658 | 8117615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 5895843 | 318139690 | 4462728 | 232552777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 612 | 33510 | 554 | 29282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5185947 | 281389504 | 4022670 | 210667252 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 579028 | 26222003 | 603668 | 34750110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (670455) | (26222003) | (684298) | (34750110) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5554416) | (244806740) | (4523290) | (259726558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (386227) | (14763412) | (449511) | (22795513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (290742) | (12091174) | (377420) | (20650417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (27645551) | (1175913423) | (14571573) | (833707778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (4559) | (236232) | (2077) | (118113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (15353062) | (691789266) | (12324480) | (723164614) |
|  Net increase (decrease) in share activity | (11974729) | $(346313549) | 1378201 | $9734107 |

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

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

**20 Invesco International Small-Mid Company Fund** 

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Small-Mid Company Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Small-Mid Company Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.<br> For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5. |

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The financial statements of Oppenheimer International Small-Mid Company Fund (subsequently renamed Invesco International Small-Mid Company Fund) as of and for the year ended August 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**21 Invesco International Small-Mid Company Fund** 

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  |  | **HYPOTHETICAL** | **HYPOTHETICAL** | |
|  | |  |  | **(5% annual return before** | **(5% annual return before** | |
|  | | **ACTUAL** | **ACTUAL** | **expenses)** | **expenses)** | |
|  | <br>**Beginning**<br>**Account Value**<br>**(05/01/22)** | **Ending**<br>**Account Value**<br>**(10/31/22)<sup>1</sup>** | **Expenses**<br>**Paid During**<br>**Period<sup>2</sup>** | **Ending**<br>**Account Value**<br>**(10/31/22)** | **Expenses**<br>**Paid During**<br>**Period<sup>2</sup>** | <br>**Annualized**<br>**Expense**<br>**Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $847.90 | $6.43 | $1018.25 | $7.02 | 1.38% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;844.60 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;1014.42 | 10.87 | 2.14 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;846.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;1016.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | 1.64 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;848.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;1019.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | 1.14 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;849.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 0.99 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;849.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | 1.00 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

**22 Invesco International Small-Mid Company Fund** 

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Small-Mid Company Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex USA Small Mid Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection

**23 Invesco International Small-Mid Company Fund** 

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with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management's philosophy regarding breakpoints in the Fund's contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were in the fourth quintile of its expense group and the Fund's actual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding the Fund's actual and contractual management fees in light of current asset levels, as well as the Fund's total expenses relative to peers.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows

as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered additional information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco

**24 Invesco International Small-Mid Company Fund** 

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Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**25 Invesco International Small-Mid Company Fund** 

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
| **<u>Federal and State Income Tax</u>** | | |
|  Long-Term Capital Gain Distributions | $758044669 |  |
|  Qualified Dividend Income\* | 97.14% |  |
|  Corporate Dividends Received Deduction\* | 0.00% |  |
|  U.S. Treasury Obligations\* | 0.00% |  |
|  Qualified Business Income\* | 0.00% |  |
|  Business Interest Income\* | 0.00% |  |
|  Foreign Taxes | $0.0969 | per share |
|  Foreign Source Income | $0.7778 | per share |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

---

| | |
|:---|:---|
| **<u>Non-Resident Alien Shareholders</u>** | |
|  Short-Term Capital Gain Distributions | $90369377 |

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**26 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br> Position(s)<br> Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br>Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

**T-1 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers**–(continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br>**and/or**<br>**Officer**<br>**Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Funds**<br>**in Fund Complex**<br>**Overseen by**<br>**Trustee** | **Other<br>Directorship(s)**<br>**Held by Trustee**<br>**During Past 5**<br>**Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown – 1968<br>Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler –1962<br>Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;Eli Jones – 1961<br>Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. – 1956<br>Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;Prema Mathai-Davis – 1950 Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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**T-2 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers–**(continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br> Position(s)<br> Held with the Trust** | **Trustee<br>and/or<br>Officer<br>Since** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Funds in<br>Fund Complex<br>Overseen by<br>Trustee** | **Other<br>Directorship(s)<br>Held by Trustee<br>During Past 5<br>Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;Joel W. Motley – 1952<br>Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel – 1962<br>Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;Robert C. Troccoli – 1949<br>Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort – 1954<br>Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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**T-3 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers–**(continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br>**and/or**<br>**Officer**<br>**Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Funds in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | **Other**<br> **Directorship(s)**<br>**Held by Trustee**<br>**During Past 5**<br>**Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Andrew R. Schlossberg – 1974<br>Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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**T-4 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers–**(continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br>**and/or**<br>**Officer**<br>**Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Funds in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | **Other**<br> **Directorship(s)**<br>**Held by Trustee**<br>**During Past 5**<br>**Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;John M. Zerr – 1962<br>Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gregory G. McGreevey – 1962<br>Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes–1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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**T-5 Invesco International Small-Mid Company Fund** 

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br>**and/or**<br>**Officer**<br>**Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Funds in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | **Other**<br> **Directorship(s)**<br>**Held by Trustee**<br>**During Past 5**<br>**Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;Todd F. Kuehl – 1969<br>Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

---

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

---

| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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**T-6 Invesco International Small-Mid Company Fund** 

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![LOGO](g390460dsp048a.jpg)

**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

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**Invesco mailing information** 

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

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**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.

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**Fund holdings and proxy voting information** 

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

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

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

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

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| | | |
|:---|:---|:---|
| ![LOGO](g390460g35w05.jpg) |  |  |
| SEC file number(s): 811-06463 and 033-44611 | Invesco Distributors, Inc. | O-ISMC-AR-1 |

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![LOGO](g390421dsp01.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco MSCI World SRI Index Fund** 

Nasdaq:

A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX

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| | |
|:---|:---|
| 2 | [Management's Discussion](#edg390421_1) |
| 2 | [Performance Summary](#edg390421_2) |
| 3 | [Long-Term Fund Performance](#edg390421_3) |
| 5 | [Supplemental Information](#edg390421_4) |
| 7 | [Schedule of Investments](#edg390421_5) |
| 12 | [Financial Statements](#edg390421_6) |
| 15 | [Financial Highlights](#edg390421_7) |
| 16 | [Notes to Financial Statements](#edg390421_8) |
| 23 | [Report of Independent Registered Public Accounting Firm](#edg390421_9) |
| 24 | [Fund Expenses](#edg390421_10) |
| 25 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg390421_11) |
| 27 | [Tax Information](#edg390421_12) |
| T-1 | [Trustees and Officers](#edg390421_13) |

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**Management's Discussion of Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco MSCI World SRI Index Fund (the Fund), at net asset value (NAV), outperformed the MSCI World SRI Index, the Fund's broad market benchmark. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco MSCI World SRI Index Fund (the Fund), at net asset value (NAV), outperformed the MSCI World SRI Index, the Fund's broad market benchmark. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -22.58 | % |
| &nbsp;&nbsp; Class C Shares | -23.16 |  |
| &nbsp;&nbsp; Class R Shares | -22.76 |  |
| &nbsp;&nbsp; Class Y Shares | -22.37 |  |
| &nbsp;&nbsp; Class R5 Shares | -22.37 |  |
| &nbsp;&nbsp; Class R6 Shares | -22.37 |  |
| &nbsp;&nbsp; MSCI World SRI Index<sup>▼</sup> (Broad Market Index) | -22.76 |  |
| &nbsp;&nbsp; Custom Invesco MSCI World SRI Index<sup>∎</sup> (Style-Specific Index) | -22.76 |  |
| &nbsp;&nbsp; Lipper Global Multi-Cap Core Funds Index<sup>◆</sup> (Peer Group Index) | -19.79 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc. |  |

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**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Invesco MSCI World SRI Index Fund invests passively and seeks to track the performance (before fees and expenses) of the MSCI World SRI Index. Consequently, country, sector and security weights will closely mirror those of the index. The index targets about 25% of the parent index (MSCI World Index) market capitalization in companies with high environmental, social and governance (ESG) ratings compared to each representative sector of each region represented in the MSCI World SRI Index, as determined by MSCI Inc., the index provider. It applies exclusion criteria, such as controversial weapons, tobacco, gambling and other exclusion-criteria as disclosed in the Fund's prospectus. Companies are excluded from the MSCI World SRI Index if their revenues from alcohol, adult entertainment, conventional weapons, gambling, genetically-modified organisms, nuclear power or thermal coal-based power generation exceed the business involvement thresholds determined by MSCI. The index also may exclude companies involved in material ESG controversies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year that ended October 31, 2022, the energy sector was the strongest contributor to absolute Fund performance while being the only sector with a positive return. On the other hand, the information technology, consumer discretionary and financials sectors were the main detractors from absolute Fund performance. From a country perspective, almost all countries detracted from Fund performance with the US, Japan and Canada as the main detractors from absolute Fund performance. The US is by far the largest weight, making up 65% of the portfolio and had the largest negative impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The largest detractors from absolute Fund performance include **Microsoft**, **Tesla**, **NVIDIA** and **ASML Holding**. NVIDIA and ASML Holding experienced declines due to the restriction of semiconductor sales to China while Microsoft and Tesla continued to struggle with product and leadership headwinds throughout the fiscal year. Leading contributors to the Fund's absolute performance during this fiscal year included **Amgen**, **Cigna**, **PepsiCo** and **Vertex Pharmaceuticals**. Cigna and PepsiCo climbed repeatedly after experiencing strong sales forecasts. Meanwhile, Amgen and Vertex Pharmaceuticals rose due to highly anticipated success in new drug trials and research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the Fund's strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including MSCI World SRI Index futures contracts, to gain broad exposure to the equity market. Derivatives can be a cost-effective alternative to direct security investments. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your investment in Invesco MSCI World SRI Index Fund.

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**Portfolio manager(s):** 

Su-Jin Fabian

Nils Huter

Robert Nakouzi

Daniel Tsai

Ahmadreza Vafaeimehr

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

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| | |
|:---|:---|
| **2** | **Invesco MSCI World SRI Index Fund** |

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**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 7/1/16

![LOGO](g390421dsp03.jpg)

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

3 Source: Lipper Inc.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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| | |
|:---|:---|
| **3** | **Invesco MSCI World SRI Index Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 4.62 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 0.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -26.85 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 4.76 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.19 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -23.93 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 5.28 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 1.71 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.76 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 5.81 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.37 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 5.81 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.37 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (7/1/16) | 5.81 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -22.37 |  |

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**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

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| | |
|:---|:---|
| **4** | **Invesco MSCI World SRI Index Fund** |

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**Supplemental Information** 

**Invesco MSCI World SRI Index Fund's investment objective is long-term growth of capital.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

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**About indexes used in this report** 

∎ The **MSCI World SRI Index** is an unmanaged index comprised of developed countries' large-and mid-cap stocks with
high ESG ratings as determined by MSCI ESG Research. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **Custom Invesco MSCI World SRI Index** is composed of the MSCI World Index through June 30, 2020, and the
MSCI World SRI Index thereafter. Both indexes are computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The **Lipper Global Multi-Cap Core Funds Index** is an unmanaged index considered representative of global multi-cap
core funds tracked by Lipper.

∎ Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the
index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **5** | **Invesco MSCI World SRI Index Fund** |

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**Fund Information** 

**Portfolio Composition** 

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| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Information Technology | 21.75% |
|  Health Care | 16.62 |
|  Financials | 13.92 |
|  Consumer Discretionary | 12.97 |
|  Industrials | 10.20 |
|  Consumer Staples | 9.24 |
|  Materials | 4.83 |
|  Communication Services | 3.65 |
|  Real Estate | 2.39 |
|  Utilities | 2.24 |
|  Energy | 2.21 |
|  Money Market Funds Plus Other Assets Less Liabilities | (0.02) |

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**Top 10 Equity Holdings\*** 

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| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Microsoft Corp. | 13.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Tesla, Inc. | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | NVIDIA Corp. | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Home Depot, Inc. (The) | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | PepsiCo, Inc. | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Coca-Cola Co. (The) | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Roche Holding AG | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Walt Disney Co. (The) | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | ASML Holding N.V. | 1.55 |
| 10. | Novo Nordisk A/S, Class B | 1.45 |

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The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

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| | |
|:---|:---|
| **6** | **Invesco MSCI World SRI Index Fund** |

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**Schedule of Investments** 

*October 31, 2022* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–100.02%** | **Common Stocks & Other Equity Interests–100.02%** | **Common Stocks & Other Equity Interests–100.02%** |
|  **Australia–1.61%** | **Australia–1.61%** | **Australia–1.61%** |
|  Ampol Ltd. | 249 | $4347 |
|  APA Group | 849 | 5693 |
|  ASX Ltd. | 141 | 6093 |
|  BlueScope Steel Ltd. | 545 | 5442 |
|  Brambles Ltd. | 1106 | 8249 |
|  Cochlear Ltd. | 46 | 5886 |
|  Coles Group Ltd. | 954 | 9955 |
|  Dexus | 805 | 4013 |
|  Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1908 | 2522 |
|  Fortescue Metals Group Ltd. | 1267 | 11823 |
|  Goodman Group | 1103 | 12014 |
|  GPT Group (The) | 1406 | 3881 |
|  James Hardie Industries PLC, CDI | 203 | 4460 |
|  Lendlease Corp. Ltd. | 495 | 2742 |
|  Mineral Resources Ltd. | 120 | 5562 |
|  Mirvac Group | 2727 | 3599 |
|  Newcrest Mining Ltd. | 580 | 6405 |
|  QBE Insurance Group Ltd. | 755 | 5894 |
|  REA Group Ltd. | 44 | 3408 |
|  Stockland | 1744 | 4017 |
|  Suncorp Group Ltd. | 627 | 4556 |
|  Transurban Group | 2053 | 17374 |
|  Vicinity Ltd. | 4613 | 5739 |
|  |  | 143674 |
|  **Austria–0.11%** | **Austria–0.11%** | **Austria–0.11%** |
|  Mondi PLC | 307 | 5149 |
|  Verbund AG | 64 | 5014 |
|  |  | 10163 |
|  **Belgium–0.16%** | **Belgium–0.16%** | **Belgium–0.16%** |
|  KBC Group N.V. | 189 | 9458 |
|  Umicore S.A. | 141 | 4642 |
|  |  | 14100 |
|  **Canada–4.25%** | **Canada–4.25%** | **Canada–4.25%** |
|  Agnico Eagle Mines Ltd. | 324 | 14253 |
|  Bank of Nova Scotia (The) | 893 | 43164 |
|  Canadian National Railway Co. | 447 | 52957 |
|  Canadian Tire Corp. Ltd., Class A | 47 | 5268 |
|  FirstService Corp. | 33 | 4125 |
|  Fortis, Inc. | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12523 |
|  Gildan Activewear, Inc. | 175 | 5522 |
|  Intact Financial Corp. | 119 | 18082 |
|  Magna International, Inc. | 235 | 13096 |
|  Metro, Inc. | 148 | 7753 |
|  National Bank of Canada | 259 | 17635 |
|  Northland Power, Inc. | 170 | 4946 |
|  Nutrien Ltd. | 385 | 32530 |
|  Parkland Corp. | 170 | 3437 |
|  Pembina Pipeline Corp. | 377 | 12447 |
|  Ritchie Bros. Auctioneers, Inc. | 103 | 6729 |
|  Rogers Communications, Inc., Class B | 252 | 10490 |
|  Shopify, Inc., Class A<sup>(a)</sup> | 820 | 28115 |
|  Toromont Industries Ltd. | 61 | 4688 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Canada–(continued)** | **Canada–(continued)** | **Canada–(continued)** | **Canada–(continued)** |
|  Toronto-Dominion Bank (The) | 1264 | $| 80896 |
|  |  |  | 378656 |
|  **China–0.36%** | **China–0.36%** | **China–0.36%** | **China–0.36%** |
|  BOC Hong Kong Holdings Ltd. | 2500 |  | 7778 |
|  Prosus N.V. | 556 |  | 24198 |
|  |  |  | 31976 |
|  **Denmark–2.27%** | **Denmark–2.27%** | **Denmark–2.27%** | **Denmark–2.27%** |
|  AP Moller - Maersk A/S, Class B | 5 |  | 10440 |
|  Coloplast A/S, Class B | 85 |  | 9471 |
|  Genmab A/S<sup>(a)</sup> | 50 |  | 19283 |
|  GN Store Nord A/S | 173 |  | 3676 |
|  Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1190 |  | &nbsp;&nbsp;&nbsp;&nbsp;129324 |
|  Orsted A/S<sup>(b)</sup> | 141 |  | 11618 |
|  Pandora A/S | 85 |  | 4471 |
|  Vestas Wind Systems A/S | 725 |  | 14249 |
|  |  |  | 202532 |
|  **Finland–0.50%** | **Finland–0.50%** | **Finland–0.50%** | **Finland–0.50%** |
|  Elisa OYJ | 86 |  | 4156 |
|  Kesko OYJ, Class B | 186 |  | 3618 |
|  Neste OYJ | 307 |  | 13440 |
|  Orion OYJ, Class B | 101 |  | 4646 |
|  Stora Enso OYJ, Class R | 271 |  | 3529 |
|  UPM-Kymmene OYJ | 347 |  | 11619 |
|  Wartsila OYJ Abp | 507 |  | 3451 |
|  |  |  | 44459 |
|  **France–2.64%** | **France–2.64%** | **France–2.64%** | **France–2.64%** |
|  AXA S.A. | 1445 |  | 35663 |
|  Bureau Veritas S.A. | 219 |  | 5421 |
|  Cie Generale des Etablissements Michelin S.C.A. | 496 |  | 12634 |
|  Danone S.A. | 503 |  | 25008 |
|  EssilorLuxottica S.A. | 219 |  | 34690 |
|  Klepierre S.A. | 223 |  | 4480 |
|  L'Oreal S.A. | 175 |  | 54944 |
|  Publicis Groupe S.A. | 92 |  | 5153 |
|  Schneider Electric SE | 392 |  | 49609 |
|  Valeo | 190 |  | 3128 |
|  Vivendi SE | 546 |  | 4467 |
|  |  |  | 235197 |
|  **Germany–1.20%** | **Germany–1.20%** | **Germany–1.20%** | **Germany–1.20%** |
|  adidas AG | 136 |  | 13303 |
|  Allianz SE | 297 |  | 53471 |
|  Deutsche Boerse AG | 141 |  | 22941 |
|  Merck KGaA | 87 |  | 14187 |
|  Puma SE | 71 |  | 3144 |
|  |  |  | 107046 |
|  **Hong Kong–0.87%** | **Hong Kong–0.87%** | **Hong Kong–0.87%** | **Hong Kong–0.87%** |
|  AIA Group Ltd. | 8600 |  | 64944 |
|  Hang Seng Bank Ltd. | 600 |  | 8436 |
|  MTR Corp. Ltd. | 1000 |  | 4403 |
|  |  |  | 77783 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco MSCI World SRI Index Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Ireland–0.32%** | **Ireland–0.32%** | **Ireland–0.32%** |
|  CRH PLC | 534 | $19213 |
|  Kerry Group PLC, Class A | 110 | 9560 |
|  |  | 28773 |
|  **Israel–0.11%** | **Israel–0.11%** | **Israel–0.11%** |
|  Bank Leumi Le-Israel BM | 1031 | 9830 |
|  **Italy–0.36%** | **Italy–0.36%** | **Italy–0.36%** |
|  Amplifon S.p.A. | 119 | 2958 |
|  Intesa Sanpaolo S.p.A. | 11912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22745 |
|  Terna Rete Elettrica Nazionale S.p.A. | 929 | 6165 |
|  |  | 31868 |
|  **Japan–5.75%** | **Japan–5.75%** | **Japan–5.75%** |
|  Aeon Co. Ltd. | 500 | 9332 |
|  Ajinomoto Co., Inc. | 400 | 10998 |
|  Asahi Kasei Corp. | 900 | 5774 |
|  Astellas Pharma, Inc. | 1400 | 19259 |
|  Daifuku Co. Ltd. | 100 | 4583 |
|  Dai-ichi Life Holdings, Inc. | 700 | 11075 |
|  Daiichi Sankyo Co. Ltd. | 1200 | 38479 |
|  Daikin Industries Ltd. | 200 | 30080 |
|  FANUC Corp. | 100 | 13143 |
|  Fast Retailing Co. Ltd. | 45 | 25096 |
|  Fujitsu Ltd. | 100 | 11508 |
|  Hankyu Hanshin Holdings, Inc. | 200 | 5936 |
|  Ibiden Co. Ltd. | 200 | 6759 |
|  JFE Holdings, Inc. | 400 | 3656 |
|  Kao Corp. | 400 | 15011 |
|  KDDI Corp. | 1200 | 35434 |
|  Kikkoman Corp. | 100 | 5418 |
|  Kubota Corp. | 600 | 8370 |
|  Kurita Water Industries Ltd. | 100 | 3659 |
|  Mitsubishi Chemical Group Corp. | 800 | 3604 |
|  Nippon Express Holdings, Inc. | 100 | 5014 |
|  Nitto Denko Corp. | 100 | 5262 |
|  Nomura Research Institute Ltd. | 300 | 6647 |
|  Omron Corp. | 100 | 4648 |
|  ORIX Corp. | 900 | 13180 |
|  Panasonic Holdings Corp. | 1600 | 11448 |
|  Recruit Holdings Co. Ltd. | 1000 | 30692 |
|  Sekisui House Ltd. | 400 | 6647 |
|  SG Holdings Co. Ltd. | 200 | 2647 |
|  SoftBank Corp. | 1800 | 17746 |
|  Sompo Holdings, Inc. | 200 | 8327 |
|  Sony Group Corp. | 900 | 60941 |
|  Sumitomo Chemical Co. Ltd. | 1400 | 4701 |
|  Suntory Beverage & Food Ltd. | 200 | 6696 |
|  Sysmex Corp. | 100 | 5395 |
|  Terumo Corp. | 300 | 9118 |
|  Tokyo Electron Ltd. | 100 | 26446 |
|  Tokyu Corp. | 300 | 3456 |
|  Toray Industries, Inc. | 900 | 4360 |
|  Yamaha Corp. | 100 | 3776 |
|  Yamaha Motor Co. Ltd. | 200 | 4127 |
|  Z Holdings Corp. | 1900 | 4896 |
|  |  | 513344 |
|  **Netherlands–2.17%** | **Netherlands–2.17%** | **Netherlands–2.17%** |
|  Akzo Nobel N.V. | 144 | 8877 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Netherlands–(continued)** | **Netherlands–(continued)** | **Netherlands–(continued)** | **Netherlands–(continued)** |
|  ASML Holding N.V. | 293 | $| 138125 |
|  Koninklijke DSM N.V. | 125 |  | 14719 |
|  NN Group N.V. | 210 |  | 8884 |
|  Wolters Kluwer N.V. | 213 |  | 22639 |
|  |  |  | 193244 |
|  **New Zealand–0.04%** | **New Zealand–0.04%** | **New Zealand–0.04%** | **New Zealand–0.04%** |
|  Meridian Energy Ltd. | 1313 |  | 3725 |
|  **Norway–0.24%** | **Norway–0.24%** | **Norway–0.24%** | **Norway–0.24%** |
|  DNB Bank ASA | 692 |  | 12209 |
|  Orkla ASA | 740 |  | 4986 |
|  Telenor ASA | 492 |  | 4470 |
|  |  |  | 21665 |
|  **Singapore–0.17%** | **Singapore–0.17%** | **Singapore–0.17%** | **Singapore–0.17%** |
|  CapitaLand Investment Ltd. | 1700 |  | 3620 |
|  United Overseas Bank Ltd. | 600 |  | 11762 |
|  |  |  | 15382 |
|  **Spain–0.56%** | **Spain–0.56%** | **Spain–0.56%** | **Spain–0.56%** |
|  Banco Bilbao Vizcaya Argentaria S.A. | 5064 |  | 26023 |
|  Industria de Diseno Textil S.A. | 818 |  | 18527 |
|  Red Electrica Corp. S.A. | 322 |  | 5204 |
|  |  |  | 49754 |
|  **Sweden–0.42%** | **Sweden–0.42%** | **Sweden–0.42%** | **Sweden–0.42%** |
|  Boliden AB | 242 |  | 7038 |
|  Electrolux AB, Class B | 385 |  | 4746 |
|  Essity AB, Class B | 400 |  | 8450 |
|  Husqvarna AB, Class B | 721 |  | 4278 |
|  Svenska Cellulosa AB S.C.A., Class B | 423 |  | 4987 |
|  Tele2 AB, Class B | 329 |  | 2697 |
|  Telia Co. AB | 1832 |  | 4851 |
|  |  |  | 37047 |
|  **Switzerland–0.96%** | **Switzerland–0.96%** | **Switzerland–0.96%** | **Switzerland–0.96%** |
|  Givaudan S.A. | 7 |  | 20879 |
|  Kuehne + Nagel International AG, Class R | 37 |  | 7878 |
|  Lonza Group AG | 53 |  | 27247 |
|  SGS S.A. | 4 |  | 8817 |
|  Sonova Holding AG, Class A | 38 |  | 8974 |
|  Swiss Life Holding AG | 25 |  | 12094 |
|  |  |  | 85889 |
|  **United Kingdom–4.53%** | **United Kingdom–4.53%** | **United Kingdom–4.53%** | **United Kingdom–4.53%** |
|  abrdn PLC | &nbsp;&nbsp;&nbsp;&nbsp;2846 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183 |
|  Ashtead Group PLC | 350 |  | 18214 |
|  Barratt Developments PLC | 695 |  | 2998 |
|  Berkeley Group Holdings PLC | 72 |  | 2866 |
|  British Land Co. PLC (The) | 716 |  | 3001 |
|  BT Group PLC | 5446 |  | 8095 |
|  Bunzl PLC | 144 |  | 4687 |
|  Burberry Group PLC | 280 |  | 5828 |
|  CNH Industrial N.V. | 767 |  | 9919 |
|  Coca-Cola Europacific Partners PLC | 143 |  | 6728 |
|  Croda International PLC | 84 |  | 6506 |
|  DCC PLC | 66 |  | 3661 |
|  Informa PLC | 982 |  | 6257 |
|  InterContinental Hotels Group PLC | 122 |  | 6564 |
|  Intertek Group PLC | 89 |  | 3727 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco MSCI World SRI Index Fund** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **United Kingdom–(continued)** |  |  |  |
|  J Sainsbury PLC | 1618 | $| 3605 |
|  Johnson Matthey PLC | 161 |  | 3568 |
|  Kingfisher PLC | 1562 |  | 3917 |
|  Legal & General Group PLC | 2780 |  | 7416 |
|  Liberty Global PLC, Class C<sup>(a)</sup> | 418 |  | 7382 |
|  Linde PLC | 368 |  | 109425 |
|  National Grid PLC | 2557 |  | 27822 |
|  Pearson PLC | 540 |  | 5947 |
|  RELX PLC | 1431 |  | 38466 |
|  Schroders PLC | 658 |  | 2956 |
|  Segro PLC | 825 |  | 7420 |
|  Severn Trent PLC | 142 |  | 4074 |
|  St James's Place PLC | 391 |  | 4766 |
|  Unilever PLC | 1832 |  | 83332 |
|  |  |  | 404330 |
|  **United States–70.42%** | **United States–70.42%** | **United States–70.42%** | **United States–70.42%** |
|  ABIOMED, Inc.<sup>(a)</sup> | 33 |  | 8319 |
|  Adobe, Inc.<sup>(a)</sup> | 333 |  | 106060 |
|  Agilent Technologies, Inc. | 229 |  | 31682 |
|  Allegion PLC | 65 |  | 6810 |
|  Ally Financial, Inc. | 283 |  | 7799 |
|  American Express Co. | 464 |  | 68881 |
|  American Tower Corp. | 337 |  | 69823 |
|  American Water Works Co., Inc. | 97 |  | 14098 |
|  Ameriprise Financial, Inc. | 91 |  | 28130 |
|  AmerisourceBergen Corp. | 122 |  | 19181 |
|  Amgen, Inc. | 385 |  | 104085 |
|  Aptiv PLC<sup>(a)</sup> | 201 |  | 18305 |
|  Atmos Energy Corp. | 97 |  | 10335 |
|  Automatic Data Processing, Inc. | 313 |  | 75652 |
|  Baker Hughes Co., Class A | 708 |  | 19583 |
|  Ball Corp. | 187 |  | 9236 |
|  Bank of New York Mellon Corp. (The) | 602 |  | 25350 |
|  Becton, Dickinson and Co. | 218 |  | 51441 |
|  Best Buy Co., Inc. | 174 |  | 11903 |
|  Biogen, Inc.<sup>(a)</sup> | 111 |  | 31462 |
|  BlackRock, Inc. | 114 |  | 73634 |
|  Bunge Ltd. | 100 |  | 9870 |
|  C.H. Robinson Worldwide, Inc. | 102 |  | 9967 |
|  Cable One, Inc. | 3 |  | 2578 |
|  Cardinal Health, Inc. | 230 |  | 17457 |
|  Carrier Global Corp. | 498 |  | 19800 |
|  Caterpillar, Inc. | 398 |  | 86151 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 246 |  | 17451 |
|  Centene Corp.<sup>(a)</sup> | 429 |  | 36521 |
|  Cheniere Energy, Inc. | 165 |  | 29108 |
|  Cigna Corp. | 230 |  | 74304 |
|  Clorox Co. (The) | 90 |  | 13144 |
|  CME Group, Inc., Class A | 268 |  | 46444 |
|  Coca-Cola Co. (The) | 3018 |  | 180627 |
|  Colgate-Palmolive Co. | 594 |  | 43861 |
|  Computershare Ltd. | 448 |  | 7246 |
|  Conagra Brands, Inc. | 196 |  | 7193 |
|  Consolidated Edison, Inc. | 250 |  | 21990 |
|  Cummins, Inc. | 109 |  | 26652 |
|  DaVita, Inc.<sup>(a)</sup> | 71 |  | 5184 |
|  DENTSPLY SIRONA, Inc. | 158 |  | 4870 |
|  Dover Corp. | 68 |  | 8887 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Ecolab, Inc. | 191 | $30000 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 468 | 33897 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 209 | 2757 |
|  Electronic Arts, Inc. | 223 | 28089 |
|  Elevance Health, Inc. | 166 | 90764 |
|  Equinix, Inc. | 65 | 36819 |
|  Essential Utilities, Inc. | 109 | 4820 |
|  Eversource Energy | 245 | 18689 |
|  Expeditors International of Washington, Inc. | 125 | 12231 |
|  FactSet Research Systems, Inc. | 28 | 11914 |
|  Fastenal Co. | 422 | 20395 |
|  Ferguson PLC | 171 | 18632 |
|  Fortune Brands Home & Security, Inc. | 97 | 5851 |
|  General Mills, Inc. | 449 | 36629 |
|  Gilead Sciences, Inc. | 937 | 73517 |
|  Halliburton Co. | 659 | 24001 |
|  Hasbro, Inc. | 95 | 6199 |
|  HCA Healthcare, Inc. | 172 | 37405 |
|  Healthpeak Properties, Inc. | 222 | 5268 |
|  Henry Schein, Inc.<sup>(a)</sup> | 98 | 6709 |
|  Hilton Worldwide Holdings, Inc. | 215 | 29081 |
|  Hologic, Inc.<sup>(a)</sup> | 185 | 12543 |
|  Home Depot, Inc. (The) | 739 | 218840 |
|  Hormel Foods Corp. | 220 | 10219 |
|  Humana, Inc. | 93 | 51901 |
|  Huntington Bancshares, Inc. | 789 | 11977 |
|  IDEX Corp. | 55 | 12227 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 63 | 22660 |
|  Illinois Tool Works, Inc. | 227 | 48471 |
|  Illumina, Inc.<sup>(a)</sup> | 114 | 26085 |
|  Ingersoll Rand, Inc. | 191 | 9646 |
|  Insulet Corp.<sup>(a)</sup> | 51 | 13199 |
|  International Flavors & Fragrances, Inc. | 191 | 18644 |
|  Interpublic Group of Cos., Inc. (The) | 296 | 8818 |
|  J.B. Hunt Transport Services, Inc. | 39 | 6672 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 37 | 5320 |
|  Johnson Controls International PLC | 530 | 30655 |
|  Kellogg Co. | 184 | 14135 |
|  Keurig Dr Pepper, Inc. | 424 | 16468 |
|  Kimberly-Clark Corp. | 256 | 31862 |
|  Laboratory Corp. of America Holdings | 48 | 10649 |
|  LKQ Corp. | 217 | 12074 |
|  Lowe's Cos., Inc. | 463 | 90262 |
|  MarketAxess Holdings, Inc. | 18 | 4393 |
|  Marsh & McLennan Cos., Inc. | 380 | 61366 |
|  McCormick & Co., Inc. | 127 | 9987 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 18 | 22769 |
|  Microsoft Corp. | 5064 | 1175506 |
|  Moody's Corp. | 127 | 33638 |
|  Newmont Corp. | 558 | 23615 |
|  Northern Trust Corp. | 147 | 12399 |
|  Novocure Ltd.<sup>(a)</sup> | 63 | 4452 |
|  NVIDIA Corp. | 1799 | 242811 |
|  Old Dominion Freight Line, Inc. | 55 | 15103 |
|  ONEOK, Inc. | 329 | 19516 |
|  Otis Worldwide Corp. | 243 | 17166 |
|  Owens Corning | 83 | 7106 |
|  Pentair PLC | 122 | 5240 |
|  PepsiCo, Inc. | 1017 | 184667 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco MSCI World SRI Index Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  Phillips 66 | 327 | $34103 |
|  Plug Power, Inc.<sup>(a)</sup> | 316 | 5050 |
|  PNC Financial Services Group, Inc. (The) | 314 | 50815 |
|  Pool Corp. | 31 | 9431 |
|  PPG Industries, Inc. | 183 | 20895 |
|  Prudential Financial, Inc. | 295 | 31031 |
|  Quanta Services, Inc. | 78 | 11079 |
|  Quest Diagnostics, Inc. | 94 | 13503 |
|  Regions Financial Corp. | 721 | 15826 |
|  Republic Services, Inc. | 124 | 16445 |
|  ResMed, Inc. | 106 | 23711 |
|  Rivian Automotive, Inc., Class A<sup>(a)</sup> | 167 | 5840 |
|  Robert Half International, Inc. | 82 | 6270 |
|  Roche Holding AG | 503 | 167173 |
|  Rockwell Automation, Inc. | 85 | 21701 |
|  S&P Global, Inc. | 244 | 78385 |
|  Sempra Energy | 247 | 37282 |
|  State Street Corp. | 266 | 19684 |
|  STERIS PLC | 59 | 10182 |
|  SVB Financial Group<sup>(a)</sup> | 38 | 8776 |
|  Swiss Re AG | 217 | 16101 |
| T. Rowe Price Group, Inc. | 177 | 18790 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 106 | 12559 |
|  Target Corp. | 317 | 52067 |
|  Teladoc Health, Inc.<sup>(a)</sup> | 104 | 3083 |
|  Tesla, Inc.<sup>(a)</sup> | 1890 | 430051 |
|  Texas Instruments, Inc. | 687 | 110353 |
|  Tractor Supply Co. | 83 | 18241 |
|  Trane Technologies PLC | 178 | 28414 |
|  Travelers Cos., Inc. (The) | 190 | 35047 |
|  Truist Financial Corp. | 992 | 44432 |
|  UGI Corp. | 154 | 5441 |
|  United Rentals, Inc.<sup>(a)</sup> | 37 | 11681 |
|  Vail Resorts, Inc. | 30 | 6574 |
|  Valero Energy Corp. | 290 | 36409 |
|  Ventas, Inc. | 225 | 8804 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 188 | 58656 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States–(continued)** |  |  |
|  VF Corp.<sup>(c)</sup> | 247 | $6978 |
|  W.W. Grainger, Inc. | 33 | 19284 |
|  Walt Disney Co. (The)<sup>(a)</sup> | 1322 | 140846 |
|  Waters Corp.<sup>(a)</sup> | 45 | 13463 |
|  Welltower, Inc. | 274 | 16725 |
|  West Pharmaceutical Services, Inc. | 51 | 11735 |
|  Xylem, Inc. | 134 | 13726 |
|  Zoetis, Inc. | 346 | 52170 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 146 | 6501 |
|  |  | 6283115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $8,125,581) |  | 8923552 |
|  **Money Market Funds–0.59%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup> | 18553 | 18553 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup> | 12975 | 12978 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup> | 21204 | 21204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $52,731) |  | 52735 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.61%<br>(Cost $8,178,312) |  | 8976287 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.08%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 2157 | 2157 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 4918 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,075) |  | 7075 |
|  TOTAL INVESTMENTS IN SECURITIES—100.69%<br>(Cost $8,185,387) |  | 8983362 |
|  OTHER ASSETS LESS LIABILITIES–(0.69)% |  | (61539) |
|  NET ASSETS–100.00% |  | $8921823 |

---

Investment Abbreviations:

CDI - CREST Depository Interest

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 October 31, 2022 was $11,618, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
|  **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $149384 | $739549 | $(870380) | $- | $- | $18553 | $634 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 106455 | 528250 | (621701) | 11 | (37) | 12978 | 501 |
|  Invesco Treasury Portfolio, Institutional Class | 170725 | 845199 | (994720) | - | - | 21204 | 715 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco MSCI World SRI Index Fund** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $- | $8845 | $(6688) | $- | $- | $2157 | $6 \* |
|  Invesco Private Prime Fund | - | 21772 | (16852) | - | (2) | 4918 | 14 \* |
|  Total | $426564 | $2143615 | $(2510341) | $11 | $(39) | $59810 | $1870 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

---

| | |
|:---|:---|
| **11** | **Invesco MSCI World SRI Index Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $8,125,581)\* | $8923552 |
|  Investments in affiliated money market funds, at value (Cost $59,806) | 59810 |
|  Foreign currencies, at value (Cost $1,601) | 1585 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash segregated as collateral | 55 |
|  Investment for trustee deferred compensation and retirement plans | 18135 |
|  Other assets | 42434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 9068831 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 73787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 47207 |
|  Trustee deferred compensation and retirement plans | 18135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 147008 |
|  Net assets applicable to shares outstanding | $8921823 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $8366595 |
|  Distributable earnings | 555228 |
|  | $8921823 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $913890 |
|  Class C | $147932 |
|  Class R | $464038 |
|  Class Y | $793384 |
|  Class R5 | $12919 |
|  Class R6 | $6589660 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 71306 |
|  Class C | 11742 |
|  Class R | 36432 |
|  Class Y | 61476 |
|  Class R5 | 1001 |
|  Class R6 | 510546 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $12.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (Net asset value of $12.82 ÷ 94.50%) | $13.57 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $12.60 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $12.74 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $12.91 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $12.91 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $12.91 |

---

\* At October 31, 2022, a security with a value of $6,893 was on loan to brokers. 

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

---

| | |
|:---|:---|
| **12** | **Invesco MSCI World SRI Index Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $13,123) | $181654 |
|  Dividends from affiliated money market funds (includes net securities lending income of $1) | 1851 |
|  Foreign withholding tax claims | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 186683 |
|  **Expenses:** |  |
|  Advisory fees | 15180 |
|  Administrative services fees | 1590 |
|  Custodian fees | 718 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 2509 |
|  Transfer agent fees – A, C, R and Y | 3970 |
|  Transfer agent fees – R5 | 3 |
|  Transfer agent fees – R6 | 3240 |
|  Trustees' and officers' fees and benefits | 16901 |
|  Registration and filing fees | 72390 |
|  Licensing fees | 4337 |
|  Reports to shareholders | 3573 |
|  Professional services fees | 54582 |
|  Other | 21961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 205529 |
|  Less: Fees waived and/or expenses reimbursed | (177888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 27641 |
|  Net investment income | 159042 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 139023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (7155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (100670) |
|  | 31159 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (2968602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2624) |
|  | (2972234) |
|  Net realized and unrealized gain (loss) | (2941075) |
|  Net increase (decrease) in net assets resulting from operations | $(2782033) |

---

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

---

| | |
|:---|:---|
| **13** | **Invesco MSCI World SRI Index Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $159042 | $159049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 31159 | 487849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (2972234) | 3172055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (2782033) | 3818953 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (15688) | (15068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1138) | (2385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (5699) | (5252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (12972) | (7779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (238) | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (132393) | (107235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (168128) | (138093) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (117617) | 17376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (12071) | (12610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 27204 | 92567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 281902 | 88810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (13946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1115150) | 700358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (935732) | 872555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (3885893) | 4553415 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 12807716 | 8254301 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $8921823 | $12807716 |

---

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

---

| | |
|:---|:---|
| **14** | **Invesco MSCI World SRI Index Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $16.76 | $0.19 | $(3.93) | $(3.74) | $(0.20) | $– | $(0.20) | $12.82 | (22.58)% | $914 | 0.44% | 2.15% | 1.28% | 13% |
|  Year ended 10/31/21 | 11.78 | 0.19 | 4.98 | 5.17 | (0.19) |  | (0.19) | 16.76 | 44.35 | 1337 | 0.44 | 3.31 | 1.28 | 19 |
|  Year ended 10/31/20 | 11.86 | 0.17 | (0.06) | 0.11 | (0.19) |  | (0.19) | 11.78 | 0.89 | 922 | 0.70 | 3.03 | 1.48 | 118 |
|  Year ended 10/31/19 | 11.76 | 0.17 | 0.21 | 0.38 | (0.18) | (0.10) | (0.28) | 11.86 | 3.48 | 1483 | 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) | 1387 | 0.84 | 3.94 | 1.33 | 89 |
|  **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 16.49 | 0.08 | (3.88) | (3.80) | (0.09) |  | (0.09) | 12.60 | (23.16) | 148 | 1.19 | 2.90 | 0.53 | 13 |
|  Year ended 10/31/21 | 11.67 | 0.08 | 4.92 | 5.00 | (0.18) |  | (0.18) | 16.49 | 43.21 | 207 | 1.19 | 4.06 | 0.53 | 19 |
|  Year ended 10/31/20 | 11.75 | 0.08 | (0.05) | 0.03 | (0.11) |  | (0.11) | 11.67 | 0.21 | 158 | 1.45 | 3.78 | 0.73 | 118 |
|  Year ended 10/31/19 | 11.63 | 0.09 | 0.20 | 0.29 | (0.07) | (0.10) | (0.17) | 11.75 | 2.66 | 243 | 1.60 | 4.33 | 0.76 | 116 |
|  Year ended 10/31/18 | 12.83 | 0.07 | (0.84) | (0.77) | (0.05) | (0.38) | (0.43) | 11.63 | (6.27) | 166 | 1.59 | 4.69 | 0.58 | 89 |
|  **Class R** | **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 16.66 | 0.15 | (3.90) | (3.75) | (0.17) |  | (0.17) | 12.74 | (22.76) | 464 | 0.69 | 2.40 | 1.03 | 13 |
|  Year ended 10/31/21 | 11.74 | 0.15 | 4.96 | 5.11 | (0.19) |  | (0.19) | 16.66 | 43.93 | 571 | 0.69 | 3.56 | 1.03 | 19 |
|  Year ended 10/31/20 | 11.81 | 0.15 | (0.06) | 0.09 | (0.16) |  | (0.16) | 11.74 | 0.74 | 325 | 0.95 | 3.28 | 1.23 | 118 |
|  Year ended 10/31/19 | 11.71 | 0.15 | 0.20 | 0.35 | (0.15) | (0.10) | (0.25) | 11.81 | 3.17 | 35 | 1.10 | 3.83 | 1.26 | 116 |
|  Year ended 10/31/18 | 12.88 | 0.14 | (0.85) | (0.71) | (0.08) | (0.38) | (0.46) | 11.71 | (5.82) | 32 | 1.09 | 4.19 | 1.08 | 89 |
|  **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 16.87 | 0.22 | (3.94) | (3.72) | (0.24) |  | (0.24) | 12.91 | (22.37) | 793 | 0.19 | 1.90 | 1.53 | 13 |
|  Year ended 10/31/21 | 11.83 | 0.23 | 5.01 | 5.24 | (0.20) |  | (0.20) | 16.87 | 44.73 | 793 | 0.19 | 3.06 | 1.53 | 19 |
|  Year ended 10/31/20 | 11.91 | 0.20 | (0.06) | 0.14 | (0.22) |  | (0.22) | 11.83 | 1.11 | 485 | 0.45 | 2.78 | 1.73 | 118 |
|  Year ended 10/31/19 | 11.80 | 0.20 | 0.22 | 0.42 | (0.21) | (0.10) | (0.31) | 11.91 | 3.80 | 522 | 0.60 | 3.33 | 1.76 | 116 |
|  Year ended 10/31/18 | 12.94 | 0.20 | (0.86) | (0.66) | (0.10) | (0.38) | (0.48) | 11.80 | (5.39) | 446 | 0.59 | 3.69 | 1.58 | 89 |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 16.87 | 0.23 | (3.95) | (3.72) | (0.24) |  | (0.24) | 12.91 | (22.37) | 13 | 0.19 | 1.78 | 1.53 | 13 |
|  Year ended 10/31/21 | 11.83 | 0.22 | 5.02 | 5.24 | (0.20) |  | (0.20) | 16.87 | 44.73 | 17 | 0.19 | 2.86 | 1.53 | 19 |
|  Year ended 10/31/20 | 11.90 | 0.20 | (0.05) | 0.15 | (0.22) |  | (0.22) | 11.83 | 1.20 | 22 | 0.45 | 2.56 | 1.73 | 118 |
|  Year ended 10/31/19 | 11.80 | 0.20 | 0.21 | 0.41 | (0.21) | (0.10) | (0.31) | 11.90 | 3.71 | 21 | 0.60 | 2.95 | 1.76 | 116 |
|  Year ended 10/31/18 | 12.94 | 0.20 | (0.86) | (0.66) | (0.10) | (0.38) | (0.48) | 11.80 | (5.39) | 19 | 0.59 | 3.47 | 1.58 | 89 |
|  **Class R6** | **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 16.87 | 0.23 | (3.95) | (3.72) | (0.24) |  | (0.24) | 12.91 | (22.37) | 6590 | 0.19 | 1.80 | 1.53 | 13 |
|  Year ended 10/31/21 | 11.83 | 0.22 | 5.02 | 5.24 | (0.20) |  | (0.20) | 16.87 | 44.73 | 9884 | 0.19 | 2.79 | 1.53 | 19 |
|  Year ended 10/31/20 | 11.90 | 0.20 | (0.05) | 0.15 | (0.22) |  | (0.22) | 11.83 | 1.20 | 6342 | 0.45 | 2.51 | 1.73 | 118 |
|  Year ended 10/31/19 | 11.80 | 0.20 | 0.21 | 0.41 | (0.21) | (0.10) | (0.31) | 11.90 | 3.71 | 6379 | 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) | 6875 | 0.59 | 3.42 | 1.58 | 89 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

---

| | |
|:---|:---|
| <sup>(b</sup><sup>)</sup> | 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.  |

---

<sup>(c)</sup> 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 which are an integral part of the financial statements.

---

| | |
|:---|:---|
| **15** | **Invesco MSCI World SRI Index Fund** |

---

------

**Notes to Financial Statements** 

*October 31, 2022* 

**NOTE 1–Significant Accounting Policies** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **16** | **Invesco MSCI World SRI Index Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to
the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to
termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be
liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund

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| | |
|:---|:---|
| **17** | **Invesco MSCI World SRI Index Fund** |

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could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $2 billion | 0.140% |
|  Over $2 billion | 0.120% |

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For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.14%.

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

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|:---|:---|
| **18** | **Invesco MSCI World SRI Index Fund** |

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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 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19%, and 0.19%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $15,180, reimbursed fund level expenses of $155,492 and reimbursed class level expenses of $1,622, $249, $720, $1,379, $6 and $3,240 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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the 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 year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

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

**NOTE 3–Additional Valuation Information** 

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

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

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $143674 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;143674 |
|  Austria | 5149 | 5014 | &nbsp;&nbsp;&nbsp;&nbsp;– | 10163 |
|  Belgium |  | 14100 | &nbsp;&nbsp;&nbsp;&nbsp;– | 14100 |
|  Canada | 378656 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 378656 |
|  China | 24198 | 7778 | &nbsp;&nbsp;&nbsp;&nbsp;– | 31976 |
|  Denmark |  | 202532 | &nbsp;&nbsp;&nbsp;&nbsp;– | 202532 |
|  Finland | 4646 | 39813 | &nbsp;&nbsp;&nbsp;&nbsp;– | 44459 |
|  France |  | 235197 | &nbsp;&nbsp;&nbsp;&nbsp;– | 235197 |
|  Germany |  | 107046 | &nbsp;&nbsp;&nbsp;&nbsp;– | 107046 |
|  Hong Kong |  | 77783 | &nbsp;&nbsp;&nbsp;&nbsp;– | 77783 |
|  Ireland |  | 28773 | &nbsp;&nbsp;&nbsp;&nbsp;– | 28773 |
|  Israel |  | 9830 | &nbsp;&nbsp;&nbsp;&nbsp;– | 9830 |
|  Italy |  | 31868 | &nbsp;&nbsp;&nbsp;&nbsp;– | 31868 |

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|:---|:---|
| **19** | **Invesco MSCI World SRI Index Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Japan | $– | $513344 | $– | $513344 |
|  Netherlands | 22639 | 170605 | &nbsp;&nbsp;&nbsp;&nbsp;– | 193244 |
|  New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;– | 3725 | &nbsp;&nbsp;&nbsp;&nbsp;– | 3725 |
|  Norway | &nbsp;&nbsp;&nbsp;&nbsp;– | 21665 | &nbsp;&nbsp;&nbsp;&nbsp;– | 21665 |
|  Singapore | &nbsp;&nbsp;&nbsp;&nbsp;– | 15382 | &nbsp;&nbsp;&nbsp;&nbsp;– | 15382 |
|  Spain | &nbsp;&nbsp;&nbsp;&nbsp;– | 49754 | &nbsp;&nbsp;&nbsp;&nbsp;– | 49754 |
|  Sweden | &nbsp;&nbsp;&nbsp;&nbsp;– | 37047 | &nbsp;&nbsp;&nbsp;&nbsp;– | 37047 |
|  Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;– | 85889 | &nbsp;&nbsp;&nbsp;&nbsp;– | 85889 |
|  United Kingdom | 150387 | 253943 | &nbsp;&nbsp;&nbsp;&nbsp;– | 404330 |
|  United States | 6073963 | 209152 | &nbsp;&nbsp;&nbsp;&nbsp;– | 6283115 |
|  Money Market Funds | 52735 | 7075 | &nbsp;&nbsp;&nbsp;&nbsp;– | 59810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $6712373 | $2270989 | $– | $8983362 |

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**NOTE 4–Derivative Investments** 

**Effect of Derivative Investments for the year ended October 31, 2022** 

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

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on<br>Statement of Operations** |
|  | **Equity**<br> **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $(100670) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2624) |
|  Total | $(103294) |

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

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| | |
|:---|:---|
|  | **Futures<br>Contracts** |
|  Average notional value | $389385 |

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**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–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>** 

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $168128 | $138093 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **20** | **Invesco MSCI World SRI Index Fund** |

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**<u>Tax Components of Net Assets at Period-End:</u>** 

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $133170 |
|  Net unrealized appreciation – investments | 797327 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (1065) |
|  Temporary book/tax differences | (15574) |
|  Capital loss carryforward | (358630) |
|  Shares of beneficial interest | 8366595 |
|  Total net assets | $8921823 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $241817 | $116813 | $358630 |

---

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

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,377,910 and $1,999,860, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $1532637 |
|  Aggregate unrealized (depreciation) of investments | (735310) |
|  Net unrealized appreciation of investments | $797327 |

---

Cost of investments for tax purposes is $8,186,035.

**NOTE 9–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2022, undistributed net investment income was decreased by $7,146 and undistributed net realized gain (loss) was increased by $7,146. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 6805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100540 | 6097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 375 | 5979 | 502 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 4118 | 58856 | 6209 | 87642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 34662 | 547036 | 14976 | 222535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 93 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 73419 | 1111388 | 100432 | 1451199 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 914 | 15047 | 1093 | 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 64 | 1047 | 169 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 338 | 5534 | 384 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 568 | 9384 | 509 | 6760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 13 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7148 | 118154 | 6734 | 89424 |

---

---

| | |
|:---|:---|
| **21** | **Invesco MSCI World SRI Index Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | 1661 | $22161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (1677) | (22161) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (16198) | (233204) | (7334) | (108262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1226) | (19097) | (7) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2273) | (37186) | (10) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (20769) | (274518) | (9468) | (140485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (990) | (15504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (156031) | (2344692) | (57115) | (840265) |
|  Net increase (decrease) in share activity | (68086) | $(935732) | 62271 | $872555 |

---

<sup>(a)</sup> 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. 

---

| | |
|:---|:---|
| **22** | **Invesco MSCI World SRI Index Fund** |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco MSCI World SRI Index Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco MSCI World SRI Index Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

---

| | |
|:---|:---|
| **23** | **Invesco MSCI World SRI Index 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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | **HYPOTHETICAL**<br> **(5% annual return before expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $898.40 | $2.11 | $1022.99 | $2.24 | 0.44% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;894.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;1019.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | 1.19 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;897.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;1021.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | 0.69 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;899.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1024.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.19 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;899.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1024.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.19 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;899.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1024.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.19 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **24** | **Invesco MSCI World SRI Index Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco MSCI World SRI Index Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Deutschland GmbH currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over the past four years ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco MSCI World SRI Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index due to the fees associated with the Fund. The Board noted that the Fund is passively managed and discussed reasons for differences in the Fund's performance versus its peers, The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's investment objective, principal investment strategies and/or

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| | |
|:---|:---|
| **25** | **Invesco MSCI World SRI Index Fund** |

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investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are actively managed or may track a different index than the Fund. The Board further considered that the Fund had changed its name, investment strategy and index in 2020 in connection with the Fund's repositioning as an index-based fund, and that performance results prior to such date reflected that of the Fund's former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as an index-based fund. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that there were only two funds (including the Fund) in the expense group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **26** | **Invesco MSCI World SRI Index Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| **Federal and State Income Tax** | |
|  Qualified Dividend Income\* | 100.00% |
|  Corporate Dividends Received Deduction\* | 50.42% |
|  U.S. Treasury Obligations\* | 0.00% |
|  Qualified Business Income\* | 0.00% |
|  Business Interest Income\* | 0.00% |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. 

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| | |
|:---|:---|
| **27** | **Invesco MSCI World SRI Index Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> – 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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| | |
|:---|:---|
| **T-1** | **Invesco MSCI World SRI Index Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; Beth Ann Brown – 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br>Formerly: President and Director<br>Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp; Cynthia Hostetler – 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp; Eli Jones – 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp; Elizabeth Krentzman – 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. – 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp; Prema Mathai-Davis – 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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| | |
|:---|:---|
| **T-2** | **Invesco MSCI World SRI Index Fund** |

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------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | |
| &nbsp;&nbsp;&nbsp; Joel W. Motley – 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp; Teresa M. Ressel – 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp; Robert C. Troccoli – 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp; Daniel S. Vandivort –1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco MSCI World SRI Index Fund** |

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------

**Trustees and Officers–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp; Sheri Morris – 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Jeffrey H. Kupor – 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco MSCI World SRI Index Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; John M. Zerr – 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Gregory G. McGreevey – 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Adrien Deberghes – 1967<br> Principal Financial Officer,<br> Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Crissie M. Wisdom – 1969<br> Anti-Money Laundering<br> Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco MSCI World SRI Index Fund** |

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------

**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year of Birth and**<br> **Position(s)**<br> **Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by<br>Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp; Todd F. Kuehl – 1969<br> Chief Compliance Officer<br> and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; James Bordewick, Jr. – 1959<br> Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

---

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| | |
|:---|:---|
| **T-6** | **Invesco MSCI World SRI Index Fund** |

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![LOGO](g390421dsp36a.jpg)

**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.

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**Fund holdings and proxy voting information** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g390421dsp36b.jpg)

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

------

![LOGO](g388965dsp001.jpg)

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| | |
|:---|:---|
| **Annual Report to Shareholders** | **October 31, 2022** |

---

**Invesco Oppenheimer International Growth Fund** 

Nasdaq:

A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX

---

| | |
|:---|:---|
| 2 | [Management's Discussion](#edg388965_1) |
| 2 | [Performance Summary](#edg388965_2) |
| 4 | [Long-Term Fund Performance](#edg388965_3) |
| 6 | [Supplemental Information](#edg388965_4) |
| 8 | [Schedule of Investments](#edg388965_5) |
| 10 | [Financial Statements](#edg388965_6) |
| 13 | [Financial Highlights](#edg388965_7) |
| 14 | [Notes to Financial Statements](#edg388965_8) |
| 21 | [Report of Independent Registered Public Accounting Firm](#edg388965_9) |
| 22 | [Fund Expenses](#edg388965_10) |
| 23 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg388965_11) |
| 25 | [Tax Information](#edg388965_12) |
| T-1 | [Trustees and Officers](#edg388965_13) |

---

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**Management's Discussion of Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Oppenheimer International Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. | &nbsp;&nbsp; For the fiscal year ended October 31, 2022, Class A shares of Invesco Oppenheimer International Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Fund's long-term performance appears later in this report. |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp; *Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -32.83 | % |
| &nbsp;&nbsp; Class C Shares | -33.33 |  |
| &nbsp;&nbsp; Class R Shares | -33.00 |  |
| &nbsp;&nbsp; Class Y Shares | -32.66 |  |
| &nbsp;&nbsp; Class R5 Shares | -32.63 |  |
| &nbsp;&nbsp; Class R6 Shares | -32.57 |  |
| &nbsp;&nbsp; MSCI All Country World ex USA Index<sup>▼</sup> | -24.73 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |

---

------

**Market conditions and your Fund** 

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China's ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first half of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People's Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country's zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are long-term, thematic growth investors. We identify structural growth trends in the global economy and seek to invest in companies that can monetize them sustainably for many years. We buy these companies when they are trading at attractive valuations and hold them in the portfolio for a long period of time to benefit from the compounding of the returns they produce. This is a discipline that we have been following since the Fund's inception in 1996.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With this approach, we invest most of the Fund's assets in companies that we believe have significant pricing power within the consumer, industrial, health care and information technology sectors. We invest little within the commoditized, price-taking industries found in the utilities, materials, energy and financials sectors. Geographically, most companies in which the Fund invests are domiciled in developed markets, however, the Fund's revenue exposure is evenly spread across the globe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It was a difficult fiscal year for the Fund's performance, given our growth orientation, as Class A shares returned -32.83%, underperforming the MSCI All Country World ex USA Index's (the "Index") return of -24.73%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relative to the Index, the Fund performed most strongly in the consumer discretionary sector due to stock selection, though an overweight to the sector did offset the strong selection effect a bit. The Fund also outperformed in the health care sector, mainly due to an overweight position. The Fund underperformed the Index the most in the information technology, industrials and financials sector. Relative results in information technology and industrials were mainly driven by stock selection, while underperformance in financials was mainly due to our usual underweight positioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three largest contributors to the Fund's absolute performance for the fiscal year were

**Swedish Match, Dollarama** and **Alimentation Couche-Tard.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Match is a consumer goods company focused on the smokeless tobacco market. During May, Philip Morris International bid for the company at a roughly 40% premium over the price of the shares at the time and they rose towards the bid level. We have tendered our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama is a Canadian discount retailer that is much like Dollar Tree and Dollar General in the US. However, unlike the US, this retail market segment in Canada is not saturated. We have owned the company for several years as part of our Reorganization of the Retail theme. In our opinion, the continuing shift to online buying benefits retailers at the very high and the very low end of pricing and we continue to view Dollarama's prospects favorably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, a Canadian retailer that we have owned for many years, operates a network of 24-hour gas stations and convenience stores in North America and several European countries (our clients may be most familiar with their Circle K brand). Higher fuel margins have caused earnings to surprise on the upside. We continue to view this company's prospects favorably due to its top line resiliency as we anticipate a potential general economic slowdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three largest detractors to the Fund's absolute performance for the fiscal year were

**Ocado Group**, **ASML** and **Taiwan Semiconductor Manufacturing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocado Group is a UK company that builds and operates fully automated fulfillment warehouses for brick-and-mortar grocery chains, under license. During the pandemic Ocado's marketing activities were largely curtailed, no new contracts have been announced and the share price has suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML is a Dutch company that is the only supplier of the extreme ultraviolet lithography equipment that is required to produce the next generation of semiconductor chips. The fundamentals for ASML are strengthening as chip makers around the world seek to "reshore" a greater proportion of their production. This position was the largest individual contributor to the Fund's returns in the previous fiscal year, but the shares have experienced profit-taking this year, and have also declined in recent weeks as concerns about the economic cycle turning have become more widespread. We continue to view ASML's long-term prospects favorably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing, more commonly known as TSMC, has become the dominant player in the highly concentrated semiconductor foundry industry. Semiconductor related companies have experienced profit-taking this fiscal year as the inventory cycle has turned against them. In addition, in October the US announced restrictions on the sale of American designed chips to China and TSMC's share price reacted unfavorably.

---

| | |
|:---|:---|
| **2** | **Invesco Oppenheimer International Growth Fund** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued investment in Invesco Oppenheimer International Growth Fund.

------

**Portfolio manager(s)**:

Robert Dunphy

George Evans

*The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.* 

See important Fund and, if applicable, index disclosures later in this report.

---

| | |
|:---|:---|
| **3** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Your Fund's Long-Term Performance** 

**Results of a $10,000 Investment – Oldest Share Class(es)** 

Fund and index data from 10/31/12

![LOGO](g388965dsp004.jpg)

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

---

| | |
|:---|:---|
| **4** | **Invesco Oppenheimer International Growth Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (3/25/96) | 6.36 | % |
| &nbsp;&nbsp; 10 Years | 3.35 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.94 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -36.52 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (3/25/96) | 6.34 | % |
| &nbsp;&nbsp; 10 Years | 3.32 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.57 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -33.91 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 4.12 | % |
| &nbsp;&nbsp; 10 Years | 3.68 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -1.07 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -33.00 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (9/7/05) | 5.15 | % |
| &nbsp;&nbsp; 10 Years | 4.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -32.66 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 4.07 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -32.63 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (3/29/12) | 4.45 | % |
| &nbsp;&nbsp; 10 Years | 4.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | -0.43 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -32.57 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.** 

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| | |
|:---|:---|
| **5** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Supplemental Information** 

**Invesco Oppenheimer International Growth Fund's investment objective is to seek capital appreciation.** 

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net
assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

------

**About indexes used in this report** 

∎ The **MSCI All Country World ex USA<sup>®</sup> 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.

&nbsp;&nbsp; **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.**<br>

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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| | |
|:---|:---|
| **6** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Fund Information** 

**Portfolio Composition** 

---

| | |
|:---|:---|
| **By sector** | **% of total net assets** |
|  Consumer Discretionary | 20.58% |
|  Industrials | 18.71 |
|  Health Care | 17.75 |
|  Information Technology | 14.05 |
|  Consumer Staples | 13.24 |
|  Energy | 3.89 |
|  Communication Services | 3.53 |
|  Financials | 3.42 |
|  Materials | 3.41 |
|  Money Market Funds Plus Other Assets Less Liabilities | 1.42 |

---

**Top 10 Equity Holdings\*** 

---

| | | |
|:---|:---|:---|
|  |  | **% of total net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Hermes International | 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Novo Nordisk A/S, Class B | 4.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Swedish Match AB | 3.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Reliance Industries Ltd. | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Alimentation Couche-Tard, Inc. | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | LVMH Moet Hennessy Louis Vuitton SE | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Compass Group PLC | 2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | ResMed, Inc. | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | EPAM Systems, Inc. | 2.65 |
| 10. | London Stock Exchange Group PLC | 2.53 |

---

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

\* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

---

| | |
|:---|:---|
| **7** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Schedule of Investments** 

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.58%** | **Common Stocks & Other Equity Interests–98.58%** | **Common Stocks & Other Equity Interests–98.58%** |
|  **Australia–3.48%** | **Australia–3.48%** | **Australia–3.48%** |
|  CSL Ltd. | 751768 | $134724930 |
|  James Hardie Industries PLC, CDI | 5175813 | 113707072 |
|  |  | 248432002 |
|  **Canada–6.45%** | **Canada–6.45%** | **Canada–6.45%** |
|  Alimentation Couche-Tard, Inc. | 5318428 | 238135654 |
|  CAE, Inc.<sup>(a)</sup> | 2225668 | 42476139 |
|  Dollarama, Inc. | 3032424 | 180184771 |
|  |  | 460796564 |
|  **China–0.25%** | **China–0.25%** | **China–0.25%** |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 2224400 | 17709499 |
|  **Denmark–4.99%** | **Denmark–4.99%** | **Denmark–4.99%** |
|  Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | 421119 | 48428685 |
|  Novo Nordisk A/S, Class B | 2837255 | 308339427 |
|  |  | 356768112 |
|  **France–17.15%** | **France–17.15%** | **France–17.15%** |
|  Airbus SE | 1492140 | 161587427 |
|  Dassault Systemes SE | 2595197 | 86888108 |
|  Edenred | 2116054 | 108581180 |
|  EssilorLuxottica S.A. | 373271 | 59126332 |
|  Hermes International | 238389 | 308737891 |
|  Kering S.A. | 130918 | 59925863 |
|  L'Oreal S.A. | 300029 | 94198286 |
|  LVMH Moet Hennessy Louis Vuitton SE | 358738 | 226319145 |
|  Sartorius Stedim Biotech | 377843 | 119883747 |
|  |  | 1225247979 |
|  **Germany–3.81%** | **Germany–3.81%** | **Germany–3.81%** |
|  CTS Eventim AG & Co. KGaA<sup>(a)</sup> | 2372664 | 113349036 |
|  SAP SE | 410656 | 39648620 |
|  Siemens AG | 281707 | 30795791 |
|  Siemens Healthineers AG<sup>(c)</sup> | 1925182 | 88628270 |
|  |  | 272421717 |
|  **India–5.00%** | **India–5.00%** | **India–5.00%** |
|  Dr Lal PathLabs Ltd.<sup>(c)</sup> | 2556534 | 79099148 |
|  Reliance Industries Ltd. | 9035969 | 278071776 |
|  |  | 357170924 |
|  **Ireland–2.06%** | **Ireland–2.06%** | **Ireland–2.06%** |
|  Flutter Entertainment PLC<sup>(a)</sup> | 1108717 | 147071881 |
|  **Italy–1.82%** | **Italy–1.82%** | **Italy–1.82%** |
|  Davide Campari-Milano N.V. | 14440980 | 129876456 |
|  **Japan–8.58%** | **Japan–8.58%** | **Japan–8.58%** |
|  Benefit One, Inc. | 2265700 | 31421339 |
|  Daikin Industries Ltd. | 841400 | 126548749 |
|  Hitachi Ltd. | 1415700 | 64127511 |
|  Hoya Corp. | 741410 | 69126896 |
|  Keyence Corp. | 331584 | 124966442 |
|  Kobe Bussan Co. Ltd. | 3116400 | 67620619 |
|  Nidec Corp. | 1108940 | 61149411 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
|  Nihon M&A Center Holdings, Inc. | 6035000 | $| 68239483 |
|  |  |  | 613200450 |
|  **Netherlands–4.79%** | **Netherlands–4.79%** | **Netherlands–4.79%** | **Netherlands–4.79%** |
|  Aalberts N.V. | 1562319 |  | 54228728 |
|  Adyen N.V.<sup>(a)(c)</sup> | 52142 |  | 74694297 |
|  ASML Holding N.V. | 341871 |  | 161164078 |
|  Universal Music Group N.V. | 2673260 |  | 52384454 |
|  |  |  | 342471557 |
|  **New Zealand–0.45%** | **New Zealand–0.45%** | **New Zealand–0.45%** | **New Zealand–0.45%** |
|  Xero Ltd.<sup>(a)</sup> | 652823 |  | 32409261 |
|  **Spain–1.88%** | **Spain–1.88%** | **Spain–1.88%** | **Spain–1.88%** |
|  Amadeus IT Group S.A.<sup>(a)</sup> | 2574623 |  | 134024372 |
|  **Sweden–8.12%** | **Sweden–8.12%** | **Sweden–8.12%** | **Sweden–8.12%** |
|  Atlas Copco AB, Class A | 11478160 |  | 122544961 |
|  Epiroc AB, Class A | 11655316 |  | 178212074 |
|  Swedish Match AB | 27134836 |  | 279183184 |
|  |  |  | 579940219 |
|  **Switzerland–3.77%** | **Switzerland–3.77%** | **Switzerland–3.77%** | **Switzerland–3.77%** |
|  Barry Callebaut AG | 19004 |  | 35925029 |
|  Lonza Group AG | 110788 |  | 56954840 |
|  Sika AG | 576036 |  | 129680937 |
|  VAT Group AG<sup>(c)</sup> | 204238 |  | 46571594 |
|  |  |  | 269132400 |
|  **Taiwan–0.74%** | **Taiwan–0.74%** | **Taiwan–0.74%** | **Taiwan–0.74%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 4358000 |  | 52444611 |
|  **United Kingdom–17.39%** | **United Kingdom–17.39%** | **United Kingdom–17.39%** | **United Kingdom–17.39%** |
|  Britvic PLC | 9708501 |  | 80967971 |
|  Compass Group PLC | 9652456 |  | 203290116 |
|  ConvaTec Group PLC<sup>(c)</sup> | 22792527 |  | 56962341 |
|  Entain PLC | 6756907 |  | 97795239 |
|  Legal & General Group PLC | 23744370 |  | 63337626 |
|  London Stock Exchange Group PLC | 2083517 |  | 180657639 |
|  Next PLC | 1923787 |  | 108661287 |
|  Ocado Group PLC<sup>(a)(b)</sup> | 3711624 |  | 20081892 |
|  Rentokil Initial PLC<sup>(b)</sup> | 23571670 |  | 147043778 |
|  Rightmove PLC | 15324598 |  | 86331054 |
|  RS GROUP PLC | 6988818 |  | 76752537 |
|  Trainline PLC<sup>(a)(c)(d)</sup> | 31526930 |  | 120287911 |
|  |  |  | 1242169391 |
|  **United States–7.85%** | **United States–7.85%** | **United States–7.85%** | **United States–7.85%** |
|  EPAM Systems, Inc.<sup>(a)</sup> | 540939 |  | 189328650 |
|  Ferguson PLC | 1153286 |  | 125663266 |
|  Medtronic PLC | 612339 |  | 53481688 |
|  ResMed, Inc. | 859467 |  | 192254173 |
|  |  |  | 560727777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $4,508,610,013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $4,508,610,013) |  | 7042015172 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Oppenheimer International Growth Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–1.46%** | **Money Market Funds–1.46%** | **Money Market Funds–1.46%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup> | 36332396 | $36332395 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup> | 26763468 | 26768821 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup> | 41522738 | 41522738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $104,621,373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $104,621,373) | 104623954 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $4,613,231,386) | TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $4,613,231,386) | 7146639126 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–0.75%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 14928153 | $14928153 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 38336216 | 38336216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $53,267,851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $53,267,851) | 53264369 |
|  TOTAL INVESTMENTS IN SECURITIES–100.79%<br>(Cost $4,666,499,237) | TOTAL INVESTMENTS IN SECURITIES–100.79%<br>(Cost $4,666,499,237) | 7199903495 |
|  OTHER ASSETS LESS LIABILITIES–(0.79)% | OTHER ASSETS LESS LIABILITIES–(0.79)% | (56159074) |
|  NET ASSETS–100.00% |  | $7143744421 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 October 31, 2022 was $466,243,561, which represented 6.53% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **October 31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $84257016 | $558204487 | $(606129108) | $- | $- | $36332395 | $329276 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 62153130 | 398717491 | (434085270) | 2665 | (19195) | 26768821 | 244058 |
|  Invesco Treasury Portfolio, Institutional Class | 96293733 | 637947985 | (692718980) | - | - | 41522738 | 344617 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 90872592 | 445232317 | (521176756) | - | - | 14928153 | 286,971\* |
|  Invesco Private Prime Fund | 212036049 | 1050271290 | (1223942587) | (3484) | (25052) | 38336216 | 766,786\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
|  Trainline PLC | 97285290 | 37097124 | (4008133) | (6721545) | (3364825) | 120287911 | - |
|  Total | $642897810 | $3127470694 | $(3482060834) | $(6722364) | $(3409072) | $278176234 | $1971708 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

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

---

| | |
|:---|:---|
| **9** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $4,353,852,417)\* | $6921727261 |
|  Investments in affiliates, at value<br>(Cost $312,646,820) | 278176234 |
|  Cash | 20000000 |
|  Foreign currencies, at value (Cost $7,155,199) | 7078010 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2138275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 3614985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 25259280 |
|  Foreign withholding tax claims | 3714366 |
|  Investment for trustee deferred compensation and retirement plans | 544847 |
|  Other assets | 91815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7262345073 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 43730420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign taxes | 4414340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 53267851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 2956858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 81793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 1144543 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fees for foreign withholding tax claims | 12460000 |
|  Trustee deferred compensation and retirement plans | 544847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 118600652 |
|  Net assets applicable to shares outstanding | $7143744421 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $4765217955 |
|  Distributable earnings | 2378526466 |
|  | $7143744421 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $1014906080 |
|  Class C | $65000538 |
|  Class R | $203427881 |
|  Class Y | $2575369012 |
|  Class R5 | $1974495 |
|  Class R6 | $3283066415 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 32717657 |
|  Class C | 2296771 |
|  Class R | 6772839 |
|  Class Y | 83515337 |
|  Class R5 | 63478 |
|  Class R6 | 106413724 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $31.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $31.02 ÷ 94.50%) | $32.83 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.30 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $30.04 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $30.84 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $31.11 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $30.85 |

---

\* At October 31, 2022, securities with an aggregate value of $53,620,599 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **10** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Statement of Operations** 

*For the year ended October 31, 2022* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Interest | $792352 |
|  Dividends (net of foreign withholding taxes of $18,109,649) | 94216951 |
|  Dividends from affiliates (includes net securities lending income of $554,806) | 1472757 |
|  Foreign withholding tax claims | 8346190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 104828250 |
|  **Expenses:** |  |
|  Advisory fees | 63486623 |
|  Administrative services fees | 1367955 |
|  Custodian fees | 736451 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3158728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 997241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1225245 |
|  Transfer agent fees – A, C, R and Y | 9068420 |
|  Transfer agent fees – R5 | 36881 |
|  Transfer agent fees – R6 | 1408959 |
|  Trustees' and officers' fees and benefits | 118794 |
|  Registration and filing fees | 213428 |
|  Professional services fees | 144034 |
|  Other | (1942957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 80019802 |
|  Less: Fees waived and/or expense offset arrangement(s) | (103244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 79916558 |
|  Net investment income | 24911692 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $3) | (130239516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (3409072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1755851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1414 |
|  | (135403025) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (net of foreign taxes of $8,246,845) | (3872221936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (6722364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (3502012) |
|  | (3882446312) |
|  Net realized and unrealized gain (loss) | (4017849337) |
|  Net increase (decrease) in net assets resulting from operations | $(3992937645) |

---

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

---

| | |
|:---|:---|
| **11** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the years ended October 31, 2022 and 2021* 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $24911692 | $34364072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (135403025) | 1750287634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (3882446312) | 1754143798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3992937645) | 3538795504 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (195067177) | (216288299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (18357534) | (28578549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (36871946) | (40236467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (599954915) | (629263155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (5380848) | (1827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (692317508) | (802185808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (1547949928) | (1716554105) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 61475290 | (27064427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (23631020) | (56111542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 29407953 | 7587661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (290254095) | 196572161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (21964741) | 41876871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (91205230) | (489898392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (336171843) | (327037668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (5877059416) | 1495203731 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 13020803837 | 11525600106 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7143744421 | $13020803837 |

---

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

---

| | |
|:---|:---|
| **12** | **Invesco Oppenheimer International Growth Fund** |

---

------

**Financial Highlights** 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed<sup>(c)</sup>** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | $52.65 | $0.00 | $(15.44) | $(15.44) | $(0.05) | $(6.14) | $(6.19) | $31.02 | (32.80)% | $1014906 | 1.08% | 1.08% | 0.01% | 9% |
|  Year ended 10/31/21 | 45.87 | 0.01 | 13.72 | 13.73 |  | (6.95) | (6.95) | 52.65 | 32.14 | 1680415 | 1.10 | 1.10 | 0.00 | 18 |
|  Year ended 10/31/20 | 41.74 | (0.02) | 4.53 | 4.51 | (0.38) |  | (0.38) | 45.87 | 10.84 | 1472093 | 1.10 | 1.13 | (0.06) | 22 |
|  Eleven months ended 10/31/19 | 37.08 | 0.33 | 4.71 | 5.04 | (0.38) |  | (0.38) | 41.74 | 13.75 | 1746483 | 1.10 <sup>(e)</sup> | 1.10 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 10 |
|  Year ended 11/30/18 | 43.71 | 0.34 | (6.71) | (6.37) | (0.26) |  | (0.26) | 37.08 | (14.66) | 2146246 | 1.11 | 1.11 | 0.79 | 18 |
|  Year ended 11/30/17 | 34.34 | 0.35 | 9.38 | 9.73 | (0.36) | – | (0.36) | 43.71 | 28.61 | 3249744 | 1.13 | 1.13 | 0.89 | 22 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 48.88 | (0.26) | (14.18) | (14.44) |  | (6.14) | (6.14) | 28.30 | (33.31) | 65001 | 1.83 | 1.83 | (0.74) | 9 |
|  Year ended 10/31/21 | 43.30 | (0.35) | 12.88 | 12.53 |  | (6.95) | (6.95) | 48.88 | 31.15 | 150110 | 1.85 | 1.85 | (0.75) | 18 |
|  Year ended 10/31/20 | 39.42 | (0.33) | 4.28 | 3.95 | (0.07) |  | (0.07) | 43.30 | 10.02 | 184361 | 1.85 | 1.88 | (0.81) | 22 |
|  Eleven months ended 10/31/19 | 34.97 | 0.06 | 4.46 | 4.52 | (0.07) |  | (0.07) | 39.42 | 12.95 | 241807 | 1.85 <sup>(e)</sup> | 1.85 <sup>(e)</sup> | 0.18 <sup>(e)</sup> | 10 |
|  Year ended 11/30/18 | 41.29 | 0.02 | (6.34) | (6.32) |  |  |  | 34.97 | (15.31) | 345228 | 1.86 | 1.86 | 0.04 | 18 |
|  Year ended 11/30/17 | 32.44 | 0.03 | 8.91 | 8.94 | (0.09) | – | (0.09) | 41.29 | 27.64 | 468753 | 1.88 | 1.88 | 0.09 | 22 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 51.26 | (0.09) | (14.99) | (15.08) |  | (6.14) | (6.14) | 30.04 | (32.97) | 203428 | 1.33 | 1.33 | (0.24) | 9 |
|  Year ended 10/31/21 | 44.92 | (0.12) | 13.41 | 13.29 |  | (6.95) | (6.95) | 51.26 | 31.80 | 311920 | 1.35 | 1.35 | (0.25) | 18 |
|  Year ended 10/31/20 | 40.88 | (0.13) | 4.44 | 4.31 | (0.27) |  | (0.27) | 44.92 | 10.58 | 263106 | 1.35 | 1.38 | (0.31) | 22 |
|  Eleven months ended 10/31/19 | 36.32 | 0.24 | 4.61 | 4.85 | (0.29) |  | (0.29) | 40.88 | 13.47 | 313081 | 1.35 <sup>(e)</sup> | 1.35 <sup>(e)</sup> | 0.68 <sup>(e)</sup> | 10 |
|  Year ended 11/30/18 | 42.86 | 0.23 | (6.58) | (6.35) | (0.19) |  | (0.19) | 36.32 | (14.88) | 377926 | 1.36 | 1.36 | 0.54 | 18 |
|  Year ended 11/30/17 | 33.70 | 0.21 | 9.25 | 9.46 | (0.30) | – | (0.30) | 42.86 | 28.31 | 486089 | 1.38 | 1.38 | 0.55 | 22 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 52.41 | 0.10 | (15.35) | (15.25) | (0.18) | (6.14) | (6.32) | 30.84 | (32.64) | 2575369 | 0.83 | 0.83 | 0.26 | 9 |
|  Year ended 10/31/21 | 45.63 | 0.13 | 13.65 | 13.78 | (0.05) | (6.95) | (7.00) | 52.41 | 32.46 | 5009610 | 0.85 | 0.85 | 0.25 | 18 |
|  Year ended 10/31/20 | 41.51 | 0.08 | 4.52 | 4.60 | (0.48) |  | (0.48) | 45.63 | 11.13 | 4132110 | 0.85 | 0.88 | 0.19 | 22 |
|  Eleven months ended 10/31/19 | 36.92 | 0.42 | 4.67 | 5.09 | (0.50) |  | (0.50) | 41.51 | 14.01 | 5993234 | 0.85 <sup>(e)</sup> | 0.85 <sup>(e)</sup> | 1.18 <sup>(e)</sup> | 10 |
|  Year ended 11/30/18 | 43.55 | 0.44 | (6.69) | (6.25) | (0.38) |  | (0.38) | 36.92 | (14.47) | 9329538 | 0.86 | 0.86 | 1.04 | 18 |
|  Year ended 11/30/17 | 34.23 | 0.41 | 9.37 | 9.78 | (0.46) | – | (0.46) | 43.55 | 28.96 | 12543811 | 0.88 | 0.88 | 1.04 | 22 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 52.84 | 0.12 | (15.46) | (15.34) | (0.25) | (6.14) | (6.39) | 31.11 | (32.58) | 1974 | 0.76 | 0.76 | 0.33 | 9 |
|  Year ended 10/31/21 | 45.97 | 0.20 | 13.76 | 13.96 | (0.14) | (6.95) | (7.09) | 52.84 | 32.66 | 44233 | 0.72 | 0.72 | 0.38 | 18 |
|  Year ended 10/31/20 | 41.80 | 0.15 | 4.55 | 4.70 | (0.53) |  | (0.53) | 45.97 | 11.29 | 12 | 0.69 | 0.69 | 0.35 | 22 |
|  Period ended 10/31/19<sup>(f)</sup> | 38.79 | 0.23 | 2.78 | 3.01 | – | – | – | 41.80 | 7.76 | 11 | 0.74 <sup>(e)</sup> | 0.74 <sup>(e)</sup> | 1.29 <sup>(e)</sup> | 10 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Year ended 10/31/22 | 52.44 | 0.15 | (15.34) | (15.19) | (0.26) | (6.14) | (6.40) | 30.85 | (32.55) | 3283066 | 0.69 | 0.69 | 0.40 | 9 |
|  Year ended 10/31/21 | 45.67 | 0.20 | 13.66 | 13.86 | (0.14) | (6.95) | (7.09) | 52.44 | 32.66 | 5824515 | 0.70 | 0.70 | 0.40 | 18 |
|  Year ended 10/31/20 | 41.55 | 0.15 | 4.52 | 4.67 | (0.55) |  | (0.55) | 45.67 | 11.29 | 5473919 | 0.69 | 0.69 | 0.35 | 22 |
|  Eleven months ended 10/31/19 | 36.98 | 0.48 | 4.67 | 5.15 | (0.58) |  | (0.58) | 41.55 | 14.18 | 7389864 | 0.69 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | 1.34 <sup>(e)</sup> | 10 |
|  Year ended 11/30/18 | 43.62 | 0.51 | (6.69) | (6.18) | (0.46) |  | (0.46) | 36.98 | (14.32) | 8682910 | 0.69 | 0.69 | 1.20 | 18 |
|  Year ended 11/30/17 | 34.31 | 0.45 | 9.40 | 9.85 | (0.54) | – | (0.54) | 43.62 | 29.14 | 10542873 | 0.69 | 0.69 | 1.15 | 22 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018 and 2017, respectively. 

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

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|:---|:---|
| **13** | **Invesco Oppenheimer International Growth Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

**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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **14** | **Invesco Oppenheimer International Growth Fund** |

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**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 and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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

**H.** **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.

**I.** **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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to
the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to
termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be
liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could

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| | |
|:---|:---|
| **15** | **Invesco Oppenheimer International Growth Fund** |

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experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,286 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

**M.** **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.

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

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

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

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| | |
|:---|:---|
| **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% |

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\* 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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

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| | |
|:---|:---|
| **16** | **Invesco Oppenheimer International Growth Fund** |

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25% 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $95,391.

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 year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $79,821 in front-end sales commissions from the sale of Class A shares and $11,070 and $6,568 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $369 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3–Additional Valuation Information** 

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

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | |
|:---|:---|
| **17** | **Invesco Oppenheimer International Growth Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $– | $248432002 | $– | $248432002 |
|  Canada | 460796564 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 460796564 |
|  China |  | 17709499 | &nbsp;&nbsp;&nbsp;&nbsp;– | 17709499 |
|  Denmark | 48428685 | 308339427 | &nbsp;&nbsp;&nbsp;&nbsp;– | 356768112 |
|  France | 470325318 | 754922661 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1225247979 |
|  Germany |  | 272421717 | &nbsp;&nbsp;&nbsp;&nbsp;– | 272421717 |
|  India |  | 357170924 | &nbsp;&nbsp;&nbsp;&nbsp;– | 357170924 |
|  Ireland |  | 147071881 | &nbsp;&nbsp;&nbsp;&nbsp;– | 147071881 |
|  Italy |  | 129876456 | &nbsp;&nbsp;&nbsp;&nbsp;– | 129876456 |
|  Japan |  | 613200450 | &nbsp;&nbsp;&nbsp;&nbsp;– | 613200450 |
|  Netherlands |  | 342471557 | &nbsp;&nbsp;&nbsp;&nbsp;– | 342471557 |
|  New Zealand |  | 32409261 | &nbsp;&nbsp;&nbsp;&nbsp;– | 32409261 |
|  Spain |  | 134024372 | &nbsp;&nbsp;&nbsp;&nbsp;– | 134024372 |
|  Sweden | 279183184 | 300757035 | &nbsp;&nbsp;&nbsp;&nbsp;– | 579940219 |
|  Switzerland |  | 269132400 | &nbsp;&nbsp;&nbsp;&nbsp;– | 269132400 |
|  Taiwan |  | 52444611 | &nbsp;&nbsp;&nbsp;&nbsp;– | 52444611 |
|  United Kingdom | 323578027 | 918591364 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1242169391 |
|  United States | 435064511 | 125663266 | &nbsp;&nbsp;&nbsp;&nbsp;– | 560727777 |
|  Money Market Funds | 104623954 | 53264369 | &nbsp;&nbsp;&nbsp;&nbsp;– | 157888323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $2122000243 | $5077903252 | $– | $7199903495 |

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**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 year ended October 31, 2022** 

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

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| | |
|:---|:---|
|  | **Location of Gain on**<br>**Statement of Operations** |
|  | **Currency** |
|  | **Risk** |
|  Realized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $1414 |

---

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

---

| | |
|:---|:---|
|  | **Forward** |
|  | **Foreign Currency** |
|  | **Contracts** |
|  Average notional value | $3949740 |

---

**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 year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $7,853.

**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 State Street Bank and Trust Company, 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

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| | |
|:---|:---|
| **18** | **Invesco Oppenheimer International Growth Fund** |

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the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8–Distributions to Shareholders and Tax Components of Net Assets** 

**<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:</u>**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Ordinary income\* | $122942959 | $20197986 |
|  Long-term capital gain | 1425006969 | 1696356119 |
|  Total distributions | $1547949928 | $1716554105 |

---

\* Includes short-term capital gain distributions, if any.

**<u>Tax Components of Net Assets at Period-End:</u>**

---

| | |
|:---|:---|
|  | **2022** |
|  Undistributed ordinary income | $9744104 |
|  Net unrealized appreciation – investments | 2523986339 |
|  Net unrealized appreciation (depreciation) – foreign currencies | (2038766) |
|  Temporary book/tax differences | (525748) |
|  Capital loss carryforward | (152639463) |
|  Shares of beneficial interest | 4765217955 |
|  Total net assets | $7143744421 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $152639463 | $– | $152639463 |

---

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

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $840,095,235 and $2,524,647,485, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $2920067450 |
|  Aggregate unrealized (depreciation) of investments | (396081111) |
|  Net unrealized appreciation of investments | $2523986339 |

---

Cost of investments for tax purposes is $4,675,917,156.

**NOTE 10–Reclassification of Permanent Differences** 

Primarily as a result of differing book/tax treatment of equalization and return of capital, on October 31, 2022, undistributed net investment income was decreased by $2,493,739, undistributed net realized gain (loss) was decreased by $15,142,145 and shares of beneficial interest was increased by $17,635,884. This reclassification had no effect on the net assets of the Fund.

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| | |
|:---|:---|
| **19** | **Invesco Oppenheimer International Growth Fund** |

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**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **October 31, 2021** | **October 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 5405885 | $202956745 | 4040967 | $200882672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 153626 | 5337043 | 233044 | 10755270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 964878 | 34927354 | 744656 | 36050894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 22787843 | 848544314 | 16277481 | 799477101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 210747 | 7934807 | 862492 | 43219714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 23922628 | 856148483 | 16294148 | 811809014 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3967563 | 174691830 | 4214597 | 193702887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 417051 | 16865527 | 614969 | 26419071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 861731 | 36821772 | 896402 | 40194683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 10649974 | 465084384 | 10643741 | 485886766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 122171 | 5379201 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13677773 | 596897993 | 15502468 | 707222576 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 603876 | 22422046 | 1149883 | 56043620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (658909) | (22422046) | (1232354) | (56043620) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9175150) | (338595331) | (9582936) | (477693606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (685717) | (23411544) | (802280) | (37242263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1139181) | (42341173) | (1413447) | (68657916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (45515945) | (1603882793) | (21892625) | (1088791706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1106594) | (35278749) | (25596) | (1342843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (42253712) | (1544251706) | (40582197) | (2008929982) |
|  Net increase (decrease) in share activity | (16789462) | $(336171843) | (4056587) | $(327037668) |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. <br>

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| | |
|:---|:---|
| **20** | **Invesco Oppenheimer International Growth Fund** |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Oppenheimer International Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer International Growth Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. |
| &nbsp;&nbsp;&nbsp; For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5. |

---

The financial statements of Oppenheimer International Growth Fund (subsequently renamed Invesco Oppenheimer International Growth Fund) as of and for the year ended November 30, 2018 and the financial highlights for each of the periods ended on or prior to November 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 22, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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| | |
|:---|:---|
| **21** | **Invesco Oppenheimer International Growth Fund** |

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**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 May 1, 2022 through October 31, 2022.

**Actual expenses** 

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

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $892.10 | $5.53 | $1019.36 | $5.90 | 1.16% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;888.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;1015.58 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | 1.91 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;891.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;1018.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 | 1.41 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;893.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;1020.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | 0.91 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;893.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | 0.82 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;893.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;1021.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 0.75 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **22** | **Invesco Oppenheimer International Growth Fund** |

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer International Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation** 

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers* 

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

*B.* *Fund Investment Performance* 

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-U.S.<sup>®</sup> Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.

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| | |
|:---|:---|
| **23** | **Invesco Oppenheimer International Growth Fund** |

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The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses* 

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial

fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates* 

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers.

The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **24** | **Invesco Oppenheimer International Growth Fund** |

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**Tax Information** 

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
| **Federal and State Income Tax** | | |
|  Long-Term Capital Gain Distributions | $1425006969 |  |
|  Qualified Dividend Income\* | 100.00% |  |
|  Corporate Dividends Received Deduction\* | 1.88% |  |
|  U.S. Treasury Obligations\* | 0.00% |  |
|  Qualified Business Income\* | 0.00% |  |
|  Business Interest Income\* | 0.00% |  |
|  Foreign Taxes | $0.0343 | per share |
|  Foreign Source Income | $0.4836 | per share |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |
| **Non-Resident Alien Shareholders** |  |  |
|  Short-Term Capital Gain Distributions |  | $75970470 |

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| | |
|:---|:---|
| **25** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers** 

The address of each trustee and officer is AIM International Mutual Funds (Invesco International Mutual Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin L. Flanagan<sup>1</sup> - 1960<br> Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business<br>Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 189 |  |

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<sup>1</sup> Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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|:---|:---|
| **T-1** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Ann Brown - 1968<br> Trustee (2019) and Chair (August 2022) | 2019 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 189 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit)<br> Formerly: President and Director<br> Director of Grahamtastic Connection (non-profit) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cynthia Hostetler - 1962<br> Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 189 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Jones - 1961<br> Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 189 | Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elizabeth Krentzman - 1959<br> Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 189 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthony J. LaCava, Jr. - 1956<br> Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 189 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;&nbsp; Prema Mathai-Davis - 1950<br> Trustee | 2001 | Retired<br>Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 189 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |

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|:---|:---|
| **T-2** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees–(continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Joel W. Motley - 1952<br> Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.<br>Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 189 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teresa M. Ressel - 1962<br> Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing) | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert C. Troccoli - 1949<br> Trustee | 2016 | Retired<br>Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel S. Vandivort - 1954<br> Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 189 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

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| | |
|:---|:---|
| **T-3** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers–(continued)** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sheri Morris - 1964<br> President and Principal Executive Officer | 1999 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.<br>Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeffrey H. Kupor - 1968<br> Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation<br>Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew R. Schlossberg – 1974<br> Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)<br>Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |

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| | |
|:---|:---|
| **T-4** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; John M. Zerr - 1962<br> Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company<br>Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory G. McGreevey - 1962<br> Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.<br>Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes - 1967<br> Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust<br>Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Crissie M. Wisdom - 1969<br> Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |

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| | |
|:---|:---|
| **T-5** | **Invesco Oppenheimer International Growth Fund** |

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**Trustees and Officers–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name, Year of Birth and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position(s)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Held with the Trust** | **Trustee**<br> **and/or**<br> **Officer**<br> **Since** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other**<br> **Directorship(s)**<br> **Held by Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;&nbsp;**Officers–(continued)** | | | | |
| &nbsp;&nbsp;&nbsp;Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; James Bordewick, Jr. - 1959 Senior Vice President and<br> Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets)<br>Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett | N/A | N/A |

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The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

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| | | | |
|:---|:---|:---|:---|
| **Office of the Fund** | **Investment Adviser** | **Distributor** | **Auditors** |
| 11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| **Counsel to the Fund** | **Counsel to the Independent Trustees** | **Transfer Agent** | **Custodian** |
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company |
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street |
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |

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| | |
|:---|:---|
| **T-6** | **Invesco Oppenheimer International Growth Fund** |

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![LOGO](g388965dsp032.jpg)

**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

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**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.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![LOGO](g388965dsp001.jpg)

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. O-IGR-AR-1

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ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are "independent" within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, *Communication with Audit Committees Concerning Independence*, PricewaterhouseCoopers LLC ("PwC") advised the Registrant's Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC's independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser's parent company, Invesco Ltd. (collectively the "Invesco Funds Investment Company Complex") that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds' audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

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**(a) to (d)** 

**Fees Billed by PwC Related to the Registrant** 

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

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| | | |
|:---|:---|:---|
|  | Fees Billed for<br>Services Rendered<br> to the Registrant for <br> fiscal year end 2022 | Fees Billed for<br>Services Rendered<br> to the Registrant for<br> fiscal year end 2021  |
| &nbsp;&nbsp; Audit Fees | $494135 | $477425 |
| &nbsp;&nbsp; Audit-Related Fees<sup>(1)</sup> | $11000 | $0 |
| &nbsp;&nbsp; Tax Fees<sup>(2)</sup> | $340765 | $480177 |
| &nbsp;&nbsp; All Other Fees | <u>$0</u> | <u>$0</u> |
| &nbsp;&nbsp; Total Fees | $845900 | $957602 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit-Related Fees for the fiscal years ended October 31, 2022 includes fees billed for reviewing
regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax Fees for the fiscal years ended October 31, 2022 and October 31, 2021 includes fees billed for
preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

**Fees Billed by PwC Related to Invesco and Invesco Affiliates** 

PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Invesco Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

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| | | |
|:---|:---|:---|
|  | Fees Billed for Non-<br> Audit Services<br>Rendered to Invesco and <br>Invesco Affiliates for<br>fiscal year end 2022<br>That Were Required<br> to be Pre-Approved<br> by the Registrant's<br> <u>Audit Committee</u> | Fees Billed for Non-Audit<br>Services Rendered to<br>Invesco and Invesco<br>Affiliates for fiscal year end <br>2021 That Were Required<br> to be Pre-Approved<br> by the Registrant's<br> <u>Audit Committee</u> |
| &nbsp;&nbsp; Audit-Related Fees<sup>(1)</sup> | $760000 | $760000 |
| &nbsp;&nbsp; Tax Fees | $0 | $0 |
| &nbsp;&nbsp; All Other Fees | <u>$0</u> | <u>$0</u> |
| &nbsp;&nbsp; Total Fees | $760000 | $760000 |

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(1) Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing
controls at a service organization.

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**<u>(e)(1)</u>**

**PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES** 

**POLICIES AND PROCEDURES** 

As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

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<sup>1</sup> Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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&nbsp;&nbsp;&nbsp;&nbsp;**III.** **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or

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fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

------

**<u>Appendix I</u>**

**<u>Non-Audit Services That May Impair the Auditor's Independence</u>**

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Management functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Human resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Broker-dealer, investment adviser, or investment banking services ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Legal services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Expert services unrelated to the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any service or product provided for a contingent fee or a commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Services related to marketing, planning, or opining in favor of the tax treatment of confidential
transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tax services for persons in financial reporting oversight roles at the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bookkeeping or other services related to the accounting records or financial statements of the audit
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial information systems design and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Actuarial services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,534,765 for the fiscal year ended October 31, 2022 and $7,150,177 for the fiscal year ended October 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 20, 2022, 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 December 20, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) | [Code of Ethics.](d124816dex99code.htm) |
| 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.](d124816dex99cert.htm) |
| 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.](d124816dex99906cert.htm) |

---

------

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: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer  |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;January 5, 2023 |

---

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;January 5, 2023 |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Adrien Deberghes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer  |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;January 5, 2023 |

---

## Ex-99.Code

**THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS** 

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The Boards of Trustees ("Board") of the Invesco Funds (the "Funds") have adopted this code of ethics (this "Code") applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the "Covered Officers") to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted
to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Act Honestly and Candidly** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● act with integrity, including being honest and candid while still maintaining the confidentiality of
information where required by law or the Funds' policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● observe both the form and spirit of laws and governmental rules and regulations, accounting standards and
policies of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adhere to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● place the interests of the Funds and their shareholders before the Covered Officer's own personal
interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Guiding Principles.** A "conflict of interest" occurs when an individual's personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code.

------

Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser's fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● handle any actual or apparent conflict of interest ethically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not cause an investment company to take action, or fail to take action, for the personal benefit of the
Covered Officer rather than the benefit of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause
others to profit, by the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as described in more detail below, discuss any material transaction or relationship that could reasonably be
expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the "CCO").

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any outside business activity that detracts from an individual's ability to devote appropriate time and
attention to his or her responsibilities with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit
of any immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any direct ownership interest in, or any consulting or employment relationship with, any of the Funds'
service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute
a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such
as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales
and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de

------

minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest). <br>

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Disclosure** 

Each Covered Officer is required to be familiar, and comply, with the Funds' disclosure controls and procedures so that the Funds' subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds' other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business
and financial operations of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within
or outside the Funds, including representations to the Funds' internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Compliance** 

It is the Funds' policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the
CCO's designee) an acknowledgement stating that he or she has received, read, and understands this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter submit a form to the CCO of the Funds (or the CCO's designee) confirming that he or
she has received, read and understands this Code and has complied with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not retaliate against any employee or other Covered Officer for reports of potential violations that are made
in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do
so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not "interested persons" of the Funds as defined in the 1940 Act ("Independent Trustees"), and is encouraged to do so.

------

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the CCO will take all appropriate action to investigate any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the
Audit Committees of the Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the
Board, which will take all appropriate disciplinary or preventive action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● appropriate disciplinary or preventive action may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other
serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the CCO will be responsible for granting waivers of this Code, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Other Policies and Procedures** 

The Funds' and the Advisers' and Principal Underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers' more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds' Board, including a majority of Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds' Board, counsel to the Funds, counsel to the Independent Trustees.

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics:</u> 

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

------

**INVESCO FUNDS** 

**CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT** 

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds' Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;Date &nbsp;&nbsp;&nbsp;&nbsp;Name: <br> &nbsp;&nbsp;&nbsp;&nbsp;Title:

## 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris, Principal Executive Officer |

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I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Adrien Deberghes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes, Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report AIM International Mutual Funds (Invesco International Mutual Funds) (the "Company") on Form N-CSR for the period ended October 31, 2022, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris, Principal Executive Officer |

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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 October 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Adrien Deberghes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes, Principal Financial Officer |

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