Aim International Mutual Funds NCSR Certified 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:		10/31/22

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, 2022

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

28		Report of Independent Registered Public Accounting Firm

29		Fund Expenses

30		Approval of Investment Advisory and Sub-Advisory Contracts

32		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Advantage International Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex USA Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-14.34	%
Class C Shares	-14.94
Class R Shares	-14.53
Class Y Shares	-14.12
Class R5 Shares	-14.02
Class R6 Shares	-14.10
MSCI All Country World ex USA Index^▼	-24.73

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

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

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

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

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

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (8/27/15)	3.19	%
5 Years	0.36
1 Year	-19.06

Class C Shares
Inception (8/27/15)	3.25	%
5 Years	0.78
1 Year	-15.69

Class R Shares
Inception (8/27/15)	3.77	%

5 Years	1.27
1 Year	-14.53

Class Y Shares
Inception (8/27/15)	4.21	%
5 Years	1.72

1 Year	-14.12

Class R5 Shares
Inception	4.15	%
5 Years	1.71
1 Year	-14.02

Class R6 Shares
Inception (8/27/15)	4.28	%
5 Years	1.78
1 Year	-14.10

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

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® 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

Financials		14.62	%

Health Care		9.07

Consumer Discretionary		8.63

Industrials		8.58

Energy		6.72

Consumer Staples		6.55

Information Technology		5.89

Materials		5.84

Communication Services		5.70

Utilities		2.03

Real Estate		1.16

Money Market Funds Plus Other Assets Less Liabilities		25.21

Top 10 Equity Holdings*


		% of total net assets

1.	Roche Holding AG		2.22	%

2.	Shell PLC		1.88

3.	Novartis AG		1.77

4.	TotalEnergies SE		1.16

5.	British American Tobacco PLC		1.12

6.	Toyota Motor Corp.		1.02

7.	Sanofi		0.97

8.	SK Hynix, Inc.		0.94

9.	Takeda Pharmaceutical Co. Ltd.		0.94

10.	AP Moller - Maersk A/S, Class B		0.90

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Advantage International Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–74.12%
Australia–2.65%
Australia & New Zealand Banking Group Ltd.		236	$	3,847


BHP Group Ltd.		4,900		117,325


Coles Group Ltd.		599		6,251


Commonwealth Bank of Australia		95		6,341


Fortescue Metals Group Ltd.		3,466		32,345


Glencore PLC		7,830		44,753


Goodman Group		394		4,291


Macquarie Group Ltd.		47		5,067


National Australia Bank Ltd.		284		5,873


Newcrest Mining Ltd.		1,665		18,387


Rio Tinto Ltd.		2,237		125,328


Rio Tinto PLC		3,088		160,670


Telstra Group Ltd.^(a)		7,720		19,357


Wesfarmers Ltd.		268		7,762


Woodside Energy Group Ltd.		788		18,256


Woolworths Group Ltd.		284		5,989


				581,842



Austria–0.16%
OMV AG		756		34,807



Belgium–0.68%
Anheuser-Busch InBev S.A./N.V.		2,615		130,981


UCB S.A.		252		19,002


				149,983



Brazil–2.18%
B3 S.A. – Brasil, Bolsa, Balcao		20,100		58,524


Banco do Brasil S.A.		3,700		26,517


CCR S.A.		1,900		4,767


Centrais Eletricas Brasileiras S.A.		600		5,787


ENGIE Brasil Energia S.A.		600		4,672


Gerdau S.A., Preference Shares		1,100		5,483


Itau Unibanco Holding S.A., Preference Shares		1,900		11,182


Itausa S.A., Preference Shares		2,100		4,366


Localiza Rent a Car S.A.		300		4,097


Petroleo Brasileiro S.A., Preference Shares		30,700		177,169


Telefonica Brasil S.A.		2,800		22,392


TIM S.A.		4,200		10,733


Vale S.A.		9,700		126,060


WEG S.A.		1,600		12,477


XP,Inc.,BDR^(a)		189		3,472


				477,698



Chile–0.23%
Banco de Chile		57,551		5,200


Cencosud S.A.		4,096		5,508


Cia Sud Americana de Vapores S.A.		191,999		13,297


Falabella S.A.		1,696		3,315


Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		252		23,655


				50,975


	Shares		Value


China–6.93%
Agricultural Bank of China Ltd., H Shares		123,000	$	35,060


Air China Ltd., H Shares^(a)		8,000		5,566


Alibaba Group Holding Ltd.^(a)		17,300		137,733


Aluminum Corp. of China Ltd., H Shares		14,000		3,997


Anhui Conch Cement Co. Ltd., H Shares		2,000		5,155


ANTA Sports Products Ltd.		1,600		14,072


Autohome, Inc., ADR		175		4,571


Baidu, Inc., A Shares^(a)		2,200		21,110


Bank of China Ltd., H Shares		294,000		94,773


Bank of Communications Co. Ltd., H Shares		85,000		41,415


Beijing Enterprises Holdings Ltd.		2,000		5,068


BOC Hong Kong Holdings Ltd.		2,000		6,222


Brilliance China Automotive Holdings Ltd.		6,000		2,584


BYD Co. Ltd., H Shares		1,500		33,602


China CITIC Bank Corp. Ltd., H Shares		36,000		13,577


China Coal Energy Co. Ltd., H Shares		9,000		6,629


China Construction Bank Corp., H Shares		151,000		80,237


China Feihe Ltd.^(b)		7,000		4,037


China Galaxy Securities Co. Ltd., H Shares		15,500		5,807


China Gas Holdings Ltd.		3,000		2,661


China Hongqiao Group Ltd.		12,500		8,840


China Jinmao Holdings Group Ltd.		34,000		4,497


China Life Insurance Co. Ltd., H Shares		16,000		17,387


China Longyuan Power Group Corp. Ltd., H Shares		4,000		4,577


China Merchants Bank Co. Ltd., H Shares		4,000		13,153


China Merchants Port Holdings Co. Ltd.		8,000		9,351


China Minsheng Banking Corp. Ltd., H Shares		9,000		2,613


China Oilfield Services Ltd., H Shares		8,000		9,006


China Overseas Land & Investment Ltd.		30,500		58,222


China Petroleum & Chemical Corp., H Shares		184,000		72,687


China Railway Group Ltd., H Shares		24,000		10,419


China Resources Land Ltd.		18,000		56,431


China Shenhua Energy Co. Ltd., H Shares		6,500		17,091


China Taiping Insurance Holdings Co. Ltd.		4,600		3,182


China Tower Corp. Ltd., H Shares^(b)		132,000		11,942


China Vanke Co. Ltd., H Shares		2,300		2,955


CITIC Ltd.		6,000		5,375


COSCO SHIPPING Holdings Co. Ltd., H Shares		6,850		7,394


CSPC Pharmaceutical Group Ltd.		20,640		21,227


ENN Energy Holdings Ltd.		900		8,928


Geely Automobile Holdings Ltd.		2,000		2,142


Great Wall Motor Co. Ltd., H Shares		4,500		4,893


Haier Smart Home Co. Ltd., H Shares		3,000		7,510


Hengan International Group Co. Ltd.		1,500		5,822


Industrial & Commercial Bank of China Ltd., H Shares		283,000		122,691


JD Health International, Inc.^(a)(b)		700		3,842


JD.com, Inc., A Shares		3,316		61,919


Kingsoft Corp. Ltd.		1,800		5,449


Kunlun Energy Co. Ltd.		6,000		3,585


Lenovo Group Ltd.		12,000		9,561


Li Ning Co. Ltd.		2,500		12,938


Longfor Group Holdings Ltd.^(b)		7,000		8,921


Lufax Holding Ltd., ADR		1,276		2,029

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


7		Invesco Advantage International Fund


	Shares		Value


China–(continued)
NetEase, Inc.		2,600	$	28,929


Nongfu Spring Co. Ltd., H Shares^(b)		9,000		45,247


NXP Semiconductors N.V.		126		18,406


People’s Insurance Co. Group of China Ltd. (The), H Shares		14,000		3,868


PetroChina Co. Ltd., H Shares		188,000		71,869


PICC Property & Casualty Co. Ltd., H Shares		8,000		7,380


Ping An Insurance (Group) Co. of China Ltd., H Shares		9,000		36,016


Postal Savings Bank of China Co. Ltd., H Shares^(b)		37,000		17,174


Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		4,000		5,516


Shenzhou International Group Holdings Ltd.		800		5,522


Sino Biopharmaceutical Ltd.		19,000		9,202


Sunny Optical Technology Group Co. Ltd.		600		5,205


Tencent Holdings Ltd.		1,300		34,112


Tingyi Cayman Islands Holding Corp.		8,000		12,521


Trip.com Group Ltd., ADR^(a)		248		5,612


Want Want China Holdings Ltd.		34,000		22,328


Yankuang Energy Group Co. Ltd., H Shares		14,000		39,477


Zijin Mining Group Co. Ltd., H Shares		26,000		24,752


ZTO Express (Cayman), Inc., ADR		441		7,448


				1,521,039



Colombia–0.04%
Bancolombia S.A., Preference Shares		1,355		8,574



Czech Republic–0.04%
CEZ A.S.		252		8,241



Denmark–1.64%
AP Moller – Maersk A/S, Class B		95		198,361


Carlsberg A/S, Class B		32		3,768


Coloplast A/S, Class B		47		5,237


Danske Bank A/S		1,465		23,617


Novo Nordisk A/S, Class B		1,182		128,454


				359,437



Finland–0.40%
Fortum OYJ		1,260		17,738


Nokia OYJ		10,492		46,580


Nordea Bank Abp		1,938		18,521


Sampo OYJ, Class A		126		5,758


				88,597



France–6.04%
Air Liquide S.A.		126		16,458


AXA S.A.		677		16,708


BNP Paribas S.A.		2,064		96,694


Bouygues S.A.		677		19,307


Carrefour S.A.		1,670		26,862


Cie de Saint-Gobain		993		40,568


Cie Generale des Etablissements Michelin S.C.A.		1,087		27,688


Credit Agricole S.A.		3,245		29,421


Danone S.A.		1,024		50,911


ENGIE S.A.		5,230		67,935


EssilorLuxottica S.A.		126		19,958


Hermes International		6		7,771


Kering S.A.		47		21,514


	Shares		Value


France–(continued)
L’Oreal S.A.		110	$	34,536


LVMH Moet Hennessy Louis Vuitton SE		110		69,396


Orange S.A.		4,367		41,667


Pernod Ricard S.A.		63		11,053


Safran S.A.		236		26,240


Sanofi		2,473		213,535


Societe Generale S.A.		3,198		73,304


Thales S.A.		95		12,074


TotalEnergies SE		4,663		254,834


Vinci S.A.		1,150		105,682


Vivendi SE		4,994		40,855


				1,324,971



Germany–5.32%
adidas AG		47		4,597


Allianz SE		268		48,250


BASF SE		1,938		86,998


Bayer AG		756		39,771


Bayerische Motoren Werke AG		898		70,570


Continental AG		142		7,365


Daimler Truck Holding AG^(a)		898		23,961


Deutsche Bank AG		6,554		62,561


Deutsche Boerse AG		47		7,647


Deutsche Post AG		1,654		58,684


Deutsche Telekom AG		4,679		88,628


E.ON SE		3,844		32,206


Evonik Industries AG		898		16,555


Fresenius Medical Care AG & Co. KGaA		473		13,083


Fresenius SE & Co. KGaA		1,843		42,433


Henkel AG & Co. KGaA, Preference Shares		567		35,738


Mercedes-Benz Group AG		2,127		123,177


Merck KGaA		315		51,367


Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		32		8,455


RWE AG		473		18,231


Sartorius AG, Preference Shares		16		5,647


Siemens AG		1,056		115,440


Siemens Energy AG		748		8,734


Volkswagen AG, Preference Shares		1,544		197,354


				1,167,452



Greece–0.06%
Hellenic Telecommunications Organization S.A.		882		13,867



Hong Kong–1.57%
CK Asset Holdings Ltd.		6,000		33,183


CK Hutchison Holdings Ltd.		27,500		136,344


CK Infrastructure Holdings Ltd.		5,000		23,772


CLP Holdings Ltd.		1,000		6,709


Henderson Land Development Co. Ltd.		2,000		4,898


Hong Kong & China Gas Co. Ltd. (The)		7,292		5,623


Jardine Matheson Holdings Ltd.		900		41,436


Power Assets Holdings Ltd.		2,500		11,961


Prudential PLC		3,371		31,287


Sun Hung Kai Properties Ltd.		4,500		48,454


				343,667



Hungary–0.15%
MOL Hungarian Oil & Gas PLC		1,875		11,262

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


8		Invesco Advantage International Fund


	Shares		Value


Hungary–(continued)
OTP Bank Nyrt		1,008	$	22,065


				33,327



Indonesia–1.21%
PT Adaro Energy Indonesia Tbk		64,800		16,510


PT Astra International Tbk		64,700		27,527


PT Bank Central Asia Tbk		62,500		35,218


PT Bank Mandiri (Persero) Tbk		38,300		25,912


PT Bank Negara Indonesia (Persero) Tbk		20,700		12,455


PT Bank Rakyat Indonesia (Persero) Tbk		33,800		10,059


PT Kalbe Farma Tbk		34,200		4,496


PT Merdeka Copper Gold Tbk^(a)		45,300		10,923


PT Telkom Indonesia (Persero) Tbk		416,500		117,462


PT United Tractors Tbk		2,100		4,353


				264,915



Ireland–0.17%
CRH PLC		1,008		36,268



Israel–0.02%
Check Point Software Technologies Ltd.^(a)		32		4,135



Italy–1.30%
Assicurazioni Generali S.p.A.		2,662		39,962


Atlantia S.p.A.		1,271		28,364


Enel S.p.A.		1,985		8,877


Eni S.p.A.		6,570		86,459


Ferrari N.V.		79		15,590


Intesa Sanpaolo S.p.A.		24,845		47,440


Poste Italiane S.p.A.^(b)		1,812		15,815


UniCredit S.p.A.		3,403		42,265


				284,772



Japan–13.55%
Asahi Group Holdings Ltd.		900		25,192


Astellas Pharma, Inc.		3,600		49,523


Bridgestone Corp.		1,600		57,662


Canon, Inc.		2,300		48,937


Chugai Pharmaceutical Co. Ltd.		1,000		23,187


Dai-ichi Life Holdings, Inc.		400		6,328


Daiichi Sankyo Co. Ltd.		900		28,859


Denso Corp.		200		9,931


Eisai Co. Ltd.		400		24,123


FUJIFILM Holdings Corp.		1,100		50,291


Hitachi Ltd.		1,500		67,946


Honda Motor Co. Ltd.		7,200		163,238


Hoya Corp.		100		9,324


ITOCHU Corp.		3,500		90,541


Japan Post Holdings Co. Ltd.		16,100		108,151


Japan Tobacco, Inc.		2,500		41,419


Kao Corp.		100		3,753


KDDI Corp.		1,800		53,152


Kirin Holdings Co. Ltd.		400		5,882


Komatsu Ltd.		1,600		30,625


Kyocera Corp.		600		29,946


Mitsubishi Corp.		4,200		113,788


Mitsubishi Electric Corp.		2,800		24,652


Mitsubishi Estate Co. Ltd.		1,000		12,573


Mitsubishi UFJ Financial Group, Inc.		29,500		139,848


Mitsui & Co. Ltd.		7,700		170,413


	Shares		Value


Japan–(continued)
Mitsui Fudosan Co. Ltd.		400	$	7,662


Mizuho Financial Group, Inc.		7,570		81,687


Murata Manufacturing Co. Ltd.		300		14,717


Nexon Co. Ltd.		300		5,024


Nintendo Co. Ltd.		900		36,675


Nippon Telegraph & Telephone Corp.		3,700		101,851


Nissan Motor Co. Ltd.		12,600		40,170


Nomura Holdings, Inc.		5,000		16,215


NTT Data Corp.		300		4,349


Olympus Corp.		700		14,770


Oriental Land Co. Ltd.		200		26,769


ORIX Corp.		4,000		58,578


Otsuka Holdings Co. Ltd.		800		25,638


Panasonic Holdings Corp.		8,200		58,669


Recruit Holdings Co. Ltd.		800		24,554


Renesas Electronics Corp.^(a)		2,300		19,261


Secom Co. Ltd.		400		22,790


Sekisui House Ltd.		1,000		16,618


Seven & i Holdings Co. Ltd.		1,200		44,797


Shionogi & Co. Ltd.		400		18,530


SoftBank Corp.		2,800		27,605


SoftBank Group Corp.		1,600		68,808


Sompo Holdings, Inc.		600		24,980


Sony Group Corp.		2,000		135,425


Sumitomo Corp.		4,900		62,426


Sumitomo Mitsui Financial Group, Inc.		3,800		106,609


Suzuki Motor Corp.		500		16,870


Takeda Pharmaceutical Co. Ltd.		7,738		205,000


Tokio Marine Holdings, Inc.		1,300		23,485


Tokyo Electron Ltd.		100		26,446


Toshiba Corp.		100		3,483


Toyota Industries Corp.		400		20,591


Toyota Motor Corp.		16,100		223,318


				2,973,654



Luxembourg–0.47%
ArcelorMittal S.A.		4,585		102,653



Malaysia–0.33%
CIMB Group Holdings Bhd.		7,300		8,521


IHH Healthcare Bhd.		8,300		10,443


Malayan Banking Bhd.		5,200		9,447


Petronas Chemicals Group Bhd.		7,500		13,839


Public Bank Bhd.		23,500		22,228


Tenaga Nasional Bhd.		4,300		7,662


				72,140



Mexico–0.65%
Arca Continental S.A.B. de C.V.		1,300		10,649


Fomento Economico Mexicano S.A.B. de C.V., Series CPO		900		6,461


Grupo Bimbo S.A.B. de C.V., Series A		4,300		16,648


Grupo Financiero Banorte S.A.B. de C.V., Class O		1,200		9,754


Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		6,600		12,182


Grupo Mexico S.A.B. de C.V., Class B		3,900		14,139


Grupo Televisa S.A.B., Series CPO		4,700		4,986

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


9		Invesco Advantage International Fund


	Shares		Value


Mexico–(continued)
Wal-Mart de Mexico S.A.B. de C.V., Series V		17,273	$	66,719


				141,538



Netherlands–3.61%
ASML Holding N.V.		173		81,555


EXOR N.V.^(a)		69		4,637


EXOR N.V.^(a)		104		6,985


Heineken Holding N.V.		189		12,906


ING Groep N.V.		6,806		66,850


Koninklijke Ahold Delhaize N.V.		2,915		81,348


Koninklijke DSM N.V.		268		31,558


Koninklijke KPN N.V.		7,089		19,831


Koninklijke Philips N.V.		5,152		65,232


Shell PLC		14,856		411,780


Wolters Kluwer N.V.		95		10,097


				792,779



Peru–0.06%
Credicorp Ltd.		95		13,904



Philippines–0.13%
International Container Terminal Services, Inc.		2,960		8,864


Manila Electric Co.		1,430		7,432


SM Prime Holdings, Inc.		23,400		12,788


				29,084



Poland–0.06%
Polski Koncern Naftowy ORLEN S.A.		488		5,616


Powszechna Kasa Oszczednosci Bank Polski S.A.		1,418		7,731


				13,347



Russia–0.00%
PhosAgro PJSC, GDR^(c)		1		0


Sberbank of Russia PJSC^(a)(c)		9,800		0


Tatneft PJSC^(c)		1,980		0


VTB Bank PJSC^(a)(c)		9,716,000		0


				0



Singapore–0.47%
DBS Group Holdings Ltd.		500		12,073


Oversea-Chinese Banking Corp. Ltd.		5,700		48,813


Singapore Telecommunications Ltd.		16,200		28,599


STMicroelectronics N.V.		142		4,435


United Overseas Bank Ltd.		500		9,802


				103,722



South Africa–1.50%
Absa Group Ltd.		1,048		11,403


Anglo American PLC		2,930		87,649


Bid Corp. Ltd.		315		5,071


Capitec Bank Holdings Ltd.		142		14,692


Discovery Ltd.^(a)		977		6,399


FirstRand Ltd.		4,301		15,079


Gold Fields Ltd.		1,544		12,323


Grindrod Ltd.		362		205


Impala Platinum Holdings Ltd.		1,229		12,589


MTN Group Ltd.		3,450		24,427


Naspers Ltd., Class N		124		12,840


Nedbank Group Ltd.		740		8,769


	Shares		Value


South Africa–(continued)
Remgro Ltd.		1,182	$	8,798


Sanlam Ltd.		3,088		8,988


Sasol Ltd.		1,922		32,321


Shoprite Holdings Ltd.		2,458		31,313


Sibanye Stillwater Ltd.		2,726		6,376


Standard Bank Group Ltd.		3,293		30,796


				330,038



South Korea–2.00%
Hyundai Mobis Co. Ltd.		252		38,666


KB Financial Group, Inc.		457		15,373


NAVER Corp.		55		6,520


Samsung Electronics Co. Ltd.		3,450		143,463


Samsung SDI Co. Ltd.		32		16,505


Shinhan Financial Group Co. Ltd.		488		12,415


SK Hynix, Inc.		3,560		206,033


				438,975



Spain–2.34%
Aena SME S.A.^(a)(b)		32		3,765


Amadeus IT Group S.A.^(a)		173		9,006


Banco Bilbao Vizcaya Argentaria S.A.		10,886		55,941


Banco Santander S.A.		42,679		110,411


CaixaBank S.A.		10,697		35,446


Iberdrola S.A.		12,714		129,151


Industria de Diseno Textil S.A.		331		7,497


Repsol S.A.		4,065		55,306


Telefonica S.A.		30,579		105,693


				512,216



Sweden–1.22%
Atlas Copco AB, Class A		693		7,399


Epiroc AB, Class A		410		6,269


H & M Hennes & Mauritz AB, Class B		1,308		13,160


Investor AB, Class B^(d)		4,852		79,174


Skandinaviska Enskilda Banken AB, Class A		725		7,643


Swedbank AB, Class A		1,575		23,467


Telefonaktiebolaget LM Ericsson, Class B		8,350		46,392


Telia Co. AB		5,609		14,853


Volvo AB, Class B		4,206		68,773


				267,130



Switzerland–3.26%
ABB Ltd.		2,505		69,540


Accelleron Industries AG^(a)		54		916


Cie Financiere Richemont S.A.		189		18,486


Geberit AG		16		7,106


Holcim AG		709		32,161


Novartis AG		4,789		388,151


Partners Group Holding AG		15		13,445


SGS S.A.		2		4,408


Swatch Group AG (The), BR		79		17,762


Swisscom AG		44		21,723


UBS Group AG		7,720		122,231


Zurich Insurance Group AG		47		20,040


				715,969



Taiwan–3.60%
ASE Technology Holding Co. Ltd., ADR		658		3,349


Asustek Computer, Inc.		4,000		29,204

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


10		Invesco Advantage International Fund


	Shares		Value


Taiwan–(continued)
Catcher Technology Co. Ltd.		1,000	$	5,250


Cathay Financial Holding Co. Ltd.		3,000		3,509


Chailease Holding Co. Ltd.		1,155		5,319


Chang Hwa Commercial Bank Ltd.		7,000		3,597


Cheng Shin Rubber Industry Co. Ltd.		3,000		3,001


China Development Financial Holding Corp.		11,000		3,999


China Steel Corp.		15,000		12,473


Chunghwa Telecom Co. Ltd., ADR		2,426		83,479


CTBC Financial Holding Co. Ltd.		25,000		15,774


Delta Electronics, Inc.		1,000		7,970


E Ink Holdings, Inc.		21,000		133,292


E.Sun Financial Holding Co. Ltd.		8,000		5,749


Evergreen Marine Corp. Taiwan Ltd.		800		3,415


Far EasTone Telecommunications Co. Ltd.		11,000		24,107


First Financial Holding Co. Ltd.		16,120		12,357


Formosa Chemicals & Fibre Corp.		2,000		4,304


Formosa Plastics Corp.		6,000		15,448


Hon Hai Precision Industry Co. Ltd.		6,000		19,041


Hua Nan Financial Holdings Co. Ltd.		10,000		6,518


MediaTek, Inc.		1,000		18,219


Mega Financial Holding Co. Ltd.		15,125		14,009


Nan Ya Plastics Corp.		6,000		12,687


Nan Ya Printed Circuit Board Corp.		1,000		6,517


Novatek Microelectronics Corp.		1,000		7,447


Pegatron Corp.		12,000		21,893


Quanta Computer, Inc.		14,000		29,661


Realtek Semiconductor Corp.		1,000		7,882


Taiwan Cooperative Financial Holding Co. Ltd.		17,150		13,269


Taiwan Mobile Co. Ltd.		8,000		23,597


Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,521		155,168


Unimicron Technology Corp.		14,000		53,755


Uni-President Enterprises Corp.		3,000		6,086


United Microelectronics Corp., ADR		1,268		7,519


Wan Hai Lines Ltd.		1,645		3,439


Yuanta Financial Holding Co. Ltd.		13,798		8,412


				790,715



Turkey–0.17%
Eregli Demir ve Celik Fabrikalari TAS		14,872		23,703


Ford Otomotiv Sanayi A.S.		646		12,599


				36,302



United Kingdom–6.29%
Ashtead Group PLC		142		7,390


Associated British Foods PLC		457		7,057


AstraZeneca PLC		394		46,224


Aviva PLC		5,656		27,093


BAE Systems PLC		7,594		70,924


Barclays PLC		57,204		97,393


BP PLC^(d)		32,486		180,224


British American Tobacco PLC		6,191		244,579


BT Group PLC		12,745		18,945


Coca-Cola Europacific Partners PLC		347		16,326


Compass Group PLC		851		17,923


Diageo PLC		1,512		62,334


Experian PLC		173		5,499


Haleon PLC^(a)		1,119		3,437


HSBC Holdings PLC		8,413		43,152


	Shares		Value


United Kingdom–(continued)
Imperial Brands PLC		2,710	$	65,977


Lloyds Banking Group PLC		153,416		73,839


National Grid PLC		2,741		29,824


NatWest Group PLC		11,264		30,249


Reckitt Benckiser Group PLC		394		26,103


RELX PLC		740		19,891


SSE PLC		1,717		30,652


Standard Chartered PLC		4,474		26,690


Tesco PLC		30,138		74,294


Unilever PLC		725		32,978


Vodafone Group PLC		103,869		121,044


				1,380,041



United Republic of Tanzania–0.03%
AngloGold Ashanti Ltd.		504		6,586



United States–3.59%
Atlassian Corp., Class A^(a)		47		9,528


Ferguson PLC		32		3,487


GSK PLC		914		14,978


JBS S.A.		2,400		11,597


Nestle S.A.		1,197		130,283


Roche Holding AG		1,465		486,894


Stellantis N.V.		8,948		120,801


Swiss Re AG		126		9,349


				786,917



Vietnam–0.00%
Vietnam Dairy Products JSC		2		6


Total Common Stocks & Other Equity Interests (Cost $16,689,054)				16,262,283



	Principal Amount

Event-Linked Bonds–0.41%
Multinational–0.41%
Alturas RE Segregated Account, Catastrophe Linked Notes, 0.00%, 12/31/2022^(b)(c)(e)	$	1,000		0


Eden RE II Ltd., Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023^(b)(c)(e)		720		7,979


Limestone Re Ltd., Class A, Catastrophe Linked Notes, 0.00%, 12/31/2023^(b)(c)(e)		1,175		1,416


Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024^(b)(c)(e)		120,000		81,303


Total Event-Linked Bonds (Cost $122,895)				90,698



	Shares

Preferred Stocks–0.26%
Multinational–0.26%
Harambee Re Ltd., Pfd.^(c)		15		1,403


Lion Rock Re Ltd., Series S, Pfd.^(c)		25		1,573


Mt. Logan Re Ltd., Pfd.^(c)		116		48,578


Thopas Re Ltd., Pfd.^(c)		5		1,362


Turing Re Ltd., Series 2019-1, Pfd.^(b)(c)		885		2,386


Viribus Re Ltd., Pfd.^(c)		33,312		2,104


Total Preferred Stocks (Cost $241,561)				57,406

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


11		Invesco Advantage International Fund


	Shares		Value


Money Market Funds–19.58%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(f)(g)		1,503,463	$	1,503,463


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(f)(g)		1,073,794		1,074,009


Invesco Treasury Portfolio, Institutional Class, 3.08%^(f)(g)		1,718,243		1,718,243


Total Money Market Funds (Cost $4,295,609)				4,295,715


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-93.96% (Cost $21,226,224)				20,615,404



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.30%
Invesco Private Government Fund, 3.18%^(f)(g)(h)		18,242		18,242


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%^(f)(g)(h)		46,647	$	46,646


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,884)				64,888


TOTAL INVESTMENTS IN SECURITIES–94.67% (Cost $21,414,003)				20,770,990


OTHER ASSETS LESS LIABILITIES–5.33%				1,169,139


NET ASSETS–100.00%			$	21,940,129

Investment Abbreviations:

ADR	- American Depositary Receipt

BDR	- Brazilian Depositary Receipt

BR	- Bearer Shares

CPO	- Certificates of Ordinary Participation

GDR	- Global Depositary Receipt

Pfd.	- Preferred

Notes to Schedule of Investments:

^(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, 2022 was $203,827, which represented less than 1% of the Fund’s Net Assets.

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

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

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

^(f)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 705,491		$ 6,944,368		$ (6,146,396	)		$ -		$ -		$1,503,463		$11,395
Invesco Liquid Assets Portfolio, Institutional Class		880,433		4,960,263		(4,766,539	)		182		(330)		1,074,009		14,248
Invesco Treasury Portfolio, Institutional Class		806,276		7,936,421		(7,024,454	)		-		-		1,718,243		16,429
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		203,776		(185,534	)		-		-		18,242		100*
Invesco Private Prime Fund		-		481,483		(434,821	)		4		(20)		46,646		269*
Total		$2,392,200		$20,526,311		$(18,557,744	)		$186		$(350)		$4,360,603		$42,441

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.

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

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

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


12		Invesco Advantage International Fund


Open Exchange-Traded Index Options Written


Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value


Equity Risk


MSCI EAFE Index		Call		11/18/2022		40		USD	1,770.00		USD	7,080,000	$	(120,600	)


MSCI Emerging Markets Index		Call		11/18/2022		35		USD	930.00		USD	3,255,000		(5,163	)


Subtotal – Exchange-Traded Index Call Options Written														(125,763	)


Equity Risk


MSCI EAFE Index		Put		11/18/2022		40		USD	1,550.00		USD	6,200,000		(12,200	)


MSCI Emerging Markets Index		Put		11/18/2022		35		USD	820.00		USD	2,870,000		(26,425	)


Subtotal – Exchange-Traded Index Put Options Written														(38,625	)


Total Index Options Written													$	(164,388	)

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


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
Canadian Dollar		24		December-2022	$	1,761,720		$	(38,605	)		$ (38,605	)
Equity Risk
S&P/TSX 60 Index		11		December-2022		1,901,655			15,216			15,216
Subtotal-Long Futures Contracts									(23,389	)		(23,389	)

Short Futures Contracts
Equity Risk
MSCI EAFE Index		79		December-2022		(6,935,805	)		334,639			334,639
MSCI Emerging Markets Index		71		December-2022		(3,030,280	)		409,551			409,551
Subtotal-Short Futures Contracts									744,190			744,190
Total Futures Contracts								$	720,801			$720,801

^(a)	Futures contracts collateralized by $624,516 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 Daily Net Total Return Index

SOFR +
0.340%

Monthly

936

February-2023

USD

1,575,906

39,293

$39,293

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR +
0.700%

Monthly

378

December-2022

USD

630,149

2,657

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR +
0.700%

Monthly

345

December-2022

USD

575,136

2,426

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR +
0.700%

Monthly

334

December-2022

USD

556,798

2,348

Total - Total Return Swap Agreements

46,724

$46,724

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

Abbreviations:

SOFR – Secured Overnight Financing Rate

USD – U.S. Dollar

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


13		Invesco Advantage International Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $17,053,510)*	$	16,410,387


Investments in affiliated money market funds, at value (Cost $4,360,493)		4,360,603


Other investments:
Variation margin receivable - futures contracts		491,719


Unrealized appreciation on swap agreements - OTC		46,724


Deposits with brokers:
Cash collateral - exchange-traded futures contracts		624,516


Cash		288,834


Foreign currencies, at value (Cost $48,187)		47,991


Receivable for:
Fund shares sold		46,895


Dividends		105,334


Interest		404


Investment for trustee deferred compensation and retirement plans		12,014


Other assets		40,449


Total assets		22,475,870



Liabilities:
Other investments:
Options written, at value (premiums received $291,991)		164,388


Swaps payable - OTC		4,658


Payable for:
Investments purchased		209,957


Fund shares reacquired		14,157


Collateral upon return of securities loaned		64,884


Accrued fees to affiliates		8,677


Accrued trustees’ and officers’ fees and benefits		799


Accrued other operating expenses		56,207


Trustee deferred compensation and retirement plans		12,014


Total liabilities		535,741


Net assets applicable to shares outstanding	$	21,940,129


Net assets consist of:

Shares of beneficial interest	$	23,239,810


Distributable earnings (loss)		(1,299,681	)


	$	21,940,129



Net Assets:
Class A	$	12,411,623


Class C	$	2,920,495


Class R	$	3,520,688


Class Y	$	3,076,025


Class R5	$	9,872


Class R6	$	1,426



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,233,478


Class C		301,918


Class R		354,167


Class Y		302,331


Class R5		974


Class R6		140


Class A:
Net asset value per share	$	10.06


Maximum offering price per share (Net asset value of $10.06 ÷ 94.50%)	$	10.65


Class C:
Net asset value and offering price per share	$	9.67


Class R:
Net asset value and offering price per share	$	9.94


Class Y:
Net asset value and offering price per share	$	10.17


Class R5:
Net asset value and offering price per share	$	10.14


Class R6:
Net asset value and offering price per share	$	10.19

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

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


14		Invesco Advantage International Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	17,531


Dividends (net of foreign withholding taxes of $45,934)		711,754


Dividends from affiliated money market funds (includes net securities lending income of $553)		42,625


Foreign withholding tax claims		169


Total investment income		772,079



Expenses:
Advisory fees		102,708


Administrative services fees		2,955


Distribution fees:
Class A		27,715


Class C		32,211


Class R		19,419


Transfer agent fees - A, C, R and Y		42,359


Transfer agent fees - R5		3


Trustees’ and officers’ fees and benefits		19,136


Registration and filing fees		75,415


Professional services fees		92,220


Other		11,218


Total expenses		425,359


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(219,811	)


Net expenses		205,548


Net investment income		566,531



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,666,293	)


Affiliated investment securities		(350	)


Foreign currencies		(3,826	)


Forward foreign currency contracts		(2,217	)


Futures contracts		885,437


Option contracts written		(31,983	)


Swap agreements		(1,148,394	)


		(1,967,626	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,561,713	)


Affiliated investment securities		186


Foreign currencies		(6,446	)


Futures contracts		637,717


Option contracts written		69,642


Swap agreements		2,445


		(1,858,169	)


Net realized and unrealized gain (loss)		(3,825,795	)


Net increase (decrease) in net assets resulting from operations	$	(3,259,264	)

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


15		Invesco Advantage International Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	566,531		$	372,232


Net realized gain (loss)		(1,967,626	)		2,948,430


Change in net unrealized appreciation (depreciation)		(1,858,169	)		867,477


Net increase (decrease) in net assets resulting from operations		(3,259,264	)		4,188,139



Distributions to shareholders from distributable earnings:
Class A		(1,513,571	)		(8,308	)


Class C		(394,740	)		(2,808	)


Class R		(529,023	)		(3,184	)


Class Y		(138,310	)		(732	)


Class R5		(1,617	)		(9	)


Class R6		(232	)		(1	)


Total distributions from distributable earnings		(2,577,493	)		(15,042	)



Share transactions-net:
Class A		3,277,465			212,515


Class C		486,659			(619,837	)


Class R		281,907			(110,212	)


Class Y		2,325,217			65,517


Class R6		–			(2	)


Net increase (decrease) in net assets resulting from share transactions		6,371,248			(452,019	)


Net increase in net assets		534,491			3,721,078



Net assets:
Beginning of year		21,405,638			17,684,560


End of year	$	21,940,129		$	21,405,638

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 10/31/22		$13.37		$0.32		$(2.00	)		$(1.68	)		$(0.14	)		$(1.49	)		$(1.63	)		$10.06		(14.27	)%^(e)		$12,412		0.83	%^(e)		1.87	%^(e)		2.85	%^(e)		157	%
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
Class C
Year ended 10/31/22		12.90		0.23		(1.93	)		(1.70	)		(0.04	)		(1.49	)		(1.53	)		9.67		(14.94	)		2,920		1.58			2.64			2.10			157
Year ended 10/31/21		10.52		0.14		2.25			2.39			–			(0.01	)		(0.01	)		12.90		22.72			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
Class R
Year ended 10/31/22		13.23		0.29		(1.98	)		(1.69	)		(0.11	)		(1.49	)		(1.60	)		9.94		(14.53	)		3,521		1.08			2.14			2.60			157
Year ended 10/31/21		10.74		0.21		2.29			2.50			–			(0.01	)		(0.01	)		13.23		23.27			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
Class Y
Year ended 10/31/22		13.51		0.34		(2.01	)		(1.67	)		(0.18	)		(1.49	)		(1.67	)		10.17		(14.12	)		3,076		0.58			1.64			3.10			157
Year ended 10/31/21		10.91		0.28		2.33			2.61			–			(0.01	)		(0.01	)		13.51		23.92			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
Class R5
Year ended 10/31/22		13.46		0.35		(2.00	)		(1.65	)		(0.18	)		(1.49	)		(1.67	)		10.14		(14.02	)		10		0.58			1.47			3.10			157
Year ended 10/31/21		10.88		0.28		2.31			2.59			–			(0.01	)		(0.01	)		13.46		23.80			13		0.62			1.85			2.14			141
Year ended 10/31/20		10.91		0.15		(0.12	)		0.03			–			(0.06	)		(0.06	)		10.88		0.28			11		0.66			1.47			1.36			238
Period ended 10/31/19^(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 10/31/22		13.53		0.35		(2.02	)		(1.67	)		(0.18	)		(1.49	)		(1.67	)		10.19		(14.10	)		1		0.58			1.47			3.10			157
Year ended 10/31/21		10.93		0.28		2.33			2.61			–			(0.01	)		(0.01	)		13.53		23.88			2		0.62			1.85			2.14			141
Year ended 10/31/20		10.96		0.14		(0.11	)		0.03			–			(0.06	)		(0.06	)		10.93		0.28			2		0.68			1.47			1.34			238
Year ended 10/31/19		10.59		0.12		0.83			0.95			–			(0.58	)		(0.58	)		10.96		9.88			11		0.89			1.21			1.16			43
Year ended 10/31/18		11.65		0.20		(0.97	)		(0.77	)		(0.08	)		(0.21	)		(0.29	)		10.59		(6.84	)		10		0.92			1.24			1.74			126

^(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% and 0.17% for the years ended October 31, 2019 and 2018 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 years ended October 31, 2022 and 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, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


18		Invesco Advantage International Fund

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

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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.

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

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

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.


19		Invesco Advantage International Fund

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

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

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

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

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

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

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

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

Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A


20		Invesco Advantage International Fund

risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

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

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


21		Invesco Advantage International Fund

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*


First $500 million		0.490%


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.

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

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

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

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $102,708, reimbursed fund level expenses of $74,325 and reimbursed class level expenses of $24,308, $6,501, $7,834, $3,717, $3 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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


22		Invesco Advantage International Fund

annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

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

NOTE 3–Additional Valuation Information

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


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

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


	Level 1		Level 2		Level 3		Total

Investments in Securities
Australia	$	180,027	$	401,815	$	–	$	581,842
Austria		–		34,807		–		34,807
Belgium		–		149,983		–		149,983
Brazil		477,698		–		–		477,698
Chile		–		50,975		–		50,975
China		40,650		1,480,389		–		1,521,039
Colombia		8,574		–		–		8,574
Czech Republic		–		8,241		–		8,241
Denmark		–		359,437		–		359,437
Finland		36,259		52,338		–		88,597
France		7,771		1,317,200		–		1,324,971
Germany		35,738		1,131,714		–		1,167,452
Greece		–		13,867		–		13,867
Hong Kong		–		343,667		–		343,667
Hungary		–		33,327		–		33,327
Indonesia		–		264,915		–		264,915
Ireland		–		36,268		–		36,268
Israel		4,135		–		–		4,135
Italy		–		284,772		–		284,772
Japan		–		2,973,654		–		2,973,654
Luxembourg		102,653		–		–		102,653
Malaysia		–		72,140		–		72,140
Mexico		141,538		–		–		141,538
Multinational		–		–		148,104		148,104
Netherlands		14,734		778,045		–		792,779
Peru		13,904		–		–		13,904
Philippines		–		29,084		–		29,084
Poland		–		13,347		–		13,347
Russia		–		–		–		–
Singapore		–		103,722		–		103,722
South Africa		87,649		242,389		–		330,038

South Korea		–		438,975		–		438,975

Spain		35,446		476,770		–		512,216

Sweden		–		267,130		–		267,130


23		Invesco Advantage International Fund


	Level 1			Level 2		Level 3		Total
Switzerland	$	19,402		$	696,567	$	–	$	715,969


Taiwan		249,515			541,200		–		790,715


Turkey		–			36,302		–		36,302


United Kingdom		131,863			1,248,178		–		1,380,041


United Republic of Tanzania		–			6,586		–		6,586


United States		21,125			765,792		–		786,917


Vietnam		–			6		–		6


Money Market Funds		4,295,715			64,888		–		4,360,603


Total Investments in Securities		5,904,396			14,718,490		148,104		20,770,990



Other Investments - Assets*


Futures Contracts		759,406			–		–		759,406


Swap Agreements		–			46,724		–		46,724


		759,406			46,724		–		806,130



Other Investments - Liabilities*


Futures Contracts		(38,605	)		–		–		(38,605	)


Options Written		(164,388	)		–		–		(164,388	)


		(202,993	)		–		–		(202,993	)


Total Other Investments		556,413			46,724		–		603,137


Total Investments	$	6,460,809		$	14,765,214	$	148,104	$	21,374,127

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

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

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


																		Change in
											Accrued			Realized				Unrealized				Transfers			Transfers
	Value			Purchases			Proceeds				Discounts/			Gain				Appreciation				into			out of				Value
	10/31/21			at Cost			from Sales				Premiums			(Loss)				(Depreciation)				Level 3			Level 3				10/31/22
Event-Linked Bonds		$	101,488		$	–		$	(1,250	)		$	–		$	(5,351	)		$	(4,189	)		$	–		$	–			$	90,698
Preferred Stocks			106,327			–			(27,844	)			–			15,206				(36,283	)			–			–				57,406
Common Stocks & Other Equity Interests			1,157			56,399			–				–			–				(56,399	)			–			(1,157	)			–
Total		$	208,972		$	56,399		$	(29,094	)		$	–		$	9,855			$	(96,871	)		$	–		$	(1,157	)		$	148,104

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

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

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


	Value
	Equity
Derivative Assets	Risk


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	759,406


Unrealized appreciation on swap agreements – OTC		46,724


Total Derivative Assets		806,130


Derivatives not subject to master netting agreements		(759,406	)


Total Derivative Assets subject to master netting agreements	$	46,724


24		Invesco Advantage International Fund


	Value
	Currency			Equity
Derivative Liabilities	Risk			Risk			Total


Unrealized depreciation on futures contracts —Exchange-Traded^(a)	$	(38,605	)	$	–		$	(38,605	)


Options written, at value — Exchange-Traded		–			(164,388	)		(164,388	)


Total Derivative Liabilities		(38,605	)		(164,388	)		(202,993	)


Derivatives not subject to master netting agreements		38,605			164,388			202,993


Total Derivative Liabilities subject to master netting agreements	$	–		$	–		$	–

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

Offsetting Assets and Liabilities

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


	Financial
	Derivative										Collateral
	Assets			Financial Derivative Liabilities							(Received)/Pledged
	Swap			Swap				Net Value of									Net
Counterparty	Agreements			Agreements				Derivatives			Non-Cash			Cash			Amount
BNP Paribas S.A.		$	39,293		$	(1,918	)		$	37,375		$	–		$	–		$	37,375
Goldman Sachs International			7,431			(2,740	)			4,691			–			–			4,691
Total		$	46,724		$	(4,658	)		$	42,066		$	–		$	–		$	42,066

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

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency			Equity
	Risk			Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(2,217	)	$	-		$	(2,217	)


Futures contracts		(87,145	)		972,582			885,437


Options written		-			(31,983	)		(31,983	)


Swap agreements		-			(1,148,394	)		(1,148,394	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(73,134	)		710,851			637,717


Options written		-			69,642			69,642


Swap agreements		-			2,445			2,445


Total	$	(162,496	)	$	575,143		$	412,647

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

Forward

Index

Foreign Currency

Futures

Options

Swap

Contracts

Written

Agreements

Average notional value

$115,231

8,445,590

8,110,818

4,552,272

Average contracts

–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $415.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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


25		Invesco Advantage International Fund

NOTE 7–Cash Balances

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

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	1,824,898	$	–


Long-term capital gain		752,595		15,042


Total distributions	$	2,577,493	$	15,042

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

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(1,171,893	)


Net unrealized appreciation (depreciation) – foreign currencies		(5,374	)


Temporary book/tax differences		(10,423	)


Capital loss carryforward		(111,991	)


Shares of beneficial interest		23,239,810


Total net assets	$	21,940,129

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

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

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

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


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$111,991	$–	$111,991

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $26,633,729 and $22,799,366, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	293,613


Aggregate unrealized (depreciation) of investments		(1,465,506	)


Net unrealized appreciation (depreciation) of investments	$	(1,171,893	)

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

NOTE 10–Reclassification of Permanent Differences

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


26		Invesco Advantage International Fund

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		349,749		$	3,777,786			265,567		$	3,466,204


Class C		65,696			724,213			52,280			661,111


Class R		80,205			887,745			97,739			1,239,930


Class Y		261,354			2,817,156			20,242			261,063


Class R6		-			-			10			130



Issued as reinvestment of dividends:
Class A		128,932			1,505,924			668			8,294


Class C		34,576			390,706			231			2,785


Class R		44,248			511,946			259			3,184


Class Y		8,680			102,345			57			714



Automatic conversion of Class C shares to Class A shares:
Class A		8,202			88,383			12,864			163,378


Class C		(8,512	)		(88,383	)		(13,269	)		(163,378	)



Reacquired:
Class A		(188,143	)		(2,094,628	)		(261,679	)		(3,425,361	)


Class C		(49,589	)		(539,877	)		(87,451	)		(1,120,355	)


Class R		(99,929	)		(1,117,784	)		(104,357	)		(1,353,326	)


Class Y		(54,935	)		(594,284	)		(14,619	)		(196,260	)


Class R6		-			-			(10	)		(132	)


Net increase (decrease) in share activity		580,534		$	6,371,248			(31,468	)	$	(452,019	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.


27		Invesco Advantage International Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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


28		Invesco Advantage International Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$911.20	$3.85	$1,021.17	$4.08	0.80%
Class C	1,000.00	908.00	7.55	1,017.29	7.98	1.57
Class R	1,000.00	910.30	5.15	1,019.81	5.45	1.07
Class Y	1,000.00	912.10	2.75	1,022.33	2.91	0.57
Class R5	1,000.00	912.70	2.75	1,022.33	2.91	0.57
Class R6	1,000.00	912.30	2.75	1,022.33	2.91	0.57

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

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.


29		Invesco Advantage International Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

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

B.	Fund Investment Performance

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

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


30		Invesco Advantage International Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

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


31		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$752,595
Qualified Dividend Income*	25.58	%
Corporate Dividends Received Deduction*	5.50	%
U.S. Treasury Obligations*	0.02	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$1,619,967


32		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)	189	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 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

Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)

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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)

Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)

Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee

Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

Prema Mathai-Davis - 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None

Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None

Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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

Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A

Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)

John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

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.; 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


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)

Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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

James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Advantage International Fund

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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

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.

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco EQV Asia Pacific Equity 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, 2022, Class A shares of Invesco EQV Asia Pacific Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country Asia Pacific ex Japan Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-26.42	%
Class C Shares	-26.94
Class Y Shares	-26.24
Class R6 Shares	-26.16
MSCI All Country Asia Pacific ex Japan Index^▼ (Broad Market/Style-Specific Index)	-31.22

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

emerging market equities were both in negative territory.

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.

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

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

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

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

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 EQV Asia Pacific Equity Fund.


2		Invesco EQV Asia Pacific Equity Fund

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Mark Jason

Michael Shaman

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


3		Invesco EQV Asia Pacific Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 EQV Asia Pacific Equity Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	7.15	%
10 Years	2.92
5 Years	-1.70
1 Year	-30.48

Class C Shares
Inception (11/3/97)	7.14	%
10 Years	2.88
5 Years	-1.32
1 Year	-27.62

Class Y Shares
Inception (10/3/08)	8.01	%
10 Years	3.76
5 Years	-0.33
1 Year	-26.24

Class R6 Shares
10 Years	3.74	%
5 Years	-0.17
1 Year	-26.16

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

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 EQV Asia Pacific Equity Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco EQV Asia Pacific Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Financials		16.71	%

Information Technology		14.98

Consumer Discretionary		14.95

Real Estate		14.21

Consumer Staples		12.26

Health Care		8.75

Industrials		5.21

Communication Services		3.50

Money Market Funds Plus Other Assets Less Liabilities		9.43

Top 10 Equity Holdings*


		% of total net assets

1.	Yum China Holdings, Inc.		5.54	%

2.	Broadcom, Inc.		5.04

3.	HDFC Bank Ltd., ADR		4.42

4.	Central Pattana PCL, Foreign Shares		4.12

5.	Swire Properties Ltd.		3.84

6.	BDO Unibank, Inc.		3.73

7.	Tongcheng Travel Holdings Ltd.		3.43

8.	Taiwan Semiconductor Manufacturing Co. Ltd.		3.36

9.	PT Bank Central Asia Tbk		3.35

10.	CSL Ltd.		3.27

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco EQV Asia Pacific Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests-90.57%
Australia-3.27%
CSL Ltd.		81,549	$	14,614,460



China-25.89%
Airtac International Group		296,000		6,798,863


China Mengniu Dairy Co. Ltd.		3,034,000		9,724,775


China Resources Beer Holdings Co. Ltd.		1,556,000		7,336,371


Chongqing Fuling Zhacai Group Co. Ltd., A Shares		2,018,788		6,228,710


Fuyao Glass Industry Group Co. Ltd., H Shares^(a)		1,949,200		6,977,997


JD.com, Inc., ADR^(b)		371,036		13,835,932


Minth Group Ltd.		1,838,000		3,607,968


Tencent Holdings Ltd.		338,900		8,892,656


Tongcheng Travel Holdings Ltd.^(a)(c)		9,879,200		15,330,699


Wuliangye Yibin Co. Ltd., A Shares		669,038		12,248,140


Yum China Holdings, Inc.		599,316		24,781,717


				115,763,828



Hong Kong-4.58%
Hongkong Land Holdings Ltd.		861,300		3,318,432


Swire Properties Ltd.		8,914,200		17,139,445


				20,457,877



India-6.22%
Emami Ltd.		1,412,464		8,084,560


HDFC Bank Ltd., ADR		316,741		19,736,132


				27,820,692



Indonesia-13.37%
PT Bank Central Asia Tbk		26,531,800		14,950,344


PT Kalbe Farma Tbk		105,015,100		13,806,621


PT Mitra Keluarga Karyasehat Tbk^(a)		60,322,700		10,665,126


PT Pakuwon Jati Tbk		484,554,400		13,608,052


PT Telkom Indonesia (Persero) Tbk		23,918,700		6,745,591


				59,775,734



Macau-0.52%
Galaxy Entertainment Group Ltd.		513,000		2,337,562



Malaysia-3.77%
Bursa Malaysia Bhd.		7,666,250		10,460,092


Heineken Malaysia Bhd.		1,306,900		6,385,407


				16,845,499



New Zealand-2.06%
Auckland International Airport Ltd.^(c)		1,304,042		5,831,792


Freightways Ltd.		558,671		3,359,770


				9,191,562



Philippines-7.35%
BDO Unibank, Inc.		7,545,740		16,677,680


SM Investments Corp.		511,646		7,279,177


SM Prime Holdings, Inc.		16,339,500		8,929,523


				32,886,380


	Shares		Value


Singapore-3.37%
Keppel REIT		3,441,600	$	2,175,159


United Overseas Bank Ltd.		658,700		12,912,806


				15,087,965



South Korea-4.94%
Douzone Bizon Co. Ltd.		87,490		1,867,306


LEENO Industrial, Inc.		74,656		7,146,011


Samsung Electronics Co. Ltd.		314,061		13,059,757


				22,073,074



Taiwan-5.00%
ASPEED Technology, Inc.		45,000		2,326,577


MediaTek, Inc.		275,000		5,010,311


Taiwan Semiconductor Manufacturing Co. Ltd.		1,249,464		15,036,176


				22,373,064



Thailand-4.12%
Central Pattana PCL, Foreign Shares		10,208,100		18,428,534



United States-5.04%
Broadcom, Inc.		47,949		22,541,784



Vietnam-1.07%
Vietnam Dairy Products JSC		1,510,890		4,766,966


Total Common Stocks & Other Equity Interests (Cost $365,103,632)				404,964,981



Money Market Funds-8.49%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		13,283,138		13,283,138


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		9,509,011		9,510,912


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		15,180,730		15,180,730


Total Money Market Funds (Cost $37,971,389)				37,974,780


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.06% (Cost $403,075,021)				442,939,761



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.93%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,413,043		2,413,043


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,203,151		6,203,151


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,615,573)				8,616,194


TOTAL INVESTMENTS IN SECURITIES–100.99% (Cost $411,690,594)				451,555,955


OTHER ASSETS LESS LIABILITIES-(0.99)%				(4,436,857	)


NET ASSETS-100.00%			$	447,119,098

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


8		Invesco EQV Asia Pacific Equity Fund

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(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, 2022 was $32,973,822, which represented 7.37% of the Fund’s Net Assets.

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

^(c)	Non-income producing security.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	12,256,961	$	57,717,926	$	(56,691,749	)	$	-	$	-		$	13,283,138	$	108,678
Invesco Liquid Assets Portfolio, Institutional Class		8,779,296		41,227,090		(40,494,107	)		721		(2,088	)		9,510,912		78,213
Invesco Treasury Portfolio, Institutional Class		14,007,956		65,963,344		(64,790,570	)		-		-			15,180,730		119,289
Investments Purchased with Cash Collateralfrom Securities on Loan:
Invesco Private Government Fund		-		38,780,581		(36,367,538	)		-		-			2,413,043		7,854*
Invesco Private Prime Fund		-		97,442,191		(91,242,302	)		621		2,641			6,203,151		22,040*
Total	$	35,044,213	$	301,131,132	$	(289,586,266	)	$	1,342	$	553		$	46,590,974	$	336,074

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

^(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 EQV Asia Pacific Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $365,103,632)*	$	404,964,981


Investments in affiliated money market funds, at value (Cost $46,586,962)		46,590,974


Foreign currencies, at value (Cost $454,545)		452,860


Receivable for:
Investments sold		4,722,456


Fund shares sold		307,219


Dividends		270,521


Investment for trustee deferred compensation and retirement plans		85,647


Other assets		39,234


Total assets		457,433,892



Liabilities:
Payable for:
Fund shares reacquired		347,179


Amount due custodian		3,540


Accrued foreign taxes		782,880


Collateral upon return of securities loaned		8,615,573


Accrued fees to affiliates		314,385


Accrued trustees’ and officers’ fees and benefits		1,224


Accrued other operating expenses		154,907


Trustee deferred compensation and retirement plans		95,106


Total liabilities		10,314,794


Net assets applicable to shares outstanding	$	447,119,098


Net assets consist of:
Shares of beneficial interest	$	373,810,411


Distributable earnings		73,308,687


	$	447,119,098



Net Assets:
Class A	$	295,254,691


Class C	$	8,846,868


Class Y	$	122,929,221


Class R6	$	20,088,318



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,778,407


Class C		398,623


Class Y		4,887,334


Class R6		799,358


Class A:
Net asset value per share	$	25.07


Maximum offering price per share (Net asset value of $25.07 ÷ 94.50%)	$	26.53


Class C:
Net asset value and offering price per share	$	22.19


Class Y:
Net asset value and offering price per share	$	25.15


Class R6:
Net asset value and offering price per share	$	25.13

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

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


10		Invesco EQV Asia Pacific Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $794,065)	$	11,350,338


Dividends from affiliated money market funds (includes net securities lending income of $3,019)		309,199


Total investment income		11,659,537



Expenses:
Advisory fees		5,386,210


Administrative services fees		82,068


Custodian fees		181,245


Distribution fees:
Class A		945,438


Class C		122,600


Transfer agent fees – A, C and Y		1,052,469


Transfer agent fees – R6		16,233


Trustees’ and officers’ fees and benefits		23,751


Registration and filing fees		69,205


Reports to shareholders		55,896


Professional services fees		78,800


Other		14,185


Total expenses		8,028,100


Less: Fees waived and/or expense offset arrangement(s)		(25,666	)


Net expenses		8,002,434


Net investment income		3,657,103



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $56,672)		34,929,034


Affiliated investment securities		553


Foreign currencies		(168,392	)


		34,761,195


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $231,494)		(208,795,173	)


Affiliated investment securities		1,342


Foreign currencies		(3,225	)


		(208,797,056	)


Net realized and unrealized gain (loss)		(174,035,861	)


Net increase (decrease) in net assets resulting from operations	$	(170,378,758	)

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


11		Invesco EQV Asia Pacific Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	3,657,103		$	2,066,034


Net realized gain		34,761,195			51,103,824


Change in net unrealized appreciation (depreciation)		(208,797,056	)		13,836,921


Net increase (decrease) in net assets resulting from operations		(170,378,758	)		67,006,779



Distributions to shareholders from distributable earnings:
Class A		(30,871,663	)		(33,752,095	)


Class C		(1,135,132	)		(1,877,272	)


Class Y		(11,823,956	)		(12,868,796	)


Class R6		(6,813,606	)		(8,742,429	)


Total distributions from distributable earnings		(50,644,357	)		(57,240,592	)



Share transactions–net:
Class A		(11,461,589	)		3,390,566


Class C		(2,034,106	)		(7,801,060	)


Class Y		11,646,727			11,664,145


Class R6		(53,445,726	)		(16,827,003	)


Net increase (decrease) in net assets resulting from share transactions		(55,294,694	)		(9,573,352	)


Net increase (decrease) in net assets		(276,317,809	)		192,835



Net assets:
Beginning of year		723,436,907			723,244,072


End of year	$	447,119,098		$	723,436,907

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


12		Invesco EQV Asia Pacific Equity Fund

Financial Highlights

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


	Net asset 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 10/31/22	$	36.69	$	0.17		$	(9.22	)	$	(9.05	)	$	(0.07	)	$	(2.50	)	$	(2.57	)	$	25.07		(26.39	)%	$	295,255		1.45	%		1.45	%		0.53	%		13	%
Year ended 10/31/21		36.20		0.07			3.23			3.30			(0.10	)		(2.71	)		(2.81	)		36.69		8.97			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
Class C
Year ended 10/31/22		32.94		(0.06	)		(8.19	)		(8.25	)		–			(2.50	)		(2.50	)		22.19		(26.94	)		8,847		2.20			2.20			(0.22	)		13
Year ended 10/31/21		32.90		(0.20	)		2.95			2.75			–			(2.71	)		(2.71	)		32.94		8.16			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
Class Y
Year ended 10/31/22		36.83		0.24			(9.25	)		(9.01	)		(0.17	)		(2.50	)		(2.67	)		25.15		(26.24	)		122,929		1.20			1.20			0.78			13
Year ended 10/31/21		36.31		0.16			3.25			3.41			(0.18	)		(2.71	)		(2.89	)		36.83		9.28			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
Class R6
Year ended 10/31/22		36.83		0.31			(9.28	)		(8.97	)		(0.23	)		(2.50	)		(2.73	)		25.13		(26.16	)		20,088		1.03			1.03			0.95			13
Year ended 10/31/21		36.32		0.22			3.25			3.47			(0.25	)		(2.71	)		(2.96	)		36.83		9.44			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

^(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 EQV Asia Pacific Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1—Significant Accounting Policies

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

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

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

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

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

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


14		Invesco EQV Asia Pacific Equity Fund

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.

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 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.

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

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


15		Invesco EQV Asia Pacific Equity Fund

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.

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.

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	%

Amount over $10 billion		0.760	%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.92%.


16		Invesco EQV Asia Pacific Equity Fund

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

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

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

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

For the year ended October 31, 2022, the Fund incurred $361 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Australia	$	–	$	14,614,460	$	–	$	14,614,460

China		38,617,649		77,146,179		–		115,763,828

Hong Kong		–		20,457,877		–		20,457,877

India		19,736,132		8,084,560		–		27,820,692

Indonesia		–		59,775,734		–		59,775,734

Macau		–		2,337,562		–		2,337,562

Malaysia		–		16,845,499		–		16,845,499

New Zealand		–		9,191,562		–		9,191,562

Philippines		–		32,886,380		–		32,886,380

Singapore		–		15,087,965		–		15,087,965

South Korea		–		22,073,074		–		22,073,074

Taiwan		–		22,373,064		–		22,373,064

Thailand		–		18,428,534		–		18,428,534


17		Invesco EQV Asia Pacific Equity Fund


	Level 1		Level 2		Level 3		Total

United States	$	22,541,784	$	–	$	–	$	22,541,784

Vietnam		–		4,766,966		–		4,766,966

Money Market Funds		37,974,780		8,616,194		–		46,590,974
Total Investments	$	118,870,345	$	332,685,610	$	–	$	451,555,955

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, 2022 and 2021:


	2022		2021

Ordinary income*	$	2,226,909	$	16,431,676

Long-term capital gain		48,417,448		40,808,916

Total distributions	$	50,644,357	$	57,240,592

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	3,136,732


Undistributed long-term capital gain		31,236,065


Net unrealized appreciation – investments		39,009,618


Net unrealized appreciation (depreciation) – foreign currencies		(1,001	)


Temporary book/tax differences		(72,727	)


Shares of beneficial interest		373,810,411


Total net assets	$	447,119,098

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


18		Invesco EQV Asia Pacific Equity Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $74,376,990 and $184,527,263, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$94,209,136


Aggregate unrealized (depreciation) of investments	(55,199,518	)


Net unrealized appreciation of investments	$39,009,618

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

NOTE 9—Reclassification of Permanent Differences

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

NOTE 10—Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		664,361		$	20,457,732			1,055,106		$	40,878,456


Class C		75,647			2,139,688			109,717			3,916,065


Class Y		1,901,384			56,730,168			1,071,817			41,374,912


Class R6		203,870			6,226,437			255,879			9,560,023



Issued as reinvestment of dividends:
Class A		848,289			28,137,738			825,110			30,834,363


Class C		34,846			1,030,042			51,722			1,746,651


Class Y		284,922			9,462,262			282,750			10,580,517


Class R6		42,783			1,418,688			204,038			7,626,943



Automatic conversion of Class C shares to Class A shares:
Class A		67,760			2,080,436			218,755			8,279,134


Class C		(76,186	)		(2,080,436	)		(242,383	)		(8,279,134	)



Reacquired:
Class A		(2,009,691	)		(62,137,495	)		(2,005,215	)		(76,601,387	)


Class C		(110,161	)		(3,123,400	)		(148,756	)		(5,184,642	)


Class Y		(1,835,074	)		(54,545,703	)		(1,070,116	)		(40,291,284	)


Class R6		(1,967,336	)		(61,090,851	)		(891,926	)		(34,013,969	)


Net increase (decrease) in share activity		(1,874,586	)	$	(55,294,694	)		(283,502	)	$	(9,573,352	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco EQV Asia Pacific 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 EQV Asia Pacific Equity Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		Invesco EQV Asia Pacific 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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$842.30	$6.78	$1,017.85	$7.43	1.46%
Class C	1,000.00	839.20	10.25	1,014.06	11.22	2.21
Class Y	1,000.00	843.70	5.62	1,019.11	6.16	1.21
Class R6	1,000.00	844.40	4.83	1,019.96	5.30	1.04

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 EQV Asia Pacific Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

B.	Fund Investment Performance


22		Invesco EQV Asia Pacific Equity Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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 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

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

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


23		Invesco EQV Asia Pacific Equity 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$51,972,448
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	44.47	%
U.S. Treasury Obligations*	0.13	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$100,847


24		Invesco EQV Asia Pacific 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)	189	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 EQV Asia Pacific 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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco EQV Asia Pacific 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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco EQV Asia Pacific 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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco EQV Asia Pacific 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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


T-5		Invesco EQV Asia Pacific 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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco EQV Asia Pacific 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:

∎ 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.		APG-AR-1

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco EQV European Equity Fund

Nasdaq:

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



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		Distribution Information

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV European Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Europe Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-30.38	%
Class C Shares	-30.89
Class R Shares	-30.54
Class Y Shares	-30.21
Investor Class Shares	-30.33
Class R6 Shares	-30.11
MSCI Europe Index^▼(Broad Market Index)	-22.88

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

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

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

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

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

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


2		Invesco EQV European Equity Fund

Portfolio manager(s):

Borge Endresen - Lead

Mark McDonnell

Richard Nield

Clas Olsson - Lead

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


3		Invesco EQV European Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 EQV European Equity Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/3/97)	7.27	%
10 Years	1.74
5 Years	-4.74
1 Year	-34.22

Class C Shares
Inception (11/3/97)	7.28	%
10 Years	1.71
5 Years	-4.38
1 Year	-31.53

Class R Shares
Inception (6/3/02)	5.82	%
10 Years	2.07
5 Years	-3.89
1 Year	-30.54

Class Y Shares
Inception (10/3/08)	4.24	%
10 Years	2.58
5 Years	-3.41
1 Year	-30.21

Investor Class Shares
Inception (9/30/03)	6.40	%
10 Years	2.38
5 Years	-3.58
1 Year	-30.33

Class R6 Shares
10 Years	2.53	%
5 Years	-3.30
1 Year	-30.11

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 EQV European Equity Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco EQV European Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		26.26	%

Financials		16.09

Consumer Staples		11.85

Health Care		10.58

Consumer Discretionary		9.44

Information Technology		5.78

Energy		5.45

Materials		5.45

Communication Services		4.35

Real Estate		2.56

Money Market Funds Plus Other Assets Less Liabilities		2.19

Top 10 Equity Holdings*


		% of total net assets

1.	DCC PLC		4.12	%

2.	FinecoBank Banca Fineco S.p.A.		3.38

3.	IG Group Holdings PLC		3.25

4.	Sandvik AB		3.15

5.	Deutsche Boerse AG		3.00

6.	Heineken Holding N.V.		2.97

7.	Roche Holding AG		2.75

8.	Novo Nordisk A/S, Class B		2.74

9.	Reckitt Benckiser Group PLC		2.69

10.	Gedeon Richter PLC		2.66

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco EQV European Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.81%
China–1.46%
Prosus N.V.		171,769	$	7,475,819



Denmark–4.42%
Carlsberg A/S, Class B		72,848		8,577,592


Novo Nordisk A/S, Class B		128,493		13,964,010


				22,541,602



France–16.75%
Air Liquide S.A.		55,642		7,267,888


Arkema S.A.		66,762		5,278,645


Bollore SE		2,592,329		12,964,442


Criteo S.A., ADR^(a)		153,718		3,919,809


Kaufman & Broad S.A.		430,801		10,473,178


LVMH Moet Hennessy Louis Vuitton SE		18,422		11,621,995


Metropole Television S.A.		513,702		5,316,904


Pernod Ricard S.A.		42,172		7,398,969


Schneider Electric SE		90,535		11,457,650


TotalEnergies SE		179,548		9,812,348


				85,511,828



Germany–4.51%
Bechtle AG		103,306		3,573,257


Deutsche Boerse AG		94,085		15,307,585


flatexDEGIRO AG^(a)		475,479		4,162,936


				23,043,778



Hungary–2.66%
Gedeon Richter PLC		685,812		13,561,247



Ireland–4.95%
CRH PLC		272,505		9,804,672


Flutter Entertainment PLC^(a)		76,955		10,208,120


Origin Enterprises PLC		1,420,512		5,260,916


				25,273,708



Italy–7.68%
Danieli & C. Officine Meccaniche S.p.A., RSP		982,851		13,515,655


FinecoBank Banca Fineco S.p.A.		1,276,318		17,236,761


Technogym S.p.A.^(b)(c)		1,227,587		8,443,991


				39,196,407



Netherlands–10.30%
Aalberts N.V.		182,941		6,349,956


ASML Holding N.V.		16,671		7,859,006


Heineken Holding N.V.		222,150		15,169,372


SBM Offshore N.V.		654,151		8,848,513


Shell PLC		143,281		3,971,477


Wolters Kluwer N.V.		97,394		10,351,644


				52,549,968



Norway–1.02%
TGS ASA		379,831		5,188,490



Russia–0.00%
Sberbank of Russia PJSC, Preference Shares^(a)(d)		11,172,332		11


	Shares		Value


Russia–(continued)
Yandex N.V., Class A^(a)(d)		301,028	$	0


				11



Spain–3.35%
Amadeus IT Group S.A.^(a)		192,840		10,038,464


Construcciones y Auxiliar de Ferrocarriles S.A.^(c)		271,190		7,069,574


				17,108,038



Sweden–8.70%
Husqvarna AB, Class B^(c)		468,501		2,779,513


Investor AB, Class B		783,451		12,784,261


Lifco AB, Class B		326,217		4,708,642


Sandvik AB		1,029,031		16,086,182


Svenska Handelsbanken AB, Class A		868,299		8,065,106


				44,423,704



Switzerland–0.84%
Logitech International S.A., Class R^(c)		86,071		4,273,059



Turkey–1.56%
Haci Omer Sabanci Holding A.S.		4,422,672		7,969,959



United Kingdom–20.84%
Ashtead Group PLC		197,408		10,273,278


Clarkson PLC		304,315		9,649,526


DCC PLC		379,438		21,044,526


Diploma PLC		190,729		5,432,802


FDM Group Holdings PLC		511,728		3,703,020


Hays PLC		5,885,430		7,408,873


IG Group Holdings PLC		1,818,473		16,581,218


Linde PLC		18,500		5,500,975


Reckitt Benckiser Group PLC		206,740		13,696,829


Savills PLC		1,385,473		13,075,245


				106,366,292



United States–8.77%
ICON PLC^(a)(c)		62,741		12,412,679


Nestle S.A.		95,652		10,410,896


Roche Holding AG		42,269		14,048,147


Signify N.V.		284,391		7,876,883


				44,748,605


Total Common Stocks & Other Equity Interests (Cost $492,390,355)				499,232,515



Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)		1,920,372		1,920,372


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(e)(f)		1,638,893		1,639,220


Invesco Treasury Portfolio, Institutional Class, 3.08%^(e)(f)		2,194,711		2,194,711


Total Money Market Funds (Cost $5,753,898)				5,754,303


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–98.94% (Cost $498,144,253)				504,986,818

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


8		Invesco EQV European Equity Fund


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.21%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		3,165,143	$	3,165,143


Invesco Private Prime Fund, 3.28%^(e)(f)(g)		8,136,806		8,136,806


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,301,862)				11,301,949


TOTAL INVESTMENTS IN SECURITIES–101.15% (Cost $509,446,115)				516,288,767


OTHER ASSETS LESS LIABILITIES–(1.15)%				(5,863,830	)


NET ASSETS–100.00%			$	510,424,937

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, 2022 represented 1.65% of the Fund’s Net Assets.

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

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

^(e)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	7,739,892	$	88,221,935	$	(94,041,455	)	$	-	$	-	$	1,920,372	$	28,593
Invesco Liquid Assets Portfolio, Institutional Class		7,531,081		63,015,668		(68,905,393	)		(5,105)		2,969		1,639,220		26,950
Invesco Treasury Portfolio, Institutional Class		8,845,590		100,825,069		(107,475,948	)		-		-		2,194,711		30,363
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		9,903,960		76,604,773		(83,343,590	)		-		-		3,165,143		46,008*
Invesco Private Prime Fund		23,109,240		127,336,040		(142,308,515	)		87		(46)		8,136,806		124,621*
Total	$	57,129,763	$	456,003,485	$	(496,074,901	)	$	(5,018)	$	2,923	$	17,056,252	$	256,535

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

^(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.


9		Invesco EQV European Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $492,390,355)*	$	499,232,515


Investments in affiliated money market funds, at value (Cost $17,055,760)		17,056,252


Foreign currencies, at value (Cost $200,788)		199,124


Receivable for:
Investments sold		2,229,287


Fund shares sold		125,441


Dividends		3,613,987


Investment for trustee deferred compensation and retirement plans		144,280


Other assets		55,185


Total assets		522,656,071



Liabilities:
Payable for:
Fund shares reacquired		301,926


Collateral upon return of securities loaned		11,301,862


Accrued fees to affiliates		339,661


Accrued trustees’ and officers’ fees and benefits		1,820


Accrued other operating expenses		125,930


Trustee deferred compensation and retirement plans		159,935


Total liabilities		12,231,134


Net assets applicable to shares outstanding	$	510,424,937



Net assets consist of:
Shares of beneficial interest	$	479,809,815


Distributable earnings		30,615,122


	$	510,424,937


Net Assets:

Class A	$	213,528,654


Class C	$	8,844,183


Class R	$	4,660,585


Class Y	$	199,353,675


Investor Class	$	80,989,435


Class R6	$	3,048,405



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,398,703


Class C		331,765


Class R		162,074


Class Y		6,891,893


Investor Class		2,813,885


Class R6		105,378


Class A:
Net asset value per share	$	28.86


Maximum offering price per share (Net asset value of $28.86 ÷ 94.50%)	$	30.54


Class C:
Net asset value and offering price per share	$	26.66


Class R:
Net asset value and offering price per share	$	28.76


Class Y:
Net asset value and offering price per share	$	28.93


Investor Class:
Net asset value and offering price per share	$	28.78


Class R6:
Net asset value and offering price per share	$	28.93

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

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


10		Invesco EQV European Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	178,446



Dividends (net of foreign withholding taxes of $1,938,164)		19,456,446



Dividends from affiliated money market funds (includes net securities lending income of $58,849)		144,755


Foreign withholding tax claims		2,187,584


Total investment income		21,967,231



Expenses:

Advisory fees		7,410,605



Administrative services fees		111,997



Custodian fees		155,159



Distribution fees:
Class A		690,839


Class C		134,421


Class R		28,197


Investor Class		184,671


Transfer agent fees – A, C, R, Y and Investor		1,252,096


Transfer agent fees – R6		1,312


Trustees’ and officers’ fees and benefits		26,713


Registration and filing fees		97,248


Reports to shareholders		60,981


Professional services fees		74,571


Other		11,827


Total expenses		10,240,637


Less: Fees waived and/or expense offset arrangement(s)		(14,368	)


Net expenses		10,226,269


Net investment income		11,740,962



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		60,657,306


Affiliated investment securities		2,923


Foreign currencies		(863,007	)


		59,797,222


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(381,931,959	)


Affiliated investment securities		(5,018	)


Foreign currencies		(344,857	)


		(382,281,834	)


Net realized and unrealized gain (loss)		(322,484,612	)


Net increase (decrease) in net assets resulting from operations	$	(310,743,650	)

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


11		Invesco EQV European Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	11,740,962		$	13,222,530



Net realized gain		59,797,222			99,979,868



Change in net unrealized appreciation (depreciation)		(382,281,834	)		225,496,596


Net increase (decrease) in net assets resulting from operations		(310,743,650	)		338,698,994



Distributions to shareholders from distributable earnings:

Class A		(30,271,914	)		(4,332,934	)



Class C		(1,645,602	)		(132,308	)



Class R		(595,162	)		(71,734	)



Class Y		(53,433,019	)		(9,434,694	)



Investor Class		(10,970,302	)		(1,665,385	)



Class R6		(597,707	)		(160,084	)


Total distributions from distributable earnings		(97,513,706	)		(15,797,139	)



Share transactions–net:

Class A		(11,928,341	)		(27,347,605	)



Class C		(4,950,092	)		(8,577,015	)



Class R		(70,600	)		(716,021	)



Class Y		(214,465,710	)		(74,124,325	)



Investor Class		1,040,973			(11,181,237	)



Class R6		(1,671,354	)		(3,775,365	)


Net increase (decrease) in net assets resulting from share transactions		(232,045,124	)		(125,721,568	)


Net increase (decrease) in net assets		(640,302,480	)		197,180,287



Net assets:

Beginning of year		1,150,727,417			953,547,130



End of year	$	510,424,937		$	1,150,727,417

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


12		Invesco EQV European Equity Fund

Financial Highlights

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


	Net asset 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 10/31/22		$45.47		$0.46		$(13.20	)		$(12.74	)		$(1.04	)		$(2.83	)		$(3.87	)		$28.86		(30.38	)%		$213,529		1.37	%		1.37	%		1.32	%		24	%
Year ended 10/31/21		33.73		0.44		11.81			12.25			(0.51	)		–			(0.51	)		45.47		36.58			359,154		1.35			1.35			1.02			18
Year ended 10/31/20		38.76		0.30		(4.31	)		(4.01	)		(1.02	)		–			(1.02	)		33.73		(10.74	)		287,960		1.36			1.37			0.84			27
Year ended 10/31/19		35.55		0.74		2.94			3.68			(0.47	)		–			(0.47	)		38.76		10.57			386,369		1.35			1.36			2.02			10
Year ended 10/31/18		40.95		0.58		(5.21	)		(4.63	)		(0.77	)		–			(0.77	)		35.55		(11.54	)		402,331		1.34			1.35			1.45			16
Class C
Year ended 10/31/22		42.22		0.18		(12.24	)		(12.06	)		(0.67	)		(2.83	)		(3.50	)		26.66		(30.89	)		8,844		2.12			2.12			0.57			24
Year ended 10/31/21		31.31		0.11		11.00			11.11			(0.20	)		–			(0.20	)		42.22		35.56			20,596		2.10			2.10			0.27			18
Year ended 10/31/20		35.97		0.03		(4.04	)		(4.01	)		(0.65	)		–			(0.65	)		31.31		(11.43	)		22,166		2.11			2.12			0.09			27
Year ended 10/31/19		32.94		0.43		2.75			3.18			(0.15	)		–			(0.15	)		35.97		9.72			38,236		2.10			2.11			1.27			10
Year ended 10/31/18		38.01		0.26		(4.82	)		(4.56	)		(0.51	)		–			(0.51	)		32.94		(12.18	)		71,859		2.09			2.10			0.70			16
Class R
Year ended 10/31/22		45.29		0.37		(13.15	)		(12.78	)		(0.92	)		(2.83	)		(3.75	)		28.76		(30.53	)		4,661		1.62			1.62			1.07			24
Year ended 10/31/21		33.59		0.33		11.78			12.11			(0.41	)		–			(0.41	)		45.29		36.25			7,420		1.60			1.60			0.77			18
Year ended 10/31/20		38.59		0.21		(4.32	)		(4.11	)		(0.89	)		–			(0.89	)		33.59		(10.98	)		6,092		1.61			1.62			0.59			27
Year ended 10/31/19		35.38		0.64		2.93			3.57			(0.36	)		–			(0.36	)		38.59		10.26			7,803		1.60			1.61			1.77			10
Year ended 10/31/18		40.76		0.48		(5.18	)		(4.70	)		(0.68	)		–			(0.68	)		35.38		(11.74	)		10,795		1.59			1.60			1.20			16
Class Y
Year ended 10/31/22		45.58		0.56		(13.23	)		(12.67	)		(1.15	)		(2.83	)		(3.98	)		28.93		(30.21	)		199,354		1.12			1.12			1.57			24
Year ended 10/31/21		33.81		0.54		11.84			12.38			(0.61	)		–			(0.61	)		45.58		36.93			628,317		1.10			1.10			1.27			18
Year ended 10/31/20		38.85		0.39		(4.31	)		(3.92	)		(1.12	)		–			(1.12	)		33.81		(10.51	)		524,899		1.11			1.12			1.09			27
Year ended 10/31/19		35.67		0.83		2.93			3.76			(0.58	)		–			(0.58	)		38.85		10.81			700,808		1.10			1.11			2.27			10
Year ended 10/31/18		41.06		0.68		(5.21	)		(4.53	)		(0.86	)		–			(0.86	)		35.67		(11.29	)		820,248		1.09			1.10			1.70			16
Investor Class
Year ended 10/31/22		45.37		0.48		(13.16	)		(12.68	)		(1.08	)		(2.83	)		(3.91	)		28.78		(30.33	)^(d)		80,989		1.30	^(d)		1.30	^(d)		1.39	^(d)		24
Year ended 10/31/21		33.65		0.48		11.79			12.27			(0.55	)		–			(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	)		–			(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	)		–			(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	)		–			(0.79	)		35.48		(11.47	)^(d)		133,359		1.29	^(d)		1.30	^(d)		1.50	^(d)		16
Class R6
Year ended 10/31/22		45.58		0.60		(13.22	)		(12.62	)		(1.20	)		(2.83	)		(4.03	)		28.93		(30.11	)		3,048		1.00			1.00			1.69			24
Year ended 10/31/21		33.81		0.59		11.84			12.43			(0.66	)		–			(0.66	)		45.58		37.08			7,026		0.98			0.98			1.39			18
Year ended 10/31/20		38.86		0.43		(4.32	)		(3.89	)		(1.16	)		–			(1.16	)		33.81		(10.43	)		8,477		0.99			1.00			1.21			27
Year ended 10/31/19		35.68		0.87		2.94			3.81			(0.63	)		–			(0.63	)		38.86		10.96			8,613		0.98			0.99			2.39			10
Year ended 10/31/18		41.09		0.72		(5.21	)		(4.49	)		(0.92	)		–			(0.92	)		35.68		(11.20	)		9,925		0.99			1.00			1.80			16

^(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 0.18%, 0.14%, 0.16%, 0.19% and 0.20% for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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


13		Invesco EQV European Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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


14		Invesco EQV European Equity Fund

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

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.

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 year ended October 31, 2022, the Fund did not enter into any closing agreements.


15		Invesco EQV European Equity Fund

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

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

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.

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2022, the effective advisory fee rate incurred by the Fund was 0.91%.


16		Invesco EQV European Equity Fund

Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

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

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R, Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

For the year ended October 31, 2022, the Fund incurred $1,468 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


17		Invesco EQV European Equity Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


China	$	7,475,819	$	–		$ –	$	7,475,819


Denmark		–		22,541,602		–		22,541,602


France		14,392,987		71,118,841		–		85,511,828


Germany		–		23,043,778		–		23,043,778


Hungary		–		13,561,247		–		13,561,247


Ireland		–		25,273,708		–		25,273,708


Italy		–		39,196,407		–		39,196,407


Netherlands		10,351,644		42,198,324		–		52,549,968


Norway		–		5,188,490		–		5,188,490


Russia		–		–		11		11


Spain		–		17,108,038		–		17,108,038


Sweden		16,086,182		28,337,522		–		44,423,704


Switzerland		–		4,273,059		–		4,273,059


Turkey		–		7,969,959		–		7,969,959


United Kingdom		18,853,521		87,512,771		–		106,366,292


United States		12,412,679		32,335,926		–		44,748,605


Money Market Funds		5,754,303		11,301,949		–		17,056,252


Total Investments	$	85,327,135	$	430,961,621		$11	$	516,288,767

NOTE 4–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	27,301,453	$	15,797,139


Long-term capital gain		70,212,253		–


Total distributions	$	97,513,706	$	15,797,139

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	805,004


Undistributed long-term capital gain		36,309,297


Net unrealized appreciation (depreciation) – investments		(6,117,308	)


Net unrealized appreciation (depreciation) – foreign currencies		(261,445	)


Temporary book/tax differences		(120,426	)


Shares of beneficial interest		479,809,815


Total net assets	$	510,424,937


18		Invesco EQV European Equity Fund

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $190,391,605 and $502,894,106, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	87,110,990


Aggregate unrealized (depreciation) of investments		(93,228,298	)


Net unrealized appreciation (depreciation) of investments	$	(6,117,308	)

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

NOTE 9–Reclassification of Permanent Differences

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

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		337,999		$	12,427,640			487,483		$	20,795,527


Class C		17,552			584,593			39,070			1,552,563


Class R		22,213			744,958			25,349			1,068,463


Class Y		1,152,186			41,667,586			1,560,556			66,111,697


Investor Class		23,957			863,836			60,517			2,552,827


Class R6		31,176			1,109,207			39,698			1,731,663



Issued as reinvestment of dividends:
Class A		671,928			26,816,647			97,439			3,811,815


Class C		37,200			1,380,497			2,977			108,822


Class R		14,784			589,150			1,825			71,265


Class Y		928,843			37,079,406			204,943			8,017,382


Investor Class		243,268			9,677,197			38,415			1,498,177


Class R6		13,696			546,053			4,018			157,063



Automatic conversion of Class C shares to Class A shares:
Class A		92,954			3,291,723			112,073			4,704,313


Class C		(100,193	)		(3,291,723	)		(120,210	)		(4,704,313	)



Reacquired:
Class A		(1,603,594	)		(54,464,351	)		(1,335,829	)		(56,659,260	)


Class C		(110,590	)		(3,623,459	)		(141,957	)		(5,534,087	)


Class R		(38,749	)		(1,404,708	)		(44,689	)		(1,855,749	)


Class Y		(8,975,208	)		(293,212,702	)		(3,505,257	)		(148,253,404	)


Investor Class		(279,180	)		(9,500,060	)		(362,086	)		(15,232,241	)


Class R6		(93,647	)		(3,326,614	)		(140,282	)		(5,664,091	)


Net increase (decrease) in share activity		(7,613,405	)	$	(232,045,124	)		(2,975,947	)	$	(125,721,568	)

^(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.


19		Invesco EQV European 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 EQV European Equity Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		Invesco EQV European Equity 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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$882.00	$6.74	$1,018.05	$7.22	1.42%
Class C	1,000.00	878.70	10.28	1,014.27	11.02	2.17
Class R	1,000.00	881.10	7.92	1,016.79	8.49	1.67
Class Y	1,000.00	883.10	5.55	1,019.31	5.96	1.17
Investor Class	1,000.00	882.50	6.22	1,018.60	6.67	1.31
Class R6	1,000.00	883.90	4.84	1,020.06	5.19	1.02

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 EQV European Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

B.	Fund Investment Performance


22		Invesco EQV European Equity Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


23		Invesco EQV European Equity Fund

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


24		Invesco EQV European Equity Fund

Distribution Information

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


		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution

12/16/2021	Class A	$0.0000	$2.7999	$1.0658	$3.8657

12/16/2021	Class C	$0.0000	$2.7999	$0.7032	$3.5031

12/16/2021	Class R	$0.0000	$2.7999	$0.9457	$3.7456

12/16/2021	Class Y	$0.0183	$2.7999	$1.1600	$3.9782

12/16/2021	Investor Class	$0.0000	$2.7999	$1.1136	$3.9135

12/16/2021	Class R6	$0.0716	$2.7999	$1.1600	$4.0315

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


25		Invesco EQV European 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	89,817,253
Qualified Dividend Income*		88.24	%
Corporate Dividends Received Deduction*		4.92	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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


26		Invesco EQV European 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)	189	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 EQV European 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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco EQV European 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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco EQV European 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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco EQV European 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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


T-5		Invesco EQV European 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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco EQV European Equity Fund

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

LOGO



Annual Report to Shareholders		October 31, 2022

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, 2022, Class A shares of Invesco Global Focus Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-45.25	%
Class C Shares	-45.66
Class R Shares	-45.38
Class Y Shares	-45.10
Class R5 Shares	-45.04
Class R6 Shares	-45.04
MSCI All Country World Index^▼*	-19.96
MSCI All Country World Growth Index^▼*	-29.25

Source(s): ^▼RIMES Technologies Corp. * Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund’s performance.

Market conditions and your Fund

no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

The Fund’s Class A shares (without sales charge) produced a total return of -45.25% during the fiscal year ended October 31, 2022, underperforming the MSCI All Country World Growth Index (the “Index”) which returned -29.25%. The Fund underperformed the Index most in the information technology, communication services and healthcare sectors, primarily due to stock selection within each sector. A lack of exposure to sectors that held up better in this volatile environment, such as energy, financials and consumer staples, also weighed on relative Fund results.

2022 has been a year where macro has taken center stage. Rapidly rising interest rates, a war in Europe and COVID-19 have caused markets to decline significantly. Inflationary, rising rate environments such as this usually result in investment horizons becoming very short. Investors become fixated on near-term events and the future is not a concern. Our focus on the future gets punished in these environments; however, we remain resolute in our investment horizon of three to five years.

The three best contributors to the Fund’s absolute performance for the fiscal year were IDEXX Laboratories, Visa and Novo Nordisk.

IDEXX Laboratories is a position we initiated towards the end of the fiscal year. It is a leading company in veterinary diagnostics. The company has historically been very good

at innovating new tests and expanding its product array and has built scale. As a general rule, pet owners are taking better care of their pets today than in decades past, which means more trips to the vet. In the years to come we see several opportunities for them to grow in the US by continuing to innovate and offer more varied testing capabilities. Outside the US, diagnostics are less commonly done by vet practices, which can result in growth over time.

Visa operates a payment network and is a good example of our investment theme around the digitization of money. We view Visa as a meaningful beneficiary of pent-up demand in travel. Visa is poised to benefit from a resurgence in global travel as they are part of a global duopoly (along with Master-card, also a Fund holding) in enabling cross-border transactions. The stock performed well during the fiscal year as consumer spending remained robust despite a challenging economic backdrop.

Novo Nordisk is a Danish pharmaceutical company focused on diabetes care, including its pre-eminent glucagon-like peptide (GLP) drug franchise. Driven by Ozempic, the largest global GLP-1 drug for diabetes, Novo Nordisk’s GLP-1 franchise makes up over 60% of the global market share; altogether the company retains over 31% share of the diabetes market by value. Additionally, Novo Nordisk is addressing an emerging opportunity in obesity care with its drug Wegovy. While making up just 8% of total sales today, obesity sales are growing over 100% and will become an increasingly large contributor to growth in the years to come. Both diabetes and obesity are chronic conditions and the number of people impacted is sadly on the rise across much of the world, which provides a structural tailwind to this company’s economic profile.

The three major negative contributors to the Fund’s absolute performance for the fiscal year were Meta Platforms, Twilio and Tencent.

Meta Platforms, despite a difficult fiscal year for the stock’s performance, has the world’s largest audience and the most targetable one for advertisers ever assembled. The company has seen a slowing in the ad environment and has had to rebuild its ad stack technology to comply with Apple’s new privacy standards. They are well on their way to getting that completed. We believe the company is capable of growing its revenues next fiscal year at a high single-digit rate while producing strong cash flows. It trades on a price earnings multiple of just under 9 times. If we are correct about the growth at Meta Platforms next fiscal year, we expect it could be propelled higher by improving earnings and the market assigning it a higher multiple. The capital expenditures on building the metaverse, however, have been a headwind. The company has merely said that it is, in their view, a very big opportunity. Historically, Meta Platforms has allocated capital quite


2		Invesco Global Focus Fund

effectively. The stock remains a top 10 holding in the portfolio as of the end of the fiscal year.

Twilio is a company that provides developer tools that pave the way for businesses to engage with their customers in virtually any way a customer desires. When you get a text that tells you your gate has changed at the airport or you get food delivered on any of the digital platforms, Twilio likely provided the tools to allow that to happen. The company has been growing rapidly but has not yet found a clear path to improving its margins. Earlier this fiscal year, the company admitted it had hired too many employees and would be laying off 11% of its workforce. We have reduced our holdings in it.

Tencent is a Chinese company that owns the largest and most profitable gaming business in the world, while also having strong competitive positions in digital payments and cloud computing. The company has had headaches from the Chinese COVID-19 lockdowns and regulatory interventions, both of which we believe will ease. Half the population of China uses Tencent’s products each day and we believe it is well-positioned over the long-term for success.

We believe market volatility may persist in the near-term, as the markets adjust to the new realities of prolonged high inflation, higher interest rates and geo-political instability. Rapid adjustment periods are difficult and we are seeing that occurring now. In the near-term, we do envisage the market participants will return to a relatively steady state of operation, with fundamentals of stocks returning to center stage. We believe we own a collection of assets in the Fund that will create considerable economic value for our shareholders in the coming years.

Thank you for your continued investment in the Invesco Global Focus Fund.

Portfolio manager(s):

John Delano

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 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

*	Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund’s performance.

Past performance cannot guarantee future results.

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 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (10/1/07)	4.46	%
10 Years	6.40
5 Years	1.21
1 Year	-48.25
Class C Shares
Inception (10/1/07)	4.48	%
10 Years	6.35
5 Years	1.60
1 Year	-46.18
Class R Shares
Inception (10/1/07)	4.65	%
10 Years	6.73
5 Years	2.11
1 Year	-45.38
Class Y Shares
Inception (10/1/07)	5.21	%
10 Years	7.27
5 Years	2.61
1 Year	-45.10
Class R5 Shares
10 Years	7.13	%
5 Years	2.62
1 Year	-45.04
Class R6 Shares
Inception (8/28/12)	7.77	%
10 Years	7.44
5 Years	2.77
1 Year	-45.04

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.

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 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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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		33.24	%

Health Care		30.08

Consumer Discretionary		17.36

Communication Services		15.80

Industrials		3.34

Other Assets Less Liabilities		0.18

Top 10 Equity Holdings*


		% of total net assets

1.	Amazon.com, Inc.		6.33	%

2.	Alphabet, Inc., Class A		5.89

3.	Meta Platforms, Inc., Class A		5.59

4.	Hermes International		5.34

5.	Mastercard, Inc., Class A		5.00

6.	Thermo Fisher Scientific, Inc.		4.83

7.	salesforce.com, inc.		4.55

8.	Crowdstrike Holdings, Inc., Class A		4.55

9.	Novo Nordisk A/S, Class B		4.43

10.	Illumina, Inc.		4.39

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Global Focus Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–99.82%
Apparel, Accessories & Luxury Goods–5.34%
Hermes International (France)		18,621	$	24,116,080



Application Software–7.28%
Nice Ltd., ADR (Israel)^(b)		64,956		12,334,495


salesforce.com, inc.^(b)		126,331		20,540,157


				32,874,652



Biotechnology–1.70%
BeiGene Ltd., ADR (China) (Acquired 01/05/2018-01/17/2018; Cost $4,124,875)^(b)(c)		41,630		7,030,891


Twist Bioscience Corp.^(b)		19,907		653,547


				7,684,438



Data Processing & Outsourced Services–14.58%
Adyen N.V. (Netherlands)^(b)(d)		13,347		19,119,803


Amadeus IT Group S.A. (Spain)^(b)		270,248		14,068,009


Mastercard, Inc., Class A		68,892		22,608,976


Visa, Inc., Class A		48,616		10,071,291


				65,868,079



Health Care Equipment–7.18%
ABIOMED, Inc.^(b)		17,685		4,458,035


Edwards Lifesciences Corp.^(b)		49,814		3,608,028


IDEXX Laboratories, Inc.^(b)		28,700		10,322,816


Stryker Corp.		61,210		14,031,780


				32,420,659



Hotels, Resorts & Cruise Lines–1.80%
Airbnb, Inc., Class A^(b)		76,030		8,128,367



Integrated Telecommunication Services–0.06%
Cellnex Telecom S.A. (Spain)^(d)		7,842		256,266



Interactive Home Entertainment–0.67%
Sea Ltd., ADR (Singapore)^(b)		61,003		3,030,629



Interactive Media & Services–15.07%
Alphabet, Inc., Class A^(b)		281,300		26,585,663


Meta Platforms, Inc., Class A^(b)		271,031		25,249,249


Tencent Holdings Ltd. (China)		619,800		16,263,405


				68,098,317

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Internet & Direct Marketing Retail–10.22%
Alibaba Group Holding Ltd., ADR (China)^(b)		198,858	$	12,643,391


Amazon.com, Inc.^(b)		279,338		28,615,385


JD.com, Inc., A Shares (China)		140,892		2,630,861


Meituan, B Shares (China)^(b)(d)		143,000		2,274,740


				46,164,377



Internet Services & Infrastructure–1.14%
Twilio, Inc., Class A^(b)		68,980		5,130,043



Life Sciences Tools & Services–16.77%
Biotage AB (Sweden)		190,149		3,119,461


Illumina, Inc.^(b)		86,615		19,819,244


Lonza Group AG (Switzerland)		22,811		11,726,874


Tecan Group AG, Class R (Switzerland)		33,069		12,160,628


Thermo Fisher Scientific, Inc.		42,439		21,812,373


Wuxi Biologics Cayman, Inc. (China)^(b)(d)		1,576,500		7,132,094


				75,770,674



Pharmaceuticals–4.43%
Novo Nordisk A/S, Class B (Denmark)		184,031		19,999,617



Semiconductor Equipment–2.14%
ASML Holding N.V. (Netherlands)		20,528		9,677,265



Semiconductors–0.32%
Infineon Technologies AG (Germany)		59,638		1,452,001



Systems Software–7.78%
Crowdstrike Holdings, Inc., Class A^(b)		127,392		20,535,591


ServiceNow, Inc.^(b)		34,714		14,605,568


				35,141,159



Trucking–3.34%
Uber Technologies, Inc.^(b)		568,338		15,100,741


TOTAL INVESTMENTS IN SECURITIES–99.82% (Cost $423,415,536)				450,913,364


OTHER ASSETS LESS LIABILITIES–0.18%				809,217


NET ASSETS–100.00%			$	451,722,581

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)	Restricted security. The value of this security at October 31, 2022 represented 1.56% of the Fund’s Net Assets.

^(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 aggregate value of these securities at October 31, 2022 was $28,782,903, which represented 6.37% of the Fund’s Net Assets.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$71		$32,355,007		$(32,355,078)		$-		$ -		$-		$12,218
Invesco Liquid Assets Portfolio, Institutional Class		-		23,110,719		(23,111,238)		-		519		-		8,949
Invesco Treasury Portfolio, Institutional Class		81		36,977,151		(36,977,232)		-		-		-		13,238
Total		$152		$92,442,877		$(92,443,548)		$-		$519		$-		$34,405

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, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $423,415,536)	$	450,913,364


Foreign currencies, at value (Cost $720)		724


Receivable for:
Investments sold		9,391,844


Fund shares sold		109,264


Dividends		415,962


Investment for trustee deferred compensation and retirement plans		24,442


Other assets		60,801


Total assets		460,916,401



Liabilities:
Payable for:
Investments purchased		6,970,144


Fund shares reacquired		620,814


Amount due custodian		1,243,517


Accrued fees to affiliates		263,652


Accrued trustees’ and officers’ fees and benefits		1,464


Accrued other operating expenses		69,787


Trustee deferred compensation and retirement plans		24,442


Total liabilities		9,193,820


Net assets applicable to shares outstanding	$	451,722,581



Net assets consist of:
Shares of beneficial interest	$	452,524,203


Distributable earnings (loss)		(801,622	)


	$	451,722,581


Net Assets:
Class A	$	206,114,665


Class C	$	22,964,350


Class R	$	21,518,832


Class Y	$	174,207,613


Class R5	$	6,765


Class R6	$	26,910,356



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,569,372


Class C		574,141


Class R		497,111


Class Y		3,729,491


Class R5		148


Class R6		565,136


Class A:
Net asset value per share	$	45.11


Maximum offering price per share (Net asset value of $45.11 ÷ 94.50%)	$	47.74


Class C:
Net asset value and offering price per share	$	40.00


Class R:
Net asset value and offering price per share	$	43.29


Class Y:
Net asset value and offering price per share	$	46.71


Class R5:
Net asset value and offering price per share	$	45.71


Class R6:
Net asset value and offering price per share	$	47.62

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, 2022


Investment income:

Dividends (net of foreign withholding taxes of $253,182)	$	2,643,860


Dividends from affiliated money market funds		34,405


Total investment income		2,678,265



Expenses:

Advisory fees		5,412,438


Administrative services fees		99,002


Custodian fees		69,245


Distribution fees:
Class A		713,846


Class C		407,600


Class R		143,990


Transfer agent fees – A, C, R and Y		1,042,405


Transfer agent fees – R5		5


Transfer agent fees – R6		11,769


Trustees’ and officers’ fees and benefits		25,857


Registration and filing fees		118,950


Professional services fees		56,746


Other		(29,211	)


Total expenses		8,072,642


Less: Fees waived and/or expense offset arrangement(s)		(5,245	)


Net expenses		8,067,397


Net investment income (loss)		(5,389,132	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(21,290,726	)


Affiliated investment securities		519


Foreign currencies		(39,549	)


		(21,329,756	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(412,152,445	)


Foreign currencies		(66,359	)


		(412,218,804	)


Net realized and unrealized gain (loss)		(433,548,560	)


Net increase (decrease) in net assets resulting from operations	$	(438,937,692	)

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, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(5,389,132	)	$	(9,298,896	)


Net realized gain (loss)		(21,329,756	)		50,274,094


Change in net unrealized appreciation (depreciation)		(412,218,804	)		145,930,865


Net increase (decrease) in net assets resulting from operations		(438,937,692	)		186,906,063



Distributions to shareholders from distributable earnings:

Class A		(14,955,683	)		(14,021,673	)


Class C		(2,706,384	)		(4,016,167	)


Class R		(1,493,565	)		(1,267,019	)


Class Y		(15,895,479	)		(15,198,819	)


Class R5		(462	)		(702	)


Class R6		(1,926,473	)		(1,794,069	)


Total distributions from distributable earnings		(36,978,046	)		(36,298,449	)



Share transactions–net:

Class A		(11,792,696	)		82,391,644


Class C		(19,164,475	)		(14,730,005	)


Class R		1,281,449			11,632,732


Class Y		(74,121,872	)		82,239,319


Class R5		5			(4,299	)


Class R6		(2,148,288	)		12,884,518


Net increase (decrease) in net assets resulting from share transactions		(105,945,877	)		174,413,909


Net increase (decrease) in net assets		(581,861,615	)		325,021,523



Net assets:

Beginning of year		1,033,584,196			708,562,673


End of year	$	451,722,581		$	1,033,584,196

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 10/31/22		$	85.76		$	(0.51	)^(e)		$	(37.02	)		$	(37.53	)		$	(3.12	)		$	45.11		(45.25	)%		$	206,115		1.23	%		1.23	%		(0.85	)%^(e)		25	%
Year ended 10/31/21			72.26			(0.84	)			17.88				17.04				(3.54	)			85.76		24.30	^(f)			414,186		1.18	^(f)		1.18	^(f)		(1.03	)^(f)		24
Year ended 10/31/20			52.99			(0.51	)			25.00				24.49				(5.22	)			72.26		50.31	^(f)			273,684		1.26	^(f)		1.26	^(f)		(0.84	)^(f)		43
Six months ended 10/31/19			54.20			(0.16	)			(1.05	)			(1.21	)			–				52.99		(2.23	)			145,332		1.27	^(g)		1.31	^(g)		(0.60	)^(g)		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
Class C
Year ended 10/31/22			77.00			(0.89	)^(e)			(32.99	)			(33.88	)			(3.12	)			40.00		(45.66	)			22,964		1.98			1.98			(1.60	)^(e)		25
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	^(g)		2.07	^(g)		(1.34	)^(g)		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
Class R
Year ended 10/31/22			82.63			(0.64	)^(e)			(35.58	)			(36.22	)			(3.12	)			43.29		(45.38	)			21,519		1.48			1.48			(1.10	)^(e)		25
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	^(g)		1.57	^(g)		(0.85	)^(g)		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
Class Y
Year ended 10/31/22			88.48			(0.38	)^(e)			(38.27	)			(38.65	)			(3.12	)			46.71		(45.11	)			174,208		0.98			0.98			(0.60	)^(e)		25
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	^(g)		1.07	^(g)		(0.36	)^(g)		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
Class R5
Year ended 10/31/22			86.56			(0.29	)^(e)			(37.44	)			(37.73	)			(3.12	)			45.71		(45.05	)			7		0.85			0.85			(0.47	)^(e)		25
Year ended 10/31/21			72.67			(0.56	)			17.99				17.43				(3.54	)			86.56		24.72				13		0.84			0.84			(0.69	)		24
Year ended 10/31/20			53.08			(0.28	)			25.09				24.81				(5.22	)			72.67		50.88				14		0.89			0.89			(0.47	)		43
Period ended 10/31/19^(h)			51.06			(0.05	)			2.07				2.02				–				53.08		3.96				10		0.90	^(g)		0.92	^(g)		(0.23	)^(g)		20
Class R6
Year ended 10/31/22			90.02			(0.30	)^(e)			(38.98	)			(39.28	)			(3.12	)			47.62		(45.04	)			26,910		0.85			0.85			(0.47	)^(e)		25
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	^(g)		0.87	^(g)		(0.18	)^(g)		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

^(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, and 2018, respectively.

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

^(e)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.60) and (1.00)% , $(0.98) and (1.75)%, $(0.73) and (1.25)%, $(0.47) and (0.75)%, $(0.38) and (0.62)%, $(0.39) and (0.62)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020, respectively.

^(g)	Annualized.

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

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


13		Invesco Global Focus Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


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.

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.


15		Invesco Global Focus Fund

realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.

The Adviser had contractually agreed, through at least June 30, 2023, the waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $2,421.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $84,655 in front-end sales commissions from the sale of Class A shares and $6,011 and $5,185 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.


16		Invesco Global Focus Fund

For the year ended October 31, 2022, the Fund incurred $323 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	331,032,340	$	119,881,024		$–	$	450,913,364

NOTE 4–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	7,550,181	$	–


Long-term capital gain		29,427,865		36,298,449


Total distributions	$	36,978,046	$	36,298,449

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


17		Invesco Global Focus Fund

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation – investments	$	18,769,937


Net unrealized appreciation (depreciation) – foreign currencies		(52,282	)


Temporary book/tax differences		(22,364	)


Late-Year ordinary loss deferral		(3,633,600	)


Capital loss carryforward		(15,863,313	)


Shares of beneficial interest		452,524,203


Total net assets	$	451,722,581

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


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$15,863,313	$–	$15,863,313

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $175,741,988 and $326,498,867, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$110,537,755


Aggregate unrealized (depreciation) of investments	(91,767,818	)


Net unrealized appreciation of investments	$ 18,769,937

Cost of investments for tax purposes is $432,143,427.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $1,750,889, undistributed net realized gain (loss) was increased by $66,935 and shares of beneficial interest was decreased by $1,817,824. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		599,231		$	37,546,596			1,744,703		$	140,088,002


Class C		90,052			5,167,312			274,423			19,831,291


Class R		116,370			7,005,595			208,636			16,147,088


Class Y		1,281,119			81,643,797			2,038,492			168,361,173


Class R6		220,246			14,286,678			568,403			47,476,776



Issued as reinvestment of dividends:
Class A		187,077			14,217,809			179,137			13,379,755


Class C		37,118			2,518,470			55,442			3,742,875


Class R		20,415			1,492,133			17,538			1,264,827


Class Y		156,123			12,261,933			166,685			12,818,076


Class R5		-			5			-			-


Class R6		23,043			1,842,783			22,625			1,768,392



Automatic conversion of Class C shares to Class A shares:
Class A		178,917			10,908,341			251,407			20,223,985


Class C		(200,823	)		(10,908,341	)		(278,661	)		(20,223,985	)


18		Invesco Global Focus Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,225,186	)	$	(74,465,442	)		(1,133,195	)	$	(91,300,098	)


Class C		(274,234	)		(15,941,916	)		(249,425	)		(18,080,186	)


Class R		(119,047	)		(7,216,279	)		(73,712	)		(5,779,183	)


Class Y		(2,830,430	)		(168,027,602	)		(1,185,623	)		(98,939,930	)


Class R5		-			-			(51	)		(4,299	)


Class R6		(294,696	)		(18,277,749	)		(420,492	)		(36,360,650	)


Net increase (decrease) in share activity		(2,034,705	)	$	(105,945,877	)		2,186,332		$	174,413,909

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


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, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022 and the six months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer 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, 2022 by correspondence with the custodian and broker. When replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$803.50	$5.77	$1,018.80	$6.46	1.27%
Class C	1,000.00	800.30	9.17	1,015.02	10.26	2.02
Class R	1,000.00	802.60	6.91	1,017.54	7.73	1.52
Class Y	1,000.00	804.70	4.64	1,020.06	5.19	1.02
Class R5	1,000.00	805.10	4.05	1,020.72	4.53	0.89
Class R6	1,000.00	805.10	4.05	1,020.72	4.53	0.89

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

The Board’s Evaluation Process

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the first quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s stock selection in certain sectors, as well as the Fund’s exposure to certain issuers significantly


22		Invesco Global Focus Fund

impacted by the COVID-19 pandemic, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 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 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$29,427,865
Qualified Dividend Income*	19.27	%
Corporate Dividends Received Deduction*	5.22	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$7,550,181


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)	189	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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Focus Fund

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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Global Fund

Nasdaq:

A: OPPAX ∎ C: OGLCX ∎ R: OGLNX ∎ Y: OGLYX ∎ R5: GFDDX ∎ R6: OGLIX



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, 2022, Class A shares of Invesco Global Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Growth Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-36.80	%
Class C Shares	-37.28
Class R Shares	-36.97
Class Y Shares	-36.64
Class R5 Shares	-36.57
Class R6 Shares	-36.57
MSCI All Country World Index^▼*	-19.96
MSCI All Country World Growth Index^▼*	-29.25
Source(s): ^▼RIMES Technologies Corp.
* Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund’s performance.

Market conditions and your Fund

The Fund outperformed the MSCI All Country World Growth Index in one of 11 Global Industry Classification Standard sectors. Stock selection in the real estate sector contributed to relative Fund performance compared to the MSCI All Country World Growth Index. Stock selection in information technology and health care, as well as an overweight allocation to communication services detracted the most from relative Fund performance.

On a geographic basis, overweight exposure to India and France, as well as underweight exposure to Russia contributed the most to relative Fund performance. Stock selection in the United States, Japan and Brazil detracted the most from relative Fund performance.

The top three individual contributors to Fund performance during the fiscal year were ICICI Bank Limited, Amadeus IT Group and Novo Nordisk. ICICI Bank Limited is an Indian multinational bank and financial services company. India remains a structurally under-banked nation with attractive demographics, which help create a backdrop where we believe banks may be able to do well. The company has seen steadily increasing loan growth year-over-year. We believe they look set to strengthen their position, as they have continued to ramp-up their digital initiatives to drive long-term growth. Amadeus IT Group is a maker of software that processes transactions across the travel industry and is used by

airlines, hotels, railroads and travel agents. Its share price declined steeply in the August and September 2022 sell-off and we used that window to open a small position. Travel demand continued to improve in 2021 and this year, aided by vaccine distribution and lifted restrictions. Travel demand can continue to grow in 2023, due to pent-up demand, remote work flexibility and improving geopolitical tensions. Novo Nordisk is the world’s leading maker of diabetes care products and insulin. Last year, it introduced Wegovy, for weight loss and it has been a hit. The company originally underestimated the demand for Wegovy and had a hard time keeping up, but they are back on track. Given the propensity toward obesity, this product should see continued high demand.

The top three individual detractors from Fund performance were Alphabet, Meta Platforms and JD.com. Alphabet has been our largest holding for some time. Earlier this year there was a lot of conjecture about a slowdown in ad spending across the industry. While this has negatively affected several companies, Alphabet’s diversified advertising offerings and focus on search proved to be more resilient than other categories of digital spend. This provided solid support for the overall business. The company’s cloud numbers have also been very encouraging. The digital transformation to the cloud remains a top priority for many businesses and Alphabet has been benefiting. Meta Platforms has reported disappointing earnings over the past few quarters and the share price has declined. Apple’s new privacy restrictions have raised concerns of weakened advertising capabilities for Meta Platforms. They have been reworking their ad architecture, but this may take some time. The market also seems to be concerned with the firm’s metaverse strategy, which the firm plans to invest significantly more in than was projected in 2023. JD.com is a major player in Chinese e-commerce, offering a wide selection of authentic products at competitive prices, with fast and reliable delivery. The shares have trended lower in recent months as the Chinese COVID-19 lockdowns have weighed on economic growth. The company’s operations have been rather good, all things considered. Potential easing of COVID-19 restrictions in 2023 and a recovery in macroeconomic conditions could be strong catalysts for JD.com looking out over the next fiscal year.

The Fund’s holdings are selected for the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, our portfolio should be able to weather most transient issues well and create meaningful economic value for our clients.

We thank you for your continued investment in Invesco Global Fund.


2		Invesco Global Fund

Portfolio manager(s):

John Delano

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


3		Invesco Global Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund’s performance.

Past performance cannot guarantee future results.

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 Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (12/22/69)	10.49	%
10 Years	7.05
5 Years	0.94
1 Year	-40.27

Class C Shares
Inception (10/2/95)	8.26	%
10 Years	7.00
5 Years	1.30
1 Year	-37.86

Class R Shares
Inception (3/1/01)	5.74	%
10 Years	7.37
5 Years	1.81
1 Year	-36.97

Class Y Shares
Inception (11/17/98)	8.13	%
10 Years	7.91
5 Years	2.32
1 Year	-36.64

Class R5 Shares
10 Years	7.79	%
5 Years	2.34
1 Year	-36.57

Class R6 Shares
Inception (1/27/12)	8.27	%
10 Years	8.09
5 Years	2.47
1 Year	-36.57

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

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 Fund

Supplemental Information

Invesco Global Fund’s investment objective is to seek capital appreciation.

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

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		31.83	%

Consumer Discretionary		14.86

Communication Services		14.54

Industrials		14.41

Health Care		12.27

Financials		7.82

Real Estate		3.93

Materials		0.35

Money Market Funds Plus Other Assets Less Liabilities		(0.01	)

Top 10 Equity Holdings*


		% of total net assets

1.	Alphabet, Inc., Class A		11.35	%

2.	LVMH Moet Hennessy Louis Vuitton SE		5.65

3.	Intuit, Inc.		5.58

4.	S&P Global, Inc.		5.19

5.	Analog Devices, Inc.		4.84

6.	Airbus SE		4.51

7.	DLF Ltd.		3.93

8.	JD.com, Inc., ADR		3.24

9.	Novo Nordisk A/S, Class B		3.23

10.	Keyence Corp.		3.20

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Global Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests-100.01%

Argentina-0.49%
Reservas de Maternidad - Swiss Medical^(a)(b)		1,029,617,880	$	38,284,282



Brazil-0.26%
StoneCo Ltd., Class A^(c)		1,884,756		19,789,938



China-3.96%
JD.com, Inc., ADR		6,728,822		250,917,772


Meituan, B Shares^(c)(d)		2,483,400		39,504,120


Tencent Holdings Ltd.		603,400		15,833,073


				306,254,965



Denmark-3.23%
Novo Nordisk A/S, Class B		2,296,857		249,611,534



France-13.89%
Airbus SE		3,221,286		348,840,803


Dassault Systemes SE		891,660		29,853,090


EssilorLuxottica S.A.		237,266		37,583,065


Kering S.A.		484,091		221,585,809


LVMH Moet Hennessy Louis Vuitton SE		692,397		436,816,554


				1,074,679,321



Germany-1.81%
Allianz SE		94,067		16,937,619


SAP SE		1,271,051		122,719,303


				139,656,922



India-6.34%
DLF Ltd.		65,402,429		304,296,289


ICICI Bank Ltd., ADR		8,461,827		186,498,667


				490,794,956



Italy-0.58%
Brunello Cucinelli S.p.A.		773,116		44,835,999



Japan-8.22%
Keyence Corp.		656,012		247,235,950


Murata Manufacturing Co. Ltd.		4,330,212		212,424,708


Nidec Corp.		845,832		46,641,052


Omron Corp.		519,900		24,164,851


TDK Corp.		3,387,300		105,458,862


				635,925,423



Netherlands-0.99%
ASML Holding N.V.		162,490		76,600,680



Spain-0.63%
Amadeus IT Group S.A.^(c)		940,500		48,958,594



Sweden-3.88%
Assa Abloy AB, Class B		6,401,588		129,166,677


Atlas Copco AB, Class A		15,995,748		170,776,354


				299,943,031

Investment Abbreviations:

ADR - American Depositary Receipt


	Shares		Value


Switzerland-0.86%
Lonza Group AG		129,983	$	66,822,769



United Kingdom-0.40%
Farfetch Ltd., Class A^(c)		3,672,396		31,141,918



United States-54.47%
Adobe, Inc.^(c)		727,307		231,647,279


Agilent Technologies, Inc.		1,088,232		150,556,897


Alphabet, Inc., Class A^(c)		9,287,984		877,807,368


Amazon.com, Inc.^(c)		733,800		75,170,472


Analog Devices, Inc.		2,624,536		374,311,324


Avantor, Inc.^(c)		3,417,106		68,923,028


Boston Scientific Corp.^(c)		555,431		23,944,630


Charles River Laboratories International, Inc.^(c)		151,975		32,256,694


Charter Communications, Inc., Class A^(c)		59,835		21,996,543


Danaher Corp.		176,623		44,450,710


Datadog, Inc., Class A^(c)		214,992		17,309,006


Dun & Bradstreet Holdings, Inc.		1,003,057		12,889,282


Ecolab, Inc.		169,812		26,672,371


Equifax, Inc.		863,509		146,399,316


Fidelity National Information Services, Inc.		480,584		39,883,666


IDEXX Laboratories, Inc.^(c)		63,815		22,952,979


Illumina, Inc.^(c)		297,946		68,176,004


Intuit, Inc.		1,009,034		431,362,035


Intuitive Surgical, Inc.^(c)		262,883		64,792,773


IQVIA Holdings, Inc.^(c)		402,456		84,382,950


Lam Research Corp.		20,496		8,296,371


Marriott International, Inc., Class A		313,411		50,180,235


Marvell Technology, Inc.		2,416,988		95,906,084


Meta Platforms, Inc., Class A^(c)		2,050,329		191,008,650


Microsoft Corp.		489,160		113,548,711


NVIDIA Corp.		255,111		34,432,332


Omnicell, Inc.^(c)		300,336		23,221,980


Phathom Pharmaceuticals, Inc.^(c)		1,123,410		11,908,146


Qualtrics International, Inc., Class A^(c)		1,949,224		23,332,211


S&P Global, Inc.		1,249,957		401,548,686


Splunk, Inc.^(c)		422,440		35,108,988


United Parcel Service, Inc., Class B		1,325,453		222,371,250


Visa, Inc., Class A		813,819		168,590,744


Walt Disney Co. (The)^(c)		169,200		18,026,568


				4,213,366,283


TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $4,126,968,973)				7,736,666,615


OTHER ASSETS LESS LIABILITIES-(0.01)%				(903,820	)


NET ASSETS-100.00%			$	7,735,762,795

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


8		Invesco Global Fund

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 is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio		$	-		$	149,624,528		$	(149,624,528	)		$	-			$	-			$	-		$	3,526
Invesco Liquid Assets Portfolio			257,579			106,874,663			(107,132,169	)			-				(73	)			-			3,155
Invesco Treasury Portfolio, Institutional Class			-			170,999,460			(170,999,460	)			-				-				-			2,479
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			11,491,180			(11,491,180	)			-				-				-			12,578*
Invesco Private Prime Fund			-			29,540,488			(29,541,753	)			-				1,265				-			33,916*
Investments in Other Affiliates:
Reservas de Maternidad - Swiss Medical			46,866,147			-			-				(8,581,865	)			-				38,284,282			-
Total		$	47,123,726		$	468,530,319		$	(468,789,090	)		$	(8,581,865	)		$	1,192			$	38,284,282		$	55,654

^(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, 2022 represented less than 1% of the Fund’s Net Assets.

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


9		Invesco Global Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $4,096,578,973)	$	7,698,382,333


Investments in affiliates, at value (Cost $30,390,000)		38,284,282


Foreign currencies, at value (Cost $1,778,405)		1,736,211


Receivable for:
Investments sold		40,303,442


Fund shares sold		3,209,072


Dividends		7,445,402


Foreign withholding tax claims		7,785,262


Investment for trustee deferred compensation and retirement plans		661,500


Other assets		103,585


Total assets		7,797,911,089



Liabilities:
Payable for:
Investments purchased		31,283,802


Fund shares reacquired		9,050,019


Amount due custodian		1,456,739


Accrued foreign taxes		12,899,206


Accrued fees to affiliates		4,092,924


Accrued trustees’ and officers’ fees and benefits		543,136


Accrued other operating expenses		550,871


IRS closing agreement fees for foreign withholding tax claims		1,610,097


Trustee deferred compensation and retirement plans		661,500


Total liabilities		62,148,294


Net assets applicable to shares outstanding	$	7,735,762,795



Net assets consist of:
Shares of beneficial interest	$	3,147,931,514


Distributable earnings		4,587,831,281


	$	7,735,762,795


Net Assets:
Class A	$	4,538,019,198


Class C	$	122,528,785


Class R	$	142,466,764


Class Y	$	1,405,312,945


Class R5	$	7,131,645


Class R6	$	1,520,303,458



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		56,985,965


Class C		1,773,528


Class R		1,818,886


Class Y		17,474,255


Class R5		88,345


Class R6		18,802,310


Class A:
Net asset value per share	$	79.63


Maximum offering price per share (Net asset value of $79.63 ÷ 94.50%)	$	84.26


Class C:
Net asset value and offering price per share	$	69.09


Class R:
Net asset value and offering price per share	$	78.33


Class Y:
Net asset value and offering price per share	$	80.42


Class R5:
Net asset value and offering price per share	$	80.72


Class R6:
Net asset value and offering price per share	$	80.86

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


10		Invesco Global Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	17,523


Dividends (net of foreign withholding taxes of $5,050,592)		88,626,217


Dividends from affiliated money market funds (includes net securities lending income of $21,216)		30,376


Foreign withholding tax claims		11,994,853


Less: IRS closing agreement fees for foreign withholding tax claims		(810,097	)


Total investment income		99,858,872



Expenses:
Advisory fees		67,149,930


Administrative services fees		1,488,849


Custodian fees		882,363


Distribution fees:
Class A		14,072,322


Class C		1,780,768


Class R		944,007


Transfer agent fees – A, C, R and Y		12,835,876


Transfer agent fees – R5		411


Transfer agent fees – R6		607,966


Trustees’ and officers’ fees and benefits		192,760


Registration and filing fees		213,371


Professional services fees		126,817


Other		(507,295	)


Total expenses		99,788,145


Less: Fees waived and/or expense offset arrangement(s)		(27,354	)


Net expenses		99,760,791


Net investment income		98,081



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,106,429,074


Affiliated investment securities		1,192


Foreign currencies		(1,692,248	)


Forward foreign currency contracts		41,977


		1,104,779,995


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $4,699,197)		(5,986,830,058	)


Affiliated investment securities		(8,581,865	)


Foreign currencies		(900,788	)


		(5,996,312,711	)


Net realized and unrealized gain (loss)		(4,891,532,716	)


Net increase (decrease) in net assets resulting from operations	$	(4,891,434,635	)

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


11		Invesco Global Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	98,081		$	(42,757,387	)


Net realized gain		1,104,779,995			989,363,951


Change in net unrealized appreciation (depreciation)		(5,996,312,711	)		3,314,245,442


Net increase (decrease) in net assets resulting from operations		(4,891,434,635	)		4,260,852,006



Distributions to shareholders from distributable earnings:
Class A		(527,301,347	)		(401,499,276	)


Class C		(18,273,693	)		(17,266,924	)


Class R		(16,351,348	)		(12,789,748	)


Class Y		(177,321,555	)		(135,222,107	)


Class R5		(1,053	)		(780	)


Class R6		(171,095,528	)		(125,000,218	)


Total distributions from distributable earnings		(910,344,524	)		(691,779,053	)



Share transactions-net:
Class A		(173,404,479	)		(250,965,242	)


Class C		(22,985,896	)		(63,045,551	)


Class R		(215,109	)		(13,049,350	)


Class Y		(185,436,166	)		(76,298,994	)


Class R5		7,790,385			–


Class R6		(439,745	)		21,812,204


Net increase (decrease) in net assets resulting from share transactions		(374,691,010	)		(381,546,933	)


Net increase (decrease) in net assets		(6,176,470,169	)		3,187,526,020



Net assets:
Beginning of year		13,912,232,964			10,724,706,944


End of year	$	7,735,762,795		$	13,912,232,964

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


12		Invesco Global Fund

Financial Highlights

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


	Net asset 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 10/31/22	$	135.11	$	(0.10	)	$	(46.46	)	$	(46.56	)	$	–		$	(8.92	)	$	(8.92	)	$	79.63		(36.79	)%^(e)	$	4,538,019		1.04	%^(e)		1.04	%^(e)		(0.09	)%^(e)		9	%
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
Class C
Year ended 10/31/22		119.28		(0.77	)		(40.50	)		(41.27	)		–			(8.92	)		(8.92	)		69.09		(37.26	)		122,529		1.81			1.81			(0.86	)		9
Year ended 10/31/21		91.23		(1.30	)		35.96			34.66			–			(6.61	)		(6.61	)		119.28		39.44			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
Class R
Year ended 10/31/22		133.38		(0.36	)		(45.77	)		(46.13	)		–			(8.92	)		(8.92	)		78.33		(36.95	)		142,467		1.31			1.31			(0.36	)		9
Year ended 10/31/21		100.86		(0.84	)		39.97			39.13			–			(6.61	)		(6.61	)		133.38		40.16			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
Class Y
Year ended 10/31/22		136.06		0.14			(46.86	)		(46.72	)		–			(8.92	)		(8.92	)		80.42		(36.63	)		1,405,313		0.81			0.81			0.14			9
Year ended 10/31/21		102.29		(0.23	)		40.61			40.38			–			(6.61	)		(6.61	)		136.06		40.84			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
Class R5
Year ended 10/31/22		136.38		0.21			(46.95	)		(46.74	)		–			(8.92	)		(8.92	)		80.72		(36.56	)		7,132		0.69			0.69			0.26			9
Year ended 10/31/21		102.39		(0.06	)		40.66			40.60			–			(6.61	)		(6.61	)		136.38		41.03			16		0.66			0.66			(0.05	)		7
Year ended 10/31/20		90.55		0.14			13.00			13.14			(0.51	)		(0.79	)		(1.30	)		102.39		14.62			12		0.68			0.68			0.13			8
One month ended 10/31/19		86.12		0.01			4.42			4.43			–			–			–			90.55		5.15			11		0.66	^(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 10/31/22		136.59		0.26			(47.07	)		(46.81	)		–			(8.92	)		(8.92	)		80.86		(36.56	)		1,520,303		0.69			0.69			0.26			9
Year ended 10/31/21		102.54		(0.07	)		40.73			40.66			–			(6.61	)		(6.61	)		136.59		41.02			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

^(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 and 2018, 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 years ended October 31, 2022 and 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.


13		Invesco Global Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


14		Invesco Global Fund

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.

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.

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.

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 Fund

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

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

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.64%.


16		Invesco Global Fund

to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $1,429.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $246,494 in front-end sales commissions from the sale of Class A shares and $5,702 and $4,400 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2			Level 3		Total


Investments in Securities


Argentina	$	–	$	–	��		$38,284,282	$	38,284,282


Brazil		19,789,938		–			–		19,789,938


China		250,917,772		55,337,193			–		306,254,965


Denmark		–		249,611,534			–		249,611,534


France		348,840,803		725,838,518			–		1,074,679,321


Germany		–		139,656,922			–		139,656,922


India		186,498,667		304,296,289			–		490,794,956


Italy		–		44,835,999			–		44,835,999


Japan		–		635,925,423			–		635,925,423


Netherlands		–		76,600,680			–		76,600,680


17		Invesco Global Fund


	Level 1		Level 2		Level 3		Total


Spain	$	–	$	48,958,594	$	–	$	48,958,594


Sweden		–		299,943,031		–		299,943,031


Switzerland		–		66,822,769		–		66,822,769


United Kingdom		31,141,918		–		–		31,141,918


United States		4,213,366,283		–		–		4,213,366,283


Total Investments	$	5,050,555,381	$	2,647,826,952		$38,284,282	$	7,736,666,615

NOTE 4–Derivative Investments

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

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

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


	Location of Gain on Statement of Operations
	Currency Risk


Realized Gain:
Forward foreign currency contracts		$41,977

The table below summarizes the average notional value of forward foreign currency contracts held during the period.


	Forward Foreign Currency Contracts


Average notional value		$13,831,283

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.

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, 2022 and 2021:


	2022		2021


Long-term capital gain	$	910,344,524	$	691,779,053


18		Invesco Global Fund

Tax Components of Net Assets at Period-End:


	2022


Undistributed long-term capital gain	$	993,187,989


Net unrealized appreciation – investments		3,596,798,380


Net unrealized appreciation (depreciation) – foreign currencies		(969,854	)


Temporary book/tax differences		(1,185,234	)


Shares of beneficial interest		3,147,931,514


Total net assets	$	7,735,762,795

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $937,350,583 and $2,225,652,835, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$4,064,797,765


Aggregate unrealized (depreciation) of investments	(467,999,385	)


Net unrealized appreciation of investments	$3,596,798,380

Cost of investments for tax purposes is $4,139,868,235.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on October 31, 2022, undistributed net investment income was increased by $34,662,773, undistributed net realized gain was decreased by $106,951,919 and shares of beneficial interest was increased by $72,289,146. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,699,919		$	276,201,243			3,660,050		$	445,852,844


Class C		185,240			16,485,700			225,219			24,481,370


Class R		305,417			30,560,185			247,221			29,926,712


Class Y		2,959,302			306,075,991			3,076,347			379,177,809


Class R5		91,860			8,130,749			-			-


Class R6		3,084,053			310,393,178			3,450,228			421,553,485



Issued as reinvestment of dividends:
Class A		3,986,432			489,772,840			3,349,658			374,357,712


Class C		164,422			17,644,163			168,181			16,707,111


Class R		134,571			16,300,613			115,245			12,744,947


Class Y		1,297,998			160,718,093			1,103,599			123,945,145


Class R6		1,369,177			170,270,798			1,104,877			124,431,282



Automatic conversion of Class C shares to Class A shares:
Class A		213,043			21,179,663			499,921			59,156,588


Class C		(244,403	)		(21,179,663	)		(563,177	)		(59,156,588	)


19		Invesco Global Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(9,665,952	)	$	(960,558,225	)		(9,191,411	)	$	(1,130,332,386	)


Class C		(416,277	)		(35,936,096	)		(415,804	)		(45,077,444	)


Class R		(477,092	)		(47,075,907	)		(460,246	)		(55,721,009	)


Class Y		(6,723,450	)		(652,230,250	)		(4,705,939	)		(579,421,948	)


Class R5		(3,633	)		(340,364	)		-			-


Class R6		(4,904,320	)		(481,103,721	)		(4,166,331	)		(524,172,563	)


Net increase (decrease) in share activity		(5,943,693	)	$	(374,691,010	)		(2,502,362	)	$	(381,546,933	)

^(a)

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

NOTE 12–Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco Global Growth Fund (the “Target Fund”) in exchange for shares of the Fund.

The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.


20		Invesco Global Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019 and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The financial statements of Oppenheimer Global Fund (subsequently renamed Invesco Global Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$860.80	$5.07	$1,019.76	$5.50	1.08%
Class C	1,000.00	857.40	8.66	1,015.88	9.40	1.85
Class R	1,000.00	859.50	6.33	1,018.40	6.87	1.35
Class Y	1,000.00	861.80	3.99	1,020.92	4.33	0.85
Class R5	1,000.00	862.30	3.14	1,021.83	3.41	0.67
Class R6	1,000.00	862.30	3.33	1,021.63	3.62	0.71

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 Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s stock selection in and underweight and overweight exposures to certain sectors and regions detracted from Fund


23		Invesco Global Fund

performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


24		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$1,018,978,524
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 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)	189	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
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


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 77002-5021

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 Global Fund

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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, 2022

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, 2022, Class A shares of Invesco Global Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-37.61	%
Class C Shares	-38.12
Class Y Shares	-37.47
Class R5 Shares	-37.39
Class R6 Shares	-37.37
MSCI All Country World Index^▼(Style-Specific Index)	-19.96
MSCI All Country World Growth Index^▼(Broad Market Index)	-29.25
Lipper Global Multi-Cap Growth Funds Index^∎(Peer Group Index)	-31.27

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

Market conditions and your Fund

for developed market equities and emerging market equities were both in negative territory.

The Fund underperformed the MSCI All Country World Growth Index during the fiscal year. The Fund outperformed the MSCI All Country World Growth Index in one of 11 Global Industry Classification Standard sectors. Stock selection in the real estate sector contributed to relative Fund performance compared to the MSCI All Country World Growth Index. Stock selection in information technology and consumer staples, as well as an overweight allocation to communication services, detracted the most from relative Fund performance.

On a geographic basis, stock selection in France, an overweight allocation to India and an underweight allocation to Russia contributed the most to relative Fund performance. Stock selection in the United States and Japan, as well as an overweight allocation to China detracted the most from relative Fund performance.

The top three individual contributors to the Fund’s absolute performance during the fiscal year were Clinigen Group, Criteo and Apple. Clinigen Group is a global specialty pharmaceuticals and pharmaceutical services business. Criteo is a global commerce marketing technology company. They are one of the leading ad-tech companies in the growing digital-ad market. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services. The company has been relatively resilient this fiscal year. Clinigen Group, Criteo and Apple were sold during the fiscal year.

The top three individual detractors from the Fund’s absolute performance were Alphabet, Meta Platforms and JD.com. Alphabet has been our largest holding for some time. Earlier this year there was a lot of conjecture about a slowdown in ad spending across the

industry. While this has negatively affected several companies, Alphabet’s diversified advertising offerings and focus on search proved to be more resilient than other categories of digital spend. This provided solid support for the overall business. The company’s cloud numbers have also been very encouraging. The digital transformation to the cloud remains a top priority for many businesses and Alphabet has been benefiting. Meta Platforms has reported disappointing earnings over the past few quarters and the share price has declined. Apple’s new privacy restrictions have raised concerns of weakened advertising capabilities for Meta Platforms. Meta Platforms has been reworking their ad architecture but this may take some time. The market also seems to be concerned with the firm’s metaverse strategy which the firm plans to invest significantly more in than was projected in 2023. JD.com is a major player in Chinese e-commerce, offering a wide selection of authentic products at competitive prices with fast and reliable delivery. The shares have trended lower in recent months as the Chinese COVID-19 lockdowns have weighed on economic growth. The company’s operations have been rather good, all things considered. Potential easing of COVID-19 restrictions in 2023 and a recovery in macroeconomic conditions could be strong catalysts for JD.com looking out over the next calendar year.

Please note, effective December 9, 2021, John Delano assumed responsibility for the portfolio management of the Invesco Global Growth Fund, a Fund previously managed by the Invesco EQV Team.

We thank you for your continued investment in Invesco Global Fund.

Portfolio manager(s):

John Delano


2		Invesco Global Growth Fund

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 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (9/15/94)	5.17	%
10 Years	3.67
5 Years	-2.30
1 Year	-41.05

Class C Shares
Inception (8/4/97)	3.41	%
10 Years	3.64
5 Years	-1.93
1 Year	-38.73

Class Y Shares
Inception (10/3/08)	5.34	%
10 Years	4.52
5 Years	-0.94
1 Year	-37.47

Class R5 Shares
Inception (9/28/07)	2.75	%
10 Years	4.65
5 Years	-0.84
1 Year	-37.39

Class R6 Shares
Inception (9/24/12)	4.34	%
10 Years	4.67
5 Years	-0.82
1 Year	-37.37

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.


5		Invesco Global Growth Fund

Supplemental Information

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

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

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		31.75	%

Consumer Discretionary		14.87

Communication Services		14.23

Industrials		13.92

Health Care		12.26

Financials		7.83

Real Estate		3.91

Materials		0.35

Money Market Funds Plus Other Assets Less Liabilities		0.88

Top 10 Equity Holdings*


		% of total net assets

1.	Alphabet, Inc., Class A		11.06	%

2.	LVMH Moet Hennessy Louis Vuitton SE		5.66

3.	Intuit, Inc.		5.59

4.	S&P Global, Inc.		5.20

5.	Analog Devices, Inc.		4.83

6.	Airbus SE		4.50

7.	DLF Ltd.		3.92

8.	JD.com, Inc., ADR		3.24

9.	Novo Nordisk A/S, Class B		3.22

10.	Keyence Corp.		3.18

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Global Growth Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–99.12%
Brazil–0.25%
StoneCo Ltd., Class A^(a)		110,490	$	1,160,145



China–3.95%
JD.com, Inc., ADR		394,465		14,709,600


Meituan, B Shares^(a)(b)		145,600		2,316,099


Tencent Holdings Ltd.		35,300		926,263


				17,951,962



Denmark–3.22%
Novo Nordisk A/S, Class B		134,649		14,633,015



France–13.89%
Airbus SE		188,842		20,450,154


Dassault Systemes SE		52,272		1,750,085


EssilorLuxottica S.A.		13,994		2,216,658


Kering S.A.		28,379		12,990,086


LVMH Moet Hennessy Louis Vuitton SE		40,783		25,729,010


				63,135,993



Germany–1.80%
Allianz SE		5,540		997,527


SAP SE		74,326		7,176,136


				8,173,663



India–6.32%
DLF Ltd.		3,824,473		17,794,033


ICICI Bank Ltd., ADR		496,058		10,933,118


				28,727,151



Italy–0.58%
Brunello Cucinelli S.p.A.		45,322		2,628,399



Japan–8.20%
Keyence Corp.		38,400		14,472,084


Murata Manufacturing Co. Ltd.		253,900		12,455,426


Nidec Corp.		49,800		2,746,082


Omron Corp.		30,700		1,426,930


TDK Corp.		198,600		6,183,134


				37,283,656



Netherlands–0.99%
ASML Holding N.V.		9,526		4,490,726



Spain–0.63%
Amadeus IT Group S.A.^(a)		55,396		2,883,690



Sweden–3.87%
Assa Abloy AB, Class B	��	375,283		7,572,193


Atlas Copco AB, Class A		937,722		10,011,457


				17,583,650



Switzerland–0.86%
Lonza Group AG		7,636		3,925,580



United Kingdom–0.40%
Farfetch Ltd., Class A^(a)(c)		215,288		1,825,642



United States–54.16%
Adobe, Inc.^(a)		42,898		13,663,013


	Shares		Value


United States–(continued)
Agilent Technologies, Inc.		63,596	$	8,798,507


Alphabet, Inc., Class A^(a)		532,222		50,300,301


Amazon.com, Inc.^(a)		43,018		4,406,764


Analog Devices, Inc.		153,859		21,943,371


Avantor, Inc.^(a)		201,546		4,065,183


Boston Scientific Corp.^(a)		32,562		1,403,748


Charles River Laboratories International, Inc.^(a)		8,960		1,901,760


Charter Communications, Inc., Class A^(a)		3,524		1,295,493


Danaher Corp.		10,355		2,606,043


Datadog, Inc., Class A^(a)		12,604		1,014,748


Dun & Bradstreet Holdings, Inc.^(c)		58,804		755,631


Ecolab, Inc.		10,002		1,571,014


Equifax, Inc.		50,857		8,622,296


Fidelity National Information Services, Inc.		28,103		2,332,268


IDEXX Laboratories, Inc.^(a)		3,742		1,345,923


Illumina, Inc.^(a)		17,467		3,996,799


Intuit, Inc.		59,433		25,407,607


Intuitive Surgical, Inc.^(a)		15,411		3,798,349


IQVIA Holdings, Inc.^(a)		23,644		4,957,437


Lam Research Corp.		1,201		486,141


Marriott International, Inc., Class A		18,460		2,955,631


Marvell Technology, Inc.		141,691		5,622,299


Meta Platforms, Inc., Class A^(a)		120,197		11,197,553


Microsoft Corp.		28,677		6,656,792


NVIDIA Corp.		14,956		2,018,611


Omnicell, Inc.^(a)(c)		17,645		1,364,311


Phathom Pharmaceuticals, Inc.^(a)		65,860		698,116


Qualtrics International, Inc., Class A^(a)(c)		114,273		1,367,848


S&P Global, Inc.		73,638		23,656,207


Splunk, Inc.^(a)		24,907		2,070,021


United Parcel Service, Inc., Class B		77,703		13,036,232


Visa, Inc., Class A^(c)		47,709		9,883,396


Walt Disney Co. (The)^(a)		9,919		1,056,770


				246,256,183


Total Common Stocks & Other Equity Interests (Cost $649,248,344)				450,659,455



Money Market Funds–0.93%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		1,486,191		1,486,191


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		1,065,881		1,066,095


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		1,698,503		1,698,503


Total Money Market Funds (Cost $4,250,583)				4,250,789


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.05% (Cost $653,498,927)				454,910,244



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.74%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		3,486,672		3,486,672

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


8		Invesco Global Growth Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		8,961,477	$	8,961,477


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,447,950)				12,448,149


TOTAL INVESTMENTS IN SECURITIES–102.79% (Cost $665,946,877)				467,358,393


OTHER ASSETS LESS LIABILITIES–(2.79)%				(12,682,487	)


NET ASSETS–100.00%			$	454,675,906

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, 2022 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, 2022.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,735,198		$	24,764,684		$	(27,013,691	)		$	-		$	-		$	1,486,191		$	12,025
Invesco Liquid Assets Portfolio, Institutional Class			8,264,369			17,689,060			(24,886,690	)			(3,030)			2,386			1,066,095			8,772
Invesco Treasury Portfolio, Institutional Class			4,268,798			28,302,495			(30,872,790	)			-			-			1,698,503			13,276
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,991,419			117,496,904			(122,001,651	)			-			-			3,486,672			71,566*
Invesco Private Prime Fund			22,153,218			215,509,411			(228,685,594	)			199			(15,757)			8,961,477			195,703*
Total		$	46,413,002		$	403,762,554		$	(433,460,416	)		$	(2,831)		$	(13,371)		$	16,698,938		$	301,342

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

^(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 Global Growth Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $649,248,344)*	$	450,659,455


Investments in affiliated money market funds, at value (Cost $16,698,533)		16,698,938


Foreign currencies, at value (Cost $3,271)		3,189


Receivable for:
Investments sold		2,391,702


Fund shares sold		49,677


Dividends		655,931


Investment for trustee deferred compensation and retirement plans		201,285


Other assets		62,625


Total assets		470,722,802



Liabilities:

Payable for:
Investments purchased		1,866,340


Fund shares reacquired		843,791


Amount due custodian		3,540


Collateral upon return of securities loaned		12,447,950


Accrued fees to affiliates		294,251


Accrued trustees’ and officers’ fees and benefits		1,308


Accrued other operating expenses		370,444


Trustee deferred compensation and retirement plans		219,272


Total liabilities		16,046,896


Net assets applicable to shares outstanding	$	454,675,906



Net assets consist of:

Shares of beneficial interest	$	462,962,867


Distributable earnings (loss)		(8,286,961	)


	$	454,675,906


Net Assets:

Class A	$	427,824,872


Class C	$	7,240,424


Class Y	$	16,239,230


Class R5	$	446,869


Class R6	$	2,924,511



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		21,520,330


Class C		425,292


Class Y		809,366


Class R5		22,514


Class R6		147,337


Class A:
Net asset value per share	$	19.88


Maximum offering price per share (Net asset value of $19.88 ÷ 94.50%)	$	21.04


Class C:
Net asset value and offering price per share	$	17.02


Class Y:
Net asset value and offering price per share	$	20.06


Class R5:
Net asset value and offering price per share	$	19.85


Class R6:
Net asset value and offering price per share	$	19.85

*	At October 31, 2022, securities with an aggregate value of $12,084,349 were on loan to brokers.

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


10		Invesco Global Growth Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	39,284


Dividends (net of foreign withholding taxes of $440,324)		5,534,317


Dividends from affiliated money market funds (includes net securities lending income of $32,452)		66,525


Foreign withholding tax claims		219,724


Total investment income		5,859,850



Expenses:
Advisory fees		4,795,228


Administrative services fees		86,530


Custodian fees		112,335


Distribution fees:
Class A		1,431,431


Class C		99,938


Transfer agent fees – A, C and Y		981,399


Transfer agent fees – R5		543


Transfer agent fees – R6		1,182


Trustees’ and officers’ fees and benefits		24,452


Registration and filing fees		120,895


Reports to shareholders		63,156


Professional services fees		118,486


Other		208,037


Total expenses		8,043,612


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(55,659	)


Net expenses		7,987,953


Net investment income (loss)		(2,128,103	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $141)		198,449,855


Affiliated investment securities		(13,371	)


Foreign currencies		(100,828	)


		198,335,656


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(490,565,203	)


Affiliated investment securities		(2,831	)


Foreign currencies		(52,862	)


		(490,620,896	)


Net realized and unrealized gain (loss)		(292,285,240	)


Net increase (decrease) in net assets resulting from operations	$	(294,413,343	)

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


11		Invesco Global Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(2,128,103	)	$	(595,460	)


Net realized gain		198,335,656			143,710,817


Change in net unrealized appreciation (depreciation)		(490,620,896	)		84,373,446


Net increase (decrease) in net assets resulting from operations		(294,413,343	)		227,488,803



Distributions to shareholders from distributable earnings:
Class A		(8,761,351	)		(179,126,956	)


Class C		(182,123	)		(3,954,487	)


Class Y		(396,758	)		(8,392,337	)


Class R5		(9,155	)		(181,428	)


Class R6		(58,924	)		(29,738,165	)


Total distributions from distributable earnings		(9,408,311	)		(221,393,373	)



Share transactions–net:
Class A		(58,071,180	)		106,927,183


Class C		(1,657,507	)		(360,732	)


Class Y		(7,107,128	)		6,329,576


Class R5		(62,974	)		95,013


Class R6		(652,585	)		(105,023,558	)


Net increase (decrease) in net assets resulting from share transactions		(67,551,374	)		7,967,482


Net increase (decrease) in net assets		(371,373,028	)		14,062,912



Net assets:
Beginning of year		826,048,934			811,986,022


End of year	$	454,675,906		$	826,048,934

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 10/31/22		$32.25		$(0.09	)		$(11.91	)		$(12.00	)		$ -			$(0.37	)		$(0.37	)		$19.88		(37.61	)%		$427,825		1.30	%		1.31	%		(0.34	)%		132	%
Year ended 10/31/21		32.19		(0.04	)		8.78			8.74			-			(8.68	)		(8.68	)		32.25		28.36			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
Class C
Year ended 10/31/22		27.88		(0.24	)		(10.25	)		(10.49	)		-			(0.37	)		(0.37	)		17.02		(38.10	)		7,240		2.05			2.06			(1.09	)		132
Year ended 10/31/21		28.99		(0.28	)		7.85			7.57			-			(8.68	)		(8.68	)		27.88		27.36			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
Class Y
Year ended 10/31/22		32.47		(0.02	)		(12.02	)		(12.04	)		(0.00	)^(d)		(0.37	)		(0.37	)		20.06		(37.47	)		16,239		1.05			1.06			(0.09	)		132
Year ended 10/31/21		32.30		0.05			8.81			8.86			(0.01	)		(8.68	)		(8.69	)		32.47		28.68			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
Class R5
Year ended 10/31/22		32.13		(0.00	)		(11.87	)		(11.87	)		(0.04	)		(0.37	)		(0.41	)		19.85		(37.39	)		447		0.97			1.00			(0.01	)		132
Year ended 10/31/21		32.03		0.09			8.73			8.82			(0.04	)		(8.68	)		(8.72	)		32.13		28.79			771		0.87			0.88			0.24			51
Year ended 10/31/20		32.03		0.07			2.78			2.85			(0.40	)		(2.45	)		(2.85	)		32.03		9.31			664		0.87			0.93			0.23			90
Year ended 10/31/19		29.31		0.32			4.01			4.33			(0.25	)		(1.36	)		(1.61	)		32.03		15.84			12		0.86			0.86			1.08			32
Year ended 10/31/18		32.09		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.31		(6.08	)		11		0.88			0.88			1.08			32
Class R6
Year ended 10/31/22		32.13		0.01			(11.87	)		(11.86	)		(0.05	)		(0.37	)		(0.42	)		19.85		(37.37	)		2,925		0.92			0.93			0.04			132
Year ended 10/31/21		32.03		0.10			8.72			8.82			(0.04	)		(8.68	)		(8.72	)		32.13		28.81			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

^(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.

^(d)	Amount represents less than $(0.005) per share.

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, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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


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.


15		Invesco Global Growth Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,754 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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

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, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets. Prior to March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%,


16		Invesco Global Growth Fund

0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $3,518 and reimbursed class level expenses of $44,427, $791, $2,008, $172 and $173 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $37,938 in front-end sales commissions from the sale of Class A shares and $33 and $346 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $1,521 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	1,160,145	$	–		$–	$	1,160,145


China		14,709,600		3,242,362		–		17,951,962


Denmark		–		14,633,015		–		14,633,015


France		20,450,154		42,685,839		–		63,135,993


Germany		–		8,173,663		–		8,173,663


India		10,933,118		17,794,033		–		28,727,151


Italy		–		2,628,399		–		2,628,399


Japan		–		37,283,656		–		37,283,656


Netherlands		–		4,490,726		–		4,490,726


Spain		–		2,883,690		–		2,883,690


Sweden		–		17,583,650		–		17,583,650


Switzerland		–		3,925,580		–		3,925,580


17		Invesco Global Growth Fund


	Level 1		Level 2		Level 3	Total


United Kingdom	$	1,825,642	$	–	$–	$	1,825,642


United States		246,256,183		–	–		246,256,183


Money Market Funds		4,250,789		12,448,149	–		16,698,938


Total Investments	$	299,585,631	$	167,772,762	$–	$	467,358,393

NOTE 4–Expense Offset Arrangement(s)

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 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, 2022 and 2021:


	2022		2021


Ordinary income*	$	2,204,357	$	49,558,352


Long-term capital gain		7,203,954		171,835,021


Total distributions	$	9,408,311	$	221,393,373

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed long-term capital gain	$	192,614,774


Net unrealized appreciation (depreciation) – investments		(199,036,650	)


Net unrealized appreciation (depreciation) – foreign currencies		(47,065	)


Temporary book/tax differences		(163,492	)


Late-Year ordinary loss deferral		(1,654,528	)


Shares of beneficial interest		462,962,867


Total net assets	$	454,675,906

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


18		Invesco Global Growth Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $807,977,116 and $878,740,023, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	10,024,116


Aggregate unrealized (depreciation) of investments		(209,060,766	)


Net unrealized appreciation (depreciation) of investments	$	(199,036,650	)

Cost of investments for tax purposes is $666,395,043.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $2,450,697, undistributed net realized gain was decreased by $1,687,030 and shares of beneficial interest was decreased by $763,667. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		573,173		$	15,011,384			554,150		$	19,998,215


Class C		55,253			1,167,428			73,269			2,351,067


Class Y		134,337			3,562,137			312,894			11,421,293


Class R5		5,862			155,984			2,491			85,655


Class R6		82,798			1,962,311			130,862			4,745,901



Issued as reinvestment of dividends:
Class A		268,898			8,263,225			5,100,734			167,533,426


Class C		6,669			176,650			131,344			3,778,617


Class Y		10,874			336,551			212,498			7,017,919


Class R5		295			9,025			5,429			177,527


Class R6		1,864			57,011			908,338			29,699,578



Automatic conversion of Class C shares to Class A shares:
Class A		35,814			854,903			98,873			3,430,174


Class C		(41,676	)		(854,903	)		(111,462	)		(3,430,174	)



Reacquired:
Class A		(3,248,720	)		(82,200,692	)		(2,325,257	)		(84,034,632	)


Class C		(96,962	)		(2,146,682	)		(95,817	)		(3,060,242	)


Class Y		(428,554	)		(11,005,816	)		(335,067	)		(12,109,636	)


Class R5		(7,640	)		(227,983	)		(4,648	)		(168,169	)


Class R6		(104,143	)		(2,671,907	)		(4,268,803	)		(139,469,037	)


Net increase (decrease) in share activity		(2,751,858	)	$	(67,551,374	)		389,828		$	7,967,482

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Global Fund (the “Acquiring Fund”).

The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.


19		Invesco Global Growth Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$857.30	$6.69	$1,018.00	$7.27	1.43%
Class C	1,000.00	854.00	10.19	1,014.22	11.07	2.18
Class Y	1,000.00	858.00	5.53	1,019.26	6.01	1.18
Class R5	1,000.00	858.90	5.06	1,019.76	5.50	1.08
Class R6	1,000.00	859.30	4.69	1,020.16	5.09	1.00

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 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board noted that the Fund underwent a change in portfolio management as well as a change in its investment process in December 2021. The Board noted that stock selection in and overweight, underweight or lack of exposure to certain sectors, geographic regions and names, as well as the Fund’s cash position, detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a


22		Invesco Global Growth Fund

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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


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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$7,203,954
Qualified Dividend Income*	35.32	%
Corporate Dividends Received Deduction*	13.93	%
U.S. Treasury Obligations*	0.02	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* 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			$2,194,276


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)	189	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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Growth Fund

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

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Annual Report to Shareholders		October 31, 2022

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, 2022, 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, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-44.95	%

Class C Shares	-45.36

Class R Shares	-45.08

Class Y Shares	-44.81

Class R5 Shares	-44.77

Class R6 Shares	-44.73

MSCI All Country World Index^▼	-19.96

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

The Fund outperformed the MSCI All Country World Index in 2 of the 11 Global Industry Classification Standard sectors for the fiscal year ended October 31, 2022. Underweight allocations to the communication services and real estate sectors contributed to relative Fund performance compared to the MSCI All Country World Index. Stock selection in healthcare, information technology and industrials detracted the most from relative Fund performance.

On a geographic basis, underweight allocations in China, Russia and Taiwan contributed the most to relative Fund performance. Stock selection in the United States, the United Kingdom and Japan detracted the most from relative Fund performance.

The top three individual contributors to Fund performance during the fiscal year were Mandiant, Halozyme Therapeutics and Rollins. Mandiant provides malware protection systems and network threat prevention solutions. The company was acquired by Alphabet during the fiscal year. We think this is a good example of things we tend to buy that we find to be very attractive. Halozyme Therapeutics is a US biopharma company that develops products for diabetes, cancer, dermatology, etc. It’s a company platform that we like. The company has a technology that enables the conversion of a drug into an injection, instead of an IV - which we believe is generally a better experience for everyone - the patient is able to leave and they aren’t taking up room in the clinic. A couple of drugs have gone to market and we see a lot of opportunity to create high-value optimized drug formulations with several drugs. In May 2022, the company completed the acquisition of Antares Pharma, which will diversify the firm’s royalty revenue and intellectual property. Rollins is a global leader in route-based pest control services, with operations around the world. Its portfolio includes the Orkin brand. Rollins

shares have shown resiliency admist heady inflation pressures and slowing economic activity. We believe that Rollins has the potential to perform solidly in 2023 regardless of likely inflation and recession pressures.

The top three individual detractors from Fund performance during the fiscal year were Nektar Therapeutics, Advanced Micro Devices (AMD) and Aston Martin. Nektar Therapeutics is a bio-pharmaceutical company focused on large areas of unmet need in the healthcare space, such as cancer and autoimmune diseases. In mid-March 2022, the stock fell sharply following a phase III clinical trial failure in its immuno-oncology drug Bempeg, for the treatment of melanoma. We were extremely disappointed with the results. Based on earlier clinical research, we thought Bempeg had a lot of potential. As disappointing as the Bempeg news was, our thesis on Nektar Therapeutics was never solely about one drug. To us, Nektar Therapeutics has always been unique in the biotech space, with such an extensive pipeline and intellectual property. The company has been restructuring its business to ensure cash reserves last through the first half of 2025. This will allow time to see potentially positive news from the other drugs in their pipeline, including autoimmune drug NKTR-358 which they’re partnered on with Eli Lilly and NKTR- 255, an immuno-oncology drug they are developing on their own. We believe there’s value in the platform and that the other drugs they’re working on have potential. Advanced Micro Devices is a global semiconductor company that designs an assortment of chips for various computing applications. The majority of the firm’s sales are in the personal computer and data center markets via CPUs and GPUs. In addition, AMD supplies the chips found in prominent gaming systems such as PlayStation and Xbox. The share price has corrected after a large rise in its share price over the last few years. However, the company continues to execute well on its product roadmap and we continue to be very optimistic about the company’s future. AMD’s valuation is lower than it has been in several years. Aston Martin has had a difficult time since going public in 2018 due to some management changes, production headwinds and parts shortages. However, over the long term, we think the company can do very well. They have a timeless luxury brand and a new SUV model coming out that could help to grow sales. They are also working on an all-electric supercar, which we think could provide a longer-term tailwind. We believe the economics of the luxury car business have always been excellent and we’ve historically found a lot of success by investing in other companies in this area. Therefore, we continue to stick with Aston Martin.

Our emergent growth investment philosophy has been in place for over 25 years. Throughout that time, we’ve focused on the powerful structural growth trends that are


2		Invesco Global Opportunities Fund

playing out in the world economy and on the small, innovative companies we believe are best positioned to capture the rewards that flow from these trends over a multi-year period. The changes playing out in areas like immuno-oncology, robotics, semiconductors, electrical infrastructure, lasers and other themes can create significant economic value for investors over our ten-year investment horizon and we remain excited about the potential for our portfolio companies in the years to come. We are long-term investors, as opposed to short-term traders and we will continue adhering to our discipline as we continue to monitor macro and geopolitical events such as interest rate hikes, inflation, the war in Ukraine, etc.

Thank you for your continued investment in Invesco Global Opportunities Fund.

Portfolio manager(s):

Frank Jennings - Lead

Máire Lane

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 10/31/12

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 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (10/22/90)	9.76	%
10 Years	7.62
5 Years	-2.73
1 Year	-47.98
Class C Shares
Inception (12/1/93)	9.56	%
10 Years	7.58
5 Years	-2.36
1 Year	-45.87
Class R Shares
Inception (3/1/01)	6.82	%
10 Years	7.94
5 Years	-1.88
1 Year	-45.08
Class Y Shares
Inception (2/1/01)	6.84	%
10 Years	8.50
5 Years	-1.39
1 Year	-44.81
Class R5 Shares
10 Years	8.36	%
5 Years	-1.38
1 Year	-44.77
Class R6 Shares
Inception (1/27/12)	7.79	%
10 Years	8.68
5 Years	-1.24
1 Year	-44.73

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

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.

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

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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, 2022

Information Technology	41.51	%

Health Care	21.36

Industrials	13.89

Consumer Discretionary	8.38

Communication Services	5.40

Consumer Staples	2.14

Other Sectors, Each Less than 2% of Net Assets	1.91

Money Market Funds Plus Other Assets Less Liabilities	5.41

Top 10 Equity Holdings*


		% of total net assets

1.	Advanced Micro Devices, Inc.		5.66	%

2.	PTC, Inc.		3.33

3.	Nektar Therapeutics		3.17

4.	AIXTRON SE		2.32

5.	Jeol Ltd.		2.16

6.	Bavarian Nordic A/S		2.16

7.	M3, Inc.		2.11

8.	Littelfuse, Inc.		2.08

9.	Brunello Cucinelli S.p.A.		2.05

10.	Aston Martin Lagonda Global Holdings PLC		2.00

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Global Opportunities Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–94.59%
Belgium–0.89%
Biocartis Group N.V.^(a)(b)(c)		5,899,627	$	7,106,383


Materialise N.V., ADR^(a)(c)		2,900,000		30,711,000


				37,817,383



Denmark–3.76%
Atlantic Sapphire ASA		5,113,407		3,239,873


Bavarian Nordic A/S^(c)		2,880,000		91,666,498


Genmab A/S^(c)		100,000		38,566,043


Novozymes A/S, Class B		500,000		26,230,126


				159,702,540



Finland–0.63%
Rovio Entertainment OYJ^(a)(b)		4,700,000		26,803,800



France–1.56%
Mersen S.A.		1,000,000		32,361,041


Technicolor Creative Studios S.A.^(c)		8,891,524		13,857,172


Teleperformance		50,000		13,393,636


Vantiva S.A.^(c)		8,781,120		6,528,084


Vantiva S.A., Wts., expiring 09/22/2024^(c)		1,100,000		81,313


				66,221,246



Germany–7.02%
AIXTRON SE		4,000,000		98,393,685


Aumann AG^(a)(b)		980,594		11,861,710


Basler AG^(a)		1,800,000		48,931,519


Carl Zeiss Meditec AG, BR		200,000		24,224,156


Manz AG^(a)		500,000		13,121,717


MorphoSys AG^(c)		400,000		7,568,925


PVA TePla AG^(a)(c)		2,887,082		48,529,344


Rational AG		80,000		45,153,494


				297,784,550



Ireland–0.93%
Ads-Tec Energy PLC		2,319,856		13,107,186


Flutter Entertainment PLC^(c)		200,000		26,530,103


				39,637,289



Isle of Man–0.24%
Kape Technologies PLC^(c)		4,000,000		10,106,216



Italy–2.64%
Amplifon S.p.A.		1,000,000		24,857,989


Brunello Cucinelli S.p.A.		1,500,000		86,990,824


				111,848,813



Japan–12.33%
Comture Corp.^(a)		3,000,000		48,775,634


CyberAgent, Inc.		5,200,000		42,642,897


Disco Corp.		200,000		47,859,824


Jeol Ltd.		2,500,000		91,709,971


M3, Inc.		3,000,000		89,603,607


Nidec Corp.		600,000		33,085,330


Nikon Corp.		2,000,000		19,339,785


Optex Group Co. Ltd.^(a)		2,000,000		27,540,836


PeptiDream, Inc.^(c)		3,000,000		32,755,611


	Shares		Value


Japan–(continued)
Rakuten Group, Inc.		6,000,000	$	26,730,081


Rheon Automatic Machinery Co. Ltd.		1,000,000		7,843,045


Yaskawa Electric Corp.		2,000,000		55,297,366


				523,183,987



Norway–3.06%
Mowi ASA		4,000,000		59,589,764


Nordic Semiconductor ASA^(c)		4,999,999		70,435,937


				130,025,701



Singapore–0.74%
STMicroelectronics N.V.		1,000,000		31,173,541



Sweden–5.91%
AddTech AB, Class B		3,000,000		36,251,614


Beijer Ref AB		4,000,000		62,004,915


Boozt AB^(a)(b)(c)		3,750,000		27,374,742


Indutrade AB		4,000,000		69,947,408


Midsona AB, Class B		1,000,000		741,642


RaySearch Laboratories AB^(a)(c)		4,000,000		20,788,083


Surgical Science Sweden AB^(c)		1,000,000		14,427,780


Tobii AB^(c)		3,000,000		4,961,030


Xvivo Perfusion AB^(c)		1,000,000		14,379,704


				250,876,918



Switzerland–0.10%
GeNeuro S.A.^(a)		2,457,241		4,128,332



United Kingdom–14.09%
AO World PLC^(c)		19,302,836		9,891,953


ASOS PLC^(c)		700,000		4,516,200


Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		70,000,000		84,673,564


boohoo Group PLC^(c)		30,000,000		13,943,006


Darktrace PLC^(c)		7,170,000		29,298,377


FD Technologies PLC^(c)		1,200,000		18,495,583


Fevertree Drinks PLC		2,000,000		21,892,896


Frontier Developments PLC^(a)(c)		3,000,000		45,619,685


Future PLC		1,000,000		13,968,018


Gooch & Housego PLC^(a)		2,000,000		11,009,275


IG Group Holdings PLC		3,000,000		27,354,629


IP Group PLC		20,785,545		14,005,510


IQE PLC^(a)(c)		140,000,000		67,203,506


M&C Saatchi PLC^(a)(c)		6,044,563		9,530,450


Ocado Group PLC^(c)		1,000,000		5,410,540


Oxford Nanopore Technologies PLC^(c)		23,000,000		69,238,021


Rentokil Initial PLC		5,000,000		31,190,785


Spirax-Sarco Engineering PLC		464,285		57,173,560


WANdisco PLC^(a)(c)		5,000,000		25,109,582


Xaar PLC^(a)(c)		6,000,000		11,672,694


Zoo Digital Group PLC^(a)(c)		7,000,000		13,245,534


Zotefoams PLC^(a)		4,000,000		13,509,174


				597,952,542



United States–40.69%
3D Systems Corp.^(c)		5,000,000		44,150,000


Advanced Micro Devices, Inc.^(c)		4,000,000		240,240,000

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


8		Invesco Global Opportunities Fund


	Shares		Value


United States–(continued)
Align Technology, Inc.^(c)		100,000	$	19,430,000


Applied Materials, Inc.		600,000		52,974,000


Arrowhead Pharmaceuticals, Inc.^(c)		2,000,000		69,620,000


Cognex Corp.		1,200,000		55,476,000


Coherent Corp.^(c)		1,000,000		33,610,000


Exact Sciences Corp.^(c)		1,800,000		62,604,000


Globant S.A.^(c)		200,000		37,736,000


Halozyme Therapeutics, Inc.^(c)		1,000,000		47,810,000


IPG Photonics Corp.^(c)		600,000		51,396,000


Littelfuse, Inc.		400,000		88,100,000


Manhattan Associates, Inc.^(c)		600,000		73,002,000


Nektar Therapeutics^(a)(c)		35,770,000		134,495,200


Nevro Corp.^(c)		1,000,000		38,340,000


ON Semiconductor Corp.^(c)		1,000,000		61,430,000


PDF Solutions, Inc.^(a)(c)		3,000,000		70,740,000


PTC, Inc.^(c)		1,200,000		141,396,000


QUALCOMM, Inc.		500,000		58,830,000


Rollins, Inc.		1,250,000		52,600,000


Shake Shack, Inc., Class A^(c)		1,000,000		55,570,000


Veeco Instruments, Inc.^(a)(c)		3,000,000		54,690,000


	Shares		Value


United States–(continued)
Vicor Corp.^(c)		500,000	$	23,885,000


Wolfspeed, Inc.^(c)		1,000,000		78,750,000


Xeris Biopharma Holdings, Inc.^(c)		2,000,000		3,200,000


Yelp, Inc.^(c)		2,000,000		76,820,000


				1,726,894,200


Total Common Stocks & Other Equity Interests (Cost $4,560,387,810)				4,014,157,058



Money Market Funds–5.30%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(a)(d)		81,100,213		81,100,213


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(a)(d)		51,093,142		51,103,361


Invesco Treasury Portfolio, Institutional Class, 3.08%^(a)(d)		92,685,957		92,685,957


Total Money Market Funds (Cost $224,877,959)				224,889,531


TOTAL INVESTMENTS IN SECURITIES–99.89% (Cost $4,785,265,769)				4,239,046,589


OTHER ASSETS LESS LIABILITIES–0.11%				4,626,146


NET ASSETS–100.00%			$	4,243,672,735

Investment Abbreviations:

ADR	- American Depositary Receipt

BR	- Bearer Shares

Wts.	- Warrants

Notes to Schedule of Investments:

^(a)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	21,788,683	$	454,962,808	$	(395,651,278)	$	-	$	-	$	81,100,213	$	667,598
Invesco Liquid Assets Portfolio, Institutional Class		5,221,390		324,973,435		(279,099,627)		11,572		(3,409)		51,103,361		414,438
Invesco Treasury Portfolio, Institutional Class		24,901,352		519,957,495		(452,172,890)		-		-		92,685,957		738,883

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


9		Invesco Global Opportunities Fund


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Other Affiliates:
Acacia Research Corp.	$	14,325,000	$	-	$	(9,184,168)	$	53,176,097	$	(58,316,929)	$	-	$	-
Aston Martin Lagonda Global Holdings PLC*		210,795,827		69,625,611		109,056,691		(304,742,295)		(62,270)		84,673,564		-
Aumann AG		18,753,868		-		(205,511)		(5,439,828)		(1,246,819)		11,861,710		78,422
Basler AG		111,168,781		-		-		(62,237,262)		-		48,931,519		293,920
Biocartis Group N.V.		27,411,964		-		(134,379)		(18,636,808)		(1,534,394)		7,106,383		-
Boozt AB		63,215,117		-		-		(35,840,375)		-		27,374,742		-
Comture Corp.		81,268,627		-		-		(32,492,993)		-		48,775,634		889,624
Frontier Developments PLC		101,325,060		-		-		(55,705,375)		-		45,619,685		-
GeNeuro S.A.		7,299,053		2,394,591		-		(5,565,311)		(1)		4,128,332		-
Gooch & Housego PLC		32,827,448		-		-		(21,818,173)		-		11,009,275		324,782
IQE PLC		90,237,060		-		-		(23,033,554)		-		67,203,506		-
M&C Saatchi PLC*		14,640,104		-		(1,513,837)		(4,524,934)		929,117		9,530,450		-
Manz AG		26,127,086		-		-		(13,005,369)		-		13,121,717		-
Materialise N.V., ADR		69,977,000		-		-		(39,266,000)		-		30,711,000		-
Nektar Therapeutics		526,810,000		13,460,605		-		(405,775,405)		-		134,495,200		-
Optex Group Co. Ltd.		25,450,031		-		-		2,090,805		-		27,540,836		472,034
PDF Solutions, Inc.		70,590,000		-		-		150,000		-		70,740,000		-
PVA TePla AG		131,180,793		-		-		(82,651,449)		-		48,529,344		-
RaySearch Laboratories AB		28,489,106		-		-		(7,701,023)		-		20,788,083		-
Rovio Entertainment OYJ		38,576,764		-		-		(11,772,964)		-		26,803,800		521,227
SLM Solutions Group AG		47,439,244		-		(46,776,107)		18,041,144		(18,704,281)		-		-
Veeco Instruments, Inc.		97,160,000		-		(23,601,268)		(25,441,467)		6,572,735		54,690,000		-
WANdisco PLC		23,101,909		-		-		2,007,673		-		25,109,582		-
Xaar PLC		9,468,542		6,448,814		-		(4,244,663)		1		11,672,694		-
Zoo Digital Group PLC		12,117,118		-		-		1,128,416		-		13,245,534		-
Zotefoams PLC		19,687,795		-		-		(6,178,621)		-		13,509,174		317,448
Total	$	1,951,354,722	$	1,391,823,359	$	(1,099,282,374)	$	(1,089,468,162)	$	(72,366,250)	$	1,082,061,295	$	4,718,376

At October 31, 2022, 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, 2022 was $157,820,199, which represented 3.72% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


10		Invesco Global Opportunities Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $2,962,360,622)	$	3,251,189,308


Investments in affiliates, at value (Cost $1,822,905,147)		987,857,281


Cash		4,000,000


Foreign currencies, at value (Cost $157,224)		154,718


Receivable for:
Investments sold		30,640


Fund shares sold		3,585,475


Dividends		6,350,939


Foreign withholding tax claims		92,690


Interest		24


Investment for trustee deferred compensation and retirement plans		254,668


Other assets		98,860


Total assets		4,253,614,603



Liabilities:

Payable for:
Fund shares reacquired		6,518,987


Accrued fees to affiliates		2,265,098


Accrued trustees’ and officers’ fees and benefits		158,386


Accrued other operating expenses		744,729


Trustee deferred compensation and retirement plans		254,668


Total liabilities		9,941,868


Net assets applicable to shares outstanding	$	4,243,672,735



Net assets consist of:

Shares of beneficial interest	$	4,812,702,227


Distributable earnings (loss)		(569,029,492	)


	$	4,243,672,735


Net Assets:

Class A	$	1,927,070,378


Class C	$	165,704,943


Class R	$	139,891,008


Class Y	$	892,145,830


Class R5	$	624,857


Class R6	$	1,118,235,719



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		46,418,822


Class C		4,940,928


Class R		3,602,654


Class Y		20,878,642


Class R5		14,850


Class R6		25,815,551


Class A:
Net asset value per share	$	41.51


Maximum offering price per share (Net asset value of $41.51 ÷ 94.50%)	$	43.93


Class C:
Net asset value and offering price per share	$	33.54


Class R:
Net asset value and offering price per share	$	38.83


Class Y:
Net asset value and offering price per share	$	42.73


Class R5:
Net asset value and offering price per share	$	42.08


Class R6:
Net asset value and offering price per share	$	43.32

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


11		Invesco Global Opportunities Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest	$	8,316


Dividends (net of foreign withholding taxes of $2,810,644)		27,159,720


Dividends from affiliates		4,718,376


Foreign withholding tax claims		558,218


Total investment income		32,444,630



Expenses:
Advisory fees		42,277,560


Administrative services fees		898,173


Custodian fees		433,291


Distribution fees:
Class A		6,774,601


Class C		2,706,964


Class R		987,723


Transfer agent fees – A, C, R and Y		8,278,699


Transfer agent fees – R5		922


Transfer agent fees – R6		509,330


Trustees’ and officers’ fees and benefits		105,144


Registration and filing fees		273,649


Reports to shareholders		172,035


Professional services fees		128,542


Other		72,909


Total expenses		63,619,542


Less: Fees waived and/or expense offset arrangement(s)		(128,078	)


Net expenses		63,491,464


Net investment income (loss)		(31,046,834	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:


Unaffiliated investment securities		112,740,627


Affiliated investment securities		(72,366,250	)


Foreign currencies		207,969


Forward foreign currency contracts		(3,653,775	)


	36,928,571


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,800,870,072	)


Affiliated investment securities		(1,089,468,162	)


Foreign currencies		(590,398	)


		(3,890,928,632	)


Net realized and unrealized gain (loss)		(3,854,000,061	)


Net increase (decrease) in net assets resulting from operations	$	(3,885,046,895	)

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


12		Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(31,046,834	)	$	(57,842,876	)


Net realized gain		36,928,571			498,242,547


Change in net unrealized appreciation (depreciation)		(3,890,928,632	)		1,585,999,042


Net increase (decrease) in net assets resulting from operations		(3,885,046,895	)		2,026,398,713



Distributions to shareholders from distributable earnings:
Class A		(194,328,046	)		(339,297,321	)


Class C		(24,420,772	)		(50,327,508	)


Class R		(14,273,037	)		(25,015,143	)


Class Y		(113,074,056	)		(197,213,266	)


Class R5		(66,097	)		(1,196	)


Class R6		(101,013,872	)		(155,622,626	)


Total distributions from distributable earnings		(447,175,880	)		(767,477,060	)



Share transactions–net:
Class A		(164,909,820	)		71,983,213


Class C		(60,433,988	)		(63,886,987	)


Class R		521,479			4,106,384


Class Y		(468,704,535	)		147,484,680


Class R5		182,418			1,105,075


Class R6		46,604,325			288,650,779


Net increase (decrease) in net assets resulting from share transactions		(646,740,121	)		449,443,144


Net increase (decrease) in net assets		(4,978,962,896	)		1,708,364,797



Net assets:
Beginning of year		9,222,635,631			7,514,270,834


End of year	$	4,243,672,735		$	9,222,635,631

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 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 10/31/22		$79.58		$(0.34	)		$(33.80	)		$(34.14	)		$(3.93	)		$41.51		(44.95	)%^(e)		$1,927,070		1.11	%^(e)		1.11	%^(e)		(0.60	)%^(e)		9	%
Year ended 10/31/21		68.56		(0.57	)		18.59			18.02			(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	)		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	)		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	)		75.01		25.09			4,124,481		1.12			1.12			(0.31	)		21
Class C
Year ended 10/31/22		65.56		(0.63	)		(27.46	)		(28.09	)		(3.93	)		33.54		(45.36	)		165,705		1.87			1.87			(1.36	)		9
Year ended 10/31/21		57.90		(0.98	)		15.64			14.66			(7.00	)		65.56		25.89			418,630		1.80			1.80			(1.47	)		7
Year ended 10/31/20		49.81		(0.77	)		12.63			11.86			(3.77	)		57.90		24.91			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	)		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	)		65.97		24.15			955,893		1.87			1.87			(1.06	)		21
Class R
Year ended 10/31/22		74.88		(0.45	)		(31.67	)		(32.12	)		(3.93	)		38.83		(45.08	)		139,891		1.37			1.37			(0.86	)		9
Year ended 10/31/21		65.02		(0.73	)		17.59			16.86			(7.00	)		74.88		26.49			274,251		1.30			1.30			(0.97	)		7
Year ended 10/31/20		55.25		(0.58	)		14.12			13.54			(3.77	)		65.02		25.53			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	)		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	)		72.06		24.79			276,790		1.37			1.37			(0.56	)		21
Class Y
Year ended 10/31/22		81.60		(0.21	)		(34.73	)		(34.94	)		(3.93	)		42.73		(44.81	)		892,146		0.87			0.87			(0.36	)		9
Year ended 10/31/21		70.00		(0.38	)		18.98			18.60			(7.00	)		81.60		27.13			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	)		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	)		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	)		76.02		25.40			3,055,996		0.87			0.87			(0.07	)		21
Class R5
Year ended 10/31/22		80.36		(0.16	)		(34.19	)		(34.35	)		(3.93	)		42.08		(44.77	)		625		0.80			0.80			(0.29	)		9
Year ended 10/31/21		68.95		(0.28	)		18.69			18.41			(7.00	)		80.36		27.28			1,089		0.68			0.68			(0.35	)		7
Year ended 10/31/20		58.01		(0.21	)		14.92			14.71			(3.77	)		68.95		26.38			12		0.70			0.70			(0.34	)		12
One month ended 10/31/19		56.23		(0.02	)		1.80			1.78			–			58.01		3.16			10		0.68	^(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 10/31/22		82.55		(0.13	)		(35.17	)		(35.30	)		(3.93	)		43.32		(44.73	)		1,118,236		0.73			0.73			(0.22	)		9
Year ended 10/31/21		70.67		(0.30	)		19.18			18.88			(7.00	)		82.55		27.28			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	)		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	)		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	)		76.41		25.61			1,403,832		0.71			0.71			0.10			21

^(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 and 2018, 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, 2022, 2021 and 2020, respectively.

^(f)	Annualized.

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

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


14		Invesco Global Opportunities Fund

Notes to Financial Statements

October 31, 2022

NOTE 1—Significant Accounting Policies

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

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

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

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


15		Invesco Global Opportunities Fund

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.

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.

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


16		Invesco Global Opportunities 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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the year ended October 31, 2022, the Adviser waived advisory fees of $110,312.


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, 2022, IDI advised the Fund that IDI retained $323,466 in front-end sales commissions from the sale of Class A shares and $14,177 and $15,162 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $24,599 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Belgium	$	30,711,000	$	7,106,383		$–	$	37,817,383
Denmark		–		159,702,540		–		159,702,540
Finland		–		26,803,800		–		26,803,800
France		13,938,485		52,282,761		–		66,221,246
Germany		–		297,784,550		–		297,784,550
Ireland		13,107,186		26,530,103		–		39,637,289
Isle of Man		–		10,106,216		–		10,106,216
Italy		–		111,848,813		–		111,848,813
Japan		–		523,183,987		–		523,183,987
Norway		–		130,025,701		–		130,025,701
Singapore		–		31,173,541		–		31,173,541
Sweden		41,802,522		209,074,396		–		250,876,918
Switzerland		–		4,128,332		–		4,128,332
United Kingdom		171,576,116		426,376,426		–		597,952,542
United States		1,726,894,200		–		–		1,726,894,200
Money Market Funds		224,889,531		–		–		224,889,531
Total Investments	$	2,222,919,040	$	2,016,127,549		$–	$	4,239,046,589

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.


18		Invesco Global Opportunities Fund

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

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts	$	(3,653,775	)

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


	Forward Foreign Currency Contracts
Average notional value	$	33,340,806

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, 2022 and 2021:


	2022		2021
Long-term capital gain	$	447,175,880	$	767,477,060

Tax Components of Net Assets at Period-End:


	2022
Net unrealized appreciation (depreciation) – investments	$	(564,171,193	)
Net unrealized appreciation (depreciation) – foreign currencies		(654,453	)
Temporary book/tax differences		(398,139	)
Late-Year ordinary loss deferral		(3,805,707	)
Shares of beneficial interest		4,812,702,227
Total net assets	$	4,243,672,735

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


19		Invesco Global Opportunities Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $590,456,847 and $1,928,483,672, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,511,904,139
Aggregate unrealized (depreciation) of investments		(2,076,075,332	)
Net unrealized appreciation (depreciation) of investments	$	(564,171,193	)

Cost of investments for tax purposes is $4,803,217,782.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, equalization and distributions, on October 31, 2022, undistributed net investment income (loss) was increased by $43,438,965, undistributed net realized gain (loss) was decreased by $51,879,274 and shares of beneficial interest was increased by $8,440,309. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity
	Year ended October 31, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,254,628		$	185,584,018			4,875,396		$	393,802,172
Class C		443,106			19,998,680			756,235			50,644,040
Class R		608,409			31,896,957			609,103			46,265,081
Class Y		5,028,780			296,706,405			8,288,976			684,796,223
Class R5		4,580			323,793			13,459			1,110,671
Class R6		7,776,012			452,950,123			7,512,295			627,833,253

Issued as reinvestment of dividends:
Class A		2,569,622			182,161,472			4,232,742			319,318,097
Class C		402,014			23,172,081			764,060			47,799,623
Class R		214,377			14,245,371			350,770			24,957,284
Class Y		1,308,410			95,265,309			2,223,327			171,640,821
Class R5		906			64,942			-			-
Class R6		1,304,716			96,170,583			1,937,551			151,167,699
Automatic conversion of Class C shares to Class A shares:
Class A		449,469			25,099,203			877,602			70,149,842
Class C		(553,670	)		(25,099,203	)		(1,059,201	)		(70,149,842	)
Reacquired:
Class A		(10,011,459	)		(557,754,513	)		(8,827,130	)		(711,286,898	)
Class C		(1,736,307	)		(78,505,546	)		(1,378,993	)		(92,180,808	)
Class R		(882,467	)		(45,620,849	)		(883,441	)		(67,115,981	)
Class Y		(15,114,185	)		(860,676,249	)		(8,575,585	)		(708,952,364	)
Class R5		(4,193	)		(206,317	)		(73	)		(5,596	)
Class R6		(8,916,516	)		(502,516,381	)		(5,853,490	)		(490,350,173	)
Net increase (decrease) in share activity		(13,853,768	)	$	(646,740,121	)		5,863,603		$	449,443,144

^(a)

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


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, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022, 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.

The financial statements of Oppenheimer Global Opportunities Fund (subsequently renamed Invesco Global Opportunities Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$804.90	$5.23	$1,019.41	$5.85	1.15%
Class C	1,000.00	802.00	8.68	1,015.58	9.70	1.91
Class R	1,000.00	803.90	6.41	1,018.10	7.17	1.41
Class Y	1,000.00	805.90	4.14	1,020.62	4.63	0.91
Class R5	1,000.00	806.30	3.82	1,020.97	4.28	0.84
Class R6	1,000.00	806.70	3.42	1,021.42	3.82	0.75

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

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight


23		Invesco Global Opportunities Fund

exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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.


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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	486,184,059
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)	189	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
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


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 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


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, 2022

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		Distribution Information

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco International Core Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI EAFE Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-22.38	%
Class C Shares	-22.99
Class R Shares	-22.55
Class Y Shares	-22.13
Investor Class Shares	-22.39
Class R5 Shares	-22.22
Class R6 Shares	-22.16
MSCI EAFE Index^▼(Broad Market/Style-Specific Index)	-23.00

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

turns for developed market equities and emerging market equities were both in negative territory.

For the fiscal year ended October 31, 2022, Class A shares of the Invesco International Core Equity Fund returned -22.38%, modestly outperforming the MSCI EAFE Index, which returned -23.00%.

During the fiscal year, stock selections in the communication services, health care and industrials sectors were the Fund’s primary contributors to relative performance against its broad market/style-specific benchmark. An overweight to energy, the top performing sector in the benchmark during the fiscal year, was also accretive to relative returns. Conversely, stock selections in the consumer discretionary, utilities and information technology (IT) detracted from the Fund’s relative performance during the fiscal year.

The investment team believes – as part of the investment approach – that equity values know no boundary, and indeed, 2022 showed the team’s ability to identify opportunities in a wide range of sectors and countries. From a geographic perspective, holdings in developed markets generated the strong contributions to Fund returns, particularly in France, the United Kingdom and Netherlands. As well, multiple sectors – communication services, health care, industrials, consumer staples and energy, all delivered stock selection that outperformed the benchmark. Unfortunately, these results were offset by the Fund’s overweight to emerging markets, particularly China, whose stock market was impacted by sweeping regulatory changes and negative market sentiment in the wake of the country’s leadership changes towards the end of the fiscal year.

At the company level during the Fund’s fiscal year, the largest individual contributors to relative performance were BP, Deutsche Telekom and TotalEnergies.

BP is a leading British energy firm. The company executed well throughout the year and benefited from the sharp increase in oil prices stemming from the Russia/Ukraine war.

Deutsche Telekom is a German telecommunications firm which also has substantial business operations in the United States (they are the majority owners of T-Mobile). The stock benefited from rumors of a potential private equity buyout of the company as well as a relatively steady business model that held up well in the market volatility during the fiscal year.

TotalEnergies is a French energy firm, which also benefited from a similar dynamic as BP, namely the rise in oil prices stemming from the geopolitical events of the fiscal year.

As for detractors during the Fund’s fiscal year, the largest were Alibaba Group Holding, Adidas and Linea Directa.

Alibaba is a Chinese e-commerce company that we purchased during the pandemic-induced sell-off of early 2020. The stock traded down during the fiscal year primarily due to the above-noted concerns about governance and regulatory interventions as well as investor negativity around the leadership changes to the Chinese government announced at the end of October 2022. We continue to hold the position, though at a reduced weight relative to the start of the fiscal year.

Adidas is a German sports apparel company, which reported strong results during the fiscal year but whose recent outlook reflected pessimism regarding the health of consumer spending in the near future, leading to a share price decline during the fiscal year. This is a relatively new position that we initiated during the fiscal year and continue to own as of the end of the fiscal year.

Linea Directa is a Spanish insurance company that was spun off from Bankinter, a Spanish bank, in 2021. The company has struggled recently with a difficult business environment but we have maintained our position as of the end of the fiscal year.

At the close of the fiscal year, and relative to the broad market/style specific benchmark, the Fund maintained overweight positions in consumer discretionary, health care, industrials and IT. Conversely, the Fund’s notable underweight positions came from the consumer staples, materials and real estate sectors. From a geographic perspective, Japan and the United Kingdom are most notably underweight relative to the benchmark, while we are overweight in Germany, Canada and Finland.

Going into the next fiscal year we remain confident in the positioning we have, in the stocks we own, in the portfolio construction and in the results, we believe our strategy will continue to yield. Following our mandate as a core investment for our clients’ portfolios, we


2		Invesco International Core Equity Fund

continue to focus on mitigating risk and providing investors with a high-conviction investment strategy focused on bottom-up company research.

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 10/31/12

LOGO

1	Source: RIMES Technologies Corp.

*	The Fund’s oldest share class (Investor) does not have a sales charge; therefore, the second-oldest share class with a sales charge (Class C) is also included in the chart.

Past performance cannot guarantee future results.

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	3.26	%
10 Years	2.84
5 Years	-1.38
1 Year	-26.67

Class C Shares
Inception (2/14/00)	2.02	%
10 Years	2.80
5 Years	-1.00
1 Year	-23.73

Class R Shares
Inception (11/24/03)	3.62	%
10 Years	3.15
5 Years	-0.50
1 Year	-22.55

Class Y Shares
Inception (10/3/08)	3.04	%
10 Years	3.68
5 Years	0.00
1 Year	-22.13

Investor Class Shares
Inception (10/28/98)	3.12	%
10 Years	3.41
5 Years	-0.26
1 Year	-22.39

Class R5 Shares
Inception (4/30/04)	3.91	%
10 Years	3.77
5 Years	-0.02
1 Year	-22.22

Class R6 Shares
Inception (9/24/12)	3.57	%
10 Years	3.79
5 Years	0.00
1 Year	-22.16

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

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

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


5		Invesco International Core Equity Fund

Supplemental Information

Invesco International Core Equity Fund’s investment objective is long-term growth of capital.

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

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

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

About indexes used in this report

∎	The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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 International Core Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		18.22	%

Financials		18.01

Health Care		16.90

Consumer Discretionary		15.03

Information Technology		10.23

Energy		6.67

Communication Services		5.33

Consumer Staples		3.60

Materials		3.47

Utilities		2.29

Money Market Funds Plus Other Assets Less Liabilities		0.25

Top 10 Equity Holdings*


		% of total net assets

1.	Roche Holding AG		3.73	%

2.	Airbus SE		3.28

3.	Novartis AG, ADR		3.15

4.	AstraZeneca PLC		3.14

5.	TotalEnergies SE		2.79

6.	SAP SE		2.75

7.	Mercedes-Benz Group AG		2.70

8.	BP PLC		2.63

9.	Tate & Lyle PLC		2.58

10.	Toyota Motor Corp.		2.54

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco International Core Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests-99.75%
Australia-5.21%
Ansell Ltd.		55,823	$	1,006,314


Australia & New Zealand Banking Group Ltd.		73,846		1,203,797


Worley Ltd.		75,936		692,705


				2,902,816



Austria-1.26%
BAWAG Group AG^(a)		14,575		703,429



Canada-1.93%
CAE, Inc.^(b)		56,203		1,072,616



China-1.00%
Alibaba Group Holding Ltd., ADR^(b)(c)		8,789		558,804



Finland-2.25%
Metso Outotec OYJ		131,797		998,500


QT Group OYJ^(b)		6,005		256,342


				1,254,842



France-11.35%
Airbus SE		16,876		1,827,542


Coface S.A.^(b)		86,034		957,365


Thales S.A.		9,954		1,265,073


TotalEnergies SE		28,429		1,553,653


Veolia Environnement S.A.		32,317		720,554


				6,324,187



Germany-15.00%
adidas AG		5,264		514,907


Deutsche Telekom AG		61,795		1,170,494


Hensoldt AG		42,975		1,010,803


Infineon Technologies AG		46,268		1,126,483


Mercedes-Benz Group AG		25,942		1,502,334


Merck KGaA		6,505		1,060,774


SAP SE		15,846		1,529,923


TeamViewer AG^(a)(b)		45,901		441,553


				8,357,271



Hong Kong-2.41%
AIA Group Ltd.		177,600		1,341,182



India-3.26%
Fairfax India Holdings Corp.^(a)(b)		102,206		956,648


Housing Development Finance Corp. Ltd.		28,735		856,676


				1,813,324



Italy-2.13%
Ariston Holding N.V.		138,794		1,184,639



Japan-17.08%
Disco Corp.		1,200		287,159


FANUC Corp.		7,500		985,721


Hitachi Ltd.		23,100		1,046,370


Hoya Corp.		11,000		1,025,608


KDDI Corp.		33,500		989,210


Koito Manufacturing Co. Ltd.		32,000		454,538


	Shares		Value


Japan-(continued)
Nintendo Co. Ltd.		20,000	$	814,997


Recruit Holdings Co. Ltd.		22,100		678,299


Shin-Etsu Chemical Co. Ltd.		6,400		668,288


Shinko Electric Industries Co. Ltd.		10,800		260,048


Sony Group Corp.		13,200		893,807


Toyota Motor Corp.		101,900		1,413,421


				9,517,466



Netherlands-4.21%
BE Semiconductor Industries N.V.		15,694		800,563


EXOR N.V.^(b)		14,505		974,750


Koninklijke Ahold Delhaize N.V.		20,466		571,138


				2,346,451



Norway-0.95%
Norsk Hydro ASA		83,265		527,403



Singapore-2.33%
DBS Group Holdings Ltd.		53,760		1,298,071



Spain-2.73%
Industria de Diseno Textil S.A.^(c)		29,871		676,554


Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(c)		902,425		845,893


				1,522,447



Sweden-2.12%
SkiStar AB^(c)		46,693		446,800


SSAB AB, Class B		157,566		731,798


				1,178,598



Switzerland-6.08%
Novartis AG, ADR		21,615		1,753,625


Swissquote Group Holding S.A.		7,527		889,879


Tecan Group AG, Class R		2,021		743,192


				3,386,696



Taiwan-1.79%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		16,229		998,895



United Kingdom-11.70%
AstraZeneca PLC		14,919		1,750,304


BP PLC		264,668		1,468,310


Drax Group PLC		93,362		557,314


Just Eat Takeaway.com N.V.^(a)(b)		42,553		728,614


Rotork PLC		196,221		576,517


Tate & Lyle PLC		178,681		1,435,610


				6,516,669



United States-4.96%
Roche Holding AG		6,253		2,078,191

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


8		Invesco International Core Equity Fund


	Shares		Value


United States-(continued)
Signify N.V.		24,648	$	682,685


				2,760,876


Total Common Stocks & Other Equity Interests (Cost $60,399,081)				55,566,682


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.75% (Cost $60,399,081)				55,566,682



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.19%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		498,646		498,646


	Shares		Value


Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		1,281,895	$	1,281,895


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,780,496)				1,780,541


TOTAL INVESTMENTS IN SECURITIES-102.94% (Cost $62,179,577)				57,347,223


OTHER ASSETS LESS LIABILITIES-(2.94)%				(1,640,122	)


NET ASSETS-100.00%			$	55,707,101

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $2,830,244, which represented 5.08% of the Fund’s Net Assets.

^(b)	Non-income producing security.

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

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio		$	504,450		$	13,355,770		$	(13,860,220	)		$	-		$	-		$	-		$	2,516
Invesco Treasury Portfolio			336,300			8,903,847			(9,240,147	)			-			-			-			1,605
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			421,800			9,648,416			(9,571,570	)			-			-			498,646			8,680*
Invesco Private Prime Fund			984,200			21,510,368			(21,212,388	)			45			(330)			1,281,895			24,220*
Total		$	2,246,750		$	53,418,401		$	(53,884,325	)		�� $	45		$	(330)		$	1,780,541		$	37,021

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

^(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, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $60,399,081)*	$	55,566,682


Investments in affiliated money market funds, at value (Cost $1,780,496)		1,780,541


Foreign currencies, at value (Cost $52,735)		49,312


Receivable for:
Fund shares sold		82,115


Dividends		207,424


Investment for trustee deferred compensation and retirement plans		57,956


Other assets		44,854


Total assets		57,788,884



Liabilities:
Payable for:
Fund shares reacquired		68,785


Amount due custodian		38,536


Accrued foreign taxes		18,021


Collateral upon return of securities loaned		1,780,496


Accrued fees to affiliates		25,527


Accrued trustees’ and officers’ fees and benefits		829


Accrued other operating expenses		51,871


IRS closing agreement fees for foreign withholding tax claims		33,000


Trustee deferred compensation and retirement plans		64,718


Total liabilities		2,081,783


Net assets applicable to shares outstanding	$	55,707,101



Net assets consist of:

Shares of beneficial interest	$	62,509,041


Distributable earnings (loss)		(6,801,940	)


	$	55,707,101


Net Assets:
Class A	$	24,401,796


Class C	$	1,542,658


Class R	$	1,569,337


Class Y	$	3,950,082


Investor Class	$	7,057,806


Class R5	$	4,205,471


Class R6	$	12,979,951



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,361,996


Class C		152,686


Class R		151,331


Class Y		374,567


Investor Class		670,204


Class R5		410,144


Class R6		1,266,666


Class A:
Net asset value per share	$	10.33


Maximum offering price per share (Net asset value of $10.33 ÷ 94.50%)	$	10.93


Class C:
Net asset value and offering price per share	$	10.10


Class R:
Net asset value and offering price per share	$	10.37


Class Y:
Net asset value and offering price per share	$	10.55


Investor Class:
Net asset value and offering price per share	$	10.53


Class R5:
Net asset value and offering price per share	$	10.25


Class R6:
Net asset value and offering price per share	$	10.25

*	At October 31, 2022, securities with an aggregate value of $1,045,013 were on loan to brokers.

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


10		Invesco International Core Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	67,606


Dividends (net of foreign withholding taxes of $185,969)		2,066,708


Dividends from affiliated money market funds (includes net securities lending income of $6,455)		10,576


Foreign withholding tax claims		261,542


Less: IRS closing agreement fees for foreign withholding tax claims		(33,000	)


Total investment income		2,373,432



Expenses:
Advisory fees		487,963


Administrative services fees		9,369


Custodian fees		16,363


Distribution fees:
Class A		71,785


Class C		17,348


Class R		8,143


Investor Class		20,864


Transfer agent fees – A, C, R, Y and Investor		107,420


Transfer agent fees – R5		2,675


Transfer agent fees – R6		4,808


Trustees’ and officers’ fees and benefits		19,470


Registration and filing fees		84,621


Reports to shareholders		10,577


Professional services fees		65,663


Other		15,273


Total expenses		942,342


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(258,473	)


Net expenses		683,869


Net investment income		1,689,563



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $18)		(3,074,552	)


Affiliated investment securities		(330	)


Foreign currencies		(113,939	)


		(3,188,821	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $20,850)		(15,263,492	)


Affiliated investment securities		45


Foreign currencies		(12,559	)


		(15,276,006	)


Net realized and unrealized gain (loss)		(18,464,827	)


Net increase (decrease) in net assets resulting from operations	$	(16,775,264	)

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, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	1,689,563		$	916,662


Net realized gain (loss)		(3,188,821	)		11,204,735


Change in net unrealized appreciation (depreciation)		(15,276,006	)		6,069,366


Net increase (decrease) in net assets resulting from operations		(16,775,264	)		18,190,763



Distributions to shareholders from distributable earnings:

Class A		(1,247,203	)		(262,403	)


Class C		(58,262	)		(2,288	)


Class R		(66,809	)		(10,609	)


Class Y		(217,355	)		(59,408	)


Investor Class		(364,280	)		(83,908	)


Class R5		(223,313	)		(45,382	)


Class R6		(688,692	)		(171,257	)


Total distributions from distributable earnings		(2,865,914	)		(635,255	)



Share transactions-net:

Class A		1,248,607			(158,263	)


Class C		112,002			(428,513	)


Class R		173,055			119,942



Class Y		101,309			(440,909	)


Investor Class		(305,227	)		(479,304	)


Class R5		247,800			1,025,262


Class R6		618,726			277,480


Net increase (decrease) in net assets resulting from share transactions		2,196,272			(84,305	)


Net increase (decrease) in net assets		(17,444,906	)		17,471,203



Net assets:
Beginning of year		73,152,007			55,680,804


End of year	$	55,707,101		$	73,152,007

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 10/31/22		$13.86		$0.31		$(3.31	)		$(3.00	)		$(0.20	)		$(0.33	)		$(0.53	)		$10.33		(22.38	)%		$24,402		1.12	%		1.58	%		2.53	%		81	%
Year ended 10/31/21		10.53		0.16		3.28			3.44			(0.11	)		–			(0.11	)		13.86		32.82			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
Class C
Year ended 10/31/22		13.54		0.22		(3.25	)		(3.03	)		(0.08	)		(0.33	)		(0.41	)		10.10		(22.99	)		1,543		1.87			2.33			1.78			81
Year ended 10/31/21		10.28		0.06		3.21			3.27			(0.01	)		–			(0.01	)		13.54		31.85			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
Class R
Year ended 10/31/22		13.90		0.27		(3.31	)		(3.04	)		(0.16	)		(0.33	)		(0.49	)		10.37		(22.55	)		1,569		1.37			1.83			2.28			81
Year ended 10/31/21		10.57		0.13		3.28			3.41			(0.08	)		–			(0.08	)		13.90		32.37			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
Class Y
Year ended 10/31/22		14.14		0.34		(3.36	)		(3.02	)		(0.24	)		(0.33	)		(0.57	)		10.55		(22.13	)		3,950		0.87			1.33			2.78			81
Year ended 10/31/21		10.74		0.20		3.34			3.54			(0.14	)		–			(0.14	)		14.14		33.12			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
Investor Class
Year ended 10/31/22		14.12		0.31		(3.37	)		(3.06	)		(0.20	)		(0.33	)		(0.53	)		10.53		(22.39	)		7,058		1.12			1.58			2.53			81
Year ended 10/31/21		10.73		0.17		3.33			3.50			(0.11	)		–			(0.11	)		14.12		32.77			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
Class R5
Year ended 10/31/22		13.77		0.33		(3.28	)		(2.95	)		(0.24	)		(0.33	)		(0.57	)		10.25		(22.22	)		4,205		0.87			1.15			2.78			81
Year ended 10/31/21		10.46		0.20		3.25			3.45			(0.14	)		–			(0.14	)		13.77		33.14			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
Class R6
Year ended 10/31/22		13.76		0.33		(3.27	)		(2.94	)		(0.24	)		(0.33	)		(0.57	)		10.25		(22.16	)		12,980		0.87			1.12			2.78			81
Year ended 10/31/21		10.46		0.20		3.24			3.44			(0.14	)		–			(0.14	)		13.76		33.05			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

^(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, 2022

NOTE 1—Significant Accounting Policies

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

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

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

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

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


14		Invesco International Core Equity Fund

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.

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 year ended October 31, 2022, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.


15		Invesco International Core Equity Fund

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

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

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 1.12%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into


16		Invesco International Core Equity Fund

account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the year ended October 31, 2022, the Adviser waived advisory fees of $142,817 and reimbursed class level expenses of $67,695, $4,090, $3,840, $12,120, $19,675, $2,675 and $4,808 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $4,611 in front-end sales commissions from the sale of Class A shares and $309 and $58 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $841 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	2,902,816		$–	$	2,902,816


Austria		–		703,429		–		703,429


Canada		1,072,616		–		–		1,072,616


China		558,804		–		–		558,804


Finland		–		1,254,842		–		1,254,842


France		1,827,542		4,496,645		–		6,324,187


Germany		–		8,357,271		–		8,357,271


Hong Kong		–		1,341,182		–		1,341,182


India		956,648		856,676		–		1,813,324


Italy		–		1,184,639		–		1,184,639


Japan		–		9,517,466		–		9,517,466


17		Invesco International Core Equity Fund


	Level 1		Level 2		Level 3	Total


Netherlands	$	974,750	$	1,371,701	$–	$	2,346,451


Norway		–		527,403	–		527,403


Singapore		–		1,298,071	–		1,298,071


Spain		845,893		676,554	–		1,522,447


Sweden		–		1,178,598	–		1,178,598


Switzerland		1,753,625		1,633,071	–		3,386,696


Taiwan		998,895		–	–		998,895


United Kingdom		576,517		5,940,152	–		6,516,669


United States		–		2,760,876	–		2,760,876


Money Market Funds		–		1,780,541	–		1,780,541


Total Investments	$	9,565,290	$	47,781,933	$–	$	57,347,223

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	2,865,914	$	635,255

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	1,558,280


Net unrealized appreciation (depreciation) – investments		(5,330,238	)


Net unrealized appreciation (depreciation) – foreign currencies		(16,583	)


Temporary book/tax differences		(49,731	)


Capital loss carryforward		(2,963,668	)


Shares of beneficial interest		62,509,041


Total net assets	$	55,707,101


18		Invesco International Core Equity Fund

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	2,779,765	$183,903	$	2,963,668

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

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $53,922,985 and $52,092,564, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$3,270,856


Aggregate unrealized (depreciation) of investments	(8,601,094	)


Net unrealized appreciation (depreciation) of investments	$(5,330,238)

Cost of investments for tax purposes is $62,677,461.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign currency transactions and distributions, on October 31, 2022, undistributed net investment income was increased by $224,636, undistributed net realized gain (loss) was increased by $54,378 and shares of beneficial interest was decreased by $279,014. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		584,083		$	7,140,413			291,986		$	4,031,325


Class C		43,527			493,898			37,454			497,284


Class R		39,115			444,910			35,076			480,721


Class Y		206,112			2,578,349			245,351			3,426,704


Investor Class		92,428			1,107,765			25,155			347,218


Class R5		24,433			288,063			72,716			1,002,580


Class R6		517			5,809			9,533			131,407



Issued as reinvestment of dividends:
Class A		92,027			1,173,530			19,390			245,478


Class C		4,546			57,058			179			2,231


Class R		5,132			65,791			833			10,604


Class Y		14,654			190,210			4,367			56,287


Investor Class		26,226			340,672			6,234			80,414


Class R5		17,693			223,285			3,615			45,375


Class R6		54,572			688,692			13,657			171,257



Automatic conversion of Class C shares to Class A shares:
Class A		8,583			100,014			35,707			465,485


Class C		(8,752	)		(100,014	)		(36,380	)		(465,485	)


19		Invesco International Core Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(628,821	)	$	(7,165,350	)		(361,500	)	$	(4,900,551	)


Class C		(30,428	)		(338,940	)		(35,098	)		(462,543	)


Class R		(27,550	)		(337,646	)		(27,039	)		(371,383	)


Class Y		(226,599	)		(2,667,250	)		(279,503	)		(3,923,900	)


Investor Class		(146,241	)		(1,753,664	)		(65,111	)		(906,936	)


Class R5		(23,687	)		(263,548	)		(1,770	)		(22,693	)


Class R6		(5,901	)		(75,775	)		(1,870	)		(25,184	)


Net increase (decrease) in share activity		115,669		$	2,196,272			(7,018	)	$	(84,305	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 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, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$888.20	$5.33	$1,019.56	$5.70	1.12%
Class C	1,000.00	884.40	8.88	1,015.78	9.50	1.87
Class R	1,000.00	887.10	6.52	1,018.30	6.97	1.37
Class Y	1,000.00	889.50	4.14	1,020.82	4.43	0.87
Investor Class	1,000.00	887.90	5.33	1,019.56	5.70	1.12
Class R5	1,000.00	889.00	4.14	1,020.82	4.43	0.87
Class R6	1,000.00	889.00	4.14	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 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Core Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI EAFE^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the first quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board noted that exposure to Chinese equities, as well as a lack of exposure to growth stocks, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


23		Invesco International Core Equity Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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 Core Equity Fund

Distribution Information


		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution


12/16/2021	Class A	$0.1681	$0.2753	$0.0843	$0.5277


12/16/2021	Class C	$0.0478	$0.2753	$0.0843	$0.4074


12/16/2021	Class R	$0.1288	$0.2753	$0.0843	$0.4884


12/16/2021	Class Y	$0.2077	$0.2753	$0.0843	$0.5673


12/16/2021	Investor Class	$0.1681	$0.2753	$0.0843	$0.5277


12/16/2021	Class R5	$0.2077	$0.2753	$0.0843	$0.5673


12/16/2021	Class R6	$0.2077	$0.2753	$0.0843	$0.5673


25		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	65.70	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	1,444,034


26		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)	189	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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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

��


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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco International Core Equity 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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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.		I-ICE-AR-1

LOGO



Annual Report to Shareholders			October 31, 2022

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

10		Financial Statements

13		Financial Highlights

14		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, 2022, Class A shares of Invesco International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-25.54	%
Class C Shares	-26.11
Class R Shares	-25.71
Class Y Shares	-25.30
Class R5 Shares	-25.40
Class R6 Shares	-25.25
MSCI All Country World ex USA Index^▼	-24.73

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

The Fund’s Class A shares returned -25.54% during the fiscal year ended October 31, 2022. Its benchmark, the MSCI All Country World ex USA Index, returned -24.73% for the same period.

The Fund underperformed most in the financials sector due to stock selection and an underweight allocation to the sector relative to the benchmark. Stock selection in materials and industrials also hurt relative Fund performance during the fiscal year. The Fund outperformed the MSCI All Country World ex USA Index most in the energy and information technology sectors due to stock selection. The Fund’s overweight allocation to energy and underweight allocation to real estate also contributed positively to the Fund’s relative performance. The Fund’s cash weighting was also a positive addition.

Top-performing holdings of the Fund during the fiscal year included Swedish Match, INPEX and Dollarama.

Swedish Match, a smokeless tobacco company, was a top contributor to absolute returns during the fiscal year, largely due to an all-cash bid for the company by Phillip Morris International (also a Fund holding). Swedish Match’s Board of Directors has recommended that shareholders accept the offer.

INPEX is a Japanese oil and gas exploration and production company which benefited from the rise in oil and natural gas prices during the fiscal year. Liquid natural gas (LNG) prices surged in the early parts of 2022 which resulted in a strong performance for shares of INPEX. We expect the company to continue to benefit from LNG price and demand increases because Japan, which depends on LNG, is currently INPEX’s largest single market and because LNG is generally considered more environmentally friendly than crude oil.

Dollarama was also a top contributor to the Fund’s performance during the fiscal year. Dollarama is a discount retailer in Canada

much like Dollar Tree and Dollar General in the US. However, unlike the US, the retail market segment for such retailers in Canada is not as saturated, in our opinion. We continue to view the company’s prospects favorably.

Top detractors from Fund performance during the fiscal year included Adidas, Sony and Siemens.

Adidas was among the top detractors from absolute performance during the fiscal year. Adidas is a leading sportswear manufacturer and the largest competitor to Nike. The company’s share price dropped during the fiscal year due to forecast cuts, elevated inventory levels and management changes, among other issues. We exited our position during the fiscal year.

Sony was a detractor from Fund performance during the fiscal year. We first owned Sony back in 2014 and it has been part of our ‘restructuring’ theme as its “new Sony” story continued to evolve over the years. Sony’s share price suffered as the company’s CMOS image sensor market share showed vulnerability and its PS5 gaming console encountered supply issues.

Siemens was another detractor from Fund performance during the fiscal year. Siemens is a diversified industrial conglomerate. The company performed poorly during the fiscal year due to business pressures stemming from China’s COVID-19 lockdowns. We exited our position during the fiscal year.

We thank you for your continued investment in Invesco International Equity Fund.

Portfolio manager(s):

Brent Bates

Mark Jason

Richard Nield

Clas Olsson

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


2		Invesco International Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (7/2/90)	5.26	%
10 Years	3.26
5 Years	-3.24
1 Year	-29.64

Class C Shares
Inception (9/1/93)	5.06	%
10 Years	3.23
5 Years	-2.88
1 Year	-26.83

Class R Shares
Inception (3/1/01)	2.61	%
10 Years	3.58
5 Years	-2.39
1 Year	-25.71

Class Y Shares
Inception (11/13/08)	6.52	%
10 Years	4.15
5 Years	-1.79
1 Year	-25.30

Class R5 Shares
10 Years	3.98	%
5 Years	-1.90
1 Year	-25.40

Class R6 Shares
Inception (3/28/13)	3.01	%
5 Years	-1.73
1 Year	-25.25

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

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® 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		13.28	%

Industrials		13.21

Consumer Staples		12.61

Energy		12.54

Materials		11.01

Information Technology		10.22

Financials		7.60

Health Care		7.56

Communication Services		3.04

Other Sectors, Each Less than 2% of Net Assets		1.19

Money Market Funds Plus Other Assets Less Liabilities		7.74

Top 10 Equity Holdings*


		% of total net assets
1.	Societe Generale S.A.		2.78	%

2.	Inpex Corp.		2.60

3.	Sekisui House Ltd.		2.36

4.	Vinci S.A.		2.35

5.	Novo Nordisk A/S, Class B		2.35

6.	Carlsberg A/S, Class B		2.10

7.	Air Liquide S.A.		2.08

8.	Enbridge, Inc.		1.96

9.	Swedish Match AB		1.91

10.	Rentokil Initial PLC		1.82

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco International Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–92.26%
Australia–1.82%
James Hardie Industries PLC, CDI		160,474	$	3,525,442


Northern Star Resources Ltd.		624,752		3,470,222


Santos Ltd.		1,703,842		8,418,686


				15,414,350



Brazil–0.99%
Wheaton Precious Metals Corp.		255,232		8,343,534



Canada–6.82%
Agnico Eagle Mines Ltd.		52,085		2,289,657


Dollarama, Inc.		256,710		15,253,550


Enbridge, Inc.		425,587		16,576,614


Franco-Nevada Corp.		42,128		5,206,178


Nutrien Ltd.		134,979		11,405,725


Teck Resources Ltd., Class B		228,081		6,942,786


				57,674,510



Denmark–4.65%
Carlsberg A/S, Class B		151,052		17,785,832


DSV A/S		12,544		1,695,572


Novo Nordisk A/S, Class B		182,351		19,817,043


				39,298,447



France–16.34%
Air Liquide S.A.		134,712		17,595,912


Airbus SE		125,561		13,597,302


Capgemini SE		52,275		8,576,868


Edenred		190,273		9,763,488


Eramet S.A.		43,371		2,839,874


L’Oreal S.A.		14,925		4,685,912


LVMH Moet Hennessy Louis Vuitton SE		19,033		12,007,460


Pernod Ricard S.A.		61,247		10,745,628


Societe Generale S.A.		1,025,685		23,510,596


Veolia Environnement S.A.		304,831		6,796,644


Vinci S.A.		215,655		19,818,202


Worldline S.A.^(a)(b)		187,718		8,209,932


				138,147,818



Germany–3.09%
Bayer AG		59,507		3,130,485


Dr. Ing. h.c. F. Porsche AG, Preference Shares^(b)		73,258		7,493,110


Infineon Technologies AG		430,249		10,475,237


Puma SE		114,277		5,060,577


				26,159,409



Ireland–1.57%
Flutter Entertainment PLC^(b)		100,187		13,289,857



Japan–20.10%
Asahi Group Holdings Ltd.		436,700		12,223,903


Bandai Namco Holdings, Inc.		138,900		9,188,142


Disco Corp.		27,100		6,485,006


FUJIFILM Holdings Corp.		180,100		8,234,019


Hitachi Ltd.		95,400		4,321,371


Hoya Corp.		97,300		9,071,967


Inpex Corp.		2,150,300		21,966,265


	Shares		Value


Japan–(continued)
Konami Group Corp.		42,000	$	1,845,063


Marubeni Corp.		1,585,400		13,883,108


MISUMI Group, Inc.		340,800		7,247,773


Mitsui Fudosan Co. Ltd.		172,100		3,296,518


Recruit Holdings Co. Ltd.		363,600		11,159,708


Renesas Electronics Corp.^(b)		628,300		5,261,650


Sekisui House Ltd.		1,199,500		19,933,245


Seven & i Holdings Co. Ltd.		256,800		9,586,459


Shimano, Inc.		60,800		9,427,916


SMC Corp.		8,300		3,341,077


Sony Group Corp.		20,000		1,354,253


Suzuki Motor Corp.		106,100		3,579,852
Tokyo Electron Ltd.		18,900		4,998,352


Yokogawa Electric Corp.		211,100		3,533,888


				169,939,535



Netherlands–5.76%
Adyen N.V.^(a)(b)		3,914		5,606,871


Akzo Nobel N.V.		112,440		6,931,167


ING Groep N.V.		1,430,729		14,053,024


Shell PLC, ADR		276,733		15,394,657


Universal Music Group N.V.		342,311		6,707,830


				48,693,549



New Zealand–1.69%
Spark New Zealand Ltd.		4,806,583		14,295,034



Norway–0.67%
Var Energi ASA		1,661,576		5,633,154



Singapore–0.73%
STMicroelectronics N.V., New York Shares		197,548		6,147,694



South Africa–0.62%
Anglo American PLC		175,598		5,252,885



South Korea–2.52%
Korea Zinc Co. Ltd.		23,034		10,327,335


LG Chem Ltd.		8,254		3,616,827


S-Oil Corp.		121,281		7,357,894


				21,302,056



Spain–3.00%
Amadeus IT Group S.A.^(b)		64,897		3,378,273


CaixaBank S.A.		1,990,877		6,596,973


Repsol S.A.		1,128,889		15,359,111


				25,334,357



Sweden–2.51%
Sandvik AB		327,950		5,126,632


Swedish Match AB		1,568,169		16,134,478


				21,261,110



Switzerland–2.10%
Alcon, Inc.		118,091		7,165,762


Cie Financiere Richemont S.A., Wts.,expiring 11/22/2023^(b)		138,702		67,872


Sika AG		7,878		1,773,546

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


7		Invesco International Equity Fund


	Shares		Value


Switzerland–(continued)
Tecan Group AG, Class R		23,864	$	8,775,628


				17,782,808



United Kingdom–12.06%
Ashtead Group PLC		174,281		9,069,730


BAE Systems PLC		758,721		7,086,101


BP PLC		2,764,194		15,335,039


Coca-Cola Europacific Partners PLC		82,677		3,889,953


Croda International PLC		44,546		3,450,340


Diageo PLC		92,509		3,813,783


Entain PLC		577,532		8,358,836


Lloyds Banking Group PLC		25,891,806		12,461,645


London Stock Exchange Group PLC		88,729		7,693,516


Rentokil Initial PLC		2,470,255		15,409,839


Unilever PLC		278,516		12,668,825


Vodafone Group PLC		2,380,309		2,773,904


				102,011,511



United States–5.22%
Las Vegas Sands Corp.^(b)		194,555		7,395,036


Medtronic PLC		125,422		10,954,357


	Shares		Value


United States–(continued)
Oracle Corp.		57,500	$	3,067,075


Philip Morris International, Inc.		165,128		15,167,007


QUALCOMM, Inc.		22,404		2,636,055


Roche Holding AG		14,941		4,965,657


				44,185,187


Total Common Stocks & Other Equity Interests (Cost $797,487,496)				780,166,805



Money Market Funds–7.45%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)		22,233,140		22,233,140


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(c)(d)		15,365,617		15,368,690


Invesco Treasury Portfolio, Institutional Class, 3.08%^(c)(d)		25,409,302		25,409,302


Total Money Market Funds (Cost $63,004,773)				63,011,132


TOTAL INVESTMENTS IN SECURITIES—99.71% (Cost $860,492,269)				843,177,937


OTHER ASSETS LESS LIABILITIES–0.29%				2,427,756


NET ASSETS–100.00%			$	845,605,693

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Wts. – Warrants

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, 2022 was $13,816,803, which represented 1.63% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	12,601,716	$	356,187,521	$	(346,556,097	)	$	-	$	-	$	22,233,140	$	272,355
Invesco Liquid Assets Portfolio, Institutional Class		8,486,409		254,419,658		(247,540,070	)		6,708		(4,015)		15,368,690		264,625
Invesco Treasury Portfolio, Institutional Class		14,401,962		407,071,452		(396,064,112	)		-		-		25,409,302		411,109
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		6,581,310		(6,581,310	)		-		-		-		3,154*
Invesco Private Prime Fund		-		16,912,752		(16,912,908	)		-		156		-		8,440*
Total	$	35,490,087	$	1,041,172,693	$	(1,013,654,497	)	$	6,708	$	(3,859)	$	63,011,132	$	959,683

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

Open Forward Foreign Currency Contracts

Settlement

Date

Contract to

Unrealized

Appreciation

(Depreciation)

Counterparty

Deliver

Receive

Currency Risk

12/21/2022

Bank of America, N.A.

JPY 9,529,731,760

USD

66,722,434

2,233,114

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


8		Invesco International Equity Fund

Open Forward Foreign Currency Contracts–(continued)

Settlement

Date

Contract to

Unrealized

Appreciation

(Depreciation)

Counterparty

Deliver

Receive

Currency Risk

12/21/2022

Barclays Bank PLC

USD 32,725,691

JPY

4,764,865,880

$ (481,031

)

Total Forward Foreign Currency Contracts

1,752,083

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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


9		Invesco International Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $797,487,496)	$	780,166,805


Investments in affiliated money market funds, at value (Cost $63,004,773)		63,011,132


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,233,114


Cash		2,592,363


Foreign currencies, at value (Cost $2,387,030)		2,385,572


Receivable for:
Investments sold		5,247,005


Fund shares sold		170,790


Dividends		3,624,088


Foreign withholding tax claims		331,774


Investment for trustee deferred compensation and retirement plans		79,358


Other assets		44,324


Total assets		859,886,325



Liabilities:

Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		481,031



Payable for:
Investments purchased		6,967,450


Fund shares reacquired		6,330,060


Accrued fees to affiliates		212,582


Accrued trustees’ and officers’ fees and benefits		6,439


Accrued other operating expenses		146,692


Trustee deferred compensation and retirement plans		136,378


Total liabilities		14,280,632


Net assets applicable to shares outstanding	$	845,605,693


Net assets consist of:

Shares of beneficial interest	$	893,250,752


Distributable earnings (loss)		(47,645,059	)


	$	845,605,693



Net Assets:

Class A	$	129,754,418


Class C	$	7,308,224


Class R	$	19,005,047


Class Y	$	61,060,598


Class R5	$	1,141,410


Class R6	$	627,335,996



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		6,992,603


Class C		447,411


Class R		1,040,408


Class Y		3,255,456


Class R5		61,460


Class R6		33,907,520


Class A:
Net asset value per share	$	18.56


Maximum offering price per share (Net asset value of $18.56 ÷ 94.50%)	$	19.64


Class C:
Net asset value and offering price per share	$	16.33


Class R:
Net asset value and offering price per share	$	18.27


Class Y:
Net asset value and offering price per share	$	18.76


Class R5:
Net asset value and offering price per share	$	18.57


Class R6:
Net asset value and offering price per share	$	18.50

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


10		Invesco International Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $3,639,850)	$	23,871,283



Dividends from affiliated money market funds (includes net securities lending income of $2,526)		950,615


Foreign withholding tax claims		331,774


Total investment income		25,153,672



Expenses:

Advisory fees		8,913,407


Administrative services fees		164,408


Custodian fees		163,307


Distribution fees:
Class A		395,450


Class C		101,606


Class R		112,703


Transfer agent fees – A, C, R and Y		512,630


Transfer agent fees – R5		3,607


Transfer agent fees – R6		292,324


Trustees’ and officers’ fees and benefits		38,748


Registration and filing fees		94,471


Professional services fees		68,153


Other		(41,063	)


Total expenses		10,819,751


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(207,348	)


Net expenses		10,612,403


Net investment income		14,541,269



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(59,699,695	)


Affiliated investment securities		(3,859	)


Foreign currencies		(854,672	)


Forward foreign currency contracts		23,951,446


		(36,606,780	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(305,461,910	)


Affiliated investment securities		6,708


Foreign currencies		(467,967	)


Forward foreign currency contracts		2,012,397


		(303,910,772	)


Net realized and unrealized gain (loss)		(340,517,552	)


Net increase (decrease) in net assets resulting from operations	$	(325,976,283	)

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


11		Invesco International Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	14,541,269		$	17,051,653


Net realized gain (loss)		(36,606,780	)		243,209,917


Change in net unrealized appreciation (depreciation)		(303,910,772	)		(4,587,291	)


Net increase (decrease) in net assets resulting from operations		(325,976,283	)		255,674,279



Distributions to shareholders from distributable earnings:

Class A		(6,721,473	)		(892,282	)


Class C		(413,159	)		-


Class R		(888,242	)		(65,532	)


Class Y		(4,438,964	)		(717,019	)


Class R5		(408,095	)		(112	)


Class R6		(47,138,761	)		(10,102,777	)


Total distributions from distributable earnings		(60,008,694	)		(11,777,722	)



Share transactions–net:

Class A		(2,868,962	)		(14,241,327	)


Class C		(2,101,261	)		(5,033,298	)


Class R		757,183			1,362,415


Class Y		(23,722,741	)		21,442,470


Class R5		(8,020,425	)		10,058,902


Class R6		(241,940,993	)		(80,029,217	)


Net increase (decrease) in net assets resulting from share transactions		(277,897,199	)		(66,440,055	)


Net increase (decrease) in net assets		(663,882,176	)		177,456,502



Net assets:

Beginning of year		1,509,487,869			1,332,031,367


End of year	$	845,605,693		$	1,509,487,869

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


12		Invesco International Equity Fund

Financial Highlights

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


	Net asset 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 10/31/22		$25.89		$0.20			$(6.59	)		$(6.39	)		$(0.26	)		$(0.68	)		$(0.94	)		$18.56		(25.52	)%		$129,754		1.24	%		1.25	%		0.94	%		107	%
Year ended 10/31/21		21.86		0.20			3.95			4.15			(0.12	)		-			(0.12	)		25.89		19.01			185,393		1.23			1.24			0.76			98
Year ended 10/31/20		20.82		0.08			1.28			1.36			(0.32	)		-			(0.32	)		21.86		6.57			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	)		-			(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	)		-			(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	)		-			(0.35	)		22.23		30.33			222,358		1.27			1.28			0.92			83
Class C
Year ended 10/31/22		22.87		0.04			(5.83	)		(5.79	)		(0.07	)		(0.68	)		(0.75	)		16.33		(26.11	)		7,308		1.99			2.00			0.19			107
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	)		-			(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	)		-			(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	)		-		��	(0.22	)		19.84		29.42			40,178		2.03			2.04			0.19			83
Class R
Year ended 10/31/22		25.50		0.15			(6.50	)		(6.35	)		(0.20	)		(0.68	)		(0.88	)		18.27		(25.71	)		19,005		1.49			1.50			0.69			107
Year ended 10/31/21		21.53		0.13			3.91			4.04			(0.07	)		-			(0.07	)		25.50		18.77			25,742		1.48			1.49			0.51			98
Year ended 10/31/20		20.52		0.03			1.25			1.28			(0.27	)		-			(0.27	)		21.53		6.27			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	)		-			(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	)		-			(0.30	)		21.98		29.99			13,223		1.52			1.53			0.65			83
Class Y
Year ended 10/31/22		26.19		0.28			(6.66	)		(6.38	)		(0.37	)		(0.68	)		(1.05	)		18.76		(25.30	)		61,061		0.93			1.00			1.25			107
Year ended 10/31/21		22.10		0.30			3.99			4.29			(0.20	)		-			(0.20	)		26.19		19.48			111,226		0.85			0.99			1.14			98
Year ended 10/31/20		21.04		0.16			1.29			1.45			(0.39	)		-			(0.39	)		22.10		6.94			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	)		-			(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	)		-			(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	)		-			(0.40	)		22.46		30.63			57,166		1.02			1.03			1.01			83
Class R5
Year ended 10/31/22		25.98		0.31			(6.66	)		(6.35	)		(0.38	)		(0.68	)		(1.06	)		18.57		(25.40	)		1,141		0.90			0.91			1.28			107
Year ended 10/31/21		21.92		0.31			3.97			4.28			(0.22	)		-			(0.22	)		25.98		19.56			10,186		0.81			0.81			1.18			98
Year ended 10/31/20		20.86		0.17			1.29			1.46			(0.40	)		-			(0.40	)		21.92		7.04			11		0.79			0.79			0.83			69
Period ended 10/31/19^(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 10/31/22		25.83		0.30			(6.57	)		(6.27	)		(0.38	)		(0.68	)		(1.06	)		18.50		(25.22	)		627,336		0.81			0.84			1.37			107
Year ended 10/31/21		21.80		0.31			3.94			4.25			(0.22	)		-			(0.22	)		25.83		19.54			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	)		-			(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	)		-			(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	)		-			(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	)		-			(0.43	)		22.17		30.96			1,505,578		0.83			0.83			1.17			83

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01% and 0.00 for the eleven months ended October 31, 2019 and the years ended November 30, 2018 and 2017, respectively.

^(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.


13		Invesco International Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


14		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.

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

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


15		Invesco International Equity Fund

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

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

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.

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.


16		Invesco International Equity Fund

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets. Prior to March 1, 2022, the Adviser had contractually agreed, through February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.85%, 0.85% and 0.80%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $70,489 and reimbursed class level expenses of $0, $0, $0, $40,231, $0 and $94,275 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $17,583 in front-end sales commissions from the sale of Class A shares and $0 and $213 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $81,691 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


17		Invesco International Equity Fund


	Level 1		Level 2			Level 3	Total


Investments in Securities


Australia	$	–	$	15,414,350		$–	$	15,414,350


Brazil		8,343,534		–		–		8,343,534


Canada		57,674,510		–		–		57,674,510


Denmark		–		39,298,447		–		39,298,447


France		13,597,302		124,550,516		–		138,147,818


Germany		7,493,110		18,666,299		–		26,159,409


Ireland		–		13,289,857		–		13,289,857


Japan		–		169,939,535		–		169,939,535


Netherlands		15,394,657		33,298,892		–		48,693,549


New Zealand		–		14,295,034		–		14,295,034


Norway		–		5,633,154		–		5,633,154


Singapore		6,147,694		–		–		6,147,694


South Africa		5,252,885		–		–		5,252,885


South Korea		–		21,302,056		–		21,302,056


Spain		6,596,973		18,737,384		–		25,334,357


Sweden		21,261,110		–		–		21,261,110


Switzerland		7,233,634		10,549,174		–		17,782,808


United Kingdom		10,976,054		91,035,457		–		102,011,511


United States		36,152,455		8,032,732		–		44,185,187


Money Market Funds		63,011,132		–		–		63,011,132


Total Investments in Securities		259,135,050		584,042,887		–		843,177,937


Other Investments - Assets*


Forward Foreign Currency Contracts		–		2,233,114		–		2,233,114


Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(481,031	)	–		(481,031	)


Total Other Investments		–		1,752,083		–		1,752,083


Total Investments	$	259,135,050	$	585,794,970		$–	$	844,930,020

* 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, 2022:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	2,233,114


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	2,233,114


	Value
	Currency
Derivative Liabilities	Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(481,031	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(481,031	)


18		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, 2022.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net

Amount

Bank of America, N.A.

$2,233,114

$ –

$2,233,114

$–

$2,233,114

Barclays Bank PLC

–

(481,031)

–

(481,031

)

Total

$2,233,114

$(481,031)

$1,752,083

$–

$1,752,083

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

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


	Location of Gain on Statement of Operations
	Currency Risk


Realized Gain:
Forward foreign currency contracts		$23,951,446


Change in Net Unrealized Appreciation:
Forward foreign currency contracts		2,012,397


Total		$25,963,843

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


	Forward Foreign Currency Contracts


Average notional value	$	211,011,510

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 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, 2022 and 2021:


	2022		2021


Ordinary income*	$	20,759,753	$	11,777,722


Long-term capital gain		39,248,941		–


Total distributions	$	60,008,694	$	11,777,722

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


19		Invesco International Equity Fund

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	11,814,188


Net unrealized appreciation (depreciation) - investments		(30,683,335	)


Net unrealized appreciation (depreciation) - foreign currencies		(461,040	)


Temporary book/tax differences		(138,287	)


Capital loss carryforward		(28,176,585	)


Shares of beneficial interest		893,250,752


Total net assets	$	845,605,693

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


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$28,176,585	$–	$28,176,585

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,131,987,099 and $1,462,087,041, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$48,836,592


Aggregate unrealized (depreciation) of investments	(79,519,927	)


Net unrealized appreciation (depreciation) of investments	$(30,683,335	)

Cost of investments for tax purposes is $875,613,355.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and distributions, on October 31, 2022, undistributed net investment income was increased by $1,511,846, undistributed net realized gain (loss) was increased by $7,585,575 and shares of beneficial interest was decreased by $9,097,421. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		667,211	$	14,824,517		775,946	$	20,342,361


Class C		111,111		2,168,456		91,106		2,103,332


Class R		218,075		4,778,953		244,941		6,333,593


Class Y		1,028,414		22,747,516		1,924,333		50,845,416


Class R5		25,425		590,844		402,310		10,338,201


Class R6		1,825,410		38,772,438		3,097,786		81,918,835



Issued as reinvestment of dividends:
Class A		255,259		6,167,058		32,590		803,344


Class C		18,392		393,769		-		-


Class R		37,246		887,583		2,691		65,480


Class Y		158,917		3,871,221		26,706		663,640


Class R5		16,883		407,548		-		-


Class R6		1,950,446		46,810,697		412,337		10,102,244


20		Invesco International Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares				Amount



Automatic conversion of Class C shares to Class A shares:
Class A		53,539		$	1,154,723			138,995			$	3,564,235


Class C		(60,624	)		(1,154,723	)		(156,521	)			(3,564,235	)



Reacquired:										��
Class A		(1,143,138	)		(25,015,260	)		(1,501,795	)			(38,951,267	)


Class C		(183,015	)		(3,508,763	)		(153,786	)			(3,572,395	)


Class R		(224,318	)		(4,909,353	)		(195,720	)			(5,036,658	)


Class Y		(2,178,216	)		(50,341,478	)		(1,133,785	)			(30,066,586	)


Class R5		(372,941	)		(9,018,817	)		(10,735	)			(279,299	)


Class R6		(14,927,331	)		(327,524,128	)		(6,704,085	)			(172,050,296	)


Net increase (decrease) in share activity		(12,723,255	)	$	(277,897,199	)		(2,706,686	)		$	(66,440,055	)

^(a)	70% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


21		Invesco International Equity Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

For each of the three years in the period ended October 31, 2022 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer International Equity Fund (subsequently renamed Invesco International Equity Fund) as of and for the year ended November 30, 2018 and the financial highlights for each of the periods ended on or prior to November 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 22, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


22		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$865.70	$6.07	$1,018.70	$ 6.56	1.29%
Class C	1,000.00	861.70	9.57	1,014.92	10.36	2.04
Class R	1,000.00	864.20	7.24	1,017.44	7.83	1.54
Class Y	1,000.00	866.50	4.89	1,019.96	5.30	1.04
Class R5	1,000.00	865.30	5.92	1,018.85	6.41	1.26
Class R6	1,000.00	867.30	4.09	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.


23		Invesco International Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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


24		Invesco International Equity Fund

created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s overweight exposure to and stock selection in certain sectors as well as the Fund’s cash allocation detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group, requested and considered additional information from management regarding such total expenses, and discussed with management reasons for such relative total expenses.

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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


25		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	39,248,941
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		2.82	%
U.S. Treasury Obligations*		0.02	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0525		per share
Foreign Source Income	$	0.5851		per share

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


26		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)	189	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
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco EQV International Equity Fund

Nasdaq:

A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX



2		Management’s Discussion

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

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-24.90	%
Class C Shares	-25.45
Class R Shares	-25.06
Class Y Shares	-24.71
Class R5 Shares	-24.63
Class R6 Shares	-24.59
MSCI All Country World ex USA Index^▼(Broad Market Index)	-24.73

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

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 information technology (IT) sector outperformed those of the Fund’s broad-based benchmark, the MSCI All Country World ex USA Index, and were the largest contributors to relative performance. Within the sector, US-based Broadcom, a semiconductor products manufacturer, and Japan-based TIS, a provider of network solutions and system integration services, were notable relative contributors during the fiscal year. Security selection and overweight exposure in the health care sector added to relative results. Within health care, Japan-based optics and reprography manufacturer Olympus was a key relative contributor. Stock selection in financials also contributed to the Fund’s relative performance. Brazil-based exchange operator B3 added to both absolute and relative results within the financials sector. On a geographic basis, the Fund’s holdings in Germany, China and Mexico outperformed those of the benchmark index, contributing to relative return. No exposure in Russia, exposure in the US, an underweight in Germany, and an overweight in Mexico all added to relative results as well. In a declining equity market environment, the Fund’s cash exposure (average 2.5%) contributed to the Fund’s relative performance. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

The Fund’s holdings in the energy sector outperformed those of the benchmark index, but an underweight in the sector, the fiscal year’s best performing sector, hampered relative return. Stock selection in the communication services, consumer staples and industrials

sectors detracted from the Fund’s relative performance versus the benchmark index. Within the communication services sector, South Korea-based internet conglomerate company NAVER detracted from both absolute and relative results. During the fiscal year, we sold the Fund’s position in NAVER because the company has been losing share in the digital advertising business and heightened competition in e-commerce. In the consumer staples sector, weakness was seen in select Chinese holdings, including China Mengniu Dairy and Wuliangye Yibin. Within industrials, Sweden-based garden products and services company Husqvarna and global engineering group Sandvik were key detractors during the fiscal year. Geographically, the Fund’s holdings in the UK, Japan and South Korea underperformed those of the benchmark index and were among the largest detractors from relative performance. Underweights in the UK and Japan and an overweight in Sweden also had a negative impact on the Fund’s relative return.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including UK-based consumer products company Reckitt Benckiser Group, Hong Kong-based power tools and outdoor power equipment company Techtronic Industries, and Spain-based Amadeus IT Group, an IT provider for the global travel and tourism industry. We sold several holdings during the fiscal year, including Switzerland-based tobacco company Philip Morris International, US-based global packaging company Amcor, and UK-based communication services company WPP.

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 EQV International Equity Fund.


2		Invesco EQV International Equity Fund

Portfolio manager(s):

Brent Bates

Mark Jason

Richard Nield

Clas Olsson

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


3		Invesco EQV International Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 EQV International Equity Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/7/92)	6.13	%
10 Years	2.91
5 Years	-1.53
1 Year	-29.03

Class C Shares
Inception (8/4/97)	4.02	%
10 Years	2.87
5 Years	-1.15
1 Year	-26.03

Class R Shares
Inception (6/3/02)	5.18	%
10 Years	3.24
5 Years	-0.65
1 Year	-25.06

Class Y Shares
Inception (10/3/08)	4.79	%
10 Years	3.75
5 Years	-0.15
1 Year	-24.71

Class R5 Shares
Inception (3/15/02)	5.89	%
10 Years	3.84
5 Years	-0.07

1 Year	-24.63
Class R6 Shares
Inception (9/24/12)	3.73	%
10 Years	3.93
5 Years	0.01
1 Year	-24.59

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

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 EQV International Equity Fund

Supplemental Information

Invesco EQV International Equity Fund’s investment objective is long-term growth of capital.

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

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® 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


6		Invesco EQV International Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		18.94	%

Financials		16.14

Information Technology		15.76

Consumer Staples		15.13

Health Care		13.27

Consumer Discretionary		9.73

Materials		6.04

Energy		2.61

Money Market Funds Plus Other Assets Less Liabilities		2.38

Top 10 Equity Holdings*


		% of total net assets

1.	Broadcom, Inc.		3.30	%

2.	Wal-Mart de Mexico S.A.B. de C.V., Series V		3.28

3.	Sandvik AB		2.77

4.	HDFC Bank Ltd., ADR		2.67

5.	Investor AB, Class B		2.67

6.	Olympus Corp.	��	2.62

7.	ICON PLC		2.45

8.	Novo Nordisk A/S, Class B		2.42

9.	Ritchie Bros. Auctioneers, Inc.		2.32

10.	Reckitt Benckiser Group PLC		2.26

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco EQV International Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.62%
Australia–2.05%
CSL Ltd.		207,220	$	37,136,058



Brazil–3.71%
B3 S.A. - Brasil, Bolsa, Balcao		11,551,906		33,634,820


MercadoLibre, Inc.^(a)		13,482		12,155,641


Rede D’Or Sao Luiz S.A.^(b)		3,451,800		21,497,320


				67,287,781



Canada–6.79%
Bank of Nova Scotia (The)		284,784		13,765,204


CGI, Inc., Class A^(a)		474,251		38,201,861


Magna International, Inc.		521,874		29,082,596


Ritchie Bros. Auctioneers, Inc.		643,761		42,055,807


				123,105,468



China–6.55%
Airtac International Group		927,000		21,292,385


China Mengniu Dairy Co. Ltd.		6,680,000		21,411,172


China Resources Beer Holdings Co. Ltd.		4,070,000		19,189,609


JD.com, Inc., ADR		484,973		18,084,643


Wuliangye Yibin Co. Ltd., A Shares		906,197		16,589,832


Yum China Holdings, Inc.		537,053		22,207,141


				118,774,782



Denmark–3.48%
Carlsberg A/S, Class B		162,812		19,170,530


Novo Nordisk A/S, Class B		404,193		43,925,780


				63,096,310



France–9.67%
Air Liquide S.A.		190,681		24,906,513


Arkema S.A.		291,912		23,080,492


LVMH Moet Hennessy Louis Vuitton SE		63,400		39,997,529


Pernod Ricard S.A.		106,425		18,671,992


Schneider Electric SE		297,775		37,684,891


TotalEnergies SE		569,988		31,150,002


				175,491,419



Germany–1.37%
Deutsche Boerse AG		152,258		24,772,305



Hong Kong–2.71%
AIA Group Ltd.		3,076,800		23,235,065


Techtronic Industries Co. Ltd.		2,749,500		25,936,142


				49,171,207



India–2.67%
HDFC Bank Ltd., ADR		778,218		48,490,764



Ireland–3.16%
CRH PLC		850,318		30,594,261


Flutter Entertainment PLC^(a)		202,273		26,831,618


				57,425,879



Italy–2.23%
FinecoBank Banca Fineco S.p.A.		2,993,352		40,425,422


	Shares		Value


Japan–12.14%
Asahi Group Holdings Ltd.		567,500	$	15,885,196


FANUC Corp.		221,212		29,073,771


Hoya Corp.		257,800		24,036,517


Keyence Corp.		26,400		9,949,557


Koito Manufacturing Co. Ltd.		841,000		11,945,838


Komatsu Ltd.		426,500		8,163,540


Olympus Corp.		2,251,000		47,495,457


SMC Corp.		28,200		11,351,610


Sony Group Corp.		241,900		16,379,691


TIS, Inc.^(c)		925,800		24,927,394


Tokyo Electron Ltd.		79,800		21,104,155


				220,312,726



Mexico–3.28%
Wal-Mart de Mexico S.A.B. de C.V., Series V		15,405,602		59,505,916



Netherlands–6.06%
ASML Holding N.V.		59,054		27,839,107


Heineken N.V.		367,145		30,694,147


Shell PLC		584,099		16,190,114


Wolters Kluwer N.V.		332,076		35,295,115


				110,018,483



Singapore–2.13%
United Overseas Bank Ltd.		1,971,866		38,655,416



South Korea–1.69%
Samsung Electronics Co. Ltd.		735,373		30,579,385



Spain–1.74%
Amadeus IT Group S.A.^(a)		608,126		31,656,559



Sweden–7.22%
Husqvarna AB, Class B^(c)		1,842,307		10,930,002


Investor AB, Class B^(c)		2,962,040		48,334,219


Sandvik AB		3,208,868		50,162,176


Svenska Handelsbanken AB, Class A		2,315,265		21,505,100


				130,931,497



Switzerland–1.49%
Kuehne + Nagel International AG, Class R		41,083		8,747,080


Logitech International S.A., Class R^(c)		366,830		18,211,547


				26,958,627



Taiwan–1.30%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,955,887		23,537,341



United Kingdom–7.44%
Ashtead Group PLC		637,204		33,160,632


DCC PLC		533,215		29,573,361


Linde PLC		105,015		31,226,210


Reckitt Benckiser Group PLC		619,677		41,054,513


				135,014,716



United States–8.74%
Broadcom, Inc.		127,262		59,828,411


ICON PLC^(a)(c)		224,283		44,372,149

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


8		Invesco EQV International Equity Fund


	Shares		Value


United States–(continued)
Nestle S.A.		295,493	$	32,161,866


Roche Holding AG		66,925		22,242,595


				158,605,021


Total Common Stocks & Other Equity Interests (Cost $1,503,184,443)				1,770,953,082



Money Market Funds–1.30%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		8,293,455		8,293,455


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		5,778,098		5,779,253


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		9,478,234		9,478,235


Total Money Market Funds (Cost $23,548,302)				23,550,943


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.92% (Cost $1,526,732,745)				1,794,504,025


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–4.46%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		22,662,648	$	22,662,648


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		58,261,438		58,261,438


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $80,921,084)				80,924,086


TOTAL INVESTMENTS IN SECURITIES–103.38% (Cost $1,607,653,829)				1,875,428,111


OTHER ASSETS LESS LIABILITIES–(3.38)%				(61,327,850	)


NET ASSETS–100.00%			$	1,814,100,261

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, 2022 represented 1.19% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	19,221,547	$	271,914,810	$	(282,842,902	)	$	-		$	-	$	8,293,455	$	139,238
Invesco Liquid Assets Portfolio, Institutional Class		13,158,402		194,224,865		(201,601,031	)		(594	)		(2,389)		5,779,253		98,781
Invesco Treasury Portfolio, Institutional Class		21,967,482		310,759,784		(323,249,031	)		-			-		9,478,235		150,234
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		26,320,731		268,128,180		(271,786,263	)		-			-		22,662,648		153,624*
Invesco Private Prime Fund		61,415,040		538,187,471		(541,341,563	)		3,002			(2,512)		58,261,438		425,350*
Total	$	142,083,202	$	1,583,215,110	$	(1,620,820,790	)	$	2,408		$	(4,901)	$	104,475,029	$	967,227

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

^(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 EQV International Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,503,184,443)*	$	1,770,953,082


Investments in affiliated money market funds, at value (Cost $104,469,386)		104,475,029


Foreign currencies, at value (Cost $1,433,906)		1,425,948


Receivable for:
Investments sold		14,764,184


Fund shares sold		961,021


Dividends		7,478,324


Investment for trustee deferred compensation and retirement plans		571,225


Other assets		79,451


Total assets		1,900,708,264



Liabilities:
Payable for:
Investments purchased		446,637


Fund shares reacquired		2,505,961


Amount due custodian		3,540


Collateral upon return of securities loaned		80,921,084


Accrued fees to affiliates		1,042,663


Accrued trustees’ and officers’ fees and benefits		2,852


Accrued other operating expenses		392,621


IRS closing agreement fees for foreign withholding tax claims		653,000


Trustee deferred compensation and retirement plans		639,645


Total liabilities		86,608,003


Net assets applicable to shares outstanding	$	1,814,100,261



Net assets consist of:
Shares of beneficial interest	$	1,388,088,127


Distributable earnings		426,012,134


	$	1,814,100,261


Net Assets:
Class A	$	866,494,521


Class C	$	14,712,123


Class R	$	29,868,073


Class Y	$	350,174,191


Class R5	$	102,736,688


Class R6	$	450,114,665



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,997,150


Class C		844,564


Class R		1,512,596


Class Y		17,302,351


Class R5		4,953,675


Class R6		21,766,358


Class A:
Net asset value per share	$	20.15


Maximum offering price per share (Net asset value of $20.15 ÷ 94.50%)	$	21.32


Class C:
Net asset value and offering price per share	$	17.42


Class R:
Net asset value and offering price per share	$	19.75


Class Y:
Net asset value and offering price per share	$	20.24


Class R5:
Net asset value and offering price per share	$	20.74


Class R6:
Net asset value and offering price per share	$	20.68


* At October 31, 2022, securities with an aggregate value of $76,183,138 were on loan to brokers.

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


10		Invesco EQV International Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	762,095


Dividends (net of foreign withholding taxes of $4,488,040)		44,566,379


Dividends from affiliated money market funds (includes net securities lending income of $168,180)		556,433


Foreign withholding tax claims		6,756,093


Less: IRS closing agreement fees for foreign withholding tax claims		(653,000	)


Total investment income		51,988,000



Expenses:
Advisory fees		21,274,223


Administrative services fees		341,555


Custodian fees		385,313


Distribution fees:


Class A		2,707,347


Class C		208,063


Class R		184,588


Transfer agent fees – A, C, R and Y		3,034,414


Transfer agent fees – R5		151,206


Transfer agent fees – R6		209,155


Trustees’ and officers’ fees and benefits		40,122


Registration and filing fees		141,416


Reports to shareholders		34,170


Professional services fees		126,572


Other		30,217


Total expenses		28,868,361


Less: Fees waived and/or expense offset arrangement(s)		(43,044	)


Net expenses		28,825,317


Net investment income		23,162,683



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		275,578,258


Affiliated investment securities		(4,901	)


Foreign currencies		(2,241,404	)


		273,331,953


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(964,779,640	)


Affiliated investment securities		2,408


Foreign currencies		(568,792	)


		(965,346,024	)


Net realized and unrealized gain (loss)		(692,014,071	)


Net increase (decrease) in net assets resulting from operations	$	(668,851,388	)

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


11		Invesco EQV International Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	23,162,683		$	12,139,574


Net realized gain		273,331,953			685,724,085


Change in net unrealized appreciation (depreciation)		(965,346,024	)		58,372,427


Net increase (decrease) in net assets resulting from operations		(668,851,388	)		756,236,086



Distributions to shareholders from distributable earnings:
Class A		(269,566,679	)		(162,361,243	)


Class C		(5,944,677	)		(4,686,976	)


Class R		(9,009,500	)		(6,009,271	)


Class Y		(147,915,684	)		(95,393,068	)


Class R5		(36,378,164	)		(60,741,990	)


Class R6		(160,121,795	)		(119,582,621	)


Total distributions from distributable earnings		(628,936,499	)		(448,775,169	)



Share transactions–net:
Class A		103,125,726			(33,236,883	)


Class C		(1,143,848	)		(10,699,534	)


Class R		5,380,358			(7,607,797	)


Class Y		(103,788,271	)		(78,388,009	)


Class R5		(217,864,583	)		(136,521,130	)


Class R6		(10,760,493	)		(203,323,755	)


Net increase (decrease) in net assets resulting from share transactions		(225,051,111	)		(469,777,108	)


Net increase (decrease) in net assets		(1,522,838,998	)		(162,316,191	)



Net assets:
Beginning of year		3,336,939,259			3,499,255,450


End of year	$	1,814,100,261		$	3,336,939,259

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


12		Invesco EQV International Equity Fund

Financial Highlights

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


	Net asset 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 10/31/22		$33.82		$0.19			$(6.92	)		$(6.73	)		$(0.55	)		$(6.39	)		$(6.94	)		$20.15		(24.90	)%		$866,495		1.35	%		1.35	%		0.80	%		39	%
Year ended 10/31/21		31.34		0.05			6.54			6.59			(0.30	)		(3.81	)		(4.11	)		33.82		21.99			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
Class C
Year ended 10/31/22		30.08		0.01			(6.01	)		(6.00	)		(0.27	)		(6.39	)		(6.66	)		17.42		(25.45	)		14,712		2.10			2.10			0.05			39
Year ended 10/31/21		28.22		(0.19	)		5.88			5.69			(0.02	)		(3.81	)		(3.83	)		30.08		21.09			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
Class R
Year ended 10/31/22		33.25		0.13			(6.79	)		(6.66	)		(0.45	)		(6.39	)		(6.84	)		19.75		(25.06	)		29,868		1.60			1.60			0.55			39
Year ended 10/31/21		30.87		(0.04	)		6.44			6.40			(0.21	)		(3.81	)		(4.02	)		33.25		21.66			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
Class Y
Year ended 10/31/22		33.96		0.26			(6.95	)		(6.69	)		(0.64	)		(6.39	)		(7.03	)		20.24		(24.71	)		350,174		1.10			1.10			1.05			39
Year ended 10/31/21		31.46		0.13			6.56			6.69			(0.38	)		(3.81	)		(4.19	)		33.96		22.30			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
Class R5
Year ended 10/31/22		34.62		0.29			(7.11	)		(6.82	)		(0.67	)		(6.39	)		(7.06	)		20.74		(24.63	)		102,737		1.02			1.02			1.13			39
Year ended 10/31/21		32.02		0.16			6.67			6.83			(0.42	)		(3.81	)		(4.23	)		34.62		22.35			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
Class R6
Year ended 10/31/22		34.56		0.30			(7.09	)		(6.79	)		(0.70	)		(6.39	)		(7.09	)		20.68		(24.59	)		450,115		0.95			0.95			1.20			39
Year ended 10/31/21		31.97		0.19			6.66			6.85			(0.45	)		(3.81	)		(4.26	)		34.56		22.48			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

^(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 EQV International Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


14		Invesco EQV International Equity Fund

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.

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 year ended October 31, 2022, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

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


15		Invesco EQV International Equity Fund

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

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.88%.


16		Invesco EQV International Equity Fund

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $38,510.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $113,437 in front-end sales commissions from the sale of Class A shares and $62,264 and $1,313 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,961 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


17		Invesco EQV International Equity Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	37,136,058		$–	$	37,136,058


Brazil		67,287,781		–		–		67,287,781


Canada		123,105,468		–		–		123,105,468


China		40,291,784		78,482,998		–		118,774,782


Denmark		–		63,096,310		–		63,096,310


France		–		175,491,419		–		175,491,419


Germany		–		24,772,305		–		24,772,305


Hong Kong		–		49,171,207		–		49,171,207


India		48,490,764		–		–		48,490,764


Ireland		–		57,425,879		–		57,425,879


Italy		–		40,425,422		–		40,425,422


Japan		–		220,312,726		–		220,312,726


Mexico		59,505,916		–		–		59,505,916


Netherlands		35,295,115		74,723,368		–		110,018,483


Singapore		–		38,655,416		–		38,655,416


South Korea		–		30,579,385		–		30,579,385


Spain		–		31,656,559		–		31,656,559


Sweden		50,162,176		80,769,321		–		130,931,497


Switzerland		–		26,958,627		–		26,958,627


Taiwan		–		23,537,341		–		23,537,341


United Kingdom		31,226,210		103,788,506		–		135,014,716


United States		104,200,560		54,404,461		–		158,605,021


Money Market Funds		23,550,943		80,924,086		–		104,475,029


Total Investments	$	583,116,717	$	1,292,311,394		$–	$	1,875,428,111

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	68,285,355	$	39,477,229


Long-term capital gain		560,651,144		409,297,940


Total distributions	$	628,936,499	$	448,775,169

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


18		Invesco EQV International Equity Fund


Tax Components of Net Assets at Period-End:
	2022


Undistributed ordinary income	$	2,188,142


Undistributed long-term capital gain		209,778,896


Net unrealized appreciation – investments		215,068,159


Net unrealized appreciation (depreciation) – foreign currencies		(545,704	)


Temporary book/tax differences		(477,359	)


Shares of beneficial interest		1,388,088,127


Total net assets	$	1,814,100,261

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $917,022,931 and $1,743,551,592, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$386,334,483


Aggregate unrealized (depreciation) of investments	(171,266,324	)


Net unrealized appreciation of investments	$215,068,159

Cost of investments for tax purposes is $1,660,359,952.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2022, undistributed net investment income was increased by $16,826,250, undistributed net realized gain was decreased by $73,643,249 and shares of beneficial interest was increased by $56,816,999. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,807,680		$	67,617,432			2,472,063		$	83,272,497


Class C		111,238			2,438,626			99,116			2,984,995


Class R		237,323			5,662,217			210,021			6,966,650


Class Y		3,988,472			98,443,477			3,395,750			114,436,058


Class R5		666,022			17,263,820			1,542,256			53,192,219


Class R6		4,567,576			113,671,778			4,059,082			139,074,649



Issued as reinvestment of dividends:
Class A		9,377,469			249,815,764			4,683,312			147,430,584


Class C		240,218			5,565,840			153,799			4,334,053


Class R		344,332			9,007,726			193,675			6,007,801


Class Y		3,840,165			102,494,007			2,274,005			71,722,134


Class R5		1,253,150			34,248,586			1,851,390			59,485,152


Class R6		4,995,991			136,090,803			3,350,388			107,379,925



Automatic conversion of Class C shares to Class A shares:
Class A		168,338			4,033,916			285,485			9,393,276


Class C		(193,643	)		(4,033,916	)		(319,462	)		(9,393,276	)


19		Invesco EQV International Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(8,944,538	)	$	(218,341,386	)		(8,131,861	)	$	(273,333,240	)


Class C		(240,013	)		(5,114,398	)		(286,179	)		(8,625,306	)


Class R		(392,744	)		(9,289,585	)		(618,671	)		(20,582,248	)


Class Y		(12,274,214	)		(304,725,755	)		(7,809,657	)		(264,546,201	)


Class R5		(8,312,888	)		(269,376,989	)		(7,251,373	)		(249,198,501	)


Class R6		(10,792,532	)		(260,523,074	)		(13,030,191	)		(449,778,329	)


Net increase (decrease) in share activity		(8,552,598	)	$	(225,051,111	)		(12,877,052	)	$	(469,777,108	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco EQV 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 EQV International Equity Fund.

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		Invesco EQV 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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$895.90	$6.69	$1,018.15	$7.12	1.40%
Class C	1,000.00	892.90	10.26	1,014.37	10.92	2.15
Class R	1,000.00	894.90	7.88	1,016.89	8.39	1.65
Class Y	1,000.00	897.20	5.50	1,019.41	5.85	1.15
Class R5	1,000.00	897.80	5.12	1,019.81	5.45	1.07
Class R6	1,000.00	898.00	4.78	1,020.16	5.09	1.00

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 EQV International Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.


23		Invesco EQV International Equity Fund

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 compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s underperformance can primarily be attributed to stock selection driven by the Fund’s earnings, quality and valuation investment style. Specifically, the Board noted that stock selection in and underweight exposure to certain sectors, as well as stock selection in certain geographic regions, detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

(including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021. The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D.	Economies of Scale and Breakpoints

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


24		Invesco EQV International Equity Fund

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.

such revenue between the Fund and Invesco Advisers.


25		Invesco EQV 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	617,468,144
Qualified Dividend Income*		61.49	%
Corporate Dividends Received Deduction*		12.22	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* 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	$	13,679,836


26		Invesco EQV 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)	189	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 EQV 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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco EQV 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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco EQV 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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco EQV 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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


T-5		Invesco EQV 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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco EQV International Equity Fund

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

LOGO


Annual Report to Shareholders		October 31, 2022

Invesco International Select Equity Fund

Nasdaq:

A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX



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, 2022, Class A shares of Invesco International Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-38.28	%
Class C Shares	-38.72
Class R Shares	-38.38
Class Y Shares	-38.03
Class R5 Shares	-38.10
Class R6 Shares	-38.10
MSCI All Country World ex USA Index^▼(Broad Market Index)	-24.73
MSCI All Country World ex U.S. Growth Index^▼(Style-Specific Index)	-30.99
Lipper International Multi-Cap Growth Funds Index^∎(Peer Group Index)	-30.41

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

Market conditions and your Fund

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

Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. We seek to maintain a long-term perspective, with stock selection in the portfolio being bottom-up and fundamentally driven. We invest in high-conviction businesses with preferred quality characteristics, including a focus on a company’s growth potential and sustainable competitive advantages. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on an estimate of its future free cash flows.

During the fiscal year, the Fund’s cash weight provided a cushion to declining equity markets. There were no sectors or regions that positively contributed to relative performance versus the MSCI All Country World ex USA Index over the fiscal year. Conversely, stock selection in the health care and industrials sectors were the largest detractors from the Fund’s relative performance. Regionally, stock selection within Europe ex-UK was the primary detractor from the Fund’s relative performance.

The top contributors to the Fund’s absolute performance over the fiscal year included Edenred, a leading French services and payments platform, specializing in prepaid corporate services and Ritchie Bros. Auctioneers, a Canadian business that is a world leader in equipment disposition and management technologies.

Top detractors from the Fund’s absolute performance over the fiscal year included

Eckert & Ziegler Strahlen, a German provider of isotope technology for medical, scientific and industrial uses and Howden Joinery, a leading UK supplier of kitchens and joinery products to the building trade.

During the fiscal year, the Fund’s new investments included Inner Mongolia Yili Industrial, Shenzhou International, Davide Campari-Milano, United Overseas Bank, Pinduoduo, Seven & I Holdings, Diageo, Evotec SE, Yum China Holdings, M3, Freee KK, InterContinental Hotels, Experian, Fast Retailing, Keyence and Kering SA. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. As such, we sold China National Building Material, Focus Media Information Technology, Taiwan Semiconductor Manufacturing, Auto Trader, Tencent, Alibaba Holding Group, Anheuser-Busch, AutoHome and Fortnox.

At period-end, the Fund’s largest overweight positions versus the index were in the consumer discretionary and information technology sectors and from a regional perspective, in Japan and Europe ex-U.K. Conversely, the largest underweight positions were in financials and materials and in emerging markets, despite continuing to be overweight in China and Canada.

As always, the Fund’s country and sector allocations are the result of our bottom-up, fundamental stock selection process and are not based on the characteristics of the Fund’s primary index.

We thank you for your investment in Invesco International Select Equity Fund.

Portfolio manager(s):

George Evans

Robert Dunphy

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (12/21/15)	-0.18	%
5 Years	-6.19
1 Year	-41.66
Class C Shares
Inception (12/21/15)	-0.09	%
5 Years	-5.81
1 Year	-39.32
Class R Shares
Inception (12/21/15)	0.40	%
5 Years	-5.33
1 Year	-38.38
Class Y Shares
Inception (12/21/15)	0.91	%
5 Years	-4.85
1 Year	-38.03
Class R5 Shares
Inception (12/21/15)	0.89	%
5 Years	-4.88
1 Year	-38.10
Class R6 Shares
Inception (12/21/15)	0.89	%
5 Years	-4.86
1 Year	-38.10

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The MSCI All Country World ex U.S. Growth Index is an unmanaged index considered representative of growth stocks across developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

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				26.52	%

Industrials				18.57

Information Technology				18.05

Consumer Staples				12.63

Health Care				10.79

Financials				5.29

Communication Services				3.40

Real Estate				2.18

Money Market Funds Plus Other Assets Less Liabilities				2.57
Top 10 Equity Holdings*
		% of total net assets

1.	Edenred			5.75	%

2.	Eurofins Scientific SE			4.84

3.	Pan Pacific International Holdings Corp.			4.05

4.	Pinduoduo, Inc., ADR			3.75

5.	Kweichow Moutai Co. Ltd., A Shares			3.71

6.	Adyen N.V.			3.49

7.	Scout24 SE			3.40

8.	Howden Joinery Group PLC			3.36

9.	Gree Electric Appliances, Inc. of Zhuhai, A Shares			3.33

10.	Amadeus IT Group S.A.			3.16

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco International Select Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value
Common Stocks & Other Equity Interests–97.43%
Australia–2.70%

Corporate Travel Management Ltd.		341,000	$ 3,783,048

Canada–4.15%

Dye & Durham Ltd.		135,859	1,502,841

Ritchie Bros. Auctioneers, Inc.		66,000	4,311,780

			5,814,621

China–19.61%

Gree Electric Appliances, Inc. of Zhuhai, A Shares		1,188,274	4,668,783

Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		1,021,799	3,532,491

KE Holdings, Inc., ADR^(a)(b)		300,000	3,054,000

Kweichow Moutai Co. Ltd., A Shares		28,071	5,196,653

Pinduoduo, Inc., ADR^(a)		96,000	5,263,680

Shenzhou International Group Holdings Ltd.		334,000	2,305,258

Virscend Education Co. Ltd.^(c)		26,668,000	462,498

Yum China Holdings, Inc.		73,000	3,018,550

			27,501,913

Denmark–2.76%

DSV A/S		28,600	3,865,860

Finland–2.32%

Enento Group OYJ^(b)(c)		157,000	3,257,370

France–9.43%

Bureau Veritas S.A.		120,000	2,970,496

Edenred		157,000	8,056,149

Kering S.A.		4,800	2,197,132

			13,223,777

Germany–6.71%

Eckert & Ziegler Strahlen-und Medizintechnik AG		83,600	3,308,802

Evotec SE^(a)		70,000	1,336,922

Scout24 SE^(c)		93,000	4,768,266

			9,413,990

Hong Kong–3.12%

AIA Group Ltd.		580,000	4,379,985

Italy–1.59%

Davide Campari-Milano N.V.		248,000	2,230,414

Japan–19.70%

FANUC Corp.		25,000	3,285,736

Fast Retailing Co. Ltd.		5,500	3,067,239

Freee KK^(a)(b)		52,500	1,020,692

Hoya Corp.		18,600	1,734,209

Keyence Corp.		5,000	1,884,386

M3, Inc.		66,000	1,971,279

Pan Pacific International Holdings Corp.		347,000	5,682,364

Investment Abbreviations:

ADR - American Depositary Receipt


	Shares		Value
Japan–(continued)

Seven & i Holdings Co. Ltd.		88,000	$ 3,285,079

SMC Corp.		3,800	1,529,650

Sony Group Corp.		61,500	4,164,328

			27,624,962

Luxembourg–4.83%

Eurofins Scientific SE		106,000	6,778,475

Netherlands–3.49%

Adyen N.V.^(a)(c)		3,420	4,899,208

Singapore–2.17%

United Overseas Bank Ltd.		155,000	3,038,538

South Korea–2.53%

Samsung Electronics Co. Ltd., Preference Shares		95,000	3,547,560

Spain–3.15%

Amadeus IT Group S.A.^(a)		85,000	4,424,753

United Kingdom–9.17%

Diageo PLC		84,000	3,462,990

Experian PLC		66,000	2,097,820

Howden Joinery Group PLC		800,000	4,710,484

InterContinental Hotels Group PLC		48,000	2,582,380

			12,853,674

Total Common Stocks & Other Equity Interests (Cost $157,166,461)			136,638,148

Money Market Funds–1.42%

Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		699,519	699,519

Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		499,908	500,008

Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		799,451	799,451

Total Money Market Funds (Cost $1,998,922)			1,998,978

TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–98.85% (Cost $159,165,383)			138,637,126

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.05%

Invesco Private Government Fund, 3.18%^(d)(e)(f)		803,707	803,707

Invesco Private Prime Fund, 3.28%^(d)(e)(f)		2,066,141	2,066,141

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,869,836)			2,869,848

TOTAL INVESTMENTS IN SECURITIES–100.90% (Cost $162,035,219)			141,506,974

OTHER ASSETS LESS LIABILITIES–(0.90)%			(1,266,940)

NET ASSETS–100.00%			$140,240,034

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)	All or a portion of this security was out on loan at October 31, 2022.

^(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, 2022 was $13,387,342, which represented 9.55% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 7,083,647		$ 43,441,015		$ (49,825,143	)		$ -		$ -			$ 699,519		$ 7,678
Invesco Liquid Assets Portfolio, Institutional Class		5,043,949		31,029,297		(35,573,047	)		56		(247	)		500,008		7,197
Invesco Treasury Portfolio, Institutional Class		8,095,597		49,646,875		(56,943,021	)		-		-			799,451		10,566
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		16,104,408		(15,300,701	)		-		-			803,707		10,431*
Invesco Private Prime Fund		-		39,181,279		(37,116,035	)		12		885			2,066,141		28,138*
Total		$20,223,193		$179,402,874		$(194,757,947	)		$ 68		$638			$4,868,826		$ 64,010

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

^(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.


8		Invesco International Select Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $157,166,461)*	$	136,638,148


Investments in affiliated money market funds, at value (Cost $4,868,758)		4,868,826


Foreign currencies, at value (Cost $2,932,151)		2,844,003


Receivable for:
Investments sold		695,483


Fund shares sold		90,478


Dividends		218,029


Investment for trustee deferred compensation and retirement plans		19,904


Other assets		21,125


Total assets		145,395,996



Liabilities:
Payable for:
Investments purchased		2,151,855


Fund shares reacquired		15,584


Collateral upon return of securities loaned		2,869,836


Accrued fees to affiliates		22,518


Accrued trustees’ and officers’ fees and benefits		1,184


Accrued other operating expenses		75,081


Trustee deferred compensation and retirement plans		19,904


Total liabilities		5,155,962


Net assets applicable to shares outstanding	$	140,240,034



Net assets consist of:
Shares of beneficial interest	$	228,188,322


Distributable earnings (loss)		(87,948,288	)


	$	140,240,034


Net Assets:
Class A	$	4,873,924


Class C	$	459,765


Class R	$	514,743


Class Y	$	2,398,925


Class R5	$	6,166


Class R6	$	131,986,511



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		592,711


Class C		57,844


Class R		63,303


Class Y		290,576


Class R5		747


Class R6		15,992,552


Class A:
Net asset value per share	$	8.22


Maximum offering price per share (Net asset value of $8.22 ÷ 94.50%)	$	8.70


Class C:
Net asset value and offering price per share	$	7.95


Class R:
Net asset value and offering price per share	$	8.13


Class Y:
Net asset value and offering price per share	$	8.26


Class R5:
Net asset value and offering price per share	$	8.25


Class R6:
Net asset value and offering price per share	$	8.25

*	At October 31, 2022, securities with an aggregate value of $2,739,293 were on loan to brokers.

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


9		Invesco International Select Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $399,817)	$	4,008,831


Dividends from affiliated money market funds (includes net securities lending income of $4,320)		29,761


Total investment income		4,038,592



Expenses:
Advisory fees		2,134,704


Administrative services fees		32,040


Custodian fees		73,125


Distribution fees:
Class A		22,789


Class C		6,034


Class R		2,952


Transfer agent fees – A, C, R and Y		32,411


Transfer agent fees – R5		3


Transfer agent fees – R6		69,320


Trustees’ and officers’ fees and benefits		21,197


Registration and filing fees		79,450


Reports to shareholders		6,762


Professional services fees		49,680


Other		13,615


Total expenses		2,544,082


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(417,793	)


Net expenses		2,126,289


Net investment income		1,912,303



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(64,321,588	)


Affiliated investment securities		638


Foreign currencies		(337,333	)


		(64,658,283	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(48,087,094	)


Affiliated investment securities		68


Foreign currencies		(99,917	)


		(48,186,943	)


Net realized and unrealized gain (loss)		(112,845,226	)


Net increase (decrease) in net assets resulting from operations	$	(110,932,923	)

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


10		Invesco International Select Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	1,912,303		$	1,389,950


Net realized gain (loss)		(64,658,283	)		5,788,676


Change in net unrealized appreciation (depreciation)		(48,186,943	)		(12,329,172	)


Net increase (decrease) in net assets resulting from operations		(110,932,923	)		(5,150,546	)



Distributions to shareholders from distributable earnings:
Class A		(280,283	)		–


Class C		(16,203	)		–


Class R		(14,844	)		–


Class Y		(239,531	)		–


Class R5		(252	)		–


Class R6		(7,624,228	)		–


Total distributions from distributable earnings		(8,175,341	)		–



Share transactions–net:
Class A		(3,484,133	)		4,058,320


Class C		26,452			(57,772	)


Class R		151,176			436,326


Class Y		(3,944,180	)		6,224,505


Class R5		–			(4,000	)


Class R6		(55,253,516	)		103,777,526


Net increase (decrease) in net assets resulting from share transactions		(62,504,201	)		114,434,905


Net increase (decrease) in net assets		(181,612,465	)		109,284,359



Net assets:
Beginning of year		321,852,499			212,568,140


End of year	$	140,240,034		$	321,852,499

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 10/31/22		$	13.63		$	0.07	^(d)		$	(5.18	)		$	(5.11	)		$	(0.01	)		$	(0.29	)		$	(0.30	)		$	8.22		(38.28	)%		$	4,874		1.17	%		1.51	%		0.60	%^(d)		53	%
Year ended 10/31/21			13.54			0.05				0.04	^(e)			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	^(d)			1.42				1.64				(0.07	)			(0.60	)			(0.67	)			11.49		16.99				5,852		1.11			1.60			2.06	^(d)		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
Class C
Year ended 10/31/22			13.28			(0.02	)^(d)			(5.02	)			(5.04	)			–				(0.29	)			(0.29	)			7.95		(38.72	)			460		1.92			2.26			(0.15	)^(d)		53
Year ended 10/31/21			13.28			(0.07	)			0.07	^(e)			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	^(d)			1.39				1.53				–				(0.60	)			(0.60	)			11.28		16.03				811		1.86			2.35			1.31	^(d)		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
Class R
Year ended 10/31/22			13.50			0.04	^(d)			(5.12	)			(5.08	)			–				(0.29	)			(0.29	)			8.13		(38.38	)			515		1.42			1.76			0.35	^(d)		53
Year ended 10/31/21			13.44			0.01				0.05	^(e)			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	^(d)			1.40				1.59				(0.04	)			(0.60	)			(0.64	)			11.41		16.60				227		1.36			1.85			1.81	^(d)		35
Year ended 10/31/18			12.95			0.06				(1.49	)			(1.43	)			(0.09	)			(0.97	)			(1.06	)			10.46		(12.09	)			89		1.36			1.87			0.47			46
Class Y
Year ended 10/31/22			13.69			0.10	^(d)			(5.19	)			(5.09	)			(0.05	)			(0.29	)			(0.34	)			8.26		(38.03	)			2,399		0.92			1.26			0.85	^(d)		53
Year ended 10/31/21			13.57			0.08				0.04	^(e)			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	^(d)			1.41				1.66				(0.11	)			(0.60	)			(0.71	)			11.51		17.24				3,299		0.86			1.35			2.31	^(d)		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
Class R5
Year ended 10/31/22			13.69			0.09	^(d)			(5.19	)			(5.10	)			(0.05	)			(0.29	)			(0.34	)			8.25		(38.10	)			6		0.92			1.09			0.85	^(d)		53
Year ended 10/31/21			13.57			0.08				0.04	^(e)			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	^(d)			1.41				1.66				(0.11	)			(0.60	)			(0.71	)			11.51		17.23				12		0.86			1.14			2.31	^(d)		35
Year ended 10/31/18			13.04			0.12				(1.51	)			(1.39	)			(0.12	)			(0.97	)			(1.09	)			10.56		(11.68	)			11		0.86			1.19			0.97			46
Class R6
Year ended 10/31/22			13.69			0.09	^(d)			(5.19	)			(5.10	)			(0.05	)			(0.29	)			(0.34	)			8.25		(38.10	)			131,987		0.92			1.09			0.85	^(d)		53
Year ended 10/31/21			13.56			0.08				0.05	^(e)			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	^(d)			1.41				1.66				(0.11	)			(0.60	)			(0.71	)			11.51		17.24				111,252		0.86			1.14			2.31	^(d)		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

^(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 investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.04 and 0.35%, $(0.05) and (0.40)%, $0.01 and 0.10%, $0.07 and 0.60%, $0.06 and 0.60%, and $0.06 and 0.60% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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


12		Invesco International Select Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


13		Invesco International Select Equity Fund

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.

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

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.

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.94%.

Effective March 1, 2022, the Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to March 1, 2022, the Adviser contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.


15		Invesco International Select Equity Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $315,894 and reimbursed class level expenses of $18,540, $1,229, $1,203, $11,439, $3 and $69,320 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $2,334 in front-end sales commissions from the sale of Class A shares and $53 and $4 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,028 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1			Level 2			Level 3			Total

Investments in Securities

Australia		$	–		$	3,783,048		$	–	$ 3,783,048

Canada			5,814,621			–			–	5,814,621

China			11,336,230			16,165,683			–	27,501,913

Denmark			–			3,865,860			–	3,865,860

Finland			–			3,257,370			–	3,257,370

France			–			13,223,777			–	13,223,777

Germany			–			9,413,990			–	9,413,990

Hong Kong			–			4,379,985			–	4,379,985

Italy			–			2,230,414			–	2,230,414

Japan			–			27,624,962			–	27,624,962

Luxembourg			–			6,778,475			–	6,778,475

Netherlands			–			4,899,208			–	4,899,208

Singapore			–			3,038,538			–	3,038,538

South Korea			–			3,547,560			–	3,547,560

Spain			–			4,424,753			–	4,424,753

United Kingdom			–			12,853,674			–	12,853,674

Money Market Funds			1,998,978			2,869,848			–	4,868,826

Total Investments		$	19,149,829		$	122,357,145		$	–	$141,506,974


16		Invesco International Select Equity 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, 2022 and 2021:


	2022			2021

Ordinary income*		$	5,940,561		$	–

Long-term capital gain			2,234,780			–

Total distributions		$	8,175,341		$	–

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

Tax Components of Net Assets at Period-End:


	2022



Undistributed ordinary income	$	1,483,854



Net unrealized appreciation (depreciation) – investments		(25,539,260	)



Net unrealized appreciation (depreciation) – foreign currencies		(100,997	)



Temporary book/tax differences		(17,095	)



Capital loss carryforward		(63,774,790	)



Shares of beneficial interest		228,188,322



Total net assets	$	140,240,034

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


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total

Not subject to expiration	$40,045,671	$23,729,119	$63,774,790

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $118,141,840 and $175,888,243, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	13,847,375


Aggregate unrealized (depreciation) of investments		(39,386,635	)


Net unrealized appreciation (depreciation) of investments	$	(25,539,260	)

Cost of investments for tax purposes is $167,046,234.


17		Invesco International Select Equity Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and distributions, on October 31, 2022, undistributed net investment income was decreased by $402,140 and undistributed net realized gain (loss) was increased by $402,140. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		247,383		$	3,072,292			877,051		$	13,717,786


Class C		12,236			126,233			33,464			510,598


Class R		35,831			382,821			41,924			643,804


Class Y		206,773			2,298,927			526,337			8,114,418


Class R6		3,524,004			41,546,237			8,227,171			120,033,132



Issued as reinvestment of dividends:
Class A		21,471			266,450			-			-


Class C		1,328			16,033			-			-


Class R		1,208			14,844			-			-


Class Y		17,759			220,741			-			-


Class R6		613,847			7,623,976			-			-



Automatic conversion of Class C shares to Class A shares:
Class A		3,853			39,931			4,804			74,511


Class C		(3,970	)		(39,931	)		(4,909	)		(74,511	)



Reacquired:
Class A		(647,961	)		(6,862,806	)		(654,662	)		(9,733,977	)


Class C		(7,850	)		(75,883	)		(32,069	)		(493,859	)


Class R		(22,987	)		(246,489	)		(14,214	)		(207,478	)


Class Y		(622,880	)		(6,463,848	)		(126,753	)		(1,889,913	)


Class R5		-			-			(254	)		(4,000	)


Class R6		(9,898,925	)		(104,423,729	)		(1,034,915	)		(16,255,606	)


Net increase (decrease) in share activity		(6,518,880	)	$	(62,504,201	)		7,842,975		$	114,434,905

^(a)

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

In addition, 55% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


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, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$811.50	$5.57	$1,019.06	$6.21	1.22%
Class C	1,000.00	808.70	8.98	1,015.27	10.01	1.97
Class R	1,000.00	810.60	6.71	1,017.80	7.48	1.47
Class Y	1,000.00	813.00	4.43	1,020.32	4.94	0.97
Class R5	1,000.00	812.00	4.38	1,020.37	4.89	0.96
Class R6	1,000.00	812.00	4.38	1,020.37	4.89	0.96

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 International Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.


21		Invesco International Select Equity Fund

The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Hong Kong Limited currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods. (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that stock selection in and overweight, underweight or lack of exposure to certain sectors and geographic regions detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

management reasons for such relative contractual management fees.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates


22		Invesco International Select Equity Fund

(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 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,234,780
Qualified Dividend Income*		61.44	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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


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)	189	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 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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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 by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco International Select Equity Fund

(This page intentionally left blank)

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

LOGO


Annual Report to Shareholders		October 31, 2022

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

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco International Small-Mid Company Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA SMID Cap Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares				-36.72%
Class C Shares				-37.20
Class R Shares				-36.87
Class Y Shares				-36.57
Class R5 Shares				-36.51
Class R6 Shares				-36.48
MSCI All Country World ex USA SMID Cap Index^▼				-27.32
MSCI All Country World ex USA Small Cap Index^▼				-27.75

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

turns for developed market equities and emerging market equities were both in negative territory.

The Fund’s Class A shares returned -36.72% during the fiscal year ended October 31, 2022. Its benchmark, the MSCI All Country World ex USA SMID Cap Index, returned -27.32%.

The Fund reflects a consistent philosophy. We are disciplined, long-term investors, focused on international small- and mid-cap companies that we believe can compound returns for shareholders over time. We scour healthy and growing industries to find businesses that we believe are built to last. We seek companies that are often leaders in their niche, are positioned to thrive in a wide range of economic environments and we expect can deliver consistently high returns on capital.

The Fund mostly performed as we would expect a quality-growth compounder strategy to do in a cyclical and commodity driven market environment. Through most of the fiscal year, uncertainty permeated the markets due to fears of inflation, higher interest rates, supply chain problems and Russia’s invasion of Ukraine, among other issues. During the first half of the fiscal year, equity markets made a sharp turn towards value and cyclical industries, as they are better-suited short-term investments. This led to our long-term oriented strategy trailing its benchmark during that time. The Fund performed in line with the benchmark during the second half of the fiscal year as quality-growth markets outperformed for portions of the fiscal year.

The Fund underperformed the most in the industrials, healthcare and financials sectors due to stock selection. Our overweight allocation to healthcare and underweight allocation to financials also hurt relative Fund performance. The Fund outperformed in the real estate and consumer discretionary sectors due to its underweight allocation to the sectors.

Top contributors to the Fund’s absolute performance during this fiscal year were

Gaztransport & Technigaz, Brewin Dolphin Holdings and Triveni Turbine.

Gaztransport & Technigaz is a French engineering company that provides liquified natural gas (LNG) containment systems to shippers and storers of LNG. Structural demand is strong as the world tries to move from coal to cleaner energy sources, of which LNG is one. The Russian invasion of Ukraine has accelerated demand for LNG infrastructure around the world. We exited our position in the company during the fiscal year.

Brewin Dolphin Holdings is a UK asset management firm. At the end of the first quarter of 2022, the Royal Bank of Canada bid for the company at a significant premium and management accepted. We exited our position during the first half of the fiscal year.

Triveni Turbine is an Indian manufacturer and after-sales servicer of steam turbines to a variety of industries. The share price responded favorably to the company’s earnings announcements during the third quarter of 2022.

Top detractors from the Fund’s absolute performance during this fiscal year were

Partners Group Holding, Sdiptech and MIPS.

Partners Group Holding is a Swiss company that was added to the portfolio in the fourth quarter of 2019. Partners Group Holding is an asset manager that invests in private equity, with a seven-year “lock-up” on the money invested with it. We have long been attracted to Partners Group Holding’s strong business model and track record. The shares experienced profit taking during the fiscal year after performing well last fiscal year.

Sdiptech is a Swedish company focused on providing equipment and control systems for public infrastructure in the niche areas of water treatment, transportation and building climate control and security. The stock has experienced profit taking this fiscal year after performing well last fiscal year. We continue to view the company’s prospects favorably.

MIPS is a Swedish company that is one of the worlds leading suppliers of the interior safety systems for sports helmets. Over the years, MIPS has managed to establish a recognizable brand among end users, much as Intel did many years ago with “Intel inside.” MIPS share price declined from previous highs due to profit taking and market volatility. We continue to view the company’s prospects favorably.

Thank you for your continued investment in Invesco International Small-Mid Company Fund.

2 Invesco International Small-Mid Company Fund

Portfolio manager(s):

David Nadel

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

3 Invesco International Small-Mid Company Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/17/97)	10.48	%
10 Years	8.73
5 Years	0.23
1 Year	-40.20

Class C Shares
Inception (11/17/97)	10.45	%
10 Years	8.69
5 Years	0.61
1 Year	-37.76

Class R Shares
Inception (3/1/01)	10.89	%
10 Years	9.06
5 Years	1.11
1 Year	-36.87

Class Y Shares
Inception (9/7/05)	9.33	%
10 Years	9.62
5 Years	1.62
1 Year	-36.57

Class R5 Shares
10 Years	9.48	%
5 Years	1.61
1 Year	-36.51

Class R6 Shares
Inception (12/29/11)	10.71	%
10 Years	9.79
5 Years	1.76
1 Year	-36.48

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

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

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 International Small-Mid Company Fund

Supplemental Information

Invesco International Small-Mid Company Fund’s investment objective is to seek capital appreciation.

∎

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

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI All Country World ex USA SMID Cap Index is designed to measure the equity market performance of small-and mid-cap developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The MSCI All Country World ex USA Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

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

∎

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

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		36.73	%
Information Technology		25.94
Health Care		16.96
Materials		5.47
Financials		4.83
Communication Services		4.21
Consumer Staples		2.86
Consumer Discretionary		2.39
Money Market Funds Plus Other Assets Less Liabilities		0.61

Top 10 Equity Holdings*


	% of total net assets
1. Partners Group Holding AG		2.42	%
2. Obic Co. Ltd.		2.22
3. Nice Ltd., ADR		1.83
4. Azbil Corp.		1.80
5. Croda International PLC		1.71
6. Carl Zeiss Meditec AG, BR		1.71
7. Disco Corp.		1.50
8. Spirax-Sarco Engineering PLC		1.50
9. Bruker Corp.		1.43
10. Ariake Japan Co. Ltd.		1.42

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

7 Invesco International Small-Mid Company Fund

Schedule of Investments

October 31, 2022


	Shares		Value
Common Stocks & Other Equity Interests–99.39%
Australia–4.34%
ALS Ltd.		5,339,911		$	38,950,543
carsales.com Ltd.		4,114,926			53,263,041
Cochlear Ltd.		351,530			44,981,286
IPH Ltd.		10,383,417			65,815,085
					203,009,955

Austria–0.42%
Fabasoft AG		1,112,457			19,789,074

Brazil–2.26%
Boa Vista Servicos S.A.		23,343,854			28,470,870
Odontoprev S.A.		16,151,240			25,889,511
TOTVS S.A.		6,179,237			39,667,699
WEG S.A.		1,488,300			11,605,600
					105,633,680

Canada–1.18%
Descartes Systems Group, Inc. (The)^(a)		804,257			55,492,464

Denmark–2.64%
Chemometec A/S		532,771			50,157,097
Chr. Hansen Holding A/S		521,169			28,905,800
SimCorp A/S		746,030			44,504,240
					123,567,137

France–3.56%
Alten S.A.		333,940			38,987,888
Interparfums S.A.		574,184			27,672,325
Lectra		980,484			31,380,840
Neurones		921,048			31,934,950
Thermador Groupe		240,448			20,015,485
Vetoquinol S.A.		202,517			16,831,553
					166,823,041

Germany–8.03%
Amadeus Fire AG^(b)		298,096			30,113,154
Atoss Software AG		191,151			23,319,282
Carl Zeiss Meditec AG, BR		661,437			80,113,765
CTS Eventim AG & Co. KGaA^(a)		690,669			32,995,260
Fuchs Petrolub SE, Preference Shares		664,890			19,055,663
Knorr-Bremse AG		237,335			10,684,025
Nemetschek SE		727,133			34,746,306
New Work SE		248,246			31,108,966
Sartorius AG, Preference Shares		128,963			45,515,742
STRATEC SE		412,804			34,637,151
Symrise AG		328,974			33,600,463
					375,889,777

Iceland–1.74%
Marel HF^(c)		6,108,614			21,916,757
Ossur HF^(a)		13,469,863			59,499,512
					81,416,269

India–2.65%
AIA Engineering Ltd.		835,735			27,061,193
Britannia Industries Ltd.		885,813			40,292,566
Coforge Ltd.		504,094			23,173,562


	Shares		Value
India–(continued)
Triveni Turbine Ltd.		9,893,329		$	33,427,583
					123,954,904

Indonesia–0.17%
PT Selamat Sempurna Tbk		81,283,400			7,816,855

Israel–1.83%
Nice Ltd., ADR^(a)		451,072			85,654,062

Italy–4.17%
Antares Vision S.p.A.^(a)(b)		1,945,014			16,508,773
DiaSorin S.p.A.		390,522			51,081,180
GVS S.p.A.^(a)(c)		2,465,468			12,645,941
Interpump Group S.p.A.		902,937			35,018,962
Recordati Industria Chimica e Farmaceutica S.p.A.		780,646			29,353,178
Technoprobe S.p.A.^(a)		3,675,425			25,282,674
Tinexta S.p.A.		1,251,859			25,239,334
					195,130,042

Japan–21.90%
Ariake Japan Co. Ltd.^(b)		1,916,600			66,191,196
As One Corp.		1,246,726			53,134,740
Azbil Corp.		3,090,400			84,008,154
Benefit One, Inc.		2,980,600			41,335,765
Daifuku Co. Ltd.		1,138,200			52,158,294
Disco Corp.		294,000			70,353,941
Fukui Computer Holdings, Inc.^(b)		1,357,900			31,715,825
Funai Soken Holdings, Inc.		308,200			5,497,568
Infomart Corp.		8,456,826			27,311,934
Japan Elevator Service Holdings Co. Ltd.		3,819,200			45,109,160
Kakaku.com, Inc.		1,370,200			23,140,931
Medikit Co. Ltd.		7,600			123,632
Meitec Corp.		3,177,258			53,577,954
MISUMI Group, Inc.		1,374,800			29,237,787
MonotaRO Co. Ltd.		1,936,920			29,516,756
NSD Co. Ltd.		2,063,400			35,283,473
OBIC Business Consultants Co. Ltd.		1,356,900			38,952,587
Obic Co. Ltd.		694,000			104,092,713
SCSK Corp.		2,729,200			40,208,331
Seria Co. Ltd.		1,751,600			28,636,169
SHO-BOND Holdings Co. Ltd.		1,030,200			44,529,129
Sysmex Corp.		409,600			22,095,941
TechnoPro Holdings, Inc.		1,903,200			45,176,880
TKC Corp.		1,337,518			34,088,945
USS Co. Ltd.		1,315,748			19,831,230
					1,025,309,035

Jersey–0.80%
JTC PLC^(c)		4,659,679			37,352,586

Netherlands–1.09%
IMCD N.V.		395,553			51,255,734

New Zealand–0.38%
Fisher & Paykel Healthcare Corp. Ltd.		1,583,955			18,029,284

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

8 Invesco International Small-Mid Company Fund


	Shares		Value
Norway–0.42%
Medistim ASA		863,098		$	19,923,349

South Korea–0.45%
NICE Information Service Co. Ltd.		2,318,417			21,106,756

Spain–0.35%
Applus Services S.A.		2,762,140			16,327,441

Sweden–12.80%
AddTech AB, Class B		2,684,037			32,433,558
Alfa Laval AB		1,980,488			48,693,789
Biotage AB		2,664,336			43,709,369
Bravida Holding AB^(c)		3,610,682			33,821,012
Cellavision AB		943,238			17,676,964
Epiroc AB, Class A		1,763,835			26,969,384
Fortnox AB		9,654,743			41,102,525
Hexpol AB		4,642,085			45,781,830
Karnov Group AB^(a)(b)		6,523,524			34,774,863
Lifco AB, Class B		2,689,161			38,815,561
Lime Technologies AB^(b)		762,921			13,931,719
Loomis AB		1,816,352			50,741,097
MIPS AB^(c)		814,189			26,318,527
Mycronic AB		2,122,317			33,369,039
Sdiptech AB, Class B^(a)(b)		2,383,465			45,943,824
SmartCraft ASA^(a)		8,513,068			13,091,449
Vitec Software Group AB, Class B		1,282,738			47,121,557
Vitrolife AB		320,630			5,179,350
					599,475,417

Switzerland–10.15%
Belimo Holding AG		117,141			47,833,573
Bossard Holding AG, Class A		116,963			23,177,427
dormakaba Holding AG		39,136			12,407,093
Forbo Holding AG		24,038			29,078,398
Interroll Holding AG, Class R		12,485			26,278,422
Kardex Holding AG		264,500			40,368,556
LEM Holding S.A.		25,605			42,646,442
Partners Group Holding AG		126,195			113,115,538
Tecan Group AG, Class R		172,642			63,486,503
VAT Group AG^(c)		124,128			28,304,423
VZ Holding AG		702,144			48,431,099
					475,127,474

Taiwan–0.45%
Advantech Co. Ltd.		2,326,000			21,053,000

Investment Abbreviations:


ADR		- American Depositary Receipt
BR		- Bearer Shares


	Shares		Value
United Kingdom–14.66%
Alpha Financial Markets Consulting PLC^(b)		6,044,324		$	25,993,604
Auction Technology Group PLC^(a)		3,422,020			29,315,050
Bunzl PLC		625,972			20,376,416
Croda International PLC		1,034,783			80,149,798
Diploma PLC		2,005,065			57,113,081
FDM Group Holdings PLC		3,624,457			26,227,676
Halma PLC		2,316,362			56,117,859
Hill & Smith Holdings PLC		1,469,413			16,624,449
Howden Joinery Group PLC		5,593,479			32,934,995
IMI PLC		2,370,322			33,380,529
Intertek Group PLC		277,909			11,638,212
Johnson Service Group PLC^(b)		35,452,722			37,689,191
Rathbones Group PLC		1,257,012			27,002,614
Restore PLC^(b)		10,934,102			45,141,202
Rightmove PLC		3,793,959			21,373,251
Rotork PLC		12,033,507			35,355,651
Spirax-Sarco Engineering PLC		570,453			70,247,432
Victrex PLC		1,671,287			31,665,753
Weir Group PLC (The)		1,598,699			27,875,359
					686,222,122

United States–2.95%
Allegion PLC		237,175			24,848,825
Bruker Corp.		1,081,138			66,857,574
ICON PLC^(a)		234,183			46,330,764
					138,037,163
Total Common Stocks & Other Equity Interests (Cost $4,085,269,496)					4,653,396,621

Money Market Funds–0.39%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(b)(d)		6,447,173			6,447,173
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(b)(d)		4,603,988			4,604,909
Invesco Treasury Portfolio, Institutional Class, 3.08%^(b)(d)		7,368,198			7,368,198
Total Money Market Funds (Cost $18,419,883)					18,420,280
TOTAL INVESTMENTS IN SECURITIES–99.78% (Cost $4,103,689,379)					4,671,816,901
OTHER ASSETS LESS LIABILITIES–0.22%					10,314,567
NET ASSETS–100.00%				$	4,682,131,468

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)	Non-income producing security.

^(b)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	26,783,461		$	365,074,256		$	(385,410,544)		$	-		$	-		$	6,447,173		$	148,147
Invesco Liquid Assets Portfolio, Institutional Class			16,470,796			260,767,326			(272,629,865)			397			(3,745)			4,604,909			83,610
Invesco Treasury Portfolio, Institutional Class			30,609,669			417,227,721			(440,469,192)			-			-			7,368,198			141,907
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			8,748,669			(8,748,669)			-			-			-			9,904	*
Invesco Private Prime Fund			-			22,508,347			(22,508,454)			-			107			-			25,967	*
Investments in Other Affiliates:
Alpha Financial Markets Consulting PLC			-			30,096,639			-			(4,103,035)			-			25,993,604			676,530
Amadeus Fire AG			72,508,225			2,165,768			(6,632,436)			(38,819,933)			891,530			30,113,154			772,185
Antares Vision S.p.A.			22,089,362			2,408,809			-			(7,989,398)			-			16,508,773			-
Ariake Japan Co. Ltd.			109,549,953			12,413,093			(4,335,454)			(48,979,570)			(2,456,826)			66,191,196			1,222,622
Bravura Solutions Ltd.			50,286,904			-			(32,337,087)			7,361,325			(25,311,142)			-			441,380
Fukui Computer Holdings, Inc.			38,155,165			12,271,527			(3,565,281)			(13,564,382)			(1,581,204)			31,715,825			641,617
IPH Ltd.**			82,084,407			3,980,215			(16,651,783)			(3,235,884)			(361,870)			65,815,085			2,423,357
Johnson Service Group PLC			46,281,211			21,022,901			(5,476,189)			(23,071,555)			(1,067,177)			37,689,191			328,410
Karnov Group AB			49,345,718			9,990,548			(17,259,549)			(7,161,111)			(140,743)			34,774,863			-
Lime Technologies AB			5,833,382			21,963,177			(6,847)			(13,849,742)			(8,251)			13,931,719			171,578
Meitec Corp.**			90,716,025			6,674,547			(30,904,825)			(10,736,377)			(2,171,416)			53,577,954			2,284,838
New Work SE**			74,916,904			4,347,066			(9,133,495)			(28,310,924)			(10,710,585)			31,108,966			1,895,117
Odontoprev S.A.**			76,227,051			5,268,564			(37,847,500)			10,293,746			(28,052,350)			25,889,511			1,817,480
Restore PLC			86,055,343			-			(13,883,222)			(27,746,331)			715,412			45,141,202			993,796
Sdiptech AB, Class B			130,016,552			4,212,722			(10,994,040)			(79,375,953)			2,084,543			45,943,824			-
Total		$	1,007,930,128		$	1,211,141,895		$	(1,318,794,432)		$	(289,288,727)		$	(68,173,717)		$	542,815,147		$	14,078,445

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

**	As of October 31, 2022, this security was not considered as an affiliate of the Fund.

^(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, 2022 was $160,359,246, which represented 3.42% of the Fund’s Net Assets.

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

10 Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

October 31, 2022



Assets:

Investments in unaffiliated securities, at value (Cost $3,704,968,215)	$	4,305,393,270
Investments in affiliates, at value (Cost $398,721,164)		366,423,631
Cash		943,714
Foreign currencies, at value (Cost $2,635,514)		2,660,383
Receivable for:
Investments sold		12,815,260
Fund shares sold		2,940,092
Dividends		22,624,376
Investment for trustee deferred compensation and retirement plans		212,713
Other assets		2,138,679
Total assets		4,716,152,118

Liabilities:

Payable for:
Investments purchased		2,222,227
Fund shares reacquired		25,781,138
Accrued foreign taxes		3,044,334
Accrued fees to affiliates		1,944,350
Accrued trustees’ and officers’ fees and benefits		59,415
Accrued other operating expenses		756,473
Trustee deferred compensation and retirement plans		212,713
Total liabilities		34,020,650
Net assets applicable to shares outstanding	$	4,682,131,468

Net assets consist of:

Shares of beneficial interest	$	4,170,326,083
Distributable earnings		511,805,385
	$	4,682,131,468



Net Assets:

Class A	$	787,041,668

Class C	$	41,813,085

Class R	$	63,205,322

Class Y	$	1,943,232,672

Class R5	$	379,371

Class R6	$	1,846,459,350

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		21,679,771

Class C		1,340,461

Class R		1,876,764

Class Y		53,895,704

Class R5		10,353

Class R6		50,869,821
Class A:
Net asset value per share	$	36.30
Maximum offering price per share (Net asset value of $36.30 ÷ 94.50%)	$	38.41
Class C:
Net asset value and offering price per share	$	31.19
Class R:
Net asset value and offering price per share	$	33.68
Class Y:
Net asset value and offering price per share	$	36.06
Class R5:
Net asset value and offering price per share	$	36.64
Class R6:
Net asset value and offering price per share	$	36.30

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

11 Invesco International Small-Mid Company Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	249
Dividends (net of foreign withholding taxes of $8,661,959)		78,619,197
Dividends from affiliates (includes net securities lending income of $4,138)		14,046,712
Foreign withholding tax claims		21,750
Total investment income		92,687,908

Expenses:
Advisory fees		59,137,152
Administrative services fees		920,546
Custodian fees		861,454
Distribution fees - Class A		2,565,814
Distribution fees - Class C		729,370
Distribution fees - Class R		405,125
Transfer agent fees – A, C, R and Y		6,155,436
Transfer agent fees – R5		235
Transfer agent fees – R6		784,830
Trustees’ and officers’ fees and benefits		79,708
Registration and filing fees		198,418
Professional services fees		91,342
Other		(166,843	)
Total expenses		71,762,587
Less: Fees waived and/or expense offset arrangement(s)		(40,941	)
Net expenses		71,721,646
Net investment income		20,966,262

Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $5,180,309)		120,822,718
Affiliated investment securities		(68,173,717	)
Foreign currencies		(3,132,067	)
Forward foreign currency contracts		536
		49,517,470
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $6,982,249)		(2,859,513,376	)
Affiliated investment securities		(289,288,727	)
Foreign currencies		(1,994,760	)
		(3,150,796,863	)
Net realized and unrealized gain (loss)		(3,101,279,393	)
Net increase (decrease) in net assets resulting from operations	$	(3,080,313,131	)

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

12 Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

For

the years ended October 31, 2022 and 2021


	2022				2021
Operations:
Net investment income		$	20,966,262			$	22,078,358
Net realized gain			49,517,470				915,933,338
Change in net unrealized appreciation (depreciation)			(3,150,796,863	)			1,415,006,946
Net increase (decrease) in net assets resulting from operations			(3,080,313,131	)			2,353,018,642

Distributions to shareholders from distributable earnings:
Class A			(128,634,056	)			(102,620,781	)
Class C			(11,532,447	)			(12,866,389	)
Class R			(10,131,133	)			(8,163,910	)
Class Y			(374,453,286	)			(284,649,017	)
Class R5			(34,765	)			(30,241	)
Class R6			(296,558,579	)			(220,448,627	)
Total distributions from distributable earnings			(821,344,266	)			(628,778,965	)

Share transactions–net:
Class A			(21,103,345	)			(36,705,496	)
Class C			(28,026,470	)			(42,639,705	)
Class R			5,279,589				(2,099,240	)
Class Y			(335,933,581	)			27,689,473
Class R5			85,430				232,272
Class R6			33,384,828				63,256,803
Net increase (decrease) in net assets resulting from share transactions			(346,313,549	)			9,734,107
Net increase (decrease) in net assets			(4,247,970,946	)			1,733,973,784

Net assets:
Beginning of year			8,930,102,414				7,196,128,630
End of year		$	4,682,131,468			$	8,930,102,414

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 10/31/22	$63.38		$	0.04			$	(21.41	)		$	(21.37	)		$	(0.02	)		$	(5.69	)		$	(5.71	)		$	36.30		(36.72	)%^(e)		$	787,042		1.33	%^(e)		1.33	%^(e)		0.10	%^(e)		20	%
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
Class C
Year ended 10/31/22	55.66			(0.27	)			(18.51	)			(18.78	)			–				(5.69	)			(5.69	)			31.19		(37.20	)			41,813		2.09			2.09			(0.66	)		20
Year ended 10/31/21	46.22			(0.37	)			14.31				13.94				–				(4.50	)			(4.50	)			55.66		32.10				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
Class R
Year ended 10/31/22	59.34			(0.07	)			(19.90	)			(19.97	)			–				(5.69	)			(5.69	)			33.68		(36.87	)			63,205		1.59			1.59			(0.16	)		20
Year ended 10/31/21	48.78			(0.12	)			15.18				15.06				–				(4.50	)			(4.50	)			59.34		32.76				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
Class Y
Year ended 10/31/22	63.00			0.15				(21.23	)			(21.08	)			(0.17	)			(5.69	)			(5.86	)			36.06		(36.55	)			1,943,233		1.09			1.09			0.34			20
Year ended 10/31/21	51.29			0.16				16.05				16.21				–				(4.50	)			(4.50	)			63.00		33.45				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
Class R5
Year ended 10/31/22	63.92			0.19				(21.57	)			(21.38	)			(0.21	)			(5.69	)			(5.90	)			36.64		(36.51	)			379		1.00			1.00			0.43			20
Year ended 10/31/21	51.94			0.20				16.28				16.48				–				(4.50	)			(4.50	)			63.92		33.55				512		1.00			1.00			0.35			24
Year ended 10/31/20	48.26			0.07				5.99				6.06				(0.20	)			(2.18	)			(2.38	)			51.94		12.99				191		0.99			0.99			0.13			73
Two months ended 10/31/19	46.29			(0.01	)			1.98				1.97				–				–				–				48.26		4.26				20		1.01	^(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 10/31/22	63.39			0.21				(21.37	)			(21.16	)			(0.24	)			(5.69	)			(5.93	)			36.30		(36.48	)			1,846,459		0.97			0.97			0.46			20
Year ended 10/31/21	51.52			0.23				16.14				16.37				–				(4.50	)			(4.50	)			63.39		33.62				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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018, respectively.

^(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 year ended October 31, 2022, 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, 2022

NOTE 1—Significant Accounting Policies

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

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

Effective as of the open of business June 28, 2022, the Fund reopened to all investors.

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

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

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.

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.

16 Invesco International Small-Mid Company Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.91%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively of the Fund’s average daily net assets (the “expense limits”).In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the year ended October 31, 2022, the Adviser waived advisory fees of $36,397.

17 Invesco International Small-Mid Company Fund

Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $29,999 in front-end sales commissions from the sale of Class A shares and $0 and $494 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $4,114 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

Level 1 -

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

Level 2 -

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

Level 3 -

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


	Level 1			Level 2			Level 3			Total
Investments in Securities
Australia		$	–		$	203,009,955		$	–		$	203,009,955
Austria			–			19,789,074			–			19,789,074
Brazil			105,633,680			–			–			105,633,680
Canada			55,492,464			–			–			55,492,464
Denmark			–			123,567,137			–			123,567,137
France			16,831,553			149,991,488			–			166,823,041
Germany			–			375,889,777			–			375,889,777
Iceland			–			81,416,269			–			81,416,269
India			–			123,954,904			–			123,954,904
Indonesia			–			7,816,855			–			7,816,855
Israel			85,654,062			–			–			85,654,062
Italy			–			195,130,042			–			195,130,042
Japan			–			1,025,309,035			–			1,025,309,035
Jersey			37,352,586			–			–			37,352,586
Netherlands			–			51,255,734			–			51,255,734
New Zealand			–			18,029,284			–			18,029,284
Norway			–			19,923,349			–			19,923,349
South Korea			–			21,106,756			–			21,106,756
Spain			–			16,327,441			–			16,327,441
Sweden			121,593,121			477,882,296			–			599,475,417
Switzerland			–			475,127,474			–			475,127,474
Taiwan			–			21,053,000			–			21,053,000
United Kingdom			233,102,903			453,119,219			–			686,222,122
United States			138,037,163			–			–			138,037,163
Money Market Funds			18,420,280			–			–			18,420,280
Total Investments		$	812,117,812		$	3,859,699,089		$	–		$	4,671,816,901

NOTE 4–Derivative Investments

18 Invesco International Small-Mid Company Fund

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

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

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


	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$	536

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


		Forward Foreign Currency Contracts
Average notional value		$734,567

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.

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, 2022 and 2021:


	2022			2021
Ordinary income*		$	113,739,597		$	–
Long-term capital gain			707,604,669			628,778,965
Total distributions		$	821,344,266		$	628,778,965

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

Tax Components of Net Assets at Period-End:


	2022
Undistributed ordinary income		$	13,104,198
Undistributed long-term capital gain			13,347,994
Net unrealized appreciation – investments			486,086,136
Net unrealized appreciation (depreciation) – foreign currencies			(1,757,938	)
Temporary book/tax differences			1,024,995
Shares of beneficial interest			4,170,326,083
Total net assets		$	4,682,131,468

19 Invesco International Small-Mid Company Fund

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

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,310,999,416 and $2,409,337,798, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	918,759,072
Aggregate unrealized (depreciation) of investments		(432,672,936	)
Net unrealized appreciation of investments	$	486,086,136

Cost of investments for tax purposes is $4,185,730,765.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and equalization, on October 31, 2022, undistributed net investment income was decreased by $5,749,207, undistributed net realized gain (loss) was decreased by $44,690,796 and shares of beneficial interest was increased by $50,440,003. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Year ended October 31, 2022^(a)							Year ended October 31, 2021
	Shares			Amount				Shares			Amount
Sold:
Class A		1,827,230			$	82,188,095			1,688,336			$	96,716,229
Class C		70,288				2,619,285			62,162				3,177,985
Class R		175,017				7,297,886			193,668				10,433,562
Class Y		11,529,970				521,840,152			11,044,718				628,844,474
Class R5		6,285				288,152			5,860				321,103
Class R6		10,123,742				443,784,590			10,066,439				575,754,165

Issued as reinvestment of dividends:
Class A		2,117,805				115,293,297			1,742,904				91,554,723
Class C		219,526				10,339,660			252,485				11,727,933
Class R		198,990				10,072,877			164,658				8,117,615
Class Y		5,895,843				318,139,690			4,462,728				232,552,777
Class R5		612				33,510			554				29,282
Class R6		5,185,947				281,389,504			4,022,670				210,667,252

Automatic conversion of Class C shares to Class A shares:
Class A		579,028				26,222,003			603,668				34,750,110
Class C		(670,455	)			(26,222,003	)		(684,298	)			(34,750,110	)

Reacquired:
Class A		(5,554,416	)			(244,806,740	)		(4,523,290	)			(259,726,558	)
Class C		(386,227	)			(14,763,412	)		(449,511	)			(22,795,513	)
Class R		(290,742	)			(12,091,174	)		(377,420	)			(20,650,417	)
Class Y		(27,645,551	)			(1,175,913,423	)		(14,571,573	)			(833,707,778	)
Class R5		(4,559	)			(236,232	)		(2,077	)			(118,113	)
Class R6		(15,353,062	)			(691,789,266	)		(12,324,480	)			(723,164,614	)
Net increase (decrease) in share activity		(11,974,729	)		$	(346,313,549	)		1,378,201			$	9,734,107

(a)

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

20 Invesco International Small-Mid Company Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Small-Mid Company Fund

Opinion on the Financial Statements

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

Financial Highlights

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer International Small-Mid Company Fund (subsequently renamed Invesco International Small-Mid Company Fund) as of and for the year ended August 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

21 Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(05/01/22)	(10/31/22)¹	Period²	(10/31/22)	Period²	Ratio
Class A	$1,000.00	$847.90	$6.43	$1,018.25	$7.02	1.38%
Class C	1,000.00	844.60	9.95	1,014.42	10.87	2.14
Class R	1,000.00	846.90	7.63	1,016.94	8.34	1.64
Class Y	1,000.00	848.80	5.31	1,019.46	5.80	1.14
Class R5	1,000.00	849.50	4.62	1,020.21	5.04	0.99
Class R6	1,000.00	849.70	4.66	1,020.16	5.09	1.00

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 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Small-Mid Company Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

23 Invesco International Small-Mid Company Fund

with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees and total expense ratio were in the fourth quintile of its expense group and the Fund’s actual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding the Fund’s actual and contractual management fees in light of current asset levels, as well as the Fund’s total expenses relative to peers.

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 considered additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

24 Invesco International Small-Mid Company Fund

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

25 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	758,044,669
Qualified Dividend Income*		97.14	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0969		per share
Foreign Source Income	$	0.7778		per share

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


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	90,369,377

26 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)	189	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)


	Trustee		Number of Funds	Other Directorship(s)
Name, Year of Birth and	and/or		in Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


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

T-4 Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


	Trustee		Number of Funds in	Other Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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

T-5 Invesco International Small-Mid Company Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco International Small-Mid Company Fund

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LOGO

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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.




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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco MSCI World SRI Index Fund

Nasdaq:

A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX



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

23		Report of Independent Registered Public Accounting Firm

24		Fund Expenses

25		Approval of Investment Advisory and Sub-Advisory Contracts

27		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco MSCI World SRI Index Fund (the Fund), at net asset value (NAV), outperformed the MSCI World SRI Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-22.58	%
Class C Shares	-23.16
Class R Shares	-22.76
Class Y Shares	-22.37
Class R5 Shares	-22.37
Class R6 Shares	-22.37
MSCI World SRI Index^▼(Broad Market Index)	-22.76
Custom Invesco MSCI World SRI Index^∎(Style-Specific Index)	-22.76
Lipper Global Multi-Cap Core Funds Index^◆(Peer Group Index)	-19.79

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

Market conditions and your Fund

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

The Invesco MSCI World SRI Index Fund invests passively and seeks to track the performance (before fees and expenses) of the MSCI World SRI Index. Consequently, country, sector and security weights will closely mirror those of the index. The index targets about 25% of the parent index (MSCI World Index) market capitalization in companies with high environmental, social and governance (ESG) ratings compared to each representative sector of each region represented in the MSCI World SRI Index, as determined by MSCI Inc., the index provider. It applies exclusion criteria, such as controversial weapons, tobacco, gambling and other exclusion-criteria as disclosed in the Fund’s prospectus. Companies are excluded from the MSCI World SRI Index if their revenues from alcohol, adult entertainment, conventional weapons, gambling, genetically-modified organisms, nuclear power or thermal coal-based power generation exceed the business involvement thresholds determined by MSCI. The index also may exclude companies involved in material ESG controversies.

For the fiscal year that ended October 31, 2022, the energy sector was the strongest contributor to absolute Fund performance while being the only sector with a positive return. On the other hand, the information technology, consumer discretionary and financials sectors were the main detractors from absolute Fund performance. From a country perspective, almost all countries detracted from Fund performance with the US, Japan and Canada as the main detractors from absolute Fund performance. The US is by far the largest weight, making up 65% of the portfolio and had the largest negative impact.

The largest detractors from absolute Fund performance include Microsoft, Tesla, NVIDIA and ASML Holding. NVIDIA and ASML Holding experienced declines due to the restriction of semiconductor sales to China while Microsoft and Tesla continued to struggle with product and leadership headwinds throughout the fiscal year. Leading contributors to the Fund’s absolute performance during this fiscal year included Amgen, Cigna, PepsiCo and Vertex Pharmaceuticals. Cigna and PepsiCo climbed repeatedly after experiencing strong sales forecasts. Meanwhile, Amgen and Vertex Pharmaceuticals rose due to highly anticipated success in new drug trials and research.

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (7/1/16)	4.62	%
5 Years	0.82
1 Year	-26.85

Class C Shares
Inception (7/1/16)	4.76	%
5 Years	1.19
1 Year	-23.93

Class R Shares
Inception (7/1/16)	5.28	%
5 Years	1.71
1 Year	-22.76

Class Y Shares
Inception (7/1/16)	5.81	%
5 Years	2.21
1 Year	-22.37

Class R5 Shares
Inception (7/1/16)	5.81	%
5 Years	2.21
1 Year	-22.37

Class R6 Shares
Inception (7/1/16)	5.81	%
5 Years	2.21
1 Year	-22.37

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

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI World SRI Index is an unmanaged index comprised of developed countries’ large-and mid-cap stocks with high ESG ratings as determined by MSCI ESG Research. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Custom Invesco MSCI World SRI Index is composed of the MSCI World Index through June 30, 2020, and the MSCI World SRI Index thereafter. Both indexes are computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Multi-Cap Core Funds Index is an unmanaged index considered representative of global multi-cap core funds tracked by Lipper.

∎	Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

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

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		21.75	%

Health Care		16.62

Financials		13.92

Consumer Discretionary		12.97

Industrials		10.20

Consumer Staples		9.24

Materials		4.83

Communication Services		3.65

Real Estate		2.39

Utilities		2.24

Energy		2.21

Money Market Funds Plus Other Assets Less Liabilities		(0.02	)

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		13.18	%

2.	Tesla, Inc.		4.82

3.	NVIDIA Corp.		2.72

4.	Home Depot, Inc. (The)		2.45

5.	PepsiCo, Inc.		2.07

6.	Coca-Cola Co. (The)		2.03

7.	Roche Holding AG		1.87

8.	Walt Disney Co. (The)		1.58

9.	ASML Holding N.V.		1.55

10.	Novo Nordisk A/S, Class B		1.45

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco MSCI World SRI Index Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–100.02%
Australia–1.61%
Ampol Ltd.		249	$	4,347


APA Group		849		5,693


ASX Ltd.		141		6,093


BlueScope Steel Ltd.		545		5,442


Brambles Ltd.		1,106		8,249


Cochlear Ltd.		46		5,886


Coles Group Ltd.		954		9,955


Dexus		805		4,013


Evolution Mining Ltd.		1,908		2,522


Fortescue Metals Group Ltd.		1,267		11,823


Goodman Group		1,103		12,014


GPT Group (The)		1,406		3,881


James Hardie Industries PLC, CDI		203		4,460


Lendlease Corp. Ltd.		495		2,742


Mineral Resources Ltd.		120		5,562


Mirvac Group		2,727		3,599


Newcrest Mining Ltd.		580		6,405


QBE Insurance Group Ltd.		755		5,894


REA Group Ltd.		44		3,408


Stockland		1,744		4,017


Suncorp Group Ltd.		627		4,556


Transurban Group		2,053		17,374


Vicinity Ltd.		4,613		5,739


				143,674



Austria–0.11%
Mondi PLC		307		5,149


Verbund AG		64		5,014


				10,163



Belgium–0.16%
KBC Group N.V.		189		9,458


Umicore S.A.		141		4,642


				14,100



Canada–4.25%
Agnico Eagle Mines Ltd.		324		14,253


Bank of Nova Scotia (The)		893		43,164


Canadian National Railway Co.		447		52,957


Canadian Tire Corp. Ltd., Class A		47		5,268


FirstService Corp.		33		4,125


Fortis, Inc.		321		12,523


Gildan Activewear, Inc.		175		5,522


Intact Financial Corp.		119		18,082


Magna International, Inc.		235		13,096


Metro, Inc.		148		7,753


National Bank of Canada		259		17,635


Northland Power, Inc.		170		4,946


Nutrien Ltd.		385		32,530


Parkland Corp.		170		3,437


Pembina Pipeline Corp.		377		12,447


Ritchie Bros. Auctioneers, Inc.		103		6,729


Rogers Communications, Inc., Class B		252		10,490


Shopify, Inc., Class A^(a)		820		28,115


Toromont Industries Ltd.		61		4,688


	Shares		Value


Canada–(continued)
Toronto-Dominion Bank (The)		1,264	$	80,896


				378,656



China–0.36%
BOC Hong Kong Holdings Ltd.		2,500		7,778


Prosus N.V.		556		24,198


				31,976



Denmark–2.27%
AP Moller - Maersk A/S, Class B		5		10,440


Coloplast A/S, Class B		85		9,471


Genmab A/S^(a)		50		19,283


GN Store Nord A/S		173		3,676


Novo Nordisk A/S, Class B		1,190		129,324


Orsted A/S^(b)		141		11,618


Pandora A/S		85		4,471


Vestas Wind Systems A/S		725		14,249


				202,532



Finland–0.50%
Elisa OYJ		86		4,156


Kesko OYJ, Class B		186		3,618


Neste OYJ		307		13,440


Orion OYJ, Class B		101		4,646


Stora Enso OYJ, Class R		271		3,529


UPM-Kymmene OYJ		347		11,619


Wartsila OYJ Abp		507		3,451


				44,459



France–2.64%
AXA S.A.		1,445		35,663


Bureau Veritas S.A.		219		5,421


Cie Generale des Etablissements Michelin S.C.A.		496		12,634


Danone S.A.		503		25,008


EssilorLuxottica S.A.		219		34,690


Klepierre S.A.		223		4,480


L’Oreal S.A.		175		54,944


Publicis Groupe S.A.		92		5,153


Schneider Electric SE		392		49,609


Valeo		190		3,128


Vivendi SE		546		4,467


				235,197



Germany–1.20%
adidas AG		136		13,303


Allianz SE		297		53,471


Deutsche Boerse AG		141		22,941


Merck KGaA		87		14,187


Puma SE		71		3,144


				107,046



Hong Kong–0.87%
AIA Group Ltd.		8,600		64,944


Hang Seng Bank Ltd.		600		8,436


MTR Corp. Ltd.		1,000		4,403


				77,783

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


7		Invesco MSCI World SRI Index Fund


	Shares		Value


Ireland–0.32%
CRH PLC		534	$	19,213


Kerry Group PLC, Class A		110		9,560


				28,773



Israel–0.11%
Bank Leumi Le-Israel BM		1,031		9,830



Italy–0.36%
Amplifon S.p.A.		119		2,958


Intesa Sanpaolo S.p.A.		11,912		22,745


Terna Rete Elettrica Nazionale S.p.A.		929		6,165


				31,868



Japan–5.75%
Aeon Co. Ltd.		500		9,332


Ajinomoto Co., Inc.		400		10,998


Asahi Kasei Corp.		900		5,774


Astellas Pharma, Inc.		1,400		19,259


Daifuku Co. Ltd.		100		4,583


Dai-ichi Life Holdings, Inc.		700		11,075


Daiichi Sankyo Co. Ltd.		1,200		38,479


Daikin Industries Ltd.		200		30,080


FANUC Corp.		100		13,143


Fast Retailing Co. Ltd.		45		25,096


Fujitsu Ltd.		100		11,508


Hankyu Hanshin Holdings, Inc.		200		5,936


Ibiden Co. Ltd.		200		6,759


JFE Holdings, Inc.		400		3,656


Kao Corp.		400		15,011


KDDI Corp.		1,200		35,434


Kikkoman Corp.		100		5,418


Kubota Corp.		600		8,370


Kurita Water Industries Ltd.		100		3,659


Mitsubishi Chemical Group Corp.		800		3,604


Nippon Express Holdings, Inc.		100		5,014


Nitto Denko Corp.		100		5,262


Nomura Research Institute Ltd.		300		6,647


Omron Corp.		100		4,648


ORIX Corp.		900		13,180


Panasonic Holdings Corp.		1,600		11,448


Recruit Holdings Co. Ltd.		1,000		30,692


Sekisui House Ltd.		400		6,647


SG Holdings Co. Ltd.		200		2,647


SoftBank Corp.		1,800		17,746


Sompo Holdings, Inc.		200		8,327


Sony Group Corp.		900		60,941


Sumitomo Chemical Co. Ltd.		1,400		4,701


Suntory Beverage & Food Ltd.		200		6,696


Sysmex Corp.		100		5,395


Terumo Corp.		300		9,118


Tokyo Electron Ltd.		100		26,446


Tokyu Corp.		300		3,456


Toray Industries, Inc.		900		4,360


Yamaha Corp.		100		3,776


Yamaha Motor Co. Ltd.		200		4,127


Z Holdings Corp.		1,900		4,896


				513,344



Netherlands–2.17%
Akzo Nobel N.V.		144		8,877


	Shares		Value


Netherlands–(continued)
ASML Holding N.V.		293	$	138,125


Koninklijke DSM N.V.		125		14,719


NN Group N.V.		210		8,884


Wolters Kluwer N.V.		213		22,639


				193,244



New Zealand–0.04%
Meridian Energy Ltd.		1,313		3,725



Norway–0.24%
DNB Bank ASA		692		12,209


Orkla ASA		740		4,986


Telenor ASA		492		4,470


				21,665



Singapore–0.17%
CapitaLand Investment Ltd.		1,700		3,620


United Overseas Bank Ltd.		600		11,762


				15,382



Spain–0.56%
Banco Bilbao Vizcaya Argentaria S.A.		5,064		26,023


Industria de Diseno Textil S.A.		818		18,527


Red Electrica Corp. S.A.		322		5,204


				49,754



Sweden–0.42%
Boliden AB		242		7,038


Electrolux AB, Class B		385		4,746


Essity AB, Class B		400		8,450


Husqvarna AB, Class B		721		4,278


Svenska Cellulosa AB S.C.A., Class B		423		4,987


Tele2 AB, Class B		329		2,697


Telia Co. AB		1,832		4,851


				37,047



Switzerland–0.96%
Givaudan S.A.		7		20,879


Kuehne + Nagel International AG, Class R		37		7,878


Lonza Group AG		53		27,247


SGS S.A.		4		8,817


Sonova Holding AG, Class A		38		8,974


Swiss Life Holding AG		25		12,094


				85,889



United Kingdom–4.53%
abrdn PLC		2,846		5,183


Ashtead Group PLC		350		18,214


Barratt Developments PLC		695		2,998


Berkeley Group Holdings PLC		72		2,866


British Land Co. PLC (The)		716		3,001


BT Group PLC		5,446		8,095


Bunzl PLC		144		4,687


Burberry Group PLC		280		5,828


CNH Industrial N.V.		767		9,919


Coca-Cola Europacific Partners PLC		143		6,728


Croda International PLC		84		6,506


DCC PLC		66		3,661


Informa PLC		982		6,257


InterContinental Hotels Group PLC		122		6,564


Intertek Group PLC		89		3,727

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


8		Invesco MSCI World SRI Index Fund


	Shares		Value


United Kingdom–(continued)
J Sainsbury PLC		1,618	$	3,605


Johnson Matthey PLC		161		3,568


Kingfisher PLC		1,562		3,917


Legal & General Group PLC		2,780		7,416


Liberty Global PLC, Class C^(a)		418		7,382


Linde PLC		368		109,425


National Grid PLC		2,557		27,822


Pearson PLC		540		5,947


RELX PLC		1,431		38,466


Schroders PLC		658		2,956


Segro PLC		825		7,420


Severn Trent PLC		142		4,074


St James’s Place PLC		391		4,766


Unilever PLC		1,832		83,332


				404,330



United States–70.42%
ABIOMED, Inc.^(a)		33		8,319


Adobe, Inc.^(a)		333		106,060


Agilent Technologies, Inc.		229		31,682


Allegion PLC		65		6,810


Ally Financial, Inc.		283		7,799


American Express Co.		464		68,881


American Tower Corp.		337		69,823


American Water Works Co., Inc.		97		14,098


Ameriprise Financial, Inc.		91		28,130


AmerisourceBergen Corp.		122		19,181


Amgen, Inc.		385		104,085


Aptiv PLC^(a)		201		18,305


Atmos Energy Corp.		97		10,335


Automatic Data Processing, Inc.		313		75,652


Baker Hughes Co., Class A		708		19,583


Ball Corp.		187		9,236


Bank of New York Mellon Corp. (The)		602		25,350


Becton, Dickinson and Co.		218		51,441


Best Buy Co., Inc.		174		11,903


Biogen, Inc.^(a)		111		31,462


BlackRock, Inc.		114		73,634


Bunge Ltd.		100		9,870


C.H. Robinson Worldwide, Inc.		102		9,967


Cable One, Inc.		3		2,578


Cardinal Health, Inc.		230		17,457


Carrier Global Corp.		498		19,800


Caterpillar, Inc.		398		86,151


CBRE Group, Inc., Class A^(a)		246		17,451


Centene Corp.^(a)		429		36,521


Cheniere Energy, Inc.		165		29,108


Cigna Corp.		230		74,304


Clorox Co. (The)		90		13,144


CME Group, Inc., Class A		268		46,444


Coca-Cola Co. (The)		3,018		180,627


Colgate-Palmolive Co.		594		43,861


Computershare Ltd.		448		7,246


Conagra Brands, Inc.		196		7,193	��


Consolidated Edison, Inc.		250		21,990


Cummins, Inc.		109		26,652


DaVita, Inc.^(a)		71		5,184


DENTSPLY SIRONA, Inc.		158		4,870


Dover Corp.		68		8,887


	Shares		Value


United States–(continued)
Ecolab, Inc.		191	$	30,000


Edwards Lifesciences Corp.^(a)		468		33,897


Elanco Animal Health, Inc.^(a)		209		2,757


Electronic Arts, Inc.		223		28,089


Elevance Health, Inc.		166		90,764


Equinix, Inc.		65		36,819


Essential Utilities, Inc.		109		4,820


Eversource Energy		245		18,689


Expeditors International of Washington, Inc.		125		12,231


FactSet Research Systems, Inc.		28		11,914


Fastenal Co.		422		20,395


Ferguson PLC		171		18,632


Fortune Brands Home & Security, Inc.		97		5,851


General Mills, Inc.		449		36,629


Gilead Sciences, Inc.		937		73,517


Halliburton Co.		659		24,001


Hasbro, Inc.		95		6,199


HCA Healthcare, Inc.		172		37,405


Healthpeak Properties, Inc.		222		5,268


Henry Schein, Inc.^(a)		98		6,709


Hilton Worldwide Holdings, Inc.		215		29,081


Hologic, Inc.^(a)		185		12,543


Home Depot, Inc. (The)		739		218,840


Hormel Foods Corp.		220		10,219


Humana, Inc.		93		51,901


Huntington Bancshares, Inc.		789		11,977


IDEX Corp.		55		12,227


IDEXX Laboratories, Inc.^(a)		63		22,660


Illinois Tool Works, Inc.		227		48,471


Illumina, Inc.^(a)		114		26,085


Ingersoll Rand, Inc.		191		9,646


Insulet Corp.^(a)		51		13,199


International Flavors & Fragrances, Inc.		191		18,644


Interpublic Group of Cos., Inc. (The)		296		8,818


J.B. Hunt Transport Services, Inc.		39		6,672


Jazz Pharmaceuticals PLC^(a)		37		5,320


Johnson Controls International PLC		530		30,655


Kellogg Co.		184		14,135


Keurig Dr Pepper, Inc.		424		16,468


Kimberly-Clark Corp.		256		31,862


Laboratory Corp. of America Holdings		48		10,649


LKQ Corp.		217		12,074


Lowe’s Cos., Inc.		463		90,262


MarketAxess Holdings, Inc.		18		4,393


Marsh & McLennan Cos., Inc.		380		61,366


McCormick & Co., Inc.		127		9,987


Mettler-Toledo International, Inc.^(a)		18		22,769


Microsoft Corp.		5,064		1,175,506


Moody’s Corp.		127		33,638


Newmont Corp.		558		23,615


Northern Trust Corp.		147		12,399


Novocure Ltd.^(a)		63		4,452


NVIDIA Corp.		1,799		242,811


Old Dominion Freight Line, Inc.		55		15,103


ONEOK, Inc.		329		19,516


Otis Worldwide Corp.		243		17,166


Owens Corning		83		7,106


Pentair PLC		122		5,240


PepsiCo, Inc.		1,017		184,667

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


9		Invesco MSCI World SRI Index Fund


	Shares		Value


United States–(continued)
Phillips 66		327	$	34,103


Plug Power, Inc.^(a)		316		5,050


PNC Financial Services Group, Inc. (The)		314		50,815


Pool Corp.		31		9,431


PPG Industries, Inc.		183		20,895


Prudential Financial, Inc.		295		31,031


Quanta Services, Inc.		78		11,079


Quest Diagnostics, Inc.		94		13,503


Regions Financial Corp.		721		15,826


Republic Services, Inc.		124		16,445


ResMed, Inc.		106		23,711


Rivian Automotive, Inc., Class A^(a)		167		5,840


Robert Half International, Inc.		82		6,270


Roche Holding AG		503		167,173


Rockwell Automation, Inc.		85		21,701


S&P Global, Inc.		244		78,385


Sempra Energy		247		37,282


State Street Corp.		266		19,684


STERIS PLC		59		10,182


SVB Financial Group^(a)		38		8,776


Swiss Re AG		217		16,101


T. Rowe Price Group, Inc.		177		18,790


Take-Two Interactive Software, Inc.^(a)		106		12,559


Target Corp.		317		52,067


Teladoc Health, Inc.^(a)		104		3,083


Tesla, Inc.^(a)		1,890		430,051


Texas Instruments, Inc.		687		110,353


Tractor Supply Co.		83		18,241


Trane Technologies PLC		178		28,414


Travelers Cos., Inc. (The)		190		35,047


Truist Financial Corp.		992		44,432


UGI Corp.		154		5,441


United Rentals, Inc.^(a)		37		11,681


Vail Resorts, Inc.		30		6,574


Valero Energy Corp.		290		36,409


Ventas, Inc.		225		8,804


Vertex Pharmaceuticals, Inc.^(a)		188		58,656


	Shares		Value


United States–(continued)
VF Corp.^(c)		247	$	6,978


W.W. Grainger, Inc.		33		19,284


Walt Disney Co. (The)^(a)		1,322		140,846


Waters Corp.^(a)		45		13,463


Welltower, Inc.		274		16,725


West Pharmaceutical Services, Inc.		51		11,735


Xylem, Inc.		134		13,726


Zoetis, Inc.		346		52,170


ZoomInfo Technologies, Inc., Class A^(a)		146		6,501


				6,283,115


Total Common Stocks & Other Equity Interests (Cost $8,125,581)				8,923,552



Money Market Funds–0.59%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		18,553		18,553


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		12,975		12,978


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		21,204		21,204


Total Money Market Funds (Cost $52,731)				52,735


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.61% (Cost $8,178,312)				8,976,287



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.08%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,157		2,157


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		4,918		4,918


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,075)				7,075


TOTAL INVESTMENTS IN SECURITIES—100.69% (Cost $8,185,387)				8,983,362


OTHER ASSETS LESS LIABILITIES–(0.69)%				(61,539	)


NET ASSETS–100.00%			$	8,921,823

Investment Abbreviations:

CDI - CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $11,618, which 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, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$149,384		$739,549		$(870,380	)		$ -		$ -			$18,553		$	634

Invesco Liquid Assets Portfolio, Institutional Class		106,455		528,250		(621,701	)		11		(37	)		12,978			501

Invesco Treasury Portfolio, Institutional Class		170,725		845,199		(994,720	)		-		-			21,204			715

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


10		Invesco MSCI World SRI Index Fund


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$ -	$	8,845	$	(6,688	)		$ -		$ -			$ 2,157		$ 6	*

Invesco Private Prime Fund		-		21,772		(16,852	)		-		(2	)		4,918		14	*

Total		$426,564	$	2,143,615	$	(2,510,341	)		$11		$(39	)		$59,810		$1,870

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

^(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.


11		Invesco MSCI World SRI Index Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $8,125,581)*	$	8,923,552


Investments in affiliated money market funds, at value (Cost $59,806)		59,810


Foreign currencies, at value (Cost $1,601)		1,585


Receivable for:
Fund shares sold		2,918


Dividends		20,342


Cash segregated as collateral		55


Investment for trustee deferred compensation and retirement plans		18,135


Other assets		42,434


Total assets		9,068,831



Liabilities:

Payable for:
Collateral upon return of securities loaned		7,075


Accrued fees to affiliates		73,787


Accrued trustees’ and officers’ fees and benefits		804


Accrued other operating expenses		47,207


Trustee deferred compensation and retirement plans		18,135


Total liabilities		147,008


Net assets applicable to shares outstanding	$	8,921,823



Net assets consist of:

Shares of beneficial interest	$	8,366,595


Distributable earnings		555,228


	$	8,921,823


Net Assets:

Class A	$	913,890


Class C	$	147,932


Class R	$	464,038


Class Y	$	793,384


Class R5	$	12,919


Class R6	$	6,589,660



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		71,306


Class C		11,742


Class R		36,432


Class Y		61,476


Class R5		1,001


Class R6		510,546


Class A:
Net asset value per share	$	12.82


Maximum offering price per share (Net asset value of $12.82 ÷ 94.50%)	$	13.57


Class C:
Net asset value and offering price per share	$	12.60


Class R:
Net asset value and offering price per share	$	12.74


Class Y:
Net asset value and offering price per share	$	12.91


Class R5:
Net asset value and offering price per share	$	12.91


Class R6:
Net asset value and offering price per share	$	12.91

*	At October 31, 2022, a security with a value of $6,893 was on loan to brokers.

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


12		Invesco MSCI World SRI Index Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $13,123)	$	181,654



Dividends from affiliated money market funds (includes net securities lending income of $1)		1,851


Foreign withholding tax claims		3,178


Total investment income		186,683



Expenses:

Advisory fees		15,180


Administrative services fees		1,590


Custodian fees		718


Distribution fees:
Class A		2,839


Class C		1,736


Class R		2,509


Transfer agent fees – A, C, R and Y		3,970


Transfer agent fees – R5		3


Transfer agent fees – R6		3,240


Trustees’ and officers’ fees and benefits		16,901


Registration and filing fees		72,390


Licensing fees		4,337


Reports to shareholders		3,573


Professional services fees		54,582


Other		21,961


Total expenses		205,529


Less: Fees waived and/or expenses reimbursed		(177,888	)


Net expenses		27,641


Net investment income		159,042



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		139,023


Affiliated investment securities		(39	)


Foreign currencies		(7,155	)


Futures contracts		(100,670	)


		31,159


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,968,602	)


Affiliated investment securities		11


Foreign currencies		(1,019	)


Futures contracts		(2,624	)


		(2,972,234	)


Net realized and unrealized gain (loss)		(2,941,075	)


Net increase (decrease) in net assets resulting from operations	$	(2,782,033	)

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


13		Invesco MSCI World SRI Index Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	159,042		$	159,049


Net realized gain		31,159			487,849


Change in net unrealized appreciation (depreciation)		(2,972,234	)		3,172,055


Net increase (decrease) in net assets resulting from operations		(2,782,033	)		3,818,953



Distributions to shareholders from distributable earnings:

Class A		(15,688	)		(15,068	)


Class C		(1,138	)		(2,385	)


Class R		(5,699	)		(5,252	)


Class Y		(12,972	)		(7,779	)


Class R5		(238	)		(374	)


Class R6		(132,393	)		(107,235	)


Total distributions from distributable earnings		(168,128	)		(138,093	)



Share transactions–net:

Class A		(117,617	)		17,376


Class C		(12,071	)		(12,610	)


Class R		27,204			92,567


Class Y		281,902			88,810


Class R5		-			(13,946	)


Class R6		(1,115,150	)		700,358


Net increase (decrease) in net assets resulting from share transactions		(935,732	)		872,555


Net increase (decrease) in net assets		(3,885,893	)		4,553,415



Net assets:

Beginning of year		12,807,716			8,254,301


End of year	$	8,921,823		$	12,807,716

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 10/31/22		$16.76		$0.19		$(3.93	)		$(3.74	)		$(0.20	)		$ –			$(0.20	)		$12.82		(22.58	)%		$ 914		0.44	%		2.15	%		1.28	%		13	%
Year ended 10/31/21		11.78		0.19		4.98			5.17			(0.19	)		–			(0.19	)		16.76		44.35			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
Class C
Year ended 10/31/22		16.49		0.08		(3.88	)		(3.80	)		(0.09	)		–			(0.09	)		12.60		(23.16	)		148		1.19			2.90			0.53			13
Year ended 10/31/21		11.67		0.08		4.92			5.00			(0.18	)		–			(0.18	)		16.49		43.21			207		1.19			4.06			0.53			19
Year ended 10/31/20		11.75		0.08		(0.05	)		0.03			(0.11	)		–			(0.11	)		11.67		0.21			158		1.45			3.78			0.73			118
Year ended 10/31/19		11.63		0.09		0.20			0.29			(0.07	)		(0.10	)		(0.17	)		11.75		2.66			243		1.60			4.33			0.76			116
Year ended 10/31/18		12.83		0.07		(0.84	)		(0.77	)		(0.05	)		(0.38	)		(0.43	)		11.63		(6.27	)		166		1.59			4.69			0.58			89
Class R
Year ended 10/31/22		16.66		0.15		(3.90	)		(3.75	)		(0.17	)		–			(0.17	)		12.74		(22.76	)		464		0.69			2.40			1.03			13
Year ended 10/31/21		11.74		0.15		4.96			5.11			(0.19	)		–			(0.19	)		16.66		43.93			571		0.69			3.56			1.03			19
Year ended 10/31/20		11.81		0.15		(0.06	)		0.09			(0.16	)		–			(0.16	)		11.74		0.74			325		0.95			3.28			1.23			118
Year ended 10/31/19		11.71		0.15		0.20			0.35			(0.15	)		(0.10	)		(0.25	)		11.81		3.17			35		1.10			3.83			1.26			116
Year ended 10/31/18		12.88		0.14		(0.85	)		(0.71	)		(0.08	)		(0.38	)		(0.46	)		11.71		(5.82	)		32		1.09			4.19			1.08			89
Class Y
Year ended 10/31/22		16.87		0.22		(3.94	)		(3.72	)		(0.24	)		–			(0.24	)		12.91		(22.37	)		793		0.19			1.90			1.53			13
Year ended 10/31/21		11.83		0.23		5.01			5.24			(0.20	)		–			(0.20	)		16.87		44.73			793		0.19			3.06			1.53			19
Year ended 10/31/20		11.91		0.20		(0.06	)		0.14			(0.22	)		–			(0.22	)		11.83		1.11			485		0.45			2.78			1.73			118
Year ended 10/31/19		11.80		0.20		0.22			0.42			(0.21	)		(0.10	)		(0.31	)		11.91		3.80			522		0.60			3.33			1.76			116
Year ended 10/31/18		12.94		0.20		(0.86	)		(0.66	)		(0.10	)		(0.38	)		(0.48	)		11.80		(5.39	)		446		0.59			3.69			1.58			89
Class R5
Year ended 10/31/22		16.87		0.23		(3.95	)		(3.72	)		(0.24	)		–			(0.24	)		12.91		(22.37	)		13		0.19			1.78			1.53			13
Year ended 10/31/21		11.83		0.22		5.02			5.24			(0.20	)		–			(0.20	)		16.87		44.73			17		0.19			2.86			1.53			19
Year ended 10/31/20		11.90		0.20		(0.05	)		0.15			(0.22	)		–			(0.22	)		11.83		1.20			22		0.45			2.56			1.73			118
Year ended 10/31/19		11.80		0.20		0.21			0.41			(0.21	)		(0.10	)		(0.31	)		11.90		3.71			21		0.60			2.95			1.76			116
Year ended 10/31/18		12.94		0.20		(0.86	)		(0.66	)		(0.10	)		(0.38	)		(0.48	)		11.80		(5.39	)		19		0.59			3.47			1.58			89
Class R6
Year ended 10/31/22		16.87		0.23		(3.95	)		(3.72	)		(0.24	)		–			(0.24	)		12.91		(22.37	)		6,590		0.19			1.80			1.53			13
Year ended 10/31/21		11.83		0.22		5.02			5.24			(0.20	)		–			(0.20	)		16.87		44.73			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

^(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, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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


16		Invesco MSCI World SRI Index Fund

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.

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.

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.


17		Invesco MSCI World SRI Index Fund

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

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.14%.


18		Invesco MSCI World SRI Index Fund

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19%, and 0.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $15,180, reimbursed fund level expenses of $155,492 and reimbursed class level expenses of $1,622, $249, $720, $1,379, $6 and $3,240 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	143,674	$–	$	143,674


Austria		5,149		5,014	–		10,163


Belgium		–		14,100	–		14,100


Canada		378,656		–	–		378,656


China		24,198		7,778	–		31,976


Denmark		–		202,532	–		202,532


Finland		4,646		39,813	–		44,459


France		–		235,197	–		235,197


Germany		–		107,046	–		107,046


Hong Kong		–		77,783	–		77,783


Ireland		–		28,773	–		28,773


Israel		–		9,830	–		9,830


Italy		–		31,868	–		31,868


19		Invesco MSCI World SRI Index Fund


	Level 1		Level 2		Level 3	Total


Japan	$	–	$	513,344	$–	$	513,344


Netherlands		22,639		170,605	–		193,244


New Zealand		–		3,725	–		3,725


Norway		–		21,665	–		21,665


Singapore		–		15,382	–		15,382


Spain		–		49,754	–		49,754


Sweden		–		37,047	–		37,047


Switzerland		–		85,889	–		85,889


United Kingdom		150,387		253,943	–		404,330


United States		6,073,963		209,152	–		6,283,115


Money Market Funds		52,735		7,075	–		59,810


Total Investments	$	6,712,373	$	2,270,989	$–	$	8,983,362

NOTE 4–Derivative Investments

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

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk


Realized Gain (Loss):
Futures contracts		$(100,670)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(2,624)


Total		$(103,294)

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


	Futures Contracts


Average notional value	$	389,385

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	168,128	$	138,093

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


20		Invesco MSCI World SRI Index Fund

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	133,170


Net unrealized appreciation – investments		797,327


Net unrealized appreciation (depreciation) – foreign currencies		(1,065	)


Temporary book/tax differences		(15,574	)


Capital loss carryforward		(358,630	)


Shares of beneficial interest		8,366,595


Total net assets	$	8,921,823

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


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$241,817	$116,813	$358,630

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,377,910 and $1,999,860, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,532,637


Aggregate unrealized (depreciation) of investments	(735,310	)


Net unrealized appreciation of investments	$ 797,327

Cost of investments for tax purposes is $ 8,186,035.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2022, undistributed net investment income was decreased by $7,146 and undistributed net realized gain (loss) was increased by $7,146. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		6,805	$	100,540		6,097	$	89,025


Class C		375		5,979		502		7,444


Class R		4,118		58,856		6,209		87,642


Class Y		34,662		547,036		14,976		222,535


Class R5		-		-		93		1,382


Class R6		73,419		1,111,388		100,432		1,451,199



Issued as reinvestment of dividends:
Class A		914		15,047		1,093		14,452


Class C		64		1,047		169		2,208


Class R		338		5,534		384		5,065


Class Y		568		9,384		509		6,760


Class R5		-		-		13		176


Class R6		7,148		118,154		6,734		89,424


21		Invesco MSCI World SRI Index Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		-		$	-			1,661		$	22,161


Class C		-			-			(1,677	)		(22,161	)



Reacquired:
Class A		(16,198	)		(233,204	)		(7,334	)		(108,262	)


Class C		(1,226	)		(19,097	)		(7	)		(101	)


Class R		(2,273	)		(37,186	)		(10	)		(140	)


Class Y		(20,769	)		(274,518	)		(9,468	)		(140,485	)


Class R5		-			-			(990	)		(15,504	)


Class R6		(156,031	)		(2,344,692	)		(57,115	)		(840,265	)


Net increase (decrease) in share activity		(68,086	)	$	(935,732	)		62,271		$	872,555

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


22		Invesco MSCI World SRI Index Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco MSCI World SRI Index Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


23		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$898.40	$2.11	$1,022.99	$2.24	0.44%
Class C	1,000.00	894.90	5.68	1,019.21	6.06	1.19
Class R	1,000.00	897.20	3.30	1,021.73	3.52	0.69
Class Y	1,000.00	899.60	0.91	1,024.25	0.97	0.19
Class R5	1,000.00	899.60	0.91	1,024.25	0.97	0.19
Class R6	1,000.00	899.60	0.91	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.


24		Invesco MSCI World SRI Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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 the past four years ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco MSCI World SRI Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board noted that the Fund is passively managed and discussed reasons for differences in the Fund’s performance versus its peers, The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or


25		Invesco MSCI World SRI Index Fund

investment restrictions and those of the funds in its performance universe, and specifically that the Fund’s peer group includes funds that are actively managed or may track a different index than the Fund. The Board further considered that the Fund had changed its name, investment strategy and index in 2020 in connection with the Fund’s repositioning as an index-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates


26		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	50.42	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


27		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)	189	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
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco MSCI World SRI Index Fund

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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, 2022

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

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, 2022, Class A shares of Invesco Oppenheimer International Growth Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-32.83	%
Class C Shares	-33.33
Class R Shares	-33.00
Class Y Shares	-32.66
Class R5 Shares	-32.63
Class R6 Shares	-32.57
MSCI All Country World ex USA Index^▼	-24.73

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

We are long-term, thematic growth investors. We identify structural growth trends in the global economy and seek to invest in companies that can monetize them sustainably for many years. We buy these companies when they are trading at attractive valuations and hold them in the portfolio for a long period of time to benefit from the compounding of the returns they produce. This is a discipline that we have been following since the Fund’s inception in 1996.

With this approach, we invest most of the Fund’s assets in companies that we believe have significant pricing power within the consumer, industrial, health care and information technology sectors. We invest little within the commoditized, price-taking industries found in the utilities, materials, energy and financials sectors. Geographically, most companies in which the Fund invests are domiciled in developed markets, however, the Fund’s revenue exposure is evenly spread across the globe.

It was a difficult fiscal year for the Fund’s performance, given our growth orientation, as Class A shares returned -32.83%, underperforming the MSCI All Country World ex USA Index’s (the “Index”) return of -24.73%.

Relative to the Index, the Fund performed most strongly in the consumer discretionary sector due to stock selection, though an overweight to the sector did offset the strong selection effect a bit. The Fund also outperformed in the health care sector, mainly due to an overweight position. The Fund underperformed the Index the most in the information technology, industrials and financials sector. Relative results in information technology and industrials were mainly driven by stock selection, while underperformance in financials was mainly due to our usual underweight positioning.

The three largest contributors to the Fund’s absolute performance for the fiscal year were

Swedish Match, Dollarama and Alimentation Couche-Tard.

Swedish Match is a consumer goods company focused on the smokeless tobacco market. During May, Philip Morris International bid for the company at a roughly 40% premium over the price of the shares at the time and they rose towards the bid level. We have tendered our shares.

Dollarama is a Canadian discount retailer that is much like Dollar Tree and Dollar General in the US. However, unlike the US, this retail market segment in Canada is not saturated. We have owned the company for several years as part of our Reorganization of the Retail theme. In our opinion, the continuing shift to online buying benefits retailers at the very high and the very low end of pricing and we continue to view Dollarama’s prospects favorably.

Alimentation Couche-Tard, a Canadian retailer that we have owned for many years, operates a network of 24-hour gas stations and convenience stores in North America and several European countries (our clients may be most familiar with their Circle K brand). Higher fuel margins have caused earnings to surprise on the upside. We continue to view this company’s prospects favorably due to its top line resiliency as we anticipate a potential general economic slowdown.

The three largest detractors to the Fund’s absolute performance for the fiscal year were

Ocado Group, ASML and Taiwan Semiconductor Manufacturing.

Ocado Group is a UK company that builds and operates fully automated fulfillment warehouses for brick-and-mortar grocery chains, under license. During the pandemic Ocado’s marketing activities were largely curtailed, no new contracts have been announced and the share price has suffered.

ASML is a Dutch company that is the only supplier of the extreme ultraviolet lithography equipment that is required to produce the next generation of semiconductor chips. The fundamentals for ASML are strengthening as chip makers around the world seek to “reshore” a greater proportion of their production. This position was the largest individual contributor to the Fund’s returns in the previous fiscal year, but the shares have experienced profit-taking this year, and have also declined in recent weeks as concerns about the economic cycle turning have become more widespread. We continue to view ASML’s long-term prospects favorably.

Taiwan Semiconductor Manufacturing, more commonly known as TSMC, has become the dominant player in the highly concentrated semiconductor foundry industry. Semiconductor related companies have experienced profit-taking this fiscal year as the inventory cycle has turned against them. In addition, in October the US announced restrictions on the sale of American designed chips to China and TSMC’s share price reacted unfavorably.


2		Invesco Oppenheimer International Growth Fund

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.


3		Invesco Oppenheimer International Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

LOGO

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 Oppenheimer International Growth Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (3/25/96)	6.36	%
10 Years	3.35
5 Years	-1.94
1 Year	-36.52

Class C Shares
Inception (3/25/96)	6.34	%
10 Years	3.32
5 Years	-1.57
1 Year	-33.91

Class R Shares
Inception (3/1/01)	4.12	%
10 Years	3.68
5 Years	-1.07
1 Year	-33.00

Class Y Shares
Inception (9/7/05)	5.15	%
10 Years	4.21
5 Years	-0.58
1 Year	-32.66

Class R5 Shares
10 Years	4.07	%
5 Years	-0.58
1 Year	-32.63

Class R6 Shares
Inception (3/29/12)	4.45	%
10 Years	4.38
5 Years	-0.43
1 Year	-32.57

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

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 Oppenheimer International Growth Fund

Supplemental Information

Invesco Oppenheimer International Growth Fund’s investment objective is to seek capital appreciation.

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

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® 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


6		Invesco Oppenheimer International Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		20.58	%

Industrials		18.71

Health Care		17.75

Information Technology		14.05

Consumer Staples		13.24

Energy		3.89

Communication Services		3.53

Financials		3.42

Materials		3.41

Money Market Funds Plus Other Assets Less Liabilities		1.42

Top 10 Equity Holdings*


		% of total net assets

1.	Hermes International		4.32	%

2.	Novo Nordisk A/S, Class B		4.32

3.	Swedish Match AB		3.91

4.	Reliance Industries Ltd.		3.89

5.	Alimentation Couche-Tard, Inc.		3.34

6.	LVMH Moet Hennessy Louis Vuitton SE		3.17

7.	Compass Group PLC		2.85

8.	ResMed, Inc.		2.69

9.	EPAM Systems, Inc.		2.65

10.	London Stock Exchange Group PLC		2.53

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Oppenheimer International Growth Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–98.58%
Australia–3.48%
CSL Ltd.		751,768	$	134,724,930


James Hardie Industries PLC, CDI		5,175,813		113,707,072


				248,432,002



Canada–6.45%
Alimentation Couche-Tard, Inc.		5,318,428		238,135,654


CAE, Inc.^(a)		2,225,668		42,476,139


Dollarama, Inc.		3,032,424		180,184,771


				460,796,564



China–0.25%
Alibaba Group Holding Ltd.^(a)		2,224,400		17,709,499



Denmark–4.99%
Ascendis Pharma A/S, ADR^(a)(b)		421,119		48,428,685


Novo Nordisk A/S, Class B		2,837,255		308,339,427


				356,768,112



France–17.15%
Airbus SE		1,492,140		161,587,427


Dassault Systemes SE		2,595,197		86,888,108


Edenred		2,116,054		108,581,180


EssilorLuxottica S.A.		373,271		59,126,332


Hermes International		238,389		308,737,891


Kering S.A.		130,918		59,925,863


L’Oreal S.A.		300,029		94,198,286


LVMH Moet Hennessy Louis Vuitton SE		358,738		226,319,145


Sartorius Stedim Biotech		377,843		119,883,747


				1,225,247,979



Germany–3.81%
CTS Eventim AG & Co. KGaA^(a)		2,372,664		113,349,036


SAP SE		410,656		39,648,620


Siemens AG		281,707		30,795,791


Siemens Healthineers AG^(c)		1,925,182		88,628,270


				272,421,717



India–5.00%
Dr Lal PathLabs Ltd.^(c)		2,556,534		79,099,148


Reliance Industries Ltd.		9,035,969		278,071,776


				357,170,924



Ireland–2.06%
Flutter Entertainment PLC^(a)		1,108,717		147,071,881



Italy–1.82%
Davide Campari-Milano N.V.		14,440,980		129,876,456



Japan–8.58%
Benefit One, Inc.		2,265,700		31,421,339


Daikin Industries Ltd.		841,400		126,548,749


Hitachi Ltd.		1,415,700		64,127,511


Hoya Corp.		741,410		69,126,896


Keyence Corp.		331,584		124,966,442


Kobe Bussan Co. Ltd.		3,116,400		67,620,619


Nidec Corp.		1,108,940		61,149,411


	Shares		Value


Japan–(continued)
Nihon M&A Center Holdings, Inc.		6,035,000	$	68,239,483


				613,200,450



Netherlands–4.79%
Aalberts N.V.		1,562,319		54,228,728


Adyen N.V.^(a)(c)		52,142		74,694,297


ASML Holding N.V.		341,871		161,164,078


Universal Music Group N.V.		2,673,260		52,384,454


				342,471,557



New Zealand–0.45%
Xero Ltd.^(a)		652,823		32,409,261



Spain–1.88%
Amadeus IT Group S.A.^(a)		2,574,623		134,024,372



Sweden–8.12%
Atlas Copco AB, Class A		11,478,160		122,544,961


Epiroc AB, Class A		11,655,316		178,212,074


Swedish Match AB		27,134,836		279,183,184


				579,940,219



Switzerland–3.77%
Barry Callebaut AG		19,004		35,925,029


Lonza Group AG		110,788		56,954,840


Sika AG		576,036		129,680,937


VAT Group AG^(c)		204,238		46,571,594


				269,132,400



Taiwan–0.74%
Taiwan Semiconductor Manufacturing Co. Ltd.		4,358,000		52,444,611



United Kingdom–17.39%
Britvic PLC		9,708,501		80,967,971


Compass Group PLC		9,652,456		203,290,116


ConvaTec Group PLC^(c)		22,792,527		56,962,341


Entain PLC		6,756,907		97,795,239


Legal & General Group PLC		23,744,370		63,337,626


London Stock Exchange Group PLC		2,083,517		180,657,639


Next PLC		1,923,787		108,661,287


Ocado Group PLC^(a)(b)		3,711,624		20,081,892


Rentokil Initial PLC^(b)		23,571,670		147,043,778


Rightmove PLC		15,324,598		86,331,054


RS GROUP PLC		6,988,818		76,752,537


Trainline PLC^(a)(c)(d)		31,526,930		120,287,911


				1,242,169,391



United States–7.85%
EPAM Systems, Inc.^(a)		540,939		189,328,650


Ferguson PLC		1,153,286		125,663,266


Medtronic PLC		612,339		53,481,688


ResMed, Inc.		859,467		192,254,173


				560,727,777


Total Common Stocks & Other Equity Interests (Cost $4,508,610,013)				7,042,015,172

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


8		Invesco Oppenheimer International Growth Fund


	Shares		Value


Money Market Funds–1.46%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		36,332,396	$	36,332,395


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		26,763,468		26,768,821


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		41,522,738		41,522,738


Total Money Market Funds (Cost $104,621,373)				104,623,954


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.04% (Cost $4,613,231,386)				7,146,639,126


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.75%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		14,928,153	$	14,928,153


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		38,336,216		38,336,216


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,267,851)				53,264,369


TOTAL INVESTMENTS IN SECURITIES–100.79% (Cost $4,666,499,237)				7,199,903,495


OTHER ASSETS LESS LIABILITIES–(0.79)%				(56,159,074	)


NET ASSETS–100.00%			$	7,143,744,421

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

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, 2022.

^(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, 2022 was $466,243,561, which represented 6.53% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	84,257,016	$	558,204,487	$	(606,129,108	)	$	-	$	-	$	36,332,395		$ 329,276
Invesco Liquid Assets Portfolio, Institutional Class		62,153,130		398,717,491		(434,085,270	)		2,665		(19,195)		26,768,821		244,058
Invesco Treasury Portfolio, Institutional Class		96,293,733		637,947,985		(692,718,980	)		-		-		41,522,738		344,617
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		90,872,592		445,232,317		(521,176,756	)		-		-		14,928,153		286,971*
Invesco Private Prime Fund		212,036,049		1,050,271,290		(1,223,942,587	)		(3,484)		(25,052)		38,336,216		766,786*
Investments in Other Affiliates:
Trainline PLC		97,285,290		37,097,124		(4,008,133	)		(6,721,545)		(3,364,825)		120,287,911		-
Total	$	642,897,810	$	3,127,470,694	$	(3,482,060,834	)	$	(6,722,364)	$	(3,409,072)	$	278,176,234		$1,971,708

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

^(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 Oppenheimer International Growth Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $4,353,852,417)*	$	6,921,727,261


Investments in affiliates, at value (Cost $312,646,820)		278,176,234


Cash		20,000,000


Foreign currencies, at value (Cost $7,155,199)		7,078,010


Receivable for:
Investments sold		2,138,275


Fund shares sold		3,614,985


Dividends		25,259,280


Foreign withholding tax claims		3,714,366


Investment for trustee deferred compensation and retirement plans		544,847


Other assets		91,815


Total assets		7,262,345,073



Liabilities:
Payable for:
Fund shares reacquired		43,730,420


Accrued foreign taxes		4,414,340


Collateral upon return of securities loaned		53,267,851


Accrued fees to affiliates		2,956,858


Accrued trustees’ and officers’ fees and benefits		81,793


Accrued other operating expenses		1,144,543


IRS closing agreement fees for foreign withholding tax claims		12,460,000


Trustee deferred compensation and retirement plans		544,847


Total liabilities		118,600,652


Net assets applicable to shares outstanding	$	7,143,744,421



Net assets consist of:
Shares of beneficial interest	$	4,765,217,955


Distributable earnings		2,378,526,466


	$	7,143,744,421


Net Assets:
Class A	$	1,014,906,080


Class C	$	65,000,538


Class R	$	203,427,881


Class Y	$	2,575,369,012


Class R5	$	1,974,495


Class R6	$	3,283,066,415



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		32,717,657


Class C		2,296,771


Class R		6,772,839


Class Y		83,515,337


Class R5		63,478


Class R6		106,413,724


Class A:
Net asset value per share	$	31.02


Maximum offering price per share (Net asset value of $31.02 ÷ 94.50%)	$	32.83


Class C:
Net asset value and offering price per share	$	28.30


Class R:
Net asset value and offering price per share	$	30.04


Class Y:
Net asset value and offering price per share	$	30.84


Class R5:
Net asset value and offering price per share	$	31.11


Class R6:
Net asset value and offering price per share	$	30.85

*	At October 31, 2022, securities with an aggregate value of $53,620,599 were on loan to brokers.

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


10		Invesco Oppenheimer International Growth Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest	$	792,352


Dividends (net of foreign withholding taxes of $18,109,649)		94,216,951


Dividends from affiliates (includes net securities lending income of $554,806)		1,472,757


Foreign withholding tax claims		8,346,190


Total investment income		104,828,250



Expenses:
Advisory fees		63,486,623


Administrative services fees		1,367,955


Custodian fees		736,451


Distribution fees:
Class A		3,158,728


Class C		997,241


Class R		1,225,245


Transfer agent fees – A, C, R and Y		9,068,420


Transfer agent fees – R5		36,881


Transfer agent fees – R6		1,408,959


Trustees’ and officers’ fees and benefits		118,794


Registration and filing fees		213,428


Professional services fees		144,034


Other		(1,942,957	)


Total expenses		80,019,802


Less: Fees waived and/or expense offset arrangement(s)		(103,244	)


Net expenses		79,916,558


Net investment income		24,911,692



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $3)		(130,239,516	)


Affiliated investment securities		(3,409,072	)


Foreign currencies		(1,755,851	)


Forward foreign currency contracts		1,414


		(135,403,025	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $8,246,845)		(3,872,221,936	)


Affiliated investment securities		(6,722,364	)


Foreign currencies		(3,502,012	)


		(3,882,446,312	)


Net realized and unrealized gain (loss)		(4,017,849,337	)


Net increase (decrease) in net assets resulting from operations	$	(3,992,937,645	)

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


11		Invesco Oppenheimer International Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	24,911,692		$	34,364,072


Net realized gain (loss)		(135,403,025	)		1,750,287,634


Change in net unrealized appreciation (depreciation)		(3,882,446,312	)		1,754,143,798


Net increase (decrease) in net assets resulting from operations		(3,992,937,645	)		3,538,795,504



Distributions to shareholders from distributable earnings:
Class A		(195,067,177	)		(216,288,299	)


Class C		(18,357,534	)		(28,578,549	)


Class R		(36,871,946	)		(40,236,467	)


Class Y		(599,954,915	)		(629,263,155	)


Class R5		(5,380,848	)		(1,827	)


Class R6		(692,317,508	)		(802,185,808	)


Total distributions from distributable earnings		(1,547,949,928	)		(1,716,554,105	)



Share transactions–net:
Class A		61,475,290			(27,064,427	)


Class C		(23,631,020	)		(56,111,542	)


Class R		29,407,953			7,587,661


Class Y		(290,254,095	)		196,572,161


Class R5		(21,964,741	)		41,876,871


Class R6		(91,205,230	)		(489,898,392	)


Net increase (decrease) in net assets resulting from share transactions		(336,171,843	)		(327,037,668	)


Net increase (decrease) in net assets		(5,877,059,416	)		1,495,203,731



Net assets:
Beginning of year		13,020,803,837			11,525,600,106


End of year	$	7,143,744,421		$	13,020,803,837

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


12		Invesco Oppenheimer International Growth Fund

Financial Highlights

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


	Net asset 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 10/31/22		$52.65		$0.00			$(15.44	)		$(15.44	)		$(0.05	)		$(6.14	)		$(6.19	)		$31.02		(32.80	)%		$1,014,906		1.08	%		1.08	%		0.01	%		9	%
Year ended 10/31/21		45.87		0.01			13.72			13.73			–			(6.95	)		(6.95	)		52.65		32.14			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
Class C
Year ended 10/31/22		48.88		(0.26	)		(14.18	)		(14.44	)		–			(6.14	)		(6.14	)		28.30		(33.31	)		65,001		1.83			1.83			(0.74	)		9
Year ended 10/31/21		43.30		(0.35	)		12.88			12.53			–			(6.95	)		(6.95	)		48.88		31.15			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
Class R
Year ended 10/31/22		51.26		(0.09	)		(14.99	)		(15.08	)		–			(6.14	)		(6.14	)		30.04		(32.97	)		203,428		1.33			1.33			(0.24	)		9
Year ended 10/31/21		44.92		(0.12	)		13.41			13.29			–			(6.95	)		(6.95	)		51.26		31.80			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
Class Y
Year ended 10/31/22		52.41		0.10			(15.35	)		(15.25	)		(0.18	)		(6.14	)		(6.32	)		30.84		(32.64	)		2,575,369		0.83			0.83			0.26			9
Year ended 10/31/21		45.63		0.13			13.65			13.78			(0.05	)		(6.95	)		(7.00	)		52.41		32.46			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
Class R5
Year ended 10/31/22		52.84		0.12			(15.46	)		(15.34	)		(0.25	)		(6.14	)		(6.39	)		31.11		(32.58	)		1,974		0.76			0.76			0.33			9
Year ended 10/31/21		45.97		0.20			13.76			13.96			(0.14	)		(6.95	)		(7.09	)		52.84		32.66			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 10/31/22		52.44		0.15			(15.34	)		(15.19	)		(0.26	)		(6.14	)		(6.40	)		30.85		(32.55	)		3,283,066		0.69			0.69			0.40			9
Year ended 10/31/21		45.67		0.20			13.66			13.86			(0.14	)		(6.95	)		(7.09	)		52.44		32.66			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

^(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 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)	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.


13		Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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


14		Invesco Oppenheimer International Growth Fund

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.

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 Oppenheimer International Growth Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,286 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.


16		Invesco Oppenheimer International Growth Fund

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25% 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the year ended October 31, 2022, the Adviser waived advisory fees of $95,391.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $79,821 in front-end sales commissions from the sale of Class A shares and $11,070 and $6,568 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $369 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


17		Invesco Oppenheimer International Growth Fund


	Level 1		Level 2		Level 3	Total


Investments in Securities


Australia	$	–	$	248,432,002	$–	$	248,432,002


Canada		460,796,564		–	–		460,796,564


China		–		17,709,499	–		17,709,499


Denmark		48,428,685		308,339,427	–		356,768,112


France		470,325,318		754,922,661	–		1,225,247,979


Germany		–		272,421,717	–		272,421,717


India		–		357,170,924	–		357,170,924


Ireland		–		147,071,881	–		147,071,881


Italy		–		129,876,456	–		129,876,456


Japan		–		613,200,450	–		613,200,450


Netherlands		–		342,471,557	–		342,471,557


New Zealand		–		32,409,261	–		32,409,261


Spain		–		134,024,372	–		134,024,372


Sweden		279,183,184		300,757,035	–		579,940,219


Switzerland		–		269,132,400	–		269,132,400


Taiwan		–		52,444,611	–		52,444,611


United Kingdom		323,578,027		918,591,364	–		1,242,169,391


United States		435,064,511		125,663,266	–		560,727,777


Money Market Funds		104,623,954		53,264,369	–		157,888,323


Total Investments	$	2,122,000,243	$	5,077,903,252	$–	$	7,199,903,495

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, 2022

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


	Location of Gain on
	Statement of Operations
	Currency
	Risk


Realized Gain:
Forward foreign currency contracts		$1,414

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$3,949,740

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances


18		Invesco Oppenheimer International Growth Fund

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	122,942,959	$	20,197,986


Long-term capital gain		1,425,006,969		1,696,356,119


Total distributions	$	1,547,949,928	$	1,716,554,105

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	9,744,104


Net unrealized appreciation – investments		2,523,986,339


Net unrealized appreciation (depreciation) – foreign currencies		(2,038,766	)


Temporary book/tax differences		(525,748	)


Capital loss carryforward		(152,639,463	)


Shares of beneficial interest		4,765,217,955


Total net assets	$	7,143,744,421

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration		$152,639,463	$–		$152,639,463

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $840,095,235 and $2,524,647,485, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,920,067,450


Aggregate unrealized (depreciation) of investments	(396,081,111	)


Net unrealized appreciation of investments	$2,523,986,339

Cost of investments for tax purposes is $4,675,917,156.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and return of capital, on October 31, 2022, undistributed net investment income was decreased by $2,493,739, undistributed net realized gain (loss) was decreased by $15,142,145 and shares of beneficial interest was increased by $17,635,884. This reclassification had no effect on the net assets of the Fund.


19		Invesco Oppenheimer International Growth Fund

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Sold:
Class A		5,405,885		$	202,956,745			4,040,967		$	200,882,672


Class C		153,626			5,337,043			233,044			10,755,270


Class R		964,878			34,927,354			744,656			36,050,894


Class Y		22,787,843			848,544,314			16,277,481			799,477,101


Class R5		210,747			7,934,807			862,492			43,219,714


Class R6		23,922,628			856,148,483			16,294,148			811,809,014



Issued as reinvestment of dividends:
Class A		3,967,563			174,691,830			4,214,597			193,702,887


Class C		417,051			16,865,527			614,969			26,419,071


Class R		861,731			36,821,772			896,402			40,194,683


Class Y		10,649,974			465,084,384			10,643,741			485,886,766


Class R5		122,171			5,379,201			-			-


Class R6		13,677,773			596,897,993			15,502,468			707,222,576



Automatic conversion of Class C shares to Class A shares:
Class A		603,876			22,422,046			1,149,883			56,043,620


Class C		(658,909	)		(22,422,046	)		(1,232,354	)		(56,043,620	)



Reacquired:
Class A		(9,175,150	)		(338,595,331	)		(9,582,936	)		(477,693,606	)


Class C		(685,717	)		(23,411,544	)		(802,280	)		(37,242,263	)


Class R		(1,139,181	)		(42,341,173	)		(1,413,447	)		(68,657,916	)


Class Y		(45,515,945	)		(1,603,882,793	)		(21,892,625	)		(1,088,791,706	)


Class R5		(1,106,594	)		(35,278,749	)		(25,596	)		(1,342,843	)


Class R6		(42,253,712	)		(1,544,251,706	)		(40,582,197	)		(2,008,929,982	)


Net increase (decrease) in share activity		(16,789,462	)	$	(336,171,843	)		(4,056,587	)	$	(327,037,668	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


20		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, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022 and the eleven months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer International 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, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		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)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$892.10	$5.53	$1,019.36	$5.90	1.16%
Class C	1,000.00	888.80	9.09	1,015.58	9.70	1.91
Class R	1,000.00	891.10	6.72	1,018.10	7.17	1.41
Class Y	1,000.00	893.40	4.34	1,020.62	4.63	0.91
Class R5	1,000.00	893.40	3.91	1,021.07	4.18	0.82
Class R6	1,000.00	893.90	3.58	1,021.42	3.82	0.75

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 Oppenheimer International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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, 2021 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 and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.


23		Invesco Oppenheimer International Growth Fund

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

D.	Economies of Scale and Breakpoints

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


24		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$1,425,006,969
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	1.88	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Foreign Taxes	$ 0.0343		per share
Foreign Source Income	$ 0.4836		per share

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$75,970,470


25		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)	189	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
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	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	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	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; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


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	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. 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
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; 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


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)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds 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
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


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., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.



	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021

Audit Fees	$ 494,135		$ 477,425
Audit-Related Fees⁽¹⁾	$ 11,000		$ 0
Tax Fees⁽²⁾	$ 340,765		$ 480,177
All Other Fees	$ 0		$ 0
Total Fees	$ 845,900		$ 957,602

(1)

Audit-Related Fees for the fiscal years ended October 31, 2022 includes fees billed for reviewing regulatory filings.

(2)

Tax Fees for the fiscal years ended October 31, 2022 and October 31, 2021 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 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 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$ 760,000	$ 760,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$ 760,000	$ 760,000

(1)	Audit-Related Fees for the fiscal years ended 2022 and 2021 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.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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.

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 $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,534,765 for the fiscal year ended October 31, 2022 and $7,150,177 for the fiscal year ended October 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 20, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 20, 2022, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(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 5, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


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

Date:		January 5, 2023

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 5, 2023

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