N-CSRS

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	811-01540
AIM Funds Group (Invesco Funds Group)
(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:	12/31
Date of reporting period:	06/30/22

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

Semiannual Report to Shareholders June 30, 2022

Invesco EQV European Small Company Fund

Effective April 29, 2022 Invesco European Small Company Fund was renamed Invesco EQV European Small Company Fund.

Nasdaq:

A: ESMAX ∎ C: ESMCX ∎ Y: ESMYX ∎ R6: ESMSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, 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	-22.19	%
Class C Shares	-22.48
Class Y Shares	-22.10
Class R6 Shares	-22.04
MSCI Europe Index▼ (Broad Market Index)*	-20.79
MSCI Europe Small Cap Index▼ (Broad Market/Style-Specific Index)*	-29.45
Source(s): ▼RIMES Technologies Corp.
*Effective April 29, 2022, the Fund changed its benchmark index from the MSCI Europe Index (Net) to the MSCI Europe Small Cap Index (Net). The Fund’s investment adviser believes the MSCI Europe Small Cap Index (Net) provides a more appropriate comparison for evaluating the Fund’s performance. 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 non-resident investors.   The MSCI Europe Small Cap Index is an unmanaged index considered representative of small-cap European stocks. 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco EQV European Small Company Fund

Average Annual Total Returns
As of 6/30/22, including maximum applicable sales charges
Class A Shares
Inception (8/31/00)	9.14	%
10 Years	7.85
5 Years	0.68
1 Year	-21.42
Class C Shares
Inception (8/31/00)	9.14	%
10 Years	7.82
5 Years	1.07
1 Year	-18.27
Class Y Shares
Inception (10/3/08)	8.47	%
10 Years	8.73
5 Years	2.08
1 Year	-16.62
Class R6 Shares
10 Years	8.65	%
5 Years	2.17
1 Year	-16.53

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

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

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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.

3 Invesco EQV European Small Company Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco EQV European Small Company Fund

Schedule of Investments

June 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.14%
Denmark–0.82%
TCM Group A/S(a)		151,388	$	1,561,217
France–28.51%
Claranova SE(b)		465,372		1,702,748
Gerard Perrier Industrie S.A.		81,971		7,131,308
Groupe Gorge S.A.		113,003		2,011,340
HEXAOM		132,990		3,525,714
Infotel S.A.		165,203		8,482,073
Kaufman & Broad S.A.		242,700		6,617,687
Linedata Services		195,459		8,336,724
Manutan International		46,230		3,347,227
Neurones		232,283		8,669,348
Totalenergies EP Gabon		26,924		4,221,168
				54,045,337
Georgia–1.86%
TBC Bank Group PLC		229,577		3,533,787
Germany–0.33%
MorphoSys AG(c)		31,430		618,382
Greece–1.30%
Karelia Tobacco Co., Inc. S.A.		9,265		2,468,055
Ireland–2.75%
Origin Enterprises PLC		1,210,635		5,214,274
Israel–6.27%
Hilan Ltd.		184,309		9,741,463
MIND C.T.I. Ltd.		901,450		2,154,466
				11,895,929
Italy–2.39%
Gruppo MutuiOnline S.p.A.		75,783		1,916,577
Technogym S.p.A.(a)		397,739		2,604,578
				4,521,155
Kenya–3.73%
Vivo Energy PLC(a)		3,985,177		7,080,627
Netherlands–1.33%
SBM Offshore N.V.		185,296		2,520,024
Norway–0.90%
Bouvet ASA		284,184		1,701,841
Poland–4.49%
LiveChat Software S.A.(b)		131,000		2,883,671
Mo-BRUK S.A.		38,176		2,455,274
Warsaw Stock Exchange		378,420		3,173,412
				8,512,357
Portugal–0.77%
Conduril - Engenharia S.A.		46,308		1,465,560
Romania–4.34%
Fondul Proprietatea S.A.		18,836,533		8,227,413

	Shares		Value
Russia–0.00%
Globaltrans Investment PLC, GDR(a)(d)		548,600	$	1
Singapore–1.03%
XP Power Ltd.		55,996		1,942,789
Sweden–1.01%
Proact IT Group AB		287,095		1,911,686
Switzerland–3.19%
Carlo Gavazzi Holding AG, BR		9,525		2,884,414
Kardex Holding AG		19,018		3,164,039
				6,048,453
United Kingdom–27.12%
City of London Investment Group PLC		900,000		4,700,019
Clarkson PLC		188,808		6,918,431
DCC PLC		74,233		4,638,439
Diploma PLC		265,427		7,199,211
Eurocell PLC		721,500		1,618,150
IG Group Holdings PLC		528,854		4,464,828
Mortgage Advice Bureau Holdings Ltd.		260,274		2,855,936
Renew Holdings PLC		860,626		6,707,714
SafeStyle UK PLC(c)		4,465,000		2,163,907
Savills PLC		473,369		5,836,351
Ultra Electronics Holdings PLC		102,207		4,319,854
				51,422,840
Total Common Stocks & Other Equity Interests (Cost $150,448,980)				174,691,727
Money Market Funds–7.20%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%(e)(f)		4,555,517		4,555,517
Invesco Liquid Assets Portfolio, Institutional Class, 1.41%(e)(f)		3,890,182		3,889,793
Invesco Treasury Portfolio, Institutional Class, 1.35%(e)(f)		5,206,306		5,206,306
Total Money Market Funds (Cost $13,650,966)				13,651,616
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.34% (Cost $164,099,946)				188,343,343
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.76%
Invesco Private Government Fund, 1.38%(e)(f)(g)		401,045		401,045
Invesco Private Prime Fund, 1.66%(e)(f)(g)		1,031,260		1,031,260
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,432,358)				1,432,305
TOTAL INVESTMENTS IN SECURITIES–100.10% (Cost $165,532,304)				189,775,648
OTHER ASSETS LESS LIABILITIES–(0.10)%				(183,933	)
NET ASSETS–100.00%			$	189,591,715

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

5 Invesco EQV European Small Company Fund

Investment Abbreviations:

BR    – Bearer Shares

GDR – Global 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 June 30, 2022 was $11,246,423, which represented 5.93% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at June 30, 2022.

^(c)  Non-income producing security.

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

^(e)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2022.

	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  3,916,384		$ 9,914,246		$  (9,275,113	)		$                -		$          -		$  4,555,517		$    4,346
Invesco Liquid Assets Portfolio, Institutional Class		3,434,147		7,081,605		(6,625,080	)		279		(1,158)		3,889,793		6,715
Invesco Treasury Portfolio, Institutional Class		4,475,867		11,330,567		(10,600,128	)		-		-		5,206,306		7,401
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		34,852		2,973,521		(2,607,328	)		-		-		401,045		794*
Invesco Private Prime Fund		81,321		6,698,943		(5,748,895	)		(53)		(56)		1,031,260		2,128*
Investments in Other Affiliates:
MIND C.T.I. Ltd.**		3,770,995		-		(957,890	)		(734,469)		75,830		2,154,466		182,814
Total		$15,713,566		$37,998,882		$(35,814,434	)		$(734,243)		$74,616		$17,238,387		$204,198

* 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 June 30, 2022, this security was not considered as an affiliate of the Fund.

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 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 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022

Industrials	28.81	%
Information Technology	24.04
Consumer Discretionary	17.39
Financials	10.89
Consumer Staples	4.05
Energy	3.55
Real Estate	3.08
Other Sectors, Each Less than 2% of Net Assets	0.33
Money Market Funds Plus Other Assets Less Liabilities	7.86

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

6 Invesco EQV European Small Company Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $150,448,980)*	$	174,691,727
Investments in affiliated money market funds, at value (Cost $15,083,324)		15,083,921
Foreign currencies, at value (Cost $895,347)		890,555
Receivable for:
Investments sold		967,890
Fund shares sold		20,217
Dividends		775,276
Investment for trustee deferred compensation and retirement plans		60,020
Other assets		34,874
Total assets		192,524,480
Liabilities:
Payable for:
Investments purchased		504,915
Fund shares reacquired		778,686
Collateral upon return of securities loaned		1,432,358
Accrued fees to affiliates		81,750
Accrued trustees’ and officers’ fees and benefits		2,390
Accrued other operating expenses		64,980
Trustee deferred compensation and retirement plans		67,686
Total liabilities		2,932,765
Net assets applicable to shares outstanding	$	189,591,715

Net assets consist of:
Shares of beneficial interest	$	157,110,085
Distributable earnings		32,481,630
	$	189,591,715
Net Assets:
Class A	$	95,037,807
Class C	$	3,009,905
Class Y	$	82,605,852
Class R6	$	8,938,151
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,692,057
Class C		227,916
Class Y		5,785,029
Class R6		625,573
Class A:
Net asset value per share	$	14.20
Maximum offering price per share (Net asset value of $14.20 ÷ 94.50%)	$	15.03
Class C:
Net asset value and offering price per share	$	13.21
Class Y:
Net asset value and offering price per share	$	14.28
Class R6:
Net asset value and offering price per share	$	14.29

* At June 30, 2022, securities with an aggregate value of $1,317,778 were on loan to brokers.

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

7 Invesco EQV European Small Company Fund

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $469,955)	$	5,426,222
Dividends from affiliates (includes securities lending income of $125,630)		326,906
Total investment income		5,753,128
Expenses:
Advisory fees		1,060,867
Administrative services fees		19,161
Custodian fees		15,171
Distribution fees:
Class A		134,142
Class C		17,841
Transfer agent fees – A, C and Y		150,617
Transfer agent fees – R6		1,340
Trustees’ and officers’ fees and benefits		8,998
Registration and filing fees		28,867
Reports to shareholders		18,956
Professional services fees		57,081
Other		5,040
Total expenses		1,518,081
Less: Fees waived and/or expense offset arrangement(s)		(5,211	)
Net expenses		1,512,870
Net investment income		4,240,258
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		9,430,663
Affiliated investment securities		74,616
Foreign currencies		(75,811	)
		9,429,468
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(71,093,181	)
Affiliated investment securities		(734,243	)
Foreign currencies		(41,845	)
		(71,869,269	)
Net realized and unrealized gain (loss)		(62,439,801	)
Net increase (decrease) in net assets resulting from operations	$	(58,199,543	)

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

8 Invesco EQV European Small Company Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)

	June 30, 2022			December 31, 2021
Operations:
Net investment income	$	4,240,258		$	3,529,286
Net realized gain		9,429,468			21,908,904
Change in net unrealized appreciation (depreciation)		(71,869,269	)		29,211,631
Net increase (decrease) in net assets resulting from operations		(58,199,543	)		54,649,821
Distributions to shareholders from distributable earnings:
Class A		–			(3,871,714	)
Class C		–			(56,942	)
Class Y		–			(4,828,280	)
Class R6		–			(454,663	)
Total distributions from distributable earnings		–			(9,211,599	)
Share transactions–net:
Class A		(694,849	)		4,080,917
Class C		(278,207	)		(3,325,561	)
Class Y		(22,727,838	)		(11,561,580	)
Class R6		(742,544	)		(714,094	)
Net increase (decrease) in net assets resulting from share transactions		(24,443,438	)		(11,520,318	)
Net increase (decrease) in net assets		(82,642,981	)		33,917,904
Net assets:
Beginning of period		272,234,696			238,316,792
End of period	$	189,591,715		$	272,234,696

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

9 Invesco EQV European Small Company Fund

Financial Highlights

(Unaudited)

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
Six months ended 06/30/22		$18.25		$0.29			$(4.34	)		$(4.05	)		$      -			$      -			$      -			$14.20		(22.19	)%		$  95,038		1.46	%(d)		1.46	%(d)		3.61	%(d)		3	%
Year ended 12/31/21		15.18		0.21			3.46			3.67			(0.53	)		(0.07	)		(0.60	)		18.25		24.27			123,121		1.33			1.33			1.22			10
Year ended 12/31/20		14.24		0.14	(e)		1.21			1.35			(0.17	)		(0.24	)		(0.41	)		15.18		9.60			99,172		1.53			1.54			1.09	(e)		6
Year ended 12/31/19		13.23		0.34	(e)		1.67			2.01			(0.63	)		(0.37	)		(1.00	)		14.24		15.23			121,763		1.42			1.43			2.40	(e)		1
Year ended 12/31/18		16.58		0.28			(2.80	)		(2.52	)		(0.29	)		(0.54	)		(0.83	)		13.23		(15.21	)		127,904		1.35			1.38			1.73			11
Year ended 12/31/17		13.35		0.29	(e)		3.47			3.76			(0.27	)		(0.26	)		(0.53	)		16.58		28.29			186,233		1.40			1.42			1.85	(e)		10
Class C
Six months ended 06/30/22		17.04		0.21			(4.04	)		(3.83	)		-			-			-			13.21		(22.48	)		3,010		2.21	(d)		2.21	(d)		2.86	(d)		3
Year ended 12/31/21		14.01		0.08			3.19			3.27			(0.17	)		(0.07	)		(0.24	)		17.04		23.35			4,215		2.08			2.08			0.47			10
Year ended 12/31/20		13.27		0.04	(e)		1.11			1.15			(0.17	)		(0.24	)		(0.41	)		14.01		8.80			6,370		2.28			2.29			0.34	(e)		6
Year ended 12/31/19		12.36		0.22	(e)		1.56			1.78			(0.50	)		(0.37	)		(0.87	)		13.27		14.44			12,200		2.17			2.18			1.65	(e)		1
Year ended 12/31/18		15.52		0.15			(2.61	)		(2.46	)		(0.16	)		(0.54	)		(0.70	)		12.36		(15.89	)		22,684		2.10			2.13			0.98			11
Year ended 12/31/17		12.53		0.16	(e)		3.25			3.41			(0.16	)		(0.26	)		(0.42	)		15.52		27.27			34,366		2.15			2.17			1.10	(e)		10
Class Y
Six months ended 06/30/22		18.33		0.31			(4.36	)		(4.05	)		-			-			-			14.28		(22.10	)		82,606		1.21	(d)		1.21	(d)		3.86	(d)		3
Year ended 12/31/21		15.27		0.26			3.48			3.74			(0.61	)		(0.07	)		(0.68	)		18.33		24.62			132,546		1.08			1.08			1.47			10
Year ended 12/31/20		14.29		0.18	(e)		1.21			1.39			(0.17	)		(0.24	)		(0.41	)		15.27		9.85			121,746		1.28			1.29			1.34	(e)		6
Year ended 12/31/19		13.27		0.38	(e)		1.68			2.06			(0.67	)		(0.37	)		(1.04	)		14.29		15.56			230,577		1.17			1.18			2.65	(e)		1
Year ended 12/31/18		16.64		0.32			(2.81	)		(2.49	)		(0.34	)		(0.54	)		(0.88	)		13.27		(15.01	)		410,107		1.10			1.13			1.98			11
Year ended 12/31/17		13.41		0.34	(e)		3.46			3.80			(0.31	)		(0.26	)		(0.57	)		16.64		28.48			608,335		1.15			1.17			2.10	(e)		10
Class R6
Six months ended 06/30/22		18.33		0.32			(4.36	)		(4.04	)		-			-			-			14.29		(22.04	)		8,938		1.10	(d)		1.10	(d)		3.97	(d)		3
Year ended 12/31/21		15.28		0.27			3.48			3.75			(0.63	)		(0.07	)		(0.70	)		18.33		24.72			12,353		1.00			1.00			1.55			10
Year ended 12/31/20		14.28		0.19	(e)		1.22			1.41			(0.17	)		(0.24	)		(0.41	)		15.28		9.99			11,029		1.19			1.20			1.43	(e)		6
Year ended 12/31/19		13.27		0.39	(e)		1.67			2.06			(0.68	)		(0.37	)		(1.05	)		14.28		15.59			14,875		1.09			1.10			2.73	(e)		1
Year ended 12/31/18		16.64		0.33			(2.81	)		(2.48	)		(0.35	)		(0.54	)		(0.89	)		13.27		(14.93	)		18,243		1.04			1.07			2.04			11
Period ended 12/31/17(f)		14.67		0.27	(e)		2.28			2.55			(0.32	)		(0.26	)		(0.58	)		16.64		17.49			11		1.08	(d)		1.10	(d)		2.17	(d)(e)		10

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

^(d)  Annualized.

^(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 December 31, 2020. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.08 and 0.62%, $(0.02) and (0.13)%, $0.12 and 0.87% and $0.13 and 0.96% for Class A, Class C, Class Y and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2019. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.24 and 1.66%, $0.12 and 0.91%, $0.28 and 1.91% and $0.29 and 1.99% for Class A, Class C, Class Y and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.24 and 1.51%, $0.11 and 0.76%, $0.29 and 1.76% and $0.22 and 1.83% for Class A, Class C, Class Y and Class R6 shares, respectively.

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

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

10 Invesco EQV European Small Company Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts may be valued up to 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 debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

11 Invesco EQV European Small Company Fund

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar 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

12 Invesco EQV European Small Company Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.935%
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 six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.94%.

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

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

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

For the six months ended June 30, 2022, the Adviser waived advisory fees of $5,087.

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 six months ended June 30, 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 six months ended June 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

13 Invesco EQV European Small Company Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y 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 six months ended June 30, 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 six months ended June 30, 2022, IDI advised the Fund that IDI retained $5,421 in front-end sales commissions from the sale of Class A shares and $973 and $1,017 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2022, the Fund incurred $502 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 June 30, 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
Denmark	$	–	$	1,561,217		$–	$	1,561,217
France		–		54,045,337		–		54,045,337
Georgia		–		3,533,787		–		3,533,787
Germany		–		618,382		–		618,382
Greece		–		2,468,055		–		2,468,055
Ireland		–		5,214,274		–		5,214,274
Israel		2,154,466		9,741,463		–		11,895,929
Italy		–		4,521,155		–		4,521,155
Kenya		–		7,080,627		–		7,080,627
Netherlands		–		2,520,024		–		2,520,024
Norway		–		1,701,841		–		1,701,841
Poland		–		8,512,357		–		8,512,357
Portugal		1,465,560		–		–		1,465,560
Romania		–		8,227,413		–		8,227,413
Russia		–		–		1		1
Singapore		–		1,942,789		–		1,942,789
Sweden		–		1,911,686		–		1,911,686
Switzerland		–		6,048,453		–		6,048,453
United Kingdom		–		51,422,840		–		51,422,840
Money Market Funds		13,651,616		1,432,305		–		15,083,921
Total Investments	$	17,271,642	$	172,504,005		$1	$	189,775,648

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $124.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred

14 Invesco EQV European Small Company Fund

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $7,323,013 and $30,396,863, 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	$ 49,441,203
Aggregate unrealized (depreciation) of investments	(33,736,251	)
Net unrealized appreciation of investments	$ 15,704,952

Cost of investments for tax purposes is $174,070,696.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2022(a)						December 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		544,771		$	8,833,665			721,657		$	12,789,363
Class C		20,084			324,101			62,423			1,012,232
Class Y		327,147			5,397,714			1,839,539			32,978,261
Class R6		46,784			772,820			157,301			2,848,615
Issued as reinvestment of dividends:
Class A		-			-			204,585			3,590,468
Class C		-			-			3,313			54,302
Class Y		-			-			216,421			3,813,343
Class R6		-			-			21,153			372,705
Automatic conversion of Class C shares to Class A shares:
Class A		7,761			122,943			181,220			3,198,060
Class C		(8,331	)		(122,943	)		(197,190	)		(3,198,060	)
Reacquired:
Class A		(606,564	)		(9,651,457	)		(894,236	)		(15,496,974	)
Class C		(31,237	)		(479,365	)		(75,954	)		(1,194,035	)
Class Y		(1,773,975	)		(28,125,552	)		(2,795,752	)		(48,353,184	)
Class R6		(95,190	)		(1,515,364	)		(226,085	)		(3,935,414	)
Net increase (decrease) in share activity		(1,568,750	)	$	(24,443,438	)		(781,605	)	$	(11,520,318	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% 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.

15 Invesco EQV European Small Company 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 January 1, 2022 through June 30, 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     (01/01/22)	Ending     Account Value     (06/30/22)1	Expenses     Paid During     Period2	Ending       Account Value       (06/30/22)	Expenses       Paid During       Period2	Annualized     Expense Ratio
Class A	$1,000.00	$778.10	$6.44	$1,017.55	$7.30	1.46%
Class C	1,000.00	775.20	9.73	1,013.84	11.04	2.21
Class Y	1,000.00	779.00	5.34	1,018.79	6.06	1.21
Class R6	1,000.00	779.60	4.85	1,019.34	5.51	1.10

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2022 through June 30, 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 181/365 to reflect the most recent fiscal half year.

16 Invesco EQV European Small 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 Funds Group (Invesco Funds Group) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV European Small Company Fund’s (formerly, Invesco European Small Company Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (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 Europe Small Cap 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, 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 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 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.

17 Invesco EQV European Small Company Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees were in the fifth and fourth quintiles, respectively, of its expense group, requested and considered additional information from management regarding the appropriateness of the management fees, and discussed with management reasons for such relative actual and contractual management fees.

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.

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

D. Economies of Scale and Breakpoints

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco

Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

18 Invesco EQV European Small Company Fund

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

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

∎ 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

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.

SEC file number(s): 811-01540 and 002-27334             Invesco Distributors, Inc. ESC-SAR-1                                         

Semiannual Report to Shareholders June 30, 2022

Invesco Global Core Equity Fund

Nasdaq:

A: AWSAX ∎ C: AWSCX ∎ R: AWSRX ∎ Y: AWSYX ∎ R5: AWSIX ∎ R6: AWSSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, 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	-20.41	%
Class C Shares	-20.72
Class R Shares	-20.50
Class Y Shares	-20.30
Class R5 Shares	-20.28
Class R6 Shares	-20.26
MSCI World Index▼ (Broad Market/Style-Specific Index)	-20.51
Lipper Global Large-Cap Core Funds Index∎ (Peer Group Index)	-19.60
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Lipper Global Large-Cap Core Funds Index is an unmanaged index considered representative of global large-cap core funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Core Equity Fund

Average Annual Total Returns
As of 6/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/00)	4.73	%
10 Years	6.26
5 Years	2.79
1 Year	-23.40
Class C Shares
Inception (12/29/00)	4.74	%
10 Years	6.22
5 Years	3.20
1 Year	-20.28
Class R Shares
Inception (5/23/11)	4.54	%
10 Years	6.60
5 Years	3.72
1 Year	-19.12
Class Y Shares
Inception (10/3/08)	5.64	%
10 Years	7.12
5 Years	4.23
1 Year	-18.73
Class R5 Shares
Inception (10/25/05)	4.48	%
10 Years	7.17
5 Years	4.25
1 Year	-18.68
Class R6 Shares
10 Years	7.04	%
5 Years	4.30
1 Year	-18.61

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, 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.

3 Invesco Global Core Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Core Equity Fund

Schedule of Investments

June 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.01%
Belgium–3.20%
Anheuser-Busch InBev S.A./N.V., ADR(a)		344,347	$	18,577,521
Canada–1.72%
Constellation Software, Inc.		6,713		9,965,561
China–2.45%
Kweichow Moutai Co. Ltd., A Shares		46,406		14,234,998
Finland–2.15%
Kone OYJ, Class B		260,721		12,466,893
France–2.88%
LVMH Moet Hennessy Louis Vuitton SE		27,051		16,694,069
Germany–6.21%
KION Group AG		360,006		14,931,018
SAP SE		231,819		21,119,329
				36,050,347
Hong Kong–3.87%
AIA Group Ltd.		2,044,800		22,460,392
Japan–0.98%
FANUC Corp.		18,400		2,884,068
Nabtesco Corp.		120,600		2,820,647
				5,704,715
Netherlands–1.92%
Topicus.com, Inc.(b)		197,743		11,157,609
Switzerland–4.30%
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(b)		432,956		235,832
Temenos AG		290,082		24,757,529
				24,993,361
United Kingdom–11.41%
British American Tobacco PLC		725,395		31,088,610
Imperial Brands PLC		432,623		9,669,545
London Stock Exchange Group PLC		274,214		25,490,706
				66,248,861
United States–53.92%
Accenture PLC, Class A		61,793		17,156,826
Adobe, Inc.(b)		15,623		5,718,955

Investment Abbreviations:

ADR - American Depositary Receipt

Wts. - Warrants

	Shares		Value
United States–(continued)
Alphabet, Inc., Class A(b)		11,062	$	24,106,974
Analog Devices, Inc.		139,039		20,312,208
Aon PLC, Class A		71,631		19,317,448
Aptiv PLC(a)(b)		136,596		12,166,606
AutoZone, Inc.(b)		7,637		16,412,829
Becton, Dickinson and Co.		78,621		19,382,435
Charter Communications, Inc., Class A(b)		43,095		20,191,300
Equinix, Inc.		31,890		20,952,368
Floor & Decor Holdings, Inc., Class A(b)		22,078		1,390,031
Honeywell International, Inc.		107,278		18,645,989
Microsoft Corp.		105,482		27,090,942
Roche Holding AG		53,698		17,925,877
Sabre Corp.(a)(b)		2,319,210		13,520,994
Visa, Inc., Class A(a)		160,014		31,505,157
Walt Disney Co. (The)(b)		120,332		11,359,341
Zoetis, Inc.		92,895		15,967,722
				313,124,002
Total Common Stocks & Other Equity Interests     (Cost $559,149,524)				551,678,329
Money Market Funds–5.13%
Invesco Government & Agency Portfolio, Institutional Class,     1.38%(c)(d)		17,874,886		17,874,886
Invesco Treasury Portfolio, Institutional Class, 1.35%(c)(d)		11,916,591		11,916,591
Total Money Market Funds (Cost $29,791,477)				29,791,477
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.14% (Cost $588,941,001)				581,469,806
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–9.10%
Invesco Private Government Fund, 1.38%(c)(d)(e)		14,797,993		14,797,993
Invesco Private Prime Fund, 1.66%(c)(d)(e)		38,051,983		38,051,983
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,852,052)				52,849,976
TOTAL INVESTMENTS IN SECURITIES–109.24% (Cost $641,793,053)				634,319,782
OTHER ASSETS LESS LIABILITIES–(9.24)%				(53,635,600	)
NET ASSETS–100.00%			$	580,684,182

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

5 Invesco Global Core Equity Fund

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at June 30, 2022.

^(b)  Non-income producing security.

^(c)  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 six months ended June 30, 2022.

	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	23,912,333		$	21,893,146		$	(27,930,593	)		$	-		$	-		$	17,874,886		$	34,204
Invesco Treasury Portfolio, Institutional Class			15,941,556			14,595,431			(18,620,396	)			-			-			11,916,591			18,030
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,115,822			98,238,741			(103,556,570	)			-			-			14,797,993			36,578*
Invesco Private Prime Fund			46,936,917			208,977,269			(217,851,018	)			703			(11,888)			38,051,983			99,910*
Total		$	106,906,628		$	343,704,587		$	(367,958,577	)		$	703		$	(11,888)		$	82,641,453		$	188,722

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

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022

Information Technology	31.40	%
Consumer Staples	12.67
Financials	11.58
Communication Services	9.59
Health Care	9.17
Industrials	8.91
Consumer Discretionary	8.08
Real Estate	3.61
Money Market Funds Plus Other Assets Less Liabilities	4.99

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

6 Invesco Global Core Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $559,149,524)*	$	551,678,329
Investments in affiliated money market funds, at value (Cost $82,643,529)		82,641,453
Cash		1,697
Foreign currencies, at value (Cost $566,621)		566,791
Receivable for:
Fund shares sold		19,912
Dividends		660,391
Investment for trustee deferred compensation and retirement plans		144,155
Other assets		61,736
Total assets		635,774,464
Liabilities:
Payable for:
Investments purchased		1,371,645
Fund shares reacquired		239,984
Collateral upon return of securities loaned		52,852,052
Accrued fees to affiliates		319,271
Accrued trustees’ and officers’ fees and benefits		2,897
Accrued other operating expenses		108,138
Trustee deferred compensation and retirement plans		196,295
Total liabilities		55,090,282
Net assets applicable to shares outstanding	$	580,684,182
Net assets consist of:
Shares of beneficial interest	$	570,216,459
Distributable earnings		10,467,723
	$	580,684,182

Net Assets:
Class A	$	542,756,197
Class C	$	4,037,543
Class R	$	1,364,741
Class Y	$	26,417,133
Class R5	$	821,105
Class R6	$	5,287,463
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,560,054
Class C		340,394
Class R		107,327
Class Y		2,063,806
Class R5		62,927
Class R6		404,684
Class A:
Net asset value per share	$	12.75
Maximum offering price per share (Net asset value of $12.75 ÷ 94.50%)	$	13.49
Class C:
Net asset value and offering price per share	$	11.86
Class R:
Net asset value and offering price per share	$	12.72
Class Y:
Net asset value and offering price per share	$	12.80
Class R5:
Net asset value and offering price per share	$	13.05
Class R6:
Net asset value and offering price per share	$	13.07

* At June 30, 2022, securities with an aggregate value of $52,127,453 were on loan to brokers.

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

7 Invesco Global Core Equity Fund

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $434,602)	$	5,275,953
Dividends from affiliated money market funds (includes securities lending income of $54,247)		106,481
Total investment income		5,382,434
Expenses:
Advisory fees		2,579,055
Administrative services fees		53,102
Custodian fees		15,515
Distribution fees:
Class A		770,216
Class C		23,968
Class R		3,750
Transfer agent fees – A, C, R and Y		496,898
Transfer agent fees – R5		491
Transfer agent fees – R6		810
Trustees’ and officers’ fees and benefits		12,159
Registration and filing fees		41,358
Reports to shareholders		27,876
Professional services fees		31,609
Other		9,034
Total expenses		4,065,841
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(86,030	)
Net expenses		3,979,811
Net investment income		1,402,623
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		53,072
Affiliated investment securities		(11,888	)
Foreign currencies		(29,689	)
		11,495
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(155,051,189	)
Affiliated investment securities		703
Foreign currencies		(34,909	)
		(155,085,395	)
Net realized and unrealized gain (loss)		(155,073,900	)
Net increase (decrease) in net assets resulting from operations	$	(153,671,277	)

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

8 Invesco Global Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)

	June 30, 2022			December 31, 2021
Operations:
Net investment income	$	1,402,623		$	508,012
Net realized gain		11,495			45,689,621
Change in net unrealized appreciation (depreciation)		(155,085,395	)		65,370,886
Net increase (decrease) in net assets resulting from operations		(153,671,277	)		111,568,519
Distributions to shareholders from distributable earnings:
Class A		–			(36,895,882	)
Class C		–			(272,344	)
Class R		–			(83,037	)
Class Y		–			(1,850,484	)
Class R5		–			(58,467	)
Class R6		–			(367,890	)
Total distributions from distributable earnings		–			(39,528,104	)
Share transactions–net:
Class A		(31,908,538	)		(35,598,155	)
Class C		(596,252	)		(1,119,643	)
Class R		(16,285	)		(294,029	)
Class Y		(1,269,324	)		(1,092,219	)
Class R5		(78,343	)		21,083
Class R6		(291,549	)		(267,609	)
Net increase (decrease) in net assets resulting from share transactions		(34,160,291	)		(38,350,572	)
Net increase (decrease) in net assets		(187,831,568	)		33,689,843
Net assets:
Beginning of period		768,515,750			734,825,907
End of period	$	580,684,182		$	768,515,750

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

9 Invesco Global Core Equity Fund

Financial Highlights

(Unaudited)

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
Six months ended 06/30/22		$16.02		$ 0.03			$(3.30	)		$(3.27	)		$      –			$      –			$      –			$12.75		(20.41	)%		$542,756		1.22	%(d)		1.24	%(d)		0.41	%(d)		6	%
Year ended 12/31/21		14.61		0.01			2.26			2.27			(0.13	)		(0.73	)		(0.86	)		16.02		15.68			718,327		1.22			1.22			0.06			23
Year ended 12/31/20		15.66		0.14			1.78			1.92			(0.03	)		(2.94	)		(2.97	)		14.61		12.63			686,612		1.22			1.28			0.92			126
Year ended 12/31/19		12.73		0.19			2.93			3.12			(0.19	)		–			(0.19	)		15.66		24.53			709,829		1.22			1.28			1.33			24
Year ended 12/31/18		16.20		0.15			(2.53	)		(2.38	)		(0.17	)		(0.92	)		(1.09	)		12.73		(14.90	)		605,748		1.22			1.29			0.97			30
Year ended 12/31/17		13.89		0.12			3.04			3.16			(0.15	)		(0.70	)		(0.85	)		16.20		22.83			798,219		1.22			1.34			0.80			64
Class C
Six months ended 06/30/22		14.96		(0.02	)		(3.08	)		(3.10	)		–			–			–			11.86		(20.72	)		4,038		1.97	(d)		1.99	(d)		(0.34	)(d)		6
Year ended 12/31/21		13.67		(0.10	)		2.12			2.02			–			(0.73	)		(0.73	)		14.96		14.90			5,778		1.97			1.97			(0.69	)		23
Year ended 12/31/20		14.94		0.02			1.68			1.70			(0.03	)		(2.94	)		(2.97	)		13.67		11.75			6,307		1.97			2.03			0.17			126
Year ended 12/31/19		12.10		0.08			2.79			2.87			(0.03	)		–			(0.03	)		14.94		23.74			14,290		1.97			2.03			0.58			24
Year ended 12/31/18		15.44		0.03			(2.40	)		(2.37	)		(0.05	)		(0.92	)		(0.97	)		12.10		(15.58	)		57,163		1.97			2.04			0.22			30
Year ended 12/31/17		13.26		0.01			2.90			2.91			(0.03	)		(0.70	)		(0.73	)		15.44		21.97			81,668		1.97			2.09			0.05			64
Class R
Six months ended 06/30/22		16.00		0.01			(3.29	)		(3.28	)		–			–			–			12.72		(20.50	)		1,365		1.47	(d)		1.49	(d)		0.16	(d)		6
Year ended 12/31/21		14.58		(0.03	)		2.27			2.24			(0.09	)		(0.73	)		(0.82	)		16.00		15.49			1,732		1.47			1.47			(0.19	)		23
Year ended 12/31/20		15.68		0.10			1.77			1.87			(0.03	)		(2.94	)		(2.97	)		14.58		12.28			1,845		1.47			1.53			0.67			126
Year ended 12/31/19		12.72		0.16			2.94			3.10			(0.14	)		–			(0.14	)		15.68		24.38			1,963		1.47			1.53			1.08			24
Year ended 12/31/18		16.19		0.11			(2.53	)		(2.42	)		(0.13	)		(0.92	)		(1.05	)		12.72		(15.16	)		1,464		1.47			1.54			0.72			30
Year ended 12/31/17		13.88		0.09			3.03			3.12			(0.11	)		(0.70	)		(0.81	)		16.19		22.54			1,689		1.47			1.59			0.55			64
Class Y
Six months ended 06/30/22		16.06		0.05			(3.31	)		(3.26	)		–			–			–			12.80		(20.30	)		26,417		0.97	(d)		0.99	(d)		0.66	(d)		6
Year ended 12/31/21		14.64		0.05			2.27			2.32			(0.17	)		(0.73	)		(0.90	)		16.06		15.97			34,582		0.97			0.97			0.31			23
Year ended 12/31/20		15.64		0.17			1.80			1.97			(0.03	)		(2.94	)		(2.97	)		14.64		12.96			32,476		0.97			1.03			1.17			126
Year ended 12/31/19		12.71		0.23			2.93			3.16			(0.23	)		–			(0.23	)		15.64		24.87			34,547		0.97			1.03			1.58			24
Year ended 12/31/18		16.19		0.19			(2.54	)		(2.35	)		(0.21	)		(0.92	)		(1.13	)		12.71		(14.72	)		32,382		0.97			1.04			1.22			30
Year ended 12/31/17		13.88		0.16			3.04			3.20			(0.19	)		(0.70	)		(0.89	)		16.19		23.14			49,238		0.97			1.09			1.05			64
Class R5
Six months ended 06/30/22		16.37		0.05			(3.37	)		(3.32	)		–			–			–			13.05		(20.28	)		821		0.94	(d)		0.94	(d)		0.69	(d)		6
Year ended 12/31/21		14.90		0.06			2.31			2.37			(0.17	)		(0.73	)		(0.90	)		16.37		16.05			1,125		0.93			0.93			0.35			23
Year ended 12/31/20		15.88		0.18			1.81			1.99			(0.03	)		(2.94	)		(2.97	)		14.90		12.89			1,004		0.95			0.95			1.19			126
Year ended 12/31/19		12.90		0.24			2.97			3.21			(0.23	)		–			(0.23	)		15.88		24.92			755		0.95			0.95			1.60			24
Year ended 12/31/18		16.41		0.20			(2.58	)		(2.38	)		(0.21	)		(0.92	)		(1.13	)		12.90		(14.70	)		533		0.97			0.97			1.22			30
Year ended 12/31/17		14.06		0.16			3.08			3.24			(0.19	)		(0.70	)		(0.89	)		16.41		23.14			416		0.97			0.99			1.05			64
Class R6
Six months ended 06/30/22		16.39		0.06			(3.38	)		(3.32	)		–			–			–			13.07		(20.26	)		5,287		0.87	(d)		0.87	(d)		0.76	(d)		6
Year ended 12/31/21		14.91		0.07			2.32			2.39			(0.18	)		(0.73	)		(0.91	)		16.39		16.17			6,971		0.87			0.87			0.41			23
Year ended 12/31/20		15.88		0.19			1.81			2.00			(0.03	)		(2.94	)		(2.97	)		14.91		12.95			6,581		0.89			0.89			1.25			126
Year ended 12/31/19		12.90		0.24			2.98			3.22			(0.24	)		–			(0.24	)		15.88		24.98			7,085		0.90			0.90			1.65			24
Year ended 12/31/18		16.41		0.20			(2.57	)		(2.37	)		(0.22	)		(0.92	)		(1.14	)		12.90		(14.64	)		6,776		0.91			0.91			1.28			30
Period ended 12/31/17(e)		14.89		0.12			2.29			2.41			(0.19	)		(0.70	)		(0.89	)		16.41		16.27			11		0.97	(d)		1.01	(d)		1.05	(d)		64

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

^(d)  Annualized.

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

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

10 Invesco Global Core Equity Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts may be valued up to 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 debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

11 Invesco Global Core Equity Fund

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

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

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

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

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

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

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

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $3,459 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.

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

12 Invesco Global Core Equity Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.800%
Next $250 million		0.780%
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 six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

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

The Adviser has contractually agreed, through at least April 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 1.22%, 1.97%, 1.47%, 0.97%, 0.97% and 0.97%, 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 April 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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

For the six months ended June 30, 2022, the Adviser waived advisory fees of $11,635 and reimbursed class level expenses of $69,871, $530, $173, $3,391, $0 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 six months ended June 30, 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

13 Invesco Global Core Equity Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 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 six months ended June 30, 2022, IDI advised the Fund that IDI retained $7,460 in front-end sales commissions from the sale of Class A shares and $200 and $384 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2022, the Fund incurred $2,505 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 June 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Belgium	$	18,577,521	$	–		$–	$	18,577,521
Canada		9,965,561		–		–		9,965,561
China		–		14,234,998		–		14,234,998
Finland		–		12,466,893		–		12,466,893
France		–		16,694,069		–		16,694,069
Germany		–		36,050,347		–		36,050,347
Hong Kong		–		22,460,392		–		22,460,392
Japan		–		5,704,715		–		5,704,715
Netherlands		11,157,609		–		–		11,157,609
Switzerland		235,832		24,757,529		–		24,993,361
United Kingdom		–		66,248,861		–		66,248,861
United States		295,198,125		17,925,877		–		313,124,002
Money Market Funds		29,791,477		52,849,976		–		82,641,453
Total Investments	$	364,926,125	$	269,393,657		$–	$	634,319,782

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $430.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

14 Invesco Global Core Equity Fund

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $36,072,665 and $57,564,485, 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	$	54,357,825
Aggregate unrealized (depreciation) of investments		(61,980,662	)
Net unrealized appreciation (depreciation) of investments	$	(7,622,837	)

Cost of investments for tax purposes is $641,942,619.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2022(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		235,843		$	3,320,699			575,956		$	9,190,343
Class C		20,496			272,022			52,990			783,831
Class R		11,557			161,448			24,226			391,875
Class Y		201,728			2,821,329			401,585			6,398,176
Class R5		5,047			73,738			6,058			99,533
Class R6		18,000			267,731			83,651			1,383,845
Issued as reinvestment of dividends:
Class A		-			-			2,144,820			33,609,210
Class C		-			-			17,030			249,146
Class R		-			-			5,309			83,037
Class Y		-			-			94,893			1,489,825
Class R5		-			-			3,613			57,844
Class R6		-			-			22,130			354,526
Automatic conversion of Class C shares to Class A shares:
Class A		23,052			320,600			67,125			1,069,812
Class C		(24,738	)		(320,600	)		(71,970	)		(1,069,812	)

15 Invesco Global Core Equity Fund

	Summary of Share Activity
	Six months ended June 30, 2022(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,527,084	)	$	(35,549,837	)		(4,966,058	)	$	(79,467,520	)
Class C		(41,633	)		(547,674	)		(73,084	)		(1,082,808	)
Class R		(12,516	)		(177,733	)		(47,798	)		(768,941	)
Class Y		(290,724	)		(4,090,653	)		(562,566	)		(8,980,220	)
Class R5		(10,856	)		(152,081	)		(8,311	)		(136,294	)
Class R6		(38,682	)		(559,280	)		(121,739	)		(2,005,980	)
Net increase (decrease) in share activity		(2,430,510	)	$	(34,160,291	)		(2,352,140	)	$	(38,350,572	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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.

16 Invesco Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 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     (01/01/22)	Ending     Account Value     (06/30/22)1	Expenses     Paid During     Period2	Ending       Account Value       (06/30/22)	Expenses       Paid During       Period2	Annualized     Expense Ratio
Class A	$1,000.00	$795.90	$5.43	$1,018.74	$6.11	1.22%
Class C	1,000.00	792.80	8.76	1,015.03	9.84	1.97
Class R	1,000.00	795.00	6.54	1,017.50	7.35	1.47
Class Y	1,000.00	797.00	4.32	1,019.98	4.86	0.97
Class R5	1,000.00	797.20	4.19	1,020.13	4.71	0.94
Class R6	1,000.00	797.40	3.88	1,020.48	4.36	0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2022 through June 30, 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 181/365 to reflect the most recent fiscal half year.

17 Invesco Global 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 Funds Group (Invesco Funds Group) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global 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. (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 as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. 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 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 year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors, as well as the Fund’s exposure to certain Chinese issuers, detracted from Fund performance. The Board noted that the Fund underwent a change with respect to the Fund’s investment process and portfolio management team in October 2020, and that performance results prior to such date were those of the prior investment process and portfolio management team. 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

18 Invesco Global Core Equity Fund

performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

  The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

19 Invesco Global Core Equity Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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.

SEC file number(s): 811-01540 and 002-27334 Invesco Distributors, Inc. GCE-SAR-1

Semiannual Report to Shareholders June 30, 2022

Invesco EQV International Small Company Fund

Effective April 29, 2022 Invesco International Small Company Fund was renamed Invesco EQV International Small Company Fund.

Nasdaq:

A: IEGAX ∎ C: IEGCX ∎ Y: IEGYX ∎ R5: IEGIX ∎ R6: IEGFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, 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	-15.01	%
Class C Shares	-15.33
Class Y Shares	-14.90
Class R5 Shares	-14.86
Class R6 Shares	-14.83
MSCI All Country World ex USA Small Cap Index▼ (Broad Market/Style-Specific Index)	-22.92
Source(s): ▼RIMES Technologies Corp.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco EQV International Small Company Fund

Average Annual Total Returns
As of 6/30/22, including maximum applicable sales charges
Class A Shares
Inception (8/31/00)	7.89	%
10 Years	4.85
5 Years	2.16
1 Year	-18.16
Class C Shares
Inception (8/31/00)	7.89	%
10 Years	4.82
5 Years	2.57
1 Year	-14.89
Class Y Shares
Inception (10/3/08)	7.58	%
10 Years	5.71
5 Years	3.60
1 Year	-13.16
Class R5 Shares
Inception (10/25/05)	7.02	%
10 Years	5.82
5 Years	3.71
1 Year	-13.10
Class R6 Shares
10 Years	5.89	%
5 Years	3.79
1 Year	-13.01

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class 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.

3 Invesco EQV International Small Company Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco EQV International Small Company Fund

Schedule of Investments

June 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.94%
Brazil–4.44%
Multiplan Empreendimentos Imobiliarios S.A.		1,484,800	$    6,227,509
TOTVS S.A.		689,700	3,065,363
Wilson Sons Holdings Brasil S.A.		3,353,382	4,997,923
			14,290,795
Canada–12.44%
Calian Group Ltd.		229,300	11,233,420
E-L Financial Corp. Ltd.		13,106	8,043,614
Information Services Corp.		404,100	6,602,100
Total Energy Services, Inc.		670,190	3,889,310
TransGlobe Energy Corp.		2,479,569	8,456,578
Trican Well Service Ltd.(a)		639,308	1,832,696
			40,057,718
China–2.36%
Tongcheng Travel Holdings Ltd.(a)(b)		3,448,400	7,584,023
Denmark–0.59%
TCM Group A/S(b)		183,645	1,893,873
Egypt–2.44%
Eastern Co. S.A.E.		5,694,856	3,120,054
Integrated Diagnostics Holdings PLC(b)		6,300,100	4,739,137
			7,859,191
France–8.61%
Groupe Gorge S.A.		179,005	3,186,109
Guillemot Corp.(c)		200,116	2,371,615
Kaufman & Broad S.A.		173,837	4,740,004
Linedata Services		58,928	2,513,399
Metropole Television S.A.		125,460	1,853,661
Neurones		70,000	2,612,565
Precia S.A.(d)		306,210	10,445,739
			27,723,092
Georgia–1.82%
TBC Bank Group PLC		380,586	5,858,208
Germany–2.09%
Cherry AG		313,000	2,729,160
MorphoSys AG(a)		36,120	710,658
VITA 34 AG(a)		296,986	3,283,853
			6,723,671
Greece–1.62%
European Reliance General Insurance Co. S.A.(a)		655,000	5,205,454
India–1.41%
Emami Ltd.		851,987	4,539,379
Indonesia–5.03%
PT Kalbe Farma Tbk		44,763,800	4,987,850
PT Mitra Keluarga Karyasehat Tbk(b)		33,056,300	6,102,611
PT Pakuwon Jati Tbk(a)		161,499,300	5,113,064
			16,203,525

	Shares		Value
Ireland–0.54%
Origin Enterprises PLC		405,000	$    1,744,358
Italy–3.05%
Danieli & C. Officine Meccaniche S.p.A., RSP		266,310	3,749,873
Openjobmetis Spa agenzia per il lavoro		340,146	3,208,694
Technogym S.p.A.(b)		436,169	2,856,236
			9,814,803
Japan–3.14%
Nabtesco Corp.(c)		134,800	3,152,762
Zuken, Inc.		308,900	6,960,705
			10,113,467
Kenya–2.23%
Vivo Energy PLC(b)		4,044,516	7,186,058
Malaysia–2.24%
Bursa Malaysia Bhd.		2,283,700	3,435,849
Heineken Malaysia Bhd.		720,700	3,765,021
			7,200,870
Malta–0.63%
Kindred Group PLC, SDR		245,000	2,037,810
Mexico–4.57%
Bolsa Mexicana de Valores S.A.B. de C.V.		4,325,494	7,676,814
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		1,101,066	7,042,398
			14,719,212
Netherlands–0.95%
SBM Offshore N.V.		223,727	3,042,685
New Zealand–0.58%
Freightways Ltd.		325,132	1,856,181
Poland–2.91%
LiveChat Software S.A.		253,000	5,569,226
Mo-BRUK S.A.		47,400	3,048,512
Skarbiec Holding S.A.(a)(b)		166,000	763,496
			9,381,234
Romania–2.02%
Fondul Proprietatea S.A.		14,855,342	6,488,510
Singapore–1.00%
XP Power Ltd.		92,939	3,224,532
South Africa–2.53%
Combined Motor Holdings Ltd.		2,114,569	3,454,444
Karooooo Ltd.(a)		214,000	4,675,900
			8,130,344
South Korea–1.64%
Douzone Bizon Co. Ltd.		52,160	1,470,357
LEENO Industrial, Inc.		38,146	3,823,731
			5,294,088

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

5 Invesco EQV International Small Company Fund

	Shares		Value
Spain–0.75%
Construcciones y Auxiliar de Ferrocarriles S.A.		81,396	$    2,397,904
Sweden–0.52%
Proact IT Group AB		249,786	1,663,256
Switzerland–1.11%
Kardex Holding AG		21,500	3,576,971
Taiwan–1.18%
Visual Photonics Epitaxy Co. Ltd.		1,570,000	3,796,503
United Kingdom–15.85%
4imprint Group PLC		65,000	1,836,620
Bioventix PLC		32,000	1,344,296
Character Group PLC (The)		440,000	2,704,768
Clarkson PLC		142,000	5,203,261
DCC PLC		108,144	6,757,363
EMIS Group PLC(c)		178,500	4,053,247
Eurocell PLC		1,106,000	2,480,490
HomeServe PLC		422,495	6,026,627
IG Group Holdings PLC		773,455	6,529,862
Jupiter Fund Management PLC		315,948	570,253
Mortgage Advice Bureau Holdings Ltd.		673,446	7,389,591
Renew Holdings PLC		133,911	1,043,263
Savills PLC		413,099	5,093,258
			51,032,899
United States–0.59%
Epsilon Energy Ltd.		322,280	1,898,229

	Shares		Value
Vietnam–0.06%
Masan Consumer Corp.		42,900	$	179,787
Total Common Stocks & Other Equity Interests (Cost $261,319,461)				292,718,630
Money Market Funds–8.48%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%(d)(e)		9,501,089		9,501,089
Invesco Liquid Assets Portfolio, Institutional Class, 1.41%(d)(e)		6,953,017		6,952,321
Invesco Treasury Portfolio, Institutional Class, 1.35%(d)(e)		10,858,387		10,858,387
Total Money Market Funds (Cost $27,311,183)				27,311,797
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.42% (Cost $288,630,644)				320,030,427
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.82%
Invesco Private Government Fund, 1.38%(d)(e)(f)		1,652,760		1,652,760
Invesco Private Prime Fund, 1.66%(d)(e)(f)		4,198,798		4,198,798
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,851,693)				5,851,558
TOTAL INVESTMENTS IN SECURITIES–101.24% (Cost $294,482,337)				325,881,985
OTHER ASSETS LESS LIABILITIES–(1.24)%				(4,002,053	)
NET ASSETS–100.00%			$	321,879,932

Investment Abbreviations:

RSP – Registered Savings Plan Shares

SDR – Swedish Depository 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 aggregate value of these securities at June 30, 2022 was $31,125,434, which represented 9.67% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at June 30, 2022.

^(d) 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 six months ended June 30, 2022.

	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	9,144,542	$	13,793,802	$	(13,437,255	)	$	-		$	-		$	9,501,089		$18,801
Invesco Liquid Assets Portfolio, Institutional Class		6,699,851		9,852,716		(9,598,039	)		521			(2,728	)		6,952,321		13,302
Invesco Treasury Portfolio, Institutional Class		10,450,906		15,764,345		(15,356,864	)		-			-			10,858,387		17,219
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		68,922		4,385,278		(2,801,440	)		-			-			1,652,760		801*
Invesco Private Prime Fund		160,819		10,318,013		(6,279,630	)		(135	)		(269	)		4,198,798		2,464*
Total	$	26,525,040	$	54,114,154	$	(47,473,228	)	$	386		$	(2,997	)	$	33,163,355		$52,587

* 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.

^(e) The rate shown is the 7-day SEC standardized yield as of June 30, 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.

6 Invesco EQV International Small Company Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022

Industrials	25.67	%
Financials	14.13
Information Technology	12.82
Consumer Discretionary	12.15
Health Care	7.83
Real Estate	7.16
Energy	5.94
Consumer Staples	4.09
Other Sectors, Each Less than 2% of Net Assets	1.15
Money Market Funds Plus Other Assets Less Liabilities	9.06

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

7 Invesco EQV International Small Company Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $261,319,461)*	$	292,718,630
Investments in affiliated money market funds, at value (Cost $33,162,876)		33,163,355
Foreign currencies, at value (Cost $1,095,871)		1,088,684
Receivable for:
Investments sold		14,528
Fund shares sold		833,595
Dividends		3,631,361
Investment for trustee deferred compensation and retirement plans		91,869
Other assets		50,953
Total assets		331,592,975
Liabilities:
Payable for:
Investments purchased		2,961,483
Fund shares reacquired		576,237
Collateral upon return of securities loaned		5,851,693
Accrued fees to affiliates		118,370
Accrued trustees’ and officers’ fees and benefits		2,342
Accrued other operating expenses		103,089
Trustee deferred compensation and retirement plans		99,829
Total liabilities		9,713,043
Net assets applicable to shares outstanding	$	321,879,932
Net assets consist of:
Shares of beneficial interest	$	290,214,490
Distributable earnings		31,665,442
	$	321,879,932

Net Assets:
Class A	$	127,895,194
Class C	$	2,738,815
Class Y	$	40,743,869
Class R5	$	17,316,862
Class R6	$	133,185,192
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,103,457
Class C		161,556
Class Y		2,257,384
Class R5		969,170
Class R6		7,458,579
Class A:
Net asset value per share	$	18.00
Maximum offering price per share (Net asset value of $18.00 ÷ 94.50%)	$	19.05
Class C:
Net asset value and offering price per share	$	16.95
Class Y:
Net asset value and offering price per share	$	18.05
Class R5:
Net asset value and offering price per share	$	17.87
Class R6:
Net asset value and offering price per share	$	17.86

* At June 30, 2022, securities with an aggregate value of $5,446,377 were on loan to brokers.

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

8 Invesco EQV International Small Company Fund

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,050,850)	$	9,324,276
Dividends from affiliates (includes securities lending income of $100,269)		149,591
Total investment income		9,473,867
Expenses:
Advisory fees		1,546,969
Administrative services fees		24,791
Custodian fees		25,270
Distribution fees:
Class A		175,196
Class C		15,764
Transfer agent fees – A, C and Y		176,547
Transfer agent fees – R5		5,833
Transfer agent fees – R6		21,133
Trustees’ and officers’ fees and benefits		9,153
Registration and filing fees		40,253
Reports to shareholders		28,676
Professional services fees		33,164
Taxes		3,102
Other		5,548
Total expenses		2,111,399
Less: Fees waived		(11,136	)
Net expenses		2,100,263
Net investment income		7,373,604
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,394,321	)
Affiliated investment securities		(2,997	)
Foreign currencies		(114,609	)
		(3,511,927	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(57,890,407	)
Affiliated investment securities		386
Foreign currencies		(40,060	)
		(57,930,081	)
Net realized and unrealized gain (loss)		(61,442,008	)
Net increase (decrease) in net assets resulting from operations	$	(54,068,404	)

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

9 Invesco EQV International Small Company Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)

	June 30,			December 31,
	2022			2021
Operations:
Net investment income	$	7,373,604		$	4,167,159
Net realized gain (loss)		(3,511,927	)		11,625,067
Change in net unrealized appreciation (depreciation)		(57,930,081	)		31,722,209
Net increase (decrease) in net assets resulting from operations		(54,068,404	)		47,514,435
Distributions to shareholders from distributable earnings:
Class A		–			(6,113,393	)
Class C		–			(128,495	)
Class Y		–			(1,668,013	)
Class R5		–			(479,671	)
Class R6		–			(5,856,055	)
Total distributions from distributable earnings		–			(14,245,627	)
Share transactions–net:
Class A		(393,293	)		6,379,187
Class C		(212,755	)		(88,626	)
Class Y		9,574,780			(912,243	)
Class R5		8,658,276			3,924,448
Class R6		22,362,701			42,324,774
Net increase in net assets resulting from share transactions		39,989,709			51,627,540
Net increase (decrease) in net assets		(14,078,695	)		84,896,348
Net assets:
Beginning of period		335,958,627			251,062,279
End of period	$	321,879,932		$	335,958,627

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

10 Invesco EQV International Small Company Fund

Financial Highlights

(Unaudited)

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
Six months ended 06/30/22		$21.18		$ 0.42	(d)		$(3.60	)		$(3.18	)		$        -			$        -			$        -			$18.00		(15.01	)%		$127,895		1.45	%(e)		1.46	%(e)		4.24	%(d)(e)		6	%
Year ended 12/31/21		18.67		0.26			3.14			3.40			(0.38	)		(0.51	)		(0.89	)		21.18		18.38			150,947		1.47			1.47			1.21			6
Year ended 12/31/20		17.13		0.09			1.66			1.75			(0.10	)		(0.11	)		(0.21	)		18.67		10.23			127,417		1.60			1.61			0.57			10
Year ended 12/31/19		15.14		0.28			2.49			2.77			(0.40	)		(0.38	)		(0.78	)		17.13		18.37			139,919		1.55			1.56			1.70			10
Year ended 12/31/18		19.33		0.38	(f)		(3.98	)		(3.60	)		(0.34	)		(0.25	)		(0.59	)		15.14		(18.67	)		131,610		1.55			1.56			2.07	(f)		15
Year ended 12/31/17		15.44		0.27			4.84			5.11			(0.52	)		(0.70	)		(1.22	)		19.33		33.42			162,497		1.58			1.59			1.48			16
Class C
Six months ended 06/30/22		20.02		0.32	(d)		(3.39	)		(3.07	)		-			-			-			16.95		(15.33	)		2,739		2.20	(e)		2.21	(e)		3.49	(d)(e)		6
Year ended 12/31/21		17.69		0.09			2.98			3.07			(0.23	)		(0.51	)		(0.74	)		20.02		17.51			3,472		2.22			2.22			0.46			6
Year ended 12/31/20		16.30		(0.03	)		1.55			1.52			(0.02	)		(0.11	)		(0.13	)		17.69		9.36			3,151		2.35			2.36			(0.18	)		10
Year ended 12/31/19		14.41		0.15			2.36			2.51			(0.24	)		(0.38	)		(0.62	)		16.30		17.45			4,213		2.30			2.31			0.95			10
Year ended 12/31/18		18.38		0.23	(f)		(3.76	)		(3.53	)		(0.19	)		(0.25	)		(0.44	)		14.41		(19.24	)		12,845		2.30			2.31			1.32	(f)		15
Year ended 12/31/17		14.73		0.13			4.61			4.74			(0.39	)		(0.70	)		(1.09	)		18.38		32.46			19,819		2.33			2.34			0.73			16
Class Y
Six months ended 06/30/22		21.21		0.44			(3.60	)		(3.16	)		-			-			-			18.05		(14.90	)		40,744		1.20	(e)		1.21	(e)		4.49	(d)(e)		6
Year ended 12/31/21		18.69		0.31			3.16			3.47			(0.44	)		(0.51	)		(0.95	)		21.21		18.70			37,629		1.22			1.22			1.46			6
Year ended 12/31/20		17.15		0.13			1.66			1.79			(0.14	)		(0.11	)		(0.25	)		18.69		10.47			34,240		1.35			1.36			0.82			10
Year ended 12/31/19		15.16		0.32			2.50			2.82			(0.45	)		(0.38	)		(0.83	)		17.15		18.66			46,477		1.30			1.31			1.95			10
Year ended 12/31/18		19.36		0.43	(f)		(3.99	)		(3.56	)		(0.39	)		(0.25	)		(0.64	)		15.16		(18.44	)		42,878		1.30			1.31			2.32	(f)		15
Year ended 12/31/17		15.46		0.32			4.84			5.16			(0.56	)		(0.70	)		(1.26	)		19.36		33.74			62,218		1.33			1.34			1.73			16
Class R5
Six months ended 06/30/22		20.99		0.44	(d)		(3.56	)		(3.12	)		-			-			-			17.87		(14.86	)		17,317		1.11	(e)		1.12	(e)		4.58	(d)(e)		6
Year ended 12/31/21		18.51		0.32			3.13			3.45			(0.46	)		(0.51	)		(0.97	)		20.99		18.78			11,009		1.13			1.13			1.55			6
Year ended 12/31/20		16.98		0.15			1.65			1.80			(0.16	)		(0.11	)		(0.27	)		18.51		10.64			6,297		1.22			1.23			0.95			10
Year ended 12/31/19		15.01		0.34			2.48			2.82			(0.47	)		(0.38	)		(0.85	)		16.98		18.84			5,656		1.18			1.19			2.07			10
Year ended 12/31/18		19.18		0.44	(f)		(3.96	)		(3.52	)		(0.40	)		(0.25	)		(0.65	)		15.01		(18.37	)		5,059		1.21			1.22			2.41	(f)		15
Year ended 12/31/17		15.32		0.33			4.81			5.14			(0.58	)		(0.70	)		(1.28	)		19.18		33.90			6,433		1.24			1.25			1.82			16
Class R6
Six months ended 06/30/22		20.97		0.45	(d)		(3.56	)		(3.11	)		-			-			-			17.86		(14.83	)		133,185		1.04	(e)		1.05	(e)		4.65	(d)(e)		6
Year ended 12/31/21		18.49		0.34			3.12			3.46			(0.47	)		(0.51	)		(0.98	)		20.97		18.88			132,901		1.06			1.06			1.62			6
Year ended 12/31/20		16.96		0.16			1.65			1.81			(0.17	)		(0.11	)		(0.28	)		18.49		10.72			79,958		1.15			1.16			1.02			10
Year ended 12/31/19		15.00		0.35			2.47			2.82			(0.48	)		(0.38	)		(0.86	)		16.96		18.88			79,608		1.11			1.12			2.14			10
Year ended 12/31/18		19.17		0.45	(f)		(3.95	)		(3.50	)		(0.42	)		(0.25	)		(0.67	)		15.00		(18.31	)		75,590		1.14			1.15			2.48	(f)		15
Year ended 12/31/17		15.31		0.36			4.80			5.16			(0.60	)		(0.70	)		(1.30	)		19.17		34.04			82,244		1.15			1.16			1.91			16

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

^(d) Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the six months ended June 30, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.32 and 3.72%, $0.22 and 2.97%, $0.34 and 3.97%, $0.34 and 4.06% and $0.35 and 4.13% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Annualized.

^(f) Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.33 and 1.82%, $0.18 and 1.07%, $0.38 and 2.07%, $0.39 and 2.16% and $0.40 and 2.23% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

11 Invesco EQV International Small Company Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts may be valued up to 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 debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

12 Invesco EQV International Small Company Fund

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

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

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

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

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

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

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

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar 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,

13 Invesco EQV International Small Company Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.935	%
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 six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.93%.

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

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

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

For the six months ended June 30, 2022, the Adviser waived advisory fees of $11,136.

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 six months ended June 30, 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 six months ended June 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14 Invesco EQV International Small Company Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 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 six months ended June 30, 2022, IDI advised the Fund that IDI retained $9,367 in front-end sales commissions from the sale of Class A shares and $622 and $94 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2022, the Fund incurred $307 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 June 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	14,290,795	$	–		$–	$	14,290,795
Canada		40,057,718		–		–		40,057,718
China		–		7,584,023		–		7,584,023
Denmark		–		1,893,873		–		1,893,873
Egypt		3,120,054		4,739,137		–		7,859,191
France		–		27,723,092		–		27,723,092
Georgia		–		5,858,208		–		5,858,208
Germany		–		6,723,671		–		6,723,671
Greece		–		5,205,454		–		5,205,454
India		–		4,539,379		–		4,539,379
Indonesia		–		16,203,525		–		16,203,525
Ireland		–		1,744,358		–		1,744,358
Italy		–		9,814,803		–		9,814,803
Japan		–		10,113,467		–		10,113,467
Kenya		–		7,186,058		–		7,186,058
Malaysia		–		7,200,870		–		7,200,870
Malta		–		2,037,810		–		2,037,810
Mexico		14,719,212		–		–		14,719,212
Netherlands		–		3,042,685		–		3,042,685
New Zealand		–		1,856,181		–		1,856,181
Poland		–		9,381,234		–		9,381,234
Romania		–		6,488,510		–		6,488,510
Singapore		–		3,224,532		–		3,224,532
South Africa		4,675,900		3,454,444		–		8,130,344
South Korea		–		5,294,088		–		5,294,088
Spain		–		2,397,904		–		2,397,904
Sweden		–		1,663,256		–		1,663,256
Switzerland		–		3,576,971		–		3,576,971
Taiwan		–		3,796,503		–		3,796,503
United Kingdom		–		51,032,899		–		51,032,899

15 Invesco EQV International Small Company Fund

	Level 1		Level 2		Level 3		Total
United States	$	1,898,229	$	–		$–	$	1,898,229
Vietnam		–		179,787		–		179,787
Money Market Funds		27,311,797		5,851,558		–		33,163,355
Total Investments	$	106,073,705	$	219,808,280		$–	$	325,881,985

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–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 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2021.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $64,614,643 and $19,483,374, 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	$	53,989,658
Aggregate unrealized (depreciation) of investments		(27,548,233	)
Net unrealized appreciation of investments	$	26,441,425

Cost of investments for tax purposes is $299,440,560.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2022(a)						December 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		483,100		$	9,615,959			1,058,014		$	22,247,050
Class C		14,119			266,604			41,704			809,181
Class Y		752,745			14,870,255			914,276			19,335,568
Class R5		497,992			9,707,096			226,839			4,812,197
Class R6		2,101,508			41,469,329			2,779,447			58,352,819
Issued as reinvestment of dividends:
Class A		-			-			275,716			5,657,712
Class C		-			-			5,930			115,034
Class Y		-			-			67,234			1,380,988
Class R5		-			-			23,594			479,671
Class R6		-			-			276,696			5,619,689
Automatic conversion of Class C shares to Class A shares:
Class A		1,661			32,217			6,582			135,201
Class C		(1,761	)		(32,217	)		(6,969	)		(135,201	)

16 Invesco EQV International Small Company Fund

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2022(a)						December 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(506,650	)	$	(10,041,469	)		(1,039,335	)	$	(21,660,776	)
Class C		(24,232	)		(447,142	)		(45,318	)		(877,640	)
Class Y		(269,462	)		(5,295,475	)		(1,039,315	)		(21,628,799	)
Class R5		(53,369	)		(1,048,820	)		(66,156	)		(1,367,420	)
Class R6		(981,397	)		(19,106,628	)		(1,042,593	)		(21,647,734	)
Net increase in share activity		2,014,254		$	39,989,709			2,436,346		$	51,627,540

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% 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.

17 Invesco EQV International Small Company 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 January 1, 2022 through June 30, 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     (01/01/22)	Ending     Account Value     (06/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$849.90	$6.65	$1,017.60	$7.25	1.45%
Class C	1,000.00	846.70	10.07	1,013.88	10.99	2.20
Class Y	1,000.00	851.00	5.51	1,018.84	6.01	1.20
Class R5	1,000.00	851.40	5.10	1,019.29	5.56	1.11
Class R6	1,000.00	851.70	4.77	1,019.64	5.21	1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2022 through June 30, 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 181/365 to reflect the most recent fiscal half year.

18 Invesco EQV International Small 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 Funds Group (Invesco Funds Group) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV International Small Company Fund’s (formerly, Invesco International Small Company Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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 Small Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period, below the performance of the Index for the three year period and reasonably comparable to the performance of the Index for the five year period. 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.

19 Invesco EQV International Small Company Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

D. Economies of Scale and Breakpoints

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such

methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

20 Invesco EQV International Small Company Fund

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

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

∎ 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

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.

SEC file number(s): 811-01540 and 002-27334 Invesco Distributors, Inc. ISC-SAR-1

Semiannual Report to Shareholders June 30, 2022

Invesco Small Cap Equity Fund

Nasdaq:

A: SMEAX ∎ C: SMECX ∎ R: SMERX ∎ Y: SMEYX ∎ R5: SMEIX ∎ R6: SMEFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, 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	-25.62	%
Class C Shares	-25.91
Class R Shares	-25.70
Class Y Shares	-25.53
Class R5 Shares	-25.51
Class R6 Shares	-25.43
S&P 500 Index▼ (Broad Market Index)	-19.96
Russell 2000 Index▼ (Style-Specific Index)	-23.43
Lipper Small-Cap Core Funds Index ∎ (Peer Group Index)	-19.21
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 2000® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Small Cap Equity Fund

Average Annual Total Returns
As of 6/30/22, including maximum applicable sales charges
Class A Shares
Inception (8/31/00)	6.52	%
10 Years	7.65
5 Years	4.48
1 Year	-28.34
Class C Shares
Inception (8/31/00)	6.51	%
10 Years	7.62
5 Years	4.87
1 Year	-25.38
Class R Shares
Inception (6/3/02)	6.84	%
10 Years	7.99
5 Years	5.42
1 Year	-24.37
Class Y Shares
Inception (10/3/08)	8.53	%
10 Years	8.53
5 Years	5.93
1 Year	-24.00
Class R5 Shares
Inception (4/29/05)	8.06	%
10 Years	8.70
5 Years	6.10
1 Year	-23.92
Class R6 Shares
10 Years	8.78	%
5 Years	6.18
1 Year	-23.84

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance 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.

3 Invesco Small Cap Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Small Cap Equity Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.70%
Aerospace & Defense–1.03%
Curtiss-Wright Corp.		64,841	$	8,562,902
Air Freight & Logistics–1.00%
Air Transport Services Group, Inc.(b)(c)		288,698		8,294,294
Alternative Carriers–1.06%
Iridium Communications, Inc.(b)(c)		234,930		8,823,971
Apparel Retail–0.91%
American Eagle Outfitters, Inc.		423,611		4,735,971
Children’s Place, Inc. (The)(b)(c)		72,120		2,806,910
				7,542,881
Apparel, Accessories & Luxury Goods–1.31%
Oxford Industries, Inc.(c)		122,331		10,855,653
Application Software–3.86%
Descartes Systems Group, Inc. (The) (Canada)(b)(c)		146,863		9,114,318
Manhattan Associates, Inc.(b)		81,977		9,394,564
Verint Systems, Inc.(b)(c)		197,734		8,374,035
Workiva, Inc.(b)(c)		78,328		5,168,865
				32,051,782
Asset Management & Custody Banks–1.20%
Blucora, Inc.(b)		537,312		9,918,780
Auto Parts & Equipment–1.26%
Visteon Corp.(b)(c)		100,817		10,442,625
Automotive Retail–1.19%
Lithia Motors, Inc., Class A(c)		35,816		9,842,595
Biotechnology–0.83%
CRISPR Therapeutics AG (Switzerland)(b)(c)		41,570		2,526,209
Natera, Inc.(b)		109,609		3,884,543
TG Therapeutics, Inc.(b)		111,371		473,327
				6,884,079
Casinos & Gaming–0.52%
Penn National Gaming, Inc.(b)(c)		142,809		4,344,250
Construction & Engineering–3.13%
NV5 Global, Inc.(b)(c)		100,210		11,698,515
WillScot Mobile Mini Holdings Corp.(b)		440,562		14,283,020
				25,981,535
Construction Materials–2.23%
Eagle Materials, Inc.		70,918		7,796,725
Summit Materials, Inc., Class A(b)		458,517		10,678,861
				18,475,586

	Shares		Value
Data Processing & Outsourced Services–0.99%
Concentrix Corp.(c)		60,531	$	8,210,425
Diversified Metals & Mining–1.26%
MP Materials Corp.(b)(c)		326,277		10,466,966
Electrical Components & Equipment–1.28%
EnerSys(c)		109,344		6,446,922
Vertiv Holdings Co.		506,092		4,160,076
				10,606,998
Electronic Equipment & Instruments–0.97%
Badger Meter, Inc.(c)		99,690		8,063,924
Electronic Manufacturing Services–1.03%
Flex Ltd.(b)		588,117		8,510,053
Environmental & Facilities Services–1.83%
Casella Waste Systems, Inc., Class A(b)(c)		138,875		10,093,435
Montrose Environmental Group, Inc.(b)(c)		151,611		5,118,387
				15,211,822
Fertilizers & Agricultural Chemicals–0.45%
Scotts Miracle-Gro Co. (The)(c)		47,292		3,735,595
Financial Exchanges & Data–1.31%
TMX Group Ltd. (Canada)		106,687		10,857,673
Food Retail–0.98%
Sprouts Farmers Market, Inc.(b)(c)		321,394		8,137,696
Footwear–0.89%
Wolverine World Wide, Inc.		365,443		7,367,331
Health Care Distributors–0.96%
Owens & Minor, Inc.(c)		252,562		7,943,075
Health Care Equipment–4.18%
AtriCure, Inc.(b)		204,425		8,352,805
CONMED Corp.(c)		98,248		9,408,228
Heska Corp.(b)		87,311		8,251,763
QuidelOrtho Corp.(b)		88,949		8,644,064
				34,656,860
Health Care Facilities–2.01%
Encompass Health Corp.		131,186		7,352,975
Pennant Group, Inc. (The)(b)		164,162		2,102,915
Tenet Healthcare Corp.(b)		137,716		7,238,353
				16,694,243
Health Care Services–2.61%
Castle Biosciences, Inc.(b)(c)		152,201		3,340,812
LHC Group, Inc.(b)		54,720		8,522,093
R1 RCM, Inc.(b)(c)		466,718		9,782,409
				21,645,314

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

5 Invesco Small Cap Equity Fund

	Shares		Value
Health Care Supplies–1.79%
ICU Medical, Inc.(b)(c)		36,012	$	5,920,013
OrthoPediatrics Corp.(b)(c)		207,079		8,935,459
				14,855,472
Health Care Technology–1.12%
Simulations Plus, Inc.(c)		189,057		9,326,182
Homebuilding–1.01%
Taylor Morrison Home Corp., Class A(b)(c)		358,488		8,374,280
Hotel & Resort REITs–0.81%
Ryman Hospitality Properties, Inc.(b)		88,902		6,759,219
Hotels, Resorts & Cruise Lines–1.20%
Travel + Leisure Co.		255,911		9,934,465
Human Resource & Employment Services–0.80%
Alight, Inc., Class A(b)(c)		987,728		6,667,164
Industrial Machinery–4.53%
Chart Industries, Inc.(b)(c)		82,951		13,884,339
Gates Industrial Corp. PLC(b)		638,984		6,907,417
Helios Technologies, Inc.		124,920		8,275,950
ITT, Inc.		126,947		8,535,916
				37,603,622
Industrial REITs–2.23%
EastGroup Properties, Inc.		65,253		10,070,495
STAG Industrial, Inc.		272,060		8,401,213
				18,471,708
Interactive Media & Services–0.70%
Eventbrite, Inc., Class A(b)(c)		566,861		5,821,662
Internet & Direct Marketing Retail–0.55%
Overstock.com, Inc.(b)(c)		183,420		4,587,334
Investment Banking & Brokerage–3.71%
LPL Financial Holdings, Inc.(c)		91,693		16,915,525
Piper Sandler Cos.(c)		122,201		13,852,705
				30,768,230
Leisure Products–1.06%
Acushnet Holdings Corp.(c)		210,080		8,756,134
Life & Health Insurance–0.98%
Primerica, Inc.(c)		67,950		8,132,936
Life Sciences Tools & Services–2.30%
Medpace Holdings, Inc.(b)(c)		79,947		11,965,667
NeoGenomics, Inc.(b)(c)		338,598		2,759,574
Quanterix Corp.(b)(c)		271,338		4,392,962
				19,118,203
Multi-line Insurance–1.35%
Assurant, Inc.		64,935		11,224,015

	Shares		Value
Oil & Gas Equipment & Services–2.06%
Cactus, Inc., Class A(c)		209,049	$	8,418,403
Weatherford International PLC(b)		410,745		8,695,472
				17,113,875
Oil & Gas Exploration & Production–2.06%
Matador Resources Co.(c)		224,240		10,447,342
Southwestern Energy Co.(b)		1,058,557		6,615,981
				17,063,323
Packaged Foods & Meats–0.46%
Calavo Growers, Inc.		91,659		3,824,013
Paper Packaging–1.12%
Graphic Packaging Holding Co.(c)		451,463		9,254,991
Property & Casualty Insurance–0.99%
Hanover Insurance Group, Inc. (The)(c)		56,102		8,204,918
Real Estate Services–0.53%
FirstService Corp. (Canada)		36,009		4,367,966
Regional Banks–5.99%
Community Bank System, Inc.(c)		123,390		7,808,119
Glacier Bancorp, Inc.(c)		189,772		8,998,988
Pacific Premier Bancorp, Inc.		253,204		7,403,685
Pinnacle Financial Partners, Inc.(c)		135,203		9,776,529
South State Corp.(c)		97,555		7,526,368
Webster Financial Corp.		194,198		8,185,446
				49,699,135
Reinsurance–1.33%
Reinsurance Group of America, Inc.		94,124		11,039,804
Research & Consulting Services–2.56%
CACI International, Inc., Class A(b)		33,793		9,522,192
Huron Consulting Group, Inc.(b)		180,385		11,723,221
				21,245,413
Restaurants–1.05%
Papa John’s International, Inc.(c)		104,733		8,747,300
Semiconductors–3.00%
Diodes, Inc.(b)		127,632		8,241,198
Power Integrations, Inc.(c)		120,027		9,003,225
Semtech Corp.(b)		138,657		7,621,976
				24,866,399
Specialized REITs–1.38%
Gaming and Leisure Properties, Inc.		248,914		11,415,196
Specialty Chemicals–1.43%
Ashland Global Holdings, Inc.		115,340		11,885,787
Steel–0.87%
Cleveland-Cliffs, Inc.(b)(c)		472,223		7,258,068
Systems Software–1.14%
CommVault Systems, Inc.(b)		150,916		9,492,616

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

6 Invesco Small Cap Equity Fund

	Shares		Value
Thrifts & Mortgage Finance–1.54%
Essent Group Ltd.(c)		170,910	$	6,648,399
Radian Group, Inc.		313,310		6,156,541
				12,804,940
Tires & Rubber–0.28%
Goodyear Tire & Rubber Co. (The)(b)(c)		215,190		2,304,685
Trading Companies & Distributors–2.32%
Applied Industrial Technologies, Inc.(c)		104,048		10,006,296
Univar Solutions, Inc.(b)		372,848		9,272,730
				19,279,026
Trucking–0.98%
Knight-Swift Transportation Holdings, Inc.		176,288		8,160,372
Water Utilities–1.19%
California Water Service Group(c)		177,528		9,861,680
Total Common Stocks & Other Equity Interests (Cost $776,345,416)				802,419,041
Money Market Funds–3.39%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%(d)(e)		9,855,221		9,855,221
Invesco Liquid Assets Portfolio, Institutional Class, 1.41%(d)(e)		7,032,610		7,031,907

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 1.35%(d)(e)		11,263,109	$	11,263,109
Total Money Market Funds (Cost $28,149,362)				28,150,237
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.09% (Cost $804,494,778)				830,569,278
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–24.57%
Invesco Private Government Fund, 1.38%(d)(e)(f)		56,623,064		56,623,064
Invesco Private Prime Fund, 1.66%(d)(e)(f)		147,249,961		147,249,961
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $203,878,340)				203,873,025
TOTAL INVESTMENTS IN SECURITIES–124.66% (Cost $1,008,373,118)				1,034,442,303
OTHER ASSETS LESS LIABILITIES–(24.66)%				(204,641,387	)
NET ASSETS–100.00%			$	829,800,916

Investment Abbreviations:

REIT – Real Estate Investment Trust

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)  All or a portion of this security was out on loan at June 30, 2022.

^(d)  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 six months ended June 30, 2022.

	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  13,052,440		$   32,747,448		$   (35,944,667	)		$          -		$            -			$  9,855,221	$   26,950
Invesco Liquid Assets Portfolio, Institutional Class		9,317,379		23,391,035		(25,674,763	)		768		(2,512	)		7,031,907	19,036
Invesco Treasury Portfolio, Institutional Class		14,917,075		37,425,655		(41,079,621	)		-		-			11,263,109	24,566
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		43,467,653		169,632,986		(156,477,575	)		-		-			56,623,064	87,116*
Invesco Private Prime Fund		101,424,521		365,098,698		(319,265,267	)		1,308		(9,299	)		147,249,961	246,726*
Total		$182,179,068		$628,295,822		$(578,441,893	)		$2,076		$(11,811	)		$232,023,262	$404,394

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of June 30, 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.

7 Invesco Small Cap Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022

Industrials	19.48	%
Financials	18.40
Health Care	15.80
Consumer Discretionary	11.22
Information Technology	10.99
Materials	7.36
Real Estate	4.94
Energy	4.12
Other Sectors, Each Less than 2% of Net Assets	4.39
Money Market Funds Plus Other Assets Less Liabilities	3.30

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

8 Invesco Small Cap Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $776,345,416)*	$	802,419,041
Investments in affiliated money market funds, at value (Cost $232,027,702)		232,023,262
Cash		879
Foreign currencies, at value (Cost $150)		147
Receivable for:
Fund shares sold		463,127
Dividends		368,729
Investment for trustee deferred compensation and retirement plans		138,135
Other assets		80,551
Total assets		1,035,493,871
Liabilities:
Payable for:
Investments purchased		225,902
Fund shares reacquired		802,261
Collateral upon return of securities loaned		203,878,340
Accrued fees to affiliates		466,112
Accrued trustees’ and officers’ fees and benefits		3,159
Accrued other operating expenses		165,268
Trustee deferred compensation and retirement plans		151,913
Total liabilities		205,692,955
Net assets applicable to shares outstanding	$	829,800,916
Net assets consist of:
Shares of beneficial interest	$	770,366,231
Distributable earnings		59,434,685
	$	829,800,916

Net Assets:
Class A	$	487,063,856
Class C	$	12,149,736
Class R	$	43,697,151
Class Y	$	63,784,240
Class R5	$	19,801,226
Class R6	$	203,304,707
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,698,713
Class C		1,705,524
Class R		4,419,738
Class Y		5,347,537
Class R5		1,493,163
Class R6		15,143,121
Class A:
Net asset value per share	$	11.15
Maximum offering price per share (Net asset value of $11.15 ÷ 94.50%)	$	11.80
Class C:
Net asset value and offering price per share	$	7.12
Class R:
Net asset value and offering price per share	$	9.89
Class Y:
Net asset value and offering price per share	$	11.93
Class R5:
Net asset value and offering price per share	$	13.26
Class R6:
Net asset value and offering price per share	$	13.43

* At June 30, 2022, securities with an aggregate value of $ 198,149,051 were on loan to brokers.

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

9 Invesco Small Cap Equity Fund

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $23,239)	$	5,123,221
Dividends from affiliated money market funds (includes securities lending income of $73,618)		144,170
Total investment income		5,267,391
Expenses:
Advisory fees		3,573,525
Administrative services fees		81,919
Custodian fees		3,262
Distribution fees:
Class A		707,299
Class C		73,478
Class R		121,288
Transfer agent fees – A, C, R and Y		771,603
Transfer agent fees – R5		11,694
Transfer agent fees – R6		44,418
Trustees’ and officers’ fees and benefits		11,768
Registration and filing fees		60,598
Reports to shareholders		36,222
Professional services fees		23,614
Other		9,468
Total expenses		5,530,156
Less: Fees waived and/or expense offset arrangement(s)		(16,863	)
Net expenses		5,513,293
Net investment income (loss)		(245,902	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		19,768,855
Affiliated investment securities		(11,811	)
Foreign currencies		3,697
		19,760,741
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(312,048,728	)
Affiliated investment securities		2,076
Foreign currencies		(784	)
		(312,047,436	)
Net realized and unrealized gain (loss)		(292,286,695	)
Net increase (decrease) in net assets resulting from operations	$	(292,532,597	)

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

10 Invesco Small Cap Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)

	June 30, 2022			December 31, 2021
Operations:
Net investment income (loss)	$	(245,902	)	$	(1,166,682	)
Net realized gain		19,760,741			155,511,519
Change in net unrealized appreciation (depreciation)		(312,047,436	)		43,613,697
Net increase (decrease) in net assets resulting from operations		(292,532,597	)		197,958,534
Distributions to shareholders from distributable earnings:
Class A		–			(105,869,258	)
Class C		–			(4,117,457	)
Class R		–			(9,052,200	)
Class Y		–			(14,030,433	)
Class R5		–			(3,782,814	)
Class R6		–			(43,447,856	)
Total distributions from distributable earnings		–			(180,300,018	)
Share transactions–net:
Class A		(3,648,580	)		91,186,548
Class C		(1,158,786	)		2,723,311
Class R		6,570,870			2,438,958
Class Y		(3,573,508	)		24,790,175
Class R5		(672,178	)		5,456,734
Class R6		(40,262,376	)		30,152,495
Net increase (decrease) in net assets resulting from share transactions		(42,744,558	)		156,748,221
Net increase (decrease) in net assets		(335,277,155	)		174,406,737
Net assets:
Beginning of period		1,165,078,071			990,671,334
End of period	$	829,800,916		$	1,165,078,071

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

11 Invesco Small Cap Equity Fund

Financial Highlights

(Unaudited)

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
Six months ended 06/30/22		$14.99		$(0.01	)		$(3.83	)		$(3.84	)		$     –			$     –			$     –			$11.15		(25.62	)%		$487,064		1.24	%(d)		1.24	%(d)		(0.17	)%(d)		15	%
Year ended 12/31/21		14.97		(0.04	)		2.91			2.87			–			(2.85	)		(2.85	)		14.99		20.02			660,296		1.22			1.22			(0.22	)		22
Year ended 12/31/20		12.50		(0.02	)		3.39			3.37			–			(0.90	)		(0.90	)		14.97		27.29			562,995		1.31			1.31			(0.13	)		43
Year ended 12/31/19		11.04		(0.00	)		2.86			2.86			–			(1.40	)		(1.40	)		12.50		26.13			495,573		1.31			1.31			(0.00	)		35
Year ended 12/31/18		15.35		(0.03	)		(2.23	)		(2.26	)		–			(2.05	)		(2.05	)		11.04		(15.16	)		427,637		1.28			1.28			(0.21	)		22
Year ended 12/31/17		14.25		(0.05	)		1.98			1.93			–			(0.83	)		(0.83	)		15.35		13.58			549,010		1.30			1.30			(0.36	)		21
Class C
Six months ended 06/30/22		9.61		(0.04	)		(2.45	)		(2.49	)		–			–			–			7.12		(25.91	)		12,150		1.99	(d)		1.99	(d)		(0.92	)(d)		15
Year ended 12/31/21		10.57		(0.12	)		2.01			1.89			–			(2.85	)		(2.85	)		9.61		19.06			17,784		1.97			1.97			(0.97	)		22
Year ended 12/31/20		9.11		(0.08	)		2.44			2.36			–			(0.90	)		(0.90	)		10.57		26.36			16,129		2.06			2.06			(0.88	)		43
Year ended 12/31/19		8.42		(0.07	)		2.16			2.09			–			(1.40	)		(1.40	)		9.11		25.10			18,873		2.06			2.06			(0.75	)		35
Year ended 12/31/18		12.35		(0.12	)		(1.76	)		(1.88	)		–			(2.05	)		(2.05	)		8.42		(15.76	)		37,757		2.03			2.03			(0.96	)		22
Year ended 12/31/17		11.69		(0.13	)		1.62			1.49			–			(0.83	)		(0.83	)		12.35		12.79			51,355		2.05			2.05			(1.11	)		21
Class R
Six months ended 06/30/22		13.31		(0.02	)		(3.40	)		(3.42	)		–			–			–			9.89		(25.70	)		43,697		1.49	(d)		1.49	(d)		(0.42	)(d)		15
Year ended 12/31/21		13.61		(0.07	)		2.62			2.55			–			(2.85	)		(2.85	)		13.31		19.66			51,571		1.47			1.47			(0.47	)		22
Year ended 12/31/20		11.45		(0.04	)		3.10			3.06			–			(0.90	)		(0.90	)		13.61		27.09			48,792		1.56			1.56			(0.38	)		43
Year ended 12/31/19		10.24		(0.03	)		2.64			2.61			–			(1.40	)		(1.40	)		11.45		25.71			47,521		1.56			1.56			(0.25	)		35
Year ended 12/31/18		14.44		(0.07	)		(2.08	)		(2.15	)		–			(2.05	)		(2.05	)		10.24		(15.35	)		50,345		1.53			1.53			(0.46	)		22
Year ended 12/31/17		13.48		(0.09	)		1.88			1.79			–			(0.83	)		(0.83	)		14.44		13.32			71,008		1.55			1.55			(0.61	)		21
Class Y
Six months ended 06/30/22		16.02		0.01			(4.10	)		(4.09	)		–			–			–			11.93		(25.53	)		63,784		0.99	(d)		0.99	(d)		0.08	(d)		15
Year ended 12/31/21		15.80		0.01			3.07			3.08			(0.01	)		(2.85	)		(2.86	)		16.02		20.27			91,380		0.97			0.97			0.03			22
Year ended 12/31/20		13.12		0.02			3.57			3.59			(0.01	)		(0.90	)		(0.91	)		15.80		27.70			66,783		1.06			1.06			0.12			43
Year ended 12/31/19		11.51		0.03			2.98			3.01			–			(1.40	)		(1.40	)		13.12		26.36			62,023		1.06			1.06			0.25			35
Year ended 12/31/18		15.86		0.00			(2.30	)		(2.30	)		–			(2.05	)		(2.05	)		11.51		(14.92	)		71,037		1.03			1.03			0.04			22
Year ended 12/31/17		14.66		(0.02	)		2.05			2.03			–			(0.83	)		(0.83	)		15.86		13.88			228,176		1.05			1.05			(0.11	)		21
Class R5
Six months ended 06/30/22		17.80		0.02			(4.56	)		(4.54	)		–			–			–			13.26		(25.51	)		19,801		0.87	(d)		0.87	(d)		0.20	(d)		15
Year ended 12/31/21		17.28		0.03			3.36			3.39			(0.02	)		(2.85	)		(2.87	)		17.80		20.39			27,506		0.85			0.85			0.15			22
Year ended 12/31/20		14.28		0.04			3.91			3.95			(0.05	)		(0.90	)		(0.95	)		17.28		27.95			21,396		0.88			0.88			0.30			43
Year ended 12/31/19		12.40		0.07			3.21			3.28			–			(1.40	)		(1.40	)		14.28		26.65			20,674		0.85			0.85			0.46			35
Year ended 12/31/18		16.88		0.03			(2.46	)		(2.43	)		–			(2.05	)		(2.05	)		12.40		(14.79	)		26,543		0.87			0.87			0.20			22
Year ended 12/31/17		15.54		0.00			2.17			2.17			–			(0.83	)		(0.83	)		16.88		14.00			50,217		0.91			0.91			0.03			21
Class R6
Six months ended 06/30/22		18.01		0.02			(4.60	)		(4.58	)		–			–			–			13.43		(25.43	)		203,305		0.81	(d)		0.81	(d)		0.26	(d)		15
Year ended 12/31/21		17.45		0.04			3.40			3.44			(0.03	)		(2.85	)		(2.88	)		18.01		20.46			316,542		0.79			0.79			0.21			22
Year ended 12/31/20		14.41		0.05			3.94			3.99			(0.05	)		(0.90	)		(0.95	)		17.45		28.03			274,576		0.81			0.81			0.37			43
Year ended 12/31/19		12.50		0.07			3.24			3.31			–			(1.40	)		(1.40	)		14.41		26.67			293,300		0.81			0.81			0.50			35
Year ended 12/31/18		16.99		0.05			(2.49	)		(2.44	)		–			(2.05	)		(2.05	)		12.50		(14.75	)		255,195		0.80			0.80			0.27			22
Year ended 12/31/17		15.61		0.02			2.19			2.21			–			(0.83	)		(0.83	)		16.99		14.19			305,344		0.85			0.85			0.09			21

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

^(d)  Annualized.

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

12 Invesco Small Cap Equity Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Small Cap Equity Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (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 primary investment objective is long-term growth of capital.

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

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

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

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

A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts may be valued up to 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 debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates

13 Invesco Small Cap Equity Fund

depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

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

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

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure

14 Invesco Small Cap Equity Fund

under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $3,250 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.

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

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

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

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

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

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

15 Invesco Small Cap Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.745%
Next $250 million		0.730%
Next $500 million		0.715%
Next $1.5 billion		0.700%
Next $2.5 billion		0.685%
Next $2.5 billion		0.670%
Next $2.5 billion		0.655%
Over $10 billion		0.640%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.73%.

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

The Adviser has contractually agreed, through at least 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 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

For the six months ended June 30, 2022, the Adviser waived advisory fees of $16,301.

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 six months ended June 30, 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 six months ended June 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 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 six months ended June 30, 2022, IDI advised the Fund that IDI retained $53,481 in front-end sales commissions from the sale of Class A shares and $3,067 and $575 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2022, the Fund incurred $1,692 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.

16 Invesco Small Cap Equity Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 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
Common Stocks & Other Equity Interests	$	802,419,041	$	–		$–	$	802,419,041
Money Market Funds		28,150,237		203,873,025		–		232,023,262
Total Investments	$	830,569,278	$	203,873,025		$–	$	1,034,442,303

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $562.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2021.

17 Invesco Small Cap 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 six months ended June 30, 2022 was $146,235,694 and $180,898,849, 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	$	150,928,434
Aggregate unrealized (depreciation) of investments		(124,960,598	)
Net unrealized appreciation of investments	$	25,967,836

Cost of investments for tax purposes is $1,008,474,467.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2022(a)						December 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		2,982,523		$	39,386,192			5,015,384		$	85,528,828
Class C		137,159			1,138,799			416,624			5,004,241
Class R		1,107,557			13,093,438			890,653			13,863,107
Class Y		1,202,009			16,991,171			2,455,563			44,474,055
Class R5		157,389			2,445,592			315,843			6,213,714
Class R6		2,124,051			32,683,100			3,260,718			65,428,913
Issued as reinvestment of dividends:
Class A		-			-			7,067,826			101,423,307
Class C		-			-			424,577			3,910,360
Class R		-			-			709,372			9,044,489
Class Y		-			-			765,104			11,736,691
Class R5		-			-			221,969			3,782,349
Class R6		-			-			2,461,555			42,461,825
Automatic conversion of Class C shares to Class A shares:
Class A		62,832			794,161			87,219			1,491,762
Class C		(98,121	)		(794,161	)		(124,860	)		(1,491,762	)
Reacquired:
Class A		(3,409,610	)		(43,828,933	)		(5,705,779	)		(97,257,349	)
Class C		(183,439	)		(1,503,424	)		(391,796	)		(4,699,528	)
Class R		(562,928	)		(6,522,568	)		(1,310,120	)		(20,468,638	)
Class Y		(1,559,716	)		(20,564,679	)		(1,742,443	)		(31,420,571	)
Class R5		(209,752	)		(3,117,770	)		(230,795	)		(4,539,329	)
Class R6		(4,556,070	)		(72,945,476	)		(3,883,067	)		(77,738,243	)
Net increase (decrease) in share activity		(2,806,116	)	$	(42,744,558	)		10,703,547		$	156,748,221

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

18 Invesco Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 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 (01/01/22)	Ending Account Value (06/30/22)1	Expenses Paid During Period2	Ending Account Value (06/30/22)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$743.80	$5.36	$1,018.65	$6.21	1.24%
Class C	1,000.00	740.90	8.59	1,014.93	9.94	1.99
Class R	1,000.00	743.00	6.44	1,017.41	7.45	1.49
Class Y	1,000.00	744.70	4.28	1,019.89	4.96	0.99
Class R5	1,000.00	744.90	3.76	1,020.48	4.36	0.87
Class R6	1,000.00	745.70	3.51	1,020.78	4.06	0.81

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2022 through June 30, 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 181/365 to reflect the most recent fiscal half year.

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

The Board’s Evaluation Process

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

    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

20 Invesco Small Cap Equity Fund

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 Russell 2000^® 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 first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board 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 recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule

(including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D. Economies of Scale and Breakpoints

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services

provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

21 Invesco Small Cap Equity Fund

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    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.

22 Invesco Small Cap Equity Fund

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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

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.

SEC file number(s): 811-01540 and 002-27334             Invesco Distributors, Inc.                                          SCE-SAR-1

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

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 August 9, 2022, 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 August 9, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.	EXHIBITS.
13(a) (1)	Not applicable.
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 Funds Group (Invesco Funds Group)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 2, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 2, 2022

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	September 2, 2022

EX-99.CERT

I, Sheri Morris, Principal Executive Officer, certify that:

1.  I have reviewed this report on Form N-CSR of AIM Funds Group (Invesco Funds Group);

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5.  The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: September 2, 2022	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1.  I have reviewed this report on Form N-CSR of AIM Funds Group (Invesco Funds Group);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5.  The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: September 2, 2022	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906 CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group)

(the “Company”) on Form N-CSR for the period ended June 30, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 2, 2022	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group)

(the “Company”) on Form N-CSR for the period ended June 30, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 2, 2022	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial  Officer