N-Q - AIMF

invesco.com/us

GLOPP-QTR-1 01/15

Invesco Advisers, Inc.

N-Q 1 d883993dnq.htm N-Q - AIMF N-Q - AIMF


OMB APPROVAL
OMB Number:		3235-0578
Expires:	January 31, 2016
Estimated average burden
hours per response:		10.5

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

Philip A. Taylor 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: 1/31/15

Item 1. Schedule of Investments.



		Invesco Asia Pacific Growth Fund
		Quarterly Schedule of Portfolio Holdings January 31, 2015

invesco.com/us

APG-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–88.08%

Australia–9.63%

Amcor Ltd.	2,314,103	$	22,840,115
BHP Billiton Ltd.	250,383		5,786,525
Brambles Ltd.	1,999,681		16,371,617
Coca-Cola Amatil Ltd.	1,834,175		13,768,477
Computershare Ltd.	1,718,271		15,434,386
CSL Ltd.	299,670		20,400,536
			94,601,656

China–22.15%

Baidu, Inc. -ADR^(a)	95,250		20,756,880
Belle International Holdings Ltd.	17,728,000		20,007,628
China Mobile Ltd.	1,176,500		15,412,294
CNOOC Ltd.	6,306,500		8,371,421
Golden Eagle Retail Group Ltd.	8,179,000		9,759,136
Industrial & Commercial Bank of China Ltd. -Class H	46,778,000		33,527,945
Lee & Man Paper Manufacturing Ltd.	48,019,000		25,195,479
Minth Group Ltd.	12,376,000		25,727,881
NetEase, Inc. -ADR	133,038		14,534,402
Stella International Holdings Ltd.	9,714,500		25,610,881
Want Want China Holdings Ltd.	15,515,000		18,577,408
			217,481,355

Hong Kong–12.29%

Cheung Kong (Holdings) Ltd.	1,553,000		29,457,951
First Pacific Co. Ltd.	10,676,000		10,831,045
Galaxy Entertainment Group Ltd.	1,584,000		8,287,355
Hongkong Land Holdings Ltd.	4,528,000		33,552,480
Hutchison Whampoa Ltd.	2,928,000		38,534,322
			120,663,153

Indonesia–8.70%

PT Bank Central Asia Tbk	16,130,700		16,981,174
PT Bank Mandiri Persero Tbk	29,566,300		25,530,295
PT Indocement Tunggal Prakarsa Tbk	2,270,500		4,105,532
PT Perusahaan Gas Negara Persero Tbk	43,562,300		17,334,078
PT Summarecon Agung Tbk	31,738,800		4,111,654
PT Telekomunikasi Indonesia Persero Tbk	78,138,200		17,380,465
			85,443,198

Malaysia–4.28%

Kossan Rubber Industries Berhad	14,088,800		20,218,789
Public Bank Berhad	4,361,800		21,799,987
			42,018,776

Philippines–9.87%

Ayala Corp.	287,540		4,717,540
Energy Development Corp.	89,841,450		17,328,776
First Gen Corp.	19,370,389		13,656,271
GMA Holdings, Inc. -PDR	43,821,100		5,950,364


	Shares		Value

Philippines–(continued)

Metro Pacific Investments Corp.	141,160,000	$	16,543,812
Philippine Long Distance Telephone Co.	294,470		19,803,703
SM Investments Corp.	497,181		10,438,537
SM Prime Holdings Inc.	20,117,500		8,455,347
			96,894,350

Singapore–7.98%

Avago Technologies Ltd.	230,371		23,700,568
Keppel Corp. Ltd.	2,312,200		14,842,954
Keppel REIT	20,195,000		18,436,447
United Overseas Bank Ltd.	1,253,000		21,414,015
			78,393,984

South Korea–2.86%

Hyundai Department Store Co., Ltd.	112,311		12,220,674
Samsung Electronics Co., Ltd.	12,851		15,882,902
			28,103,576

Taiwan–2.79%

Taiwan Semiconductor Manufacturing Co. Ltd.	6,163,464		27,356,267

Thailand–7.53%

Kasikornbank PCL	4,804,900		32,819,163
Major Cineplex Group PCL	20,521,500		16,939,695
Siam Commercial Bank PCL (The)	3,326,300		18,171,242
Thai Stanley Electric PCL	960,700		5,987,205
			73,917,305
Total Common Stocks & Other Equity Interests (Cost $647,727,984)			864,873,620

Money Market Funds–9.45%

Liquid Assets Portfolio –Institutional Class ^(b)	46,383,316		46,383,316
Premier Portfolio –Institutional Class ^(b)	46,383,315		46,383,315
Total Money Market Funds (Cost $92,766,631)			92,766,631
TOTAL INVESTMENTS–97.53% (Cost $740,494,615)			957,640,251
OTHER ASSETS LESS LIABILITIES–2.47%			24,266,770
NET ASSETS–100.00%		$	981,907,021

Investment Abbreviations:


ADR		—American Depositary Receipt
PDR		—Philippine Depositary Receipt
REIT		—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Asia Pacific Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask 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 of the Fund’s investments.

Invesco Asia Pacific Growth Fund

A.	Security Valuations – (continued)

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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 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.

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

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

Invesco Asia Pacific Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2 — Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of January 31, 2015. 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.

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $236,220,097 and from Level 2 to Level 1 of $40,236,433, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total

Australia	$	—	$	94,601,656	$	—	$	94,601,656

China		45,050,418		172,430,937		—		217,481,355

Hong Kong		33,552,480		87,110,673		—		120,663,153

Indonesia		—		85,443,198		—		85,443,198

Malaysia		21,799,987		20,218,789		—		42,018,776

Philippines		36,150,447		60,743,903		—		96,894,350

Singapore		42,137,015		36,256,969		—		78,393,984

South Korea		—		28,103,576		—		28,103,576

Taiwan		—		27,356,267		—		27,356,267

Thailand		16,939,695		56,977,610		—		73,917,305

United States		92,766,631		—		—		92,766,631

Total Investments	$	288,396,673	$	669,243,578	$	—	$	957,640,251

Invesco Asia Pacific Growth Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $37,944,213 and $6,897,087, respectively. Cost of investments 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 Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	238,734,331

Aggregate unrealized (depreciation) of investment securities		(22,164,642)

Net unrealized appreciation of investment securities	$	216,569,689

Cost of investments for tax purposes is $741,070,562.

Invesco Asia Pacific Growth Fund

Invesco European Growth Fund

Quarterly Schedule of Portfolio Holdings January 31, 2015

LOGO

invesco.com/us

EGR-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–94.23%

Belgium–1.59%

Anheuser-Busch InBev N.V.	180,163	$	22,007,451

Denmark–2.34%

Carlsberg AS -Class B	243,930		17,928,167
Novo Nordisk AS -Class B	325,940		14,579,320
			32,507,487

France–6.09%

Bollore S.A.	2,464,200		10,617,666
Metropole Television S.A.	407,516		7,452,506
Publicis Groupe S.A.	385,588		28,908,677
Schneider Electric S.E.	257,466		19,398,776
Vicat S.A.	256,660		18,074,408
			84,452,033

Germany–13.00%

adidas AG	173,650		12,006,977
Allianz S.E.	125,070		20,690,580
Deutsche Boerse AG	453,500		34,862,314
GEA Group AG	422,938		19,233,888
MorphoSys AG ^(a)	330,115		28,350,276
MTU Aero Engines AG	223,860		20,522,791
ProSiebenSat.1 Media AG	427,755		19,015,506
SAP S.E.	389,720		25,480,595
			180,162,927

Ireland–3.85%

DCC PLC	681,736		36,146,194
Shire PLC	235,518		17,217,801
			53,363,995

Israel–0.69%

Israel Chemicals Ltd.	1,323,862		9,528,841

Italy–2.84%

Ansaldo STS S.p.A.	715,137		7,186,681
Danieli & C. Officine Meccaniche S.p.A. -Savings Shares	1,109,202		18,199,343
Prada S.p.A.	2,392,500		13,988,833
			39,374,857

Netherlands–0.44%

Aalberts Industries N.V.	213,139		6,152,593

Norway–1.45%

Petroleum Geo-Services ASA	1,286,911		7,020,991
Prosafe S.E.	4,929,845		13,144,133
			20,165,124

Russia–1.03%

Sberbank of Russia -Preference Shares^(a)	22,605,635		14,352,612


	Shares		Value

Spain–0.84%

Construcciones y Auxiliar de Ferrocarriles S.A.	34,764	$	11,662,284

Sweden–5.33%

Getinge AB -Class B	335,639		8,272,466
Intrum Justitia AB	827,756		22,011,817
Investor AB -Class B	598,385		21,764,703
Telefonaktiebolaget LM Ericsson -Class B	1,798,738		21,848,611
			73,897,597

Switzerland–11.86%

ABB Ltd.	981,963		18,809,705
Aryzta AG	267,249		20,124,435
Julius Baer Group Ltd.	502,100		20,456,133
Kuoni Reisen Holding AG	66,248		22,219,736
Novartis AG	95,773		9,337,080
Roche Holding AG	73,053		19,733,305
Syngenta AG	60,391		19,653,482
Tecan Group AG	105,086		10,613,881
UBS Group AG	1,397,578		23,422,330
			164,370,087

Turkey–3.15%

Haci Omer Sabanci Holding A.S.	8,101,545		34,203,170
Tupras-Turkiye Petrol Rafinerileri A.S.	436,527		9,469,244
			43,672,414

Turkmenistan–1.89%

Dragon Oil PLC	3,124,791		26,165,409

United Kingdom–37.84%

Aberdeen Asset Management PLC	3,727,225		24,495,229
Amlin PLC	1,782,194		13,069,616
British American Tobacco PLC	525,134		29,563,123
Centrica PLC	2,565,407		11,328,647
Compass Group PLC	1,241,130		21,487,216
Halma PLC	1,116,661		11,691,315
HomeServe PLC	2,201,991		11,172,409
IG Group Holdings PLC	3,194,258		34,701,116
Informa PLC	2,792,356		21,487,201
John Wood Group PLC	2,295,120		19,658,753
Jupiter Fund Management PLC.	2,667,666		15,169,892
Kingfisher PLC	3,666,464		18,903,788
Lancashire Holdings Ltd.	1,171,980		10,776,052
Micro Focus International PLC	1,410,849		22,353,734
Next PLC	122,438		13,321,394
Reed Elsevier PLC	1,695,629		29,483,457
Royal Dutch Shell PLC -Class B	561,016		17,859,813
Savills PLC	1,423,820		15,625,937
Sky PLC	3,345,864		46,700,932
Smith & Nephew PLC	845,553		15,120,732
Smiths Group PLC	1,087,602		18,407,441
UBM PLC	1,081,397		8,601,899

See accompanying notes which are an integral part of this schedule.

Invesco European Growth Fund


	Shares		Value

United Kingdom–(continued)

Ultra Electronics Holdings PLC	690,708	$	18,162,157
Unilever N.V.	396,906		17,250,264
William Hill PLC	4,133,916		23,447,973
WPP PLC	1,574,632		34,711,204
			524,551,294
Total Common Stocks & Other Equity Interests (Cost $1,135,434,074)			1,306,387,005

Money Market Funds–4.97%

Liquid Assets Portfolio –Institutional Class ^(b)	34,451,088		34,451,088
Premier Portfolio –Institutional Class ^(b)	34,451,088		34,451,088
Total Money Market Funds (Cost $68,902,176)			68,902,176
TOTAL INVESTMENTS–99.20% (Cost $1,204,336,250)			1,375,289,181
OTHER ASSETS LESS LIABILITIES–0.80%			11,057,125
NET ASSETS–100.00%		$	1,386,346,306

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco European Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco European Growth Fund

A.	Security Valuations – (continued)

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 of the Fund’s investments.

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

E.	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.

Invesco European Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $304,371,656 and from Level 2 to Level 1 of $80,561,738, due to foreign fair value adjustments.

Invesco European Growth Fund


	Level 1		Level 2		Level 3		Total
Belgium	$	22,007,451	$	—	$	—	$	22,007,451
Denmark		—		32,507,487		—		32,507,487
France		18,074,408		66,377,625		—		84,452,033
Germany		180,162,927		—		—		180,162,927
Ireland		17,217,801		36,146,194		—		53,363,995
Israel		9,528,841		—		—		9,528,841
Italy		18,199,343		21,175,514		—		39,374,857
Netherlands		—		6,152,593		—		6,152,593
Norway		—		20,165,124		—		20,165,124
Russia		—		14,352,612		—		14,352,612
Spain		—		11,662,284		—		11,662,284
Sweden		—		73,897,597		—		73,897,597
Switzerland		76,380,382		87,989,705		—		164,370,087
Turkey		—		43,672,414		—		43,672,414
Turkmenistan		—		26,165,409		—		26,165,409
United Kingdom		33,129,786		491,421,508		—		524,551,294
United States		68,902,176		—		—		68,902,176
Total Investments	$	443,603,115	$	931,686,066	$	—	$	1,375,289,181

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $25,941,410 and $248,853,047, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	266,188,941
Aggregate unrealized (depreciation) of investment securities		(101,010,715)
Net unrealized appreciation of investment securities	$	165,178,226
Cost of investments for tax purposes is $1,210,110,955.

Invesco European Growth Fund



		Invesco Global Growth Fund
		Quarterly Schedule of Portfolio Holdings January 31, 2015

invesco.com/us

GLG-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.64%

Australia–1.74%

Amcor Ltd.	406,588	$	4,013,009
Brambles Ltd.	233,798		1,914,131
			5,927,140

Belgium–1.12%

Anheuser-Busch InBev N.V.	31,215		3,813,006

Brazil–4.64%

Banco Bradesco S.A. -ADR	387,684		4,838,296
BM&FBOVESPA S.A.	1,440,631		4,886,407
BRF S.A.	124,541		2,988,539
Cielo S.A.	205,864		3,069,276
			15,782,518

Canada–3.85%

Cenovus Energy Inc.	94,284		1,786,238
CGI Group Inc. -Class A ^(a)	120,809		4,787,669
Encana Corp.	168,135		2,056,527
Suncor Energy, Inc.	150,245		4,481,925
			13,112,359

China–4.71%

Baidu, Inc. -ADR^(a)	19,498		4,249,004
Great Wall Motor Co. Ltd. -Class H	972,000		5,540,055
Industrial & Commercial Bank of China Ltd. -Class H	4,366,000		3,129,313
NetEase, Inc. -ADR	28,610		3,125,643
			16,044,015

Denmark–2.12%

Carlsberg AS -Class B	58,476		4,297,821
Novo Nordisk AS -Class B	65,048		2,909,602
			7,207,423

France–1.65%

Publicis Groupe S.A.	35,775		2,682,158
Schneider Electric S.E.	39,089		2,945,161
			5,627,319

Germany–4.04%

adidas AG	29,857		2,064,453
Deutsche Boerse AG	53,263		4,094,535
ProSiebenSat.1 Media AG	81,264		3,612,526
SAP S.E.	60,661		3,966,125
			13,737,639

Hong Kong–2.62%

Galaxy Entertainment Group Ltd.	692,000		3,620,486
Hutchison Whampoa Ltd.	403,000		5,303,734
			8,924,220


	Shares		Value

Indonesia–1.16%

PT Bank Mandiri Persero Tbk	4,554,000	$	3,932,347

Israel–2.97%

Check Point Software Technologies Ltd. ^(a)	38,215		2,949,052
Teva Pharmaceutical Industries Ltd. -ADR	125,821		7,154,182
			10,103,234

Italy–0.74%

Prada S.p.A.	430,200		2,515,359

Japan–4.89%

FANUC Corp.	18,800		3,157,227
Japan Tobacco, Inc.	115,700		3,143,586
Keyence Corp.	3,500		1,629,342
Komatsu Ltd.	108,500		2,133,661
Toyota Motor Corp.	63,900		4,113,781
Yahoo Japan Corp.	729,000		2,459,085
			16,636,682

Mexico–0.83%

Fomento Economico Mexicano, S.A.B. de C.V. -ADR^(a)	1,814		151,578
Grupo Televisa S.A.B. -ADR^(a)	82,216		2,681,064
			2,832,642

Singapore–2.62%

Avago Technologies Ltd.	48,254		4,964,371
United Overseas Bank Ltd.	231,000		3,947,835
			8,912,206

South Korea–1.20%

Samsung Electronics Co., Ltd.	3,295		4,072,380

Spain–0.86%

Amadeus IT Holding S.A. -Class A	72,915		2,922,466

Sweden–1.66%

Getinge AB -Class B	76,814		1,893,228
Telefonaktiebolaget LM Ericsson -Class B	310,231		3,768,262
			5,661,490

Switzerland–5.33%

ABB Ltd.	187,656		3,594,590
Julius Baer Group Ltd.	62,226		2,535,159
Novartis AG	23,455		2,286,670
Roche Holding AG	13,277		3,586,425
Syngenta AG	10,473		3,408,304
UBS Group AG	162,901		2,730,095
			18,141,243

Taiwan–1.51%

Taiwan Semiconductor Manufacturing Co. Ltd.	1,159,428		5,146,071

See accompanying notes which are an integral part of this schedule.

Invesco Global Growth Fund


	Shares		Value

Thailand–1.24%

Kasikornbank PCL -NVDR		625,100	$	4,221,315

Turkey–0.71%

Akbank T.A.S.		657,357		2,400,093

United Kingdom–11.43%

Aberdeen Asset Management PLC		489,604		3,217,665
British American Tobacco PLC		54,684		3,078,509
Compass Group PLC		156,341		2,706,673
Kingfisher PLC		659,064		3,398,044
Next PLC		24,690		2,686,300
Reed Elsevier PLC		252,082		4,383,181
Royal Dutch Shell PLC -Class B		84,874		2,701,944
Sky PLC		379,405		5,295,663
Smith & Nephew PLC		183,176		3,275,673
Unilever N.V.		63,894		2,776,951
WPP PLC		243,865		5,375,762
				38,896,365

United States–32.00%

Aon PLC		26,823		2,415,411
Apple Inc.		62,639		7,338,785
Cadence Design Systems, Inc. ^(a)		239,865		4,315,171
California Resources Corp. ^(a)		13,679		70,036
Cameron International Corp. ^(a)		69,917		3,130,883
Cardinal Health, Inc.		21,596		1,796,571
Celgene Corp. ^(a)		32,773		3,905,231
Cisco Systems, Inc.		190,313		5,017,602
Citrix Systems, Inc. ^(a)		54,773		3,245,848
Comcast Corp. -Class A		83,185		4,420,867
DIRECTV ^(a)		42,085		3,589,009
Discovery Communications, Inc. -Class A ^(a)		100,205		2,904,442
Dollar General Corp. ^(a)		59,848		4,013,407
EMC Corp.		206,861		5,363,906
Expedia, Inc.		55,619		4,779,341
Express Scripts Holding Co. ^(a)		56,706		4,576,741
First Republic Bank		51,254		2,609,854
Garmin Ltd.		43,237		2,263,889
Gilead Sciences, Inc. ^(a)		69,252		7,259,687
Google Inc. -Class A ^(a)		4,753		2,554,975
Google Inc. -Class C ^(a)		4,753		2,540,574
Ingersoll-Rand PLC		66,320		4,403,648
JPMorgan Chase & Co.		69,291		3,768,045
Las Vegas Sands Corp.		16,103		875,520
Macy’s, Inc.		65,219		4,166,190
Microsoft Corp.		80,659		3,258,624
Newell Rubbermaid Inc.		110,979		4,091,796
Occidental Petroleum Corp.		38,557		3,084,560
Scripps Networks Interactive Inc. -Class A		30,496		2,167,961
Urban Outfitters, Inc. ^(a)		142,012		4,950,538
				108,879,112
Total Common Stocks & Other Equity Interests (Cost $237,520,363)				325,448,644


	Shares		Value

Money Market Funds–4.07%

Liquid Assets Portfolio –Institutional Class ^(b)		6,926,013	$	6,926,013
Premier Portfolio –Institutional Class ^(b)		6,926,014		6,926,014
Total Money Market Funds (Cost $13,852,027)				13,852,027
TOTAL INVESTMENTS–99.71% (Cost $251,372,390)				339,300,671
OTHER ASSETS LESS LIABILITIES–0.29%				991,159
NET ASSETS–100.00%			$	340,291,830

Investment Abbreviations:


ADR		—American Depositary Receipt
NVDR		—Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Global Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Global Growth Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco Global Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $29,587,165 and from Level 2 to Level 1 of $7,425,532, due to foreign fair value adjustments.

Invesco Global Growth Fund


	Level 1		Level 2		Level 3		Total
Australia	$	—	$	5,927,140	$	—	$	5,927,140
Belgium		3,813,006		—		—		3,813,006
Brazil		15,782,518		—		—		15,782,518
Canada		13,112,359		—		—		13,112,359
China		7,374,647		8,669,368		—		16,044,015
Denmark		—		7,207,423		—		7,207,423
France		—		5,627,319		—		5,627,319
Germany		13,737,639		—		—		13,737,639
Hong Kong		—		8,924,220		—		8,924,220
Indonesia		—		3,932,347		—		3,932,347
Israel		10,103,234		—		—		10,103,234
Italy		—		2,515,359		—		2,515,359
Japan		—		16,636,682		—		16,636,682
Mexico		2,832,642		—		—		2,832,642
Singapore		4,964,371		3,947,835		—		8,912,206
South Korea		—		4,072,380		—		4,072,380
Spain		—		2,922,466		—		2,922,466
Sweden		—		5,661,490		—		5,661,490
Switzerland		2,730,095		15,411,148		—		18,141,243
Taiwan		—		5,146,071		—		5,146,071
Thailand		—		4,221,315		—		4,221,315
Turkey		—		2,400,093		—		2,400,093
United Kingdom		—		38,896,365		—		38,896,365
United States		122,731,139		—		—		122,731,139
Total Investments	$	197,181,650	$	142,119,021	$	—	$	339,300,671

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $7,949,631 and $18,230,929, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	97,458,674
Aggregate unrealized (depreciation) of investment securities		(9,746,856	)
Net unrealized appreciation of investment securities	$	87,711,818
Cost of investments for tax purposes is $251,588,853.

Invesco Global Growth Fund



		Invesco Global Opportunities Fund
		Quarterly Schedule of Portfolio Holdings January 31, 2015

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–115.88%

Brazil–1.66%

EZ Tec Empreendimentos e Participacoes S.A.		34,400	$	211,562

Cambodia–2.30%

NagaCorp Ltd.		376,000		294,532

China–2.59%

NetEase, Inc. -ADR		3,033		331,355

France–3.93%

Airbus Group N.V.		9,444		502,896

Germany–8.40%

Beiersdorf AG		6,796		597,464
Continental AG		1,361		308,663
SAP S.E.		2,565		167,704
				1,073,831

Hong Kong–6.24%

Hutchison Whampoa Ltd.		27,000		355,337
Standard Chartered PLC		33,100		442,627
				797,964

Norway–3.61%

Statoil ASA		27,661		461,314

South Korea–2.88%

Samsung Electronics Co., Ltd.		298		368,307

Spain–1.24%

Mediaset Espana Comunicacion S.A. ^(a)		13,001		158,376

Switzerland–4.56%

Holcim Ltd.		6,797		475,641
Novartis AG		1,098		107,046
				582,687

United Kingdom–29.67%

Booker Group PLC		392,944		884,760
British American Tobacco PLC		9,126		513,760
DS Smith PLC		85,215		405,809
HSBC Holdings PLC		29,200		271,994
International Consolidated Airlines Group S.A. ^(a)		6,510		53,261
Rio Tinto Ltd.		7,281		322,893
Rolls-Royce Holdings PLC		29,406		394,834
Tesco PLC		96,117		325,352
Thomas Cook Group PLC ^(a)		322,447		620,641
				3,793,304

United States–48.80%

Citigroup Inc.		17,162		805,756


	Shares		Value

United States–(continued)

First Republic Bank		15,711	$	800,004
Google Inc. -Class A ^(a)		423		227,384
Google Inc. -Class C ^(a)		280		149,666
J. C. Penney Co., Inc. ^(a)		44,030		320,098
JPMorgan Chase & Co.		11,881		646,089
Las Vegas Sands Corp.		6,662		362,213
MasterCard, Inc. -Class A		12,458		1,021,929
McGraw Hill Financial, Inc.		6,180		552,739
Mead Johnson Nutrition Co.		3,112		306,501
Samsonite International S.A.		76,200		230,320
United Technologies Corp.		3,484		399,893
WESCO International, Inc. ^(a)		6,246		416,983
				6,239,575
TOTAL INVESTMENTS–115.88% (Cost $14,657,400)				14,815,703
OTHER ASSETS LESS LIABILITIES–(15.88)%				(2,030,057	)
NET ASSETS–100.00%			$	12,785,646


Investment Abbreviations:

ADR		—American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

See accompanying notes which are an integral part of this schedule.

Invesco Global Opportunities Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Global Opportunities Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco Global Opportunities Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $649,869 and from Level 2 to Level 1 of $1,279,594, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Brazil	$	211,562	$	—	$	—	$	211,562
Cambodia		—		294,532		—		294,532
China		331,355		—		—		331,355
France		—		502,896		—		502,896
Germany		1,073,831		—		—		1,073,831
Hong Kong		—		797,964		—		797,964
Norway		—		461,314		—		461,314
South Korea		—		368,307		—		368,307
Spain		—		158,376		—		158,376
Switzerland		—		582,687		—		582,687
United Kingdom		1,604,946		2,188,358		—		3,793,304
United States		6,009,255		230,320		—		6,239,575
Total Investments	$	9,230,949	$	5,584,754	$	—	$	14,815,703

Invesco Global Opportunities Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $1,799,722 and $3,095,171, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	698,069
Aggregate unrealized (depreciation) of investment securities		(843,963	)
Net unrealized appreciation (depreciation) of investment securities	$	(145,894	)
Cost of investments for tax purposes is $14,961,597.

Invesco Global Opportunities Fund



		Invesco Global Small & Mid Cap Growth Fund
		Quarterly Schedule of Portfolio Holdings January 31, 2015

invesco.com/us

GSMG-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–93.12%

Australia–1.06%

Computershare Ltd.	706,036	$	6,341,975

Brazil–6.67%

BR Malls Participacoes S.A.	960,400		5,451,896
CETIP S.A. - Mercados Organizados	1,048,865		13,468,038
Cielo S.A.	946,452		14,110,880
Duratex S.A.	2,525,713		6,994,688
			40,025,502

Canada–6.77%

Fairfax Financial Holdings Ltd.	20,671		10,982,231
MacDonald, Dettwiler and Associates Ltd.	35,900		2,637,470
Onex Corp.	182,223		10,003,978
Open Text Corp.	90,310		5,122,187
Paramount Resources Ltd. -Class A ^(a)	267,039		5,992,351
Precision Drilling Corp.	348,455		1,779,987
TransForce, Inc.	180,000		4,085,951
			40,604,155

China–2.33%

Lee & Man Paper Manufacturing Ltd.	12,159,000		6,379,804
NetEase, Inc. -ADR	69,458		7,588,287
			13,968,091

France–0.79%

Bollore S.A.	1,096,700		4,725,426

Germany–4.80%

Deutsche Boerse AG	151,855		11,673,686
MorphoSys AG ^(a)	157,821		13,553,668
MTU Aero Engines AG	39,000		3,575,399
			28,802,753

Hong Kong–2.25%

Hongkong Land Holdings Ltd.	1,820,000		13,486,200

Indonesia–1.15%

PT Perusahaan Gas Negara Persero Tbk	17,335,000		6,897,850

Ireland–3.59%

DCC PLC	308,961		16,381,362
Shire PLC	70,296		5,139,066
			21,520,428

Israel–0.75%

Israel Chemicals Ltd.	624,624		4,495,894

Japan–2.93%

EXEDY Corp.	339,300		7,453,677
THK Co., Ltd.	417,300		10,155,341
			17,609,018


	Shares		Value

Netherlands–1.03%

NXP Semiconductors N.V. ^(a)	78,045	$	6,192,090

Norway–1.28%

Petroleum Geo-Services ASA	673,101		3,672,232
Prosafe S.E.	1,504,155		4,010,433
			7,682,665

Philippines–2.17%

Ayala Corp.	197,389		3,238,473
Energy Development Corp.	50,672,100		9,773,723
			13,012,196

Switzerland–2.24%

Aryzta AG	112,518		8,472,851
Tecan Group AG	49,036		4,952,727
			13,425,578

Thailand–2.10%

Siam Commercial Bank PCL (The)	2,302,100		12,576,140

Turkey–2.56%

Haci Omer Sabanci Holding A.S.	1,770,697		7,475,543
Tupras-Turkiye Petrol Rafinerileri A.S.	363,635		7,888,055
			15,363,598

Turkmenistan–1.35%

Dragon Oil PLC	968,085		8,106,251

United Kingdom–17.23%

Aberdeen Asset Management PLC	611,000		4,015,477
Compass Group PLC	340,574		5,896,229
HomeServe PLC	1,650,642		8,374,988
IG Group Holdings PLC	1,623,859		17,640,942
Informa PLC	1,064,791		8,193,575
John Wood Group PLC	680,000		5,824,511
Jupiter Fund Management PLC.	958,750		5,452,007
Lancashire Holdings Ltd.	637,330		5,860,084
Micro Focus International PLC	861,607		13,651,449
Savills PLC	548,358		6,018,041
Smiths Group PLC	396,534		6,711,257
UBM PLC	374,848		2,981,703
Ultra Electronics Holdings PLC	266,074		6,996,412
William Hill PLC	1,019,541		5,782,935
			103,399,610

United States–30.07%

Actavis PLC ^(a)	18,353		4,891,809
Advance Auto Parts, Inc.	15,091		2,399,469
Alliance Data Systems Corp. ^(a)	10,675		3,083,260
Ameriprise Financial, Inc.	37,183		4,645,644
Amphenol Corp. -Class A	83,250		4,471,358
B/E Aerospace, Inc. ^(a)	40,228		2,346,499
Brunswick Corp.	94,316		5,119,472
Burlington Stores, Inc. ^(a)	37,918		1,891,729

See accompanying notes which are an integral part of this schedule.

Invesco Global Small & Mid Cap Growth Fund


	Shares		Value

United States–(continued)

Cadence Design Systems, Inc. ^(a)	254,268	$	4,574,281
Carlisle Cos. Inc.	47,105		4,224,376
Cavium Inc. ^(a)	73,190		4,304,304
Cimarex Energy Co.	16,236		1,675,555
Cinemark Holdings, Inc.	108,002		4,014,434
Cognex Corp. ^(a)	69,425		2,551,369
Concho Resources Inc. ^(a)	35,624		3,948,920
Constellation Brands, Inc. -Class A ^(a)	28,163		3,110,603
Delta Air Lines, Inc.	51,117		2,418,345
EQT Corp.	22,612		1,683,237
Flowserve Corp.	40,577		2,211,041
Harman International Industries, Inc.	42,057		5,451,849
IHS Inc. -Class A ^(a)	35,609		4,099,664
Illumina, Inc. ^(a)	23,009		4,491,127
Integrated Device Technology, Inc. ^(a)	242,181		4,429,491
KAR Auction Services Inc.	91,882		3,134,095
Kroger Co. (The)	65,545		4,525,882
L Brands, Inc.	36,326		3,074,269
Lazard Ltd. -Class A	88,355		4,046,659
Lennox International Inc.	39,419		3,875,282
LinkedIn Corp. -Class A ^(a)	13,333		2,996,458
Mead Johnson Nutrition Co.	54,901		5,407,200
Medivation Inc. ^(a)	36,796		4,004,141
O’Reilly Automotive, Inc. ^(a)	11,010		2,062,834
Omnicare, Inc.	86,498		6,485,620
Palo Alto Networks, Inc. ^(a)	52,317		6,612,346
Pioneer Natural Resources Co.	20,895		3,145,324
PPG Industries, Inc.	29,168		6,500,964
Realogy Holdings Corp. ^(a)	38,978		1,812,477
Royal Caribbean Cruises Ltd.	36,103		2,727,582
SBA Communications Corp. -Class A ^(a)	41,592		4,853,786
Signet Jewelers Ltd.	39,209		4,748,602
SolarWinds, Inc. ^(a)	33,554		1,615,625
SVB Financial Group ^(a)	28,962		3,269,810
Team Health Holdings, Inc. ^(a)	60,389		3,122,111
Tesla Motors, Inc. ^(a)	9,332		1,899,995
Tractor Supply Co.	51,272		4,161,748
Under Armour, Inc. -Class A ^(a)	38,008		2,739,617
United Rentals, Inc. ^(a)	27,810		2,304,059
Universal Health Services, Inc. -Class B	30,569		3,134,240
VWR Corp. ^(a)	150,368		3,632,891
Wynn Resorts Ltd.	17,027		2,519,145
			180,450,598
Total Common Stocks & Other Equity Interests (Cost $410,408,711)			558,686,018


	Shares		Value

Money Market Funds–6.74%

Liquid Assets Portfolio –Institutional Class ^(b)	20,222,477	$	20,222,477
Premier Portfolio –Institutional Class ^(b)	20,222,476		20,222,476
Total Money Market Funds (Cost $40,444,953)			40,444,953
TOTAL INVESTMENTS–99.86% (Cost $450,853,664)			599,130,971
OTHER ASSETS LESS LIABILITIES–0.14%			857,349
NET ASSETS–100.00%		$	599,988,320

Investment Abbreviations:

ADR —American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Global Small & Mid Cap Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Global Small & Mid Cap Growth Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco Global Small & Mid Cap Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $86,699,024 and from Level 2 to Level 1 of $10,355,978, due to foreign fair value adjustments.

Invesco Global Small & Mid Cap Growth Fund


	Level 1		Level 2		Level 3		Total
Australia	$	—	$	6,341,975	$	—	$	6,341,975
Brazil		40,025,502		—		—		40,025,502
Canada		40,604,155		—		—		40,604,155
China		7,588,287		6,379,804		—		13,968,091
France		—		4,725,426		—		4,725,426
Germany		28,802,753		—		—		28,802,753
Hong Kong		13,486,200		—		—		13,486,200
Indonesia		—		6,897,850		—		6,897,850
Ireland		5,139,066		16,381,362		—		21,520,428
Israel		4,495,894		—		—		4,495,894
Japan		—		17,609,018		—		17,609,018
Netherlands		6,192,090		—		—		6,192,090
Norway		—		7,682,665		—		7,682,665
Philippines		—		13,012,196		—		13,012,196
Switzerland		13,425,578		—		—		13,425,578
Thailand		—		12,576,140		—		12,576,140
Turkey		—		15,363,598		—		15,363,598
Turkmenistan		—		8,106,251		—		8,106,251
United Kingdom		19,511,533		83,888,077		—		103,399,610
United States		220,895,551		—		—		220,895,551
Total Investments	$	400,166,609	$	198,964,362	$	—	$	599,130,971

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $31,067,196 and $37,549,861, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	176,678,845
Aggregate unrealized (depreciation) of investment securities		(29,349,093	)
Net unrealized appreciation of investment securities	$	147,329,752
Cost of investments for tax purposes is $451,801,219.

Invesco Global Small & Mid Cap Growth Fund



		Invesco International Core Equity Fund
		Quarterly Schedule of Portfolio Holdings January 31, 2015

invesco.com/us

I-ICE-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.58%

Australia–1.41%

Australia and New Zealand Banking Group Ltd.	41,325	$	1,053,873
Macquarie Atlas Roads Group	287,944		659,385
			1,713,258

Canada–7.70%

Canadian Natural Resources Ltd.	37,606		1,090,441
Hudson’s Bay Co.	17,943		330,756
Intact Financial Corp.	31,119		2,079,989
Peyto Exploration & Development Corp.	43,200		1,091,476
Suncor Energy, Inc.	61,774		1,842,766
Toronto-Dominion Bank (The)	28,430		1,132,277
Vermilion Energy, Inc.	41,189		1,814,520
			9,382,225

Finland–1.94%

Sampo Oyj -Class A	48,887		2,365,815

France–10.45%

Casino Guichard-Perrachon S.A.	18,985		1,724,320
Danone	39,894		2,685,429
Eiffage S.A.	22,804		1,111,131
Hermes International	734		249,199
LVMH Moet Hennessy Louis Vuitton S.A.	15,049		2,429,848
Orpea	11,015		718,065
Publicis Groupe S.A.	25,478		1,910,161
Rexel S.A.	55,125		1,032,253
Sanofi	9,357		862,007
			12,722,413

Germany–5.23%

Bayer AG	16,168		2,336,257
Daimler AG	12,557		1,141,964
Muenchener Rueckversicherungs-Gesellschaft AG	8,529		1,715,523
SAP S.E.	18,044		1,179,749
			6,373,493

Ireland–1.96%

CRH PLC	37,354		899,706
Shire PLC -ADR	6,807		1,492,503
			2,392,209

Israel–1.90%

Teva Pharmaceutical Industries Ltd. -ADR	40,742		2,316,590

Italy–1.15%

Prada S.p.A.	239,700		1,401,514

Japan–11.62%

Asahi Group Holdings, Ltd.	42,997		1,403,255


	Shares		Value

Japan–(continued)

Daiwa House Industry Co., Ltd.	56,400	$	1,039,417
FANUC Corp.	4,400		738,926
KDDI Corp.	21,400		1,509,828
Keyence Corp.	1,000		465,526
Komatsu Ltd.	90,600		1,781,656
Mitsubishi Corp.	95,900		1,674,265
Mitsubishi UFJ Financial Group, Inc.	234,100		1,246,301
Nintendo Co., Ltd.	8,400		810,282
NTT DoCoMo, Inc.	79,100		1,338,432
Sumitomo Corp.	98,800		974,232
Toyota Motor Corp.	18,200		1,171,687
			14,153,807

Netherlands–9.78%

Arcadis N.V.	35,304		1,072,142
Heineken N.V.	26,047		1,942,243
ING Groep N.V. ^(a)	208,339		2,591,961
Koninklijke Ahold N.V.	69,723		1,260,153
Koninklijke KPN N.V.	375,857		1,162,851
Koninklijke Philips N.V.	71,918		1,987,189
Randstad Holding N.V.	35,781		1,889,576
			11,906,115

Singapore–3.69%

Avago Technologies Ltd.	23,520		2,419,738
DBS Group Holdings Ltd.	142,000		2,068,222
			4,487,960

Sweden–2.85%

SKF AB -Class B	74,513		1,755,779
Svenska Handelsbanken AB -Class A	36,210		1,716,420
			3,472,199

Switzerland–8.56%

ABB Ltd.	138,952		2,661,654
Novartis AG -ADR	22,615		2,202,701
Roche Holding AG	9,176		2,478,650
TE Connectivity Ltd.	20,335		1,350,041
UBS Group AG	103,168		1,729,016
			10,422,062

Taiwan–1.71%

Taiwan Semiconductor Manufacturing Co. Ltd.	468,000		2,077,198

United Kingdom–18.37%

British American Tobacco PLC	30,317		1,706,736
Diageo PLC	88,187		2,612,015
GlaxoSmithKline PLC -ADR	45,028		1,981,232
Imperial Tobacco Group PLC	27,180		1,276,763
Kingfisher PLC	412,962		2,129,176
Liberty Global PLC -Series A ^(a)	26,998		1,261,346

See accompanying notes which are an integral part of this schedule.

Invesco International Core Equity Fund


	Shares		Value

United Kingdom–(continued)

Liberty Global PLC -Series C ^(a)	28,321	$	1,291,154
Rio Tinto PLC	50,076		2,206,019
Royal Dutch Shell PLC -Class A	43,132		1,319,638
Royal Dutch Shell PLC -Class A -ADR	2,888		177,468
SABMiller PLC	30,270		1,649,097
Sky PLC	101,754		1,420,263
Standard Chartered PLC	80,000		1,067,291
Vodafone Group PLC -ADR	64,751		2,274,703
			22,372,901

United States–8.26%

ACE Ltd.	18,479		1,994,993
Aon PLC	30,263		2,725,183
Eaton Corp. PLC	23,723		1,496,684
ResMed Inc.	36,500		2,280,155
Schlumberger Ltd.	18,975		1,563,350
			10,060,365
Total Common Stocks & Other Equity Interests (Cost $118,659,802)			117,620,124


	Shares		Value

Money Market Funds–2.76%

Liquid Assets Portfolio –Institutional Class ^(b)	1,680,560	$	1,680,560
Premier Portfolio –Institutional Class ^(b)	1,680,561		1,680,561
Total Money Market Funds (Cost $3,361,121)			3,361,121
TOTAL INVESTMENTS–99.34% (Cost $122,020,923)			120,981,245
OTHER ASSETS LESS LIABILITIES–0.66%			809,253
NET ASSETS–100.00%		$	121,790,498

Investment Abbreviations:

ADR —American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco International Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco International Core Equity Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco International Core Equity Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $ 7,415,183 and from Level 2 to Level 1 of $ 3,823,790, due to foreign fair value adjustments.

Invesco International Core Equity Fund


		Level 1		Level 2		Level 3		Total
Australia	$	—	$	1,713,258	$	—	$	1,713,258
Canada		9,382,225		—		—		9,382,225
Finland		—		2,365,815		—		2,365,815
France		3,652,693		9,069,720		—		12,722,413
Germany		4,037,236		2,336,257		—		6,373,493
Ireland		2,392,209		—		—		2,392,209
Israel		2,316,590		—		—		2,316,590
Italy		—		1,401,514		—		1,401,514
Japan		—		14,153,807		—		14,153,807
Netherlands		—		11,906,115		—		11,906,115
Singapore		2,419,738		2,068,222		—		4,487,960
Sweden		—		3,472,199		—		3,472,199
Switzerland		5,281,758		5,140,304		—		10,422,062
Taiwan		—		2,077,198		—		2,077,198
United Kingdom		9,191,922		13,180,979		—		22,372,901
United States		13,421,486		—		—		13,421,486
Total Investments	$	52,095,857	$	68,885,388	$	—	$	120,981,245

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $21,586,191 and $28,483,840, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	8,431,051
Aggregate unrealized (depreciation) of investment securities		(9,998,283	)
Net unrealized appreciation (depreciation) of investment securities	$	(1,567,232	)
Cost of investments for tax purposes is $122,548,477.

Invesco International Core Equity Fund

Invesco International Growth Fund

Quarterly Schedule of Portfolio Holdings

January 31, 2015

LOGO

invesco.com/us

IGR-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–92.14%

Australia–3.38%

Amcor Ltd.	14,098,347	$	139,150,188
Brambles Ltd.	10,776,899		88,231,706
CSL Ltd.	894,977		60,927,054
			288,308,948

Belgium–1.69%

Anheuser-Busch InBev N.V.	1,182,707		144,471,208

Brazil–4.07%

Banco Bradesco S.A. -ADR	12,092,683		150,916,684
BM&FBOVESPA S.A.	36,253,002		122,964,821
BRF S.A.	3,060,600		73,443,448
			347,324,953

Canada–7.16%

Canadian National Railway Co.	1,217,080		80,199,872
Cenovus Energy Inc.	2,443,041		46,284,138
CGI Group Inc. -Class A ^(a)	3,871,917		153,444,330
Encana Corp.	5,615,275		68,682,702
Fairfax Financial Holdings Ltd.	183,558		97,521,960
Suncor Energy, Inc.	5,539,119		165,236,214
			611,369,216

China–5.09%

Baidu, Inc. -ADR^(a)	733,376		159,817,298
CNOOC Ltd.	24,710,093		32,800,856
Great Wall Motor Co. Ltd. -Class H	26,281,500		149,795,221
Industrial & Commercial Bank of China Ltd. -Class H	127,958,461		91,713,716
			434,127,091

Denmark–2.29%

Carlsberg AS -Class B	1,564,608		114,994,275
Novo Nordisk AS -Class B	1,795,922		80,331,720
			195,325,995

France–3.07%

Publicis Groupe S.A.	2,264,349		169,764,966
Schneider Electric S.E.	1,222,991		92,146,259
			261,911,225

Germany–7.63%

adidas AG	1,024,178		70,816,481
Allianz S.E.	665,002		110,012,611
Deutsche Boerse AG	1,886,239		145,002,548
Deutsche Post AG	2,125,721		69,107,402
ProSiebenSat.1 Media AG	2,489,767		110,680,600
SAP S.E.	2,232,743		145,980,756
			651,600,398


	Shares		Value

Hong Kong–3.55%

Galaxy Entertainment Group Ltd.	22,986,090	$	120,261,299
Hutchison Whampoa Ltd.	13,870,590		182,545,689
			302,806,988

Ireland–1.00%

Shire PLC	1,168,201		85,402,612

Israel–2.32%

Teva Pharmaceutical Industries Ltd. -ADR	3,478,886		197,809,458

Japan–7.81%

Denso Corp.	1,301,347		57,525,910
FANUC Corp.	526,812		88,471,555
Japan Tobacco, Inc.	4,293,700		116,660,470
Keyence Corp.	138,327		64,394,853
Komatsu Ltd.	4,470,928		87,921,144
Toyota Motor Corp.	2,713,430		174,686,317
Yahoo Japan Corp.	22,969,800		77,482,423
			667,142,672

Mexico–1.89%

Fomento Economico Mexicano, S.A.B. de C.V. -ADR^(a)	611,777		51,120,086
Grupo Televisa S.A.B. -ADR^(a)	3,389,877		110,543,889
			161,663,975

Singapore–4.53%

Avago Technologies Ltd.	1,638,552		168,574,230
Keppel Corp. Ltd.	12,241,313		78,581,978
United Overseas Bank Ltd.	8,158,866		139,436,613
			386,592,821

South Korea–1.69%

Hyundai Mobis Co., Ltd. ^(a)	20,349		4,588,829
Samsung Electronics Co., Ltd.	112,960		139,610,350
			144,199,179

Spain–1.09%

Amadeus IT Holding S.A. -Class A	2,320,051		92,988,678

Sweden–2.59%

Investor AB -Class B	3,478,095		126,506,690
Telefonaktiebolaget LM Ericsson -Class B	7,761,835		94,280,163
			220,786,853

Switzerland–7.23%

ABB Ltd.	5,298,211		101,488,332
Julius Baer Group Ltd.	2,288,966		93,255,116
Novartis AG	676,738		65,976,393
Roche Holding AG	460,014		124,260,424
Syngenta AG	354,082		115,231,477

See accompanying notes which are an integral part of this schedule.

Invesco International Growth Fund


	Shares		Value

Switzerland–(continued)

UBS Group AG	6,970,817	$	116,825,519
			617,037,261

Taiwan–1.91%

Taiwan Semiconductor Manufacturing Co. Ltd.	36,792,887		163,303,631

Thailand–1.47%

Kasikornbank PCL -NVDR	18,605,200		125,641,368

Turkey–1.20%

Akbank T.A.S.	28,147,613		102,770,477

United Kingdom–19.48%

Aberdeen Asset Management PLC	14,209,068		93,381,637
British American Tobacco PLC	3,378,033		190,170,901
Centrica PLC	13,703,236		60,512,475
Compass Group PLC	8,057,041		139,488,515
Informa PLC	8,629,264		66,402,252
Kingfisher PLC	22,932,406		118,236,353
Next PLC	728,545		79,266,528
Reed Elsevier PLC	10,962,386		190,613,060


	Shares		Value

United Kingdom–(continued)

Royal Dutch Shell PLC -Class B	3,361,166	$	107,001,933
Sky PLC	15,723,410		219,464,361
Smith & Nephew PLC	5,221,031		93,365,892
Unilever N.V.	2,378,790		103,386,587
WPP PLC	9,168,024		202,100,018
			1,663,390,512
Total Common Stocks & Other Equity Interests (Cost $6,227,532,417)			7,865,975,519

Money Market Funds–7.05%

Liquid Assets Portfolio –Institutional Class ^(b)	300,843,349		300,843,349
Premier Portfolio –Institutional Class ^(b)	300,843,350		300,843,350
Total Money Market Funds (Cost $601,686,699)			601,686,699
TOTAL INVESTMENTS–99.19% (Cost $6,829,219,116)			8,467,662,218
OTHER ASSETS LESS LIABILITIES–0.81%			69,149,303
NET ASSETS–100.00%		$	8,536,811,521


Investment Abbreviations:

ADR		—American Depositary Receipt
NVDR		—Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco International Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco International Growth Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco International Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $1,108,051,728 and from Level 2 to Level 1 of $255,151,808, due to foreign fair value adjustments.

Invesco International Growth Fund


	Level 1		Level 2		Level 3		Total
Australia	$	—	$	288,308,948	$	—	$	288,308,948
Belgium		144,471,208		—		—		144,471,208
Brazil		347,324,953		—		—		347,324,953
Canada		611,369,216		—		—		611,369,216
China		159,817,298		274,309,793		—		434,127,091
Denmark		—		195,325,995		—		195,325,995
France		—		261,911,225		—		261,911,225
Germany		651,600,398		—		—		651,600,398
Hong Kong		—		302,806,988		—		302,806,988
Ireland		85,402,612		—		—		85,402,612
Israel		197,809,458		—		—		197,809,458
Japan		—		667,142,672		—		667,142,672
Mexico		161,663,975		—		—		161,663,975
Singapore		168,574,230		218,018,591		—		386,592,821
South Korea		—		144,199,179		—		144,199,179
Spain		—		92,988,678		—		92,988,678
Sweden		—		220,786,853		—		220,786,853
Switzerland		116,825,519		500,211,742		—		617,037,261
Taiwan		—		163,303,631		—		163,303,631
Thailand		—		125,641,368		—		125,641,368
Turkey		—		102,770,477		—		102,770,477
United Kingdom		—		1,663,390,512		—		1,663,390,512
United States		601,686,699		—		—		601,686,699
Total Investments	$	3,246,545,566	$	5,221,116,652	$	—	$	8,467,662,218

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2015 was $502,208,154 and $452,925,138, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,873,915,377
Aggregate unrealized (depreciation) of investment securities		(279,670,840)
Net unrealized appreciation of investment securities	$	1,594,244,537
Cost of investments for tax purposes is $6,873,417,681.

Invesco International Growth Fund


		Invesco Select Opportunities Fund
		Quarterly Schedule of Portfolio Holdings
		January 31, 2015

LOGO

invesco.com/us

SOPP-QTR-1 01/15

Invesco Advisers, Inc.

Schedule of Investments

January 31, 2015

(Unaudited)


	Shares		Value

Common Stocks–78.92%

Brazil–6.34%

Arcos Dorados Holdings, Inc. -Class A		173,390	$	962,314
CETIP S.A. - Mercados Organizados		171,594		2,203,367
				3,165,681

Canada–2.00%

Martinrea International Inc.		134,283		996,685

China–3.59%

Hollysys Automation Technologies Ltd. ^(a)		71,193		1,793,352

France–5.07%

Euler Hermes Group		1,153		113,299
Ipsos		38,993		1,017,173
Vicat S.A.		19,935		1,403,855
				2,534,327

Hong Kong–1.02%

Fairwood Holdings Ltd.		203,000		506,957

Ireland–7.66%

DCC PLC		28,201		1,495,240
UDG Healthcare PLC		395,741		2,329,864
				3,825,104

Monaco–1.93%

GasLog Ltd.		55,003		962,002

Netherlands–10.62%

Aalberts Industries N.V.		64,101		1,850,376
Kendrion N.V.		63,535		1,747,120
SBM Offshore N.V. ^(a)		154,779		1,709,150
				5,306,646

Norway–2.58%

Prosafe S.E.		484,042		1,290,570

United Kingdom–4.04%

Alent PLC		339,590		1,869,374
Charles Taylor PLC		39,867		147,107
				2,016,481

United States–34.07%

Alere, Inc. ^(a)		51,111		2,079,707
Alliance Data Systems Corp. ^(a)		2,721		785,907
American Public Education Inc. ^(a)		34,296		1,151,317
Booz Allen Hamilton Holding Corp.		52,189		1,519,222
Cubic Corp.		26,388		1,379,828
Encore Capital Group, Inc. ^(a)		59,010		2,196,352
Global Payments Inc.		11,515		1,005,375
ION Geophysical Corp. ^(a)		82,113		184,754


	Shares		Value

United States–(continued)

Mitel Networks Corp. ^(a)	210,324	$	1,870,650
Performant Financial Corp. ^(a)	270,598		1,342,166
Rovi Corp. ^(a)	71,853		1,660,523
Ultra Petroleum Corp. ^(a)	144,549		1,843,000
			17,018,801
Total Common Stocks (Cost $40,988,767)			39,416,606

Money Market Funds–19.64%

Liquid Assets Portfolio –Institutional Class ^(b)	4,904,129		4,904,129
Premier Portfolio –Institutional Class ^(b)	4,904,129		4,904,129
Total Money Market Funds (Cost $9,808,258)			9,808,258
TOTAL INVESTMENTS–98.56% (Cost $50,797,025)			49,224,864
OTHER ASSETS LESS LIABILITIES–1.44%			721,119
NET ASSETS–100.00%		$	49,945,983

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Select Opportunities Fund

Notes to Quarterly Schedule of Portfolio Holdings

January 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Select Opportunities Fund

A.	Security Valuations – (continued)

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

E.	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.

Invesco Select Opportunities Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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

During the three months ended January 31, 2015, there were transfers from Level 1 to Level 2 of $1,290,570 and from Level 2 to Level 1 of $1,860,420, due to foreign fair value adjustments.

Invesco Select Opportunities Fund


		Level 1		Level 2		Level 3		Total
Brazil	$	3,165,681	$	—	$	—	$	3,165,681
Canada		996,685		—		—		996,685
China		1,793,352		—		—		1,793,352
France		2,534,327		—		—		2,534,327
Hong Kong		506,957		—		—		506,957
Ireland		2,329,864		1,495,240		—		3,825,104
Monaco		962,002		—		—		962,002
Netherlands		1,747,120		3,559,526		—		5,306,646
Norway		—		1,290,570		—		1,290,570
United Kingdom		2,016,481		—		—		2,016,481
United States		26,827,059		—		—		26,827,059
Total Investments	$	42,879,528	$	6,345,336	$	—	$	49,224,864

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased by the Fund during the three months ended January 31, 2015 was $7,155,444. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	3,197,400
Aggregate unrealized (depreciation) of investment securities		(4,769,561)
Net unrealized appreciation (depreciation) of investment securities	$	(1,572,161)
Cost of investments is the same for tax and financial reporting purposes.

Invesco Select Opportunities Fund

Item 2.

Controls and Procedures.

(a)

As of February 12, 2015, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2015, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3.

Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		April 1, 2015

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/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		April 1, 2015

By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		April 1, 2015

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.