# EDGAR Filing Document

**Accession Number:** 0000880859
**File Stem:** 0001193125-23-052633
**Filing Date:** 2023-2
**Character Count:** 36115
**Document Hash:** 25e691070c511d9ee875c65613343ba9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052633.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052633

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-44611
- **FILM NUMBER:** 23678889

**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 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           |

**SUPPLEMENT DATED FEBRUARY 28, 2023 TO THE CURRENT** <br>**SUMMARY AND STATUTORY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR:**

**Invesco International Core Equity Fund**

**(the "Fund")**

This supplement amends the Summary and Statutory Prospectuses and Statement of Additional Information ("SAI") of the above referenced Fund and is in addition to any other supplement(s), unless otherwise specified. *You should read this supplement in conjunction with the Summary and Statutory Prospectuses and SAI and retain it for future reference.*

On January 19, 2023, the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) (the "Board") approved a Plan of Liquidation and Dissolution (the "Plan"), which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on February 24, 2023. Existing shareholders will continue to be able to invest in the Fund until the close of business on or about April 10, 2023 when no further purchases or exchanges into the Fund will be accepted as the Fund prepares for liquidation on or about April 24, 2023 (the "Liquidation Date") as described below. The liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed or occur sooner if unforeseen circumstances arise. Shareholders of the Fund may redeem their shares at any time prior to the Liquidation Date. The Fund reserves the right, in its discretion, to modify the extent to which sales of shares are limited prior to the Liquidation Date.

To prepare for the closing and liquidation of the Fund, the Fund's portfolio managers may increase the Fund's assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and may no longer be managed to meet its investment objective. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by the shareholder, and the Fund will be dissolved. If necessary, the Fund will declare and pay a dividend to distribute to its shareholders all of the Fund's remaining investment company taxable income, if any, and all of the Fund's net capital gain, if any (after reduction for any capital loss carry-forward) and any additional amounts necessary to avoid any excise tax. Alternatively, the Fund may, if eligible, treat some or all of such amounts distributed to its shareholders as being paid out as dividends as part of the liquidating distributions. The Fund's liquidation may be a taxable event to its shareholders. Please consult your tax advisor about the potential tax consequences.

At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth in the prospectus under "Redeeming Shares," as it may be supplemented. Contingent deferred sales charges will be waived in connection with any redemptions prior to the Liquidation Date. Shareholders who wish to avoid being liquidated out of the Fund altogether may also exchange their shares prior to the Liquidation Date for shares of another Invesco fund, subject to minimum investment account requirements and other restrictions on exchanges as described in the prospectus under "Exchanging Shares," as it may be supplemented. Any such redemption or exchange of Fund shares for shares of another Invesco fund, as eligible, will generally be considered a taxable event for federal income tax purposes, except for exchanges in a tax-advantaged retirement plan or account. Shareholders who hold their shares in the Fund through financial intermediaries should contact their financial representatives to discuss their options with respect to the liquidation and the distribution of their redemption proceeds.

The following information is added to the sections titled "**Principal Risks of Investing in the Fund**" and "**Investment Objective(s), Strategies, Risks and Portfolio Holdings –- Risks**" in the Summary and Statutory Prospectuses, respectively:

*Cash/Cash Equivalents Risk.* To the extent the Fund holds cash or cash equivalents rather than securities or other instruments in which it primarily invests, the Fund risks losing opportunities to participate in market appreciation and may experience potentially lower returns than the Fund's benchmark or other funds that remain fully invested.

I-ICE-SUMSTATSAI-SUP

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Summary Prospectus** | **February 28, 2023** |

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**Invesco International Core Equity Fund**

Class: A (IBVAX), C (IBVCX), Investor (IIBCX), R (IIBRX), Y (IBVYX), R5 (IBVIX), R6 (IBVFX)

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![](g354945invesco_global.jpg)

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 959-4246 or by sending an e-mail request to ProspectusRequest@invesco.com. The Fund's prospectus and statement of additional information, both dated February 28, 2023 (as each may be amended or supplemented), are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.

**Investment Objective(s)**

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

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

**The table and Examples below do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class Y or Class R6 shares.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Invesco Funds. More information about these and other discounts is available from your financial professional and in the section "Shareholder Account Information – Initial Sales Charges (Class A Shares Only)" on page A-3 of the prospectus and the section "Purchase, Redemption and Pricing of Shares – Purchase and Redemption of Shares" on page L-1 of the statement of additional information (SAI).

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**Shareholder Fees** (fees paid directly from your investment)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **R** | **Y** | **Investor** | **R5** | **R6** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases (as a <br> percentage of offering price)<br>| &nbsp;&nbsp; 5.50% |  |  |  |  |  |  |
| Maximum Deferred Sales Charge <br> (Load) (as a percentage of original <br> purchase price or redemption <br> proceeds, whichever is less)<br>| None<sup>1</sup> <br>| 1.00% |  |  |  |  |  |

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**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **R** | **Y** | **Investor** | **R5** | **R6** |
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) <br> Fees<br>| 0.25 | 1.00 | 0.50 |  | 0.25 |  |  |
| Other Expenses | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.40 | 0.37 |
| &nbsp;&nbsp; Total Annual Fund Operating <br> Expenses<br>| 1.58 | 2.33 | 1.83 | 1.33 | 1.58 | 1.15 | 1.12 |
| &nbsp;&nbsp; Fee Waiver and/or Expense <br> Reimbursement<sup>2</sup> <br>| 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.28 | 0.25 |
| &nbsp;&nbsp; Total Annual Fund Operating <br> Expenses After Fee Waiver and/or <br> Expense Reimbursement<br>| 1.12 | 1.87 | 1.37 | 0.87 | 1.12 | 0.87 | 0.87 |

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A contingent deferred sales charge may apply in some cases. See "Shareholder Account Information-Contingent Deferred Sales Charges (CDSCs)."

Invesco Advisers, Inc. (Invesco or 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 in the SAI) 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"). 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 without approval of the Board of Trustees.

**Example.** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example does not include commissions and/or other forms of compensation that investors may pay on transactions in Class Y and Class R6 shares. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter.

**1 Invesco International Core Equity Fund**

**invesco.com/us**I-ICE-SUMPRO-1

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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | $658 | $979 | $1322 | $2288 |
| Class C | $290 | $683 | $1204 | $2443 |
| Class R | $139 | $531 | $948 | $2110 |
| Class Y | $89 | $376 | $685 | $1561 |
| Investor Class | $114 | $454 | $817 | $1839 |
| Class R5 | $89 | $338 | $606 | $1373 |
| Class R6 | $89 | $331 | $593 | $1341 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | $658 | $979 | $1322 | $2288 |
| Class C | $190 | $683 | $1204 | $2443 |
| Class R | $139 | $531 | $948 | $2110 |
| Class Y | $89 | $376 | $685 | $1561 |
| Investor Class | $114 | $454 | $817 | $1839 |
| Class R5 | $89 | $338 | $606 | $1373 |
| Class R6 | $89 | $331 | $593 | $1341 |

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund invests primarily in equity securities and depositary receipts of foreign issuers. The principal types of equity securities in which the Fund invests are common and preferred stock. The Fund's common stock investments also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).

Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may invest up to 100% of its net assets in foreign securities. The Fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The Fund can invest in derivative instruments, including forward foreign currency contracts.

The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.

The portfolio management team seeks to construct a portfolio of issuers that have high or improving return on invested capital, quality management, a strong competitive position and that are trading at compelling valuations. The Fund may invest in the securities of issuers of all capitalization sizes, and a substantial number of the issuers in which the Fund invests are large-capitalization issuers.

The Fund uses an integrated investment process centered around investment research, portfolio construction and management, and risk management. In selecting securities for the Fund, the portfolio managers identify potential investment opportunities using bottom-up research of long-term company fundamentals and normalized earnings, industry

research, and screening techniques. Potential investment ideas are evaluated for the strength of their non-consensus thesis (where long-term company fundamentals or investor perception of those fundamentals can positively change versus expectations), durability (a combination of sustainable revenue growth, a defendable market position, strong financials, and proven management), and asymmetric payoff (a determination that three-year total return expectations disproportionately outweigh potential downside risk). The portfolio managers buy securities with the objective of constructing a diversified global portfolio that reflects the team's highest conviction ideas. Risk management, integrated with investment research and portfolio management, seeks to ensure that company risk is the major source of active risk within the portfolio, that unintended risks are minimized, and that portfolio risk guidelines are followed.

The portfolio managers will consider selling a security when a company's competitive position unexpectedly deteriorates (business is no longer deemed durable), research indicates that the initial thesis misgauged long-term prospects or market expectations, the asymmetry becomes unfavorable, a more attractive opportunity has been identified, or the portfolio managers determine that the portfolio requires rebalancing.

**Principal Risks of Investing in the Fund** 

As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

***Market Risk****.* The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund's investments may go up or down due to general market conditions that 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, military conflict, acts of terrorism, economic crisis or adverse investor sentiment generally. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

***Investing in Stocks Risk****.* The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall or rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of factors can negatively affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.

***Foreign Securities Risk****.* The Fund's foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or

**2 Invesco International Core Equity Fund**

**invesco.com/us**I-ICE-SUMPRO-1

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increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

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

The Fund's investments in China A-shares are subject to trading restrictions, quota limitations and clearing and settlement risks.

***Preferred Securities Risk****.* Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

***Depositary Receipts Risk***. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

***Small- and Mid-Capitalization Companies Risk****.* Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no

operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-cap company, if any gain is realized at all.

***Geographic Focus Risk****.* The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

***European Investment Risk****.* The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have a significant adverse effect on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, or may result in social unrest or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the recent departure of the United Kingdom (known as "Brexit"), would place its currency and banking system in jeopardy. The exit by the United Kingdom or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**3 Invesco International Core Equity Fund**

**invesco.com/us**I-ICE-SUMPRO-1

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which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Derivatives strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

***Management Risk****.* The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

**Performance Information**

The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund's performance to that of a broad-based securities market benchmark. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance.

Fund performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements.

Updated performance information is available on the Fund's website at www.invesco.com/us.

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**Annual Total Returns**

![](g354945iice.jpg)

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| | | |
|:---|:---|:---|
| **Investor Class** | **Period Ended** | **Returns** |
| Best Quarter | June 30, 2020 | 23.99% |
| Worst Quarter | March 31, 2020 | -26.23% |

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**Average Annual Total Returns** (for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception**<br> **Date**<br>| **1**<br> **Year**<br>| **5**<br> **Years**<br>| **10**<br> **Years**<br>|
| Investor Class |  |  |  |  |
| Return Before Taxes | 10/28/1998 | -9.28% | 1.61% | 4.01% |
| Return After Taxes on Distributions |  | &nbsp;&nbsp; -9.81 | 0.71 | 3.37 |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of <br> Fund Shares<br>|  | &nbsp;&nbsp; -5.12 | 1.10 | 3.15 |
| Class A | &nbsp;&nbsp; 3/28/2002 | -14.20 | 0.47 | 3.43 |
| Class C | &nbsp;&nbsp; 2/14/2000 | -10.83 | 0.87 | 3.39 |
| Class R | 11/24/2003 | &nbsp;&nbsp; -9.53 | 1.36 | 3.75 |
| Class Y | &nbsp;&nbsp; 10/3/2008 | &nbsp;&nbsp; -9.05 | 1.87 | 4.27 |
| Class R5 | &nbsp;&nbsp; 4/30/2004 | &nbsp;&nbsp; -9.07 | 1.87 | 4.37 |
| Class R6 | &nbsp;&nbsp; 9/24/2012 | &nbsp;&nbsp; -9.08 | 1.85 | 4.37 |
| &nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index (Net) (reflects reinvested <br> dividends net of withholding taxes, but reflects <br> no deduction for fees, expenses or other taxes)<br>|  | -14.45 | 1.54 | 4.67 |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are

not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only and after-tax returns for other classes will vary.

**Management of the Fund**

Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)

Investment Sub-Adviser: Invesco Asset Management Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Title** | **Length of Service on the Fund** |
| Erik Esselink | Portfolio Manager (lead) | 2014 |
| Andy Tidby, CFA | Portfolio Manager | 2021 |
| Douglas Turnbull, CFA | Portfolio Manager | 2021 |

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**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-959-4246. Shares of the Fund, other than Class R5 and Class R6 shares, may also be purchased, redeemed or exchanged on any business day through our website at www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Investor Class shares of the Fund are offered only to grandfathered investors. The minimum investments for Class A, C, R, Y and Investor Class shares for fund accounts are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Type of Account** | **Initial** <br> **Investment** <br> **Per Fund**<br>| **Additional**<br> **Investments** <br> **Per Fund**<br>|
| Asset or fee-based accounts managed by your financial adviser |  |  |
| Employer Sponsored Retirement and Benefit Plans and <br> Employer Sponsored IRAs<br>|  |  |
| IRAs and Coverdell ESAs if the new investor is purchasing <br> shares through a systematic purchase plan<br>| &nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp; $25 |
| All other types of accounts if the investor is purchasing shares <br> through a systematic purchase plan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 50 |
| IRAs and Coverdell ESAs | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 25 |
| All other accounts | 1000 | &nbsp;&nbsp;&nbsp; 50 |

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With respect to Class R5 and Class R6 shares, there is no minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a retirement platform that administers at least $2.5 billion in retirement plan assets. All other Employer Sponsored Retirement and Benefit Plans must meet a minimum initial investment of at least $1 million in each Fund in which it invests.

For all other institutional investors purchasing Class R5 or Class R6 shares, the minimum initial investment in each share class is $1 million, unless such investment is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is part of a family of investment companies which own in the aggregate at least $100 million in securities, or (ii) an account established with a 529 college savings plan managed by Invesco, in which case there is no minimum initial investment.

There are no minimum investment amounts for Class R6 shares held through retail omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this prospectus, and (ii) maintains Class R6 shares and makes them available to retail investors.

**Tax Information** 

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan, 529 college savings plan or individual retirement account. Any distributions from a 401(k) plan or individual retirement account may be taxed as ordinary income when withdrawn from such plan or account.

**4 Invesco International Core Equity Fund**

**invesco.com/us**I-ICE-SUMPRO-1

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Fund's distributor or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson or financial adviser or visit your financial intermediary's website for more information.

**5 Invesco International Core Equity Fund**

**invesco.com/us**I-ICE-SUMPRO-1

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