Aim International Mutual Funds NCSR Certified annual shareholder report (management investment company)

Aim International Mutual Funds N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-06463

AIM International Mutual Funds (Invesco International Mutual Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 10/31/21

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



Annual Report to Shareholders		October 31, 2021

Invesco Advantage International Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

14		Financial Statements

17		Financial Highlights

18		Notes to Financial Statements

27		Report of Independent Registered Public Accounting Firm

28		Fund Expenses

29		Approval of Investment Advisory and Sub-Advisory Contracts

31		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Advantage International Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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		23.64%
Class C Shares		22.72
Class R Shares		23.27
Class Y Shares		23.92
Class R5 Shares		23.80
Class R6 Shares		23.88
MSCI All Country World ex USA Index^q		29.66
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund at NAV reported positive absolute performance largely due to the successful rollout of coronavirus (COVID-19) vaccinations and reopening economies releasing pent-up demand. The fiscal year was marked by a continued rally in risky assets, with global equity and commodity markets benefiting the most. At the beginning of the fiscal year, global equity markets posted gains as positive news about COVID-19 vaccination programs outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Emerging market equities posted robust gains amplified by US dollar weakness. Through the middle of the fiscal year, global equity markets continued to be supported by further acceleration of vaccination rollouts and the easing of COVID-19 restrictions in most developed markets. Toward the end of the fiscal year, equities briefly stalled amid increasing concerns about rising inflation, supply disruptions and signs of slowing economic growth. Energy stocks and energy-driven markets performed relatively well as global shortages pushed oil and gas prices higher. Emerging markets trailed all other regions due to a combination of COVID-19 outbreaks and exposure to China. Chinese equities were weighed down by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large property developer and signs of slowing economic growth.

In October of 2021, global equity stocks were positive with the US market leading the way, and Chinese equities rebounded after their decline. Developed market equities outperformed emerging market equities for the fiscal year in aggregate.

Against this backdrop, the Fund experienced underperformance versus the MSCI All Country World ex USA Index. The Fund’s overweight momentum to stocks from November of 2020 until April of 2021 proved detrimental as value stocks generally outperformed momentum stocks. During the last six months of the fiscal year, the Fund outperformed the benchmark and was positioned more defensively with overweight exposure to quality stocks and some options-based defense.

Unlike the cap-weighted benchmark, which simply 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 underper-formance, we continue to believe equity portfolios should be constructed with intentional exposures to a diversified set of identifiable risk factors. Doing so, the team’s research shows, and allows the Fund to better target its exposure to rewarded risks over a full market cycle.

Please note that our strategy utilizes derivative instruments that include futures, options and total return swaps. Therefore, some of the strategy performances, 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.

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

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.

3 Invesco Advantage International Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/27/15)	6.35	%
5 Years	6.69
1 Year	16.84

Class C Shares
Inception (8/27/15)	6.54	%
5 Years	7.12
1 Year	21.72

Class R Shares
Inception (8/27/15)	7.08	%
5 Years	7.66
1 Year	23.27

Class Y Shares
Inception (8/27/15)	7.53	%
5 Years	8.10
1 Year	23.92

Class R5 Shares
Inception	7.43	%
5 Years	8.03
1 Year	23.80

Class R6 Shares
Inception (8/27/15)	7.61	%
5 Years	8.20
1 Year	23.88

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

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

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

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

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

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

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

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, 2021, 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^® 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Advantage International Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		12.20%

Financials		11.88

Consumer Discretionary		10.04

Health Care		9.82

Industrials		8.85

Consumer Staples		7.33

Materials		6.07

Communication Services		5.37

Energy		3.06

Utilities		2.54

Other Sectors, Each Less than 2% of Net Assets		1.31

Money Market Funds Plus Other Assets Less Liabilities		21.53

Top 10 Equity Holdings*


		% of total net assets

1.	ASML Holding N.V.	2.19%

2.	Novo Nordisk A/S, Class B	2.13

3.	Roche Holding AG	1.84

4.	Nestle S.A.	1.73

5.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	1.54

6.	BYD Co. Ltd., H Shares	1.25

7.	Novartis AG	1.24

8.	Samsung Electronics Co. Ltd.	1.08

9.	NXP Semiconductors N.V.	1.03

10.	Diageo PLC	0.93

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, 2021.

6 Invesco Advantage International Fund

Schedule of Investments

October 31, 2021


	Shares		Value

Common Stocks & Other Equity Interests–77.50%

Australia–3.48%
Australia & New Zealand Banking Group Ltd.		738	$	15,559

BHP Group Ltd.		4,344		119,154

BHP Group PLC		3,624		96,269

Coles Group Ltd.		1,044		13,488

Endeavour Group Ltd.		1,673		8,581

Fortescue Metals Group Ltd.		792		8,274

Glencore PLC		20,656		103,552

Rio Tinto Ltd.		1,251		84,774

Rio Tinto PLC		1,997		124,431

Telstra Corp. Ltd.		10,292		29,653

Transurban Group		2,555		25,931

Wesfarmers Ltd.		1,457		62,903

Westpac Banking Corp.		198		3,853

Woolworths Group Ltd.		1,727		49,588

				746,010


Austria–0.04%
OMV AG		126		7,618


Belgium–0.30%
Anheuser-Busch InBev S.A./N.V.		342		20,938

Groupe Bruxelles Lambert S.A.		90		10,446

KBC Group N.V.		306		28,559

UCB S.A.		34		4,055

				63,998


Brazil–1.47%
Ambev S.A.		2,400		7,225

B3 S.A. - Brasil, Bolsa, Balcao		9,600		20,259

Banco Bradesco S.A., Preference Shares		2,362		8,328

Banco do Brasil S.A.		2,200		11,110

Banco Inter S.A., Preference Shares^(a)		3,700		8,018

CCR S.A.		1,700		3,443

Cia Siderurgica Nacional S.A.		1,800		7,265

Gerdau S.A., Preference Shares		1,100		5,243

Localiza Rent a Car S.A.		400		3,211

Petroleo Brasileiro S.A., Preference Shares		20,400		98,497

Vale S.A.		9,200		116,732

WEG S.A.		3,800		24,912

				314,243

Chile–0.09%
Banco de Chile		74,690		6,482

Cencosud S.A.		3,671		5,370

Falabella S.A.		2,879		7,961

				19,813

China–9.99%
AAC Technologies Holdings, Inc.		500		2,193

Alibaba Group Holding Ltd.^(b)		4,600		95,171

Alibaba Health Information Technology Ltd.^(b)		2,000		2,534


	Shares		Value

China–(continued)
Aluminum Corp. of China Ltd., H Shares^(b)		12,000	$	7,177

Anhui Conch Cement Co. Ltd., H Shares		1,500		7,448

ANTA Sports Products Ltd.		2,000		31,191

Autohome, Inc., ADR		162		6,375

Baidu, Inc., ADR^(b)		972		157,697

Bank of China Ltd., H Shares		79,000		27,878

Bank of Communications Co. Ltd., H Shares		27,000		16,105

BeiGene Ltd., ADR^(b)		54		19,317

Bilibili, Inc.^(b)		160		11,776

Brilliance China Automotive Holdings Ltd.^(c)		6,000		1,157

BYD Co. Ltd., H Shares		7,000		267,826

BYD Electronic International Co. Ltd.		1,500		4,487

CanSino Biologics, Inc., H Shares^(a)(b)		200		5,196

China CITIC Bank Corp. Ltd., H Shares		9,000		3,951

China Construction Bank Corp., H Shares		93,000		63,407

China Everbright Bank Co. Ltd., H Shares		8,000		2,814

China Feihe Ltd.^(a)		4,000		6,686

China Gas Holdings Ltd.		1,800		4,495

China Life Insurance Co. Ltd., H Shares		15,000		26,101

China Merchants Bank Co. Ltd., H Shares		6,000		50,669

China Molybdenum Co. Ltd., H Shares		6,000		3,736

China Overseas Land & Investment Ltd.		7,000		15,419

China Pacific Insurance (Group) Co. Ltd., H Shares		1,600		4,944

China Petroleum & Chemical Corp., H Shares		10,000		4,865

China Resources Power Holdings Co. Ltd.		2,000		5,159

China Shenhua Energy Co. Ltd., H Shares		4,500		9,684

China Taiping Insurance Holdings Co. Ltd.		3,000		4,595

China Tower Corp. Ltd., H Shares^(a)		74,000		9,600

China Vanke Co. Ltd., H Shares		1,900		4,439

CITIC Ltd.		4,000		4,026

COSCO SHIPPING Holdings Co. Ltd., H Shares^(b)		15,350		23,939

Country Garden Services Holdings Co. Ltd.		1,000		7,743

CSPC Pharmaceutical Group Ltd.		18,640		19,532

ENN Energy Holdings Ltd.		900		15,597

Fuyao Glass Industry Group Co. Ltd., H Shares^(a)		1,200		6,955

Ganfeng Lithium Co. Ltd., H Shares^(a)		400		7,550

Geely Automobile Holdings Ltd.		2,000		6,990

Great Wall Motor Co. Ltd., H Shares		6,500		29,489

Haier Smart Home Co. Ltd., H Shares		1,600		5,971

Hengan International Group Co. Ltd.		1,000		5,227

HengTen Networks Group Ltd.^(b)		16,000		5,466

Huazhu Group Ltd., ADR^(b)		118		5,470

Industrial & Commercial Bank of China Ltd., H Shares		102,000		55,935

Innovent Biologics, Inc.^(a)(b)		1,500		13,501

JD.com, Inc., A Shares^(b)		500		19,638

KE Holdings, Inc., ADR^(b)		553		10,076

Kingdee International Software Group Co. Ltd.^(b)		2,000		6,641

Kingsoft Cloud Holdings Ltd., ADR^(b)		234		5,375

Kingsoft Corp. Ltd.		2,400		10,290

Kuaishou Technology^(a)(b)		900		12,035

Kunlun Energy Co. Ltd.		4,000		3,663

Lenovo Group Ltd.		26,000		28,395

Li Auto, Inc., ADR^(b)		737		24,048

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

7 Invesco Advantage International Fund


	Shares		Value

China–(continued)
Li Ning Co. Ltd.		2,000	$	22,320

Longfor Group Holdings Ltd.^(a)		2,000		9,696

Lufax Holding Ltd., ADR^(b)		1,044		6,588

NetEase, Inc.		1,700		33,248

NIO, Inc., ADR^(b)		1,525		60,100

Nongfu Spring Co. Ltd., H Shares^(a)		2,000		10,162

NXP Semiconductors N.V.		1,098		220,544

PetroChina Co. Ltd., H Shares		70,000		33,549

Pharmaron Beijing Co. Ltd., H Shares^(a)		200		4,368

Pinduoduo, Inc., ADR^(b)		821		73,003

Ping An Insurance (Group) Co. of China Ltd., H Shares		4,500		32,405

Postal Savings Bank of China Co. Ltd., H Shares^(a)		12,000		8,764

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		4,000		6,839

Shenzhou International Group Holdings Ltd.		900		19,514

Sino Biopharmaceutical Ltd.		8,500		6,305

Sinopharm Group Co. Ltd., H Shares		1,600		3,824

SITC International Holdings Co. Ltd.		6,000		20,377

Smoore International Holdings Ltd.^(a)		4,000		19,329

Sunny Optical Technology Group Co. Ltd.		1,800		48,541

Tencent Holdings Ltd.		2,100		130,381

Trip.com Group Ltd., ADR^(b)		355		10,139

Vipshop Holdings Ltd., ADR^(b)		922		10,290

Weibo Corp., ADR^(b)		184		8,276

Weichai Power Co. Ltd., H Shares		5,000		8,994

WuXi AppTec Co. Ltd., H Shares^(a)		440		9,464

Wuxi Biologics Cayman, Inc.^(a)(b)		3,000		45,819

Xiaomi Corp., B Shares^(a)(b)		4,600		12,671

Xinyi Solar Holdings Ltd.		2,000		4,201

XPeng, Inc., ADR^(b)		268		12,497

Yum China Holdings, Inc.		91		5,194

Zai Lab Ltd., ADR^(b)		134		13,990

Zijin Mining Group Co. Ltd., H Shares		6,000		8,424

				2,137,460


Denmark–2.72%
AP Moller Maersk A/S, Class B		17		49,280

Carlsberg A/S, Class B		126		20,825

Danske Bank A/S		900		15,264

DSV A/S		18		4,185

Novo Nordisk A/S, Class B		4,139		455,260

Novozymes A/S, Class B		378		27,781

Vestas Wind Systems A/S		234		10,139

				582,734


Finland–0.81%
Fortum OYJ		198		5,889

Kone OYJ, Class B		253		17,219

Neste OYJ		900		50,251

Nokia OYJ^(b)		6,093		34,929

Nordea Bank Abp		630		7,725

Sampo OYJ, Class A		1,008		53,632

UPM-Kymmene OYJ		108		3,817

				173,462


France–5.64%
Airbus SE^(b)		162		20,769


	Shares		Value

France–(continued)
AXA S.A.		3,203	$	93,237

BNP Paribas S.A.		1,601		107,401

Bouygues S.A.		144		5,818

Bureau Veritas S.A.		324		10,302

Capgemini SE		54		12,590

Carrefour S.A.		216		3,912

Cie de Saint-Gobain		954		65,823

Cie Generale des Etablissements Michelin S.C.A.		220		34,540

Credit Agricole S.A.		666		10,063

Danone S.A.		144		9,392

Electricite de France S.A.		720		10,626

EssilorLuxottica S.A.		936		193,733

Hermes International		5		7,941

Kering S.A.		84		63,022

Legrand S.A.		54		5,875

L’Oreal S.A.		203		92,830

LVMH Moet Hennessy Louis Vuitton SE		84		65,854

Orange S.A.		1,242		13,554

Pernod Ricard S.A.		186		42,830

Sanofi		594		59,460

Sartorius Stedim Biotech		18		9,938

Schneider Electric SE		234		40,476

Societe Generale S.A.		612		20,450

Thales S.A.		126		11,623

TotalEnergies SE		3,509		175,937

Vinci S.A.		144		15,411

Vivendi SE		162		2,086

Worldline S.A.^(a)(b)		36		2,101

				1,207,594


Germany–5.34%
adidas AG		168		55,019

Allianz SE		575		133,720

BASF SE		933		67,182

Bayerische Motoren Werke AG		306		30,866

Continental AG^(b)		108		12,677

Daimler AG		846		83,854

Deutsche Bank AG^(b)		2,015		25,988

Deutsche Post AG		774		47,847

Deutsche Telekom AG		4,084		75,935

Evonik Industries AG		180		5,834

Fresenius Medical Care AG & Co. KGaA		540		35,916

Fresenius SE & Co. KGaA		954		43,306

Hannover Rueck SE		54		9,865

Henkel AG & Co. KGaA, Preference Shares		90		8,051

Infineon Technologies AG		306		14,303

Knorr-Bremse AG		90		9,484

Merck KGaA		237		55,961

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		234		69,312

RWE AG		169		6,501

SAP SE		1,242		179,877

Sartorius AG, Preference Shares		36		23,362

Siemens AG		270		43,768

Siemens Healthineers AG^(a)		180		11,967

Vitesco Technologies Group AG^(b)		21		1,204

Volkswagen AG, Preference Shares		406		90,981

				1,142,780

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

8 Invesco Advantage International Fund


	Shares		Value

Greece–0.06%
Hellenic Telecommunications Organization S.A.		771	$	13,651


Hong Kong–2.33%
CK Asset Holdings Ltd.		6,000		37,099

CK Hutchison Holdings Ltd.		8,000		53,899

CLP Holdings Ltd.		5,000		48,913

Hong Kong & China Gas Co. Ltd. (The)		63,292		98,388

Hong Kong Exchanges & Clearing Ltd.		1,700		103,172

Jardine Matheson Holdings Ltd.		600		34,780

Link REIT		7,400		65,812

Power Assets Holdings Ltd.		500		3,048

Sun Hung Kai Properties Ltd.		2,000		26,665

Techtronic Industries Co. Ltd.		500		10,274

WH Group Ltd.		8,840		6,194

Wharf Real Estate Investment Co. Ltd.		2,000		11,297

				499,541


Hungary–0.12%
OTP Bank Nyrt^(b)		436		26,169


Indonesia–0.33%
PT Astra International Tbk		30,700		13,077

PT Bank Central Asia Tbk		30,000		15,832

PT Bank Mandiri (Persero) Tbk		17,200		8,715

PT Bank Rakyat Indonesia (Persero) Tbk		24,400		7,293

PT Telkom Indonesia (Persero) Tbk		92,300		24,745

				69,662


Ireland–0.49%
CRH PLC		1,601		76,670

Kerry Group PLC, Class A		186		25,006

Ryanair Holdings PLC, ADR^(b)		36		4,086

				105,762


Italy–0.67%
Assicurazioni Generali S.p.A.		1,565		34,159

Enel S.p.A.		9,087		76,117

Eni S.p.A.		450		6,443

Intesa Sanpaolo S.p.A.		4,984		14,198

Poste Italiane S.p.A.^(a)		468		6,685

UniCredit S.p.A.		414		5,475

				143,077


Japan–12.02%
Asahi Group Holdings Ltd.		100		4,534

Asahi Kasei Corp.		400		4,212

Astellas Pharma, Inc.		3,300		55,605

Bridgestone Corp.		3,700		163,274

Canon, Inc.		1,500		33,496

Dai-ichi Life Holdings, Inc.		200		4,166

Daiichi Sankyo Co. Ltd.		1,500		37,725

Daikin Industries Ltd.		200		43,832

Daiwa House Industry Co. Ltd.		800		26,396

Denso Corp.		500		36,174

Eisai Co. Ltd.		200		14,103

FANUC Corp.		100		19,652

Fast Retailing Co. Ltd.		100		66,429

FUJIFILM Holdings Corp.		700		54,168

Hitachi Ltd.		800		46,133

Honda Motor Co. Ltd.		2,300		67,756


		Shares		Value

Japan–(continued)
Hoya Corp.			600	$	88,264

ITOCHU Corp.			1,800		51,327

Japan Post Holdings Co. Ltd.			3,800		28,980

Japan Tobacco, Inc.			300		5,886

Kao Corp.			600		33,905

KDDI Corp.	��		1,000		31,000

Kirin Holdings Co. Ltd.			1,000		17,408

Komatsu Ltd.			400		10,449

Kubota Corp.			300		6,396

Kyocera Corp.			300		17,566

M3, Inc.			100		5,901

Mitsubishi Corp.			3,700		116,692

Mitsubishi Electric Corp.			600		8,050

Mitsubishi Estate Co. Ltd.			1,100		16,715

Mitsubishi UFJ Financial Group, Inc.			15,200		83,197

Mitsui & Co. Ltd.			2,200		50,186

Mizuho Financial Group, Inc.			970		12,736

Murata Manufacturing Co. Ltd.			1,000		76,117

Nidec Corp.			120		13,272

Nintendo Co. Ltd.			200		88,421

Nippon Telegraph & Telephone Corp.			5,600		156,818

Nissan Motor Co. Ltd.^(b)			1,300		6,606

NTT Data Corp.			900		18,062

Olympus Corp.			4,400		95,215

ORIX Corp.			2,400		47,117

Otsuka Holdings Co. Ltd.			200		7,918

Panasonic Corp.			1,300		15,928

Rakuten Group, Inc.			1,100		12,083

Recruit Holdings Co. Ltd.			1,800		119,969

Renesas Electronics Corp.^(b)			1,500		18,524

Secom Co. Ltd.			200		13,601

Sekisui House Ltd.			700		14,540

Seven & i Holdings Co. Ltd.			900		37,764

Shimano, Inc.			100		27,869

Shin-Etsu Chemical Co. Ltd.			100		17,829

Shionogi & Co. Ltd.			100		6,511

Softbank Corp.			1,800		24,581

SoftBank Group Corp.			300		16,281

Sompo Holdings, Inc.			700		30,448

Sony Group Corp.			500		57,791

Subaru Corp.			600		11,757

Sumitomo Corp.			500		7,111

Sumitomo Mitsui Financial Group, Inc.			1,800		58,357

Suzuki Motor Corp.			100		4,466

Sysmex Corp.			100		12,430

Takeda Pharmaceutical Co. Ltd.			1,338		37,576

Tokio Marine Holdings, Inc.			800		41,828

Tokyo Electron Ltd.			300		139,861

Toshiba Corp.			500		21,576

Toyota Industries Corp.			200		17,002

Toyota Motor Corp.			2,000		35,193

					2,572,735


Luxembourg–0.12%
ArcelorMittal S.A.			738		24,905


Malaysia–0.34%
Axiata Group Bhd.			9,900		9,445

Hartalega Holdings Bhd.			3,100		4,394

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

9 Invesco Advantage International Fund


	Shares		Value

Malaysia–(continued)
Hong Leong Bank Bhd.		1,200	$	5,457

IHH Healthcare Bhd.		5,400		8,539

MISC Bhd.		5,500		9,418

Petronas Chemicals Group Bhd.		2,200		4,625

Press Metal Aluminium Holdings Bhd.		4,900		6,588

Public Bank Bhd.		7,500		7,556

Tenaga Nasional Bhd.		4,600		10,730

Top Glove Corp. Bhd.		8,100		5,328

				72,080


Mexico–0.64%
Cemex S.A.B. de C.V., ADR^(b)		3,469		22,306

Fomento Economico Mexicano,S.A.B.de C.V.,ADR		201		16,520

Grupo Bimbo S.A.B. de C.V., Series A		3,100		9,176

Grupo Financiero Banorte S.A.B. de C.V., Class O		2,400		15,195

Grupo Financiero Inbursa S.A.B. de C.V.,Class O^(b)		5,900		5,923

Grupo Mexico S.A.B. de C.V., Class B		3,400		14,916

Wal-Mart de Mexico S.A.B. de C.V., Series V		15,173		52,923

				136,959


Netherlands–4.33%
Adyen N.V.^(a)(b)		34		102,704

Akzo Nobel N.V.		288		33,153

ASML Holding N.V.		575		468,447

EXOR N.V.		198		18,691

Heineken N.V.		36		3,994

ING Groep N.V.		1,709		25,942

Koninklijke Ahold Delhaize N.V.		3,239		105,427

Koninklijke DSM N.V.		135		29,517

Koninklijke KPN N.V.		4,099		12,259

Koninklijke Philips N.V.		1,781		83,919

Universal Music Group N.V.		162		4,703

Wolters Kluwer N.V.		360		37,739

				926,495


Philippines–0.07%
SM Prime Holdings, Inc.		23,300		15,321


Poland–0.13%
Bank Polska Kasa Opieki S.A.		235		7,753

KGHM Polska Miedz S.A.		148		5,701

Powszechna Kasa Oszczednosci Bank Polski S.A.^(b)		1,173		14,338

				27,792


Russia–1.59%
Gazprom PJSC, ADR		3,553		34,997

Lukoil PJSC, ADR		254		25,863

Lukoil PJSC, ADR		550		56,117

MMC Norilsk Nickel PJSC, ADR		1,290		40,278

Mobile TeleSystems PJSC, ADR		954		8,767

Novatek PJSC, GDR^(a)		59		14,999

Novatek PJSC, GDR^(a)		13		3,305

PhosAgro PJSC, GDR^(a)		270		6,458

Rosneft Oil Co. PJSC, GDR^(a)		6,033		53,754

Sberbank of Russia PJSC, ADR		1,760		35,341

Severstal PAO, GDR^(a)		198		4,526

Surgutneftegas PJSC, ADR		2,915		14,099


	Shares		Value

Russia–(continued)
Tatneft PJSC, ADR		306	$	13,776

TCS Group Holding PLC, GDR^(a)		168		17,203

VTB Bank PJSC, GDR^(a)		4,858		7,073

X5 Retail Group N.V., GDR^(a)		101		3,438

				339,994


Saudi Arabia–0.02%
Delivery Hero SE^(a)(b)		36		4,476


Singapore–0.11%
DBS Group Holdings Ltd.		500		11,651

Oversea-Chinese Banking Corp. Ltd.		800		7,020

United Overseas Bank Ltd.		300		5,959

				24,630


South Africa–0.90%
Absa Group Ltd.		1,089		9,961

Anglo American PLC		2,411		91,328

Capitec Bank Holdings Ltd.		117		13,067

FirstRand Ltd.		5,245		19,939

Impala Platinum Holdings Ltd.		419		5,443

Northam Platinum Holdings Ltd.^(b)		520		7,787

Remgro Ltd.		756		6,663

Sasol Ltd.^(b)		603		10,127

Sibanye Stillwater Ltd.		1,997		7,026

Standard Bank Group Ltd.		2,380		21,150

				192,491


South Korea–2.45%
Hyundai Mobis Co. Ltd.		218		47,218

Hyundai Motor Co.		36		6,444

Kakao Corp.		168		18,150

KB Financial Group, Inc.		251		12,095

Kia Corp.		168		12,287

LG Corp.		67		5,243

POSCO		50		12,640

Samsung Electronics Co. Ltd.		3,854		230,901

Samsung SDI Co. Ltd.		36		22,728

Shinhan Financial Group Co. Ltd.		288		9,392

SK Hynix, Inc.		1,183		104,666

SK Telecom Co. Ltd.		134		34,820

SK, Inc.		36		7,508

				524,092


Spain–1.74%
Banco Bilbao Vizcaya Argentaria S.A.		5,272		36,988

Banco Santander S.A.		7,395		28,079

CaixaBank S.A.		5,668		16,315

Endesa S.A.		324		7,482

Ferrovial S.A.		468		14,723

Iberdrola S.A.		13,009		153,929

Industria de Diseno Textil S.A.		126		4,556

Naturgy Energy Group S.A.		612		16,082

Repsol S.A.		4,462		56,898

Telefonica S.A.		8,763		38,121

				373,173


Sweden–1.66%
Assa Abloy AB, Class B		324		9,505

Atlas Copco AB, Class A		1,224		78,519

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

10 Invesco Advantage International Fund


	Shares		Value

Sweden–(continued)
Epiroc AB, Class A		1,529	$	37,986

EQT AB		576		30,516

Essity AB, Class B		126		4,080

Evolution AB^(a)		144		23,320

Hexagon AB, Class B		396		6,383

Industrivarden AB, Class A		5		165

Investor AB, Class B		396		9,143

Sandvik AB		1,456		36,965

Skandinaviska Enskilda Banken AB, Class A		1,619		25,347

Svenska Handelsbanken AB, Class A		378		4,330

Swedbank AB, Class A		216		4,691

Telefonaktiebolaget LM Ericsson, Class B		5,218		57,145

Telia Co. AB		2,000		7,872

Volvo AB, Class B		846		19,728

				355,695


Switzerland–7.41%
ABB Ltd.		684		22,689

Alcon, Inc.		360		29,905

Cie Financiere Richemont S.A.		270		33,478

Credit Suisse Group AG		8,331		86,913

Geberit AG		50		39,100

Holcim Ltd.^(b)		348		17,336

Kuehne + Nagel International AG, Class R		84		26,501

Nestle S.A.		2,806		370,645

Novartis AG		3,203		265,065

Partners Group Holding AG		34		59,461

Roche Holding AG		1,014		392,837

Schindler Holding AG, PC		101		26,341

SGS S.A.		7		20,679

Sika AG		18		6,108

STMicroelectronics N.V.		108		5,117

Straumann Holding AG, Class R		34		70,782

Swisscom AG		36		19,622

UBS Group AG		5,146		93,869

				1,586,448


Taiwan–4.16%
ASE Technology Holding Co. Ltd., ADR		2,882		20,520

Asustek Computer, Inc.		1,000		12,728

Catcher Technology Co. Ltd.		2,000		11,620

Cathay Financial Holding Co. Ltd.		2,000		4,199

Chailease Holding Co. Ltd.		1,100		10,585

China Development Financial Holding Corp.		10,000		5,126

China Steel Corp.		12,000		14,588

Chunghwa Telecom Co. Ltd., ADR		335		13,232

CTBC Financial Holding Co. Ltd.		10,000		8,366

Delta Electronics, Inc.		2,000		17,687

Evergreen Marine Corp. Taiwan Ltd.		7,000		25,333

Formosa Chemicals & Fibre Corp.		2,000		5,811

Formosa Plastics Corp.		2,000		7,761

Fubon Financial Holding Co. Ltd.		2,200		5,836

Hon Hai Precision Industry Co. Ltd.		25,000		96,739

MediaTek, Inc.		2,000		66,119

Mega Financial Holding Co. Ltd.		5,000		6,012

Nan Ya Plastics Corp.		1,000		3,075

Nanya Technology Corp.		2,000		4,806

Novatek Microelectronics Corp.		2,000		30,120

Pegatron Corp.		2,000		4,901


	Shares		Value

Taiwan–(continued)
Quanta Computer, Inc.		5,000	$	14,046

Sea Ltd., ADR^(b)		134		46,038

Taiwan Cement Corp.		3,200		5,558

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,907		330,526

Uni-President Enterprises Corp.		4,000		9,606

United Microelectronics Corp., ADR		6,653		68,326

Wan Hai Lines Ltd.		3,300		19,177

Yang Ming Marine Transport Corp.^(b)		4,000		14,015

Yuanta Financial Holding Co. Ltd.		8,600		7,658

				890,114


Turkey–0.04%
Eregli Demir ve Celik Fabrikalari TAS		3,972		8,131


United Kingdom–4.90%
Ashtead Group PLC		1,152		96,767

Aviva PLC		2,429		13,136

BAE Systems PLC		738		5,564

Barclays PLC		11,336		31,277

British American Tobacco PLC		1,302		45,282

BT Group PLC^(b)		12,002		22,778

Coca-Cola Europacific Partners PLC		360		18,954

Compass Group PLC^(b)		1,655		35,153

Diageo PLC		3,995		198,883

GlaxoSmithKline PLC		1,421		29,525

HSBC Holdings PLC		3,329		20,059

Imperial Brands PLC		1,332		28,140

Legal & General Group PLC		1,026		4,060

Lloyds Banking Group PLC		22,258		15,255

National Grid PLC		5,002		63,986

NatWest Group PLC		2,987		9,012

Prudential PLC		2,141		43,832

Reckitt Benckiser Group PLC		633		51,345

Royal Dutch Shell PLC, Class A		1,278		29,332

Schroders PLC		108		5,356

SSE PLC		612		13,773

Standard Chartered PLC		3,887		26,348

Tesco PLC		7,071		26,149

Unilever PLC		2,951		157,928

Vodafone Group PLC		38,182		56,351

				1,048,245


United States–0.99%
Ferguson PLC		756		113,848

Jackson Financial, Inc., Class A^(b)		53		1,435

JBS S.A.		1,700		11,764

Stellantis N.V.		1,278		25,501

Swiss Re AG		612		59,351

				211,899


Vietnam–0.00%
Vietnam Dairy Products JSC		2		8

Total Common Stocks & Other Equity Interests (Cost $14,494,788)				16,589,257


Preferred Stocks–0.50%

Multinational–0.50%
Harambee Re Ltd., Pfd.^(c)		279		4,015

Lion Rock Re Ltd., Pfd.^(c)		25		3,555

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

11 Invesco Advantage International Fund


	Shares		Value

Multinational–(continued)
Lorenz Re Ltd., Pfd.^(c)		27	$	3,400

Mt. Logan Re Ltd., Pfd.^(c)		116		80,438

Thopas Re Ltd., Pfd.^(c)		52		9,415

Turing Re Ltd., Series 2019-1, Pfd.^(a)(c)		886		1,991

Viribus Re Ltd., Pfd.^(c)		38,090		3,513

Total Preferred Stocks (Cost $254,198)				106,327


	Principal Amount

Event-Linked Bonds–0.47%

Multinational–0.47%
Alturas RE Segregated Account, Catastrophe Linked Notes, 12/31/2022^(a)(c)(d)	$	1,000		0

Eden RE II Ltd., Class A, Catastrophe Linked Notes, 03/22/2023^(a)(c)(d)		720		10,554

Limestone Re Ltd., Class A, Catastrophe Linked Notes, 09/09/2022^(a)(c)(d)		1,174		6,114

Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 03/01/2024^(a)(c)(d)		120,000		82,136



	Principal Amount		Value

Multinational–(continued)
Versutus Ltd., Catastrophe Linked Notes, 12/31/2022^(c)(d)	$	6,601	$	2,684

Total Event-Linked Bonds (Cost $129,496)				101,488


	Shares

Money Market Funds–11.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		705,491		705,491

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)		880,169		880,433

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		806,276		806,276

Total Money Market Funds (Cost $2,392,276)				2,392,200

TOTAL INVESTMENTS IN SECURITIES–89.65% (Cost $17,270,758)				19,189,272

OTHER ASSETS LESS LIABILITIES–10.35%				2,216,366

NET ASSETS–100.00%			$	21,405,638

Investment Abbreviations:


ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
Pfd.	–	Preferred
REIT	–	Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $552,618, which represented 2.58% of the Fund’s Net Assets.

^(b)	Non-income producing security.

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

^(d)	Zero coupon bond issued at a discount.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	507,570		$	6,782,788		$	(6,584,867	)		$	-			$	-			$	705,491		$	295
Invesco Liquid Assets Portfolio, Institutional Class			362,484			4,844,848			(4,326,821	)			(40	)			(38	)			880,433			210
Invesco Treasury Portfolio, Institutional Class			580,080			7,751,757			(7,525,561	)			-				-				806,276			128
Total		$	1,450,134		$	19,379,393		$	(18,437,249	)		$	(40	)		$	(38	)			$2,392,200		$	633

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value*

Value

Equity Risk

MSCI Emerging Markets Index

Put

11/19/2021

USD 1,175.00

USD 2,937,500

$ (7,187)

Equity Risk

MSCI Emerging Markets Index

Call

11/19/2021

USD 1,310.00

USD 3,275,000

(8,875)

Total Index Options Written

$(16,062)

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

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

12 Invesco Advantage International Fund


	Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value		Unrealized Appreciation
Currency Risk
Canadian Dollar		19	December-2021	$	1,535,295		$	34,529	$	34,529
Equity Risk
S&P/TSX 60 Index		8	December-2021		1,629,606			44,941		44,941
Subtotal–Long Futures Contracts								79,470		79,470
Short Futures Contracts
Equity Risk
MSCI Emerging Markets Index		50	December-2021		(3,155,000	)		3,614		3,614
Total Futures Contracts							$	83,084	$	83,084
^(a) Futures contracts collateralized by $309,143 cash held with Merrill Lynch International, the futures commission merchant.

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

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate

Index

Payment
Frequency

Number of

Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

BNP Paribas S.A.

Receive

MSCI EAFE Minimum
Volatility Index

1 Month
USD LIBOR
+ 0.260%

Monthly

768

January–2022

USD 1,648,412

$–

42,417

Goldman Sachs International

Receive

MSCI Emerging Markets
Minimum Volatility Daily
Net Total Return Index

1 Month
USD LIBOR
+ 0.830%

Monthly

353

December–2021

USD 729,181

–

741

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets
Minimum Volatility Daily
Net Total Return Index

1 Month
USD LIBOR
+ 1.150%

Monthly

534

November–2021

USD 1,103,068

–

1,121

Total – Total Return Swap Agreements

$–

44,279

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

Abbreviations:



LIBOR –London Interbank Offered 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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $14,878,482)	$	16,797,072

Investments in affiliated money market funds, at value (Cost $2,392,276)		2,392,200

Other investments: Variation margin receivable – futures contracts		1,773,948

Unrealized appreciation on swap agreements – OTC		44,279

Deposits with brokers: Cash collateral – exchange-traded futures contracts		309,143

Cash		90,115

Foreign currencies, at value (Cost $12,896)		12,638

Receivable for: Fund shares sold		24,582

Dividends		76,754

Interest		360

Investment for trustee deferred compensation and retirement plans		7,436

Other assets		38,729

Total assets		21,567,256


Liabilities:
Other investments: Options written, at value (premiums received $74,023)		16,062

Swaps payable – OTC		1,340

Payable for: Fund shares reacquired		9,596

Accrued fees to affiliates		12,757

Accrued other operating expenses		114,427

Trustee deferred compensation and retirement plans		7,436

Total liabilities		161,618

Net assets applicable to shares outstanding	$	21,405,638


Net assets consist of:
Shares of beneficial interest	$	17,109,406

Distributable earnings		4,296,232

	$21,405,638


Net Assets:
Class A	$	12,502,107

Class C	$	3,350,417

Class R	$	4,359,707

Class Y	$	1,178,402

Class R5	$	13,111

Class R6	$	1,894


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		934,738

Class C		259,747

Class R		329,643

Class Y		87,232

Class R5		974

Class R6		140

Class A:
Net asset value per share	$	13.37

Maximum offering price per share (Net asset value of $13.37 ÷ 94.50%)	$	14.15

Class C:
Net asset value and offering price per share	$	12.90

Class R:
Net asset value and offering price per share	$	13.23

Class Y:
Net asset value and offering price per share	$	13.51

Class R5:
Net asset value and offering price per share	$	13.46

Class R6:
Net asset value and offering price per share	$	13.53

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, 2021


Investment income:

Interest	$	57,568

Dividends (net of foreign withholding taxes of $51,535)		538,128

Dividends from affiliated money market funds		633

Total investment income		596,329


Expenses:
Advisory fees		105,832

Custodian fees		47,978

Distribution fees: Class A		28,194

Class C		36,460

Class R		22,650

Transfer agent fees – A, C, R and Y		57,718

Transfer agent fees – R5		11

Transfer agent fees – R6		2

Trustees’ and officers’ fees and benefits		23,412

Registration and filing fees		73,552

Professional services fees		106,248

Other		25,320

Total expenses		527,377

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(303,280	)

Net expenses		224,097

Net investment income		372,232


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $5,007)		2,040,580

Affiliated investment securities		(38	)

Foreign currencies		(3,626	)

Futures contracts		429,003

Option contracts written		43,394

Swap agreements		439,117

	2,948,430

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		537,660

Affiliated investment securities		(40	)

Foreign currencies		(1,409	)

Futures contracts		138,229

Option contracts written		57,961

Swap agreements		135,076

	867,477

Net realized and unrealized gain		3,815,907

Net increase in net assets resulting from operations	$	4,188,139

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, 2021 and 2020


	2021			2020

Operations:

Net investment income	$	372,232		$	495,366

Net realized gain		2,948,430			692,803

Change in net unrealized appreciation (depreciation)		867,477			(4,788,977	)

Net increase (decrease) in net assets resulting from operations		4,188,139			(3,600,808	)


Distributions to shareholders from distributable earnings:

Class A		(8,308	)		(368,895	)

Class C		(2,808	)		(19,719	)

Class R		(3,184	)		(19,406	)

Class Y		(732	)		(8,268	)

Class R5		(9	)		(61	)

Class R6		(1	)		(63	)

Total distributions from distributable earnings		(15,042	)		(416,412	)


Share transactions–net:

Class A		212,515			(50,065,965	)

Class C		(619,837	)		(5,740	)

Class R		(110,212	)		405,109

Class Y		65,517			(516,154	)

Class R6		(2	)		(9,024	)

Net increase (decrease) in net assets resulting from share transactions		(452,019	)		(50,191,774	)

Net increase (decrease) in net assets		3,721,078			(54,208,994	)


Net assets:
Beginning of year		17,684,560			71,893,554

End of year	$	21,405,638		$	17,684,560

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

16 Invesco Advantage International Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/21		$	10.83		$	0.25		$	2.30			$	2.55			$	-			$	(0.01	)		$	(0.01	)		$	13.37		23.54	%^(e)		$	12,502		0.87	%^(e)		2.27	%^(e)		1.89	%^(e)		141	%
Year ended 10/31/20			10.90			0.12			(0.13	)			(0.01	)			-				(0.06	)			(0.06	)			10.83		(0.09	)			9,934		0.94			1.74			1.08			238
Year ended 10/31/19			10.57			0.09			0.82				0.91				0.00				(0.58	)			(0.58	)			10.90		9.51				63,878		1.14			1.53			0.91			43
Year ended 10/31/18			11.62			0.17			(0.96	)			(0.79	)			(0.05	)			(0.21	)			(0.26	)			10.57		(6.98	)			60,916		1.17			1.49			1.48			126
Year ended 10/31/17			10.49			0.15			1.48				1.63				(0.50	)			-				(0.50	)			11.62		16.26				64,323		1.10			1.47			1.41			54
Class C
Year ended 10/31/21			10.52			0.14			2.25				2.39				-				(0.01	)			(0.01	)			12.90		22.72				3,350		1.62			3.04			1.14			141
Year ended 10/31/20			10.66			0.04			(0.12	)			(0.08	)			-				(0.06	)			(0.06	)			10.52		(0.75	)			3,241		1.65			2.49			0.37			238
Year ended 10/31/19			10.42			0.02			0.80				0.82				-				(0.58	)			(0.58	)			10.66		8.73				3,294		1.89			2.43			0.16			43
Year ended 10/31/18			11.50			0.08			(0.95	)			(0.87	)			-				(0.21	)			(0.21	)			10.42		(7.72	)			3,649		1.92			2.62			0.73			126
Year ended 10/31/17			10.41			0.07			1.47				1.54				(0.45	)			-				(0.45	)			11.50		15.42				1,701		1.85			2.98			0.67			54
Class R
Year ended 10/31/21			10.74			0.21			2.29				2.50				-				(0.01	)			(0.01	)			13.23		23.27				4,360		1.12			2.54			1.64			141
Year ended 10/31/20			10.83			0.09			(0.12	)			(0.03	)			-				(0.06	)			(0.06	)			10.74		(0.28	)			3,607		1.14			1.99			0.88			238
Year ended 10/31/19			10.52			0.07			0.82				0.89				-				(0.58	)			(0.58	)			10.83		9.35				3,266		1.39			1.94			0.66			43
Year ended 10/31/18			11.58			0.14			(0.96	)			(0.82	)			(0.03	)			(0.21	)			(0.24	)			10.52		(7.29	)			2,513		1.42			2.15			1.23			126
Year ended 10/31/17			10.47			0.13			1.47				1.60				(0.49	)			-				(0.49	)			11.58		16.03				2,533		1.35			2.57			1.17			54
Class Y
Year ended 10/31/21			10.91			0.28			2.33				2.61				-				(0.01	)			(0.01	)			13.51		23.92				1,178		0.62			2.04			2.14			141
Year ended 10/31/20			10.95			0.14			(0.12	)			0.02				-				(0.06	)			(0.06	)			10.91		0.18				890		0.71			1.49			1.31			238
Year ended 10/31/19			10.60			0.11			0.82				0.93				-				(0.58	)			(0.58	)			10.95		9.67				1,433		0.99			1.36			1.06			43
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
Year ended 10/31/17			10.51			0.17			1.47				1.64				(0.50	)			-				(0.50	)			11.65		16.41				271		0.95			2.65			1.57			54
Class R5
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^(f)			10.27			0.05			0.59				0.64				-				-				-				10.91		6.23				11		1.94	^(g)		1.26	^(g)		1.11	^(g)		43
Class R6
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
Year ended 10/31/17			10.51			0.18			1.48				1.66				(0.52	)			-				(0.52	)			11.65		16.60				12		0.85			1.21			1.66			54

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)	Estimated acquired fund fees from underlying funds were 0.14%, 0.17% and 0.15% for the years ended October 31, 2019, 2018 and 2017, respectively.

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

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

^(f)	Commencement date after the close of business on May 24, 2019.

^(g)	Annualized.

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

17 Invesco Advantage International Fund

Notes to Financial Statements

October 31, 2021

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

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

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

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

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

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

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

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

18 Invesco Advantage International Fund

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.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

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

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

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

19 Invesco Advantage International Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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 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 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 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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

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

20 Invesco Advantage International Fund

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 amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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.

LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

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

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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 Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets*	Rate

Up to $500 million		0.490%

Next $500 million		0.470%

Next $4.0 billion		0.440%

Over $5.0 billion		0.420%

*	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.

21 Invesco Advantage International Fund

For the year ended October 31, 2021, 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 28, 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 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 28, 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. 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, 2023, 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, 2021, the Adviser waived advisory fees of $105,832, reimbursed fund level expenses of $139,554 and reimbursed class level expenses of $32,728, $9,830, $12,100, $3,059, $11 and $2 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, 2021, 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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $13,999 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3 –Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

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

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. 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.

22 Invesco Advantage International Fund


	Level 1			Level 2		Level 3		Total
Investments in Securities
Australia	$	-		$	746,010	$	-	$	746,010
Austria		-			7,618		-		7,618
Belgium		-			63,998		-		63,998
Brazil		314,243			-		-		314,243
Chile		19,813			-		-		19,813
China		648,979			1,487,324		1,157		2,137,460
Denmark		-			582,734		-		582,734
Finland		-			173,462		-		173,462
France		-			1,207,594		-		1,207,594
Germany		1,204			1,141,576		-		1,142,780
Greece		-			13,651		-		13,651
Hong Kong		-			499,541		-		499,541
Hungary		-			26,169		-		26,169
Indonesia		-			69,662		-		69,662
Ireland		4,086			101,676		-		105,762
Italy		-			143,077		-		143,077
Japan		-			2,572,735		-		2,572,735
Luxembourg		-			24,905		-		24,905
Malaysia		-			72,080		-		72,080
Mexico		136,959			-		-		136,959
Multinational		-			-		207,815		207,815
Netherlands		4,703			921,792		-		926,495
Philippines		-			15,321		-		15,321
Poland		-			27,792		-		27,792
Russia		310,826			29,168		-		339,994
Saudi Arabia		-			4,476		-		4,476
Singapore		-			24,630		-		24,630
South Africa		7,787			184,704		-		192,491
South Korea		-			524,092		-		524,092
Spain		-			373,173		-		373,173
Sweden		-			355,695		-		355,695
Switzerland		-			1,586,448		-		1,586,448
Taiwan		478,642			411,472		-		890,114
Turkey		-			8,131		-		8,131
United Kingdom		32,727			1,015,518		-		1,048,245
United States		13,199			198,700		-		211,899
Vietnam		-			8		-		8
Money Market Funds		2,392,200			-		-		2,392,200
Total Investments in Securities		4,365,368			14,614,932		208,972		19,189,272
Other Investments - Assets*

Futures Contracts		83,084			-		-		83,084
Swap Agreements		-			44,279		-		44,279

		83,084			44,279		-		127,363
Other Investments - Liabilities*
Options Written		(16,062	)		-		-		(16,062	)
Total Other Investments		67,022			44,279		-		111,301
Total Investments		$4,432,390			$14,659,211		$208,972		$19,300,573

*	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.

23 Invesco Advantage International Fund

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended October 31, 2021:


	Value 10/31/20		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3		Value 10/31/21
Preferred Stocks	$	320,343	$	-	$	(156,848	)	$	-	$	24,612	$	(81,780	)	$	-	$	-	$	106,327
Event - Linked Bonds		92,649		-		(8,312	)		-		723		16,428			-		-		101,488
Common Stocks & Other Equity Interests		-		1,781		-			-		-		(4,040	)		3,416		-		1,157
Total	$	412,992	$	1,781	$	(165,160	)	$	-	$	25,335	$	(69,392	)	$	3,416	$	-	$	208,972

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly 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, 2021:


	Value
Derivative Assets	Currency Risk			Equity Risk			Total
Unrealized appreciation on futures contracts - Exchange-Traded^(a)	$	34,529		$	48,555		$	83,084

Unrealized appreciation on swap agreements - OTC		-			44,279			44,279
Total Derivative Assets		34,529			92,834			127,363
Derivatives not subject to master netting agreements		(34,529	)		(48,555	)		(83,084	)
Total Derivative Assets subject to master netting agreements	$	-		$	44,279		$	44,279

^(a)	The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.


	Value
Derivative Liabilities	Currency Risk		Equity Risk			Total
Options written, at value - Exchange-Traded	$	-	$	(16,062	)	$	(16,062	)
Derivatives not subject to master netting agreements		-		16,062			16,062
Total Derivative Liabilities subject to master netting agreements	$	-	$	-		$	-

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, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives		Non-Cash		Cash		Net Amount
BNP Paribas S.A.	$	42,417	$	(382	)	$	42,035	$	-	$	-	$	42,035
Goldman Sachs International		741		(315	)		426		-		-		426
J.P. Morgan Chase Bank, N.A.		1,121		(643	)		478		-		-		478
Total	$	44,279	$	(1,340	)	$	42,939	$	-	$	-	$	42,939

24 Invesco Advantage International Fund

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain on Statement of Operations
	Currency Risk		Equity Risk		Total
Realized Gain: Futures contracts	$	42,420	$	386,583	$	429,003
Options written		-		43,394		43,394
Swap agreements		-		439,117		439,117
Change in Net Unrealized Appreciation:
Futures contracts		45,670		92,559		138,229
Options written		-		57,961		57,961
Swap agreements		-		135,076		135,076
Total		$88,090		$1,154,690		$1,242,780

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


	Futures Contracts		Index Options Written		Swap Agreements
Average notional value		$3,274,455		$7,193,125		$4,149,900
Average contracts		-		43		-

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $164.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020

Long-term capital gain	$	15,042	$	416,412

Tax Components of Net Assets at Period-End:


	2021

Undistributed ordinary income	$	1,746,438

Undistributed long-term capital gain		754,704

Net unrealized appreciation – investments		1,799,110

Net unrealized appreciation – foreign currencies		1,073

Temporary book/tax differences		(5,093	)

Shares of beneficial interest		17,109,406
Total net assets	$	21,405,638

25 Invesco Advantage International Fund

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, passive foreign investment companies, futures contracts, options contracts and swap agreements.

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, 2021.

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, 2021 was $22,482,424 and $22,187,036, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,622,608

Aggregate unrealized (depreciation) of investments		(823,498	)
Net unrealized appreciation of investments	$	1,799,110

Cost of investments for tax purposes is $17,501,463.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, swap agreements and equalization payments, on October 31, 2021, undistributed net investment income was increased by $282,667, undistributed net realized gain was decreased by $545,403 and shares of beneficial interest was increased by $262,736. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2021						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:

Class A		265,567			$3,466,204			236,032			$2,539,796

Class C		52,280			661,111			80,417			845,253

Class R		97,739			1,239,930			117,852			1,265,985

Class Y		20,242			261,063			39,742			367,333

Class R6		10			130			140			1,500


Issued as reinvestment of dividends:

Class A		668			8,294			4,863			55,103

Class C		231			2,785			1,776			19,657

Class R		259			3,184			1,720			19,343

Class Y		57			714			720			8,205


Automatic conversion of Class C shares to Class A shares:

Class A		12,864			163,378			2,605			28,708

Class C		(13,269	)		(163,378	)		(2,680	)		(28,708	)


Reacquired:

Class A		(261,679	)		(3,425,361	)		(5,186,883	)		(52,689,572	)

Class C		(87,451	)		(1,120,355	)		(80,549	)		(841,942	)

Class R		(104,357	)		(1,353,326	)		(85,304	)		(880,219	)

Class Y		(14,619	)		(196,260	)		(89,689	)		(891,692	)

Class R6		(10	)		(132	)		(1,000	)		(10,524	)

Net increase (decrease) in share activity		(31,468	)		$(452,019	)		(4,960,238	)		$(50,191,774	)

26 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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, 2021 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Total Return Bond Fund (subsequently renamed Invesco Advantage International Fund) as of and for the year ended October 31, 2018 and the financial highlights for each of the periods ended on or prior to October 31, 2018 (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, 2021 by correspondence with the custodian, transfer agent, brokers and portfolio company investees; when replies were not received from brokers or 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, 2021

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.

27 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, 2021 through October 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,019.80	$4.53	$1,020.72	$4.53	0.89%
Class C	1,000.00	1,015.70	8.33	1,016.94	8.34	1.64
Class R	1,000.00	1,018.50	5.80	1,019.46	5.80	1.14
Class Y	1,000.00	1,020.40	3.26	1,021.98	3.26	0.64
Class R5	1,000.00	1,020.50	3.26	1,021.98	3.26	0.64
Class R6	1,000.00	1,020.40	3.26	1,021.98	3.26	0.64

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

28 Invesco Advantage International Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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. 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, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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 10, 2021.

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 Invesco Advisers’ 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 increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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, 2020 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 first quintile of its performance universe for the one and three year periods 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 above the performance of the Index for the one and three year periods, and below 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, 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 of a particular date and that selecting a different performance period could produce different results. The Board further considered that the Fund had changed its name, investment strategy and index against which

29 Invesco Advantage International Fund

future performance will be compared on February 28, 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 past performance of the Fund to be particularly relevant. The Board considered information provided regarding the more recent performance of the Fund utilizing the new strategy 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.

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

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 noted that such methodology had recently been reviewed and enhanced. 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.

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 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.

30 Invesco Advantage International Fund

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	265,972
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	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

31 Invesco Advantage International Fund

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.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None
¹Mr. 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 Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson –1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis –1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee		Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees-(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street		186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)		186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern -1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP		186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli–1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP		186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)		186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds		186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

T-3 Invesco Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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

Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-4 Invesco Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

T-5 Invesco Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

Gregory G.McGreevey -1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

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

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, The Invesco Funds and Senior Vice President 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

Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

² On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.

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.

T-6 Invesco Advantage International Fund

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

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

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Fund reports and prospectuses

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Quarterly statements

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Daily confirmations

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

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Annual Report to Shareholders		October 31, 2021

Invesco Asia Pacific Growth Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Asia Pacific Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country Asia Pacific ex-Japan Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.97	%
Class C Shares	8.16
Class Y Shares	9.28
Class R6 Shares	9.44
MSCI All Country Asia Pacific ex-Japan Index^▼ (Broad Market/Style-Specific Index)	15.83
Lipper Pacific ex-Japan Funds Index^∎ (Peer Group Index)	12.18

Source(s):^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

At the beginning of the fiscal year, global equity markets posted gains as good news about coronavirus (COVID-19) vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Emerging market equities posted robust gains amplified by US dollar weakness.

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed well as global shortages pushed oil and gas prices higher. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector

and the potential default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way, and Chinese equities rebounded after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

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.

The Fund underperformed its broad market/style-specific benchmark, the MSCI All Country Asia Pacific ex-Japan Index, for the fiscal year primarily driven by market allocation. Underweight exposure to and stock selection in the financials sector was the largest detractor from relative return. Lack of exposure to select benchmark index names, including Commonwealth Bank of Australia, National Australia Bank and India-based ICICI Bank hampered relative results. Fund holdings in the consumer discretionary and industrials sectors underperformed those of the broad market/style-specific benchmark index, detracting from relative results. An overweight to the consumer discretionary sector and an underweight to the industrials sector were also a drag on relative performance. Within the consumer discretionary sector, weakness was seen in China-based private educational services company New Oriental Education & Technology and Macau-based hotel and casino operator Galaxy Entertainment. During the fiscal year, we exited the Fund’s small position in New Oriental Education & Technology prior to new government regulations requiring private tutoring institutions to register as non-profit institutions and discontinue weekend and holiday classes. Galaxy Entertainment was negatively impacted by pandemic-related travel restrictions and possible new government regulations within

the industry. Geographically, Fund holdings in Australia and India underperformed those of the benchmark index and were among the largest relative detractors. Underweight exposure to both countries also had a negative impact on relative Fund returns. In a rising equity market environment, the Fund’s cash exposure detracted from the Fund’s performance relative to the benchmark. 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.

In contrast, stock selection in the information technology (IT) and real estate sectors contributed to the Fund’s relative performance versus the broad market/style-specific benchmark. Within IT, US-based Broadcom (formerly Singapore-based Avago Technologies) was a key contributor to absolute and relative performance. The company has benefited from strong semiconductor demand. In real estate, Thailand-based Central Pattana contributed favorably to relative return. The Fund’s holdings in the health care and communication services sectors outperformed those of the benchmark index, adding to relative results. Underweight exposure to both sectors was beneficial as well. On a geographic basis, stock selection in Indonesia and China were among the largest contributors to the Fund’s relative results. An overweight to Indonesia, an underweight to China and exposure to the US also benefited the Fund’s relative performance.

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 outlook for each company. We added several new holdings, including Indonesia-based pharmaceutical and consumer health company Kalbe Farma, South Korea-based enterprise resource planning (ERP) company Douzone Bizon and China-based auto glass manufacturer Fuyao Glass Industry. We sold several holdings, including China-based companies, Shanghai International Airport, shopping platform Meituan and spirits maker Kweichow Moutai.

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 we believe 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 we expect to be resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco Asia Pacific Growth Fund.


2		Invesco Asia Pacific Growth Fund

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Mark Jason

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


3		Invesco Asia Pacific Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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1 Source: Lipper Inc.

2 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.


4		Invesco Asia Pacific Growth Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	8.84	%
10 Years	7.88
5 Years	8.28
1 Year	2.97

Class C Shares
Inception (11/3/97)	8.83	%
10 Years	7.84
5 Years	8.69
1 Year	7.16

Class Y Shares
Inception (10/3/08)	11.21	%
10 Years	8.76
5 Years	9.80
1 Year	9.28

Class R6 Shares
10 Years	8.70	%
5 Years	9.94
1 Year	9.44

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

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

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

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


5		Invesco Asia Pacific Growth Fund

Supplemental Information

Invesco Asia Pacific Growth Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, 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 Lipper Pacific ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex-Japan funds tracked by Lipper.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Asia Pacific Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		19.75	%

Consumer Discretionary		17.77

Consumer Staples		14.96

Real Estate		13.12

Financials		12.32

Communication Services		8.30

Health Care		3.40

Industrials		3.11

Materials		2.34

Money Market Funds Plus Other Assets Less Liabilities		4.93

Top 10 Equity Holdings*


		% of total net assets

1.	Broadcom, Inc.		6.38	%

2.	Samsung Electronics Co. Ltd.		5.30

3.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.95

4.	Yum China Holdings, Inc.		4.73

5.	China Mengniu Dairy Co. Ltd.		4.63

6.	Tencent Holdings Ltd.		4.46

7.	JD.com, Inc., ADR		3.46

8.	Swire Properties Ltd.		3.31

9.	HDFC Bank Ltd., ADR		3.15

10.	Tongcheng-Elong Holdings Ltd.		2.92

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, 2021.


7		Invesco Asia Pacific Growth Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–95.07%
Australia–1.65%
CSL Ltd.		52,753	$	11,961,328



China–33.37%
Alibaba Group Holding Ltd., ADR^(a)		107,004		17,649,240


Angel Yeast Co. Ltd., A Shares		990,770		8,627,206


China Feihe Ltd.^(b)		5,811,000		9,712,850


China Mengniu Dairy Co. Ltd.^(a)		5,245,000		33,470,412


China Resources Beer Holdings Co. Ltd.		570,000		4,734,650


Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		1,684,000		9,759,907


JD.com, Inc., ADR^(a)		319,452		25,006,702


Minth Group Ltd.		2,288,000		9,153,871


Qingdao Port International Co. Ltd., H Shares^(b)		1,574,000		789,843


Sunny Optical Technology Group Co. Ltd.		553,800		14,934,389


Tencent Holdings Ltd.		520,100		32,291,057


Tongcheng-Elong Holdings Ltd.^(a)(b)		9,453,600		21,145,720


Wuliangye Yibin Co. Ltd., A Shares		585,960		19,905,720


Yum China Holdings, Inc.		599,316		34,208,957


				241,390,524



Hong Kong–4.15%
Hongkong Land Holdings Ltd.		1,093,700		6,027,944


Swire Properties Ltd.		8,914,200		23,966,606


				29,994,550



India–4.14%
Emami Ltd.		1,010,990		7,189,095


HDFC Bank Ltd., ADR		316,741		22,776,847


				29,965,942



Indonesia–9.08%
PT Bank Central Asia Tbk		39,323,000		20,752,154


PT Kalbe Farma Tbk		112,036,100		12,663,095


PT Pakuwon Jati Tbk^(a)		537,616,700		18,996,815


PT Telkom Indonesia (Persero) Tbk		49,442,100		13,255,196


				65,667,260



Macau–1.60%
Galaxy Entertainment Group Ltd.^(a)		2,150,000		11,617,040



Malaysia–2.92%
Bursa Malaysia Bhd.		7,666,250		13,899,915


Heineken Malaysia Bhd.		1,306,900		7,246,331


				21,146,246



New Zealand–1.64%
Auckland International Airport Ltd.^(a)		1,170,412		6,693,749

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

REIT - Real Estate Investment Trust


	Shares		Value


New Zealand–(continued)
Freightways Ltd.		558,671	$	5,178,440


				11,872,189



Philippines–5.41%
BDO Unibank, Inc.		7,545,740		18,600,518


SM Investments Corp.		511,646		9,797,793


SM Prime Holdings, Inc.		16,339,500		10,744,308


				39,142,619



Singapore–3.93%
Keppel REIT		18,360,100		15,388,596


United Overseas Bank Ltd.		658,700		13,083,758


				28,472,354



South Korea–8.37%
Douzone Bizon Co. Ltd.		110,457		7,711,083


NAVER Corp.		41,419		14,497,680


Samsung Electronics Co. Ltd.		639,750		38,328,702


				60,537,465



Taiwan–4.95%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,691,464		35,795,851



Thailand–2.74%
Central Pattana PCL, Foreign Shares		11,085,500		19,808,831



United States–8.72%
Amcor PLC, CDI		1,402,310		16,920,200


Broadcom, Inc.		86,799		46,148,424


				63,068,624



Vietnam–2.40%
Vietnam Dairy Products JSC		4,351,690		17,349,550


Total Common Stocks & Other Equity Interests (Cost $439,365,345)				687,790,373



Money Market Funds–4.85%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		12,256,961		12,256,961


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		8,776,663		8,779,296


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		14,007,956		14,007,956


Total Money Market Funds (Cost $35,041,543)				35,044,213


TOTAL INVESTMENTS IN SECURITIES–99.92% (Cost $474,406,888)				722,834,586


OTHER ASSETS LESS LIABILITIES–0.08%				602,321


NET ASSETS–100.00%			$	723,436,907

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


8		Invesco Asia Pacific Growth Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b⁾

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $41,408,320, which represented 5.72% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	23,355,433		$	44,625,695		$	(55,724,167	)		$	-			$	-		$	12,256,961		$	4,519
Invesco Liquid Assets Portfolio, Institutional Class			17,003,608			31,471,668			(39,694,996	)			(637	)			(347)			8,779,296			3,991
Invesco Treasury Portfolio, Institutional Class			26,691,924			51,000,794			(63,684,762	)			-				-			14,007,956			2,107
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			190,500			(190,500	)			-				-			-			1*
Invesco Private Prime Fund			-			444,500			(444,500	)			-				-			-			13*
Total		$	67,050,965		$	127,733,157		$	(159,738,925	)		$	(637	)		$	(347)		$	35,044,213		$	10,631

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.

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


9		Invesco Asia Pacific Growth Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $439,365,345)	$	687,790,373


Investments in affiliated money market funds, at value (Cost $35,041,543)		35,044,213


Foreign currencies, at value (Cost $26,952)		27,091


Receivable for:
Investments sold		408,658


Fund shares sold		1,492,203


Dividends		212,892


Investment for trustee deferred compensation and retirement plans		127,385


Other assets		36,375


Total assets		725,139,190



Liabilities:
Payable for:
Fund shares reacquired		377,427


Accrued foreign taxes		551,386


Accrued fees to affiliates		411,508


Accrued other operating expenses		222,560


Trustee deferred compensation and retirement plans		139,402


Total liabilities		1,702,283


Net assets applicable to shares outstanding	$	723,436,907



Net assets consist of:
Shares of beneficial interest	$	425,550,103


Distributable earnings		297,886,804


	$	723,436,907


Net Assets:
Class A	$	447,947,006


Class C	$	15,631,363


Class Y	$	167,045,053


Class R6	$	92,813,485



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,207,688


Class C		474,477


Class Y		4,536,102


Class R6		2,520,041


Class A:
Net asset value per share	$	36.69


Maximum offering price per share (Net asset value of $36.69 ÷ 94.50%)	$	38.83


Class C:
Net asset value and offering price per share	$	32.94


Class Y:
Net asset value and offering price per share	$	36.83


Class R6:
Net asset value and offering price per share	$	36.83

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


10		Invesco Asia Pacific Growth Fund

Statement of Operations

For the year ended October 31, 2021

Investment income:


Dividends (net of foreign withholding taxes of $982,502)	$	12,136,754


Dividends from affiliated money market funds (includes securities lending income of $28)		10,645


Total investment income		12,147,399



Expenses:
Advisory fees		7,122,764


Administrative services fees		116,628


Custodian fees		15,204


Distribution fees:
Class A		1,203,263


Class C		198,614


Transfer agent fees – A, C and Y		1,176,935


Transfer agent fees – R6		11,620


Trustees’ and officers’ fees and benefits		33,658


Registration and filing fees		77,698


Reports to shareholders		72,319


Professional services fees		60,730


Other		21,221


Total expenses		10,110,654


Less: Fees waived and/or expense offset arrangement(s)		(29,289	)


Net expenses		10,081,365


Net investment income		2,066,034



Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Unaffiliated investment securities		51,329,403


Affiliated investment securities		(347	)


Foreign currencies		(225,232	)


		51,103,824


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $251,136)		13,840,841


Affiliated investment securities		(637	)


Foreign currencies		(3,283	)


		13,836,921


Net realized and unrealized gain		64,940,745


Net increase in net assets resulting from operations	$	67,006,779

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


11		Invesco Asia Pacific Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	2,066,034		$	3,393,922


Net realized gain		51,103,824			54,458,297


Change in net unrealized appreciation		13,836,921			45,402,259


Net increase in net assets resulting from operations		67,006,779			103,254,478



Distributions to shareholders from distributable earnings:
Class A		(33,752,095	)		(28,385,727	)


Class C		(1,877,272	)		(1,894,754	)


Class Y		(12,868,796	)		(11,193,927	)


Class R6		(8,742,429	)		(7,091,434	)


Total distributions from distributable earnings		(57,240,592	)		(48,565,842	)



Share transactions–net:
Class A		3,390,566			(28,296,505	)


Class C		(7,801,060	)		(9,566,312	)


Class Y		11,664,145			(26,920,201	)


Class R6		(16,827,003	)		2,027,173


Net increase (decrease) in net assets resulting from share transactions		(9,573,352	)		(62,755,845	)


Net increase (decrease) in net assets		192,835			(8,067,209	)



Net assets:
Beginning of year		723,244,072			731,311,281


End of year	$	723,436,907		$	723,244,072

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


12		Invesco Asia Pacific Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$36.20		$0.07			$3.23			$3.30			$(0.10	)		$(2.71	)		$(2.81	)		$36.69		8.97	%		$447,947		1.38	%		1.38	%		0.17	%		15	%
Year ended 10/31/20		33.15		0.13			5.12			5.25			(0.35	)		(1.85	)		(2.20	)		36.20		16.67			438,473		1.44			1.45			0.40			27
Year ended 10/31/19		30.30		0.35			4.60			4.95			(0.34	)		(1.76	)		(2.10	)		33.15		17.17			433,120		1.43			1.44			1.08			17
Year ended 10/31/18		36.95		0.36			(4.21	)		(3.85	)		(0.28	)		(2.52	)		(2.80	)		30.30		(11.39	)		395,319		1.44			1.46			1.04			21
Year ended 10/31/17		31.60		0.28			5.69			5.97			(0.30	)		(0.32	)		(0.62	)		36.95		19.32			495,214		1.45			1.47			0.85			18
Class C
Year ended 10/31/21		32.90		(0.20	)		2.95			2.75			-			(2.71	)		(2.71	)		32.94		8.16			15,631		2.13			2.13			(0.58	)		15
Year ended 10/31/20		30.25		(0.10	)		4.65			4.55			(0.05	)		(1.85	)		(1.90	)		32.90		15.78			23,167		2.19			2.20			(0.35	)		27
Year ended 10/31/19		27.77		0.10			4.21			4.31			(0.07	)		(1.76	)		(1.83	)		30.25		16.29			31,409		2.18			2.19			0.33			17
Year ended 10/31/18		34.08		0.09			(3.86	)		(3.77	)		(0.02	)		(2.52	)		(2.54	)		27.77		(12.05	)		53,201		2.19			2.21			0.29			21
Year ended 10/31/17		29.17		0.03			5.27			5.30			(0.07	)		(0.32	)		(0.39	)		34.08		18.44			70,146		2.20			2.22			0.10			18
Class Y
Year ended 10/31/21		36.31		0.16			3.25			3.41			(0.18	)		(2.71	)		(2.89	)		36.83		9.28			167,045		1.13			1.13			0.42			15
Year ended 10/31/20		33.25		0.21			5.13			5.34			(0.43	)		(1.85	)		(2.28	)		36.31		16.95			154,378		1.19			1.20			0.65			27
Year ended 10/31/19		30.41		0.43			4.60			5.03			(0.43	)		(1.76	)		(2.19	)		33.25		17.44			170,249		1.18			1.19			1.33			17
Year ended 10/31/18		37.07		0.45			(4.23	)		(3.78	)		(0.36	)		(2.52	)		(2.88	)		30.41		(11.17	)		172,297		1.19			1.21			1.29			21
Year ended 10/31/17		31.69		0.36			5.71			6.07			(0.37	)		(0.32	)		(0.69	)		37.07		19.66			267,942		1.20			1.22			1.10			18
Class R6
Year ended 10/31/21		36.32		0.22			3.25			3.47			(0.25	)		(2.71	)		(2.96	)		36.83		9.44			92,813		0.97			0.97			0.58			15
Year ended 10/31/20		33.27		0.28			5.12			5.40			(0.50	)		(1.85	)		(2.35	)		36.32		17.16			107,226		0.99			1.00			0.85			27
Year ended 10/31/19		30.43		0.49			4.61			5.10			(0.50	)		(1.76	)		(2.26	)		33.27		17.70			96,533		0.98			0.99			1.53			17
Year ended 10/31/18		37.10		0.51			(4.22	)		(3.71	)		(0.44	)		(2.52	)		(2.96	)		30.43		(11.00	)		87,386		1.01			1.03			1.47			21
Period ended 10/31/17^(d)		32.81		0.27			4.02			4.29			-			-			-			37.10		13.08			122,996		1.01	^(e)		1.03	^(e)		1.29	^(e)		18

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Annualized.

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


13		Invesco Asia Pacific Growth Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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

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

Securities 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.


14		Invesco Asia Pacific Growth Fund

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

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

Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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.

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

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

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve 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, 2021, there were no securities lending transactions with the Adviser.

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


15		Invesco Asia Pacific Growth 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.

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

Other Risks - Investments in companies located or operating in Greater China 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.

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Amount over $10 billion		0.760%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.91%.

The Adviser has contractually agreed, through at least June 30, 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 reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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.


16		Invesco Asia Pacific Growth Fund

For the year ended October 31, 2021, the Adviser waived advisory fees of $28,380.

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $82,347 in front-end sales commissions from the sale of Class A shares and $469 and $3,343 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $628 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	11,961,328		$–	$ 11,961,328
China		76,864,899		164,525,625		–	241,390,524
Hong Kong		–		29,994,550		–	29,994,550
India		22,776,847		7,189,095		–	29,965,942
Indonesia		–		65,667,260		–	65,667,260
Macau		–		11,617,040		–	11,617,040
Malaysia		–		21,146,246		–	21,146,246
New Zealand		–		11,872,189		–	11,872,189
Philippines		–		39,142,619		–	39,142,619
Singapore		–		28,472,354		–	28,472,354
South Korea		–		60,537,465		–	60,537,465
Taiwan		–		35,795,851		–	35,795,851
Thailand		–		19,808,831		–	19,808,831
United States		46,148,424		16,920,200		–	63,068,624
Vietnam		–		17,349,550		–	17,349,550
Money Market Funds		35,044,213		–		–	35,044,213
Total Investments	$	180,834,383	$	542,000,203		$–	$722,834,586


17		Invesco Asia Pacific Growth Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020
Ordinary income*	$	16,431,676	$10,662,950
Long-term capital gain		40,808,916	37,902,892
Total distributions	$	57,240,592	$48,565,842

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	2,154,056


Undistributed long-term capital gain		48,365,066


Net unrealized appreciation – investments		247,460,995


Net unrealized appreciation – foreign currencies		2,225


Temporary book/tax differences		(95,538	)


Shares of beneficial interest		425,550,103


Total net assets	$	723,436,907

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $107,932,122 and $142,205,121, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	259,324,330


Aggregate unrealized (depreciation) of investments		(11,863,335	)


Net unrealized appreciation of investments	$	247,460,995

Cost of investments for tax purposes is $475,373,591.


18		Invesco Asia Pacific Growth Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of an equalization payment, on October 31, 2021, undistributed net investment income was decreased by $204,094, undistributed net realized gain was decreased by $2,602,905 and shares of beneficial interest was increased by $2,806,999. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,055,106		$	40,878,456			937,686		$	30,145,626


Class C		109,717			3,916,065			82,500			2,426,842


Class Y		1,071,817			41,374,912			1,400,491			43,505,433


Class R6		255,879			9,560,023			297,210			9,691,972



Issued as reinvestment of dividends:
Class A		825,110			30,834,363			807,939			25,926,744


Class C		51,722			1,746,651			58,740			1,724,616


Class Y		282,750			10,580,517			291,878			9,375,121


Class R6		204,038			7,626,943			192,554			6,175,199



Automatic conversion of Class C shares to Class A shares:
Class A		218,755			8,279,134			118,184			3,920,812


Class C		(242,383	)		(8,279,134	)		(129,652	)		(3,920,812	)



Reacquired:
Class A		(2,005,215	)		(76,601,387	)		(2,813,581	)		(88,289,687	)


Class C		(148,756	)		(5,184,642	)		(345,611	)		(9,796,958	)


Class Y		(1,070,116	)		(40,291,284	)		(2,560,256	)		(79,800,755	)


Class R6		(891,926	)		(34,013,969	)		(439,230	)		(13,839,998	)


Net increase (decrease) in share activity		(283,502	)	$	(9,573,352	)		(2,101,148	)	$	(62,755,845	)

^(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.

NOTE 11–Subsequent Event

Effective on or about February 28, 2022, the name of the Fund and all references thereto will change from Invesco Asia Pacific Growth Fund to Invesco EQV Asia Pacific Equity Fund.


19		Invesco Asia Pacific 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 Asia Pacific Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Asia Pacific 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, 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, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


20		Invesco Asia Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$946.60	$6.67	$1,018.35	$6.92	1.36%
Class C	1,000.00	943.00	10.33	1,014.57	10.71	2.11
Class Y	1,000.00	947.70	5.45	1,019.61	5.65	1.11
Class R6	1,000.00	948.50	4.67	1,020.42	4.84	0.95

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


21		Invesco Asia Pacific Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 Asia Pacific 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, 2021. 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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

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

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.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 year period, and the third 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 and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board noted that the Fund’s overweight exposure to issuers operating in industries that were significantly impacted by the COVID-19 pandemic, including those in the real estate sector, and overweight exposure to certain Asian geographic regions detracted from 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


22		Invesco Asia Pacific Growth Fund

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 there were only three funds (including the Fund) in the expense group.

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

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

noted that such methodology had recently been reviewed and enhanced. 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 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.


23		Invesco Asia Pacific Growth Fund

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 advisors.

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, 2021:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	43,615,916
Qualified Dividend Income*		39.71	%
Corporate Dividends Received Deduction*		10.56	%
U.S. Treasury Obligations*		0.01	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0493		per share
Foreign Source Income	$	0.5798		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Asia Pacific Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None

¹	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 Asia Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School–Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Asia Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Asia Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Asia Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco Asia Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey – 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco Asia Pacific Growth Fund

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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

Fund holdings and proxy voting information

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco European Growth Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco European Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI Europe Growth Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	36.58	%
Class C Shares	35.56
Class R Shares	36.23
Class Y Shares	36.93
Investor Class Shares	36.73
Class R6 Shares	37.08
MSCI Europe Index^q (Broad Market Index)	40.93
MSCI Europe Growth Index^q(Style-Specific Index)	37.81
Lipper European Funds Index^∎ (Peer Group Index)	41.97
Source(s):^qRIMES Technologies Corp.;^∎Lipper Inc.

Market conditions and your Fund

and the potential default of a large Chinese property developer.

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.

The Fund slightly underperformed its style-specific index, the MSCI Europe Growth Index, for the fiscal year. Stock selection in and overweight exposure to the industrials sector was the largest contributor to the Fund’s relative performance. Within the sector, UK-based Ultra Electronics was a notable contributor. In July 2021, the company received a takeover offer, at a premium, from aerospace and defense company Cobham (not a Fund holding), and we trimmed the Fund’s position on valuation. Strong stock selection in the communication services sector also added to relative results. France-based Criteo was a notable contributor to the Fund’s relative performance. Criteo is a leading ad tech player who has delivered robust results with progression on revenue and profit growth. The Fund’s holdings in consumer staples and financials outperformed those of the benchmark and contributed to relative performance as well. An underweight to consumer staples and an overweight to financials also benefited relative results. Geographically, strong security selection in the UK as well as exposure to Russia, a country not represented in the benchmark index, were the leading contributors to relative results. Fund holdings in Swit-zerland and Italy also outperformed those of the benchmark and added to relative return.

In contrast, an underweight in the information technology (IT) sector, the strongest performing sector in the MSCI Europe Growth Index, was the largest detractor from relative performance. Within the sector, an underweight to Netherlands-based ASML was a key detractor from the Fund’s relative results. Stock selection in and underweight exposure to the consumer discretionary sector also detracted from relative performance. Within the sector, Netherlands-based Prosus,

France-based LVMH Moet Hennessy Louis Vuitton, and Ireland-based Flutter Entertainment detracted from relative results. From a geographic perspective, stock selection in the Netherlands and Germany, as well as overweight exposure to Ireland, negatively impacted the Fund’s relative performance.

In a rising equity market environment, the Fund’s cash exposure (which averaged around 3.6% during the fiscal year) detracted from the Fund’s performance relative to the style-specific index. 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.

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 Ireland-based building materials company CRH, France-based special materials manufacturer Arkema, and UK-based advertising and communications company WPP. We exited several holdings, including UK-based British American Tobacco, Switzerland-based optical products manufacturer Alcon, and Germany-based IT and software company SAP.

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.

We thank you for your continued investment in Invesco European Growth Fund.


2		Invesco European Growth Fund

Portfolio manager(s):

Matthew Dennis

Borge Endresen

Richard Nield

Clas Olsson - Lead

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


3		Invesco European Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

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 European Growth Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	9.22	%
10 Years	6.76
5 Years	7.35
1 Year	29.08

Class C Shares
Inception (11/3/97)	9.23	%
10 Years	6.73
5 Years	7.76
1 Year	34.56

Class R Shares
Inception (6/3/02)	8.14	%
10 Years	7.10
5 Years	8.31
1 Year	36.23

Class Y Shares
Inception (10/3/08)	7.49	%
10 Years	7.64
5 Years	8.85
1 Year	36.93

Investor Class Shares
Inception (9/30/03)	8.92	%
10 Years	7.42
5 Years	8.65
1 Year	36.73

Class R6 Shares
10 Years	7.55	%
5 Years	8.94
1 Year	37.08

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

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

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

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


5		Invesco European Growth Fund

Supplemental Information

Invesco European Growth Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2021, 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 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 MSCI Europe Growth Index is an unmanaged index considered representative of European growth stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco European Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		34.11	%

Financials		18.12

Consumer Staples		8.96

Consumer Discretionary		8.71

Health Care		8.37

Communication Services		7.74

Materials		4.75

Real Estate		3.48

Energy		2.37

Information Technology		1.85

Money Market Funds Plus Other Assets Less Liabilities		1.54

Top 10 Equity Holdings*


	% of total net assets

1. Sberbank of Russia PJSC, Preference Shares		5.55	%

2. DCC PLC		4.69

3. Savills PLC		3.48

4. Ultra Electronics Holdings PLC		3.20

5. FinecoBank Banca Fineco S.p.A.		2.92

6. Sandvik AB		2.85

7. Danieli & C. Officine Meccaniche S.p.A., RSP		2.59

8. Schneider Electric SE		2.56

9. Deutsche Boerse AG		2.56

10. Bollore S.A.		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, 2021.


7		Invesco European Growth Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests-98.46%
China-2.16%
Prosus N.V.		280,359	$	24,838,458



Denmark-2.65%
Carlsberg A/S, Class B		70,635		11,674,140


Novo Nordisk A/S, Class B		171,557		18,870,022


				30,544,162



France-16.25%
Arkema S.A.		120,233		16,456,878


Bollore S.A.		5,030,456		29,181,206


Criteo S.A., ADR^(a)		644,082		21,280,469


Kaufman & Broad S.A.		476,877		19,139,738


Kering S.A.		15,851		11,892,435


LVMH Moet Hennessy Louis Vuitton SE		14,341		11,242,965


Metropole Television S.A.		730,831		16,108,361


Pernod Ricard S.A.		49,018		11,287,208


Sanofi		120,221		12,034,159


Schneider Electric SE		170,477		29,487,803


Ubisoft Entertainment S.A.^(a)		169,470		8,866,558


				186,977,780



Germany-6.03%
Deutsche Boerse AG		177,241		29,425,876


flatexDEGIRO AG^(a)		515,195		11,714,213


Knorr Bremse AG		83,581		8,807,920


MorphoSys AG^(a)		181,764		8,562,467


MTU Aero Engines AG		48,798		10,851,923


				69,362,399



Hungary-1.71%
Gedeon Richter PLC		703,001		19,707,560



Ireland-5.72%
CRH PLC		352,224		16,867,560


Flutter Entertainment PLC^(a)		121,830		23,045,075


ICON PLC^(a)		47,565		13,640,215


Origin Enterprises PLC		3,142,459		12,218,853


				65,771,703



Italy-6.39%
Danieli & C. Officine Meccaniche S.p.A., RSP		1,381,700		29,869,117


FinecoBank Banca Fineco S.p.A.^(a)		1,756,102		33,574,916


Technogym S.p.A.^(b)		956,273		10,039,928


				73,483,961



Netherlands-8.09%
Aalberts N.V.		223,332		12,327,268


ASML Holding N.V.		15,023		12,239,100


Heineken N.V.		159,926		17,741,612


SBM Offshore N.V.		1,145,920		18,118,517


Signify N.V.		276,123		13,392,440


Wolters Kluwer N.V.		183,855		19,273,696


				93,092,633



Norway-0.79%
TGS ASA		990,078		9,124,396


	Shares		Value


Russia-5.55%
Sberbank of Russia PJSC, Preference Shares		14,098,713	$	63,877,307



Spain-0.94%
Construcciones y Auxiliar de Ferrocarriles S.A.^(a)		246,561		10,822,996



Sweden-6.98%
Investor AB, Class B		1,091,774		25,208,441


Lifco AB, Class B		765,501		22,326,829


Sandvik AB		1,291,538		32,789,317


				80,324,587



Switzerland-6.29%
Kuehne + Nagel International AG, Class R		29,646		9,353,123


Logitech International S.A., Class R		12,583		1,049,772


Nestle S.A.		178,113		23,527,005


OC Oerlikon Corp. AG		1,473,634		14,991,277


Roche Holding AG		60,666		23,502,792


				72,423,969



Turkey-0.87%
Haci Omer Sabanci Holding A.S.		8,658,929		10,024,965



United Kingdom-25.72%
Ashtead Group PLC		155,097		13,028,076


Clarkson PLC		289,032		15,848,922


DCC PLC		644,575		53,946,078


Diploma PLC		242,649		10,005,304


FDM Group Holdings PLC		483,043		7,971,268


Hays PLC		9,169,590		20,773,331


HomeServe PLC		1,291,440		15,149,102


IG Group Holdings PLC		2,462,021		26,750,281


Jupiter Fund Management PLC		2,319,564		7,933,268


Linde PLC		66,728		21,299,578


Savills PLC		2,060,016		40,008,113


Travis Perkins PLC		607,252		12,835,516


Ultra Electronics Holdings PLC		828,063		36,794,621


WPP PLC		942,856		13,659,835


				296,003,293



United States-2.32%
Philip Morris International, Inc.		281,760		26,637,590


Total Common Stocks & Other Equity Interests (Cost $744,243,640)				1,133,017,759


Money Market Funds-2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		7,739,892		7,739,892


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		7,528,822		7,531,081


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		8,845,590		8,845,590


Total Money Market Funds (Cost $24,111,053)				24,116,563


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.56% (Cost $768,354,693)				1,157,134,322

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


8		Invesco European Growth Fund


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.87%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		9,903,960	$	9,903,960


Invesco Private Prime Fund, 0.11%^(c)(d)(e)		23,100,000		23,109,240


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $33,013,200)				33,013,200


TOTAL INVESTMENTS IN SECURITIES-103.43% (Cost $801,367,893)				1,190,147,522


OTHER ASSETS LESS LIABILITIES-(3.43)%				(39,420,105	)


NET ASSETS-100.00%			$	1,150,727,417

Investment Abbreviations:

ADR - American Depositary Receipt

RSP - Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$22,919,264		$ 69,029,566		$ (84,208,938	)		$ -			$ -		$ 7,739,892		$ 2,698
Invesco Liquid Assets Portfolio, Institutional Class		20,309,891		47,371,062		(60,149,241	)		(7,551	)		6,920		7,531,081		3,918
Invesco Treasury Portfolio, Institutional Class		26,193,444		78,890,932		(96,238,786	)		-			-		8,845,590		1,328
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		59,944,770		(50,040,810	)		-			-		9,903,960		480*
Invesco Private Prime Fund		-		116,290,408		(93,181,168	)		-			-		23,109,240		6,542*
Total		$69,422,599		$371,526,738		$(383,818,943	)		$(7,551	)		$6,920		$57,129,763		$14,966

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(e)	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 European Growth Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $744,243,640)	$	1,133,017,759


Investments in affiliated money market funds, at value (Cost $57,124,253)		57,129,763


Foreign currencies, at value (Cost $3,030,969)		3,019,420


Receivable for:
Investments sold		1,229,694


Fund shares sold		426,930


Dividends		4,395,792


Investment for trustee deferred compensation and retirement plans		209,161


Other assets		45,932


Total assets		1,199,474,451



Liabilities:
Payable for:
Investments purchased		7,928,129


Fund shares reacquired		6,686,849


Collateral upon return of securities loaned		33,013,200


Accrued fees to affiliates		631,876


Accrued other operating expenses		258,123


Trustee deferred compensation and retirement plans		228,857


Total liabilities		48,747,034


Net assets applicable to shares outstanding	$	1,150,727,417



Net assets consist of:
Shares of beneficial interest	$	692,249,939


Distributable earnings		458,477,478


	$	1,150,727,417


Net Assets:
Class A	$	359,154,085


Class C	$	20,595,653


Class R	$	7,420,345


Class Y	$	628,317,021


Investor Class	$	128,214,330


Class R6	$	7,025,983



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,899,416


Class C		487,796


Class R		163,826


Class Y		13,786,072


Investor Class		2,825,840


Class R6		154,153


Class A:
Net asset value per share	$	45.47


Maximum offering price per share (Net asset value of $45.47 ÷ 94.50%)	$	48.12


Class C:
Net asset value and offering price per share	$	42.22


Class R:
Net asset value and offering price per share	$	45.29


Class Y:
Net asset value and offering price per share	$	45.58


Investor Class:
Net asset value and offering price per share	$	45.37


Class R6:
Net asset value and offering price per share	$	45.58

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


10		Invesco European Growth Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $3,004,353)	$	26,961,631


Dividends from affiliated money market funds (includes securities lending income of $36,553)		44,497


Total investment income		27,006,128



Expenses:
Advisory fees		10,239,384


Administrative services fees		162,709


Custodian fees		68,061


Distribution fees:
Class A		877,118


Class C		228,169


Class R		36,879


Investor Class		181,925


Transfer agent fees – A, C, R, Y and Investor		1,681,653


Transfer agent fees – R6		2,380


Trustees’ and officers’ fees and benefits		36,708


Registration and filing fees		102,732


Reports to shareholders		46,395


Professional services fees		96,506


Other		48,925


Total expenses		13,809,544


Less: Fees waived and/or expense offset arrangement(s)		(25,946	)


Net expenses		13,783,598


Net investment income		13,222,530



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		99,463,519


Affiliated investment securities		6,920


Foreign currencies		509,429


		99,979,868


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		225,557,194


Affiliated investment securities		(7,551	)


Foreign currencies		(53,047	)


		225,496,596


Net realized and unrealized gain		325,476,464


Net increase in net assets resulting from operations	$	338,698,994

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


11		Invesco European Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	13,222,530		$	10,555,692


Net realized gain (loss)		99,979,868			(14,539,601	)


Change in net unrealized appreciation (depreciation)		225,496,596			(132,311,706	)


Net increase (decrease) in net assets resulting from operations		338,698,994			(136,295,615	)



Distributions to shareholders from distributable earnings:
Class A		(4,332,934	)		(9,968,449	)


Class C		(132,308	)		(650,979	)


Class R		(71,734	)		(178,444	)


Class Y		(9,434,694	)		(19,903,510	)


Investor Class		(1,665,385	)		(3,532,061	)


Class R6		(160,084	)		(268,019	)


Total distributions from distributable earnings		(15,797,139	)		(34,501,462	)



Share transactions-net:
Class A		(27,347,605	)		(48,369,989	)


Class C		(8,577,015	)		(11,622,355	)


Class R		(716,021	)		(678,098	)


Class Y		(74,124,325	)		(79,494,966	)


Investor Class		(11,181,237	)		(11,699,480	)


Class R6		(3,775,365	)		1,231,154


Net increase (decrease) in net assets resulting from share transactions		(125,721,568	)		(150,633,734	)


Net increase (decrease) in net assets		197,180,287			(321,430,811	)



Net assets:
Beginning of year		953,547,130			1,274,977,941


End of year	$	1,150,727,417		$	953,547,130

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


12		Invesco European Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return ^(b)	Net assets , end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed	Ratio of expenses to average net assets without fee waivers and/or expenses absorbed	Ratio of net investment income to average net assets	Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$33.73		$0.44		$11.81			$12.25			$(0.51	)		$45.47	36.58%		$359,154	1.35%	1.35%	1.02%		18	%
Year ended 10/31/20		38.76		0.30		(4.31	)		(4.01	)		(1.02	)		33.73	(10.74)		287,960	1.36	1.37	0.84		27
Year ended 10/31/19		35.55		0.74		2.94			3.68			(0.47	)		38.76	10.57		386,369	1.35	1.36	2.02		10
Year ended 10/31/18		40.95		0.58		(5.21	)		(4.63	)		(0.77	)		35.55	(11.54)		402,331	1.34	1.35	1.45		16
Year ended 10/31/17		32.88		0.48		8.12			8.60			(0.53	)		40.95	26.53		506,795	1.38	1.39	1.32		22
Class C
Year ended 10/31/21		31.31		0.11		11.00			11.11			(0.20	)		42.22	35.56		20,596	2.10	2.10	0.27		18
Year ended 10/31/20		35.97		0.03		(4.04	)		(4.01	)		(0.65	)		31.31	(11.43)		22,166	2.11	2.12	0.09		27
Year ended 10/31/19		32.94		0.43		2.75			3.18			(0.15	)		35.97	9.72		38,236	2.10	2.11	1.27		10
Year ended 10/31/18		38.01		0.26		(4.82	)		(4.56	)		(0.51	)		32.94	(12.18)		71,859	2.09	2.10	0.70		16
Year ended 10/31/17		30.50		0.19		7.56			7.75			(0.24	)		38.01	25.58		90,488	2.13	2.14	0.57		22
Class R
Year ended 10/31/21		33.59		0.33		11.78			12.11			(0.41	)		45.29	36.25		7,420	1.60	1.60	0.77		18
Year ended 10/31/20		38.59		0.21		(4.32	)		(4.11	)		(0.89	)		33.59	(10.98)		6,092	1.61	1.62	0.59		27
Year ended 10/31/19		35.38		0.64		2.93			3.57			(0.36	)		38.59	10.26		7,803	1.60	1.61	1.77		10
Year ended 10/31/18		40.76		0.48		(5.18	)		(4.70	)		(0.68	)		35.38	(11.74)		10,795	1.59	1.60	1.20		16
Year ended 10/31/17		32.71		0.39		8.09			8.48			(0.43	)		40.76	26.24		13,655	1.63	1.64	1.07		22
Class Y
Year ended 10/31/21		33.81		0.54		11.84			12.38			(0.61	)		45.58	36.93		628,317	1.10	1.10	1.27		18
Year ended 10/31/20		38.85		0.39		(4.31	)		(3.92	)		(1.12	)		33.81	(10.51)		524,899	1.11	1.12	1.09		27
Year ended 10/31/19		35.67		0.83		2.93			3.76			(0.58	)		38.85	10.81		700,808	1.10	1.11	2.27		10
Year ended 10/31/18		41.06		0.68		(5.21	)		(4.53	)		(0.86	)		35.67	(11.29)		820,248	1.09	1.10	1.70		16
Year ended 10/31/17		32.98		0.58		8.13			8.71			(0.63	)		41.06	26.85		911,498	1.13	1.14	1.57		22
Investor Class
Year ended 10/31/21		33.65		0.48		11.79			12.27			(0.55	)		45.37	36.73^(d)		128,214	1.24^(d)	1.24^(d)	1.13^(d)		18
Year ended 10/31/20		38.67		0.33		(4.31	)		(3.98	)		(1.04	)		33.65	(10.68)^(d)		103,954	1.27^(d)	1.28^(d)	0.93^(d)		27
Year ended 10/31/19		35.48		0.76		2.93			3.69			(0.50	)		38.67	10.61^(d)		133,149	1.29^(d)	1.30^(d)	2.08^(d)		10
Year ended 10/31/18		40.86		0.60		(5.19	)		(4.59	)		(0.79	)		35.48	(11.47)^(d)		133,359	1.29^(d)	1.30^(d)	1.50^(d)		16
Year ended 10/31/17		32.80		0.50		8.10			8.60			(0.54	)		40.86	26.61^(d)		166,324	1.32^(d)	1.33^(d)	1.38^(d)		22
Class R6
Year ended 10/31/21		33.81		0.59		11.84			12.43			(0.66	)		45.58	37.08		7,026	0.98	0.98	1.39		18
Year ended 10/31/20		38.86		0.43		(4.32	)		(3.89	)		(1.16	)		33.81	(10.43)		8,477	0.99	1.00	1.21		27
Year ended 10/31/19		35.68		0.87		2.94			3.81			(0.63	)		38.86	10.96		8,613	0.98	0.99	2.39		10
Year ended 10/31/18		41.09		0.72		(5.21	)		(4.49	)		(0.92	)		35.68	(11.20)		9,925	0.99	1.00	1.80		16
Period ended 10/31/17^(e)		35.50		0.40		5.19			5.59			–			41.09	15.75		4,723	0.96^(f)	0.97^(f)	1.74^(f)		22

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	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 0.14%, 0.16%, 0.19%, 0.20% and 0.19% for the years ended October 31, 2021, 2020, 2019, 2018 and 2017, respectively.

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

^(f)	Annualized.

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


13		Invesco European Growth Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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

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

Securities 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.


14		Invesco European Growth Fund

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

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

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.

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 Investment Company 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.

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


15		Invesco European Growth 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.

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 ongoing effects of COVID-19 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


Average Daily Net Assets	Rate


First $ 250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.90%.

The Adviser has contractually agreed, through at least June 30, 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 reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $24,767.


16		Invesco European Growth 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $24,766 in front-end sales commissions from the sale of Class A shares and $1,159 and $1,067 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $469 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


China		$ –		$ 24,838,458		$–		$ 24,838,458


Denmark		–		30,544,162		–		30,544,162


France		21,280,469		165,697,311		–		186,977,780


Germany		–		69,362,399		–		69,362,399


Hungary		–		19,707,560		–		19,707,560


Ireland		13,640,215		52,131,488		–		65,771,703


Italy		–		73,483,961		–		73,483,961


Netherlands		–		93,092,633		–		93,092,633


Norway		–		9,124,396		–		9,124,396


Russia		–		63,877,307		–		63,877,307


Spain		–		10,822,996		–		10,822,996


Sweden		–		80,324,587		–		80,324,587


Switzerland		–		72,423,969		–		72,423,969


Turkey		–		10,024,965		–		10,024,965


United Kingdom		57,800,233		238,203,060		–		296,003,293


United States		26,637,590		–		–		26,637,590


Money Market Funds		24,116,563		33,013,200		–		57,129,763


Total Investments		$143,475,070		$1,046,672,452		$–		$1,190,147,522

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


17		Invesco European Growth Fund

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020
Ordinary income*	$	15,797,139	$	34,501,462

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	27,176,703


Undistributed long-term capital gain		70,147,907


Net unrealized appreciation – investments		361,226,682


Net unrealized appreciation – foreign currencies		83,412


Temporary book/tax differences		(157,226	)


Shares of beneficial interest		692,249,939


Total net assets	$	1,150,727,417

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $191,967,465 and $241,123,550, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	393,287,885


Aggregate unrealized (depreciation) of investments		(32,061,203	)


Net unrealized appreciation of investments	$	361,226,682

Cost of investments for tax purposes is $828,920,840.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization utilization, on October 31, 2021, undistributed net investment income was increased by $5,933,351, undistributed net realized gain was decreased by $9,808,350 and shares of beneficial interest was increased by $3,874,999. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	October 31, 2021^(a)				October 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		487,483	$	20,795,527		530,820	$	18,920,411


Class C		39,070		1,552,563		46,143		1,507,318


Class R		25,349		1,068,463		30,865		1,080,156


Class Y		1,560,556		66,111,697		4,385,537		147,163,758


Investor Class		60,517		2,552,827		45,833		1,620,704


Class R6		39,698		1,731,663		133,117		4,834,990


18		Invesco European Growth Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		97,439		$	3,811,815			220,799		$	8,713,438


Class C		2,977			108,822			14,787			545,333


Class R		1,825			71,265			4,499			177,209


Class Y		204,943			8,017,382			416,542			16,440,918


Investor Class		38,415			1,498,177			81,165			3,193,834


Class R6		4,018			157,063			6,621			261,078



Automatic conversion of Class C shares to Class A shares:
Class A		112,073			4,704,313			86,439			3,132,991


Class C		(120,210	)		(4,704,313	)		(92,835	)		(3,132,991	)



Reacquired:
Class A		(1,335,829	)		(56,659,260	)		(2,268,059	)		(79,136,829	)


Class C		(141,957	)		(5,534,087	)		(323,151	)		(10,542,015	)


Class R		(44,689	)		(1,855,749	)		(56,231	)		(1,935,463	)


Class Y		(3,505,257	)		(148,253,404	)		(7,313,281	)		(243,099,642	)


Investor Class		(362,086	)		(15,232,241	)		(481,353	)		(16,514,018	)


Class R6		(140,282	)		(5,664,091	)		(110,664	)		(3,864,914	)


Net increase (decrease) in share activity		(2,975,947	)	$	(125,721,568	)		(4,642,407	)	$	(150,633,734	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Subsequent Event

Effective on or about February 28, 2022, the name of the Fund and all references thereto will change from Invesco European Growth Fund to Invesco EQV European Equity Fund.


19		Invesco European 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 European Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco European 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, 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, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


20		Invesco European Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,043.40	$6.95	$1,018.40	$6.87	1.35%
Class C	1,000.00	1,039.40	10.79	1,014.62	10.66	2.10
Class R	1,000.00	1,042.10	8.24	1,017.14	8.13	1.60
Class Y	1,000.00	1,044.70	5.67	1,019.66	5.60	1.10
Investor Class	1,000.00	1,044.00	6.39	1,018.95	6.31	1.24
Class R6	1,000.00	1,045.20	5.05	1,020.27	4.99	0.98

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


21		Invesco European Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 European 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 (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 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 noted that stock selection in certain sectors and geographic regions as well as the Fund’s cash position detracted from 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.


22		Invesco European Growth Fund

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 fourth quintile of its expense group and that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group. The Board discussed with management reasons for such relative actual and contractual management fees and total expenses.

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.

D.	Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


23		Invesco European Growth Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	3,875,000
Qualified Dividend Income*		98.32	%
Corporate Dividends Received Deduction*		7.96	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0995		per share
Foreign Source Income	$	1.1296		per share

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco European Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None

¹	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 European Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School —Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco European Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco European Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco European Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco European Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers— (continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco European Growth Fund

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

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

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Annual Report to Shareholders		October 31, 2021

Invesco Global Focus Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Focus Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	24.30	%
Class C Shares	23.36
Class R Shares	23.99
Class Y Shares	24.60
Class R5 Shares	24.72
Class R6 Shares	24.74
MSCI All Country World Index^▼	37.28

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The Fund’s Class A shares produced a total return of 24.30% during the fiscal year ended October 31, 2021, underperforming the MSCI All Country World Index which returned 37.28%. The Fund outperformed the index most in the health care sector, primarily due to stock selection, and in the consumer staples sector, primarily due to its underweight allocation. On the negative side, the information technology (IT) and consumer discretionary sectors were the worst-performing for the Fund as compared to the style-specific index, both due to stock selection.

The market narrative in 2021 was all about the cycle, even though there were some profound changes happening all around us. The thing about cycles is that they are just that, they are passing, reflecting a temporal change in preference. Structural change, of the sort we look for, is much bigger than that. It doesn’t separate the world into cyclical or defensive, it separates it into winners and losers, and the losers fade into obscurity. The cyclically driven environment we find ourselves in today has benefited, for a time, the wealth creation engines of the 19th and 20th centuries.

The three major contributors to Fund performance for the fiscal year were CrowdStrike Holdings, Alphabet and Meta Platforms (formerly known as Facebook).

CrowdStrike Holdings is the first fit-for-purpose cloud-based security software. It is not an adaptation of legacy on-premise software, it was designed to secure modern network endpoints from modern threats, and it is growing very rapidly.

Alphabet (the parent company of Google) is, in our view, among the most innovative

companies ever and has many avenues to continue its growth. Each day over 1 billion searches are done on Google by a user with an intent to make a purchase. Advertisers have taken note.

Meta Platforms is a social media company whose products are used by 2 billion people around the world every day. Despite occasional controversies, it remains a major beneficiary of the move to digital advertising and e-commerce broadly. We expect it will grow substantially over at the least the medium term, and it remains the top holding in the Fund as of the end of the fiscal year.

The three major detractors from Fund performance for the fiscal year were Alibaba Group Holding, Splunk and Alteryx.

Alibaba’s share price declined during the reporting period. Jack Ma, its founder, has in the past made some statements about the Chinese regulatory state, which resulted in a response from the Chinese government. Mr. Ma is no longer active in the company and the planned IPO of Alipay (an online payment platform owned by Alibaba) was postponed indefinitely. That postponement concerned investors, but more recently the Chinese government has indicated that new regulations were coming to its e-commerce industries, and that news negatively impacted Alibaba and similar companies. These new rules of the road, however, are designed to end competitive practices that are illegal nearly anyplace else. We do not see the potential new rules as a danger to the industry, in fact, quite the opposite. We believe the company has many advantages and looks far too cheap, and so have added to the position.

Splunk, a data software and security company that seemed to struggle to transition to a cloud platform from on-premise, didn’t seem to be able to navigate the COVID-19 challenges well. We sold it after several guidance cuts that were followed by explanations from management that didn’t quite add up.

Alteryx was another name that failed to perform well during the fiscal year. It’s a software company that provides a simpler approach to data science and analytics than the traditional spreadsheet full of macros. Like Splunk, they just couldn’t seem to navigate their way through the sales environment that COVID-19 presented. We sold it during the fiscal year.

We are living in one of the most noteworthy periods of change in history. The promise of the internet, and the digitization of nearly everything, is here and has created some massive new industries. The mapping of the human genome, concluded at the beginning of this century, is now yielding entirely new ways of treating some of our most challenging diseases, including COVID-19. These big changes are good examples of the types of things we have our clients exposed to in the portfolio, representing what we believe are some of the best long-term opportunities


2		Invesco Global Focus Fund

available to invest in companies with dominant competitive positions, in structurally growing industries. Given our relative results, it might seem as though they haven’t been growing very much. They have been, in fact, growing quickly over the last year, though because the market has been focused elsewhere, their stock prices have failed to respond to the extent we’d expect.

The portfolio we hold today was not assembled to perform only in a tailored environment. What drives our holdings isn’t complicated. Growth rates and economic profitability are going up together. The market is what it is, but we are invested in a portfolio of 35 businesses, in our view each holding a significant competitive edge in an expanding economic ecosystem.

We thank you for your continued investment in Invesco Global Focus Fund.

Portfolio manager(s):

Randall Dishmon

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


3		Invesco Global Focus Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

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.


4		Invesco Global Focus Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (10/1/07)	9.36	%
10 Years	14.01
5 Years	19.79
1 Year	17.46

Class C Shares
Inception (10/1/07)	9.39	%
10 Years	13.96
5 Years	20.24
1 Year	22.36

Class R Shares
Inception (10/1/07)	9.59	%
10 Years	14.36
5 Years	20.85
1 Year	23.99

Class Y Shares
Inception (10/1/07)	10.18	%
10 Years	14.95
5 Years	21.44
1 Year	24.60

Class R5 Shares
10 Years	14.76	%
5 Years	21.37
1 Year	24.72

Class R6 Shares
Inception (8/28/12)	15.97	%
5 Years	21.65
1 Year	24.74

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

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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


5		Invesco Global Focus Fund

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, 2021, 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 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Focus Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		34.55	%

Health Care		29.24

Communication Services		19.77

Consumer Discretionary		14.04

Other Sectors, Each Less than 2% of Net Assets		2.44

Money Market Funds Plus Other Assets Less Liabilities		(0.04	)

Top 10 Equity Holdings*


		% of total net assets

1.	Meta Platforms, Inc., Class A		8.43	%

2.	Twilio, Inc., Class A		5.37

3.	Crowdstrike Holdings, Inc., Class A		5.12

4.	Thermo Fisher Scientific, Inc.		5.10

5.	salesforce.com, inc.		4.99

6.	Alphabet, Inc., Class A		4.53

7.	Amazon.com, Inc.		4.46

8.	Illumina, Inc.		4.32

9.	Mastercard, Inc., Class A		4.05

10.	Novo Nordisk A/S, Class B		3.95

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, 2021.


7		Invesco Global Focus Fund

Schedule of Investments^(a)

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests-100.04%
Apparel, Accessories & Luxury Goods-3.84%
Hermes International (France)		24,970	$	39,658,263



Application Software-7.51%
Nice Ltd., ADR (Israel)^(b)		92,234		26,104,066


salesforce.com, inc.^(b)		171,994		51,544,882


				77,648,948



Biotechnology-3.21%
BeiGene Ltd., ADR (China)^(b)		57,441		20,547,794


Twist Bioscience Corp.^(b)		106,715		12,677,742


				33,225,536



Data Processing & Outsourced Services-11.54%
Adyen N.V. (Netherlands)^(b)(c)		8,833		26,681,853


Amadeus IT Group S.A. (Spain)^(b)		329,972		22,112,283


Mastercard, Inc., Class A		124,819		41,879,271


PayPal Holdings, Inc.^(b)		122,893		28,583,683


				119,257,090



Health Care Equipment-4.09%
ABIOMED, Inc.^(b)		33,043		10,971,598


Edwards Lifesciences Corp.^(b)		97,799		11,718,276


Stryker Corp.		73,773		19,628,782


				42,318,656



Integrated Telecommunication Services-2.25%
Cellnex Telecom S.A. (Spain)^(c)		377,896		23,242,481



Interactive Home Entertainment-1.31%
Sea Ltd., ADR (Taiwan)^(b)		39,289		13,498,522



Interactive Media & Services-16.21%
Alphabet, Inc., Class A^(b)		15,820		46,841,754


Meta Platforms, Inc., Class A^(b)		269,215		87,109,898


Tencent Holdings Ltd. (China)		541,800		33,638,329


				167,589,981



Internet & Direct Marketing Retail-11.01%
Alibaba Group Holding Ltd., ADR (China)^(b)		234,954		38,753,313


Amazon.com, Inc.^(b)		13,672		46,107,863


Farfetch Ltd., Class A (United Kingdom)^(b)		256,470		10,056,189


HelloFresh SE (Germany)^(b)		102,849		8,323,081

Investment Abbreviations:

ADR - American Depositary Receipt


	Shares		Value


Internet & Direct Marketing Retail-(continued)
Zalando SE (Germany)^(b)(c)		111,916	$	10,554,719


				113,795,165



Internet Services & Infrastructure-6.56%
Okta, Inc.^(b)		49,831		12,317,227


Twilio, Inc., Class A^(b)		190,343		55,458,336


				67,775,563



Life Sciences Tools & Services-17.99%
Biotage AB (Sweden)		221,000		7,154,158


Illumina, Inc.^(b)		107,578		44,651,325


Lonza Group AG (Switzerland)		27,705		22,754,354


Tecan Group AG, Class R (Switzerland)		46,852		28,678,811


Thermo Fisher Scientific, Inc.		83,233		52,692,315


Wuxi Biologics Cayman, Inc. (China)^(b)(c)		1,964,500		30,004,015


				185,934,978



Pharmaceuticals-3.94%
Novo Nordisk A/S, Class B (Denmark)		370,661		40,770,014



Semiconductors-1.09%
Infineon Technologies AG (Germany)		242,186		11,320,021



Systems Software-7.85%
Crowdstrike Holdings, Inc., Class A^(b)		187,908		52,952,474


ServiceNow, Inc.^(b)		40,341		28,148,336


				81,100,810



Trucking-1.64%
Uber Technologies, Inc.^(b)		385,964		16,912,942


Total Common Stocks & Other Equity Interests (Cost $594,398,697)				1,034,048,970



Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		71		71


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		81		81


Total Money Market Funds (Cost $152)				152


TOTAL INVESTMENTS IN SECURITIES-100.04% (Cost $594,398,849)				1,034,049,122


OTHER ASSETS LESS LIABILITIES-(0.04)%				(464,926	)


NET ASSETS-100.00%			$	1,033,584,196

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


8		Invesco Global Focus Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $90,483,068, which represented 8.75% of the Fund’s Net Assets.

^(d)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 5,675,088		$ 75,600,304		$ (81,275,321	)		$ -		$ -		$ 71		$1,313
Invesco Liquid Assets Portfolio, Institutional Class		4,052,847		53,964,372		(58,016,964	)		435		(690)		-		1,110
Invesco Treasury Portfolio, Institutional Class		6,485,815		86,400,347		(92,886,081	)		-		-		81		592
Total		$16,213,750		$215,965,023		$(232,178,366	)		$435		$(690)		$152		$3,015

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


9		Invesco Global Focus Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $594,398,697)	$	1,034,048,970


Investments in affiliated money market funds, at value (Cost $152)		152


Foreign currencies, at value (Cost $1,868)		1,856


Receivable for:
Fund shares sold		1,110,125


Dividends		601,262


Investment for trustee deferred compensation and retirement plans		20,622


Other assets		54,182


Total assets		1,035,837,169



Liabilities:
Payable for:
Fund shares reacquired		1,185,843


Amount due custodian		405,243


Accrued fees to affiliates		470,437


Accrued other operating expenses		170,828


Trustee deferred compensation and retirement plans		20,622


Total liabilities		2,252,973


Net assets applicable to shares outstanding	$	1,033,584,196



Net assets consist of:
Shares of beneficial interest	$	560,287,904


Distributable earnings		473,296,292


	$	1,033,584,196


Net Assets:
Class A	$	414,186,306


Class C	$	70,996,294


Class R	$	39,610,751


Class Y	$	453,276,228


Class R5	$	12,811


Class R6	$	55,501,806



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,829,333


Class C		922,028


Class R		479,373


Class Y		5,122,679


Class R5		148


Class R6		616,543


Class A:
Net asset value per share	$	85.76


Maximum offering price per share (Net asset value of $85.76 ÷ 94.50%)	$	90.75


Class C:
Net asset value and offering price per share	$	77.00


Class R:
Net asset value and offering price per share	$	82.63


Class Y:
Net asset value and offering price per share	$	88.48


Class R5:
Net asset value and offering price per share	$	86.56


Class R6:
Net asset value and offering price per share	$	90.02

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


10		Invesco Global Focus Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $139,603)	$	1,386,688


Dividends from affiliated money market funds		3,015


Total investment income		1,389,703



Expenses:
Advisory fees		7,222,530


Administrative services fees		133,634


Custodian fees		21,339


Distribution fees:
Class A		911,952


Class C		756,227


Class R		166,769


Transfer agent fees – A, C, R and Y		1,158,226


Transfer agent fees – R5		4


Transfer agent fees – R6		12,523


Trustees’ and officers’ fees and benefits		30,269


Registration and filing fees		141,269


Reports to shareholders		52,440


Professional services fees		61,475


Taxes		82


Other		29,832


Total expenses		10,698,571


Less: Fees waived and/or expense offset arrangement(s)		(9,972	)


Net expenses		10,688,599


Net investment income (loss)		(9,298,896	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		50,221,864


Affiliated investment securities		(690	)


Foreign currencies		32,939


Forward foreign currency contracts		19,981


		50,274,094


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		145,935,369


Affiliated investment securities		435


Foreign currencies		(4,939	)


		145,930,865


Net realized and unrealized gain		196,204,959


Net increase in net assets resulting from operations	$	186,906,063

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


11		Invesco Global Focus Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	(9,298,896	)	$	(4,016,375	)


Net realized gain		50,274,094			37,290,188


Change in net unrealized appreciation		145,930,865			165,860,292


Net increase in net assets resulting from operations		186,906,063			199,134,105



Distributions to shareholders from distributable earnings:
Class A		(14,021,673	)		(14,079,195	)


Class C		(4,016,167	)		(4,595,162	)


Class R		(1,267,019	)		(980,122	)


Class Y		(15,198,819	)		(12,860,913	)


Class R5		(702	)		(1,022	)


Class R6		(1,794,069	)		(3,992,853	)


Total distributions from distributable earnings		(36,298,449	)		(36,509,267	)



Share transactions-net:
Class A		82,391,644			66,103,196


Class C		(14,730,005	)		12,749,165


Class R		11,632,732			8,535,222


Class Y		82,239,319			96,991,564


Class R5		(4,299	)		199


Class R6		12,884,518			(89,286,939	)


Net increase in net assets resulting from share transactions		174,413,909			95,092,407


Net increase in net assets		325,021,523			257,717,245



Net assets:
Beginning of year		708,562,673			450,845,428


End of year	$	1,033,584,196		$	708,562,673

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


12		Invesco Global Focus Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$72.26		$(0.84	)		$17.88			$17.04			$(3.54	)		$85.76		24.30	%^(e)		$414,186		1.18	%^(e)		1.18	%^(e)		(1.03	)%^(e)		24	%
Year ended 10/31/20		52.99		(0.51	)		25.00			24.49			(5.22	)		72.26		50.31	^(e)		273,684		1.26	^(e)		1.26	^(e)		(0.84	)^(e)		43
Six months ended 10/31/19		54.20		(0.16	)		(1.05	)		(1.21	)		–			52.99		(2.23	)		145,332		1.27	^(f)		1.31	^(f)		(0.60	)^(f)		20
Year ended 04/30/19		51.71		(0.13	)		4.48			4.35			(1.86	)		54.20		9.11			155,251		1.25			1.25			(0.26	)		46
Year ended 04/30/18		45.73		(0.24	)		7.15			6.91			(0.93	)		51.71		15.17			148,492		1.27			1.28			(0.47	)		63
Year ended 04/30/17		39.26		(0.12	)		6.59			6.47			–			45.73		16.51			145,248		1.30			1.30			(0.29	)		59
Class C
Year ended 10/31/21		65.69		(1.31	)		16.16			14.85			(3.54	)		77.00		23.36			70,996		1.94			1.94			(1.79	)		24
Year ended 10/31/20		48.95		(0.88	)		22.84			21.96			(5.22	)		65.69		49.20			73,587		2.01			2.02			(1.59	)		43
Six months ended 10/31/19		50.26		(0.33	)		(0.98	)		(1.31	)		–			48.95		(2.60	)		43,574		2.01	^(f)		2.07	^(f)		(1.34	)^(f)		20
Year ended 04/30/19		48.45		(0.49	)		4.16			3.67			(1.86	)		50.26		8.28			55,891		2.01			2.01			(1.02	)		46
Year ended 04/30/18		43.23		(0.59	)		6.74			6.15			(0.93	)		48.45		14.29			58,385		2.02			2.03			(1.23	)		63
Year ended 04/30/17		37.39		(0.42	)		6.26			5.84			–			43.23		15.62			54,019		2.06			2.06			(1.06	)		59
Class R
Year ended 10/31/21		69.91		(1.02	)		17.28			16.26			(3.54	)		82.63		23.99			39,611		1.44			1.44			(1.29	)		24
Year ended 10/31/20		51.54		(0.65	)		24.24			23.59			(5.22	)		69.91		49.95			22,854		1.52			1.52			(1.10	)		43
Six months ended 10/31/19		52.79		(0.22	)		(1.03	)		(1.25	)		–			51.54		(2.37	)		9,692		1.52	^(f)		1.57	^(f)		(0.85	)^(f)		20
Year ended 04/30/19		50.53		(0.26	)		4.38			4.12			(1.86	)		52.79		8.84			9,895		1.51			1.51			(0.52	)		46
Year ended 04/30/18		44.82		(0.36	)		7.00			6.64			(0.93	)		50.53		14.88			7,812		1.52			1.53			(0.73	)		63
Year ended 04/30/17		38.57		(0.23	)		6.48			6.25			–			44.82		16.21			6,898		1.56			1.56			(0.56	)		59
Class Y
Year ended 10/31/21		74.28		(0.66	)		18.40			17.74			(3.54	)		88.48		24.60			453,276		0.94			0.94			(0.79	)		24
Year ended 10/31/20		54.21		(0.38	)		25.67			25.29			(5.22	)		74.28		50.68			304,779		1.02			1.02			(0.60	)		43
Six months ended 10/31/19		55.39		(0.10	)		(1.08	)		(1.18	)		–			54.21		(2.13	)		138,470		1.02	^(f)		1.07	^(f)		(0.36	)^(f)		20
Year ended 04/30/19		52.67		(0.01	)		4.59			4.58			(1.86	)		55.39		9.36			301,919		1.02			1.02			(0.03	)		46
Year ended 04/30/18		46.46		(0.12	)		7.26			7.14			(0.93	)		52.67		15.44			266,886		1.03			1.04			(0.24	)		63
Year ended 04/30/17		39.78		(0.00	)		6.68			6.68			–			46.46		16.79			250,427		1.05			1.05			(0.01	)		59
Class R5
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^(g)		51.06		(0.05	)		2.07			2.02			–			53.08		3.96			10		0.90	^(f)		0.92	^(f)		(0.23	)^(f)		20
Class R6
Year ended 10/31/21		75.43		(0.58	)		18.71			18.13			(3.54	)		90.02		24.74			55,502		0.84			0.84			(0.69	)		24
Year ended 10/31/20		54.89		(0.26	)		26.02			25.76			(5.22	)		75.43		50.94			33,645		0.85			0.89			(0.43	)		43
Six months ended 10/31/19		56.03		(0.05	)		(1.09	)		(1.14	)		–			54.89		(2.03	)		113,768		0.85	^(f)		0.87	^(f)		(0.18	)^(f)		20
Year ended 04/30/19		53.16		0.08			4.65			4.73			(1.86	)		56.03		9.56			131,074		0.85			0.85			0.15			46
Year ended 04/30/18		46.80		(0.02	)		7.31			7.29			(0.93	)		53.16		15.65			98,443		0.85			0.85			(0.05	)		63
Year ended 04/30/17		40.00		0.05			6.75			6.80			–			46.80		17.00			75,145		0.86			0.86			0.13			59

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended October 31, 2019 and the years ended April 30, 2019, 2018 and 2017, respectively.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020.

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

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


13		Invesco Global Focus Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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


14		Invesco Global Focus Fund

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

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

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.

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

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

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.

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


15		Invesco Global Focus Fund

taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

The ongoing effects of COVID-19 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


Average Daily Net Assets*	Rate


First $500 million		0.800%


Next $500 million		0.750%


Over $1 billion		0.720%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.76%.

The Adviser has 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 1.27%, 2.01%, 1.52%, 1.02%, 0.90%, and 0.85%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2022, through at least June 30, 2022, The Adviser has 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 (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 asset. 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, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $8,876.

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, 2021, IDI advised the Fund that IDI retained $185,006 in front-end sales commissions from the sale of Class A shares and $7,061 and $3,438 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $163 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


16		Invesco Global Focus Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	729,156,588	$	304,892,382		$–	$	1,034,048,970


Money Market Funds		152		–		–		152


Total Investments	$	729,156,740	$	304,892,382		$–	$	1,034,049,122

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain on
	Statement of Operations
	Currency
	Risk


Realized Gain:
Forward foreign currency contracts		$19,981

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$4,676,217

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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.


17		Invesco Global Focus Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	–	$	5,751,292


Long-term capital gain		36,298,449		30,757,975


Total distributions	$	36,298,449	$	36,509,267

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	7,542,463


Undistributed long-term capital gain		29,405,887


Net unrealized appreciation – investments		436,351,586


Net unrealized appreciation – foreign currencies		14,077


Temporary book/tax differences		(17,721	)


Shares of beneficial interest		560,287,904


Total net assets	$	1,033,584,196

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $366,041,683 and $220,811,246, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$442,952,946


Aggregate unrealized (depreciation) of investments	(6,601,360	)


Net unrealized appreciation of investments	$436,351,586

Cost of investments for tax purposes is $597,697,536.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2021, undistributed net investment income (loss) was increased by $12,982,205 and undistributed net realized gain was decreased by $12,982,205. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	October 31, 2021^(a)				October 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		1,744,703	$	140,088,002		1,477,048	$	94,017,750


Class C		274,423		19,831,291		457,147		25,579,112


Class R		208,636		16,147,088		213,155		13,458,838


Class Y		2,038,492		168,361,173		2,307,997		142,268,923


Class R5		-		-		3		199


Class R6		568,403		47,476,776		213,640		13,870,191



Issued as reinvestment of dividends:
Class A		179,137		13,379,755		261,532		13,338,160


Class C		55,442		3,742,875		89,929		4,196,996


Class R		17,538		1,264,827		19,687		973,520


Class Y		166,685		12,818,076		207,499		10,856,339


Class R6		22,625		1,768,392		74,981		3,977,731


18		Invesco Global Focus Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		251,407		$	20,223,985			45,306		$	2,890,416


Class C		(278,661	)		(20,223,985	)		(49,713	)		(2,890,416	)



Reacquired:
Class A		(1,133,195	)		(91,300,098	)		(739,057	)		(44,143,130	)


Class C		(249,425	)		(18,080,186	)		(267,217	)		(14,136,527	)


Class R		(73,712	)		(5,779,183	)		(93,975	)		(5,897,136	)


Class Y		(1,185,623	)		(98,939,930	)		(966,519	)		(56,133,698	)


Class R5		(51	)		(4,299	)		-			-


Class R6		(420,492	)		(36,360,650	)		(1,915,245	)		(107,134,861	)


Net increase in share activity		2,186,332		$	174,413,909			1,336,198		$	95,092,407

^(a)

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


19		Invesco Global Focus 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021 and the six months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021 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

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, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


20		Invesco Global Focus Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,064.30	$6.14	$1,019.26	$6.01	1.18%
Class C	1,000.00	1,060.30	10.02	1,015.48	9.80	1.93
Class R	1,000.00	1,062.90	7.44	1,018.00	7.27	1.43
Class Y	1,000.00	1,065.70	4.84	1,020.52	4.74	0.93
Class R5	1,000.00	1,066.20	4.32	1,021.02	4.23	0.83
Class R6	1,000.00	1,066.20	4.32	1,021.02	4.23	0.83

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


21		Invesco Global Focus Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Oppenheimer Global Focus 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 and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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 addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

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

period. 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.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 first quintile of its performance universe for the one and three year periods, and 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 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. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


22		Invesco Global Focus Fund

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 the same as 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. The Board discussed with management reasons for such relative actual management fees and total expenses.

D.	Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


23		Invesco Global Focus Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$36,298,449
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	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Global Focus Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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 Global Focus Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Global Focus Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Focus Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Focus Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco Global Focus Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco Global Focus Fund

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LOGO

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Global Fund

Nasdaq:

A: OPPAX ∎ C: OGLCX ∎ R: OGLNX ∎ Y: OGLYX ∎ R5: GFDDX ∎ R6: OGLIX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Approval of Investment Advisory and Sub-Advisory Contracts

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	40.51	%
Class C Shares	39.44
Class R Shares	40.13
Class Y Shares	40.84
Class R5 Shares	41.03
Class R6 Shares	41.02
MSCI All Country World Index^▼	37.28

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The Fund outperformed the MSCI All Country World Index in seven of 11 Global Industry Classification Standard sectors. Stock selection in the communication services and real estate sectors and underweight exposure to the consumer staples sector contributed the most to relative Fund performance compared to the MSCI All Country World Index. Stock selection in the information technology (IT) sector and underweight exposure to the financials and energy sectors detracted the most from relative Fund performance.

On a geographic basis, stock selection in the US, India and France contributed the most to relative Fund performance. Overweight exposure to and stock selection in Japan and Brazil detracted the most from relative Fund performance.

The top three individual contributors to Fund performance during the fiscal year were

Alphabet, Intuit and LVMH Moet Hennessy Louis Vuitton. Alphabet was the leading company in many of the most relevant technology trends. Alphabet has a collection of businesses that possess large competitive moats and are well positioned for the future. It dominates the online search market, with a global share above 80%. Alphabet’s Google benefited from an increase in brand and direct-response digital ad spending as search and YouTube ad revenue continued to grow. The firm’s cloud segment has momentum as more partnerships with large IT transformation deals are onboarded. Intuit has long been known for its TurboTax and Quickbooks. The company has executed some smart acquisitions, such as Credit Karma, which is a financial management platform, and Mailchimp, an all-in-one marketing platform. This has built nicely upon their foundation of tax and small/

medium business bookkeeping software. LVMH Moet Hennessy Louis Vuitton is a best-in-class luxury company, known for its coveted global luxury brands, market-leading innovation, operational excellence and a customer-first mindset. In fashion and leather, which account for more than half of the company’s profits, LVMH’s brand intangible assets are backed by the 100+-year-old globally recognized Louis Vuitton brand. LVMH showed remarkable resilience during the pandemic.

The top three individual detractors from Fund performance for the fiscal year were

Sarepta Therapeutics, Ambu and Phathom Pharmaceuticals. Sarepta Therapeutics is a gene therapy company that experienced a clinical trial failure related to a treatment addressing a form of muscular dystrophy. It is no longer in the portfolio. Ambu is primarily a maker of a variety of products used in patient monitoring, diagnostics, and anesthesia, as well as in the growing field of disposable scopes. They are struggling with order backlogs and some new competitive entrants in their disposable scope business. This position has had a bumpy start but is a small position. We are watching how Ambu navigates this, but it is too early to sell. Phathom Pharmaceuticals is a late clinical-stage biopharmaceu-tical company, which is focused on developing and commercializing treatments for gastrointestinal diseases. The stock price dropped over the year as investors awaited trial results.

The Fund’s holdings are selected for the sustainability of their purpose and the sensibility of their price. Provided 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.

We thank you for your continued investment in Invesco Global Fund.

Portfolio manager(s):

John Delano

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


2		Invesco Global Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

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.


3		Invesco Global Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (12/22/69)	11.68	%
10 Years	12.96
5 Years	17.28
1 Year	32.79

Class C Shares
Inception (10/2/95)	10.51	%
10 Years	12.92
5 Years	17.70
1 Year	38.44

Class R Shares
Inception (3/1/01)	8.42	%
10 Years	13.29
5 Years	18.29
1 Year	40.13

Class Y Shares
Inception (11/17/98)	10.68	%
10 Years	13.88
5 Years	18.89
1 Year	40.84

Class R5 Shares
10 Years	13.71	%
5 Years	18.82
1 Year	41.03

Class R6 Shares
Inception (1/27/12)	14.37	%
5 Years	19.07
1 Year	41.02

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

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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


4		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, 2021, 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 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Global Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		32.94	%

Communication Services		17.41

Industrials		14.52

Consumer Discretionary		14.30

Health Care		9.92

Financials		7.84

Real Estate		2.70

Consumer Staples		0.44

Money Market Funds Plus Other Assets Less Liabilities		(0.07	)

Top 10 Equity Holdings*


		% of total net assets

1.	Alphabet, Inc., Class A		11.18	%

2.	Intuit, Inc.		6.12

3.	S&P Global, Inc.		5.18

4.	LVMH Moet Hennessy Louis Vuitton SE		4.88

5.	Meta Platforms, Inc., Class A		4.77

6.	Adobe, Inc.		4.74

7.	JD.com, Inc., ADR		3.57

8.	Analog Devices, Inc.		3.27

9.	Nidec Corp.		3.04

10.	Airbus SE		2.88

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, 2021.


6		Invesco Global Fund

Schedule of Investments

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–100.07%
Argentina–0.34%

Reservas de Maternidad - Swiss Medical^(a)(b)		1,029,617,880	$	46,866,147

Brazil–0.46%

StoneCo Ltd., Class A^(c)		1,884,756		63,817,838

China–3.92%

JD.com, Inc., ADR^(c)		6,349,093		497,007,000

Meituan, B Shares^(c)(d)		1,384,600		48,302,303

				545,309,303

Denmark–0.24%

Ambu A/S, Class B		1,163,626		33,266,228

France–10.74%

Airbus SE^(c)		3,129,088		401,169,300

Dassault Systemes SE		891,660		52,003,319

Kering S.A.		484,091		363,196,054

LVMH Moet Hennessy Louis Vuitton SE		865,044		678,171,604

				1,494,540,277

Germany–2.50%

SAP SE		2,404,878		348,295,847

India–4.51%

DLF Ltd.		70,355,450		375,531,520

ICICI Bank Ltd., ADR		11,904,539		251,781,000

				627,312,520

Italy–0.34%

Brunello Cucinelli S.p.A.^(c)		773,116		46,932,422

Japan–11.36%

FANUC Corp.		431,400		84,777,641

Keyence Corp.		656,012		395,581,811

Murata Manufacturing Co. Ltd.		4,330,212		329,604,472

Nidec Corp.		3,819,432		422,426,684

Omron Corp.		2,246,400		214,895,779

TDK Corp.		3,682,900		133,845,979

				1,581,132,366

Netherlands–0.97%

ASML Holding N.V.		127,086		103,535,799

uniQure N.V.^(c)		1,031,898		31,441,932

				134,977,731

Spain–0.49%

Industria de Diseno Textil S.A.		1,879,032		67,940,001

Sweden–3.19%

Assa Abloy AB, Class B		6,401,588		187,797,017

Atlas Copco AB, Class A		3,998,937		256,531,402

				444,328,419

Switzerland–1.07%

Lonza Group AG		105,827		86,916,620

Zur Rose Group AG^(c)		172,835		61,493,913

				148,410,533


	Shares		Value
United Kingdom–1.89%

Farfetch Ltd., Class A^(c)		3,672,396	$	143,994,647

Prudential PLC		5,783,744		118,408,778

				262,403,425

United States–58.05%

Adobe, Inc.^(c)		1,013,321		659,023,446

Agilent Technologies, Inc.		1,856,680		292,408,533

Alphabet, Inc., Class A^(c)		525,130		1,554,867,920

Amazon.com, Inc.^(c)		36,690		123,734,457

Analog Devices, Inc.		2,624,536		455,330,751

Avantor, Inc.^(c)		5,874,297		237,204,113

Boston Scientific Corp.^(c)		1,675,490		72,263,884

Castle Biosciences, Inc.^(c)		406,818		25,365,102

Charles River Laboratories International, Inc.^(c)		188,480		84,567,206

Danaher Corp.		159,976		49,875,717

Dun & Bradstreet Holdings, Inc.^(c)		1,003,057		18,897,594

Equifax, Inc.		1,047,869		290,710,297

Fidelity National Information Services, Inc.		1,169,301		129,488,393

Illumina, Inc.^(c)		241,385		100,189,258

Intuit, Inc.		1,359,750		851,189,902

Intuitive Surgical, Inc.^(c)		201,387		72,726,887

IQVIA Holdings, Inc.^(c)		356,418		93,174,794

Marriott International, Inc., Class A^(c)		125,102		20,018,822

Marvell Technology, Inc.		408,186		27,960,741

Meta Platforms, Inc., Class A^(c)		2,050,329		663,424,955

Microsoft Corp.		489,160		162,215,239

Natera, Inc.^(c)		424,004		48,578,138

NVIDIA Corp.		255,111		65,224,229

Omnicell, Inc.^(c)		258,752		46,096,669

PayPal Holdings, Inc.^(c)		1,235,454		287,354,246

Pegasystems, Inc.		538,495		63,930,126

Phathom Pharmaceuticals, Inc.^(c)		1,123,410		26,433,837

Qualtrics International, Inc., Class A^(c)		771,698		35,745,051

S&P Global, Inc.		1,519,633		720,549,183

Splunk, Inc.^(c)		373,673		61,588,784

United Parcel Service, Inc., Class B		1,455,595		310,725,865

Veracyte, Inc.^(c)		1,657,477		79,359,999

Visa, Inc., Class A		670,823		142,060,187

Walt Disney Co. (The)^(c)		1,203,648		203,500,767

				8,075,785,092

Total Common Stocks & Other Equity Interests (Cost $4,311,923,144)				13,921,318,149

Preferred Stocks–0.00%
India–0.00%

Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Acquired 03/13/2001-07/04/2001; Cost $0)^(e)(Cost $0)		15,040,130		413,757

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


7		Invesco Global Fund


	Shares		Value
Money Market Funds–0.00%
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(f)(Cost $257,579)		257,502	$	257,579


TOTAL INVESTMENTS IN SECURITIES–100.07% (Cost $4,312,180,723)				13,921,989,485


OTHER ASSETS LESS LIABILITIES–(0.07)%				(9,756,521	)


NET ASSETS–100.00%			$	13,912,232,964

Investment Abbreviations:

ADR – American Depositary Receipt

Pfd. – Preferred

Notes to Schedule of Investments:

^(a)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,269,509		$	312,377,285		$	(316,646,794	)		$	-		$	-		$	-		$	1,527
Invesco Liquid Assets Portfolio, Institutional Class			3,048,843			217,491,862			(220,283,102	)			192			(216)			257,579			1,339
Invesco Treasury Portfolio, Institutional Class			4,879,438			357,002,611			(361,882,049	)			-			-			-			709
Investments in Other Affiliates:
Reservas de Maternidad - Swiss Medical			36,663,663			-			-				10,202,484			-			46,866,147			-
Total		$	48,861,453		$	886,871,758		$	(898,811,945	)		$	10,202,676		$	(216)		$	47,123,726		$	3,575

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

^(c)	Non-income producing security.

^(d)

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, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)	Restricted security.

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


8		Invesco Global Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $4,281,533,144)	$	13,874,865,759

Investments in affiliates, at value (Cost $30,647,579)		47,123,726

Foreign currencies, at value (Cost $1,767,662)		1,761,313
Receivable for:

Investments sold		20,469,562

Fund shares sold		4,348,034

Dividends		14,209,571

Investment for trustee deferred compensation and retirement plans		936,155

Other assets		76,571

Total assets		13,963,790,691

Liabilities:
Payable for:

Fund shares reacquired		7,893,635

Amount due custodian		15,787,283

Accrued foreign taxes		17,598,403

Accrued fees to affiliates		6,419,628

Accrued trustees’ and officers’ fees and benefits		552,408

Accrued other operating expenses		1,570,215

IRS closing agreement fees for foreign withholding tax claims		800,000

Trustee deferred compensation and retirement plans		936,155

Total liabilities		51,557,727

Net assets applicable to shares outstanding	$	13,912,232,964

Net assets consist of:

Shares of beneficial interest	$	3,450,333,378

Distributable earnings		10,461,899,586

	$	13,912,232,964


Net Assets:

Class A	$	8,073,179,074

Class C	$	248,646,529

Class R	$	247,548,534

Class Y	$	2,713,044,559

Class R5	$	16,093

Class R6	$	2,629,798,175

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		59,752,523

Class C		2,084,546

Class R		1,855,990

Class Y		19,940,405

Class R5		118

Class R6		19,253,400
Class A:

Net asset value per share	$	135.11

Maximum offering price per share (Net asset value of $135.11 ÷ 94.50%)	$	142.97

Class C:

Net asset value and offering price per share	$	119.28
Class R:

Net asset value and offering price per share	$	133.38
Class Y:

Net asset value and offering price per share	$	136.06
Class R5:

Net asset value and offering price per share	$	136.38
Class R6:

Net asset value and offering price per share	$	136.59

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


9		Invesco Global Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Interest	$	1,481,489


Dividends (net of foreign withholding taxes of $6,633,871)		66,809,380


Dividends from affiliated money market funds		3,575


Non-cash dividend income		4,829,000


Foreign withholding tax claims		8,038,571


Less: IRS closing agreement fees for foreign withholding tax claims		(800,000	)


Total investment income		80,362,015



Expenses:
Advisory fees		82,463,079


Administrative services fees		1,860,252


Custodian fees		271,475


Distribution fees:
Class A		17,713,723


Class C		2,534,524


Class R		1,187,858


Transfer agent fees – A, C, R and Y		15,551,579


Transfer agent fees – R5		2


Transfer agent fees – R6		347,434


Trustees’ and officers’ fees and benefits		213,236


Registration and filing fees		167,390


Reports to shareholders		368,214


Professional services fees		242,104


Other		220,101


Total expenses		123,140,971


Less: Fees waived and/or expense offset arrangement(s)		(21,569	)


Net expenses		123,119,402


Net investment income (loss)		(42,757,387	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		989,118,048


Affiliated investment securities		(216	)


Foreign currencies		246,119


		989,363,951


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $16,655,191)		3,304,414,978


Affiliated investment securities		10,202,676


Foreign currencies		(372,212	)


		3,314,245,442


Net realized and unrealized gain		4,303,609,393


Net increase in net assets resulting from operations	$	4,260,852,006

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


10		Invesco Global Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	(42,757,387	)	$	(16,019,844	)


Net realized gain		989,363,951			694,147,295


Change in net unrealized appreciation		3,314,245,442			713,539,849


Net increase in net assets resulting from operations		4,260,852,006			1,391,667,300



Distributions to shareholders from distributable earnings:
Class A		(401,499,276	)		(88,267,939	)


Class C		(17,266,924	)		(4,268,191	)


Class R		(12,789,748	)		(2,930,684	)


Class Y		(135,222,107	)		(28,337,555	)


Class R5		(780	)		(153	)


Class R6		(125,000,218	)		(26,220,136	)


Total distributions from distributable earnings		(691,779,053	)		(150,024,658	)



Share transactions–net:
Class A		(250,965,242	)		(711,388,987	)


Class C		(63,045,551	)		(56,798,927	)


Class R		(13,049,350	)		(35,630,303	)


Class Y		(76,298,994	)		(124,020,139	)


Class R6		21,812,204			(360,415,404	)


Net increase (decrease) in net assets resulting from share transactions		(381,546,933	)		(1,288,253,760	)


Net increase (decrease) in net assets		3,187,526,020			(46,611,118	)



Net assets:
Beginning of year		10,724,706,944			10,771,318,062


End of year	$	13,912,232,964		$	10,724,706,944

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


11		Invesco Global Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$101.84		$(0.52	)		$40.40			$39.88		$	–			$(6.61	)		$(6.61	)		$135.11		40.51	%^(e)		$8,073,179		1.03	%^(e)		1.03	%^(e)		(0.42	)%^(e)		7	%
Year ended 10/31/20		90.42		(0.23	)		12.95			12.72			(0.51	)		(0.79	)		(1.30	)		101.84		14.17			6,256,292		1.06			1.06			(0.25	)		8
One month ended 10/31/19		86.02		(0.02	)		4.42			4.40			–			–			–			90.42		5.11			6,250,324		1.06	^(f)		1.06	^(f)		(0.23	)^(f)		1
Year ended 09/30/19		98.63		0.42			(3.48	)		(3.06	)		(0.40	)		(9.15	)		(9.55	)		86.02		(2.09	)		6,026,243		1.09			1.09			0.49			10
Year ended 09/30/18		95.03		0.38			8.90			9.28			(0.53	)		(5.15	)		(5.68	)		98.63		10.08			6,759,414		1.10			1.10			0.38			14
Year ended 09/30/17		75.13		0.31			20.11			20.42			(0.52	)		–			(0.52	)		95.03		27.36			7,004,011		1.12			1.13			0.37			7
Class C
Year ended 10/31/21		91.23		(1.30	)		35.96			34.66			–			(6.61	)		(6.61	)		119.28		39.44			248,647		1.80			1.80			(1.19	)		7
Year ended 10/31/20		81.75		(0.85	)		11.63			10.78			(0.51	)		(0.79	)		(1.30	)		91.23		13.28			243,600		1.83			1.83			(1.02	)		8
One month ended 10/31/19		77.82		(0.07	)		4.00			3.93			–			–			–			81.75		5.05			274,378		1.82	^(f)		1.82	^(f)		(0.99	)^(f)		1
Year ended 09/30/19		90.43		(0.22	)		(3.24	)		(3.46	)		–			(9.15	)		(9.15	)		77.82		(2.85	)		267,208		1.86			1.86			(0.28	)		10
Year ended 09/30/18		87.71		(0.34	)		8.21			7.87			–			(5.15	)		(5.15	)		90.43		9.24			646,353		1.86			1.86			(0.38	)		14
Year ended 09/30/17		69.39		(0.30	)		18.62			18.32			–			–			–			87.71		26.40			647,114		1.88			1.89			(0.40	)		7
Class R
Year ended 10/31/21		100.86		(0.84	)		39.97			39.13			–			(6.61	)		(6.61	)		133.38		40.16			247,549		1.30			1.30			(0.69	)		7
Year ended 10/31/20		89.81		(0.48	)		12.83			12.35			(0.51	)		(0.79	)		(1.30	)		100.86		13.85			197,067		1.33			1.33			(0.52	)		8
One month ended 10/31/19		85.46		(0.04	)		4.39			4.35			–			–			–			89.81		5.09			209,838		1.32	^(f)		1.32	^(f)		(0.49	)^(f)		1
Year ended 09/30/19		98.01		0.19			(3.44	)		(3.25	)		(0.15	)		(9.15	)		(9.30	)		85.46		(2.35	)		202,819		1.35			1.35			0.22			10
Year ended 09/30/18		94.48		0.12			8.86			8.98			(0.30	)		(5.15	)		(5.45	)		98.01		9.79			237,458		1.36			1.36			0.12			14
Year ended 09/30/17		74.69		0.09			20.02			20.11			(0.32	)		–			(0.32	)		94.48		27.04			226,446		1.38			1.39			0.11			7
Class Y
Year ended 10/31/21		102.29		(0.23	)		40.61			40.38			–			(6.61	)		(6.61	)		136.06		40.84			2,713,045		0.80			0.80			(0.19	)		7
Year ended 10/31/20		90.61		(0.01	)		12.99			12.98			(0.51	)		(0.79	)		(1.30	)		102.29		14.42			2,093,441		0.83			0.83			(0.02	)		8
One month ended 10/31/19		86.18		0.00			4.43			4.43			–			–			–			90.61		5.14			1,985,139		0.82	^(f)		0.82	^(f)		0.00	^(f)		1
Year ended 09/30/19		98.88		0.62			(3.51	)		(2.89	)		(0.66	)		(9.15	)		(9.81	)		86.18		(1.88	)		1,899,009		0.86			0.86			0.72			10
Year ended 09/30/18		95.27		0.61			8.92			9.53			(0.77	)		(5.15	)		(5.92	)		98.88		10.33			2,158,393		0.87			0.87			0.62			14
Year ended 09/30/17		75.32		0.49			20.16			20.65			(0.70	)		–			(0.70	)		95.27		27.66			1,589,161		0.88			0.89			0.59			7
Class R5
Year ended 10/31/21		102.39		(0.06	)		40.66			40.60			–			(6.61	)		(6.61	)		136.38		41.03			16		0.66			0.66			(0.05	)		7
Year ended 10/31/20		90.55		0.14			13.00			13.14			(0.51	)		(0.79	)		(1.30	)		102.39		14.62			12		0.68			0.68			0.13			8
One month ended 10/31/19		86.12		0.01			4.42			4.43			–			–			–			90.55		5.15			11		0.66	^(f)		0.66	^(f)		0.17	^(f)		1
Period ended 09/30/19^(g)		84.75		0.26			1.11			1.37			–			–			–			86.12		1.61			10		0.75	^(f)		0.75	^(f)		0.83	^(f)		10
Class R6
Year ended 10/31/21		102.54		(0.07	)		40.73			40.66			–			(6.61	)		(6.61	)		136.59		41.02			2,629,798		0.66			0.66			(0.05	)		7
Year ended 10/31/20		90.69		0.13			13.02			13.15			(0.51	)		(0.79	)		(1.30	)		102.54		14.61			1,934,295		0.68			0.68			0.13			8
One month ended 10/31/19		86.25		0.01			4.43			4.44			–			–			–			90.69		5.15			2,051,628		0.67	^(f)		0.67	^(f)		0.16	^(f)		1
Year ended 09/30/19		98.97		0.76			(3.51	)		(2.75	)		(0.82	)		(9.15	)		(9.97	)		86.25		(1.70	)		1,957,302		0.69			0.69			0.88			10
Year ended 09/30/18		95.35		0.77			8.92			9.69			(0.92	)		(5.15	)		(6.07	)		98.97		10.52			1,436,651		0.69			0.69			0.78			14
Year ended 09/30/17		75.40		0.70			20.10			20.80			(0.85	)		–			(0.85	)		95.35		27.91			1,005,841		0.70			0.70			0.84			7

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

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

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

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

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


12		Invesco Global Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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


13		Invesco Global Fund

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

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

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. During the fiscal year ended October 31, 2021, 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.

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.

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.


14		Invesco Global Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.63%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 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 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”). Prior to June 1, 2021, the Adviser had 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 (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 1.89%, 1.39%, 0.89%, 0.75% and 0.70%, respectively, of 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, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2021, the Adviser waived advisory fees of $11,242.


15		Invesco Global Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $331,583 in front-end sales commissions from the sale of Class A shares and $10,385 and $7,218 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


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Argentina	$	–	$	–	$	46,866,147	$	46,866,147

Brazil		63,817,838		–		–		63,817,838

China		497,007,000		48,302,303		–		545,309,303

Denmark		–		33,266,228		–		33,266,228

France		–		1,494,540,277		–		1,494,540,277

Germany		–		348,295,847		–		348,295,847

India		252,194,757		375,531,520		–		627,726,277

Italy		–		46,932,422		–		46,932,422

Japan		–		1,581,132,366		–		1,581,132,366

Netherlands		31,441,932		103,535,799		–		134,977,731

Spain		–		67,940,001		–		67,940,001

Sweden		–		444,328,419		–		444,328,419

Switzerland		–		148,410,533		–		148,410,533

United Kingdom		143,994,647		118,408,778		–		262,403,425

United States		8,075,785,092		–		–		8,075,785,092

Money Market Funds		257,579		–		–		257,579

Total Investments	$	9,064,498,845	$	4,810,624,493	$	46,866,147	$	13,921,989,485

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


16		Invesco Global Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021			2020

Ordinary income*		$	–		$	71,116,789

Long-term capital gain			691,779,053			78,907,869

Total distributions		$	691,779,053		$	150,024,658

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

Tax Components of Net Assets at Period-End:


	2021
Undistributed long-term capital gain	$	910,077,854


Net unrealized appreciation – investments		9,587,836,886


Net unrealized appreciation (depreciation) – foreign currencies		(69,066	)


Temporary book/tax differences		(2,268,323	)


Late-Year ordinary loss deferral		(33,677,765	)


Shares of beneficial interest		3,450,333,378


Total net assets	$	13,912,232,964

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $939,971,473 and $2,022,178,922, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	9,661,170,806


Aggregate unrealized (depreciation) of investments		(73,333,920	)


Net unrealized appreciation of investments	$	9,587,836,886

Cost of investments for tax purposes is $4,334,152,599.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and equalization payment, on October 31, 2021, undistributed net investment income (loss) was increased by $20,199,922, undistributed net realized gain was decreased by $72,802,876 and shares of beneficial interest was increased by $52,602,954. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	October 31, 2021^(a)				October 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		3,660,050	$	445,852,844		3,782,735	$	350,384,952


Class C		225,219		24,481,370		303,998		25,377,820


Class R		247,221		29,926,712		269,148		24,522,766


Class Y		3,076,347		379,177,809		4,755,938		445,453,852


Class R6		3,450,228		421,553,485		4,101,314		394,861,223


17		Invesco Global Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		3,349,658		$	374,357,712			868,190		$	82,417,312


Class C		168,181			16,707,111			47,743			4,087,714


Class R		115,245			12,744,947			30,963			2,917,943


Class Y		1,103,599			123,945,145			266,718			25,378,194


Class R6		1,104,877			124,431,282			273,804			26,082,561



Automatic conversion of Class C shares to Class A shares:
Class A		499,921			59,156,588			248,014			23,320,549


Class C		(563,177	)		(59,156,588	)		(275,802	)		(23,320,549	)



Reacquired:
Class A		(9,191,411	)		(1,130,332,386	)		(12,590,846	)		(1,167,511,800	)


Class C		(415,804	)		(45,077,444	)		(762,131	)		(62,943,912	)


Class R		(460,246	)		(55,721,009	)		(682,904	)		(63,071,012	)


Class Y		(4,705,939	)		(579,421,948	)		(6,466,015	)		(594,852,185	)


Class R6		(4,166,331	)		(524,172,563	)		(8,133,986	)		(781,359,188	)


Net increase (decrease) in share activity		(2,502,362	)	$	(381,546,933	)		(13,963,119	)	$	(1,288,253,760	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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.


18		Invesco Global 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021, 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.

For each of the two years in the period ended October 31, 2021, 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 each of the periods ended on or prior to September 30, 2018 (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

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, 2021 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, 2021


19		Invesco Global Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,093.00	$5.33	$1,020.11	$5.14	1.01%
Class C	1,000.00	1,088.70	9.37	1,016.23	9.05	1.78
Class R	1,000.00	1,091.60	6.75	1,018.75	6.51	1.28
Class Y	1,000.00	1,094.30	4.12	1,021.27	3.97	0.78
Class R5	1,000.00	1,095.00	3.49	1,021.88	3.36	0.66
Class R6	1,000.00	1,095.00	3.49	1,021.88	3.36	0.66

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


20		Invesco Global Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Oppenheimer Global 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 and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 second quintile of its performance universe for the one year period, the fourth 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 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 noted that the Fund’s stock selection in and underweight 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


21		Invesco Global Fund

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 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, 2020.

D.	Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.


22		Invesco Global Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$748,046,053
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	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco Global Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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 Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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 77002-5678

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


T-6		Invesco Global Fund

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

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Global Growth Fund

Nasdaq:

A: AGGAX ∎ C: AGGCX ∎ Y: AGGYX ∎ R5: GGAIX ∎ R6: AGGFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	28.36	%
Class C Shares	27.40
Class Y Shares	28.68
Class R5 Shares	28.79
Class R6 Shares	28.81
MSCI All Country World Index^▼ (Broad Market Index)	37.28
MSCI All Country World Growth Index^▼ (Style-Specific Index)	34.69
Lipper Global Multi-Cap Growth Funds Index^∎ (Peer Group Index)	35.94

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

and the potential default of a large Chinese property developer.

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.

The Fund underperformed its style-specific index, the MSCI All Country World Growth Index, for the fiscal year. On a sector basis, the Fund’s holdings in the consumer discretionary and information technology (IT) sectors underperformed those of the style-specific benchmark and were the most significant detractors from the Fund’s relative performance. An overweight in consumer discretionary and an underweight in IT also hampered relative results. In the consumer discretionary sector, a lack of exposure to US-based Tesla and exposure to China-based New Oriental Education & Technology detracted from Fund performance relative to the style-specific index. In the IT sector, underweight exposure to US-based tech leaders Microsoft and Apple was a key detractor from relative return. On a geographic basis, the Fund’s holdings in China and the US underperformed those of the style-specific benchmark and were among the largest detractors from relative results. Overweight exposure to China and underweight exposure to the US had a negative impact on relative return as well. In a rising equity market environment, the Fund’s cash position also detracted from relative performance. As a reminder, cash is a by-product of our bottom-up stock selection process.

Conversely, security selection in the energy and industrials sectors contributed to Fund

performance relative to the style-specific benchmark. In energy, Canada-based Tourmaline Oil, and in industrials, Sweden-based Sandvik were among the leading relative contributors. Stock selection in the communication services and consumer staples sectors also positively contributed to relative results. Geographically, fund holdings in Japan, Canada, and South Korea outperformed those of the benchmark index and were the leading contributors to relative performance. An underweight in Japan and a lack of exposure to Australia and South Africa also added to the Fund’s relative performance during the fiscal year.

At the security level, China-based companies Alibaba Group Holding and New Oriental Education & Technology were among the Fund’s largest individual detractors for the fiscal year. We exited the fund’s position in New Oriental Education due to regulatory concerns regarding the online tutoring and education industry. In contrast, US-based Google parent company Alphabet was one of the Fund’s leading individual contributors for the fiscal year. The company has benefited from growth in digital advertising as industries such as travel, which were significantly impacted in 2020 by COVID-19, have started to recover and are spending more on advertising.

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 outlook for each company. We took advantage of market volatility during the fiscal year to put some cash to work at more attractive valuation levels. We added several new holdings, including US-based communication services company Meta Platforms (Facebook), US-based real estate digital technology services provider Black Knight, and Japan-based endoscope manufacturer Olympus. Deteriorating fundamentals and/or valuations led to the sale of several holdings during the fiscal year, including US-based RealPage, US-based L3Harris Technologies and US-based Baxter International.

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.

We thank you for your continued investment in Invesco Global Growth Fund.


2		Invesco Global Growth Fund

Portfolio manager(s):

Ryan Amerman

Matthew Dennis - Lead

Mark Jason

Mark McDonnell

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


3		Invesco Global Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

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 Global Growth Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	7.22	%
10 Years	9.68
5 Years	10.60
1 Year	21.31

Class C Shares
Inception (8/4/97)	5.59	%
10 Years	9.64
5 Years	11.03
1 Year	26.44

Class Y Shares
Inception (10/3/08)	9.62	%
10 Years	10.58
5 Years	12.14
1 Year	28.68

Class R5 Shares
Inception (9/28/07)	6.42	%
10 Years	10.72
5 Years	12.25
1 Year	28.79

Class R6 Shares
10 Years	10.69	%
5 Years	12.26
1 Year	28.81

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

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, 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 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, 2021, 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 multicap growth funds tracked by Lipper.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		20.71	%

Information Technology		19.60

Financials		12.18

Health Care		12.15

Industrials		12.04

Communication Services		11.31

Consumer Staples		7.69

Other Sectors, Each Less than 2% of Net Assets		2.84

Money Market Funds Plus Other Assets Less Liabilities		1.48

Top 10 Equity Holdings*


		% of total net assets

1.	Amazon.com, Inc.		5.43	%

2.	Alphabet, Inc., Class A		3.10

3.	Microsoft Corp.		2.81

4.	Vertiv Holdings Co.		1.90

5.	Thermo Fisher Scientific, Inc.		1.86

6.	Apple, Inc.		1.75

7.	Aptiv PLC		1.74

8.	Sony Group Corp.		1.71

9.	PayPal Holdings, Inc.		1.68

10.	Horizon Therapeutics PLC		1.68

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, 2021.


7		Invesco Global Growth Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests-98.52%
Brazil-0.64%
B3 S.A. - Brasil, Bolsa, Balcao		2,502,293	$	5,280,540



Canada-3.49%
Bank of Nova Scotia (The)		93,839		6,152,308


CGI, Inc., Class A^(a)		89,680		8,011,491


Ritchie Bros. Auctioneers, Inc.		83,714		5,721,855


Tourmaline Oil Corp.		246,569		8,911,628


				28,797,282



China-6.03%
Alibaba Group Holding Ltd., ADR^(a)		25,083		4,137,190


China Feihe Ltd.^(b)		3,411,000		5,701,348


China Mengniu Dairy Co. Ltd.^(a)		1,074,000		6,853,617


China Resources Beer Holdings Co. Ltd.		542,000		4,502,070


JD.com, Inc., ADR^(a)		81,303		6,364,399


Prosus N.V.		50,366		4,462,185


Tencent Holdings Ltd.		101,800		6,320,380


Wuliangye Yibin Co. Ltd., A Shares		57,056		1,938,257


Yum China Holdings, Inc.		167,073		9,536,527


				49,815,973



Denmark-0.73%
Novo Nordisk A/S, Class B		54,678		6,014,182



France-3.30%
Criteo S.A., ADR^(a)		342,609		11,319,801


Sanofi		40,890		4,093,102


Schneider Electric SE		28,903		4,999,419


Ubisoft Entertainment S.A.^(a)		130,482		6,826,732


				27,239,054



Germany-1.66%
Deutsche Boerse AG		27,560		4,575,562


flatexDEGIRO AG^(a)		316,608		7,198,854


MorphoSys AG^(a)		42,000		1,978,519


				13,752,935



Hong Kong-1.15%
AIA Group Ltd.		840,200		9,494,963



India-1.51%
HDFC Bank Ltd., ADR		174,115		12,520,610



Ireland-2.30%
CRH PLC		146,734		7,026,905


Flutter Entertainment PLC^(a)		63,218		11,958,167


				18,985,072



Italy-1.07%
FinecoBank Banca Fineco S.p.A.^(a)		464,128		8,873,664



Japan-4.70%
Hoya Corp.		36,600		5,384,108


Koito Manufacturing Co. Ltd.		122,100		6,921,321


Olympus Corp.		572,500		12,388,732


Sony Group Corp.		122,100		14,112,642


				38,806,803


	Shares		Value


Macau-0.72%
Sands China Ltd.^(a)		2,615,200	$	5,964,649



Mexico-3.23%
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		638,300		8,046,338


Kimberly-Clark de Mexico S.A.B. de C.V., Class A		8,163,350		12,914,334


Wal-Mart de Mexico S.A.B. de C.V., Series V		1,634,869		5,702,348


				26,663,020



Netherlands-1.28%
Heineken N.V.		95,342		10,576,897



South Korea-0.68%
Samsung Electronics Co. Ltd.		93,431		5,597,638



Sweden-2.28%
Sandvik AB		501,649		12,735,768


SKF AB, Class B		265,114		6,130,636


				18,866,404



Switzerland-0.62%
Logitech International S.A., Class R		4,324		360,742


Roche Holding AG		12,269		4,753,169


				5,113,911



Taiwan-0.97%
Taiwan Semiconductor Manufacturing Co. Ltd.		378,428		8,008,537



United Kingdom-5.09%
Ashtead Group PLC		90,324		7,587,174


Clinigen Group PLC		1,425,783		11,965,172


DCC PLC		165,284		13,833,028


HomeServe PLC		477,984		5,606,941


IG Group Holdings PLC		279,257		3,034,175


				42,026,490



United States-57.07%
Activision Blizzard, Inc.		101,602		7,944,261


Advance Auto Parts, Inc.		46,011		10,376,401


Alphabet, Inc., Class A^(a)		8,632		25,558,661


Alphabet, Inc., Class C^(a)		4,403		13,056,700


Amazon.com, Inc.^(a)		13,297		44,843,202


Aon PLC, Class A		26,697		8,540,904


Apollo Global Management, Inc.^(c)		117,037		9,005,997


Apple, Inc.		96,504		14,456,299


Aptiv PLC^(a)		82,911		14,334,483


Black Knight, Inc.^(a)		151,338		10,610,307


Booking Holdings, Inc.^(a)		3,849		9,317,582


Broadcom, Inc.		15,950		8,480,136


Carrier Global Corp.		149,623		7,814,809


Cognizant Technology Solutions Corp., Class A		136,088		10,627,112


ConocoPhillips		100,826		7,510,529


Datto Holding Corp.^(a)(c)		224,139		5,356,922


Dropbox, Inc., Class A^(a)		262,771		8,011,888


FedEx Corp.		32,478		7,649,543


Fidelity National Information Services, Inc.		72,563		8,035,627

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


8		Invesco Global Growth Fund


	Shares		Value


United States-(continued)
General Motors Co.^(a)		156,122	$	8,497,720


Harley-Davidson, Inc.^(c)		193,221		7,050,634


Horizon Therapeutics PLC^(a)		115,650		13,867,591


KLA Corp.		19,455		7,252,046


LPL Financial Holdings, Inc.		75,882		12,446,166


Medtronic PLC		72,075		8,638,909


Meta Platforms, Inc., Class A^(a)		39,838		12,890,382


Microsoft Corp.		70,059		23,232,966


ModivCare, Inc.^(a)		41,710		6,789,137


Mondelez International, Inc., Class A		94,805		5,758,456


NCR Corp.^(a)(c)		302,029		11,942,227


NIKE, Inc., Class B		42,878		7,173,061


Open Lending Corp., Class A^(a)		292,580		9,222,122


PayPal Holdings, Inc.^(a)		59,745		13,896,089


Philip Morris International, Inc.		101,104		9,558,372


Shoals Technologies Group, Inc., Class A^(a)		115,883		3,591,214


Synopsys, Inc.^(a)		22,838		7,609,165


Terminix Global Holdings, Inc.^(a)		149,744		6,061,637


Thermo Fisher Scientific, Inc.		24,271		15,365,242


Tradeweb Markets, Inc., Class A		47,698		4,249,892


UnitedHealth Group, Inc.		19,915		9,170,260


Vertiv Holdings Co.		611,594		15,705,733


Visa, Inc., Class A^(c)		49,351		10,451,061


Ziff Davis, Inc.^(a)		74,093		9,503,909


				471,455,354


Total Common Stocks & Other Equity Interests (Cost $521,877,663)				813,853,978


	Shares		Value


Money Market Funds-1.97%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		3,735,198	$	3,735,198


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		8,261,890		8,264,369


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		4,268,798		4,268,798


Total Money Market Funds (Cost $16,265,130)				16,268,365


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.49% (Cost $538,142,793)				830,122,343



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.65%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		7,991,419		7,991,419


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		22,144,360		22,153,218


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $30,144,637)				30,144,637


TOTAL INVESTMENTS IN SECURITIES-104.14% (Cost $568,287,430)				860,266,980


OTHER ASSETS LESS LIABILITIES-(4.14)%				(34,218,046	)


NET ASSETS-100.00%			$	826,048,934

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,452,294	$	85,815,202	$	(84,532,298	)	$	-	$	-	$	3,735,198	$	2,837
Invesco Liquid Assets Portfolio, Institutional Class		11,836,755		61,164,970		(64,736,677	)		(1,336)		657		8,264,369		6,249
Invesco Treasury Portfolio, Institutional Class		2,802,622		98,074,517		(96,608,341	)		-		-		4,268,798		1,747
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		910,700		70,854,486		(63,773,767	)		-		-		7,991,419		666*
Invesco Private Prime Fund		1,366,050		123,339,647		(102,552,774	)		-		295		22,153,218		8,776*
Total	$	19,368,421	$	439,248,822	$	(412,203,857	)	$	(1,336)	$	952	$	46,413,002	$	20,275

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $521,877,663)*	$	813,853,978


Investments in affiliated money market funds, at value (Cost $46,409,767)		46,413,002


Cash		976,176


Foreign currencies, at value (Cost $526,672)		522,161


Receivable for:
Fund shares sold		101,030


Dividends		549,768


Investment for trustee deferred compensation and retirement plans		318,194


Other assets		33,377


Total assets		862,767,686



Liabilities:

Payable for:
Investments purchased		5,095,149


Fund shares reacquired		454,280


Collateral upon return of securities loaned		30,144,637


Accrued fees to affiliates		491,503


Accrued other operating expenses		192,453


Trustee deferred compensation and retirement plans		340,730


Total liabilities		36,718,752


Net assets applicable to shares outstanding	$	826,048,934



Net assets consist of:

Shares of beneficial interest	$	531,277,908


Distributable earnings		294,771,026


	$	826,048,934


Net Assets:

Class A	$	770,445,314


Class C	$	13,996,803


Class Y	$	35,476,279


Class R5	$	771,019


Class R6	$	5,359,519



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		23,891,165


Class C		502,008


Class Y		1,092,709


Class R5		23,997


Class R6		166,818


Class A:
Net asset value per share	$	32.25


Maximum offering price per share (Net asset value of $32.25 ÷ 94.50%)	$	34.13


Class C:
Net asset value and offering price per share	$	27.88


Class Y:
Net asset value and offering price per share	$	32.47


Class R5:
Net asset value and offering price per share	$	32.13


Class R6:
Net asset value and offering price per share	$	32.13

*	At October 31, 2021, securities with an aggregate value of $29,371,233 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, 2021


Investment income:

Dividends (net of foreign withholding taxes of $612,410)	$	10,541,961


Dividends from affiliated money market funds (includes securities lending income of $32,639)		43,472


Total investment income		10,585,433



Expenses:

Advisory fees		7,409,643


Administrative services fees		138,788


Custodian fees		40,279


Distribution fees:
Class A		1,948,979


Class C		149,314


Transfer agent fees – A, C and Y		1,317,581


Transfer agent fees – R5		472


Transfer agent fees – R6		11,000


Trustees’ and officers’ fees and benefits		37,471


Registration and filing fees		78,359


Reports to shareholders		71,643


Professional services fees		82,855


Other		20,897


Total expenses		11,307,281


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(126,388	)


Net expenses		11,180,893


Net investment income (loss)		(595,460	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		143,850,898


Affiliated investment securities		952


Foreign currencies		(141,033	)


		143,710,817


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		84,365,099


Affiliated investment securities		(1,336	)


Foreign currencies		9,683


		84,373,446


Net realized and unrealized gain		228,084,263


Net increase in net assets resulting from operations	$	227,488,803

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, 2021 and 2020


	2021			2020


Operations:

Net investment income (loss)	$	(595,460	)	$	(297,168	)


Net realized gain		143,710,817			85,124,947


Change in net unrealized appreciation		84,373,446			20,717,826


Net increase in net assets resulting from operations		227,488,803			105,545,605



Distributions to shareholders from distributable earnings:

Class A		(179,126,956	)		(24,908,096	)


Class C		(3,954,487	)		(580,124	)


Class Y		(8,392,337	)		(1,191,872	)


Class R5		(181,428	)		(7,808	)


Class R6		(29,738,165	)		(11,309,854	)


Total distributions from distributable earnings		(221,393,373	)		(37,997,754	)



Share transactions-net:

Class A		106,927,183			300,246,353


Class C		(360,732	)		6,263,501


Class Y		6,329,576			12,862,631


Class R5		95,013			444,496


Class R6		(105,023,558	)		(22,381,326	)


Net increase in net assets resulting from share transactions		7,967,482			297,435,655


Net increase in net assets		14,062,912			364,983,506



Net assets:

Beginning of year		811,986,022			447,002,516


End of year	$	826,048,934		$	811,986,022

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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/21		$32.19		$(0.04	)		$8.78			$8.74			$ –			$(8.68	)		$(8.68	)		$32.25		28.36	%		$770,445		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			658,772		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			296,262		1.22			1.32			0.72			32
Year ended 10/31/18		32.21		0.24			(2.25	)		(2.01	)		(0.31	)		(0.47	)		(0.78	)		29.42		(6.41	)		273,874		1.22			1.32			0.74			32
Year ended 10/31/17		28.00		0.21			4.22			4.43			(0.09	)		(0.13	)		(0.22	)		32.21		15.96			327,317		1.23			1.36			0.72			22
Class C
Year ended 10/31/21		28.99		(0.28	)		7.85			7.57			–			(8.68	)		(8.68	)		27.88		27.36			13,997		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			14,628		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			6,963		1.97			2.07			(0.03	)		32
Year ended 10/31/18		29.47		(0.00	)		(2.05	)		(2.05	)		(0.09	)		(0.47	)		(0.56	)		26.86		(7.10	)		21,058		1.97			2.07			(0.01	)		32
Year ended 10/31/17		25.74		(0.01	)		3.87			3.86			–			(0.13	)		(0.13	)		29.47		15.07			24,995		1.98			2.11			(0.03	)		22
Class Y
Year ended 10/31/21		32.30		0.05			8.81			8.86			(0.01	)		(8.68	)		(8.69	)		32.47		28.68			35,476		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			29,147		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			13,871		0.97			1.07			0.97			32
Year ended 10/31/18		32.31		0.32			(2.25	)		(1.93	)		(0.39	)		(0.47	)		(0.86	)		29.52		(6.16	)		14,935		0.97			1.07			0.99			32
Year ended 10/31/17		28.09		0.29			4.23			4.52			(0.17	)		(0.13	)		(0.30	)		32.31		16.24			20,983		0.98			1.11			0.97			22
Class R5
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
Year ended 10/31/17		27.91		0.32			4.20			4.52			(0.21	)		(0.13	)		(0.34	)		32.09		16.37			12		0.88			0.88			1.07			22
Class R6
Year ended 10/31/21		32.03		0.10			8.72			8.82			(0.04	)		(8.68	)		(8.72	)		32.13		28.81			5,360		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			108,775		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			129,894		0.86			0.86			1.08			32
Year ended 10/31/18		32.08		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.30		(6.08	)		266,574		0.88			0.88			1.08			32
Year ended 10/31/17		27.91		0.32			4.19			4.51			(0.21	)		(0.13	)		(0.34	)		32.08		16.33			308,082		0.88			0.88			1.07			22

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

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

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


13		Invesco Global Growth Fund

Notes to Financial Statements

October 31, 2021

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 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.


14		Invesco Global Growth Fund

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

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

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.


15		Invesco Global Growth 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.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.78%.

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2022, 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. 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, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $11,459 and reimbursed class level expenses of $106,065, $2,072, $4,870, $83 and $0 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.


16		Invesco Global Growth Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $55,383 in front-end sales commissions from the sale of Class A shares and $486 and $549 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $12,241 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	5,280,540	$	–		$–	$	5,280,540


Canada		28,797,282		–		–		28,797,282


China		20,038,116		29,777,857		–		49,815,973


Denmark		–		6,014,182		–		6,014,182


France		11,319,801		15,919,253		–		27,239,054


Germany		–		13,752,935		–		13,752,935


Hong Kong		–		9,494,963		–		9,494,963


India		12,520,610		–		–		12,520,610


Ireland		–		18,985,072		–		18,985,072


Italy		–		8,873,664		–		8,873,664


Japan		–		38,806,803		–		38,806,803


Macau		–		5,964,649		–		5,964,649


Mexico		26,663,020		–		–		26,663,020


Netherlands		–		10,576,897		–		10,576,897


South Korea		–		5,597,638		–		5,597,638


Sweden		–		18,866,404		–		18,866,404


Switzerland		–		5,113,911		–		5,113,911


Taiwan		–		8,008,537		–		8,008,537


United Kingdom		11,965,172		30,061,318		–		42,026,490


United States		471,455,354		–		–		471,455,354


Money Market Funds		16,268,365		30,144,637		–		46,413,002


Total Investments	$	604,308,260	$	255,958,720		$–	$	860,266,980

NOTE 4–Expense Offset Arrangement(s)


17		Invesco Global Growth Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020


Ordinary income*	$	49,558,352	$	4,773,244


Long-term capital gain		171,835,021		33,224,510


Total distributions	$	221,393,373	$	37,997,754

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	2,204,357


Undistributed long-term capital gain		7,138,800


Net unrealized appreciation – investments		285,653,528


Net unrealized appreciation – foreign currencies		5,797


Temporary book/tax differences		(231,456	)


Shares of beneficial interest		531,277,908


Total net assets	$	826,048,934

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $467,807,842 and $680,458,023, 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
Aggregate unrealized appreciation of investments	$296,100,214


Aggregate unrealized (depreciation) of investments	(10,446,686	)


Net unrealized appreciation of investments	$285,653,528

Cost of investments for tax purposes is $574,613,452.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency translations, on October 31, 2021, undistributed net investment income (loss) was increased by $1,050,329 and undistributed net realized gain was decreased by $1,050,329. This reclassification had no effect on the net assets or the distributable earnings of the Fund.


18		Invesco Global Growth Fund

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		554,150		$	19,998,215			498,034		$	15,325,818


Class C		73,269			2,351,067			73,032			2,033,422


Class Y		312,894			11,421,293			175,682			5,464,935


Class R5		2,491			85,655			3,063			98,851


Class R6		130,862			4,745,901			292,181			7,352,939



Issued as reinvestment of dividends:
Class A		5,100,734			167,533,426			728,048			22,496,680


Class C		131,344			3,778,617			19,433			544,308


Class Y		212,498			7,017,919			31,560			976,162


Class R5		5,429			177,527			219			6,712


Class R6		908,338			29,699,578			369,101			11,305,578



Automatic conversion of Class C shares to Class A shares:
Class A		98,873			3,430,174			33,509			1,047,015


Class C		(111,462	)		(3,430,174	)		(37,142	)		(1,047,015	)



Issued in connection with acquisitions:^(b)
Class A		-			-			12,268,714			331,385,465


Class C		-			-			325,621			7,951,237


Class Y		-			-			498,214			13,481,249


Class R5		-			-			79,171			2,123,036


Class R6		-			-			68,630			1,839,906



Reacquired:
Class A		(2,325,257	)		(84,034,632	)		(2,270,221	)		(70,008,625	)


Class C		(95,817	)		(3,060,242	)		(114,979	)		(3,218,451	)


Class Y		(335,067	)		(12,109,636	)		(232,786	)		(7,059,715	)


Class R5		(4,648	)		(168,169	)		(62,112	)		(1,784,103	)


Class R6		(4,268,803	)		(139,469,037	)		(1,389,483	)		(42,879,749	)


Net increase in share activity		389,828		$	7,967,482			11,357,489		$	297,435,655

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Global Small & Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,240,350 shares of the Fund for 25,876,586 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $356,780,893, including $46,380,795 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $388,600,725 and $745,381,619 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period are as follows:


Net investment income (loss)	$	(346,513	)


Net realized/unrealized gains (losses)		52,746,697


Change in net assets resulting from operations	$	52,400,184

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


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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


20		Invesco Global Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$998.10	$6.14	$1,019.06	$6.21	1.22%
Class C	1,000.00	994.50	9.90	1,015.27	10.01	1.97
Class Y	1,000.00	999.20	4.89	1,020.32	4.94	0.97
Class R5	1,000.00	999.40	4.54	1,020.67	4.58	0.90
Class R6	1,000.00	999.70	4.23	1,020.97	4.28	0.84

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


21		Invesco Global Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 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 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’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 or lack of exposure to certain sectors and names, as well as stock selection in and underweight exposure to the U.S., 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


22		Invesco Global Growth Fund

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.

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


23		Invesco Global Growth Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions			$171,835,021
Qualified Dividend Income*			31.98%
Corporate Dividends Received Deduction*			13.39%
U.S. Treasury Obligations*			0.01%
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.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$49,408,079


24		Invesco Global Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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 Global Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Global Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco Global Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco Global Growth Fund

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Global Opportunities Fund

Nasdaq:

A: OPGIX ∎ C: OGICX ∎ R: OGINX ∎ Y: OGIYX ∎ R5: GOFFX ∎ R6: OGIIX


2		Management’s Discussion
2		Performance Summary
4		Long-Term Fund Performance
6		Supplemental Information
8		Schedule of Investments
11		Financial Statements
14		Financial Highlights
15		Notes to Financial Statements
21		Report of Independent Registered Public Accounting Firm
22		Fund Expenses
23		Approval of Investment Advisory and Sub-Advisory Contracts
25		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Opportunities Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	26.83	%

Class C Shares	25.89

Class R Shares	26.49

Class Y Shares	27.13

Class R5 Shares	27.28

Class R6 Shares	27.28

MSCI All Country World Index^▼	37.28
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund’s Class A shares returned 26.83%, underperforming the MSCI All Country World Index which returned 37.28%.

We see the future involving change from innovation, and innovative companies are often smaller and not yet established. Hence, we prefer mostly mid- and small-cap companies, which, based on our research, we believe are more likely to be shaping change. Most companies have to innovate to survive, but in commodity industries, the benefits of innovation usually are reaped by customers. We find that most often companies in the technology, healthcare, industrials and consumer discretionary sectors have the best chance of rewriting an industry rulebook in such a way as to create new industries or industry verticals. This is why we typically invest so much in these areas, currently more than 90% of the portfolio.

Our investments in the technology sector were the most impactful to our positive relative returns for the fiscal year, both due to stock selection as well as the overweight allocation we have to the sector. Our underweight to consumer staples and utilities

also had a material beneficial impact on performance, as these were the two laggards in our benchmark. On the negative side, we had a weaker stock selection in health care and negative allocation effects from our underweights to financials and energy, areas which were the beneficiaries of a pronounced cyclical rally during the fiscal year.

The three major contributors to Fund performance for the fiscal year were Advanced Micro Devices (AMD), 3D Systems and Nordic Semiconductor.

We’ve owned AMD since the early 2000s, and have seen its transition from a struggling also-ran to its current position as perhaps the most innovative designer of CPUs in the world. They operate in several important areas related to our big compute theme, from providing the advanced chips that power cloud computing data centers to the graphical processors necessary for the most immersive video game experiences, and more recently into the area of 5G smartphone service through the acquisition of Xilinx, formerly a competitor. AMD’s advanced chips are also used for things like cryptocurrency mining and artificial intelligence research. No matter how the future of computing plays out, we’re confident that AMD will remain an integral part of this important structural growth theme, and it remains a large position in the Fund as of the end of the fiscal year.

3D Systems is a major manufacturer of 3D printing hardware and materials. Based in Rock Hill, South Carolina, their products allow the design and production of all manner of shapes and prototypes. Unlike traditional plastic manufacturing techniques, which are limited to shapes which you can mold or cut, 3D Systems’ products allow prototype designers virtually boundless flexibility. The company has cleaned up or sold off some ancillary businesses over the last few years, and we feel it is in a much better competitive and financial situation now than in the past. During the fiscal year, 3D Systems announced on their fourth-quarter earnings call that they had paid down all their debt and were experiencing stronger business results, which has driven a subsequent rally in the stock.

Nordic Semiconductor is a Norwegian chip manufacturer that specializes in wireless connectivity solutions such as Bluetooth. Their low-power semiconductors are used across a diverse set of industries such as automotive, smart homes, disease monitoring/testing, industrial automation, and LED lighting. Nor-dic Semi has experienced very strong earnings and revenue growth during the fiscal year and has earned its way to being a top 10 holding in the portfolio as of the Fund’s fiscal year-end.

The three major detractors from Fund performance during the fiscal year were Pepti-Dream, AO World and Exact Sciences.

PeptiDream is a company that uses proprietary drug development focused on peptides to develop new drugs and in developing partnerships with others. Upfront and milestone payments are lumpy and sometimes delayed, which is what has happened during the fiscal year, and the stock has trended down during this time. The company has several licensing arrangements with larger partners to access their platform, and collaboration remains ongoing. We remain a holder of PeptiDream as we think their peptide platform is unique and provides interesting future optionality.

AO World is a British online retailer of appliances that saw a significant boost in sales


2		Invesco Global Opportunities Fund

during the COVID-19 pandemic, as many consumers stuck at home decided to upgrade their home appliances through purchases over the internet. They’ve had a lot of success penetrating the UK market and expanding into Europe. However, the stock has come down during the fiscal year, as the company has faced challenges due to supply chain disruptions, as well as a shortage of delivery drivers to get all of those appliances into homes. We remain holders of the stock, as we believe these challenges will be temporary and the company’s structural growth opportunity remains intact.

Exact Sciences produces screening tests for colorectal cancer that do not require a colonoscopy and is part of our medical diagnostics theme. In the short term, the company is making good progress in taking share in the colon cancer screening market. Long-term, they have the goal of becoming a global leader in detecting all types of cancers and have made several acquisitions to further that goal in recent years. We believe they have a good chance of being successful, and if they are, the market for cancer diagnosis is a large one. During the fiscal year, the company announced softer-than-expected sales, as regular diagnostic screenings like Cologuard are something many people pushed back amidst the Delta-driven surge of COVID-19 infections. However, early and accurate diagnosis of cancer remains critical to improving patient outcomes, and this stock remains a top 10 holding in the Fund.

We remain largely focused on investments in companies with sizable, transformational growth potential. Many are in relatively early stages of that development. This fiscal year’s top contributors are positions we have owned for some time before it was clear there was a good opportunity present. However, some of our holdings will only be moderately successful, some may even flop. While not every idea works, enough have, and we believe enough will, to substantively reward our ownership. This can take time to play out. Emerging companies, some of the best we’ve ever seen, have experienced setbacks or encounter periods of difficulty. Patience is a critical part of our ability to be successful, and this is true for our clients as well.

Thank you for your continued investment in Invesco Global Opportunities Fund.

Portfolio manager(s):

Frank Jennings - Lead

Máire Lane

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 Global Opportunities Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

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.


4		Invesco Global Opportunities Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/22/90)	12.23	%
10 Years	14.34
5 Years	17.65
1 Year	19.86
Class C Shares
Inception (12/1/93)	12.30	%
10 Years	14.30
5 Years	18.10
1 Year	24.89
Class R Shares
Inception (3/1/01)	10.31	%
10 Years	14.67
5 Years	18.68
1 Year	26.49
Class Y Shares
Inception (2/1/01)	10.30	%
10 Years	15.28
5 Years	19.27
1 Year	27.13
Class R5 Shares
10 Years	15.09	%
5 Years	19.21
1 Year	27.28
Class R6 Shares
Inception (1/27/12)	15.43	%
5 Years	19.46
1 Year	27.28

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.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

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

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


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, 2021, 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.

This report must be accompanied or preceded by a currently effective Fund

prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Opportunities Fund

Fund Information

Portfolio Composition


By sector, based on Net Assets as of October 31, 2021

Information Technology	41.60	%

Health Care	25.59

Industrials	13.55

Consumer Discretionary	9.20

Communication Services	4.74

Consumer Staples	3.03

Other Sectors, Each Less than 2% of Net Assets	1.97

Money Market Funds Plus Other Assets Less Liabilities	0.32

Top 10 Equity Holdings*


		% of total net assets

1.	Advanced Micro Devices, Inc.		7.82	%

2.	Nektar Therapeutics		5.71

3.	Aston Martin Lagonda Global Holdings PLC		2.29

4.	Jeol Ltd.		2.05

5.	Eurofins Scientific SE		1.92

6.	M3, Inc.		1.92

7.	Indutrade AB		1.90

8.	Exact Sciences Corp.		1.86

9.	Nordic Semiconductor ASA		1.85

10.	First Solar, Inc.		1.69

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, 2021.


7		Invesco Global Opportunities Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–99.68%
Belgium–1.52%
Biocartis Group N.V.^(a)(b)(c)		6,000,000	$	27,411,964


Ion Beam Applications		400,000		7,869,855


Materialise N.V., ADR^(a)(c)		2,900,000		69,977,000


Umicore S.A.		600,000		34,454,606


				139,713,425



Denmark–3.17%
Bang & Olufsen A/S^(c)		5,344,322		26,499,726


Bavarian Nordic A/S^(c)		2,880,000		138,554,270


Genmab A/S^(c)		200,000		90,035,746


Novozymes A/S, Class B		500,000		36,747,785


				291,837,527



Finland–0.42%
Rovio Entertainment OYJ^(a)(b)		4,700,000		38,576,764



France–2.08%
Adevinta ASA, Class B^(c)		900,000		14,846,124


Mersen S.A.		1,000,000		37,534,966


Technicolor S.A.^(c)		8,983,319		28,790,824


Technicolor S.A., Wts., expiring 09/22/2024^(c)		1,100,000		461,591


Teleperformance		200,000		83,587,663


Ubisoft Entertainment S.A.^(c)		500,000		26,159,668


				191,380,836



Germany–6.83%
AIXTRON SE		4,000,000		95,028,128


Aumann AG^(a)(b)(c)		1,000,000		18,753,868


Basler AG^(a)		600,000		111,168,781


Carl Zeiss Meditec AG, BR		300,000		60,329,834


CompuGroup Medical SE & Co. KGaA		500,000		41,856,300


Manz AG^(a)		500,000		26,127,086


MorphoSys AG^(c)		400,000		18,843,042


PVA TePla AG^(a)		2,887,082		131,180,793


Rational AG		80,000		79,504,544


SLM Solutions Group AG^(a)(c)		2,400,000		47,439,244


				630,231,620



Ireland–0.83%
Flutter Entertainment PLC^(c)		406,701		76,930,600



Israel–0.81%
Wix.com Ltd.^(c)		400,000		74,384,000



Italy–1.82%
Amplifon S.p.A.		1,000,000		50,848,668


Brembo S.p.A.		2,000,000		26,246,025


Brunello Cucinelli S.p.A.^(c)		1,500,000		91,058,305


				168,152,998



Japan–10.65%
Comture Corp.^(a)		3,000,000		81,268,627


CyberAgent, Inc.		5,200,000		86,916,347


Disco Corp.		200,000		53,882,257


Jeol Ltd.^(a)		2,500,000		189,287,151


M3, Inc.		3,000,000		177,037,878


	Shares			Value


Japan–(continued)
Nidec Corp.		600,000		$	66,359,608


Nikon Corp.		2,000,000			22,007,517


Optex Group Co. Ltd.^(a)		2,000,000			25,450,031


PeptiDream, Inc.^(c)		3,000,000			72,647,316


Rakuten Group, Inc.		6,000,000			65,905,506


Rheon Automatic Machinery Co. Ltd.		1,000,000			11,889,854


THK Co. Ltd.		2,000,000			43,051,415


Yaskawa Electric Corp.		2,000,000			86,684,810


					982,388,317



Luxembourg–1.92%
Eurofins Scientific SE		1,500,000	��		177,130,548



Norway–3.11%
Mowi ASA		4,000,000			115,952,891


Nordic Semiconductor ASA^(c)		5,750,358			170,662,680


					286,615,571



Sweden–6.71%
AddTech AB, Class B		4,000,000			89,298,154


Beijer Ref AB		6,000,000			123,064,018


BICO Group AB, Class B^(c)		1,000,000			50,196,896


Boozt AB^(a)(b)(c)		3,750,000			63,215,117


Hansa Biopharma AB^(c)		1,938,841			22,013,700


Indutrade AB		6,000,000			174,896,594


Midsona AB, Class B		1,000,000			6,228,950


RaySearch Laboratories AB^(a)(c)		4,000,000			28,489,106


Tobii AB^(c)		3,000,000			21,772,955
Xvivo Perfusion AB^(c)		1,000,000			39,717,010


					618,892,500



Switzerland–0.98%
GeNeuro S.A.^(a)		1,661,017			7,299,053
STMicroelectronics N.V.		1,000,000			47,437,878
Zur Rose Group AG^(c)		100,000			35,579,549


					90,316,480



United Kingdom–12.73%
Allied Minds PLC (Acquired 09/02/2015-11/16/2017; Cost $39,439,562)^(d)		10,000,000			3,162,365


AO World PLC^(c)		20,000,000			40,191,734


ASOS PLC^(c)		700,000			23,807,563


Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		9,000,000			210,795,827


boohoo Group PLC^(c)		30,000,000			74,732,147


Darktrace PLC^(c)		4,170,000			45,929,602


FD Technologies PLC^(c)		1,200,000			34,334,818


Fevertree Drinks PLC		2,000,000			62,181,218


Frontier Developments PLC^(a)(c)		3,000,000			101,325,060


Future PLC		1,000,000			48,397,912


Gooch & Housego PLC^(a)		2,000,000			32,827,448


IG Group Holdings PLC		3,000,000			32,595,515


IP Group PLC		20,785,545			34,323,401


IQE PLC^(a)(c)		140,000,000			90,237,060


M&C Saatchi PLC^(a)(c)		6,600,000			14,640,104


Napster Group PLC^(a)		127,612,652			1,790,105

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


8		Invesco Global Opportunities Fund


	Shares		Value


United Kingdom–(continued)
Ocado Group PLC^(c)		1,000,000	$	24,693,820


Oxford Nanopore Technologies PLC^(c)		1,056,590		8,075,893


Rentokil Initial PLC		14,500,000		116,919,392


Sensyne Health PLC		7,500,000		9,734,080


Spirax-Sarco Engineering PLC		464,285		99,203,862


WANdisco PLC^(a)(c)		5,000,000		23,101,909


Xaar PLC^(a)(c)		4,000,000		9,468,543


Zoo Digital Group PLC^(a)		7,000,000		12,117,118


Zotefoams PLC^(a)		4,000,000		19,687,795


				1,174,274,291



United States–46.10%
3D Systems Corp.^(a)(c)		5,000,000		140,800,000


Acacia Research Corp.^(a)(c)		2,500,000		14,325,000


Advanced Micro Devices, Inc.^(c)		6,000,000		721,380,000


Align Technology, Inc.^(c)		100,000		62,437,000


Applied Materials, Inc.		1,000,000		136,650,000


Arrowhead Pharmaceuticals, Inc.^(c)		2,000,000		127,640,000


Cognex Corp.		1,200,000		105,108,000


Corning, Inc.		1,000,000		35,570,000


Dolby Laboratories, Inc., Class A		800,000		70,680,000


European Sustainable Growth Acquisition Corp.^(b)		2,319,856		22,038,632


Exact Sciences Corp.^(c)		1,800,000		171,396,000


First Solar, Inc.^(c)		1,300,000		155,467,000


Globant S.A.^(c)		200,000		63,838,000


Halozyme Therapeutics, Inc.^(c)		1,000,000		38,070,000


II-VI Incorporated^(c)		1,000,000		60,510,000


Illumina, Inc.^(c)		200,000		83,012,000


IPG Photonics Corp.^(c)		600,000		95,406,000


iRobot Corp.^(c)		700,000		58,394,000


Littelfuse, Inc.		400,000		117,820,000


Mandiant, Inc.^(c)		6,000,000		104,640,000


Manhattan Associates, Inc.^(c)		600,000		108,924,000


	Shares		Value


United States–(continued)
Nektar Therapeutics^(a)(c)		34,750,000	$	526,810,000


Nevro Corp.^(c)		1,000,000		113,740,000


ON Semiconductor Corp.^(c)		2,000,000		96,140,000


PDF Solutions, Inc.^(a)(c)		3,000,000		70,590,000


PTC, Inc.^(c)		1,200,000		152,820,000


QUALCOMM, Inc.		1,000,000		133,040,000


Rigel Pharmaceuticals, Inc.^(c)		5,000,000		16,800,000


Rite Aid Corp.^(c)		2,500,000		33,975,000


Rollins, Inc.		2,250,000		79,267,500


Shake Shack, Inc., Class A^(c)		1,000,000		69,170,000


Unity Software, Inc.^(c)		200,000		30,262,000


Veeco Instruments, Inc.^(a)(c)		4,000,000		97,160,000


Vicor Corp.^(c)		500,000		75,795,000


Wolfspeed, Inc.^(c)		1,000,000		120,110,000


Xeris Biopharma Holdings, Inc.^(c)		2,000,000		3,720,000


Yelp, Inc.^(c)		2,000,000		77,260,000


Zendesk, Inc.^(c)		600,000		61,080,000


				4,251,845,132


Total Common Stocks & Other Equity Interests (Cost $5,848,551,555)				9,192,670,609



Money Market Funds–0.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(e)		21,788,683		21,788,683


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(e)		5,219,824		5,221,390


Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(e)		24,901,352		24,901,352


Total Money Market Funds (Cost $51,911,425)				51,911,425


TOTAL INVESTMENTS IN SECURITIES–100.24% (Cost $5,900,462,980)				9,244,582,034


OTHER ASSETS LESS LIABILITIES–(0.24)%				(21,946,403	)


NET ASSETS–100.00%			$	9,222,635,631

Investment Abbreviations:

ADR	– American Depositary Receipt

BR	– Bearer Shares

Wts.	– Warrants

Notes to Schedule of Investments:

(a)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	30,167,300		$	304,907,611		$	(313,286,228	)		$	-		$	-		$	21,788,683		$	11,834
Invesco Liquid Assets Portfolio, Institutional Class			21,540,716			199,245,405			(215,563,599	)			546			(1,678)			5,221,390			5,657
Invesco Treasury Portfolio, Institutional Class			34,476,914			348,465,842			(358,041,404	)			-			-			24,901,352			5,246

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


9		Invesco Global Opportunities Fund


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2021			Dividend Income
Investments in Other Affiliates:
3D Systems Corp.*		$	45,520,000		$	-		$	(76,889,337	)		$	136,432,980			$	35,736,357			$	140,800,000		$	-
Acacia Research Corp.			7,875,000			-			-				6,450,000				-				14,325,000			-
Aston Martin Lagonda Global Holdings PLC			72,096,831			101,638,402			-				37,060,594				-				210,795,827			-
Aumann AG			10,653,002			-			-				8,100,866				-				18,753,868			-
Basler AG			35,803,703			-			-				75,365,078				-				111,168,781			313,056
Biocartis Group N.V.			26,079,669			-			-				1,332,295				-				27,411,964			-
Boozt AB			60,619,871			-			-				2,595,246				-				63,215,117			-
Comture Corp.			76,676,996			-			-				4,591,631				-				81,268,627			769,041
Frontier Developments PLC			101,399,171			-			-				(74,111	)			-				101,325,060			-
GeNeuro S.A.			5,166,059			-			-				2,132,994				-				7,299,053			-
Gooch & Housego PLC			27,322,902			-			-				5,504,546				-				32,827,448			125,267
IQE PLC			99,620,341			-			-				(9,383,281	)			-				90,237,060			-
Jeol Ltd.*			79,306,977			-			-				109,980,174				-				189,287,151			511,750
M&C Saatchi PLC			4,907,870			-			-				9,732,234				-				14,640,104			-
Manz AG			16,783,053			-			-				9,344,033				-				26,127,086			-
Materialise N.V., ADR			105,307,000			-			(13,904,334	)			(31,994,000	)			10,568,334				69,977,000			-
Napster Group PLC*			3,473,558			2,950,123			-				(4,633,576	)			-				1,790,105			-
Nektar Therapeutics			551,707,200			-			(1,327,306	)			(20,987,032	)			(2,582,862	)			526,810,000			-
Optex Group Co. Ltd.			29,809,221			-			-				(4,359,190	)			-				25,450,031			489,613
PDF Solutions, Inc.			56,220,000			-			-				14,370,000				-				70,590,000			-
PVA TePla AG			25,028,147			22,815,880			-				83,336,766				-				131,180,793			-
RaySearch Laboratories AB			33,901,495			-			-				(5,412,389	)			-				28,489,106			-
Rovio Entertainment OYJ			28,109,172			-			-				10,467,592				-				38,576,764			563,271
SLM Solutions Group AG			23,879,745			8,125,093			-				15,434,406				-				47,439,244			-
Veeco Instruments, Inc.			50,920,000			-			-				46,240,000				-				97,160,000			-
WANdisco PLC			29,152,089			-			-				(6,050,180	)			-				23,101,909			-
Xaar PLC			6,788,454			-			-				2,680,089				-				9,468,543			-
Zoo Digital Group PLC			4,988,526			-			-				7,128,592				-				12,117,118			-
Zotefoams PLC			21,302,651			-			-				(1,614,856	)			-				19,687,795			353,589
Total		$	1,726,603,633		$	988,148,356		$	(979,012,208	)		$	503,772,047			$	43,720,151			$	2,283,231,979		$	3,148,324

At October 31, 2021, this security was no longer an affiliate of the Fund.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $380,792,172, which represented 4.13% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $3,666,512,968)	$	7,293,227,311


Investments in affiliates, at value (Cost $2,233,950,012)		1,951,354,723


Cash		4,000,000


Foreign currencies, at value (Cost $326,093)		323,639


Receivable for:
Investments sold		130,366


Fund shares sold		6,086,197

��
Dividends		5,770,177


Interest		24


Investment for trustee deferred compensation and retirement plans		322,116


Other assets		127,158


Total assets		9,261,341,711



Liabilities:

Payable for:
Investments purchased		23,198,560


Fund shares reacquired		10,617,272


Accrued fees to affiliates		3,435,726


Accrued trustees’ and officers’ fees and benefits		153,397


Accrued other operating expenses		979,009


Trustee deferred compensation and retirement plans		322,116


Total liabilities		38,706,080


Net assets applicable to shares outstanding	$	9,222,635,631



Net assets consist of:

Shares of beneficial interest	$	5,451,002,039


Distributable earnings		3,771,633,592


	$	9,222,635,631


Net Assets:

Class A	$	3,991,358,671


Class C	$	418,630,085


Class R	$	274,250,692


Class Y	$	2,419,916,156


Class R5	$	1,089,417


Class R6	$	2,117,390,610



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		50,156,562


Class C		6,385,785


Class R		3,662,335


Class Y		29,655,637


Class R5		13,557


Class R6		25,651,339


Class A:
Net asset value per share	$	79.58


Maximum offering price per share (Net asset value of $79.58 ÷ 94.50%)	$	84.21


Class C:
Net asset value and offering price per share	$	65.56


Class R:
Net asset value and offering price per share	$	74.88


Class Y:
Net asset value and offering price per share	$	81.60


Class R5:
Net asset value and offering price per share	$	80.36


Class R6:
Net asset value and offering price per share	$	82.55

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, 2021


Investment income:
Interest	$	3,160


Dividends (net of foreign withholding taxes of $2,547,761)		28,347,377


Dividends from affiliates		3,148,324


Foreign withholding tax claims		111,394


Total investment income		31,610,255



Expenses:
Advisory fees		61,366,554


Administrative services fees		1,335,799


Custodian fees		302,175


Distribution fees:
Class A		10,053,275


Class C		4,640,382


Class R		1,427,941


Transfer agent fees – A, C, R and Y		8,994,005


Transfer agent fees – R5		13


Transfer agent fees – R6		204,815


Trustees’ and officers’ fees and benefits		114,381


Registration and filing fees		267,996


Reports to shareholders		568,670


Professional services fees		119,267


Other		121,629


Total expenses		89,516,902


Less: Fees waived and/or expense offset arrangement(s)		(63,771	)


Net expenses		89,453,131


Net investment income (loss)		(57,842,876	)



Realized and unrealized gain (loss) from:
Net realized gain from:


Unaffiliated investment securities		454,376,862


Affiliated investment securities		43,720,151


Foreign currencies		145,534


		498,242,547


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,082,347,624


Affiliated investment securities		503,772,047


Foreign currencies		(120,629	)


		1,585,999,042


Net realized and unrealized gain		2,084,241,589


Net increase in net assets resulting from operations	$	2,026,398,713

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, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	(57,842,876	)	$	(46,356,555	)


Net realized gain		498,242,547			766,889,344


Change in net unrealized appreciation		1,585,999,042			864,954,929


Net increase in net assets resulting from operations		2,026,398,713			1,585,487,718



Distributions to shareholders from distributable earnings:
Class A		(339,297,321	)		(197,647,554	)


Class C		(50,327,508	)		(34,387,552	)


Class R		(25,015,143	)		(14,772,775	)


Class Y		(197,213,266	)		(130,780,055	)


Class R5		(1,196	)		(645	)


Class R6		(155,622,626	)		(80,621,014	)


Total distributions from distributable earnings		(767,477,060	)		(458,209,595	)



Share transactions–net:
Class A		71,983,213			(255,705,590	)


Class C		(63,886,987	)		(102,393,928	)


Class R		4,106,384			(24,995,841	)


Class Y		147,484,680			(447,927,410	)


Class R5		1,105,075			–


Class R6		288,650,779			26,581,446


Net increase (decrease) in net assets resulting from share transactions		449,443,144			(804,441,323	)


Net increase in net assets		1,708,364,797			322,836,800



Net assets:
Beginning of year		7,514,270,834			7,191,434,034


End of year	$	9,222,635,631		$	7,514,270,834

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


13		Invesco Global Opportunities Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment unrealized) income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/21		$68.56		$(0.57	)		$18.59			$18.02			$ –			$(7.00	)		$(7.00	)		$79.58		26.83	%^(e)		$3,991,359		1.04	%^(e)		1.04	%^(e)		(0.71	)%^(e)		7	%
Year ended 10/31/20		57.92		(0.45	)		14.86			14.41			–			(3.77	)		(3.77	)		68.56		25.88	^(e)		3,359,360		1.10	^(e)		1.10	^(e)		(0.74	)^(e)		12
One month ended 10/31/19		56.16		(0.04	)		1.80			1.76			–			–			–			57.92		3.13			3,099,689		1.09	^(f)		1.09	^(f)		(0.90	)^(f)		3
Year ended 09/30/19		75.01		(0.15	)		(13.16	)		(13.31	)		–			(5.54	)		(5.54	)		56.16		(17.48	)		3,059,916		1.12			1.12			(0.25	)		12
Year ended 09/30/18		61.40		(0.22	)		15.42			15.20			–			(1.59	)		(1.59	)		75.01		25.09			4,124,481		1.12			1.12			(0.31	)		21
Year ended 09/30/17		50.76		(0.23	)		14.49			14.26			(0.13	)		(3.49	)		(3.62	)		61.40		30.48			3,085,024		1.17			1.17			(0.43	)		18
Class C
Year ended 10/31/21		57.90		(0.98	)		15.64			14.66			–			(7.00	)		(7.00	)		65.56		25.89			418,630		1.80			1.80			(1.47	)		7
Year ended 10/31/20		49.81		(0.77	)		12.63			11.86			–			(3.77	)		(3.77	)		57.90		24.91			422,919		1.86			1.86			(1.50	)		12
One month ended 10/31/19		48.32		(0.07	)		1.56			1.49			–			–			–			49.81		3.08			467,908		1.84	^(f)		1.84	^(f)		(1.65	)^(f)		3
Year ended 09/30/19		65.97		(0.52	)		(11.59	)		(12.11	)		–			(5.54	)		(5.54	)		48.32		(18.12	)		469,174		1.88			1.88			(1.01	)		12
Year ended 09/30/18		54.57		(0.67	)		13.66			12.99			–			(1.59	)		(1.59	)		65.97		24.15			955,893		1.87			1.87			(1.06	)		21
Year ended 09/30/17		45.72		(0.56	)		12.90			12.34			–			(3.49	)		(3.49	)		54.57		29.47			648,270		1.92			1.92			(1.18	)		18
Class R
Year ended 10/31/21		65.02		(0.73	)		17.59			16.86			–			(7.00	)		(7.00	)		74.88		26.49			274,251		1.30			1.30			(0.97	)		7
Year ended 10/31/20		55.25		(0.58	)		14.12			13.54			–			(3.77	)		(3.77	)		65.02		25.53			233,141		1.36			1.36			(1.00	)		12
One month ended 10/31/19		53.58		(0.05	)		1.72			1.67			–			–			–			55.25		3.12			221,803		1.34	^(f)		1.34	^(f)		(1.15	)^(f)		3
Year ended 09/30/19		72.06		(0.28	)		(12.66	)		(12.94	)		–			(5.54	)		(5.54	)		53.58		(17.71	)		218,747		1.37			1.37			(0.51	)		12
Year ended 09/30/18		59.18		(0.39	)		14.86			14.47			–			(1.59	)		(1.59	)		72.06		24.79			276,790		1.37			1.37			(0.56	)		21
Year ended 09/30/17		49.10		(0.35	)		13.98			13.63			(0.06	)		(3.49	)		(3.55	)		59.18		30.15			199,696		1.42			1.42			(0.67	)		18
Class Y
Year ended 10/31/21		70.00		(0.38	)		18.98			18.60			–			(7.00	)		(7.00	)		81.60		27.13			2,419,916		0.80			0.80			(0.47	)		7
Year ended 10/31/20		58.93		(0.31	)		15.15			14.84			–			(3.77	)		(3.77	)		70.00		26.18			1,940,275		0.86			0.86			(0.50	)		12
One month ended 10/31/19		57.13		(0.03	)		1.83			1.80			–			–			–			58.93		3.15			2,113,652		0.84	^(f)		0.84	^(f)		(0.65	)^(f)		3
Year ended 09/30/19		76.02		–			(13.35	)		(13.35	)		–			(5.54	)		(5.54	)		57.13		(17.29	)		2,120,749		0.87			0.87			(0.01	)		12
Year ended 09/30/18		62.05		(0.05	)		15.61			15.56			–			(1.59	)		(1.59	)		76.02		25.40			3,055,996		0.87			0.87			(0.07	)		21
Year ended 09/30/17		51.28		(0.09	)		14.61			14.52			(0.26	)		(3.49	)		(3.75	)		62.05		30.79			1,241,346		0.92			0.92			(0.16	)		18
Class R5
Year ended 10/31/21		68.95		(0.28	)		18.69			18.41			–			(7.00	)		(7.00	)		80.36		27.28			1,089		0.68			0.68			(0.35	)		7
Year ended 10/31/20		58.01		(0.21	)		14.92			14.71			–			(3.77	)		(3.77	)		68.95		26.38			12		0.70			0.70			(0.34	)		12
One month ended 10/31/19		56.23		(0.02	)		1.80			1.78			–			–			–			58.01		3.16			10		0.68	^(f)		0.68	^(f)		(0.50	)^(f)		3
Period ended 09/30/19^(g)		58.48		0.03			(2.28	)		(2.25	)		–			–			–			56.23		(3.85	)		10		0.74	^(f)		0.74	^(f)		0.12	^(f)		12
Class R6
Year ended 10/31/21		70.67		(0.30	)		19.18			18.88			–			(7.00	)		(7.00	)		82.55		27.28			2,117,391		0.68			0.68			(0.35	)		7
Year ended 10/31/20		59.37		(0.21	)		15.28			15.07			–			(3.77	)		(3.77	)		70.67		26.39			1,558,563		0.70			0.70			(0.34	)		12
One month ended 10/31/19		57.55		(0.02	)		1.84			1.82			–			–			–			59.37		3.16			1,288,373		0.69	^(f)		0.69	^(f)		(0.50	)^(f)		3
Year ended 09/30/19		76.41		0.09			(13.41	)		(13.32	)		–			(5.54	)		(5.54	)		57.55		(17.16	)		1,272,938		0.71			0.71			0.15			12
Year ended 09/30/18		62.26		0.07			15.67			15.74			–			(1.59	)		(1.59	)		76.41		25.61			1,403,832		0.71			0.71			0.10			21
Year ended 09/30/17		51.43		–			14.66			14.66			(0.34	)		(3.49	)		(3.83	)		62.26		31.01			662,176		0.73			0.73			0.01			18

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020.

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

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


14		Invesco Global Opportunities Fund

Notes to Financial Statements

October 31, 2021

NOTE 1 – Significant Accounting Policies

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

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

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

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


15		Invesco Global Opportunities Fund

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

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

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.

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 fiscal year ended October 31, 2021, the Fund did not enter into any closing agreements.

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

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

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.


16		Invesco Global Opportunities Fund

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 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 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”). Prior to June 1, 2021, the Adviser had 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 (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.17%, 1.92%, 1.42%, 0.92%, 0.78%, and 0.73%, respectively, of 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 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, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $56,674.


17		Invesco Global Opportunities Fund

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, 2021, IDI advised the Fund that IDI retained $509,589 in front-end sales commissions from the sale of Class A shares and $7,865 and $14,521 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


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Belgium	$	69,977,000	$	69,736,425		$–	$	139,713,425
Denmark		–		291,837,527		–		291,837,527
Finland		–		38,576,764		–		38,576,764
France		461,591		190,919,245		–		191,380,836
Germany		–		630,231,620		–		630,231,620
Ireland		–		76,930,600		–		76,930,600
Israel		74,384,000		–		–		74,384,000
Italy		–		168,152,998		–		168,152,998
Japan		–		982,388,317		–		982,388,317
Luxembourg		–		177,130,548		–		177,130,548
Norway		–		286,615,571		–		286,615,571
Sweden		–		618,892,500		–		618,892,500
Switzerland		–		90,316,480		–		90,316,480
United Kingdom		479,936,542		694,337,749		–		1,174,274,291
United States		4,229,806,500		22,038,632		–		4,251,845,132
Money Market Funds		51,911,425		–		–		51,911,425
Total Investments	$	4,906,477,058	$	4,338,104,976		$–	$	9,244,582,034

NOTE 4–Expense Offset Arrangement(s)

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


18		Invesco Global Opportunities Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020
Long-term capital gain	$	767,477,060	$	458,209,595

Tax Components of Net Assets at Period-End:


	2021
Undistributed long-term capital gain	$	446,910,518
Net unrealized appreciation – investments		3,325,252,921
Net unrealized appreciation (depreciation) – foreign currencies		(64,055	)
Temporary book/tax differences		(465,792	)
Shares of beneficial interest		5,451,002,039
Total net assets	$	9,222,635,631

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $617,446,597 and $934,324,229, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,539,228,347
Aggregate unrealized (depreciation) of investments		(1,213,975,426	)
Net unrealized appreciation of investments	$	3,325,252,921

Cost of investments for tax purposes is $5,919,329,113.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and equalization payment, on October 31, 2021, undistributed net investment income (loss) was increased by $45,881,095, undistributed net realized gain was decreased by $51,045,022 and shares of beneficial interest was increased by $5,163,927. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		4,875,396		$	393,802,172			4,727,712		$	285,002,521
Class C		756,235			50,644,040			823,749			41,342,484
Class R		609,103			46,265,081			594,844			33,424,390
Class Y		8,288,976			684,796,223			8,377,955			505,921,561
Class R5		13,459			1,110,671			–			–
Class R6		7,512,295			627,833,253			6,010,630			369,817,219

Issued as reinvestment of dividends:
Class A		4,232,742			319,318,097			3,133,432			186,313,864
Class C		764,060			47,799,623			645,674			32,638,825
Class R		350,770			24,957,284			260,276			14,710,790
Class Y		2,223,327			171,640,821			1,884,458			114,160,465
Class R6		1,937,551			151,167,699			1,286,607			78,585,952

Automatic conversion of Class C shares to Class A shares:
Class A		877,602			70,149,842			420,017			25,839,357
Class C		(1,059,201	)		(70,149,842	)		(495,251	)		(25,839,357	)


19		Invesco Global Opportunities Fund


	Summary of Share Activity
	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(8,827,130	)	$	(711,286,898	)		(12,799,564	)	$	(752,861,332	)
Class C		(1,378,993	)		(92,180,808	)		(3,064,705	)		(150,535,880	)
Class R		(883,441	)		(67,115,981	)		(1,283,676	)		(73,131,021	)
Class Y		(8,575,585	)		(708,952,364	)		(18,407,715	)		(1,068,009,436	)
Class R5		(73	)		(5,596	)		-			-
Class R6		(5,853,490	)		(490,350,173	)		(6,941,434	)		(421,821,725	)
Net increase (decrease) in share activity		5,863,603		$	449,443,144			(14,826,991	)	$	(804,441,323	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% 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

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021, 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.

For each of the two years in the period ended October 31, 2021, 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 each of the periods ended on or prior to September 30, 2018 (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

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, 2021 by correspondence with the custodian, transfer agent, broker and portfolio company investees; when replies were not received from the broker or 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, 2021


21		Invesco Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$977.80	$5.28	$1,019.86	$5.40	1.06%
Class C	1,000.00	974.20	9.06	1,016.03	9.25	1.82
Class R	1,000.00	976.40	6.58	1,018.55	6.72	1.32
Class Y	1,000.00	979.00	4.09	1,021.07	4.18	0.82
Class R5	1,000.00	979.70	3.34	1,021.83	3.41	0.67
Class R6	1,000.00	979.70	3.44	1,021.73	3.52	0.69

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


22		Invesco Global Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Oppenheimer Global Opportunities 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 and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex-U.S.^® 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 year period, the third quintile for the three year period 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 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.


23		Invesco Global Opportunities Fund

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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 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

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


24		Invesco Global Opportunities Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	803,071,060
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	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco Global Opportunities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None

¹	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 Global Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Global Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers – (continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A
		Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


T-5		Invesco Global Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey – 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

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


T-6		Invesco Global Opportunities Fund

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco International Core Equity Fund

Nasdaq:

A: IBVAX ∎ C: IBVCX ∎ R: IIBRX ∎ Y: IBVYX ∎ Investor: IIBCX ∎ R5: IBVIX ∎ R6: IBVFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco International Core Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI EAFE Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	32.82	%
Class C Shares	31.85
Class R Shares	32.37
Class Y Shares	33.12
Investor Class Shares	32.77
Class R5 Shares	33.14
Class R6 Shares	33.05
MSCI EAFE Index^▼ (Broad Market/Style-Specific Index)	34.18
Lipper International Large-Cap Core Funds Index^∎ (Peer Group Index)	37.89

Source(s): ^��RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

and the potential default of a large Chinese property developer.

For the fiscal year ended October 31, 2021, Class A shares of the Invesco International Core Equity Fund returned 32.82%, underperforming the MSCI EAFE Index, the Fund’s broad market/style-specific benchmark which returned 34.18%.

The COVID-19 vaccine announcement which began during the fiscal year was strongly positive for stocks with exposure to the reopening of the economy, which the market immediately began to anticipate. It was also strongly positive for the performance of this Fund, given our overweight exposure to such businesses, and our performance surged ahead of the benchmark through to the spring of 2021.

In particular, our exposure to sectors such as industrials, financials, materials and energy were all strongly beneficial to performance as the market began to re-evaluate both the earnings prospects for these businesses in a more normalized economic environment and also a fair multiple to pay of those earnings - in line with the widespread outperformance of value equities. Also, one of the defining features of this Fund is the management team’s expertise in small-cap equities and so this strategy is consequentially overweight to them. As investor risk appetite returned, so did smaller companies seeing renewed attention and inflows, driving strong performance in this part of the portfolio as well.

In line with this, we saw several significant stock level contributions, some examples follow.

∎ Bankinter - a smaller Spanish financial services company. The stock has posted good financial results over the course of this fiscal year and should be well-positioned for a more normalized interest rate environment in the future.

∎ Hitachi - a Japanese industrial and technology company. It is well positioned to benefit from the trends toward digitization and decarbonization of the global economy.

∎ TotalEnergies - a French “supermajor” oil and gas company, one of the largest in the world. Like many other companies in the energy sector, it benefited from rising oil prices during the fiscal year.

However, as discussed above, the mood of the market changed from the spring through to the late summer of 2021; the emergence of the Delta variant as well as various bottlenecks caused by uneven reopenings of supply-chains in the face of strong demand, caused the market to turn back to growthier equities. While this Fund - as a core strategy - does not maintain a particular factor bias, this nonetheless was a headwind to our performance.

This headwind was in part a function of what we did not own - we have been underweight much of the most highly-valued (and to our minds, more speculative) technology stocks.

However, it was more a function of what we did own, and there were two parts to that. First, some of our exposure to structurally growing businesses and sectors were in European smaller companies, and they were subdued relative to their large-cap peers. Second, and most significantly, we have maintained a meaningful off-benchmark position in a handful of Chinese equities. We have done so given that we see opportunities to capture unique growth opportunities. But, per the introductory discussion, Chinese equities have endured a torrid run, facing pressure not only from a slowing economy, but also increased regulatory oversight and intervention, causing the market to substantially haircut valuations.

Indeed, this underperformance from China was the defining headwind to our fiscal year’s performance. It explains why at a sector level consumer discretionary and communication services were our worst performers. It was also fairly concentrated in just a handful of names. Alibaba Group Holding is a leading Chinese e-commerce company that we initially purchased during the pandemic-induced sell-off of early 2020, and maintain high conviction in. The stock has been impacted by the harsher regulatory regime in China, as outlined above. We added to this position during the fiscal year. Autohome is a leading online destination for car buyers in China. The stock has been impacted both by the global slowdown in automotive sales and the negative sentiment towards Chinese stocks noted above. We have added to our position in a contrarian manner during the fiscal year.


2		Invesco International Core Equity Fund

As our investment philosophy indicates, the majority of our portfolio risk(s) is intended to come from stock-specific risk, not country or sector risks. And it was pleasing to see that this was indeed the case during the course of this fiscal year, with our stock selection contributing positively towards total returns. The investment team believes - as part of the investment approach - that equity values know no boundary, and indeed, 2021 showed the team’s ability to identify opportunities in a wide range of sectors and countries. There was a strong contribution from both our larger holdings (such as European energy giants like TotalEnergies as mentioned above, but also BP; Hitachi in Japan; financials elsewhere in the Asia-Pacific such as ANZ Bank in Australia, and DBS in Singapore) and strong smaller stocks too (such as Canadian flight simulator/training business CAE, Dutch semiconductor equipment manufacturer BESI and Swedish resort owner SkiStar).

From mid-summer 2021 onward our performance was largely in line with a fairly flat market, one that was digesting a lot of concerns as above. At the close of the fiscal year, and relative to the broad market/style specific benchmark, the Fund maintained overweight positions in utilities, consumer discretionary and communication services. Conversely, the Fund’s most notable underweight position came from the consumer staples sector. From a geographic perspective, France and Japan were most notably underweight relative to the style-specific benchmark, while we were overweight in the Netherlands, Germany and Spain.

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 continue to focus on mitigating risk and providing investors with a high-conviction investment strategy focused on bottom-up company research.

Thank you for your investment in Invesco International Core Equity Fund.

Portfolio manager(s):

Erik Esselink - Lead

Andy Tidby

Douglas Turnbull

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 10/31/11

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

* 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.

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 Core Equity Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	4.77	%
10 Years	5.62
5 Years	7.69
1 Year	25.55

Class C Shares
Inception (2/14/00)	3.31	%
10 Years	5.59
5 Years	8.11
1 Year	30.85

Class R Shares
Inception (11/24/03)	5.32	%
10 Years	5.96
5 Years	8.64
1 Year	32.37

Class Y Shares
Inception (10/3/08)	5.27	%
10 Years	6.48
5 Years	9.19
1 Year	33.12

Investor Class Shares
Inception (10/28/98)	4.40	%
10 Years	6.22
5 Years	8.91
1 Year	32.77

Class R5 Shares
Inception (4/30/04)	5.64	%
10 Years	6.64
5 Years	9.19
1 Year	33.14

Class R6 Shares
10 Years	6.58	%
5 Years	9.19
1 Year	33.05

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

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

Class 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.


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, 2021, 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^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

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

Consumer Discretionary		19.36	%

Industrials		15.01

Financials		13.35

Health Care		12.99

Information Technology		8.52

Utilities		8.00

Energy		6.26

Communication Services		5.82

Consumer Staples		5.38

Materials		4.26

Money Market Funds Plus Other Assets Less Liabilities		1.05

Top 10 Equity Holdings*


		% of total net assets

1.	Roche Holding AG		4.04	%

2.	BP PLC		3.76

3.	Prosus N.V.		3.25

4.	Iberdrola S.A.		3.07

5.	AstraZeneca PLC		3.01

6.	Hitachi Ltd.		2.89

7.	Toyota Motor Corp.		2.88

8.	Veolia Environnement S.A.		2.87

9.	Deutsche Telekom AG		2.74

10.	TotalEnergies SE		2.50

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, 2021.


7		Invesco International Core Equity Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–98.95%
Australia–4.80%
Ansell Ltd.		51,101	$	1,218,477


Australia & New Zealand Banking Group Ltd.		54,423		1,147,380


Treasury Wine Estates Ltd.		131,622		1,143,035


				3,508,892



Austria–2.36%
ams AG^(a)		44,558		882,409


Wienerberger AG		23,786		842,451


				1,724,860



Brazil–0.87%
Yara International ASA		12,129		633,675



Canada–1.84%
CAE, Inc.^(a)		44,412		1,346,786



China–6.16%
Alibaba Group Holding Ltd., ADR^(a)		9,942		1,639,833


Autohome, Inc., ADR		12,439		489,475


Prosus N.V.		26,851		2,378,869


				4,508,177



Denmark–3.04%
NKT A/S^(a)		14,779		714,011


Vestas Wind Systems A/S		34,826		1,508,956


				2,222,967



France–5.37%
TotalEnergies SE		36,503		1,830,217


Veolia Environnement S.A.		64,237		2,097,468


				3,927,685



Germany–13.77%
AIXTRON SE		12,838		304,993


Daimler AG		15,491		1,535,443


Deutsche Telekom AG		107,868		2,005,612


HUGO BOSS AG		16,769		1,047,987


Infineon Technologies AG		38,526		1,800,745


Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		5,175		1,532,864


Nordex SE^(a)(b)		43,354		797,415


Siemens Energy AG^(a)		25,292		725,808


TeamViewer AG^(a)(c)		21,612		322,330


				10,073,197



Hong Kong–1.39%
AIA Group Ltd.		90,000		1,017,075



India–2.83%
Fairfax India Holdings Corp.^(a)(c)		75,269		978,497


Housing Development Finance Corp. Ltd.		28,735		1,094,416


				2,072,913



Italy–2.06%
Enel S.p.A.		180,362		1,510,795


	Shares		Value


Japan–16.88%
ASKUL Corp.		35,400	$	480,482


FANUC Corp.		4,400		864,677


Hitachi Ltd.		36,600		2,110,584


Hoya Corp.		10,000		1,471,068


KDDI Corp.		38,000		1,177,992


Koito Manufacturing Co. Ltd.		16,000		906,971


Shin-Etsu Chemical Co. Ltd.		6,400		1,141,062


SoftBank Group Corp.		10,700		580,687


Sony Group Corp.		13,100		1,514,133


Toyota Motor Corp.		119,500		2,102,756


				12,350,412



Netherlands–6.20%
AMG Advanced Metallurgical Group N.V.		16,890		500,193


BE Semiconductor Industries N.V.		9,874		905,626


Heineken Holding N.V.		11,180		1,037,799


Koninklijke Ahold Delhaize N.V.		33,286		1,083,437


Signify N.V.		20,758		1,006,799


				4,533,854



Singapore–1.71%
DBS Group Holdings Ltd.		53,760		1,252,742



Spain–5.75%
Bankinter S.A.		255,453		1,409,389


Iberdrola S.A.		189,856		2,246,471


Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(b)		274,871		551,601


				4,207,461



Sweden–2.69%
SkiStar AB^(a)		42,327		882,697


Volvo AB, Class B		46,529		1,085,034


				1,967,731



Switzerland–9.71%
ALSO Holding AG		5,125		1,519,702


Burckhardt Compression Holding AG		1,127		474,029


Meyer Burger Technology AG^(a)		1,045,901		499,996


Novartis AG, ADR		19,960		1,651,889


Roche Holding AG		7,626		2,954,411


				7,100,027



United Kingdom–10.12%
AstraZeneca PLC		17,663		2,203,883


BP PLC		572,615		2,748,171


National Express Group PLC^(a)		110,931		347,811


Prudential PLC		36,803		753,456


Reckitt Benckiser Group PLC		8,259		669,913


WH Smith PLC^(a)		31,603		677,257


				7,400,491



United States–1.40%
Jackson Financial, Inc., Class A^(a)		920		24,904


Stellantis N.V.		50,000		997,715


				1,022,619


Total Common Stocks & Other Equity Interests (Cost $61,930,416)				72,382,359

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


8		Invesco International Core Equity Fund


	Shares		Value


Money Market Funds–1.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		504,450	$	504,450


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		336,300		336,300


Total Money Market Funds (Cost $840,750)				840,750


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–100.10% (Cost $62,771,166)				73,223,109



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.92%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		421,800		421,800


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		983,806	$	984,200


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $1,406,000)				1,406,000


TOTAL INVESTMENTS IN SECURITIES–102.02% (Cost $64,177,166)				74,629,109


OTHER ASSETS LESS LIABILITIES–(2.02)%				(1,477,102	)


NET ASSETS–100.00%			$	73,152,007

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $1,300,827, which represented 1.78% of the Fund’s Net Assets.

^(d)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	11,837,511	$	(11,333,061	)		$-		$-	$	504,450	$	64
Invesco Treasury Portfolio, Institutional Class		-		7,891,674		(7,555,374	)		-		-		336,300		16
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		230,700		6,587,575		(6,396,475	)		-		-		421,800		48*
Invesco Private Prime Fund		345,000		11,246,948		(10,607,748	)		-		-		984,200		593*
Total	$	575,700	$	37,563,708	$	(35,892,658	)		$-		$-	$	2,246,750	$	721

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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


9		Invesco International Core Equity Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $61,930,416)*	$	72,382,359


Investments in affiliated money market funds, at value (Cost $2,246,750)		2,246,750


Cash		716


Foreign currencies, at value (Cost $72,066)		70,828


Receivable for:
Fund shares sold		9,865


Dividends		171,839


Investment for trustee deferred compensation and retirement plans		90,245


Other assets		39,181


Total assets		75,011,783



Liabilities:

Payable for:
Investments purchased		220,430


Fund shares reacquired		15,004


Accrued foreign taxes		38,871


Collateral upon return of securities loaned		1,406,000


Accrued fees to affiliates		12,624


Accrued other operating expenses		69,171


Trustee deferred compensation and retirement plans		97,676


Total liabilities		1,859,776


Net assets applicable to shares outstanding	$	73,152,007



Net assets consist of:

Shares of beneficial interest	$	60,591,783


Distributable earnings		12,560,224


	$	73,152,007


Net Assets:

Class A	$	31,957,997


Class C	$	1,946,653


Class R	$	1,871,742


Class Y	$	5,379,749


Investor Class	$	9,850,719


Class R5	$	5,392,964


Class R6	$	16,752,183



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		2,306,124


Class C		143,793


Class R		134,634


Class Y		380,400


Investor Class		697,791


Class R5		391,705


Class R6		1,217,478


Class A:
Net asset value per share	$	13.86


Maximum offering price per share (Net asset value of $13.86 ÷ 94.50%)	$	14.67


Class C:
Net asset value and offering price per share	$	13.54


Class R:
Net asset value and offering price per share	$	13.90


Class Y:
Net asset value and offering price per share	$	14.14


Investor Class:
Net asset value and offering price per share	$	14.12


Class R5:
Net asset value and offering price per share	$	13.77


Class R6:
Net asset value and offering price per share	$	13.76

*	At October 31, 2021, securities with an aggregate value of $1,279,685 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, 2021


Investment income:

Interest	$	764



Dividends (net of foreign withholding taxes of $178,839)		1,644,279



Dividends from affiliated money market funds (includes securities lending income of $4,370)		4,450


Foreign withholding tax claims		28,517


Total investment income		1,678,010



Expenses:

Advisory fees		542,388


Administrative services fees		10,747


Custodian fees		11,240


Distribution fees:
Class A		78,730


Class C		19,946


Class R		8,822


Investor Class		24,778


Transfer agent fees – A, C, R, Y and Investor		129,137


Transfer agent fees – R5		476


Transfer agent fees – R6		1,480


Trustees’ and officers’ fees and benefits		22,758


Registration and filing fees		88,223


Reports to shareholders		5,462


Professional services fees		43,537


Other		16,245


Total expenses		1,003,969


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(242,621	)


Net expenses		761,348


Net investment income		916,662



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,510)		11,195,118


Foreign currencies		10,595


Forward foreign currency contracts		(978	)


		11,204,735


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $38,871)		6,075,769


Foreign currencies		(6,403	)


		6,069,366


Net realized and unrealized gain		17,274,101


Net increase in net assets resulting from operations	$	18,190,763

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


11		Invesco International Core Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	916,662		$	721,364


Net realized gain (loss)		11,204,735			(5,663,264	)


Change in net unrealized appreciation		6,069,366			4,365,282


Net increase (decrease) in net assets resulting from operations		18,190,763			(576,618	)



Distributions to shareholders from distributable earnings:

Class A		(262,403	)		(595,374	)


Class C		(2,288	)		(35,022	)


Class R		(10,609	)		(23,237	)


Class Y		(59,408	)		(110,748	)


Investor Class		(83,908	)		(187,346	)


Class R5		(45,382	)		(80,744	)


Class R6		(171,257	)		(468,107	)


Total distributions from distributable earnings		(635,255	)		(1,500,578	)



Share transactions-net:

Class A		(158,263	)		(2,730,222	)


Class C		(428,513	)		(913,796	)


Class R		119,942			260,135


Class Y		(440,909	)		85,849


Investor Class		(479,304	)		(908,558	)


Class R5		1,025,262			78,941


Class R6		277,480			(5,523,012	)


Net increase (decrease) in net assets resulting from share transactions		(84,305	)		(9,650,663	)


Net increase (decrease) in net assets		17,471,203			(11,727,859	)



Net assets:

Beginning of year		55,680,804			67,408,663


End of year	$	73,152,007		$	55,680,804

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


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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/21		$10.53		$0.16		$3.28			$3.44			$(0.11	)		$ –			$(0.11	)		$13.86		32.82	%		$31,958		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			24,443		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			27,707		1.12			1.66			1.97			28
Year ended 10/31/18		12.43		0.19		(1.84	)		(1.65	)		(0.19	)		–			(0.19	)		10.59		(13.53	)		33,798		1.12			1.67			1.54			73
Year ended 10/31/17		10.48		0.15		1.97			2.12			(0.17	)		–			(0.17	)		12.43		20.54			40,865		1.15			1.70			1.38			61
Class C
Year ended 10/31/21		10.28		0.06		3.21			3.27			(0.01	)		–			(0.01	)		13.54		31.85			1,947		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			1,827		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			2,775		1.87			2.41			1.22			28
Year ended 10/31/18		12.10		0.09		(1.79	)		(1.70	)		(0.09	)		–			(0.09	)		10.31		(14.14	)		6,022		1.87			2.42			0.79			73
Year ended 10/31/17		10.20		0.07		1.92			1.99			(0.09	)		–			(0.09	)		12.10		19.64			8,476		1.90			2.45			0.63			61
Class R
Year ended 10/31/21		10.57		0.13		3.28			3.41			(0.08	)		–			(0.08	)		13.90		32.37			1,872		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			1,329		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			1,105		1.37			1.91			1.72			28
Year ended 10/31/18		12.44		0.16		(1.84	)		(1.68	)		(0.16	)		–			(0.16	)		10.60		(13.73	)		1,414		1.37			1.92			1.29			73
Year ended 10/31/17		10.49		0.12		1.97			2.09			(0.14	)		–			(0.14	)		12.44		20.21			2,201		1.40			1.95			1.13			61
Class Y
Year ended 10/31/21		10.74		0.20		3.34			3.54			(0.14	)		–			(0.14	)		14.14		33.12			5,380		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			4,407		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			4,465		0.87			1.41			2.22			28
Year ended 10/31/18		12.65		0.22		(1.87	)		(1.65	)		(0.22	)		–			(0.22	)		10.78		(13.33	)		5,738		0.87			1.42			1.79			73
Year ended 10/31/17		10.66		0.19		2.00			2.19			(0.20	)		–			(0.20	)		12.65		20.88			6,226		0.90			1.45			1.63			61
Investor Class
Year ended 10/31/21		10.73		0.17		3.33			3.50			(0.11	)		–			(0.11	)		14.12		32.77			9,851		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			7,848		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			8,886		1.12			1.66			1.97			28
Year ended 10/31/18		12.63		0.19		(1.87	)		(1.68	)		(0.19	)		–			(0.19	)		10.76		(13.55	)		9,037		1.12			1.67			1.54			73
Year ended 10/31/17		10.65		0.16		1.99			2.15			(0.17	)		–			(0.17	)		12.63		20.50			14,503		1.15			1.70			1.38			61
Class R5
Year ended 10/31/21		10.46		0.20		3.25			3.45			(0.14	)		–			(0.14	)		13.77		33.14			5,393		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			3,318		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			3,282		0.87			1.10			2.22			28
Year ended 10/31/18		12.36		0.22		(1.83	)		(1.61	)		(0.22	)		–			(0.22	)		10.53		(13.32	)		3,017		0.87			1.15			1.79			73
Year ended 10/31/17		10.44		0.18		1.95			2.13			(0.21	)		–			(0.21	)		12.36		20.82			3,474		0.90			1.15			1.63			61
Class R6
Year ended 10/31/21		10.46		0.20		3.24			3.44			(0.14	)		–			(0.14	)		13.76		33.05			16,752		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			12,508		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			19,188		0.87			1.10			2.22			28
Year ended 10/31/18		12.35		0.22		(1.82	)		(1.60	)		(0.22	)		–			(0.22	)		10.53		(13.25	)		11,560		0.87			1.15			1.79			73
Year ended 10/31/17		10.43		0.18		1.96			2.14			(0.22	)		–			(0.22	)		12.35		20.85			15,702		0.90			1.15			1.63			61

^(a)	Calculated using average shares outstanding.

^(b)

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

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


13		Invesco International Core Equity Fund

Notes to Financial Statements

October 31, 2021

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 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.


14		Invesco International Core Equity Fund

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

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

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 fiscal year ended October 31, 2021, the Fund did not enter into any closing agreements.


15		Invesco International Core Equity Fund

lending program. BNYM also continues to serve 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, 2021, there were no securities lending transactions with the Adviser.

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 ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least February 28, 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, 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 account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $111,252 and reimbursed class level expenses of $79,047, $5,006, $4,429, $15,777, $24,878, $476 and $1,480 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.


16		Invesco International Core Equity Fund

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $6,172 in front-end sales commissions from the sale of Class A shares and $0 and $89 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $793 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	3,508,892		$–	$	3,508,892


Austria		–		1,724,860		–		1,724,860


Brazil		–		633,675		–		633,675


Canada		1,346,786		–		–		1,346,786


China		2,129,308		2,378,869		–		4,508,177


Denmark		–		2,222,967		–		2,222,967


France		–		3,927,685		–		3,927,685


Germany		–		10,073,197		–		10,073,197


Hong Kong		–		1,017,075		–		1,017,075


India		978,497		1,094,416		–		2,072,913


Italy		–		1,510,795		–		1,510,795


Japan		–		12,350,412		–		12,350,412


Netherlands		–		4,533,854		–		4,533,854


Singapore		–		1,252,742		–		1,252,742


Spain		–		4,207,461		–		4,207,461


Sweden		–		1,967,731		–		1,967,731


Switzerland		1,651,889		5,448,138		–		7,100,027


United Kingdom		347,811		7,052,680		–		7,400,491


United States		24,904		997,715		–		1,022,619


17		Invesco International Core Equity Fund


	Level 1		Level 2		Level 3	Total


Money Market Funds	$	840,750	$	1,406,000	$–	$	2,246,750


Total Investments	$	7,319,945	$	67,309,164	$–	$	74,629,109

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, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(978)

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


		Forward Foreign Currency Contracts


Average notional value		$191,228

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020


Ordinary income*	$	635,255	$	1,500,578

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


18		Invesco International Core Equity Fund

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	2,314,802


Net unrealized appreciation – investments		10,315,962


Net unrealized appreciation (depreciation) – foreign currencies		(4,024	)


Temporary book/tax differences		(66,516	)


Shares of beneficial interest		60,591,783


Total net assets	$	73,152,007

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $60,524,767 and $61,206,378, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$12,579,352


Aggregate unrealized (depreciation) of investments	(2,263,390	)


Net unrealized appreciation of investments	$10,315,962

Cost of investments for tax purposes is $64,313,147.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and securities litigation, on October 31, 2021, undistributed net investment income was increased by $62,956 and undistributed net realized gain was decreased by $62,956. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		291,986		$	4,031,325			184,539		$	1,890,072


Class C		37,454			497,284			31,411			310,780


Class R		35,076			480,721			47,193			498,094


Class Y		245,351			3,426,704			160,486			1,685,967


Investor Class		25,155			347,218			24,356			260,480


Class R5		72,716			1,002,580			296			2,911


Class R6		9,533			131,407			682			7,326



Issued as reinvestment of dividends:
Class A		19,390			245,478			50,386			553,747


Class C		179			2,231			3,122			33,715


Class R		833			10,604			2,103			23,237


Class Y		4,367			56,287			9,061			101,302


Investor Class		6,234			80,414			16,321			182,631


Class R5		3,615			45,375			7,413			80,731


Class R6		13,657			171,257			42,985			468,107



Automatic conversion of Class C shares to Class A shares:
Class A		35,707			465,485			24,578			255,644


Class C		(36,380	)		(465,485	)		(25,107	)		(255,644	)


19		Invesco International Core Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(361,500	)	$	(4,900,551	)		(538,063	)	$	(5,429,685	)


Class C		(35,098	)		(462,543	)		(98,659	)		(1,002,647	)


Class R		(27,039	)		(371,383	)		(26,905	)		(261,196	)


Class Y		(279,503	)		(3,923,900	)		(170,187	)		(1,701,420	)


Investor Class		(65,111	)		(906,936	)		(127,867	)		(1,351,669	)


Class R5		(1,770	)		(22,693	)		(423	)		(4,701	)


Class R6		(1,870	)		(25,184	)		(659,879	)		(5,998,445	)


Net increase (decrease) in share activity		(7,018	)	$	(84,305	)		(1,042,158	)	$	(9,650,663	)

^(a)

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


20		Invesco International Core 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


21		Invesco International Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$997.10	$5.64	$1,019.56	$5.70	1.12%
Class C	1,000.00	993.40	9.40	1,015.78	9.50	1.87
Class R	1,000.00	995.70	6.89	1,018.30	6.97	1.37
Class Y	1,000.00	997.90	4.38	1,020.82	4.43	0.87
Investor Class	1,000.00	997.20	5.64	1,019.56	5.70	1.12
Class R5	1,000.00	998.50	4.38	1,020.82	4.43	0.87
Class R6	1,000.00	997.80	4.38	1,020.82	4.43	0.87

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


22		Invesco International Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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

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.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


23		Invesco International Core Equity Fund

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 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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


24		Invesco International Core Equity Fund

Tax Information

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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	82.29	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Foreign Taxes	$0.0215		per share
Foreign Source Income	$0.3466		per share
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco International Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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 Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco International Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco International Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg -1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


T-5		Invesco International Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco International Core Equity Fund

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco International Equity Fund

Nasdaq:

A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	19.05	%
Class C Shares	18.13
Class R Shares	18.77
Class Y Shares	19.48
Class R5 Shares	19.56
Class R6 Shares	19.58
MSCI All Country World ex USA Index^▼	29.66

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

The Fund underperformed the MSCI All Country World ex USA Index during the fiscal year. It outperformed most in the health care sector due to stock selection, and the utilities and real estate sectors due to underweight allocations to the sectors. The Fund underperformed the MSCI All Country World ex USA Index most in the consumer discretionary sector due to stock selection and overweight allocation. The Fund also underperformed in the materials and communication services sectors due to stock selection.

Top-performing holdings of the Fund during the fiscal year included Anglo American, SK Hynix and Sony.

Anglo American was the top contributor to the Fund during the fiscal year. The company is a leading mining conglomerate that has successfully restructured its balance sheet and focused resources on it’s most productive mines. In addition to platinum group metals (PGMs) and diamonds (DeBeers), it is developing the only new world class copper mine, located in Peru, at a time when copper demand will be boosted by electricity demand for transportation (EVs).

SK Hynix is a leading manufacturer of DRAM and NAND Flash semiconductors. After two decades of consolidation, the industry is dominated by a handful of players, one of which is Hynix. The pandemic has increased society’s dependence on electronics as the work from home model should remain in at least some form, and we continue to entertain ourselves at home.

Sony was also a top contributor to the Fund’s performance during the fiscal year. Sony has been part of the Fund since early 2014 as its restructuring and “new Sony” story continue to evolve favorably for shareholders.

What will catalyze value after a long phase of restructuring and cost cutting is the company’s renewed focus on profitability and growth.

Top detractors from Fund performance included Alibaba, Wynn Macau, and Tencent Music Entertainment Group.

Alibaba detracted from the Fund’s performance during the fiscal year. Alibaba’s core commerce business has been performing relatively well. However, the government’s “pressure campaign” on Alibaba, which began with the thwarted Ant Financial IPO a year ago, has continued under the guise of reduced monetization in e-commerce and of increased investments in food delivery and other programs which serve the common good.

Wynn Macau was a detractor from Fund performance during the fiscal year. The government’s zero tolerance policy regarding COVID-19 cases continues to slow Macau’s recovery. Additionally, the company faces uncertainty around revisions to the city’s gaming law upon casino license renewal in June 2022. We exited our position during the fiscal year.

Tencent Music Entertainment Group was another detractor from Fund performance during the fiscal year. Tencent Music operates as a music and entertainment platform in China. The company’s share price suffered and experienced volatility due to negative sentiment around Chinese equities in general. We exited our position during the fiscal year.

We thank you for your continued investment in Invesco International Equity Fund.

Portfolio manager(s):

James Ayer

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 10/31/11

LOGO

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.


3		Invesco International Equity Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (7/2/90)	6.43	%
10 Years	6.96
5 Years	7.62
1 Year	12.52
Class C Shares
Inception (9/1/93)	6.36	%
10 Years	6.92
5 Years	8.02
1 Year	17.13
Class R Shares
Inception (3/1/01)	4.23	%
10 Years	7.29
5 Years	8.57
1 Year	18.77
Class Y Shares
Inception (11/13/08)	9.47	%
10 Years	7.91
5 Years	9.22
1 Year	19.48
Class R5 Shares
10 Years	7.68	%
5 Years	9.08
1 Year	19.56
Class R6 Shares
Inception (3/28/13)	6.92	%
5 Years	9.31
1 Year	19.58

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.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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


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, 2021, 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^® 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.

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		20.93	%

Information Technology		16.13

Industrials		15.46

Financials		11.52

Consumer Staples		10.78

Materials		8.85

Health Care		5.96

Communication Services		4.49

Energy		3.63

Money Market Funds Plus Other Assets Less Liabilities		2.25

Top 10 Equity Holdings*


		% of total net assets

1.	Sony Group Corp.		3.29	%

2.	Societe Generale S.A.		2.78

3.	ING Groep N.V.		2.67

4.	Siemens AG		2.63

5.	Air Liquide S.A.		2.61

6.	Diageo PLC		2.52

7.	SAP SE		2.47

8.	Recruit Holdings Co. Ltd.		2.47

9.	adidas AG		2.19

10.	Hitachi Ltd.		2.19

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, 2021.


6		Invesco International Equity Fund

Schedule of Investments

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–97.75%
Canada–0.58%

Dollarama, Inc.		194,644	$ 8,797,984

China–3.17%

Alibaba Group Holding Ltd., ADR^(a)		49,212	8,117,027

Baidu, Inc., ADR^(a)		65,594	10,641,971

NXP Semiconductors N.V.		18,291	3,673,930

Tencent Holdings Ltd.		286,500	17,787,710

Yum China Holdings, Inc.		134,089	7,653,800

			47,874,438

Denmark–3.89%

Carlsberg A/S, Class B		167,360	27,660,282

Novo Nordisk A/S, Class B		282,322	31,053,366

			58,713,648

France–9.64%

Air Liquide S.A.		235,446	39,355,844

Airbus SE^(a)		208,125	26,682,970

Edenred		326,541	17,696,433

Kering S.A.		15,645	11,737,880

Societe Generale S.A.		1,256,436	41,983,628

Worldline S.A.^(a)(b)		137,458	8,021,713

			145,478,468

Germany–11.71%

adidas AG		101,069	33,099,734

Continental AG^(a)		128,871	15,127,074

Infineon Technologies AG		309,084	14,446,902

SAP SE		257,512	37,295,181

Siemens AG		244,840	39,689,182

Siemens Healthineers AG^(b)		207,649	13,804,770

Volkswagen AG, Preference Shares		104,118	23,332,008

			176,794,851

Ireland–1.31%

Flutter Entertainment PLC^(a)		104,435	19,754,678

Japan–24.71%

Asahi Group Holdings Ltd.		591,200	26,804,938

Bandai Namco Holdings, Inc.		121,200	9,260,034

Hitachi Ltd.		572,600	33,019,683

Inpex Corp.		2,898,800	23,891,431

Konami Holdings Corp.		194,300	10,698,668

Marubeni Corp.		2,427,200	20,543,861

Mitsubishi Electric Corp.		1,592,700	21,369,047

Oracle Corp.		135,900	12,844,488

ORIX Corp.		1,329,700	26,104,754

Pan Pacific International Holdings Corp.		457,900	9,601,110

Recruit Holdings Co. Ltd.		558,600	37,230,250

Renesas Electronics Corp.^(a)		1,661,400	20,517,247

SCREEN Holdings Co. Ltd.		143,200	13,351,844

Sekisui House Ltd.		1,249,600	25,956,459

Shiseido Co. Ltd.		125,200	8,339,841

Sony Group Corp.		430,200	49,723,659

TDK Corp.		299,400	10,880,960


	Shares		Value
Japan–(continued)

Z Holdings Corp.		2,072,200	$ 12,867,720

			373,005,994

Macau–0.52%

Galaxy Entertainment Group Ltd.^(a)		1,464,000	7,910,394

Mexico–1.01%

Fomento Economico Mexicano, S.A.B. de C.V., ADR		186,316	15,313,312

Netherlands–3.72%

Akzo Nobel N.V.		137,720	15,853,607

ING Groep N.V.		2,652,559	40,265,332

			56,118,939

New Zealand–1.05%

Spark New Zealand Ltd.		4,843,510	15,851,344

Singapore–0.87%

Oversea-Chinese Banking Corp. Ltd.		1,494,800	13,117,353

South Africa–2.11%

Anglo American PLC		839,674	31,806,629

South Korea–4.92%

Kangwon Land, Inc.^(a)		729,602	17,427,946

Korea Zinc Co. Ltd.		26,289	12,101,668

LG Chem Ltd.		27,382	19,620,820

Samsung Electro-Mechanics Co. Ltd.		111,554	15,236,742

Samsung Electronics Co. Ltd.		164,213	9,838,329

			74,225,505

Spain–1.94%

Amadeus IT Group S.A.^(a)		251,068	16,824,721

Industria de Diseno Textil S.A.		343,317	12,413,284

			29,238,005

Sweden–1.92%

SKF AB, Class B		478,067	11,055,073

Swedish Match AB		2,038,401	17,962,059

			29,017,132

Switzerland–7.30%

Alcon, Inc.		149,730	12,481,493

Cie Financiere Richemont S.A.		243,012	30,131,331

Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(a)		138,702	99,982

SGS S.A.		7,599	22,448,819

STMicroelectronics N.V., New York Shares		368,176	17,539,905

UBS Group AG		1,502,756	27,412,153

			110,113,683

Taiwan–1.00%

Hon Hai Precision Industry Co. Ltd.		1,534,000	5,935,883

MediaTek, Inc.		277,000	9,157,520

			15,093,403

United Kingdom–11.24%

Coca-Cola Europacific Partners PLC		252,597	13,299,232

Diageo PLC		762,858	37,977,401

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


7		Invesco International Equity Fund


	Shares		Value


United Kingdom–(continued)
Entain PLC^(a)		921,554	$	25,856,231


London Stock Exchange Group PLC		87,298		8,486,582


Prudential PLC		803,220		16,444,071


Rentokil Initial PLC		2,636,821		21,261,759


Royal Dutch Shell PLC, Class B, ADR		674,168		30,903,861


Unilever PLC		288,369		15,432,547


				169,661,684



United States–5.14%
James Hardie Industries PLC, CDI		380,350		14,856,853


Medtronic PLC		272,066		32,609,831


QUALCOMM, Inc.		226,858		30,181,188


				77,647,872


Total Common Stocks & Other Equity Interests (Cost $1,187,394,097)				1,475,535,316


	Shares		Value


Money Market Funds–2.35%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		12,601,716	$	12,601,716


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		8,483,864		8,486,409


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		14,401,962		14,401,962


Total Money Market Funds (Cost $35,490,436)				35,490,087


TOTAL INVESTMENTS IN SECURITIES–100.10% (Cost $1,222,884,533)				1,511,025,403


OTHER ASSETS LESS LIABILITIES–(0.10)%				(1,537,534	)


NET ASSETS–100.00%			$	1,509,487,869

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Wts. – Warrants

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $21,826,483, which represented 1.45% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	25,030,837		$	311,372,442		$	(323,801,563	)		$	-		$	-		$	12,601,716		$	5,021
Invesco Liquid Assets Portfolio, Institutional Class			17,877,708			221,128,883			(230,518,073	)			725			(2,834)			8,486,409			2,393
Invesco Treasury Portfolio, Institutional Class			28,606,671			355,854,219			(370,058,928	)			-			-			14,401,962			2,243
Total		$	71,515,216		$	888,355,544		$	(924,378,564	)		$	725		$	(2,834)		$	35,490,087		$	9,657

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized
Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

01/24/2022

Citibank, N.A.

JPY

13,800,000,000

USD

120,946,846

$(260,314

)

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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


8		Invesco International Equity Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $1,187,394,097)	$	1,475,535,316


Investments in affiliated money market funds, at value (Cost $35,490,436)		35,490,087


Cash		2,500,000


Foreign currencies, at value (Cost $3,520,220)		3,518,021


Receivable for:
Investments sold		8,775,342


Fund shares sold		117,494


Dividends		5,937,557


Investment for trustee deferred compensation and retirement plans		86,354


Other assets		53,848


Total assets		1,532,014,019



Liabilities:

Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		260,314



Payable for:
Investments purchased		21,420,323


Fund shares reacquired		199,262


Accrued fees to affiliates		230,224


Accrued trustees’ and officers’ fees and benefits		4,353


Accrued other operating expenses		267,009


Trustee deferred compensation and retirement plans		144,665


Total liabilities		22,526,150


Net assets applicable to shares outstanding	$	1,509,487,869



Net assets consist of:

Shares of beneficial interest	$	1,180,245,372


Distributable earnings		329,242,497


	$	1,509,487,869


Net Assets:

Class A	$	185,392,721


Class C	$	12,844,038


Class R	$	25,741,768


Class Y	$	111,226,111


Class R5	$	10,185,551


Class R6	$	1,164,097,680



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		7,159,732


Class C		561,547


Class R		1,009,405


Class Y		4,246,341


Class R5		392,093


Class R6		45,058,995


Class A:
Net asset value per share	$	25.89


Maximum offering price per share (Net asset value of $25.89 ÷ 94.50%)	$	27.40


Class C:
Net asset value and offering price per share	$	22.87


Class R:
Net asset value and offering price per share	$	25.50


Class Y:
Net asset value and offering price per share	$	26.19


Class R5:
Net asset value and offering price per share	$	25.98


Class R6:
Net asset value and offering price per share	$	25.83

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


9		Invesco International Equity Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $3,038,069)	$	30,530,773


Dividends from affiliated money market funds		9,657


Total investment income		30,540,430



Expenses:

Advisory fees		11,529,600


Administrative services fees		216,610


Custodian fees		153,507


Distribution fees:
Class A		484,162


Class C		147,882


Class R		126,399


Transfer agent fees – A, C, R and Y		622,720


Transfer agent fees – R5		224


Transfer agent fees – R6		93,546


Trustees’ and officers’ fees and benefits		25,628


Registration and filing fees		112,090


Reports to shareholders		63,000


Professional services fees		83,305


Other		48,296


Total expenses		13,706,969


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(218,192	)


Net expenses		13,488,777


Net investment income		17,051,653



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		243,580,087


Affiliated investment securities		(2,834	)


Foreign currencies		(367,336	)


		243,209,917


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,228,513	)


Affiliated investment securities		725


Foreign currencies		(99,189	)


Forward foreign currency contracts		(260,314	)


		(4,587,291	)


Net realized and unrealized gain		238,622,626


Net increase in net assets resulting from operations	$	255,674,279

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


10		Invesco International Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	17,051,653		$	11,969,422


Net realized gain		243,209,917			35,333,021


Change in net unrealized appreciation (depreciation)		(4,587,291	)		51,177,632


Net increase in net assets resulting from operations		255,674,279			98,480,075



Distributions to shareholders from distributable earnings:

Class A		(892,282	)		(2,775,282	)


Class C		–			(169,926	)


Class R		(65,532	)		(265,548	)


Class Y		(717,019	)		(1,354,131	)


Class R5		(112	)		(208	)


Class R6		(10,102,777	)		(29,039,080	)


Total distributions from distributable earnings		(11,777,722	)		(33,604,175	)



Share transactions–net:

Class A		(14,241,327	)		(20,472,900	)


Class C		(5,033,298	)		(5,550,925	)


Class R		1,362,415			(316,461	)


Class Y		21,442,470			(1,192,937	)


Class R5		10,058,902			–


Class R6		(80,029,217	)		(518,104,676	)


Net increase (decrease) in net assets resulting from share transactions		(66,440,055	)		(545,637,899	)


Net increase (decrease) in net assets		177,456,502			(480,761,999	)



Net assets:

Beginning of year		1,332,031,367			1,812,793,366


End of year	$	1,509,487,869		$	1,332,031,367

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


11		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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$21.86		$0.20			$3.95			$4.15			$(0.12	)		$25.89		19.01	%		$ 185,393		1.23	%		1.24	%		0.76	%		98	%
Year ended 10/31/20		20.82		0.08			1.28			1.36			(0.32	)		21.86		6.57			168,596		1.23			1.28			0.39			69
Eleven months ended 10/31/19		19.44		0.31			1.29			1.60			(0.22	)		20.82		8.38			181,695		1.22	^(e)		1.24	^(e)		1.69	^(e)		54
Year ended 11/30/18		22.23		0.27			(3.06	)		(2.79	)		(0.00	)		19.44		(12.55	)		189,130		1.23			1.24			1.23			85
Year ended 11/30/17		17.40		0.18			5.00			5.18			(0.35	)		22.23		30.33			222,358		1.27			1.28			0.92			83
Year ended 11/30/16		17.56		0.25			(0.31	)		(0.06	)		(0.10	)		17.40		(0.31	)		166,493		1.31			1.32			1.43			79
Class C
Year ended 10/31/21		19.36		0.00			3.51			3.51			-			22.87		18.13			12,844		1.98			1.99			0.01			98
Year ended 10/31/20		18.45		(0.07	)		1.14			1.07			(0.16	)		19.36		5.81			15,113		1.98			2.03			(0.36	)		69
Eleven months ended 10/31/19		17.23		0.15			1.15			1.30			(0.08	)		18.45		7.59			20,057		1.98	^(e)		1.99	^(e)		0.93	^(e)		54
Year ended 11/30/18		19.84		0.09			(2.70	)		(2.61	)		-			17.23		(13.20	)		34,738		1.98			1.99			0.48			85
Year ended 11/30/17		15.56		0.03			4.47			4.50			(0.22	)		19.84		29.42			40,178		2.03			2.04			0.19			83
Year ended 11/30/16		15.73		0.10			(0.27	)		(0.17	)		-			15.56		(1.08	)		30,895		2.07			2.08			0.66			79
Class R
Year ended 10/31/21		21.53		0.13			3.91			4.04			(0.07	)		25.50		18.77			25,742		1.48			1.49			0.51			98
Year ended 10/31/20		20.52		0.03			1.25			1.28			(0.27	)		21.53		6.27			20,619		1.48			1.53			0.14			69
Eleven months ended 10/31/19		19.18		0.26			1.27			1.53			(0.19	)		20.52		8.10			20,044		1.47	^(e)		1.49	^(e)		1.44	^(e)		54
Year ended 11/30/18		21.98		0.21			(3.01	)		(2.80	)		-			19.18		(12.74	)		17,112		1.48			1.49			0.98			85
Year ended 11/30/17		17.21		0.13			4.94			5.07			(0.30	)		21.98		29.99			13,223		1.52			1.53			0.65			83
Year ended 11/30/16		17.37		0.20			(0.30	)		(0.10	)		(0.06	)		17.21		(0.55	)		8,410		1.56			1.57			1.18			79
Class Y
Year ended 10/31/21		22.10		0.30			3.99			4.29			(0.20	)		26.19		19.48			111,226		0.85			0.99			1.14			98
Year ended 10/31/20		21.04		0.16			1.29			1.45			(0.39	)		22.10		6.94			75,777		0.85			1.03			0.77			69
Eleven months ended 10/31/19		19.67		0.38			1.30			1.68			(0.31	)		21.04		8.73			74,540		0.84	^(e)		0.99	^(e)		2.06	^(e)		54
Year ended 11/30/18		22.46		0.35			(3.07	)		(2.72	)		(0.07	)		19.67		(12.16	)		138,750		0.85			1.00			1.63			85
Year ended 11/30/17		17.59		0.21			5.06			5.27			(0.40	)		22.46		30.63			57,166		1.02			1.03			1.01			83
Year ended 11/30/16		17.75		0.27			(0.28	)		(0.01	)		(0.15	)		17.59		(0.03	)		15,965		1.06			1.07			1.54			79
Class R5
Year ended 10/31/21		21.92		0.31			3.97			4.28			(0.22	)		25.98		19.56			10,186		0.81			0.81			1.18			98
Year ended 10/31/20		20.86		0.17			1.29			1.46			(0.40	)		21.92		7.04			11		0.79			0.79			0.83			69
Period ended 10/31/19^(f)		19.31		0.18			1.37			1.55			-			20.86		8.03			11		0.82	^(e)		0.82	^(e)		2.09	^(e)		54
Class R6
Year ended 10/31/21		21.80		0.31			3.94			4.25			(0.22	)		25.83		19.54			1,164,098		0.80			0.81			1.19			98
Year ended 10/31/20		20.75		0.17			1.28			1.45			(0.40	)		21.80		7.04			1,051,915		0.79			0.79			0.83			69
Eleven months ended 10/31/19		19.40		0.38			1.29			1.67			(0.32	)		20.75		8.77			1,516,446		0.79	^(e)		0.80	^(e)		2.11	^(e)		54
Year ended 11/30/18		22.17		0.35			(3.03	)		(2.68	)		(0.09	)		19.40		(12.20	)		1,566,488		0.81			0.82			1.65			85
Year ended 11/30/17		17.36		0.23			5.01			5.24			(0.43	)		22.17		30.96			1,505,578		0.83			0.83			1.17			83
Year ended 11/30/16		17.53		0.32			(0.30	)		0.02			(0.19	)		17.36		0.11			689,409		0.86			0.87			1.85			79

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.00% and 0.01% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

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

^(e)	Annualized.

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

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


12		Invesco International Equity Fund

Notes to Financial Statements

October 31, 2021

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 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.


13		Invesco International Equity Fund

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

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

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.


14		Invesco International Equity Fund

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has 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”). Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 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 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, 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 June 30, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $22,701 and reimbursed class level expenses of $4,694, $485, $452, $133,690, $0 and $55,206 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $18,882 in front-end sales commissions from the sale of Class A shares and $0 and $212 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $82,603 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.


15		Invesco International Equity Fund

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2			Level 3		Total


Investments in Securities


Canada	$	8,797,984	$	–			$–	$	8,797,984


China		30,086,728		17,787,710			–		47,874,438


Denmark		–		58,713,648			–		58,713,648


France		–		145,478,468			–		145,478,468


Germany		–		176,794,851			–		176,794,851


Ireland		–		19,754,678			–		19,754,678


Japan		–		373,005,994			–		373,005,994


Macau		–		7,910,394			–		7,910,394


Mexico		15,313,312		–			–		15,313,312


Netherlands		–		56,118,939			–		56,118,939


New Zealand		–		15,851,344			–		15,851,344


Singapore		–		13,117,353			–		13,117,353


South Africa		–		31,806,629			–		31,806,629


South Korea		–		74,225,505			–		74,225,505


Spain		–		29,238,005			–		29,238,005


Sweden		–		29,017,132			–		29,017,132


Switzerland		30,121,380		79,992,303			–		110,113,683


Taiwan		–		15,093,403			–		15,093,403


United Kingdom		52,689,675		116,972,009			–		169,661,684


United States		62,791,019		14,856,853			–		77,647,872


Money Market Funds		35,490,087		–			–		35,490,087


Total Investments in Securities		235,290,185		1,275,735,218			–		1,511,025,403



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(260,314	)		–		(260,314	)


Total Investments	$	235,290,185	$	1,275,474,904			$–	$	1,510,765,089

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(260,314	)


Derivatives not subject to master netting agreements		-


Total Derivative Liabilities subject to master netting agreements	$	(260,314	)


16		Invesco International Equity Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021.


	Financial
	Derivative		Collateral
	Liabilities		(Received)/Pledged
	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Derivatives	Non-Cash	Cash	Amount


Citibank, N.A.	$(260,314)	$(260,314)	$–	$–	$(260,314)
Total	$(260,314)	$(260,314)	$–	$–	$(260,314)

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		$(260,314)

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$121,207,160

NOTE 5–Expense Offset Arrangement(s)

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020


Ordinary income*	$	11,777,722	$	33,604,175

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


17		Invesco International Equity Fund


Tax Components of Net Assets at Period-End:
	2021


Undistributed ordinary income	$	20,750,412


Undistributed long-term capital gain		30,155,582


Net unrealized appreciation – investments		278,474,743


Net unrealized appreciation – foreign currencies		6,925


Temporary book/tax differences		(145,165	)


Shares of beneficial interest		1,180,245,372


Total net assets	$	1,509,487,869

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.

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $1,429,057,984 and $1,419,154,076, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$294,310,332


Aggregate unrealized (depreciation) of investments	(15,835,589	)


Net unrealized appreciation of investments	$278,474,743

Cost of investments for tax purposes is $1,232,290,346.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currencies, on October 31, 2021, undistributed net investment income was decreased by $367,335 and undistributed net realized gain was increased by $367,335. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		775,946		$	20,342,361			692,436		$	14,038,067


Class C		91,106			2,103,332			114,026			2,087,210


Class R		244,941			6,333,593			244,930			5,060,552


Class Y		1,924,333			50,845,416			1,419,957			30,169,133


Class R5		402,310			10,338,201			-			-


Class R6		3,097,786			81,918,835			2,256,324			44,129,576



Issued as reinvestment of dividends:
Class A		32,590			803,344			116,635			2,519,320


Class C		-			-			8,411			161,900


Class R		2,691			65,480			12,437			265,283


Class Y		26,706			663,640			55,002			1,196,848


Class R6		412,337			10,102,244			1,352,711			29,029,171



Automatic conversion of Class C shares to Class A shares:
Class A		138,995			3,564,235			81,171			1,691,345


Class C		(156,521	)		(3,564,235	)		(91,367	)		(1,691,345	)


18		Invesco International Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,501,795	)	$	(38,951,267	)		(1,903,130	)	$	(38,721,632	)


Class C		(153,786	)		(3,572,395	)		(337,212	)		(6,108,690	)


Class R		(195,720	)		(5,036,658	)		(276,642	)		(5,642,296	)


Class Y		(1,133,785	)		(30,066,586	)		(1,589,474	)		(32,558,918	)


Class R5		(10,735	)		(279,299	)		-			-


Class R6		(6,704,085	)		(172,050,296	)		(28,424,686	)		(591,263,423	)


Net increase (decrease) in share activity		(2,706,686	)	$	(66,440,055	)		(26,268,471	)	$	(545,637,899	)

^(a)	74% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


19		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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021 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 statement of changes in net assets and 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

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, 2021 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, 2021


20		Invesco International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period^2,3	Ending Account Value (10/31/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio
Class A	$1,000.00	$973.30	$6.12	$1,019.00	$6.26	1.23%
Class C	1,000.00	969.10	9.83	1,015.22	10.06	1.98
Class R	1,000.00	971.80	7.36	1,017.74	7.53	1.48
Class Y	1,000.00	974.70	4.23	1,020.92	4.33	0.85
Class R5	1,000.00	975.20	4.03	1,021.12	4.13	0.81
Class R6	1,000.00	975.50	3.98	1,021.17	4.08	0.80

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. Effective 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 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.21%, 1.96%, 1.46%, 0.96%, 0.81% and 0.81% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.02, $9.73, $7.26, $4.78, $4.05 and $4.05 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.16, $9.96, $7.43, $4.89, $4.15 and $4.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


21		Invesco International Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Oppenheimer International Equity 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 and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 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 third quintile of its performance universe for the one and five year periods and the fourth 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 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 noted that the Fund’s underweight exposure to and stock selection in certain sectors and geographic regions 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


22		Invesco International Equity Fund

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 the Fund’s total expense ratio was in the fourth quintile of its expense group. The Board discussed with management reasons for such relative total expenses.

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

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

providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. 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

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.


23		Invesco International Equity Fund

Tax Information

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, 2021:


Federal and State Income Tax
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		13.08	%
U.S. Treasury Obligations*		0.01	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0521		per share
Foreign Source Income		$0.5640		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco International Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None

¹	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 Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco International Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco International Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco International Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey – 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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 77002-5678

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


T-6		Invesco International Equity Fund

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

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Annual Report to Shareholders		October 31, 2021

Invesco International Growth Fund

Nasdaq:

A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco International Growth Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco International Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	21.99	%
Class C Shares	21.09
Class R Shares	21.66
Class Y Shares	22.30
Class R5 Shares	22.35
Class R6 Shares	22.48
MSCI All Country World ex USA Index^▼ (Broad Market Index)	29.66
Custom Invesco International Growth Index^∎ (Style-Specific Index)	22.73
Lipper International Large-Cap Growth Funds Index^¨ (Peer Group Index)	29.44

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

and the potential default of a large Chinese property developer.

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.

Fund holdings in the consumer staples sector outperformed those of the Fund’s style-specific benchmark, the Custom Invesco International Growth Index and was the largest contributor to relative performance. Within the sector, Walmart de Mexico and Switzerland-based Philip Morris International contributed to both absolute and relative results during the fiscal year. Walmart de Mexico performed well during the period driven by robust e-commerce growth. Security selection and an underweight in the communication services sector added to relative results. Within communication services, UK-based advertising company WPP and South Korea’s leading online search engine NAVER were notable relative contributors. Stock selection in health care also contributed to the Fund’s relative performance. Ireland-based clinical research organization ICON and Denmark-based pharmaceutical company Novo Nordisk had a positive impact on relative results within the health care sector. On a geographic basis, the Fund’s holdings in Japan and Ireland outperformed those of the style-specific benchmark index, contributing to relative return. An underweight in Japan and exposure in the US (a non-benchmark country) added to relative results as well.

In contrast, security selection in the consumer discretionary and financials sectors

were among the largest detractors from the Fund’s relative performance versus the style-specific index. Within the consumer discretionary sector, weakness was seen in China-based private educational services company New Oriental Education & Technology and Macau-based hotel and casino operator Galaxy Entertainment. During the fiscal year, we exited the Fund’s small position in New Oriental Education & Technology prior to new government regulations requiring private tutoring institutions to register as non-profit institutions and discontinue weekend and holiday classes. In the financials sector, Brazil’s stock exchange operator B3 was a notable relative detractor. Lack of exposure to the energy sector, the fiscal year’s strongest performing sector, hampered the Fund’s relative return as well. Geographically, the Fund’s holdings in Germany, the Netherlands and France underperformed those of the style-specific index and were among the largest detractors from relative performance. An underweight in France also had a negative impact on relative return.

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 France-based materials company Arkema, a global leader in specialty materials serving demand for sustainable and innovative materials, China Feihe, the market leader in infant milk formula in China and France-based luxury goods company Kering. We sold several holdings during the fiscal year, including freight railway company Canadian National Railway, Switzerland-based eye care products medical company Alcon, and Japan-based chemicals and cosmetics company Kao.

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.

We thank you for your continued investment in Invesco International Growth Fund.

Portfolio manager(s):

Brent Bates

Matthew Dennis

Mark Jason

Richard Nield

Clas Olsson


2		Invesco International Growth Fund

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


3		Invesco International Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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1 Source: Lipper Inc.

2 Source: Invesco, RIMES Technologies Corp.

3 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.


4		Invesco International Growth Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/7/92)	7.37	%
10 Years	6.63
5 Years	8.18
1 Year	15.30

Class C Shares
Inception (8/4/97)	5.42	%
10 Years	6.59
5 Years	8.59
1 Year	20.09

Class R Shares
Inception (6/3/02)	7.04	%
10 Years	6.97
5 Years	9.14
1 Year	21.66

Class Y Shares
Inception (10/3/08)	7.47	%
10 Years	7.50
5 Years	9.68
1 Year	22.30

Class R5 Shares
Inception (3/15/02)	7.74	%
10 Years	7.60
5 Years	9.77
1 Year	22.35

Class R6 Shares
10 Years	7.65	%
5 Years	9.87
1 Year	22.48

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

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


5		Invesco International Growth Fund

Supplemental Information

Invesco International Growth Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, 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^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Custom Invesco International Growth Index is composed of the MSCI EAFE^® Growth Index through February 28, 2013, and the MSCI All Country World ex-U.S. Growth Index thereafter. The MSCI EAFE^® Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East. The MSCI All Country World ex-U.S. Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets, excluding the US. Both MSCI indexes are computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper International Large-Cap Growth Funds Index is an unmanaged index considered representative of international large-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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco International Growth Fund

Fund Information

Portfolio Composition


By sector			% of total net assets

Consumer Discretionary				16.67	%

Industrials				15.60

Consumer Staples				14.96

Financials				14.53

Information Technology				13.66

Health Care				10.54

Materials				6.99

Communication Services				5.50

Money Market Funds Plus Other Assets Less Liabilities				1.55

Top 10 Equity Holdings*

		% of total net assets

1.	Sony Group Corp.			3.13	%

2.	Broadcom, Inc.			3.09

3.	CGI, Inc., Class A			3.08

4.	Sandvik AB			2.73

5.	Philip Morris International, Inc.			2.70

6.	Investor AB, Class B			2.62

7.	FinecoBank Banca Fineco S.p.A.			2.58

8.	Olympus Corp.			2.56

9.	Schneider Electric SE			2.51

10.	Taiwan Semiconductor Manufacturing Co. Ltd.			2.43

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, 2021.


7		Invesco International Growth Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–98.45%
Australia–0.67%
CSL Ltd.		99,537	$	22,569,231



Brazil–1.26%
B3 S.A. - Brasil, Bolsa, Balcao		19,875,106		41,942,045



Canada–6.69%
Bank of Nova Scotia (The)		506,974		33,238,421


CGI, Inc., Class A^(a)		1,151,141		102,836,255


Magna International, Inc.		538,014		43,763,631


Ritchie Bros. Auctioneers, Inc.		634,940		43,398,170


				223,236,477



China–9.63%
Alibaba Group Holding Ltd., ADR^(a)		138,450		22,835,943


China Feihe Ltd.^(b)		13,563,000		22,670,002


China Mengniu Dairy Co. Ltd.^(a)		9,859,000		62,914,165


China Resources Beer Holdings Co. Ltd.		1,876,000		15,582,812


JD.com, Inc., ADR^(a)		509,925		39,916,929


Prosus N.V.		250,839		22,223,128


Tencent Holdings Ltd.		793,000		49,234,394


Wuliangye Yibin Co. Ltd., A Shares		529,076		17,973,305


Yum China Holdings, Inc.		1,189,641		67,904,709


				321,255,387



Denmark–3.05%
Carlsberg A/S, Class B		216,083		35,712,934


Novo Nordisk A/S, Class B		601,507		66,161,394


				101,874,328



France–9.17%
Arkema S.A.		359,236		49,170,387


Kering S.A.		46,471		34,865,518


LVMH Moet Hennessy Louis Vuitton SE		49,743		38,997,196


Pernod Ricard S.A.		147,048		33,860,242


Sanofi		396,014		39,641,122


Schneider Electric SE		483,604		83,650,109


Ubisoft Entertainment S.A.^(a)		494,911		25,893,415


				306,077,989



Germany–1.63%
Deutsche Boerse AG		196,969		32,701,155


Knorr-Bremse AG		205,606		21,667,140


				54,368,295



Hong Kong–2.18%
AIA Group Ltd.		6,434,400		72,714,108



India–2.43%
HDFC Bank Ltd., ADR		1,126,344		80,995,397



Ireland–4.96%
CRH PLC		1,160,073		55,554,422


Flutter Entertainment PLC^(a)		326,239		61,710,598


ICON PLC^(a)		168,365		48,282,031


				165,547,051



Italy–2.58%
FinecoBank Banca Fineco S.p.A.^(a)		4,504,377		86,119,188


	Shares		Value


Japan–14.53%
Asahi Group Holdings Ltd.		990,000	$	44,886,484


FANUC Corp.		98,612		19,378,982


Hoya Corp.		311,500		45,823,760


Keyence Corp.		37,900		22,854,080


Koito Manufacturing Co. Ltd.		768,500		43,562,940


Komatsu Ltd.		1,224,400		31,983,220


Nidec Corp.		205,000		22,672,866


Olympus Corp.		3,951,200		85,502,807


SMC Corp.		50,900		30,442,395


Sony Group Corp.		902,200		104,278,674


TIS, Inc.^(c)		1,226,600		33,416,438


				484,802,646



Macau–0.92%
Galaxy Entertainment Group Ltd.^(a)		5,661,090		30,588,422



Mexico–1.54%
Wal-Mart de Mexico S.A.B. de C.V., Series V		14,705,948		51,293,672



Netherlands–5.00%
ASML Holding N.V.		60,714		49,463,139


Heineken N.V.		442,514		49,090,904


Wolters Kluwer N.V.		651,125		68,258,059


				166,812,102



Singapore–1.49%
United Overseas Bank Ltd.		2,499,866		49,654,839



South Korea–3.53%
NAVER Corp.		167,508		58,631,967


Samsung Electronics Co. Ltd.		987,746		59,177,838


				117,809,805



Sweden–5.34%
Investor AB, Class B		3,788,410		87,472,234


Sandvik AB		3,581,766		90,933,182


				178,405,416



Switzerland–4.62%
Kuehne + Nagel International AG, Class R		99,372		31,351,229


Logitech International S.A., Class R		45,756		3,817,321


Nestle S.A.		568,634		75,111,053


Roche Holding AG		113,453		43,953,157


				154,232,760



Taiwan–2.43%
Taiwan Semiconductor Manufacturing Co. Ltd.		3,830,887		81,071,700



United Kingdom–5.93%
Ashtead Group PLC		545,844		45,850,644


DCC PLC		369,092		30,890,224


Linde PLC		223,450		71,325,240


WPP PLC		3,439,186		49,825,968


				197,892,076



United States–8.87%
Amcor PLC, CDI		4,742,091		57,217,825

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


8		Invesco International Growth Fund


	Shares		Value


United States–(continued)
Booking Holdings, Inc.^(a)		18,927	$	45,818,103


Broadcom, Inc.		193,881		103,080,711


Philip Morris International, Inc.		952,376		90,037,627


				296,154,266


Total Common Stocks & Other Equity Interests (Cost $2,052,868,921)				3,285,417,200



Money Market Funds–1.63%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		19,221,547		19,221,547


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		13,154,456		13,158,402


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		21,967,482		21,967,482


Total Money Market Funds (Cost $54,344,196)				54,347,431


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.08% (Cost $2,107,213,117)				3,339,764,631


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.63%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		26,320,731	$	26,320,731


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		61,390,483		61,415,040


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $87,735,771)				87,735,771


TOTAL INVESTMENTS IN SECURITIES–102.71% (Cost $2,194,948,888)				3,427,500,402


OTHER ASSETS LESS LIABILITIES–(2.71)%				(90,561,143	)


NET ASSETS–100.00%			$	3,336,939,259

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value October 31, 2020	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain (Loss)	Value October 31, 2021	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$26,972,261	$ 306,790,909	$ (314,541,623)	$ -	$ -	$ 19,221,547	$ 7,210
Invesco Liquid Assets Portfolio, Institutional Class	20,334,690	217,216,604	(224,390,848)	562	(2,606)	13,158,402	5,622
Invesco Treasury Portfolio, Institutional Class	30,825,441	350,618,182	(359,476,141)	-	-	21,967,482	3,309
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-	177,073,507	(150,752,776)	-	-	26,320,731	733*
Invesco Private Prime Fund	-	376,704,028	(315,288,988)	-	-	61,415,040	11,245*
Total	$78,132,392	$1,428,403,230	$(1,364,450,376)	$562	$(2,606)	$142,083,202	$28,119

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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


9		Invesco International Growth Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $2,052,868,921)*	$	3,285,417,200


Investments in affiliated money market funds, at value (Cost $142,079,967)		142,083,202


Cash		3,033


Foreign currencies, at value (Cost $1,313,842)		1,311,339


Receivable for:
Investments sold		1,512,190


Fund shares sold		2,571,223


Dividends		6,450,680


Investment for trustee deferred compensation and retirement plans		822,191


Other assets		64,658


Total assets		3,440,235,716



Liabilities:
Payable for:
Investments purchased		9,049,503


Fund shares reacquired		3,187,564


Collateral upon return of securities loaned		87,735,771


Accrued fees to affiliates		1,619,924


Accrued other operating expenses		795,724


Trustee deferred compensation and retirement plans		907,971


Total liabilities		103,296,457


Net assets applicable to shares outstanding	$	3,336,939,259



Net assets consist of:
Shares of beneficial interest	$	1,556,322,239


Distributable earnings		1,780,617,020


	$	3,336,939,259


Net Assets:
Class A	$	1,338,896,097


Class C	$	27,874,369


Class R	$	44,015,883


Class Y	$	738,511,517


Class R5	$	392,892,575


Class R6	$	794,748,818



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		39,588,201


Class C		926,764


Class R		1,323,685


Class Y		21,747,928


Class R5		11,347,391


Class R6		22,995,323


Class A:
Net asset value per share	$	33.82


Maximum offering price per share (Net asset value of $33.82 ÷ 94.50%)	$	35.79


Class C:
Net asset value and offering price per share	$	30.08


Class R:
Net asset value and offering price per share	$	33.25


Class Y:
Net asset value and offering price per share	$	33.96


Class R5:
Net asset value and offering price per share	$	34.62


Class R6:
Net asset value and offering price per share	$	34.56

*	At October 31, 2021, security with a value of $58,382 was on loan to brokers.

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


10		Invesco International Growth Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $5,122,645)	$	54,132,102


Dividends from affiliated money market funds (includes securities lending income of $54,895)		71,036


Total investment income		54,203,138



Expenses:

Advisory fees		32,134,975


Administrative services fees		535,285


Custodian fees		86,031


Distribution fees:
Class A		3,485,728


Class C		334,035


Class R		250,241


Transfer agent fees – A, C, R and Y		3,785,730


Transfer agent fees – R5		464,157


Transfer agent fees – R6		109,204


Trustees’ and officers’ fees and benefits		73,547


Registration and filing fees		158,255


Reports to shareholders		355,786


Professional services fees		219,767


Taxes		22,707


Other		86,441


Total expenses		42,101,889


Less: Fees waived and/or expense offset arrangement(s)		(38,325	)


Net expenses		42,063,564


Net investment income		12,139,574



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		686,159,416


Affiliated investment securities		(2,606	)


Foreign currencies		(432,725	)


		685,724,085


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		58,982,216


Affiliated investment securities		562


Foreign currencies		(610,351	)


		58,372,427


Net realized and unrealized gain		744,096,512


Net increase in net assets resulting from operations	$	756,236,086

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


11		Invesco International Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	12,139,574		$	24,285,537


Net realized gain		685,724,085			457,164,198


Change in net unrealized appreciation (depreciation)		58,372,427			(460,154,375	)


Net increase in net assets resulting from operations		756,236,086			21,295,360



Distributions to shareholders from distributable earnings:

Class A		(162,361,243	)		(154,710,175	)


Class C		(4,686,976	)		(5,609,245	)


Class R		(6,009,271	)		(5,979,322	)


Class Y		(95,393,068	)		(111,599,569	)


Class R5		(60,741,990	)		(62,024,150	)


Class R6		(119,582,621	)		(160,535,126	)


Total distributions from distributable earnings		(448,775,169	)		(500,457,587	)



Share transactions–net:

Class A		(33,236,883	)		(129,056,281	)


Class C		(10,699,534	)		(14,011,693	)


Class R		(7,607,797	)		(9,275,895	)


Class Y		(78,388,009	)		(238,469,069	)


Class R5		(136,521,130	)		(193,580,515	)


Class R6		(203,323,755	)		(440,097,022	)


Net increase (decrease) in net assets resulting from share transactions		(469,777,108	)		(1,024,490,475	)


Net increase (decrease) in net assets		(162,316,191	)		(1,503,652,702	)



Net assets:

Beginning of year		3,499,255,450			5,002,908,152


End of year	$	3,336,939,259		$	3,499,255,450

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


12		Invesco International Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$31.34		$0.05			$6.54			$6.59			$(0.30	)		$(3.81	)		$(4.11	)		$33.82		21.99	%		$1,338,896		1.32	%		1.32	%		0.14	%		25	%
Year ended 10/31/20		34.10		0.11			0.62			0.73			(0.65	)		(2.84	)		(3.49	)		31.34		1.97			1,262,456		1.35			1.35			0.36			35
Year ended 10/31/19		31.92		0.38			4.55			4.93			(0.29	)		(2.46	)		(2.75	)		34.10		17.23			1,534,830		1.33			1.33			1.20			22
Year ended 10/31/18		36.61		0.42			(4.18	)		(3.76	)		(0.60	)		(0.33	)		(0.93	)		31.92		(10.55	)		1,665,413		1.30			1.31			1.20			26
Year ended 10/31/17		30.83		0.30			5.85			6.15			(0.37	)		–			(0.37	)		36.61		20.19			2,396,149		1.31			1.32			0.89			25
Class C
Year ended 10/31/21		28.22		(0.19	)		5.88			5.69			(0.02	)		(3.81	)		(3.83	)		30.08		21.09			27,874		2.07			2.07			(0.61	)		25
Year ended 10/31/20		31.01		(0.11	)		0.56			0.45			(0.40	)		(2.84	)		(3.24	)		28.22		1.20			36,108		2.10			2.10			(0.39	)		35
Year ended 10/31/19		29.20		0.13			4.16			4.29			(0.02	)		(2.46	)		(2.48	)		31.01		16.37			55,768		2.08			2.08			0.45			22
Year ended 10/31/18		33.55		0.14			(3.83	)		(3.69	)		(0.33	)		(0.33	)		(0.66	)		29.20		(11.22	)		105,735		2.05			2.06			0.45			26
Year ended 10/31/17		28.25		0.04			5.38			5.42			(0.12	)		–			(0.12	)		33.55		19.28			144,710		2.06			2.07			0.14			25
Class R
Year ended 10/31/21		30.87		(0.04	)		6.44			6.40			(0.21	)		(3.81	)		(4.02	)		33.25		21.66			44,016		1.57			1.57			(0.11	)		25
Year ended 10/31/20		33.64		0.03			0.61			0.64			(0.57	)		(2.84	)		(3.41	)		30.87		1.71			47,493		1.60			1.60			0.11			35
Year ended 10/31/19		31.49		0.30			4.51			4.81			(0.20	)		(2.46	)		(2.66	)		33.64		16.99			62,045		1.58			1.58			0.95			22
Year ended 10/31/18		36.13		0.33			(4.13	)		(3.80	)		(0.51	)		(0.33	)		(0.84	)		31.49		(10.78	)		66,981		1.55			1.56			0.95			26
Year ended 10/31/17		30.41		0.21			5.80			6.01			(0.29	)		–			(0.29	)		36.13		19.94			99,556		1.56			1.57			0.64			25
Class Y
Year ended 10/31/21		31.46		0.13			6.56			6.69			(0.38	)		(3.81	)		(4.19	)		33.96		22.30			738,512		1.07			1.07			0.39			25
Year ended 10/31/20		34.21		0.19			0.62			0.81			(0.72	)		(2.84	)		(3.56	)		31.46		2.22			751,518		1.10			1.10			0.61			35
Year ended 10/31/19		32.05		0.46			4.55			5.01			(0.39	)		(2.46	)		(2.85	)		34.21		17.51			1,091,697		1.08			1.08			1.45			22
Year ended 10/31/18		36.75		0.51			(4.19	)		(3.68	)		(0.69	)		(0.33	)		(1.02	)		32.05		(10.31	)		1,635,426		1.05			1.06			1.45			26
Year ended 10/31/17		30.96		0.38			5.87			6.25			(0.46	)		–			(0.46	)		36.75		20.47			2,427,028		1.06			1.07			1.14			25
Class R5
Year ended 10/31/21		32.02		0.16			6.67			6.83			(0.42	)		(3.81	)		(4.23	)		34.62		22.35			392,893		0.99			0.99			0.47			25
Year ended 10/31/20		34.76		0.22			0.63			0.85			(0.75	)		(2.84	)		(3.59	)		32.02		2.32			486,808		1.00			1.00			0.71			35
Year ended 10/31/19		32.48		0.50			4.63			5.13			(0.39	)		(2.46	)		(2.85	)		34.76		17.66			735,592		0.98			0.98			1.55			22
Year ended 10/31/18		37.24		0.55			(4.25	)		(3.70	)		(0.73	)		(0.33	)		(1.06	)		32.48		(10.25	)		1,124,979		0.97			0.98			1.53			26
Year ended 10/31/17		31.37		0.41			5.95			6.36			(0.49	)		–			(0.49	)		37.24		20.57			1,543,192		0.98			0.99			1.22			25
Class R6
Year ended 10/31/21		31.97		0.19			6.66			6.85			(0.45	)		(3.81	)		(4.26	)		34.56		22.48			794,749		0.91			0.91			0.55			25
Year ended 10/31/20		34.71		0.25			0.63			0.88			(0.78	)		(2.84	)		(3.62	)		31.97		2.41			914,873		0.91			0.91			0.80			35
Year ended 10/31/19		32.49		0.53			4.61			5.14			(0.46	)		(2.46	)		(2.92	)		34.71		17.74			1,522,977		0.90			0.90			1.63			22
Year ended 10/31/18		37.25		0.58			(4.25	)		(3.67	)		(0.76	)		(0.33	)		(1.09	)		32.49		(10.15	)		1,792,725		0.89			0.90			1.61			26
Year ended 10/31/17		31.38		0.45			5.94			6.39			(0.52	)		–			(0.52	)		37.25		20.68			2,427,136		0.89			0.90			1.31			25

^(a)	Calculated using average shares outstanding.

^(b)

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

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


13		Invesco International Growth Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

The 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.


14		Invesco International Growth Fund

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

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


15		Invesco International Growth 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.

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

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, 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.

The ongoing effects of COVID-19 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


Average Daily Net Assets	Rate


First $250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.86%.

The Adviser has contractually agreed, through at least June 30, 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 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, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $36,458.


16		Invesco International Growth Fund

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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $140,077 in front-end sales commissions from the sale of Class A shares and $8,416 and $1,172 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $2,982 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	22,569,231		$–	$	22,569,231


Brazil		41,942,045		–		–		41,942,045


Canada		223,236,477		–		–		223,236,477


China		130,657,581		190,597,806		–		321,255,387


Denmark		–		101,874,328		–		101,874,328


France		–		306,077,989		–		306,077,989


Germany		–		54,368,295		–		54,368,295


Hong Kong		–		72,714,108		–		72,714,108


India		80,995,397		–		–		80,995,397


Ireland		48,282,031		117,265,020		–		165,547,051


Italy		–		86,119,188		–		86,119,188


Japan		–		484,802,646		–		484,802,646


Macau		–		30,588,422		–		30,588,422


Mexico		51,293,672		–		–		51,293,672


Netherlands		–		166,812,102		–		166,812,102


Singapore		–		49,654,839		–		49,654,839


South Korea		–		117,809,805		–		117,809,805


Sweden		–		178,405,416		–		178,405,416


Switzerland		–		154,232,760		–		154,232,760


Taiwan		–		81,071,700		–		81,071,700


United Kingdom		121,151,208		76,740,868		–		197,892,076


United States		238,936,441		57,217,825		–		296,154,266


Money Market Funds		54,347,431		87,735,771		–		142,083,202


Total Investments	$	990,842,283	$	2,436,658,119		$–	$	3,427,500,402


17		Invesco International Growth Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	39,477,229	$	100,544,176


Long-term capital gain		409,297,940		399,913,411


Total distributions	$	448,775,169	$	500,457,587

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	68,176,395


Undistributed long-term capital gain		560,570,581


Net unrealized appreciation – investments		1,152,474,469


Net unrealized appreciation – foreign currencies		23,088


Temporary book/tax differences		(627,513	)


Shares of beneficial interest		1,556,322,239


Total net assets	$	3,336,939,259

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.

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $908,528,357 and $1,753,263,441, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,171,720,545


Aggregate unrealized (depreciation) of investments	(19,246,076	)


Net unrealized appreciation of investments	$1,152,474,469

Cost of investments for tax purposes is $2,275,025,933.


18		Invesco International Growth Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization payments, on October 31, 2021, undistributed net investment income was increased by $38,954,589, undistributed net realized gain was decreased by $110,941,589 and shares of beneficial interest was increased by $71,987,000. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		2,472,063		$	83,272,497			3,021,736		$	91,353,669


Class C		99,116			2,984,995			130,363			3,577,274


Class R		210,021			6,966,650			241,319			7,128,370


Class Y		3,395,750			114,436,058			4,672,896			140,357,208


Class R5		1,542,256			53,192,219			1,978,447			61,678,959


Class R6		4,059,082			139,074,649			12,442,813			392,370,901



Issued as reinvestment of dividends:
Class A		4,683,312			147,430,584			4,316,223			137,514,849


Class C		153,799			4,334,053			175,747			5,073,827


Class R		193,675			6,007,801			189,966			5,972,526


Class Y		2,274,005			71,722,134			2,263,480			72,227,659


Class R5		1,851,390			59,485,152			1,844,768			59,844,271


Class R6		3,350,388			107,379,925			4,460,323			144,380,668



Automatic conversion of Class C shares to Class A shares:
Class A		285,485			9,393,276			254,538			8,004,884


Class C		(319,462	)		(9,393,276	)		(281,778	)		(8,004,884	)



Reacquired:
Class A		(8,131,861	)		(273,333,240	)		(12,317,676	)		(365,929,683	)


Class C		(286,179	)		(8,625,306	)		(543,223	)		(14,657,910	)


Class R		(618,671	)		(20,582,248	)		(737,251	)		(22,376,791	)


Class Y		(7,809,657	)		(264,546,201	)		(14,958,315	)		(451,053,936	)


Class R5		(7,251,373	)		(249,198,501	)		(9,782,237	)		(315,103,745	)


Class R6		(13,030,191	)		(449,778,329	)		(32,166,042	)		(976,848,591	)


Net increase (decrease) in share activity		(12,877,052	)	$	(469,777,108	)		(34,793,903	)	$	(1,024,490,475	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% 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–Subsequent Event

Effective on or about February 28, 2022, the name of the Fund and all references thereto will change from Invesco International Growth Fund to Invesco EQV International Equity Fund.


19		Invesco International 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 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


20		Invesco International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$998.20	$6.55	$1,018.65	$6.61	1.30%
Class C	1,000.00	994.70	10.31	1,014.87	10.41	2.05
Class R	1,000.00	997.00	7.80	1,017.39	7.88	1.55
Class Y	1,000.00	999.70	5.29	1,019.91	5.35	1.05
Class R5	1,000.00	999.70	4.99	1,020.21	5.04	0.99
Class R6	1,000.00	1,000.30	4.59	1,020.62	4.63	0.91

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


21		Invesco International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 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 (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

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

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 Invesco Advisers’ 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 increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory


22		Invesco International Growth Fund

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, 2020 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 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, 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 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 actual and contractual management fees were in the fourth quintile of its expense group and the Fund’s total expense ratio was in the fifth

quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates


23		Invesco International Growth Fund


24		Invesco International Growth Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	481,284,940
Qualified Dividend Income*		96.03	%
Corporate Dividends Received Deduction*		21.36	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0456		per share
Foreign Source Income	$	0.5127		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco International Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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 Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


T-5		Invesco International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco International Growth Fund

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco International Select Equity Fund

Nasdaq:

A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2021, 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. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.66	%
Class C Shares	0.00
Class R Shares	0.45
Class Y Shares	0.88
Class R5 Shares	0.88
Class R6 Shares	0.96
MSCI All Country World ex USA Index^▼ (Broad Market Index)	29.66
MSCI All Country World ex U.S. Growth Index^▼ (Style-Specific Index)	22.73
Lipper International Multi-Cap Growth Funds Index^∎ (Peer Group Index)	29.84

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including Eurozone and Japan performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions.Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed well as global shortages pushed oil and gas prices higher. Emerging market equities declined during the third quarter of 2021, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology

sector and the potential default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way and Chinese equities rebounding after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

During the fiscal year, stock selection in the health care sector and a lack of exposure to a relatively weak utilities sector, were the largest contributors to the Fund’s performance relative to the MSCI All Country World ex USA Index. Regionally, holdings in Asia Pacific ex-Japan and an underweighting to Japan which was a weaker performing region within the benchmark, contributed to the Fund’s relative performance. Conversely, stock selection in and an overweighting to the consumer discretionary and communication services sectors, both weaker performing sectors within the benchmark, were the largest detractors from the Fund’s relative performance. Regionally, stock selection within emerging markets was the primary detractor from relative performance.

The top contributors to the Fund’s performance over the fiscal year included Eckert & Ziegler, a German provider of isotope technology for medical, scientific and industrial uses and Corporate Travel Management, an Aus-tralian business travel solutions company.

The top detractors from the Fund’s performance over the fiscal year included KE Holdings, an integrated online and offline platform for housing transactions and services in China and Alibaba Group Holdings, a Chinese e-commerce company. In a rising equity market environment, the Fund’s cash exposure detracted from the Fund’s performance relative to the benchmark. 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.

During the fiscal year, the Fund’s new investments included Autohome, Tencent Holdings, Dye & Durham, China National Building Material, Adyen, Hoya, Kuaishou Technology and Trainline. 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 during the fiscal year, we sold Sands China, Kao, Benefit Systems, Misumi Group, Clarkson, Miniso Group, Liberty Global, Prosus, SoftBank Group, Kuaishou Technology and Trainline during the fiscal year.

At the close of the fiscal year, the Fund’s largest overweigh.t positions versus the MSCI All Country World ex USA Index were in the communication services and consumer discretionary sectors and from a regional perspective, in Europe ex-UK and emerging markets. Conversely, the largest underweight positions were in the financials and energy sectors and in Asia Pacific ex-Japan and Japan.

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 MSCI All Country World ex USA Index.

We thank you for your investment in In-vesco International Select Equity Fund.

Portfolio manager(s):

Jeff Feng

Matt Peden

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


2		Invesco International Select Equity Fund

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

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

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.


3		Invesco International Select Equity Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (12/21/15)	8.36	%
5 Years	7.83
1 Year	-4.88
Class C Shares
Inception (12/21/15)	8.60	%
5 Years	8.25
1 Year	-1.00
Class R Shares
Inception (12/21/15)	9.12	%
5 Years	8.78
1 Year	0.45
Class Y Shares
Inception (12/21/15)	9.66	%
5 Years	9.31
1 Year	0.88
Class R5 Shares
Inception (12/21/15)	9.66	%
5 Years	9.31
1 Year	0.88
Class R6 Shares
Inception (12/21/15)	9.66	%
5 Years	9.31
1 Year	0.96

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

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


4		Invesco International Select Equity Fund

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, 2021, 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^® 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 nonresident 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco International Select Equity Fund

Fund Information


Portfolio Composition
By sector			% of total net assets

Consumer Discretionary				21.49	%

Industrials				18.72

Communication Services				16.39

Information Technology				14.25

Health Care				11.26

Consumer Staples				4.19

Financials				3.51

Materials				3.39

Other Sectors, Each Less than 2% of Net Assets				1.93

Money Market Funds Plus Other Assets Less Liabilities				4.87
Top 10 Equity Holdings*
		% of total net assets

1.	Tencent Holdings Ltd.			7.14	%

2.	Alibaba Group Holding Ltd., ADR			5.93

3.	Scout24 SE			5.49

4.	Howden Joinery Group PLC			5.32

5.	Eckert & Ziegler Strahlen- und Medizintechnik AG			5.21

6.	Eurofins Scientific SE			5.06

7.	Sony Group Corp.			4.67

8.	Edenred			4.51

9.	Gree Electric Appliances, Inc. of Zhuhai, A Shares			4.24

10.	Adyen N.V.			3.90
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, 2021.


6		Invesco International Select Equity Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–95.14%
Australia–2.46%
Corporate Travel Management Ltd.^(a)		425,277	$	7,901,698



Belgium–1.33%
Anheuser-Busch InBev S.A./N.V.		70,000		4,285,674



Canada–6.61%
Dye & Durham Ltd.		337,445		10,325,664


Ritchie Bros. Auctioneers, Inc.		160,000		10,936,000


			21,261,664



China–28.08%
Alibaba Group Holding Ltd., ADR^(a)		115,600		19,067,064


Autohome, Inc., ADR		72,000		2,833,200


China National Building Material Co. Ltd., H Shares		8,700,000		10,912,594


Focus Media Information Technology Co. Ltd., A Shares		3,231,334		3,721,052


Gree Electric Appliances, Inc. of Zhuhai, A Shares		2,385,974		13,629,696


KE Holdings, Inc., ADR^(a)		343,000		6,249,460


Kweichow Moutai Co. Ltd., A Shares		32,171		9,208,139


Tencent Holdings Ltd.		370,000		22,971,912


Virscend Education Co. Ltd.^(b)		26,668,000		1,789,620


			90,382,737



Denmark–1.95%
DSV A/S		27,000		6,277,222



Finland–2.81%
Enento Group OYJ^(b)		214,000		9,047,680



France–6.57%
Bureau Veritas S.A.		208,000		6,613,497


Edenred		268,000		14,523,885


			21,137,382



Germany–10.70%
Eckert & Ziegler Strahlen- und Medizintechnik AG		112,000		16,768,232


Scout24 SE^(b)		253,800		17,663,728


			34,431,960



Hong Kong–3.51%
AIA Group Ltd.		1,000,000		11,300,837

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Japan–12.49%
FANUC Corp.		37,000	$	7,271,147


Hoya Corp.		21,600		3,177,506


Pan Pacific International Holdings Corp.		560,000		11,741,913


SMC Corp.		5,000		2,990,412


Sony Group Corp.		130,000		15,025,745


			40,206,723



Luxembourg–5.06%
Eurofins Scientific SE		138,000		16,296,010



Netherlands–3.89%
Adyen N.V.^(a)(b)		4,150		12,535,910



South Korea–1.79%
Samsung Electronics Co. Ltd., Preference Shares		105,000		5,763,317



Spain–0.73%
Amadeus IT Group S.A.^(a)		35,000		2,345,441



Sweden–0.11%
Fortnox AB		5,000		354,542



United Kingdom–7.05%
Auto Trader Group PLC^(b)		670,000		5,563,200


Howden Joinery Group PLC		1,363,000		17,128,677


			22,691,877


Total Common Stocks & Other Equity Interests (Cost $278,661,893)				306,220,674



Money Market Funds–6.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		7,083,647		7,083,647


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		5,042,437		5,043,949


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		8,095,597		8,095,597


Total Money Market Funds (Cost $20,223,193)				20,223,193


TOTAL INVESTMENTS IN SECURITIES–101.43% (Cost $298,885,086)				326,443,867


OTHER ASSETS LESS LIABILITIES–(1.43)%				(4,591,368	)


NET ASSETS–100.00%			$	321,852,499

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:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $46,600,138, which represented 14.48% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 4,062,975		$ 49,656,447		$ (46,635,775	)		$ -		$ -			$7,083,647		$ 931
Invesco Liquid Assets Portfolio, Institutional Class		2,895,665		35,365,876		(33,217,227	)		234		(599	)		5,043,949		792
Invesco Treasury Portfolio, Institutional Class		4,643,401		56,750,225		(53,298,029	)		-		-			8,095,597		427
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		5,129,712		(5,129,712	)		-		-			-		11*
Invesco Private Prime Fund		-		8,039,389		(8,039,389	)		-		-			-		204*
Total		$11,602,041		$154,941,649		$(146,320,132	)		$234		$(599	)		$20,223,193		$2,365

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $278,661,893)	$	306,220,674



Investments in affiliated money market funds, at value (Cost $20,223,193)		20,223,193


Foreign currencies, at value (Cost $1,938,776)		1,936,222
Receivable for:
Fund shares sold		264,783


Dividends		237,656


Investment for trustee deferred compensation and retirement plans		17,248


Other assets		20,430
Total assets		328,920,206



Liabilities:

Payable for:
Investments purchased		6,862,356


Fund shares reacquired		70,220


Accrued fees to affiliates		69,762


Accrued other operating expenses		48,121


Trustee deferred compensation and retirement plans		17,248


Total liabilities		7,067,707


Net assets applicable to shares outstanding	$	321,852,499



Net assets consist of:
Shares of beneficial interest	$	290,692,523


Distributable earnings		31,159,976



$321,852,499


Net Assets:
Class A	$	13,189,221


Class C	$	745,001


Class R	$	665,067


Class Y	$	9,433,614


Class R5	$	10,226


Class R6	$	297,809,370


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		967,965


Class C		56,100


Class R		49,251


Class Y		688,924


Class R5		747


Class R6		21,753,626


Class A:
Net asset value per share	$	13.63


Maximum offering price per share (Net asset value of $13.63 ÷ 94.50%)	$	14.42


Class C:
Net asset value and offering price per share	$	13.28


Class R:
Net asset value and offering price per share	$	13.50


Class Y:
Net asset value and offering price per share	$	13.69


Class R5:
Net asset value and offering price per share	$	13.69


Class R6:
Net asset value and offering price per share	$	13.69

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, 2021


Investment income:

Dividends (net of foreign withholding taxes of $355,302)	$	3,709,615


Dividends from affiliated money market funds (includes securities lending income of $11,680)		13,830


Total investment income		3,723,445



Expenses:

Advisory fees		2,450,019


Administrative services fees		42,703


Custodian fees		12,256


Distribution fees:
Class A		44,743


Class C		8,614


Class R		3,120


Transfer agent fees - A, C, R and Y		51,326


Transfer agent fees - R5		1


Transfer agent fees - R6		18,869


Trustees’ and officers’ fees and benefits		24,423


Registration and filing fees		82,492


Reports to shareholders		3,787


Professional services fees		90,536


Other		9,863


Total expenses		2,842,752


Less: Fees waived and/or expenses reimbursed		(509,257	)


Net expenses		2,333,495


Net investment income		1,389,950



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		5,793,950


Affiliated investment securities		(599	)


Foreign currencies		(4,675	)


		5,788,676


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(12,321,033	)


Affiliated investment securities		234
Foreign currencies		(8,373	)


		(12,329,172	)


Net realized and unrealized gain (loss)		(6,540,496	)
Net increase (decrease) in net assets resulting from operations	$	(5,150,546	)

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, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	1,389,950		$	(242,489	)


Net realized gain		5,788,676			533,783


Change in net unrealized appreciation (depreciation)		(12,329,172	)		26,539,955


Net increase (decrease) in net assets resulting from operations		(5,150,546	)		26,831,249



Distributions to shareholders from distributable earnings:
Class A		–			(119,834	)


Class C		–			(10,848	)


Class R		–			(4,091	)


Class Y		–			(72,461	)


Class R5		–			(257	)


Class R6		–			(2,419,527	)


Total distributions from distributable earnings		–			(2,627,018	)



Share transactions–net:
Class A		4,058,320			2,902,705


Class C		(57,772	)		(138,544	)


Class R		436,326			20,555


Class Y		6,224,505			144,870


Class R5		(4,000	)		–


Class R6		103,777,526			63,982,441


Net increase in net assets resulting from share transactions		114,434,905			66,912,027


Net increase in net assets		109,284,359			91,116,258



Net assets:
Beginning of year		212,568,140			121,451,882


End of year	$	321,852,499		$	212,568,140

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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(C)
Class A
Year ended 10/31/21	$	13.54	$	0.05		$	0.04	^(d)	$	0.09		$	–		$	–		$	–		$	13.63		0.66	%	$	13,189		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			10,027		1.12			1.60			(0.41	)		59
Year ended 10/31/19		10.52		0.22	^(e)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	^(e)		35
Year ended 10/31/18		13.01		0.09			(1.51	)		(1.42	)		(0.10	)		(0.97	)		(1.07	)		10.52		(11.93	)		4,333		1.11			1.62			0.72			46
Year ended 10/31/17		10.98		0.08			2.41			2.49			(0.10	)		(0.36	)		(0.46	)		13.01		23.77			5,436		1.14			1.70			0.71			43
Class C
Year ended 10/31/21		13.28		(0.07	)		0.07	^(d)		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	^(e)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	^(e)		35
Year ended 10/31/18		12.86		(0.00	)		(1.48	)		(1.48	)		(0.06	)		(0.97	)		(1.03	)		10.35		(12.55	)		1,192		1.86			2.37			(0.03	)		46
Year ended 10/31/17		10.91		(0.00	)		2.38			2.38			(0.07	)		(0.36	)		(0.43	)		12.86		22.88			2,167		1.89			2.45			(0.04	)		43
Class R
Year ended 10/31/21		13.44		0.01			0.05	^(d)		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	^(e)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	^(e)		35
Year ended 10/31/18		12.95		0.06			(1.49	)		(1.43	)		(0.09	)		(0.97	)		(1.06	)		10.46		(12.09	)		89		1.36			1.87			0.47			46
Year ended 10/31/17		10.95		0.05			2.40			2.45			(0.09	)		(0.36	)		(0.45	)		12.95		23.44			61		1.39			1.95			0.46			43
Class Y
Year ended 10/31/21		13.57		0.08			0.04	^(d)		0.12			–			–			–			13.69		0.88			9,434		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			3,926		0.87			1.35			(0.16	)		59
Year ended 10/31/19		10.56		0.25	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	^(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		8,594		0.86			1.37			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			7,499		0.89			1.45			0.96			43
Class R5
Year ended 10/31/21		13.57		0.08			0.04	^(d)		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	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	^(e)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		11		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			13		0.89			1.30			0.96			43
Class R6
Year ended 10/31/21		13.56		0.08			0.05	^(d)		0.13			–			–			–			13.69		0.96			297,809		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			197,521		0.87			1.12			(0.16	)		59
Year ended 10/31/19		10.56		0.25	^(e)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	^(e)		35
Year ended 10/31/18		13.03		0.12			(1.50	)		(1.38	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.61	)		103,172		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.39			2.50			(0.11	)		(0.36	)		(0.47	)		13.03		23.94			91,527		0.89			1.30			0.96			43

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	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.

^(e)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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


12		Invesco International Select Equity Fund

Notes to Financial Statements

October 31, 2021

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 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.


13		Invesco International Select Equity Fund

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

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


14		Invesco International Select Equity 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.

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.

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.

The ongoing effects of COVID-19 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


Average Daily Net Assets	Rate


First $ 250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

The Adviser has contractually agreed, through at least 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 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2022 through February 28, 2023, the Adviser has 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 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96%, respectively, of the Fund’s average daily net asset.In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $439,060 and reimbursed class level expenses of $34,656, $1,668, $1,208, $13,795, $1 and $18,869 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


15		Invesco International Select Equity Fund

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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $5,444 in front-end sales commissions from the sale of Class A shares and $758 and $220 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $3,372 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia		$ –		$ 7,901,698		$ –		$ 7,901,698


Belgium		–		4,285,674		–		4,285,674


Canada		21,261,664		–		–		21,261,664


China		28,149,724		62,233,013		–		90,382,737


Denmark		–		6,277,222		–		6,277,222


Finland		–		9,047,680		–		9,047,680


France		–		21,137,382		–		21,137,382


Germany		–		34,431,960		–		34,431,960


Hong Kong		–		11,300,837		–		11,300,837


Japan		–		40,206,723		–		40,206,723


Luxembourg		–		16,296,010		–		16,296,010


Netherlands		–		12,535,910		–		12,535,910


South Korea		–		5,763,317		–		5,763,317


Spain		–		2,345,441		–		2,345,441


Sweden		–		354,542		–		354,542


United Kingdom		–		22,691,877		–		22,691,877


Money Market Funds		20,223,193		–		–		20,223,193


Total Investments		$69,634,581		$256,809,286		$ –		$326,443,867

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances


16		Invesco International Select Equity Fund

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021	2020


Ordinary income*	$–		$2,627,018

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	2,275,451


Undistributed long-term capital gain		5,802,748


Net unrealized appreciation – investments		23,093,926


Net unrealized appreciation – foreign currencies		(1,080	)


Temporary book/tax differences		(11,069	)


Shares of beneficial interest		290,692,523


Total net assets	$	321,852,499

The Fund does not have a capital loss carryforward as of October 31, 2021.

NOTE 7–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, 2021 was $222,760,436 and $111,411,933, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	52,055,941


Aggregate unrealized (depreciation) of investments		(28,962,015	)


Net unrealized appreciation of investments	$	23,093,926

Cost of investments for tax purposes is $303,349,941.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2021, undistributed net investment income was decreased by $4,677 and undistributed net realized gain was increased by $4,677. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


			Summary of Share Activity


	Year ended				Year ended
	October 31, 2021^(a)				October 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		877,051	$	13,717,786		542,344	$	6,391,283


Class C		33,464		510,598		22,898		259,990


Class R		41,924		643,804		7,869		93,582


Class Y		526,337		8,114,418		164,218		1,836,390


Class R6		8,227,171		120,033,132		10,757,097		135,655,541



Issued as reinvestment of dividends:
Class A		-		-		9,178		108,578


Class C		-		-		925		10,796


Class R		-		-		330		3,885


Class Y		-		-		5,899		69,729


Class R6		-		-		204,676		2,419,270


17		Invesco International Select Equity Fund


				Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		4,804		$	74,511			152		$	1,730


Class C		(4,909	)		(74,511	)		(154	)		(1,730	)



Reacquired:
Class A		(654,662	)		(9,733,977	)		(320,234	)		(3,598,886	)


Class C		(32,069	)		(493,859	)		(35,893	)		(407,600	)


Class R		(14,214	)		(207,478	)		(6,509	)		(76,912	)


Class Y		(126,753	)		(1,889,913	)		(167,457	)		(1,761,249	)


Class R5		(254	)		(4,000	)		-			-


Class R6		(1,034,915	)		(16,255,606	)		(6,067,824	)		(74,092,370	)


Net increase in share activity		7,842,975		$	114,434,905			5,117,515		$	66,912,027

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 20% 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, 68% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		Invesco International Select 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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, 2021


19		Invesco International Select Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period^2,3	Ending Account Value (10/31/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio
Class A	$1,000.00	$846.10	$5.21	$1,019.56	$5.70	1.12%
Class C	1,000.00	842.60	8.68	1,015.78	9.50	1.87
Class R	1,000.00	844.80	6.37	1,018.30	6.97	1.37
Class Y	1,000.00	846.60	4.05	1,020.82	4.43	0.87
Class R5	1,000.00	846.60	4.05	1,020.82	4.43	0.87
Class R6	1,000.00	846.60	4.05	1,020.82	4.43	0.87

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. Effective 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 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.63, $9.10, $6.79, $4.47, $4.47 and $4.47 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.16, $9.96, $7.43, $4.89, $4.89 and $4.89 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


20		Invesco International Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory


21		Invesco International Select Equity Fund

agreement as well as the sub-advisory contracts for the Fund, as Invesco Hong Kong Limited currently manages assets of the Fund.

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 fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees.

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.

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

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


22		Invesco International Select Equity Fund

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.


23		Invesco International Select Equity Fund

Tax Information

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, 2021:


Federal and State Income Tax
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	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco International Select Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None
¹Mr. 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 Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco International Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco International Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held byTrustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-5		Invesco International Select Equity Fund

Trustees and Officers - (continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco International Select Equity Fund

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LOGO

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

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

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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

Fund holdings and proxy voting information

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

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco International Small-Mid Company Fund

Nasdaq:

A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2021, 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. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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			33.13%
Class C Shares			32.10
Class R Shares			32.76
Class Y Shares			33.45
Class R5 Shares			33.55
Class R6 Shares			33.62
MSCI All Country World ex USA SMID Cap Index^q			34.61
MSCI All Country World ex USA Small Cap Index^q			38.83

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in the US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy response to the crisis, which was swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk and stocks rose globally after a deep rout in the first quarter of 2021.

Despite a correction in September, global equity stocks finished the third quarter of 2021 in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second

quarter of 2021, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

The Fund’s Class A shares returned 33.13% during the fiscal year ended October 31, 2021. Its benchmark, the MSCI All Country World ex USA SMID Cap Index, returned 34.61%.

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 performed as we would expect a quality-growth compounder approach to do in the various market environments over the fiscal year. During the beginning of the fiscal year, the November 2020 announcement of effective COVID-19 vaccines triggered a value/cyclicals-led rally, during which the Fund trailed its benchmark. The Fund’s outperformance resumed in the second quarter of 2021 as the market broadened and value leadership started to wane.

The Fund performed most strongly in the industrials sector due to stock selection, in the utilities sector due to an underweight and in the communication services sector due to an underweight and stock selection. The Fund underperformed the most in the information technology, materials and energy sectors due to stock selection.

Top contributors to the Fund’s absolute performance during this fiscal year were

Partners Group Holding, Sdiptech and Carl Zeiss Meditec.

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.

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. Sdiptech’s share price reacted favorably to the company’s announcement that it would divest its low-margin elevator servicing business and acquire an electric vehicle (EV) charging equipment company.

Carl Zeiss Meditec, based in Germany, is a key holding in the portfolio. The name Zeiss is synonymous with lenses and Carl Zeiss Meditec is a global leader in ophthalmic and other high-precision surgery. This company is well-positioned in growing markets fueled by an aging world population and by increasing access to health care in the emerging markets.

Top detractors from the Fund’s absolute performance during this fiscal year were

MonotaRO, Chr. Hansen Holding and Mani.

MonotaRO in Japan led the way in digitalizing its catalogue of machine tools, engine parts and factory consumable goods. Like many other such companies, its stock performed very well in response to the COVID-induced increase in online purchasing of everything in 2020. In 2021, it declined somewhat from its all-time high. In our opinion, MonotaRO’s growth and earnings outlook remain attractive.

Chr. Hansen Holding is a Danish global bioscience leader focused on enzymes and bacteria. It supplies its clients in the growing food and health markets with mission-critical but low-cost products that are typically less than 1% of their final cost of goods sold. The company has been going through a transitionary period as it is moving away from some lower growth businesses in its portfolio in favor of businesses with stronger growth potential over the long term.

Mani, based in Japan, is a manufacturer of miniature medical instrument consumables, specializing in ophthalmic knives, eyeless needles and sutures and dental reamers and files. The company’s stock declined due to reduced profitability, weaker demand from


2		Invesco International Small-Mid Company Fund

China, as well as concerns about market share loss emanating from competition targeting their mid-sized needles.

Thank you for your continued investment in Invesco International Small-Mid Company Fund.

Portfolio manager(s):

David Nadel

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 10/31/11

LOGO

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.


4		Invesco International Small-Mid Company Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/17/97)	13.08	%
10 Years	14.96
5 Years	15.51
1 Year	25.80

Class C Shares
Inception (11/17/97)	13.05	%
10 Years	14.91
5 Years	15.94
1 Year	31.10

Class R Shares
Inception (3/1/01)	13.95	%
10 Years	15.30
5 Years	16.52
1 Year	32.76

Class Y Shares
Inception (9/7/05)	13.08	%
10 Years	15.92
5 Years	17.11
1 Year	33.45

Class R5 Shares
10 Years	15.71	%
5 Years	17.02
1 Year	33.55

Class R6 Shares
Inception (12/29/11)	17.14	%
5 Years	17.28
1 Year	33.62

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.

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

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


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, 2021, 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.

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		34.23	%

Information Technology		24.03

Health Care		18.06

Materials		6.45

Financials		4.68

Consumer Discretionary		4.24

Communication Services		3.63

Consumer Staples		2.83

Energy		0.94

Money Market Funds Plus Other Assets Less Liabilities		0.91

Top 10 Equity Holdings*


		% of total net assets

1.	Partners Group Holding AG		2.73	%

2.	Nice Ltd., ADR		2.06

3.	Croda International PLC		1.96

4.	Carl Zeiss Meditec AG, BR		1.85

5.	Obic Co. Ltd.		1.65

6.	Spirax-Sarco Engineering PLC		1.64

7.	Azbil Corp.		1.55

8.	Larsen & Toubro Infotech Ltd.		1.52

9.	IMCD N.V.		1.49

10.	Halma PLC		1.49

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, 2021.


7		Invesco International Small-Mid Company Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–99.09%

Australia–4.59%
ALS Ltd.		6,466,018	$	64,648,793


Ansell Ltd.		1,904,568		45,413,443


Bravura Solutions Ltd.^(a)		23,996,125		50,286,904


carsales.com Ltd.		4,096,167		76,386,803


Cochlear Ltd.		549,011		91,435,519


IPH Ltd.^(a)		12,680,334		82,084,407


				410,255,869



Brazil–1.51%
Odontoprev S.A.^(a)		32,081,300		76,227,051


TOTVS S.A.		10,135,537		58,832,736


				135,059,787



Canada–0.89%
Descartes Systems Group, Inc. (The)^(b)		977,886		79,860,163



Denmark–2.83%
Chemometec A/S		511,095		77,558,574


Chr. Hansen Holding A/S		1,174,756		93,470,441


SimCorp A/S		676,043		81,737,121


				252,766,136



Finland–0.50%
Nokian Renkaat OYJ		1,182,216		44,366,991



France–3.50%
Alten S.A.		502,333		80,987,074


Gaztransport Et Technigaz S.A.		1,013,136		83,844,131


Interparfums S.A.		639,916		51,633,635


Lectra		935,324		39,142,447


Neurones		920,917		37,908,520


Vetoquinol S.A.		111,979		19,178,972


				312,694,779



Germany–9.11%
Amadeus Fire AG^(a)		313,907		72,508,225


Atoss Software AG		195,465		44,216,869


Carl Zeiss Meditec AG, BR		821,170		165,136,834


CTS Eventim AG & Co. KGaA^(b)		598,803		43,517,539


Fielmann AG		587,133		38,688,408


Fuchs Petrolub SE, Preference Shares		1,405,601		67,340,727


Nemetschek SE		931,490		106,887,367


New Work SE^(a)		307,118		74,916,904


Sartorius AG, Preference Shares		127,879		82,985,692


STRATEC SE		356,244		56,833,899


Symrise AG		434,717		60,102,247


				813,134,711



Iceland–1.77%
Marel HF^(c)		10,282,621		68,925,876


Ossur HF^(b)		13,628,808		88,717,551


				157,643,427



India–2.61%
AIA Engineering Ltd.		1,760,405		45,073,167


Britannia Industries Ltd.		661,769		32,496,525


Larsen & Toubro Infotech Ltd.^(c)		1,506,982		135,263,954


	Shares		Value


India–(continued)
Triveni Turbine Ltd.		7,948,234	$	20,360,065


				233,193,711



Ireland–0.80%
ICON PLC^(b)		250,061		71,709,993



Israel–2.06%
Nice Ltd., ADR^(b)		649,986		183,959,038



Italy–4.13%
Antares Vision S.p.A.^(b)		1,596,895		22,089,363


DiaSorin S.p.A.		387,487		87,517,037


GVS S.p.A.^(c)		3,575,617		53,186,590


Interpump Group S.p.A.		804,025		59,268,021


Recordati Industria Chimica e Farmaceutica S.p.A.		1,221,433		76,430,910


Tinexta S.p.A.		1,592,262		70,588,367


				369,080,288



Japan–18.28%
Ariake Japan Co. Ltd.^(a)		1,683,700		109,549,953


As One Corp.		464,263		63,496,955


Azbil Corp.		3,247,800		138,606,015


Benefit One, Inc.		1,921,200		97,167,263


Daifuku Co. Ltd.		1,428,600		131,371,174


Disco Corp.		251,100		67,649,174


Fukui Computer Holdings, Inc.^(a)		1,058,700		38,155,165


Infomart Corp.		5,413,526		52,889,919


Japan Elevator Service Holdings Co. Ltd.		3,260,500		70,751,367


Mani, Inc.		608,500		10,382,533


Meitec Corp.^(a)		1,524,286		90,716,025


MISUMI Group, Inc.		1,176,700		49,264,743


MonotaRO Co. Ltd.		3,914,820		88,830,143


NSD Co. Ltd.		2,826,300		53,807,906


OBIC Business Consultants Co. Ltd.		1,640,900		81,066,911


Obic Co. Ltd.		798,200		147,257,780


SCSK Corp.		3,165,900		64,114,296


SHO-BOND Holdings Co. Ltd.		1,062,300		44,430,808


TechnoPro Holdings, Inc.		2,586,500		82,477,185


TKC Corp.		1,132,382		34,734,893


Tsuruha Holdings, Inc.		474,700		58,669,203


USS Co. Ltd.		3,552,948		57,174,745


				1,632,564,156



Jersey–0.46%
JTC PLC^(c)		3,887,572		41,263,425



Netherlands–1.78%
IMCD N.V.		599,930		133,399,433


Intertrust N.V.^(b)(c)		1,672,885		25,328,034


				158,727,467



New Zealand–0.74%
Fisher & Paykel Healthcare Corp. Ltd.		2,969,042		66,510,235



Norway–0.43%
Medistim ASA		859,892		38,712,151

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


8		Invesco International Small-Mid Company Fund


	Shares		Value


Spain–0.45%
Applus Services S.A.		4,441,388	$	40,217,128



Sweden–13.70%
AddTech AB, Class B		3,005,701		67,100,888


Alfa Laval AB		2,111,886		90,270,299


Biotage AB		2,392,572		77,451,753


Bravida Holding AB^(c)		3,366,678		50,733,373


Cellavision AB		427,941		19,514,695


Elekta AB, Class B		5,265,372		61,335,697


Epiroc AB, Class A		3,352,112		83,277,930


Fortnox AB		1,094,347		77,598,383


Hexpol AB		5,228,774		61,007,033


Karnov Group AB^(a)		7,692,133		49,345,718


Lifco AB, Class B		2,580,373		75,259,923


Lime Technologies AB		144,483		5,833,382


Loomis AB		3,740,753		101,037,856


MIPS AB^(c)		659,510		79,701,854


Mycronic AB		1,925,286		44,681,022


Sdiptech AB, Class B^(a)(b)		2,489,050		130,016,552


SmartCraft ASA^(b)		7,556,825		18,819,452


Vitec Software Group AB, Class B		1,115,622		65,842,872


Vitrolife AB		989,737		64,510,348


				1,223,339,030



Switzerland–11.94%
Belimo Holding AG		223,438		130,044,339


Bossard Holding AG, Class A		160,359		58,861,757


dormakaba Holding AG		116,365		86,143,816


Forbo Holding AG		25,718		50,050,305


Interroll Holding AG		10,388		50,456,054


Kardex Holding AG		296,022		91,451,667


LEM Holding S.A.		29,093		70,687,891


Partners Group Holding AG		139,220		243,474,514


Tecan Group AG, Class R		196,234		120,117,772


VAT Group AG^(c)		188,664		89,881,957


VZ Holding AG		733,552		74,726,917


				1,065,896,989



Taiwan–0.12%
Advantech Co. Ltd.		795,000		10,406,494



United Kingdom–16.03%
Ashmore Group PLC		5,426,378		25,114,624


	Shares		Value


United Kingdom–(continued)
Auction Technology Group PLC (Acquired 02/23/2021-09/02/2021; Cost $36,945,519)^(b)(d)		2,658,253	$	51,569,785


AVEVA Group PLC		1,736,331		84,625,767


Brewin Dolphin Holdings PLC		6,505,820		33,552,981


Croda International PLC		1,348,997		174,842,192


Diploma PLC		2,303,668		94,988,643


FDM Group Holdings PLC		3,466,296		57,201,479


Halma PLC		3,276,571		133,029,819


Hill & Smith Holdings PLC		1,987,354		49,824,368


Howden Joinery Group PLC		4,924,322		61,883,436


IMI PLC		2,509,730		56,165,587


Intertek Group PLC		899,278		60,118,189


Johnson Service Group PLC^(a)(b)		25,517,732		46,281,211


Moneysupermarket.com Group PLC		3,023,049		8,782,377


Restore PLC^(a)		13,258,534		86,055,343


Rightmove PLC		8,410,020		79,633,923


Rotork PLC		13,039,709		63,251,047


Spirax-Sarco Engineering PLC		684,406		146,237,157


SSP Group PLC^(b)		13,745,675		48,528,403


Victrex PLC		2,211,103		69,439,894


				1,431,126,225



United States–0.86%
Bruker Corp.		953,119		76,535,456


Total Common Stocks & Other Equity Interests (Cost $5,125,111,775)				8,849,023,649



Money Market Funds–0.83%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(e)		26,783,461		26,783,461


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(e)		16,465,856		16,470,796


Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(e)		30,609,669		30,609,669


Total Money Market Funds (Cost $73,863,926)				73,863,926


TOTAL INVESTMENTS IN SECURITIES–99.92% (Cost $5,198,975,701)				8,922,887,575


OTHER ASSETS LESS LIABILITIES–0.08%				7,214,839


NET ASSETS–100.00%			$	8,930,102,414

Investment Abbreviations:

ADR	- American Depositary Receipt

BR	- Bearer Shares

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:

^(a)


									Change in
									Unrealized			Realized
	Value		Purchases			Proceeds			Appreciation			Gain			Value
	October 31, 2020		at Cost			from Sales			(Depreciation)			(Loss)			October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	39,277,690	$	449,179,949		$	(461,674,178	)	$	-		$	-		$	26,783,461		$ 5,484
Invesco Liquid Assets Portfolio, Institutional Class		28,049,904		317,392,788			(328,970,290	)		2,540			(4,146	)		16,470,796		5,202
Invesco Treasury Portfolio, Institutional Class		44,888,789		513,348,513			(527,627,633	)		-			-			30,609,669		2,611
Investments in Other Affiliates:					��
Amadeus Fire AG		27,870,081		14,948,314			(9,412,910	)		38,115,092			987,648			72,508,225		447,874
Ariake Japan Co. Ltd.		103,344,508		4,597,294			-			1,608,151			-			109,549,953		1,007,329
Bravura Solutions Ltd.		40,415,125		27,650,714			(16,889,817	)		4,348,949			(5,238,067	)		50,286,904		1,798,795
Eiken Chemical Co. Ltd.		35,633,038		7,620,658			(40,530,003	)		(4,625,609	)		1,901,916			-		697,330
Fukui Computer Holdings, Inc.		27,035,280		6,462,472			-			4,657,413			-			38,155,165		406,290
IPH Ltd.		58,796,540		9,348,670			(11,374,356	)		24,761,321			552,232			82,084,407		3,155,830
Johnson Service Group PLC		28,576,830		12,363,442			(11,406,380	)		15,884,685			862,634			46,281,211		-
Karnov Group AB		17,815,351		29,040,791			-			2,489,576			-			49,345,718		688,360
Meitec Corp.		60,639,225		21,124,692			(4,830,905	)		14,050,769			(267,756	)		90,716,025		2,254,943
New Work SE		58,919,548		30,040,016			(13,046,126	)		(8,673,860	)		7,677,326			74,916,904		528,160
Odontoprev S.A.		61,975,106		9,249,921			-			5,002,024			-			76,227,051		3,373,034
Restore PLC		37,754,427		25,243,991			(5,182,034	)		28,508,031			(269,072	)		86,055,343		456,839
Sdiptech AB, Class B		44,803,829		8,074,820			(9,765,675	)		82,180,355			4,723,223			130,016,552		-
Total	$	715,795,271	$	1,485,687,045		$	(1,440,710,307	)	$	208,309,437		$	10,925,938		$	980,007,384		$ 14,828,081

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $544,285,063, which represented 6.09% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $4,476,997,859)	$	7,942,880,191


Investments in affiliates, at value (Cost $721,977,842)		980,007,384


Cash		3,000,000


Foreign currencies, at value (Cost $10,139,831)		10,141,665


Receivable for:
Investments sold		5,793,895


Fund shares sold		5,516,858


Dividends		22,788,972


Interest		1,925,871


Investment for trustee deferred compensation and retirement plans		246,268


Other assets		95,152


Total assets		8,972,396,256



Liabilities:
Payable for:
Investments purchased		21,818,016


Fund shares reacquired		5,291,667


Accrued foreign taxes		10,067,510


Accrued fees to affiliates		3,235,697


Accrued trustees’ and officers’ fees and benefits		61,644


Accrued other operating expenses		1,573,040


Trustee deferred compensation and retirement plans		246,268


Total liabilities		42,293,842


Net assets applicable to shares outstanding	$	8,930,102,414



Net assets consist of:
Shares of beneficial interest	$	4,466,199,629


Distributable earnings		4,463,902,785


	$	8,930,102,414


Net Assets:
Class A	$	1,439,340,128


Class C	$	117,303,130


Class R	$	106,435,193


Class Y	$	4,039,299,476


Class R5	$	512,286


Class R6	$	3,227,212,201



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,710,124


Class C		2,107,329


Class R		1,793,499


Class Y		64,115,442


Class R5		8,015


Class R6		50,913,194


Class A:
Net asset value per share	$	63.38


Maximum offering price per share (Net asset value of $63.38 ÷ 94.50%)	$	67.07


Class C:
Net asset value and offering price per share	$	55.66


Class R:
Net asset value and offering price per share	$	59.34


Class Y:
Net asset value and offering price per share	$	63.00


Class R5:
Net asset value and offering price per share	$	63.92


Class R6:
Net asset value and offering price per share	$	63.39

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, 2021


Investment income:

Interest	$	68,523


Dividends (net of foreign withholding taxes of $13,232,847)		95,326,745


Dividends from affiliated money market funds		14,828,081


Foreign withholding tax claims		3,652,632


Total investment income		113,875,981



Expenses:
Advisory fees		76,030,810


Administrative services fees		1,185,002


Custodian fees		662,265


Distribution fees - Class A		3,293,430


Distribution fees - Class C		1,309,555


Distribution fees - Class R		509,616


Transfer agent fees – A, C, R and Y		7,250,683


Transfer agent fees – R5		279


Transfer agent fees – R6		315,073


Trustees’ and officers’ fees and benefits		112,296


Registration and filing fees		198,115


Reports to shareholders		573,000


Professional services fees		206,160


Taxes		10,325


Other		183,233


Total expenses		91,839,842


Less: Fees waived and/or expense offset arrangement(s)		(42,219	)


Net expenses		91,797,623


Net investment income		22,078,358



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		904,264,764


Affiliated investment securities		10,925,938


Foreign currencies		761,712


Forward foreign currency contracts		(19,076	)


		915,933,338


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $9,095,990)		1,207,316,500


Affiliated investment securities		208,309,437


Foreign currencies		(618,991	)


		1,415,006,946


Net realized and unrealized gain		2,330,940,284


Net increase in net assets resulting from operations	$	2,353,018,642

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, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	22,078,358		$	1,132,568


Net realized gain		915,933,338			660,987,254


Change in net unrealized appreciation		1,415,006,946			9,826,187


Net increase in net assets resulting from operations		2,353,018,642			671,946,009



Distributions to shareholders from distributable earnings:

Class A		(102,620,781	)		(68,564,322	)


Class C		(12,866,389	)		(9,282,895	)


Class R		(8,163,910	)		(4,821,631	)


Class Y		(284,649,017	)		(199,590,573	)


Class R5		(30,241	)		(1,005	)


Class R6		(220,448,627	)		(135,725,491	)


Total distributions from distributable earnings		(628,778,965	)		(417,985,917	)



Share transactions-net:
Class A		(36,705,496	)		(273,141,625	)


Class C		(42,639,705	)		(46,452,075	)


Class R		(2,099,240	)		(11,979,326	)


Class Y		27,689,473			(894,900,951	)


Class R5		232,272			144,499


Class R6		63,256,803			(367,793,076	)


Net increase (decrease) in net assets resulting from share transactions		9,734,107			(1,594,122,554	)


Net increase (decrease) in net assets		1,733,973,784			(1,340,162,462	)



Net assets:
Beginning of year		7,196,128,630			8,536,291,092


End of year	$	8,930,102,414		$	7,196,128,630

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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$51.69		$0.02			$16.17			$16.19			$ –			$(4.50	)		$(4.50	)		$63.38		33.13	%^(e)		$1,439,340		1.31	%^(e)		1.31	%^(e)		0.04	%^(e)		24	%
Year ended 10/31/20		48.20		(0.10	)		5.95			5.85			(0.18	)		(2.18	)		(2.36	)		51.69		12.53	^(e)		1,199,225		1.34	^(e)		1.34	^(e)		(0.22	)^(e)		73
Two months ended 10/31/19		46.25		(0.03	)		1.98			1.95			–			–			–			48.20		4.22			1,417,657		1.31	^(f)		1.31	^(f)		(0.37	)^(f)		0	^(g)
Year ended 08/31/19		54.54		(0.03	)		(3.81	)		(3.84	)		(0.22	)		(4.23	)		(4.45	)		46.25		(6.21	)		1,394,542		1.36			1.36			(0.06	)		28
Year ended 08/31/18		47.11		(0.05	)		8.94			8.89			(0.37	)		(1.09	)		(1.46	)		54.54		19.27			1,777,990		1.38			1.38			(0.10	)		27
Year ended 08/31/17		38.28		(0.06	)		8.95			8.89			(0.06	)		–			(0.06	)		47.11		23.25			2,260,943		1.41			1.41			(0.15	)		22
Class C
Year ended 10/31/21		46.22		(0.37	)		14.31			13.94			–			(4.50	)		(4.50	)		55.66		32.10			117,303		2.07			2.07			(0.72	)		24
Year ended 10/31/20		43.62		(0.41	)		5.34			4.93			(0.15	)		(2.18	)		(2.33	)		46.22		11.70			135,265		2.10			2.10			(0.98	)		73
Two months ended 10/31/19		41.91		(0.08	)		1.79			1.71			–			–			–			43.62		4.08			177,238		2.07	^(f)		2.07	^(f)		(1.13	)^(f)		0	^(g)
Year ended 08/31/19		50.01		(0.35	)		(3.52	)		(3.87	)		–			(4.23	)		(4.23	)		41.91		(6.91	)		179,992		2.12			2.12			(0.82	)		28
Year ended 08/31/18		43.36		(0.40	)		8.22			7.82			(0.08	)		(1.09	)		(1.17	)		50.01		18.37			323,001		2.13			2.13			(0.85	)		27
Year ended 08/31/17		35.45		(0.34	)		8.25			7.91			–			–			–			43.36		22.35			323,084		2.16			2.16			(0.91	)		22
Class R
Year ended 10/31/21		48.78		(0.12	)		15.18			15.06			–			(4.50	)		(4.50	)		59.34		32.76			106,435		1.57			1.57			(0.22	)		24
Year ended 10/31/20		45.70		(0.21	)		5.63			5.42			(0.16	)		(2.18	)		(2.34	)		48.78		12.26			88,420		1.60			1.60			(0.48	)		73
Two months ended 10/31/19		43.88		(0.05	)		1.87			1.82			–			–			–			45.70		4.15			95,501		1.57	^(f)		1.57	^(f)		(0.63	)^(f)		0	^(g)
Year ended 08/31/19		52.05		(0.14	)		(3.65	)		(3.79	)		(0.15	)		(4.23	)		(4.38	)		43.88		(6.44	)		94,864		1.61			1.61			(0.31	)		28
Year ended 08/31/18		45.08		(0.17	)		8.55			8.38			(0.32	)		(1.09	)		(1.41	)		52.05		18.99			103,818		1.63			1.63			(0.35	)		27
Year ended 08/31/17		36.67		(0.15	)		8.56			8.41			–			–			–			45.08		22.93			91,019		1.66			1.66			(0.39	)		22
Class Y
Year ended 10/31/21		51.29		0.16			16.05			16.21			–			(4.50	)		(4.50	)		63.00		33.45			4,039,299		1.07			1.07			0.28			24
Year ended 10/31/20		47.75		0.02			5.90			5.92			(0.20	)		(2.18	)		(2.38	)		51.29		12.81			3,240,701		1.10			1.10			0.02			73
Two months ended 10/31/19		45.80		(0.01	)		1.96			1.95			–			–			–			47.75		4.26			4,085,890		1.07	^(f)		1.07	^(f)		(0.13	)^(f)		0	^(g)
Year ended 08/31/19		54.15		0.08			(3.80	)		(3.72	)		(0.40	)		(4.23	)		(4.63	)		45.80		(5.98	)		3,986,316		1.12			1.12			0.18			28
Year ended 08/31/18		46.82		0.08			8.87			8.95			(0.53	)		(1.09	)		(1.62	)		54.15		19.57			5,811,651		1.14			1.14			0.15			27
Year ended 08/31/17		38.06		0.05			8.87			8.92			(0.16	)		–			(0.16	)		46.82		23.55			4,125,091		1.16			1.16			0.13			22
Class R5
Year ended 10/31/21		51.94		0.20			16.28			16.48			–			(4.50	)		(4.50	)		63.92		33.55			512		1.00			1.00			0.35			24
Year ended 10/31/20		48.26		0.07			5.99			6.06			(0.20	)		(2.18	)		(2.38	)		51.94		12.99			191		0.99			0.99			0.13			73
Two months ended 10/31/19		46.29		(0.01	)		1.98			1.97			–			–			–			48.26		4.26			20		1.01	^(f)		1.01	^(f)		(0.07	)^(f)		0	^(g)
Period ended 08/31/19^(h)		46.97		0.04			(0.72	)		(0.68	)		–			–			–			46.29		(1.45	)		19		1.01	^(f)		1.01	^(f)		0.29	^(f)		28
Class R6
Year ended 10/31/21		51.52		0.23			16.14			16.37			–			(4.50	)		(4.50	)		63.39		33.62			3,227,212		0.95			0.95			0.40			24
Year ended 10/31/20		47.90		0.08			5.93			6.01			(0.21	)		(2.18	)		(2.39	)		51.52		12.97			2,532,327		0.95			0.95			0.17			73
Two months ended 10/31/19		45.94		(0.00	)⁽ⁱ⁾		1.96			1.96			–			–			–			47.90		4.27			2,759,984		0.94	^(f)		0.94	^(f)		0.00	^(f)(g)		0	^(g)
Year ended 08/31/19		54.32		0.16			(3.82	)		(3.66	)		(0.49	)		(4.23	)		(4.72	)		45.94		(5.82	)		2,692,561		0.96			0.96			0.34			28
Year ended 08/31/18		46.95		0.16			8.90			9.06			(0.60	)		(1.09	)		(1.69	)		54.32		19.77			3,236,676		0.96			0.96			0.32			27
Year ended 08/31/17		38.17		0.12			8.88			9.00			(0.22	)		–			(0.22	)		46.95		23.76			2,285,847		0.97			0.97			0.30			22

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, 0.01% and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018 and 2017, respectively.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020.

^(f)	Annualized.

^(g)	Amount represents less than 0.005%.

^(h)	Commencement date after the close of business on May 24, 2019.

⁽ⁱ⁾	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

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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


15		Invesco International Small-Mid Company Fund

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

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

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 fiscal year ended October 31, 2021, the Fund did not enter into any closing agreements.

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.


16		Invesco International Small-Mid Company Fund

The ongoing effects of COVID-19 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


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, 2021, the effective advisory fee rate incurred by the Fund was 0.90%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 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 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”). Prior to June 1, 2021, the Adviser had 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 (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.38%, 2.13%, 1.63%, 1.14%, 1.01% and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or 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, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $40,312.


17		Invesco International Small-Mid Company Fund

shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $37,913 in front-end sales commissions from the sale of Class A shares and $477 and $1,063 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

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

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

Level 3 -

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	410,255,869		$–		$ 410,255,869


Brazil		135,059,787		–		–		135,059,787


Canada		79,860,163		–		–		79,860,163


Denmark		–		252,766,136		–		252,766,136


Finland		–		44,366,991		–		44,366,991


France		–		312,694,779		–		312,694,779


Germany		–		813,134,711		–		813,134,711


Iceland		–		157,643,427		–		157,643,427


India		–		233,193,711		–		233,193,711


Ireland		71,709,993		–		–		71,709,993


Israel		183,959,038		–		–		183,959,038


Italy		–		369,080,288		–		369,080,288


Japan		–		1,632,564,156		–		1,632,564,156


Jersey		–		41,263,425		–		41,263,425


Netherlands		–		158,727,467		–		158,727,467


New Zealand		–		66,510,235		–		66,510,235


Norway		–		38,712,151		–		38,712,151


Spain		–		40,217,128		–		40,217,128


Sweden		–		1,223,339,030		–		1,223,339,030


Switzerland		–		1,065,896,989		–		1,065,896,989


Taiwan		–		10,406,494		–		10,406,494


United Kingdom		679,433,060		751,693,165		–		1,431,126,225


United States		76,535,456		–		–		76,535,456


Money Market Funds		73,863,926		–		–		73,863,926


Total Investments	$	1,300,421,423	$	7,622,466,152		$–		$ 8,922,887,575

NOTE 4–Derivative Investments

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


18		Invesco International Small-Mid Company Fund

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(19,076)

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


		Forward Foreign Currency Contracts
Average notional value		$2,685,371

NOTE 5–Expense Offset Arrangement(s)

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021			2020
Ordinary income*		$	–		$	33,939,151
Long-term capital gain			628,778,965			384,046,766
Total distributions		$	628,778,965		$	417,985,917

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

Tax Components of Net Assets at Period-End:


	2021
Undistributed ordinary income	$	113,542,377
Undistributed long-term capital gain		707,480,112
Net unrealized appreciation – investments		3,641,649,256
Net unrealized appreciation – foreign currencies		236,822
Temporary book/tax differences		994,218
Shares of beneficial interest		4,466,199,629
Total net assets	$	8,930,102,414

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.

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


19		Invesco International Small-Mid Company Fund

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $1,997,327,806 and $2,536,735,083, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	3,747,502,585


Aggregate unrealized (depreciation) of investments		(105,853,329	)


Net unrealized appreciation of investments	$	3,641,649,256

Cost of investments for tax purposes is $5,281,238,319.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of an equalization payment, on October 31, 2021, undistributed net investment income was increased by $5,123,833, undistributed net realized gain was decreased by $93,673,833 and shares of beneficial interest was increased by $88,550,000. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


		Summary of Share Activity
	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,688,336		$	96,716,229			2,296,145		$	106,337,027


Class C		62,162			3,177,985			107,287			4,388,339


Class R		193,668			10,433,562			194,950			8,540,896


Class Y		11,044,718			628,844,474			12,902,285			595,865,488


Class R5		5,860			321,103			3,377			150,580


Class R6		10,066,439			575,754,165			8,492,922			391,167,074



Issued as reinvestment of dividends:
Class A		1,742,904			91,554,723			1,234,547			59,060,718


Class C		252,485			11,727,933			194,910			8,392,805


Class R		164,658			8,117,615			105,881			4,790,061


Class Y		4,462,728			232,552,777			3,355,855			158,933,304


Class R5		554			29,282			10			497


Class R6		4,022,670			210,667,252			2,728,217			129,644,859



Automatic conversion of Class C shares to Class A shares:
Class A		603,668			34,750,110			353,764			17,096,218


Class C		(684,298	)		(34,750,110	)		(394,301	)		(17,096,218	)



Reacquired:
Class A		(4,523,290	)		(259,726,558	)		(10,099,267	)		(455,635,588	)


Class C		(449,511	)		(22,795,513	)		(1,044,217	)		(42,137,001	)


Class R		(377,420	)		(20,650,417	)		(577,762	)		(25,310,283	)


Class Y		(14,571,573	)		(833,707,778	)		(38,648,222	)		(1,649,699,743	)


Class R5		(2,077	)		(118,113	)		(130	)		(6,578	)


Class R6		(12,324,480	)		(723,164,614	)		(19,689,164	)		(888,605,009	)


Net increase (decrease) in share activity		1,378,201		$	9,734,107			(38,482,913	)	$	(1,594,122,554	)

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

In addition, 14% 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

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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021, 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.

For each of the two years in the period ended October 31, 2021, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

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 each of the periods ended on or prior to August 31, 2018 (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

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, 2021 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, 2021


21		Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,118.00	$6.99	$1,018.60	$6.67	1.31%
Class C	1,000.00	1,113.60	11.03	1,014.77	10.51	2.07
Class R	1,000.00	1,116.50	8.38	1,017.29	7.98	1.57
Class Y	1,000.00	1,119.40	5.72	1,019.81	5.45	1.07
Class R5	1,000.00	1,119.80	5.34	1,020.16	5.09	1.00
Class R6	1,000.00	1,120.20	5.08	1,020.42	4.84	0.95

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


22		Invesco International Small-Mid Company Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Oppenheimer International Small-Mid Company 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 and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

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 addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

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

Funds through the challenging COVID-19 pandemic period. 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.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex USA SMID 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 year period and the first 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, 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. The Board also reviewed more recent Fund performance as well as other


23		Invesco International Small-Mid Company Fund

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 actual and contractual management fees were in the fourth quintile of its expense group. The Board discussed with management reasons for such relative actual and contractual management fees.

D.	Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


24		Invesco International Small-Mid Company Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	717,328,965
Qualified Dividend Income*		96.82	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0559		per share
Foreign Source Income	$	0.8717		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco International Small-Mid Company Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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 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)	186	None

¹	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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²- 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


T-5		Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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 77002-5678

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


T-6		Invesco International Small-Mid Company Fund

LOGO

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

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco MSCI World SRI Index Fund

Nasdaq:

A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

12		Financial Statements

15		Financial Highlights

16		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Approval of Investment Advisory and Sub-Advisory Contracts

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco MSCI World SRI Index Fund (the Fund), at net asset value (NAV), underperformed the MSCI World SRI Index, the Fund’s broad market benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, 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	44.35	%
Class C Shares	43.21
Class R Shares	43.93
Class Y Shares	44.73
Class R5 Shares	44.73
Class R6 Shares	44.73
MSCI World SRI Index^▼ (Broad Market Index)	44.72
Custom Invesco MSCI World SRI Index^∎ (Style-Specific Index)	44.72
Lipper Global Multi-Cap Core Funds Index^◆ (Peer Group Index)	37.01
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

Global equities surged to an all-time high over the fiscal year ending in October 2021, fueled by investors’ optimism for growth in a post-pandemic world in the coming months. In the US, companies that suffered the most from the pandemic, such as cruise lines and banks, led the rally early on, while worldwide a sharp rise in oil prices over the fiscal year coupled with a sustained recovery in demand led to strong performance within the energy sector.

The fiscal year began with risk assets trending upwards as European stock markets registered some of the biggest ever single month gains driven by hopes for reflation, higher earnings, a Brexit deal and coronavirus (COVID-19) vaccine rollouts. In the US, President Joe Biden’s victory in the presidential election was well received by the markets, which saw a reduction in volatility and higher returns. Meanwhile, COVID-19 vaccine breakthroughs led to a strong rotation from growth stocks, such as technology companies, to value stocks which was a trend that persisted through half of the second quarter of 2021.

Global indices continued to rise through October 2021, propelled by a speedy rollout of COVID-19 vaccines. Subsequently, increased economic activity induced concerns over inflation worldwide, but investors were not deterred and President Joe Biden’s agreement on a $1.9 trillion stimulus plan sent US stocks higher.

Towards the end of the fiscal year, global markets had mixed performance with Japan peaking by late summer after struggling previously, whereas the US, European and Australian markets experienced a pullback from record highs. The pullback of certain markets was triggered by stalled economic reopenings, central banks failing to provide clarity in monetary policies and investors’ increasing skepticism over whether higher inflation

would remain a transitory economic factor. However, the setback was temporary as global markets rose to new heights in October 2021, due to a favorable earnings season and rising investor confidence, despite persistent supply chain disruptions, labor shortages and higher energy prices.

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 their sector peers and applies values-based exclusion criteria, such as controversial weapons, tobacco, alcohol, gambling, etc. Their revenues from alcohol, adult entertainment, conventional weapons, gambling, genetically modified organisms, nuclear power, fossil fuel extraction, or thermal coal power exceed the business involvement thresholds determined by MSCI. The index also may exclude companies involved in material ESG controversies.

For the fiscal year ended October 31, 2021, the MSCI World SRI Index returned

44.72%.

During the fiscal year, the information technology (IT), consumer discretionary, financials, industrials and health care sectors contributed the most to the Fund’s overall performance. No market sectors delivered negative overall returns for the Fund during the fiscal year.

From a country perspective, the US was by far the largest contributor, making up 68% of the portfolio’s total return. No countries detracted from performance during the fiscal year.

Leading contributors to the Fund’s performance for the fiscal year included Microsoft,

Tesla, NVIDIA and Dutch semiconductor firm ASML Holding. Microsoft and Tesla repeatedly delivered strong earnings and increased revenue growth during the fiscal year. There were no significant individual detractors from the Fund’s performance. The largest detractor from Fund performance was the Japanese retail holding company Fast Retailing which subtracted only 0.07%.

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.

Thank you for your investment in Invesco MSCI World SRI Index Fund.

Portfolio manager(s):

Su-Jin Fabian

Nils Huter

Robert Nakouzi

Daniel Tsai

Ahmadreza Vafaeimehr

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


2		Invesco MSCI World SRI Index Fund

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

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

3	Source: Lipper Inc.

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.


3		Invesco MSCI World SRI Index Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (7/1/16)	10.69	%
5 Years	10.84
1 Year	36.36

Class C Shares
Inception (7/1/16)	11.03	%
5 Years	11.24
1 Year	42.21

Class R Shares
Inception (7/1/16)	11.58	%
5 Years	11.81
1 Year	43.93

Class Y Shares
Inception (7/1/16)	12.14	%
5 Years	12.37
1 Year	44.73

Class R5 Shares
Inception (7/1/16)	12.14	%
5 Years	12.37
1 Year	44.73

Class R6 Shares
Inception (7/1/16)	12.14	%
5 Years	12.37
1 Year	44.73

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

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


4		Invesco MSCI World SRI Index Fund

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, 2021, 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 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 comprised of the MSCI World Index through June 30, 2020, and the MSCI World SRI Index thereafter.

∎

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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco MSCI World SRI Index Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		26.34	%
Consumer Discretionary		14.36
Financials		13.06
Health Care		12.31
Industrials		10.05
Consumer Staples		7.44
Materials		4.09
Communication Services		3.69
Real Estate		2.88
Other Sectors, Each Less than 2% of Net Assets		2.46
Money Market Funds Plus Other Assets Less Liabilities		3.32

Top 10 Equity Holdings*


		% of total net assets
1.	Microsoft Corp.		14.18	%
2.	Tesla, Inc.		5.50
3.	NVIDIA Corp.		3.85
4.	Home Depot, Inc. (The)		2.42
5.	ASML Holding N.V.		2.08
6.	Walt Disney Co. (The)		1.87
7.	Roche Holding AG		1.65
8.	Cisco Systems, Inc.		1.43
9.	Coca-Cola Co. (The)		1.42
10.	PepsiCo, Inc.		1.38

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, 2021.


6		Invesco MSCI World SRI Index Fund

Schedule of Investments

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–96.68%
Australia–1.72%
Ampol Ltd.		249	$ 5,744
APA Group		849	5,251
ASX Ltd.		141	8,841
Aurizon Holdings Ltd.		1,285	3,254
BlueScope Steel Ltd.		545	8,419
Brambles Ltd.		1,106	8,375
Cochlear Ltd.		46	7,661
Coles Group Ltd.		954	12,325
Computershare Ltd.		448	6,348
Dexus		805	6,602
Fortescue Metals Group Ltd.		1,267	13,236
GPT Group (The)		1,406	5,438
Insurance Australia Group Ltd.		1,610	5,792
Lendlease Corp. Ltd.		495	3,911
Macquarie Group Ltd.		255	37,948
Mirvac Group		2,727	5,754
Newcrest Mining Ltd.		580	10,819
Northern Star Resources Ltd.		836	5,774
Ramsay Health Care Ltd.		123	6,560
REA Group Ltd.		44	5,324
SEEK Ltd.		284	7,019
Stockland		1,744	5,995
Sydney Airport^(a)		1,102	6,784
Transurban Group		2,053	20,836
Vicinity Centres		4,613	6,012
			220,022

Austria–0.11%
Mondi PLC		307	7,682
Verbund AG		64	6,668
			14,350

Belgium–0.20%
KBC Group N.V.		189	17,639
Umicore S.A.		141	8,097
			25,736

Canada–3.89%
Agnico Eagle Mines Ltd.		160	8,493
Ballard Power Systems, Inc.^(a)		323	5,854
Bank of Montreal		505	54,829
Bank of Nova Scotia (The)		893	58,547
Canadian National Railway Co.		525	69,774
Canadian Tire Corp. Ltd., Class A		47	6,676
FirstService Corp.		33	6,582
Fortis, Inc.		321	14,289
Franco-Nevada Corp.		148	21,118
Gildan Activewear, Inc.		175	6,428
Intact Financial Corp.		119	15,953
Magna International, Inc.		235	19,116
Metro, Inc.		148	7,447
National Bank of Canada		259	21,442
Ritchie Bros. Auctioneers, Inc.		103	7,040
Rogers Communications, Inc., Class B		252	11,720
Shopify, Inc., Class A^(a)		89	129,949


	Shares		Value
Canada–(continued)
TMX Group Ltd.		50	$ 5,413
Toromont Industries Ltd.		61	5,427
Wheaton Precious Metals Corp.		316	12,756
WSP Global, Inc.		68	9,219
			498,072

China–0.06%
BOC Hong Kong Holdings Ltd.		2,500	7,948

Denmark–2.08%
Ambu A/S, Class B		146	4,174
Coloplast A/S, Class B		85	13,863
Genmab A/S^(a)		50	22,509
GN Store Nord A/S		88	5,359
Novo Nordisk A/S, Class B		1,335	146,840
Novozymes A/S, Class B		148	10,877
Orsted A/S^(b)		141	19,915
Pandora A/S		85	11,888
Vestas Wind Systems A/S		725	31,413
			266,838

Finland–0.41%
Elisa OYJ		86	5,191
Kesko OYJ, Class B		186	6,049
Neste OYJ		307	17,141
Orion OYJ, Class B		101	4,374
UPM-Kymmene OYJ		347	12,264
Wartsila OYJ Abp		507	7,043
			52,062

France–2.72%
Amundi S.A.^(b)		52	4,638
AXA S.A.		1,445	42,063
Bureau Veritas S.A.		219	6,963
Carrefour S.A.		431	7,806
Cie Generale des Etablissements Michelin S.C.A.		124	19,468
Danone S.A.		503	32,808
EssilorLuxottica S.A.		219	45,329
Gecina S.A.		33	4,625
L’Oreal S.A.		196	89,629
Schneider Electric SE		433	74,897
Unibail-Rodamco-Westfield^(a)		102	7,288
Valeo		190	5,582
Vivendi SE		546	7,031
			348,127

Germany–3.14%
adidas AG		147	48,142
Allianz SE		332	77,209
Beiersdorf AG		70	7,437
Deutsche Boerse AG		141	23,409
Deutsche Post AG		766	47,353
Henkel AG & Co. KGaA, Preference Shares		178	15,923
Merck KGaA		87	20,542
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		110	32,583
Puma SE		71	8,808

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


7		Invesco MSCI World SRI Index Fund


	Shares		Value
Germany–(continued)
SAP SE		835	$ 120,932
			402,338

Hong Kong–0.56%
Hang Seng Bank Ltd.		600	11,430
Hong Kong Exchanges & Clearing Ltd.		900	54,620
MTR Corp. Ltd.		1,000	5,461
			71,511

Ireland–0.34%
CRH PLC		598	28,638
Kerry Group PLC, Class A		110	14,788
			43,426

Israel–0.08%
Bank Leumi Le-Israel BM		1,031	9,844

Italy–0.45%
Amplifon S.p.A.		119	6,051
Intesa Sanpaolo S.p.A.		12,887	36,712
Snam S.p.A.		1,299	7,363
Terna Rete Elettrica Nazionale S.p.A.		929	6,926
			57,052

Japan–5.82%
Aeon Co. Ltd.		500	11,504
Ajinomoto Co., Inc.		400	11,974
Asahi Kasei Corp.		900	9,478
Astellas Pharma, Inc.		1,400	23,590
Capcom Co. Ltd.		200	5,380
Chugai Pharmaceutical Co. Ltd.		500	18,647
Daikin Industries Ltd.		177	38,792
Eisai Co. Ltd.		200	14,103
Fast Retailing Co. Ltd.		45	29,893
FUJIFILM Holdings Corp.		300	23,215
Fujitsu Ltd.		100	17,259
Hankyu Hanshin Holdings, Inc.		200	6,199
Ibiden Co. Ltd.		100	6,018
Kansai Paint Co. Ltd.		200	4,630
Kao Corp.		400	22,604
KDDI Corp.		1,200	37,200
Keio Corp.		100	5,047
Kikkoman Corp.		100	8,195
Kobe Bussan Co. Ltd.		200	6,880
Komatsu Ltd.		600	15,673
Kurita Water Industries Ltd.		100	4,925
Mitsui Fudosan Co. Ltd.		700	15,997
Miura Co. Ltd.		100	3,841
MS&AD Insurance Group Holdings, Inc.		300	9,634
Nippon Express Co. Ltd.		100	6,267
Nippon Yusen K.K.		100	7,203
Nitto Denko Corp.		100	7,811
Nomura Research Institute Ltd.		300	12,051
Odakyu Electric Railway Co. Ltd.		200	4,332
Omron Corp.		100	9,566
ORIX Corp.		900	17,669
ORIX JREIT, Inc.		3	4,976
Panasonic Corp.		1,600	19,604
Resona Holdings, Inc.		1,500	5,590
Secom Co. Ltd.		200	13,601


	Shares		Value
Japan–(continued)
Sekisui House Ltd.		600	$ 12,463
SG Holdings Co. Ltd.		200	5,013
Shimizu Corp.		500	3,662
Shionogi & Co. Ltd.		200	13,022
Sompo Holdings, Inc.		200	8,699
Sony Group Corp.		1,000	115,583
Sumitomo Chemical Co. Ltd.		1,400	6,901
Sumitomo Mitsui Trust Holdings, Inc.		200	6,541
Suntory Beverage & Food Ltd.		100	3,880
Sysmex Corp.		100	12,430
Tokyo Electron Ltd.		100	46,621
Tokyu Corp.		300	4,225
Toray Industries, Inc.		900	5,616
TOTO Ltd.		100	4,843
West Japan Railway Co.		100	4,712
Yamaha Corp.		100	6,320
Yamaha Motor Co. Ltd.		200	5,570
Yaskawa Electric Corp.		200	8,668
Z Holdings Corp.		1,900	11,798
			745,915

Netherlands–2.85%
Akzo Nobel N.V.		144	16,577
ASML Holding N.V.		327	266,404
Koninklijke DSM N.V.		125	27,330
Koninklijke Vopak N.V.		144	5,730
NN Group N.V.		210	11,261
Universal Music Group N.V.		546	15,852
Wolters Kluwer N.V.		213	22,329
			365,483

New Zealand–0.24%
Fisher & Paykel Healthcare Corp. Ltd.		417	9,341
Meridian Energy Ltd.		1,313	4,701
Spark New Zealand Ltd.		1,719	5,626
Xero Ltd.^(a)		97	10,970
			30,638

Norway–0.31%
DNB Bank ASA		692	16,490
Mowi ASA		283	8,204
Orkla ASA		740	7,204
Telenor ASA		492	7,777
			39,675

Portugal–0.04%
Jeronimo Martins SGPS S.A.		233	5,281

Russia–0.04%
Coca-Cola HBC AG		164	5,690

Singapore–0.58%
CapitaLand Integrated Commercial Trust		309	493
CapitaLand Investment Ltd.^(a)		2,000	5,102
DBS Group Holdings Ltd.		1,400	32,624
Oversea-Chinese Banking Corp. Ltd.		2,700	23,693
Singapore Telecommunications Ltd.		6,400	11,905
			73,817

Spain–0.56%
Banco Bilbao Vizcaya Argentaria S.A.		5,064	35,529

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


8		Invesco MSCI World SRI Index Fund


	Shares		Value
Spain–(continued)
Industria de Diseno Textil S.A.		818	$ 29,576
Red Electrica Corp. S.A.		322	6,711
			71,816

Sweden–0.45%
Boliden AB		242	8,542
Electrolux AB, Class B		197	4,476
Essity AB, Class B		489	15,833
Husqvarna AB, Class B		397	5,657
ICA Gruppen AB		87	4,501
Svenska Cellulosa AB S.C.A., Class B		423	6,599
Tele2 AB, Class B		329	4,647
Telia Co. AB		1,832	7,211
			57,466

Switzerland–2.82%
Givaudan S.A.		7	32,985
Kuehne + Nagel International AG, Class R		37	11,673
Lonza Group AG		57	46,815
Roche Holding AG		545	211,140
SGS S.A.		5	14,771
Sonova Holding AG, Class A		38	15,733
Swiss Life Holding AG		25	13,750
Swisscom AG		18	9,811
Vifor Pharma AG		38	4,908
			361,586

United Kingdom–4.45%
abrdn PLC		1,458	5,080
Ashtead Group PLC		350	29,400
Associated British Foods PLC		234	5,739
Barratt Developments PLC		695	6,316
Berkeley Group Holdings PLC		72	4,296
British Land Co. PLC (The)		716	4,849
BT Group PLC^(a)		6,928	13,149
Burberry Group PLC		280	7,414
CNH Industrial N.V.		767	13,276
Coca-Cola Europacific Partners PLC		143	7,529
Compass Group PLC^(a)		1,320	28,038
Croda International PLC		84	10,887
DCC PLC		66	5,524
Informa PLC^(a)		982	7,000
InterContinental Hotels Group PLC^(a)		122	8,571
J Sainsbury PLC		1,618	6,634
JD Sports Fashion PLC		523	7,809
Johnson Matthey PLC		161	6,027
Kingfisher PLC		1,562	7,165
Liberty Global PLC, Class C^(a)		418	12,055
Linde PLC		415	132,468
National Grid PLC		2,765	35,370
RELX PLC		1,431	44,285
Schroders PLC		112	5,555
Segro PLC		825	14,613
St James’s Place PLC		391	8,467
Taylor Wimpey PLC		2,441	5,176
Unilever PLC		2,105	112,653
United Utilities Group PLC		487	6,929
Whitbread PLC^(a)		156	6,995
			569,269


	Shares		Value
United States–62.76%
ABIOMED, Inc.^(a)		33	$ 10,957
Agilent Technologies, Inc.		229	36,065
Allegion PLC		65	8,340
Ally Financial, Inc.		283	13,510
American Express Co.		552	95,927
American Tower Corp.		357	100,663
Ameriprise Financial, Inc.		91	27,494
AmerisourceBergen Corp.		122	14,886
Amgen, Inc.		461	95,413
Aptiv PLC^(a)		201	34,751
Atmos Energy Corp.		97	8,936
Automatic Data Processing, Inc.		345	77,449
Baker Hughes Co., Class A		489	12,264
Bank of New York Mellon Corp. (The)		652	38,598
Becton, Dickinson and Co.		218	52,231
Best Buy Co., Inc.		174	21,270
Biogen, Inc.^(a)		111	29,601
BlackRock, Inc.		121	114,159
Bunge Ltd.		100	9,264
C.H. Robinson Worldwide, Inc.		102	9,893
Cable One, Inc.		3	5,134
Campbell Soup Co.		140	5,593
Cardinal Health, Inc.		230	10,996
Caterpillar, Inc.		431	87,928
CBRE Group, Inc., Class A^(a)		246	25,604
Centene Corp.^(a)		450	32,058
CenterPoint Energy, Inc.		377	9,817
Cerner Corp.		222	16,492
Charles Schwab Corp. (The)		1,134	93,022
Cheniere Energy, Inc.^(a)		165	17,061
Cigna Corp.		270	57,675
Cisco Systems, Inc.		3,275	183,302
Clorox Co. (The)		90	14,671
CME Group, Inc., Class A		268	59,107
Coca-Cola Co. (The)		3,229	182,019
Colgate-Palmolive Co.		594	45,257
Consolidated Edison, Inc.		250	18,850
CSX Corp.		1,770	64,021
Cummins, Inc.		109	26,143
DaVita, Inc.^(a)		71	7,330
DENTSPLY SIRONA, Inc.		158	9,039
eBay, Inc.		528	40,508
Ecolab, Inc.		191	42,444
Edwards Lifesciences Corp.^(a)		468	56,076
Electronic Arts, Inc.		223	31,276
Equinix, Inc.		73	61,106
Eversource Energy		245	20,801
Expeditors International of Washington, Inc.		125	15,408
FactSet Research Systems, Inc.		28	12,429
Fastenal Co.		422	24,088
Ferguson PLC		171	25,752
Fortive Corp.		247	18,700
Fortune Brands Home & Security, Inc.		97	9,836
Generac Holdings, Inc.^(a)		49	24,429
General Mills, Inc.		449	27,748
Gilead Sciences, Inc.		937	60,793
Hasbro, Inc.		95	9,097
HCA Healthcare, Inc.		202	50,593
Henry Schein, Inc.^(a)		98	7,482

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)
Hilton Worldwide Holdings, Inc.^(a)		215	$ 30,949
Hologic, Inc.^(a)		185	13,562
Home Depot, Inc. (The)		831	308,916
Hormel Foods Corp.		220	9,310
Humana, Inc.		99	45,853
Huntington Bancshares, Inc.		789	12,419
IDEX Corp.		55	12,241
IDEXX Laboratories, Inc.^(a)		63	41,967
IHS Markit Ltd.		282	36,863
Illinois Tool Works, Inc.		246	56,056
Illumina, Inc.^(a)		114	47,317
Insulet Corp.^(a)		51	15,811
International Flavors & Fragrances, Inc.		191	28,163
Interpublic Group of Cos., Inc. (The)		296	10,825
Jazz Pharmaceuticals PLC^(a)		37	4,922
Johnson Controls International PLC		530	38,886
Kansas City Southern		70	21,718
Kellogg Co.		184	11,279
KeyCorp		728	16,941
Kimberly-Clark Corp.		256	33,149
LKQ Corp.^(a)		217	11,952
Lowe’s Cos., Inc.		566	132,342
Marsh & McLennan Cos., Inc.		380	63,384
Mettler-Toledo International, Inc.^(a)		18	26,656
Microsoft Corp.		5,477	1,816,283
Moody’s Corp.		127	51,327
Newell Brands, Inc.		281	6,432
Norfolk Southern Corp.		194	56,852
Northern Trust Corp.		147	18,087
NVIDIA Corp.		1,927	492,676
ONEOK, Inc.		329	20,931
Owens Corning		83	7,753
Pentair PLC		122	9,024
PepsiCo, Inc.		1,091	176,306
Phillips 66		327	24,453
PNC Financial Services Group, Inc. (The)		330	69,640
Pool Corp.		31	15,970
PPG Industries, Inc.		183	29,384
Prologis, Inc.		577	83,642
Prudential Financial, Inc.		295	32,465
Quest Diagnostics, Inc.		94	13,797
Regions Financial Corp.		721	17,073
ResMed, Inc.		106	27,868


	Shares		Value

United States–(continued)
Robert Half International, Inc.		82	$	9,272

Rockwell Automation, Inc.		85		27,149

Roper Technologies, Inc.		79		38,542

Sempra Energy		247		31,525

State Street Corp.		266		26,214

STERIS PLC		59		13,791

SVB Financial Group^(a)		38		27,261

Swiss Re AG		217		21,044

T. Rowe Price Group, Inc.		177		38,388

Teladoc Health, Inc.^(a)		104		15,557

Teledyne Technologies, Inc.^(a)		36		16,172

Tesla, Inc.^(a)		632		704,048

Texas Instruments, Inc.		736		137,985

Tractor Supply Co.		83		18,025

Trane Technologies PLC		178		32,206

Travelers Cos., Inc. (The)		190		30,567

Truist Financial Corp.		1,046		66,390

UGI Corp.		154		6,685

Vail Resorts, Inc.		30		10,341

Vertex Pharmaceuticals, Inc.^(a)		188		34,767

VF Corp.		247		18,001

W.W. Grainger, Inc.		33		15,283

Walt Disney Co. (The)^(a)		1,418		239,741

Waters Corp.^(a)		45		16,540

West Pharmaceutical Services, Inc.		51		21,924

Xylem, Inc.		134		17,499

Zoetis, Inc.		371		80,210

				8,037,927

Total Common Stocks & Other Equity Interests (Cost $8,615,316)				12,381,889


Money Market Funds–3.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		149,384		149,384

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		106,423		106,455

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		170,725		170,725

Total Money Market Funds (Cost $426,571)				426,564

TOTAL INVESTMENTS IN SECURITIES–100.01% (Cost $9,041,887)				12,808,453

OTHER ASSETS LESS LIABILITIES–(0.01)%				(737	)

NET ASSETS–100.00%			$	12,807,716

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


10		Invesco MSCI World SRI Index Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $24,553, which represented less than 1% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	47,900		$	719,248		$	(617,764)		$	-		$	-		$	149,384		$	36
Invesco Liquid Assets Portfolio, Institutional Class			34,477			512,361			(440,376)			(7)			-			106,455			20
Invesco Treasury Portfolio, Institutional Class			54,743			821,998			(706,016)			-			-			170,725			16
Total		$	137,120		$	2,053,607		$	(1,764,156)		$	(7)		$	-		$	426,564		$	72

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

Open Futures Contracts^(a)

Long Futures Contracts

Number of
Contracts

Expiration

Month

Notional
Value

Value

Unrealized
Appreciation

Equity Risk

MSCI World Index

December-2021

$191,060

$2,624

^(a)	Futures contracts collateralized by $13,593 cash held with Merrill Lynch International, the futures commission merchant.

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, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $8,615,316)	$	12,381,889

Investments in affiliated money market funds, at value (Cost $426,571)		426,564

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		13,593

Cash		1,120

Foreign currencies, at value (Cost $824)		837

Receivable for:
Investments sold		13,055

Fund shares sold		4,938

Dividends		22,531

Investment for trustee deferred compensation and retirement plans		15,769

Other assets		39,110

Total assets		12,919,406


Liabilities:
Other investments:
Variation margin payable - futures contracts		183

Payable for:
Fund shares reacquired		4,607

Accrued fees to affiliates		34,020

Accrued trustees’ and officers’ fees and benefits		1,890

Accrued other operating expenses		55,221

Trustee deferred compensation and retirement plans		15,769

Total liabilities		111,690

Net assets applicable to shares outstanding	$	12,807,716


Net assets consist of:
Shares of beneficial interest	$	9,302,327

Distributable earnings		3,505,389

	$	12,807,716


Net Assets:

Class A	$	1,336,876


Class C	$	206,563


Class R	$	570,504


Class Y	$	792,951


Class R5	$	16,883


Class R6	$	9,883,939



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		79,785


Class C		12,529


Class R		34,249


Class Y		47,015


Class R5		1,001


Class R6		586,010


Class A:
Net asset value per share	$	16.76

Maximum offering price per share (Net asset value of $16.76 ÷ 94.50%)	$	17.74


Class C:
Net asset value and offering price per share	$	16.49


Class R:
Net asset value and offering price per share	$	16.66


Class Y:
Net asset value and offering price per share	$	16.87


Class R5:
Net asset value and offering price per share	$	16.87


Class R6:
Net asset value and offering price per share	$	16.87

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, 2021


Investment income:
Dividends (net of foreign withholding taxes of $14,432)	$	186,693

Dividends from affiliated money market funds		72


Total investment income		186,765



Expenses:
Advisory fees		15,207

Administrative services fees		1,611

Custodian fees		4,466

Distribution fees:
Class A		2,929

Class C		1,794

Class R		2,312

Transfer agent fees – A, C, R and Y		6,838

Transfer agent fees – R5		17

Transfer agent fees – R6		737

Trustees’ and officers’ fees and benefits		22,059

Registration and filing fees		85,217

Licensing fees		4,345

Reports to shareholders		16,754

Professional services fees		137,619

Other		14,954


Total expenses		316,859


Less: Fees waived and/or expenses reimbursed		(289,143	)


Net expenses		27,716


Net investment income		159,049



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		425,667

Foreign currencies		471

Futures contracts		61,711


		487,849


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,168,566

Affiliated investment securities		(7	)

Foreign currencies		(391	)

Futures contracts		3,887


		3,172,055


Net realized and unrealized gain		3,659,904


Net increase in net assets resulting from operations	$	3,818,953

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, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	159,049		$	142,483

Net realized gain (loss)		487,849			(274,967	)

Change in net unrealized appreciation		3,172,055			150,487


Net increase in net assets resulting from operations		3,818,953			18,003



Distributions to shareholders from distributable earnings:
Class A		(15,068	)		(27,376	)

Class C		(2,385	)		(2,218	)

Class R		(5,252	)		(492	)

Class Y		(7,779	)		(9,965	)

Class R5		(374	)		(389	)

Class R6		(107,235	)		(118,725	)


Total distributions from distributable earnings		(138,093	)		(159,165	)



Share transactions–net:
Class A		17,376			(411,764	)

Class C		(12,610	)		(78,067	)

Class R		92,567			273,845

Class Y		88,810			(54,620	)

Class R5		(13,946	)		1,201

Class R6		700,358			(18,698	)


Net increase (decrease) in net assets resulting from share transactions		872,555			(288,103	)


Net increase (decrease) in net assets		4,553,415			(429,265	)



Net assets:
Beginning of year		8,254,301			8,683,566


End of year	$	12,807,716		$	8,254,301

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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$11.78		$0.19		$ 4.98			$ 5.17			$(0.19	)		$ –			$(0.19	)		$16.76		44.35	%		$1,337		0.44	%		3.31	%		1.28	%		19	%
Year ended 10/31/20		11.86		0.17		(0.06	)		0.11			(0.19	)		–			(0.19	)		11.78		0.89			922		0.70			3.03			1.48			118
Year ended 10/31/19		11.76		0.17		0.21			0.38			(0.18	)		(0.10	)		(0.28	)		11.86		3.48			1,483		0.85			3.58			1.51			116
Year ended 10/31/18		12.91		0.17		(0.85	)		(0.68	)		(0.09	)		(0.38	)		(0.47	)		11.76		(5.55	)		1,387		0.84			3.94			1.33			89
Year ended 10/31/17		10.45		0.14		2.39			2.53			(0.06	)		(0.01	)		(0.07	)		12.91		24.36			531		0.84			9.90			1.16			69
Class C
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
Year ended 10/31/17		10.42		0.05		2.39			2.44			(0.02	)		(0.01	)		(0.03	)		12.83		23.49			124		1.59			10.65			0.41			69
Class R
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
Year ended 10/31/17		10.44		0.11		2.39			2.50			(0.05	)		(0.01	)		(0.06	)		12.88		24.04			13		1.09			10.15			0.91			69
Class Y
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
Year ended 10/31/17		10.46		0.17		2.39			2.56			(0.07	)		(0.01	)		(0.08	)		12.94		24.67			189		0.59			9.65			1.41			69
Class R5
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

Year ended 10/31/17		10.46		0.17		2.39			2.56			(0.07	)		(0.01	)		(0.08	)		12.94		24.67			21		0.59			9.28			1.41			69
Class R6
Year ended 10/31/21		11.83		0.22		5.02			5.24			(0.20	)		–			(0.20	)		16.87		44.73			9,884		0.19			2.79			1.53			19
Year ended 10/31/20		11.90		0.20		(0.05	)		0.15			(0.22	)		–			(0.22	)		11.83		1.20			6,342		0.45			2.51			1.73			118
Year ended 10/31/19		11.80		0.20		0.21			0.41			(0.21	)		(0.10	)		(0.31	)		11.90		3.71			6,379		0.60			2.91			1.76			116
Year ended 10/31/18		12.94		0.20		(0.86	)		(0.66	)		(0.10	)		(0.38	)		(0.48	)		11.80		(5.39	)		6,875		0.59			3.42			1.58			89
Year ended 10/31/17		10.46		0.17		2.39			2.56			(0.07	)		(0.01	)		(0.08	)		12.94		24.67			4,935		0.59			9.28			1.41			69

^(a)	Calculated using average shares outstanding.

^(b)

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

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, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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


16		Invesco MSCI World SRI Index Fund

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

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.

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.

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. 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


17		Invesco MSCI World SRI Index Fund

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.

The ongoing effects of COVID-19 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


Average Daily Net Assets	Rate
First $2 billion		0.140	%
Over $2 billion		0.120	%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.14%.

The Adviser has contractually agreed, through at least February 28, 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 R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19%, and 0.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $15,207, reimbursed fund level expenses of $266,343 and reimbursed class level expenses of $3,301, $507, $1,268, $1,763, $17 and $737 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -


18		Invesco MSCI World SRI Index Fund

Level 3 -


	Level 1		Level 2		Level 3	Total

Investments in Securities


Australia	$	–	$	220,022	$–	$	220,022

Austria		–		14,350	–		14,350

Belgium		–		25,736	–		25,736

Canada		498,072		–	–		498,072

China		–		7,948	–		7,948

Denmark		–		266,838	–		266,838

Finland		–		52,062	–		52,062

France		7,288		340,839	–		348,127

Germany		–		402,338	–		402,338

Hong Kong		–		71,511	–		71,511

Ireland		–		43,426	–		43,426

Israel		–		9,844	–		9,844

Italy		–		57,052	–		57,052

Japan		–		745,915	–		745,915

Netherlands		15,852		349,631	–		365,483

New Zealand		–		30,638	–		30,638

Norway		–		39,675	–		39,675

Portugal		–		5,281	–		5,281

Russia		–		5,690	–		5,690

Singapore		5,102		68,715	–		73,817

Spain		–		71,816	–		71,816

Sweden		–		57,466	–		57,466

Switzerland		–		361,586	–		361,586

United Kingdom		171,590		397,679	–		569,269

United States		7,991,131		46,796	–		8,037,927

Money Market Funds		426,564		–	–		426,564


Total Investments in Securities		9,115,599		3,692,854	–		12,808,453



Other Investments - Assets*


Futures Contracts		2,624		–	–		2,624


Total Investments	$	9,118,223	$	3,692,854	$–	$	12,811,077

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


	Value
	Equity
Derivative Assets	Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	2,624

Derivatives not subject to master netting agreements		(2,624	)

Total Derivative Assets subject to master netting agreements	$	-

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


19		Invesco MSCI World SRI Index Fund

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain on
	Statement of Operations
	Equity
	Risk

Realized Gain:
Futures contracts		$61,711

Change in Net Unrealized Appreciation:
Futures contracts		3,887

Total		$65,598

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


	Futures
	Contracts

Average notional value		$290,279

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	138,093	$	159,164

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	145,481


Net unrealized appreciation – investments		3,764,392


Net unrealized appreciation (depreciation) – foreign currencies		(46	)


Temporary book/tax differences		(10,118	)


Capital loss carryforward		(394,320	)


Shares of beneficial interest		9,302,327


Total net assets	$	12,807,716

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, future contracts and passive foreign investment companies.

The Fund has a capital loss carryforward as of October 31, 2021, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$244,766

$149,554

$394,320

*	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.


20		Invesco MSCI World SRI Index 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, 2021 was $2,656,519 and $1,943,926, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	3,913,062


Aggregate unrealized (depreciation) of investments		(148,670	)


Net unrealized appreciation of investments	$	3,764,392

Cost of investments for tax purposes is $9,046,685.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on October 31, 2021, undistributed net investment income was increased by $1,601 and undistributed net realized gain (loss) was decreased by $1,601. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		6,097		$	89,025			33,428		$	398,098


Class C		502			7,444			6,883			68,917


Class R		6,209			87,642			25,737			286,140


Class Y		14,976			222,535			18,179			197,875


Class R5		93			1,382			102			1,143


Class R6		100,432			1,451,199			88,565			1,017,782



Issued as reinvestment of dividends:
Class A		1,093			14,452			1,938			23,472


Class C		169			2,208			175			2,109


Class R		384			5,065			27			329


Class Y		509			6,760			710			8,620


Class R5		13			176			14			171


Class R6		6,734			89,424			8,164			99,114



Automatic conversion of Class C shares to Class A shares:
Class A		1,661			22,161			1,217			14,874


Class C		(1,677	)		(22,161	)		(1,228	)		(14,874	)



Reacquired:
Class A		(7,334	)		(108,262	)		(83,400	)		(848,208	)


Class C		(7	)		(101	)		(12,939	)		(134,219	)


Class R		(10	)		(140	)		(1,076	)		(12,624	)


Class Y		(9,468	)		(140,485	)		(21,764	)		(261,115	)


Class R5		(990	)		(15,504	)		(10	)		(113	)


Class R6		(57,115	)		(840,265	)		(96,623	)		(1,135,594	)


Net increase (decrease) in share activity		62,271		$	872,555			(31,901	)	$	(288,103	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% 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, 13% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


21		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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 by correspondence with the custodian, transfer agent, broker and portfolio company investees; when replies were not received from brokers or 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, 2021


22		Invesco MSCI World SRI Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,141.70	$2.38	$1,022.99	$2.24	0.44%
Class C	1,000.00	1,137.20	6.41	1,019.21	6.06	1.19
Class R	1,000.00	1,140.30	3.72	1,021.73	3.52	0.69
Class Y	1,000.00	1,143.00	1.03	1,024.25	0.97	0.19
Class R5	1,000.00	1,143.00	1.03	1,024.25	0.97	0.19
Class R6	1,000.00	1,143.00	1.03	1,024.25	0.97	0.19

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


23		Invesco MSCI World SRI Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 (formerly, Invesco Global Responsibility Equity 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, 2021. 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

negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

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

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.

B.	Fund Investment Performance

The Board noted that the Fund only had four full years of performance history. The Board compared the Fund’s investment performance over the past four years ending December 31, 2020 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 fourth quintile of its performance universe for the one year period, and the fifth quintile for the two, three and four 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, two, three and four 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 exposure to certain sectors pursuant to the Fund’s indexing strategy detracted from Fund performance. The Board further considered that the Fund had changed its name, investment strategy and index on June 29, 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


24		Invesco MSCI World SRI Index Fund

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.

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

D.	Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates


25		Invesco MSCI World SRI Index Fund

Tax Information

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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	59.44	%
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.


26		Invesco MSCI World SRI Index Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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 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)	186	None

¹	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 MSCI World SRI Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco MSCI World SRI Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco MSCI World SRI Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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
Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco MSCI World SRI Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


T-5		Invesco MSCI World SRI Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey – 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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
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, The Invesco Funds and Senior Vice President 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
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

² On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 77002-5678

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


T-6		Invesco MSCI World SRI Index Fund

(This page intentionally left blank)

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

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Fund holdings and proxy voting information

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

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

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Annual Report to Shareholders		October 31, 2021

Invesco Oppenheimer International Growth Fund

Nasdaq:

A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2021, Class A shares of Invesco Oppenheimer International Growth Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex USA Index.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/20 to 10/31/21, 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	32.14	%

Class C Shares	31.15

Class R Shares	31.80

Class Y Shares	32.46

Class R5 Shares	32.66

Class R6 Shares	32.66

MSCI All Country World ex USA Index^q	29.66

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

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 was incepted in 1996.

The Fund delivered strong absolute and relative returns for the fiscal year ending October 31, 2021. The Fund’s Class A shares returned 32.14%, outperforming the MSCI All Country World ex USA^® Index’s (the “Index”) return of 29.66%.

Relative to the index, the Fund performed the strongest in the information technology sector due to stock selection and an overweight to the sector and in the consumer discretionary and industrials sectors due to stock selection. The Fund underperformed the Index in the financials and energy sectors due to underweights and in the consumer staples sector due to stock selection and an overweight.

The three largest contributors to the Fund’s absolute performance for the fiscal year were ASML, Hermés and EPAM Systems.

ASML is a Dutch company that makes the equipment needed for producing semiconductors. ASML is the only supplier of the extreme ultraviolet lithography equipment that is required to produce the next generation of semiconductor chips.

Hermés is a leading luxury goods producer. The demand for Hermés products has been strong both during the pandemic and as brick

and mortar stores reopen and the share price has reacted favorably.

EPAM Systems is an Eastern European information technology services company that focuses on helping businesses digitize their operations. In our opinion, the digitization of business operations is still in its early phase.

The three largest detractors to the Fund’s absolute performance for the fiscal year were Alibaba, Tencent and boohoo.

Alibaba is a Chinese internet retailer, payment and cloud service company. Over the past year, there has been speculation over the attitude of the Chinese government towards Alibaba and other leading internet firms and the share price has reacted negatively. We decided to exit our position during the fiscal year.

Tencent is a Chinese gaming, social networking and payments company. During the fiscal year, the Chinese government issued new regulations that reduced the visibility of Tencent’s gaming earnings. We decided to exit our position during the fiscal year.

boohoo is a UK based online retailer of fast, low-cost fashion. The stock’s share price has experienced volatility over the fiscal year.

Thank you for your continued investment in Invesco Oppenheimer International Growth Fund.

Portfolio manager(s):

Robert Dunphy

George Evans

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

2 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 10/31/11

LOGO

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.

3 Invesco Oppenheimer International Growth Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (3/25/96)	8.29	%
10 Years	8.61
5 Years	10.76
1 Year	24.87

Class C Shares
Inception (3/25/96)	8.26	%
10 Years	8.57
5 Years	11.18
1 Year	30.15

Class R Shares
Inception (3/1/01)	6.37	%
10 Years	8.95
5 Years	11.74
1 Year	31.80

Class Y Shares
Inception (9/7/05)	8.09	%
10 Years	9.52
5 Years	12.30
1 Year	32.46

Class R5 Shares
10 Years	9.33	%
5 Years	12.24
1 Year	32.66

Class R6 Shares
Inception (3/29/12)	9.32	%
5 Years	12.48
1 Year	32.66

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

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

4 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, 2021, 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^® 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Oppenheimer International Growth Fund

Fund Information


Portfolio Composition

By sector	% of total net assets

Information Technology		23.17	%

Industrials		20.80

Consumer Discretionary		17.62

Health Care		13.27

Consumer Staples		10.54

Materials		3.58

Communication Services		3.19

Energy		2.52

Financials		2.43

Real Estate		0.80

Money Market Funds Plus Other Assets Less Liabilities		2.08


Top 10 Equity Holdings*

		% of total net assets

1.	ASML Holding N.V.		3.21	%

2.	Hermes International		3.09

3.	EPAM Systems, Inc.		2.67

4.	Reliance Industries Ltd.		2.52

5.	Novo Nordisk A/S, Class B		2.47

6.	LVMH Moet Hennessy Louis Vuitton SE		2.23

7.	Epiroc AB, Class A		2.20

8.	Flutter Entertainment PLC		2.12

9.	James Hardie Industries PLC, CDI		2.04

10.	Taiwan Semiconductor Manufacturing Co. Ltd.		1.99

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, 2021.

6 Invesco Oppenheimer International Growth Fund

Schedule of Investments

October 31, 2021


	Shares		Value

Common Stocks & Other Equity Interests-97.91%
Australia-1.28%
CSL Ltd.		734,022	$	166,433,710


Belgium-0.20%
Galapagos N.V.^(a)		512,193		26,558,423


Canada-4.53%
Alimentation Couche-Tard, Inc., Class B		4,958,957		186,000,957

CAE, Inc.^(a)		5,901,473		178,961,120

Dollarama, Inc.		2,489,370		112,520,489

Shopify, Inc., Class A^(a)		76,534		111,747,308

				589,229,874


Denmark-3.13%
Ascendis Pharma A/S, ADR^(a)		566,694		85,916,477

Novo Nordisk A/S, Class B		2,926,332		321,875,232

				407,791,709


France-15.87%
Adevinta ASA, Class B^(a)		5,692,459		93,901,055

Airbus SE^(a)		1,538,518		197,247,949

Dassault Systemes SE		2,991,090		174,446,096

Edenred		2,182,039		118,252,551

EssilorLuxottica S.A.		384,815		79,649,019

Hermes International		253,172		402,096,983

Kering S.A.		158,666		119,041,389

L’Oreal S.A.		309,308		141,443,851

LVMH Moet Hennessy Louis Vuitton SE		369,833		289,939,285

Sartorius Stedim Biotech		364,759		201,396,720

SEB S.A.		553,052		86,618,985

Worldline S.A.^(a)(b)		2,793,690		163,032,922

				2,067,066,805


Germany-5.95%
CTS Eventim AG & Co. KGaA^(a)		2,446,457		177,794,348

Hypoport SE^(a)		58,858		36,164,911

Infineon Technologies AG		4,608,800		215,420,025

SAP SE		466,916		67,622,933

Siemens AG		632,340		102,503,911

Siemens Healthineers AG^(b)		2,640,507		175,544,272

				775,050,400


India-3.36%
Dr Lal PathLabs Ltd.^(b)		2,336,011		109,529,475

Reliance Industries Ltd.		9,719,251		327,873,169

				437,402,644


Ireland-2.12%
Flutter Entertainment PLC^(a)		1,457,424		275,682,879


Italy-1.63%
Davide Campari-Milano N.V.		14,887,105		211,628,834


Japan-9.11%
Benefit One, Inc.^(c)		1,912,800		96,742,421

Daikin Industries Ltd.		867,400		190,101,443

Hitachi Ltd.		1,459,500		84,163,862

Hoya Corp.		764,410		112,449,890


	Shares		Value

Japan-(continued)
Keyence Corp.		341,784	$	206,099,177

Kobe Bussan Co. Ltd.		3,215,100		110,604,945

Nidec Corp.		1,530,840		169,309,904

Nihon M&A Center Holdings, Inc.		5,030,600		154,209,068

Nitori Holdings Co. Ltd.		343,300		62,995,937

				1,186,676,647


Netherlands-6.72%
Aalberts N.V.		2,897,775		159,948,630

Adyen N.V.^(a)(b)		76,424		230,854,059

ASML Holding N.V.		513,320		418,197,098

Boskalis Westminster		207,424		6,178,163

Shop Apotheke Europe N.V.^(a)(b)(c)		391,110		59,303,881

				874,481,831


New Zealand-1.22%
Xero Ltd.^(a)		1,408,792		159,329,759


Spain-1.31%
Amadeus IT Group S.A.^(a)		2,201,155		147,505,130

Prosegur Cash S.A.^(b)		33,755,967		23,148,568

				170,653,698


Sweden-6.67%
Atlas Copco AB, Class A		3,381,837		216,944,500

Epiroc AB, Class A^(c)		11,544,117		286,795,360

SKF AB, Class B		7,384,811		170,770,266

Swedish Match AB		21,943,890		193,365,997

				867,876,123


Switzerland-6.75%
Barry Callebaut AG		51,618		119,654,354

IWG PLC^(a)		24,658,239		104,667,324

Lonza Group AG		114,214		93,804,935

Sika AG		593,850		201,501,756

STMicroelectronics N.V.		2,202,189		104,467,173

Temenos AG		402,122		61,412,374

VAT Group AG^(b)		348,319		165,943,653

Zur Rose Group AG^(a)		75,629		26,908,457

				878,360,026


Taiwan-1.99%
Taiwan Semiconductor Manufacturing Co. Ltd.		12,258,000		259,411,696


United Kingdom-15.83%
Alphawave IP Group PLC^(a)(c)		11,934,398		32,561,144

boohoo Group PLC^(a)		6,417,246		15,985,819

Britvic PLC		10,547,500		128,255,897

Ceres Power Holdings PLC^(a)		4,646,611		79,232,749

Compass Group PLC^(a)		9,045,592		192,133,796

ConvaTec Group PLC^(b)		24,922,467		72,934,694

Electrocomponents PLC		6,479,056		99,860,244

Entain PLC^(a)		8,835,208		247,891,258

Legal & General Group PLC		24,490,061		96,907,476

London Stock Exchange Group PLC		1,881,139		182,872,924

Melrose Industries PLC		76,900,636		165,600,631

Next PLC		2,315,785		252,784,359

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

7 Invesco Oppenheimer International Growth Fund


	Shares		Value

United Kingdom-(continued)
Ocado Group PLC^(a)		10,301,399	$	254,380,889

Rightmove PLC		15,072,192		142,717,590

Trainline PLC^(a)(b)		22,422,626		97,285,290

				2,061,404,760


United States-10.24%
Atlassian Corp. PLC, Class A^(a)		435,817		199,660,842

EPAM Systems, Inc.^(a)		515,028		346,737,451

Ferguson PLC		1,064,991		160,382,250

James Hardie Industries PLC, CDI		6,788,282		265,157,119

Medtronic PLC		859,310		102,996,897

ResMed, Inc.		985,265		259,036,021

				1,333,970,580

Total Common Stocks & Other Equity Interests (Cost $6,328,888,472)				12,749,010,398


Preferred Stocks-0.00%
India-0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Acquired 07/12/2001-12/22/2011; Cost $0)^(d)(Cost $0)		17,213,928		473,559


Money Market Funds-1.87%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		84,257,016		84,257,016


	Shares		Value

Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)		62,134,490	$	62,153,130

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		96,293,733		96,293,733

Total Money Market Funds (Cost $242,703,963)				242,703,879

TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.78% (Cost $6,571,592,435)				12,992,187,836


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.33%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		90,872,592		90,872,592

Invesco Private Prime Fund, 0.11%^(e)(f)(g)		211,951,267		212,036,049

Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $302,908,639)				302,908,641

TOTAL INVESTMENTS IN SECURITIES-102.11% (Cost $6,874,501,074)				13,295,096,477

OTHER ASSETS LESS LIABILITIES-(2.11)%				(274,292,640	)

NET ASSETS-100.00%			$	13,020,803,837

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Pfd. - Preferred

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $1,097,576,814, which represented 8.43% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	65,131,259	$	902,240,213	$	(883,114,456	)	$	-	$	-	$	84,257,016	$	18,223
Invesco Liquid Assets Portfolio, Institutional Class		46,513,152		644,358,151		(628,718,149	)		4,177		(4,201)		62,153,130		14,579
Invesco Treasury Portfolio, Institutional Class		74,435,724		1,031,131,673		(1,009,273,664	)		-		-		96,293,733		8,461
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		337,166,727		(246,294,135	)		-		-		90,872,592		1,149*
Invesco Private Prime Fund		-		542,874,497		(330,838,484	)		2		34		212,036,049		16,737*
Total	$	186,080,135	$	3,457,771,261	$	(3,098,238,888	)	$	4,179	$	(4,167)	$	545,612,520	$	59,149

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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

8 Invesco Oppenheimer International Growth Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $6,328,888,472)*	$	12,749,483,957

Investments in affiliated money market funds, at value (Cost $545,612,602)		545,612,520

Cash		20,000,000

Foreign currencies, at value (Cost $2,683,119)		2,676,373

Receivable for:
Investments sold		6,472,711

Fund shares sold		6,278,563

Dividends		41,219,087

Interest		3,368,831

Investment for trustee deferred compensation and retirement plans		678,191

Other assets		93,432

Total assets		13,375,883,665


Liabilities:
Payable for:
Investments purchased		9,495,553

Fund shares reacquired		8,026,927

Accrued foreign taxes		12,661,185

Collateral upon return of securities loaned		302,908,639

Accrued fees to affiliates		4,342,847

Accrued trustees’ and officers’ fees and benefits		74,429

Accrued other operating expenses		4,432,057

IRS closing agreement fees for foreign withholding tax claims		12,460,000

Trustee deferred compensation and retirement plans		678,191

Total liabilities		355,079,828

Net assets applicable to shares outstanding	$	13,020,803,837


Net assets consist of:
Shares of beneficial interest	$	5,083,753,914

Distributable earnings		7,937,049,923


		$	13,020,803,837


Net Assets:
Class A	$	1,680,415,267

Class C	$	150,109,672

Class R	$	311,920,317

Class Y	$	5,009,610,084

Class R5	$	44,233,487

Class R6	$	5,824,515,010


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		31,915,483

Class C		3,070,720

Class R		6,085,411

Class Y		95,593,465

Class R5		837,154

Class R6		111,067,035

Class A:
Net asset value per share	$	52.65

Maximum offering price per share (Net asset value of $52.65 ÷ 94.50%)	$	55.71

Class C:
Net asset value and offering price per share	$	48.88

Class R:
Net asset value and offering price per share	$	51.26

Class Y:
Net asset value and offering price per share	$	52.41

Class R5:
Net asset value and offering price per share	$	52.84

Class R6:
Net asset value and offering price per share	$	52.44

*	At October 31, 2021, securities with an aggregate value of $284,919,118 were on loan to brokers.

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

9 Invesco Oppenheimer International Growth Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	5,934,295

Dividends (net of foreign withholding taxes of $12,687,101)		110,591,431

Dividends from affiliates (includes securities lending income of $315,859)		357,122

Foreign withholding tax claims		36,528,193

Less: IRS closing agreement fees for foreign withholding tax claims		(12,460,000	)

Total investment income		140,951,041


Expenses:
Advisory fees		83,146,800

Administrative services fees		1,808,744

Custodian fees		1,317,795

Distribution fees:
Class A		4,124,284

Class C		1,726,717

Class R		1,541,639

Transfer agent fees – A, C, R and Y		10,987,294

Transfer agent fees – R5		3,233

Transfer agent fees – R6		546,895

Trustees’ and officers’ fees and benefits		139,954

Registration and filing fees		193,935

Reports to shareholders		710,714

Professional services fees		304,412

Other		324,166

Total expenses		106,876,582

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(289,613	)

Net expenses		106,586,969

Net investment income		34,364,072


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $124)		1,750,440,098

Affiliated investment securities		(4,167	)

Foreign currencies		(204,741	)

Forward foreign currency contracts		56,444

		1,750,287,634

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $12,661,185)		1,754,766,218

Affiliated investment securities		4,179

Foreign currencies		(626,599	)

		1,754,143,798

Net realized and unrealized gain		3,504,431,432

Net increase in net assets resulting from operations	$	3,538,795,504

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

10 Invesco Oppenheimer International Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	34,364,072		$	28,786,139

Net realized gain		1,750,287,634			2,271,347,718

Change in net unrealized appreciation (depreciation)		1,754,143,798			(1,042,368,332	)

Net increase in net assets resulting from operations		3,538,795,504			1,257,765,525


Distributions to shareholders from distributable earnings:
Class A		(216,288,299	)		(14,967,695	)

Class C		(28,578,549	)		(389,252	)

Class R		(40,236,467	)		(2,024,284	)

Class Y		(629,263,155	)		(66,722,610	)

Class R5		(1,827	)		(136	)

Class R6		(802,185,808	)		(92,899,212	)

Total distributions from distributable earnings		(1,716,554,105	)		(177,003,189	)


Share transactions–net:
Class A		(27,064,427	)		(416,354,710	)

Class C		(56,111,542	)		(75,863,463	)

Class R		7,587,661			(75,420,935	)

Class Y		196,572,161			(2,263,086,692	)

Class R5		41,876,871			–

Class R6		(489,898,392	)		(2,408,915,153	)

Net increase (decrease) in net assets resulting from share transactions		(327,037,668	)		(5,239,640,953	)

Net increase (decrease) in net assets		1,495,203,731			(4,158,878,617	)


Net assets:
Beginning of year		11,525,600,106			15,684,478,723

End of year	$	13,020,803,837		$	11,525,600,106

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

11 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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21	$	45.87	$	0.01		$	13.72		$	13.73		$	–		$	(6.95	)	$	(6.95	)	$	52.65		32.14	%	$	1,680,415		1.10	%		1.10	%		0.00	%		18	%
Year ended 10/31/20		41.74		(0.02	)		4.53			4.51			(0.38	)		–			(0.38	)		45.87		10.84			1,472,093		1.10			1.13			(0.06	)		22
Eleven months ended 10/31/19		37.08		0.33			4.71			5.04			(0.38	)		–			(0.38	)		41.74		13.75			1,746,483		1.10	^(e)		1.10	^(e)		0.93	^(e)		10
Year ended 11/30/18		43.71		0.34			(6.71	)		(6.37	)		(0.26	)		–			(0.26	)		37.08		(14.66	)		2,146,246		1.11			1.11			0.79			18
Year ended 11/30/17		34.34		0.35			9.38			9.73			(0.36	)		–			(0.36	)		43.71		28.61			3,249,744		1.13			1.13			0.89			22
Year ended 11/30/16		37.14		0.38			(2.87	)		(2.49	)		(0.31	)		–			(0.31	)		34.34		(6.73	)		4,253,937		1.14			1.14			1.08			9
Class C
Year ended 10/31/21		43.30		(0.35	)		12.88			12.53			–			(6.95	)		(6.95	)		48.88		31.15			150,110		1.85			1.85			(0.75	)		18
Year ended 10/31/20		39.42		(0.33	)		4.28			3.95			(0.07	)		–			(0.07	)		43.30		10.02			184,361		1.85			1.88			(0.81	)		22
Eleven months ended 10/31/19		34.97		0.06			4.46			4.52			(0.07	)		–			(0.07	)		39.42		12.95			241,807		1.85	^(e)		1.85	^(e)		0.18	^(e)		10
Year ended 11/30/18		41.29		0.02			(6.34	)		(6.32	)		–			–			–			34.97		(15.31	)		345,228		1.86			1.86			0.04			18
Year ended 11/30/17		32.44		0.03			8.91			8.94			(0.09	)		–			(0.09	)		41.29		27.64			468,753		1.88			1.88			0.09			22
Year ended 11/30/16		35.10		0.10			(2.70	)		(2.60	)		(0.06	)		–			(0.06	)		32.44		(7.42	)		453,990		1.89			1.89			0.30			9
Class R
Year ended 10/31/21		44.92		(0.12	)		13.41			13.29			–			(6.95	)		(6.95	)		51.26		31.80			311,920		1.35			1.35			(0.25	)		18
Year ended 10/31/20		40.88		(0.13	)		4.44			4.31			(0.27	)		–			(0.27	)		44.92		10.58			263,106		1.35			1.38			(0.31	)		22
Eleven months ended 10/31/19		36.32		0.24			4.61			4.85			(0.29	)		–			(0.29	)		40.88		13.47			313,081		1.35	^(e)		1.35	^(e)		0.68	^(e)		10
Year ended 11/30/18		42.86		0.23			(6.58	)		(6.35	)		(0.19	)		–			(0.19	)		36.32		(14.88	)		377,926		1.36			1.36			0.54			18
Year ended 11/30/17		33.70		0.21			9.25			9.46			(0.30	)		–			(0.30	)		42.86		28.31			486,089		1.38			1.38			0.55			22
Year ended 11/30/16		36.44		0.27			(2.79	)		(2.52	)		(0.22	)		–			(0.22	)		33.70		(6.96	)		390,589		1.38			1.38			0.78			9
Class Y
Year ended 10/31/21		45.63		0.13			13.65			13.78			(0.05	)		(6.95	)		(7.00	)		52.41		32.46			5,009,610		0.85			0.85			0.25			18
Year ended 10/31/20		41.51		0.08			4.52			4.60			(0.48	)		–			(0.48	)		45.63		11.13			4,132,110		0.85			0.88			0.19			22
Eleven months ended 10/31/19		36.92		0.42			4.67			5.09			(0.50	)		–			(0.50	)		41.51		14.01			5,993,234		0.85	^(e)		0.85	^(e)		1.18	^(e)		10
Year ended 11/30/18		43.55		0.44			(6.69	)		(6.25	)		(0.38	)		–			(0.38	)		36.92		(14.47	)		9,329,538		0.86			0.86			1.04			18
Year ended 11/30/17		34.23		0.41			9.37			9.78			(0.46	)		–			(0.46	)		43.55		28.96			12,543,811		0.88			0.88			1.04			22
Year ended 11/30/16		37.01		0.47			(2.85	)		(2.38	)		(0.40	)		–			(0.40	)		34.23		(6.49	)		9,929,295		0.89			0.89			1.33			9
Class R5
Year ended 10/31/21		45.97		0.20			13.76			13.96			(0.14	)		(6.95	)		(7.09	)		52.84		32.66			44,233		0.72			0.72			0.38			18
Year ended 10/31/20		41.80		0.15			4.55			4.70			(0.53	)		–			(0.53	)		45.97		11.29			12		0.69			0.69			0.35			22
Period ended 10/31/19^(f)		38.79		0.23			2.78			3.01			–			–			–			41.80		7.76			11		0.74	^(e)		0.74	^(e)		1.29	^(e)		10
Class R6
Year ended 10/31/21		45.67		0.20			13.66			13.86			(0.14	)		(6.95	)		(7.09	)		52.44		32.66			5,824,515		0.70			0.70			0.40			18
Year ended 10/31/20		41.55		0.15			4.52			4.67			(0.55	)		–			(0.55	)		45.67		11.29			5,473,919		0.69			0.69			0.35			22
Eleven months ended 10/31/19		36.98		0.48			4.67			5.15			(0.58	)		–			(0.58	)		41.55		14.18			7,389,864		0.69	^(e)		0.69	^(e)		1.34	^(e)		10
Year ended 11/30/18		43.62		0.51			(6.69	)		(6.18	)		(0.46	)		–			(0.46	)		36.98		(14.32	)		8,682,910		0.69			0.69			1.20			18
Year ended 11/30/17		34.31		0.45			9.40			9.85			(0.54	)		–			(0.54	)		43.62		29.14			10,542,873		0.69			0.69			1.15			22
Year ended 11/30/16		37.09		0.49			(2.81	)		(2.32	)		(0.46	)		–			(0.46	)		34.31		(6.31	)		6,435,502		0.70			0.70			1.38			9

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

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

^(e)	Annualized.

^(f)	Commencement date after the close of business on May 24, 2019.

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

12 Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

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

13 Invesco Oppenheimer International Growth Fund

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

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

14 Invesco Oppenheimer International Growth 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, 2021, there were no securities lending transactions with the Adviser.

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 ongoing effects of COVID-19 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


Average Daily Net Assets*	Rate

First $ 250 million		0.800%

Next $250 million		0.770%

Next $500 million		0.750%

Next $1 billion		0.690%

Next $3 billion		0.670%

Next $5 billion		0.650%

Next $10 billion		0.630%

Next $10 billion		0.610%

Over $30 billion		0.590%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

15 Invesco Oppenheimer International Growth Fund

“expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Invesco Cash Reserve, Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.35%, 0.85%, 0.74% and 0.69%, respectively, of 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 June 30, 2022. 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.

For the year ended October 31, 2021, the Adviser waived advisory fees of $110,823 and reimbursed class level expenses of $0, $0, $0, $0, $0 and $175,344 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2021, IDI advised the Fund that IDI retained $114,419 in front-end sales commissions from the sale of Class A shares and $6,195 and $3,648 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

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–		$ 166,433,710		$–		$ 166,433,710
Belgium		26,558,423		–		–		26,558,423
Canada		589,229,874		–		–		589,229,874
Denmark		85,916,477		321,875,232		–		407,791,709
France		–		2,067,066,805		–		2,067,066,805
Germany		–		775,050,400		–		775,050,400
India		473,559		437,402,644		–		437,876,203
Ireland		–		275,682,879		–		275,682,879
Italy		–		211,628,834		–		211,628,834
Japan		–		1,186,676,647		–		1,186,676,647
Netherlands		–		874,481,831		–		874,481,831
New Zealand		–		159,329,759		–		159,329,759

16 Invesco Oppenheimer International Growth Fund


	Level 1		Level 2		Level 3		Total
Spain	$	–	$	170,653,698		$–	$	170,653,698
Sweden		–		867,876,123		–		867,876,123
Switzerland		–		878,360,026		–		878,360,026
Taiwan		–		259,411,696		–		259,411,696
United Kingdom		1,182,068,739		879,336,021		–		2,061,404,760
United States		908,431,211		425,539,369		–		1,333,970,580
Money Market Funds		242,703,879		302,908,641		–		545,612,520
Total Investments	$	3,035,382,162	$	10,259,714,315		$–	$	13,295,096,477

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$56,444

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

	Forward Foreign Currency Contracts
Average notional value		$949,703

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020
Ordinary income*		$ 20,197,986	$	177,003,189
Long-term capital gain		1,696,356,119		–
Total distributions	$	1,716,554,105	$	177,003,189

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

17 Invesco Oppenheimer International Growth Fund

Tax Components of Net Assets at Period-End:


	2021
Undistributed ordinary income	$	121,988,660
Undistributed long-term capital gain		1,425,006,969
Net unrealized appreciation – investments		6,401,704,124
Net unrealized appreciation – foreign currencies		1,463,246
Temporary book/tax differences		(13,113,076	)
Shares of beneficial interest		5,083,753,914
Total net assets	$	13,020,803,837

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

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, 2021 was $2,233,432,749 and $4,223,523,649, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	6,755,859,549
Aggregate unrealized (depreciation) of investments		(354,155,425	)
Net unrealized appreciation of investments	$	6,401,704,124

Cost of investments for tax purposes is $6,893,392,353.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of an equalization payment, on October 31, 2021, undistributed net investment income was decreased by $204,862, undistributed net realized gain was decreased by $248,935,458 and shares of beneficial interest was increased by $249,140,320. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity
	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		4,040,967		$	200,882,672			4,929,736		$	208,440,031
Class C		233,044			10,755,270			253,152			10,099,321
Class R		744,656			36,050,894			770,790			31,990,751
Class Y		16,277,481			799,477,101			24,120,356			985,899,217
Class R5		862,492			43,219,714			-			-
Class R6		16,294,148			811,809,014			20,059,354			800,379,878

Issued as reinvestment of dividends:
Class A		4,214,597			193,702,887			308,046			13,550,936
Class C		614,969			26,419,071			8,380			350,394
Class R		896,402			40,194,683			46,843			2,022,225
Class Y		10,643,741			485,886,766			1,056,005			46,105,173
Class R6		15,502,468			707,222,576			1,861,159			81,220,968

Automatic conversion of Class C shares to Class A shares:
Class A		1,149,883			56,043,620			539,885			24,031,600
Class C		(1,232,354	)		(56,043,620	)		(570,354	)		(24,031,600	)

18 Invesco Oppenheimer International Growth Fund


	Summary of Share Activity
	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount

Reacquired:
Class A		(9,582,936	)	$	(477,693,606	)		(15,530,731	)	$	(662,377,277	)
Class C		(802,280	)		(37,242,263	)		(1,567,297	)		(62,281,578	)
Class R		(1,413,447	)		(68,657,916	)		(2,618,221	)		(109,433,911	)
Class Y		(21,892,625	)		(1,088,791,706	)		(78,997,222	)		(3,295,091,082	)
Class R5		(25,596	)		(1,342,843	)		-			-
Class R6		(40,582,197	)		(2,008,929,982	)		(79,925,626	)		(3,290,515,999	)
Net increase (decrease) in share activity		(4,056,587	)	$	(327,037,668	)		(125,255,745	)	$	(5,239,640,953	)

^(a)

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.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

19 Invesco Oppenheimer International 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 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, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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 two years in the period ended October 31, 2021 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. For each of the two years in the period ended October 31, 2021 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

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, 2021 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, 2021

20 Invesco Oppenheimer International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)¹		Expenses Paid During Period²		Ending Account Value (10/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,068.20		$5.68		$1,019.71		$5.55		1.09%
Class C		1,000.00		1,064.00		9.57		1,015.93		9.35		1.84
Class R		1,000.00		1,067.00		6.98		1,018.45		6.82		1.34
Class Y		1,000.00		1,069.60		4.38		1,020.97		4.28		0.84
Class R5		1,000.00		1,070.30		3.70		1,021.63		3.62		0.71
Class R6		1,000.00		1,070.40		3.60		1,021.73		3.52		0.69

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

21 Invesco Oppenheimer International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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

B. Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-U.S.^® 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 year period and the third 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 and three year periods and reasonably comparable to 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 exposure to certain sectors and geographic regions 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

22 Invesco Oppenheimer International Growth Fund

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 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, 2020.

D. Economies of Scale and Breakpoints

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

23 Invesco Oppenheimer International Growth Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,944,958,119
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		7.92	%
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.

24 Invesco Oppenheimer International Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 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 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)	186	None

¹	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 Oppenheimer International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees

Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)

Beth Ann Brown - 1968 Trustee	2019	Independent Consultant 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	186	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); and President and Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations 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.; Attorney, Simpson Thacher & Bartlett LLP	186	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); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)

Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, 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; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)

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	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee

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	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

Prema Mathai-Davis - 1950 Trustee	1998	Retired 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; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Oppenheimer International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)

Joel W. Motley - 1952 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 and Board of Historic Hudson Valley (non-profit cultural organization) 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations 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; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)

Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership

Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None

Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

T-3 Invesco Oppenheimer International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	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. 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

Russell C. Burk²– 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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); Senior Vice President and 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.) and 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.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-4 Invesco Oppenheimer International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

Andrew R. Schlossberg - 1974 Senior Vice President	2019	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

T-5 Invesco Oppenheimer International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

Gregory G. McGreevey - 1962 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. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

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

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, The Invesco Funds and Senior Vice President 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

Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Oppenheimer International Growth Fund

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

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., Robert C. Troccoli and James Vaughn. Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“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.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021		Fees Billed for Services Rendered to the Registrant for fiscal year end 2020

Audit Fees		$ 477,425		$ 581,775
Audit-Related Fees⁽¹⁾		$ 0		$ 28,200
Tax Fees⁽²⁾		$ 480,177		$ 362,897
All Other Fees		$ 0		$ 0
Total Fees		$ 957,602		$ 972,872

(1)

Audit-Related Fees for the fiscal year ended October 31, 2020 includes fees billed for reviewing regulatory filings.

(2)

Tax Fees for the fiscal years ended October 31, 2021 and October 31, 2020 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.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾		$ 760,000		$ 701,000
Tax Fees		$ 0		$ 0
All Other Fees		$ 0		$ 0
Total Fees		$ 760,000		$ 701,000

(1)

Audit-Related Fees for the fiscal years ended 2021 and 2020 include fees billed related to reviewing controls at a service organization.

(e)(1)

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

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”).¹ 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.

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.

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.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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.

Audit-Related Services

“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.

Tax Services

“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 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.

Other Services

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. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I 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.

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.

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.

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.

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.

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.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services ;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

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;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

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:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

●

Actuarial services; and

●

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 $5,910,000 for the fiscal year ended October 31, 2021 and $6,227,000 for the fiscal year ended October 31, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,150,177 for the fiscal year ended October 31, 2021 and $7,290,897 for the fiscal year ended October 31, 2020.

PwC provided audit services to the Investment Company complex of approximately $30 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 INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 20, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 20, 2021, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM International Mutual Funds (Invesco International Mutual Funds)


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

Date:		January 6, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


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

Date:		January 6, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 6, 2022

Office of the Fund
11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Investment Adviser
Invesco Advisers, Inc.
1555 Peachtree Street, N.E.
Atlanta, GA 30309

Distributor
Invesco Distributors, Inc.
11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Auditors
PricewaterhouseCoopers LLP
1000 Louisiana Street, Suite 5800
Houston, TX 77002-5678

Counsel to the Fund
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103-7018

Counsel to the Independent
Trustees Goodwin Procter LLP
901 New York Avenue, N.W.
Washington, D.C. 20001

Transfer Agent
Invesco Investment Services, Inc.
11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Custodian
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110-2801