# EDGAR Filing Document

**Accession Number:** 0000019034
**File Stem:** 0000019034-25-000003
**Filing Date:** 2025-8
**Character Count:** 518924
**Document Hash:** 75d9e3a0804b1559c7b8b353daa23e27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000019034-25-000003.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000019034-25-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM FUNDS GROUP (INVESCO FUNDS GROUP)
- **CENTRAL INDEX KEY:** 0000019034

**ORGANIZATION NAME:**
- **EIN:** 060841973
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01540
- **FILM NUMBER:** 251259708

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM FUNDS GROUP
- **DATE OF NAME CHANGE:** 20060203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM FUNDS GROUP/DE
- **DATE OF NAME CHANGE:** 19940718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM FUNDS GROUP
- **DATE OF NAME CHANGE:** 19921016

## Series and Classes Contracts Data

### Invesco Global Small Cap Equity Fund (Series ID: S000000212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000470 | Class A      | ESMAX           |
| C000000472 | Class C      | ESMCX           |
| C000071337 | Class Y      | ESMYX           |
| C000188905 | Class R6     |  |

### INVESCO Global Core Equity Fund (Series ID: S000000213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000473 | Class A      | AWSAX           |
| C000000475 | Class C      | AWSCX           |
| C000022912 | CLASS R5     | AWSIX           |
| C000071338 | Class Y      | AWSYX           |
| C000095997 | Class R      | AWSRX           |
| C000188906 | Class R6     |  |

### Invesco International Small Company Fund (Series ID: S000000214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000476 | Class A      | IEGAX           |
| C000000478 | Class C      | IEGCX           |
| C000022913 | CLASS R5     | IEGIX           |
| C000071339 | Class Y      | IEGYX           |
| C000120709 | Class R6     | IEGFX           |

### INVESCO Small Cap Equity Fund (Series ID: S000000218)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000490 | Class A      | SMEAX           |
| C000000492 | Class C      | SMECX           |
| C000000493 | Class R      | SMERX           |
| C000022917 | CLASS R5     | SMEIX           |
| C000071342 | Class Y      | SMEYX           |
| C000120710 | Class R6     | SMEFX           |

?xml version='1.0' encoding='ASCII'? 8dddf0e05f8c782

#### 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)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025
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, as amended (the "Act") is as follows:

![TSR_logo](images_2563.jpg)

### Invesco EQV European Small Company Fund

### Class A: ESMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV European Small Company Fund<br>(Class A) | $81 | 1.44%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$197453461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardex Holding AG | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moltiply Group S.p.A. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494407.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ESC-SAR-A Invesco EQV European Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV European Small Company Fund

### Class C: ESMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV European Small Company Fund<br>(Class C) | $124 | 2.19%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$197453461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardex Holding AG | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moltiply Group S.p.A. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494406.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ESC-SAR-C Invesco EQV European Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV European Small Company Fund

### Class Y: ESMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV European Small Company Fund<br>(Class Y) | $67 | 1.19%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$197453461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardex Holding AG | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moltiply Group S.p.A. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494405.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ESC-SAR-Y Invesco EQV European Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV European Small Company Fund

### Class R6: ESMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV European Small Company Fund<br>(Class R6) | $62 | 1.09%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$197453461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardex Holding AG | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moltiply Group S.p.A. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494404.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ESC-SAR-R6 Invesco EQV European Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV International Small Company Fund

### Class A: IEGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV International Small Company Fund<br>(Class A) | $83 | 1.48%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$637064395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;E-L Financial Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankinter S.A. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planisware | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494393.jpg)

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ISC-SAR-A Invesco EQV International Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV International Small Company Fund

### Class C: IEGCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV International Small Company Fund<br>(Class C) | $124 | 2.23%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$637064395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;E-L Financial Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankinter S.A. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planisware | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494392.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ISC-SAR-C Invesco EQV International Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV International Small Company Fund

### Class Y: IEGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV International Small Company Fund<br>(Class Y) | $69 | 1.23%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$637064395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;E-L Financial Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankinter S.A. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planisware | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494391.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ISC-SAR-Y Invesco EQV International Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV International Small Company Fund

### Class R5: IEGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV International Small Company Fund<br>(Class R5) | $61 | 1.09%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$637064395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;E-L Financial Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankinter S.A. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planisware | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494402.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ISC-SAR-R5 Invesco EQV International Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco EQV International Small Company Fund

### Class R6: IEGFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Small Company Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco EQV International Small Company Fund<br>(Class R6) | $57 | 1.02%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$637064395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Group International PLC | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;E-L Financial Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankinter S.A. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planisware | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494401.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

ISC-SAR-R6 Invesco EQV International Small Company Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class A: AWSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class A) | $65 | 1.25% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494387.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-A Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class C: AWSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class C) | $103 | 2.00% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494386.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-C Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class R: AWSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class R) | $77 | 1.50% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494385.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-R Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class Y: AWSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class Y) | $52 | 1.00% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494396.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-Y Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class R5: AWSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class R5) | $49 | 0.95% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494395.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-R5 Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Global Core Equity Fund

### Class R6: AWSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Core Equity Fund<br>(Class R6) | $46 | 0.88% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$618618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494394.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GCE-SAR-R6 Invesco Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class A: SMEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class A) | $62 | 1.23% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494400.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-A Invesco Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class C: SMECX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class C) | $100 | 1.98% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494399.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-C Invesco Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class R: SMERX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class R) | $75 | 1.48% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494398.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-R Invesco Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class Y: SMEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class Y) | $49 | 0.98% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494397.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-Y Invesco Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class R5: SMEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class R5) | $44 | 0.88% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494408.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-R5 Invesco Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Equity Fund

### Class R6: SMEFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Small Cap Equity Fund<br>(Class R6) | $41 | 0.81% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008716748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9494403.jpg)

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2562.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCE-SAR-R6 Invesco Small Cap Equity Fund

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img1df3b78b1.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco EQV European Small Company Fund**

Nasdaq:

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

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---

| | |
|:---|:---|
| [2](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_SOI-Continued-50_1) | Schedule of Investments |
| [4](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_FS-Continued-50_1) | Financial Statements |
| [7](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_FS-Continued-50_4) | Financial Highlights |
| [8](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_NTF-Continued-50_1) | Notes to Financial Statements |
| [14](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_AOC-Continued-50_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_e9036d5b-7578-44ad-8a04-dafed6e4abef_OIRSR-Continued-50_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

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**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–93.63%** | **Common Stocks & Other Equity Interests–93.63%** | **Common Stocks & Other Equity Interests–93.63%** |
| **Austria–1.62%** | **Austria–1.62%** | **Austria–1.62%** |
| DO & Co. AG | 14967 | &nbsp;&nbsp; $3197399 |
| **Belgium–2.06%** | **Belgium–2.06%** | **Belgium–2.06%** |
| D'Ieteren Group | 18888 | &nbsp;&nbsp; 4067519 |
| **Finland–2.86%** | **Finland–2.86%** | **Finland–2.86%** |
| Konecranes OYJ | 38200 | &nbsp;&nbsp; 3035439 |
| Stora Enso OYJ, Class R | 240999 | &nbsp;&nbsp; 2620042 |
|  |  | &nbsp;&nbsp; 5655481 |
| **France–24.19%** | **France–24.19%** | **France–24.19%** |
| Alten S.A. | 38347 | &nbsp;&nbsp; 3372216 |
| Coface S.A. | 77381 | &nbsp;&nbsp; 1485513 |
| Edenred SE | 80588 | &nbsp;&nbsp; 2503105 |
| Exail Technologies S.A.<sup>(a)</sup>  | 97384 | &nbsp;&nbsp; 11349259 |
| Gerard Perrier Industrie S.A. | 31160 | &nbsp;&nbsp; 3267985 |
| Infotel S.A. | 37573 | &nbsp;&nbsp; 1709125 |
| Kaufman & Broad S.A. | 141325 | &nbsp;&nbsp; 5509917 |
| Linedata Services | 40177 | &nbsp;&nbsp; 3650111 |
| Neurones | 104614 | &nbsp;&nbsp; 5540906 |
| Planisware | 100293 | &nbsp;&nbsp; 2805988 |
| Totalenergies EP Gabon | 17124 | &nbsp;&nbsp; 3780736 |
| VusionGroup | 8615 | &nbsp;&nbsp; 2786757 |
|  |  | &nbsp;&nbsp; 47761618 |
| **Georgia–1.03%** | **Georgia–1.03%** | **Georgia–1.03%** |
| TBC Bank Group PLC | 31987 | &nbsp;&nbsp; 2037987 |
| **Germany–10.04%** | **Germany–10.04%** | **Germany–10.04%** |
| AlzChem Group AG | 14652 | &nbsp;&nbsp; 2398880 |
| Amadeus Fire AG | 24903 | &nbsp;&nbsp; 2369017 |
| CTS Eventim AG & Co. KGaA | 36993 | &nbsp;&nbsp; 4600105 |
| flatexDEGIRO AG | 167424 | &nbsp;&nbsp; 4740959 |
| Mensch und Maschine Software SE | 26886 | &nbsp;&nbsp; 1707030 |
| Scout24 SE<sup>(b)</sup>  | 28523 | &nbsp;&nbsp; 3937565 |
| Springer Nature AG & Co. KGaA | 3449 | &nbsp;&nbsp; 75918 |
|  |  | &nbsp;&nbsp; 19829474 |
| **Greece–1.73%** | **Greece–1.73%** | **Greece–1.73%** |
| Karelia Tobacco Co., Inc. S.A. | 9265 | &nbsp;&nbsp; 3406090 |
| **Ireland–0.59%** | **Ireland–0.59%** | **Ireland–0.59%** |
| Origin Enterprises PLC | 267984 | &nbsp;&nbsp; 1168779 |
| **Israel–1.05%** | **Israel–1.05%** | **Israel–1.05%** |
| Hilan Ltd. | 24341 | &nbsp;&nbsp; 2068405 |
| **Italy–6.59%** | **Italy–6.59%** | **Italy–6.59%** |
| Amplifon S.p.A.<sup>(c)</sup>  | 145244 | &nbsp;&nbsp; 3411172 |
| DiaSorin S.p.A.<sup>(c)</sup>  | 26353 | &nbsp;&nbsp; 2820564 |
| MARR S.p.A.<sup>(c)</sup>  | 191277 | &nbsp;&nbsp; 2187316 |
| Moltiply Group S.p.A. | 85783 | &nbsp;&nbsp; 4601971 |
|  |  | &nbsp;&nbsp; 13021023 |
| **Netherlands–2.66%** | **Netherlands–2.66%** | **Netherlands–2.66%** |
| SBM Offshore N.V. | 198522 | &nbsp;&nbsp; 5248646 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Norway–1.66%** | **Norway–1.66%** | **Norway–1.66%** |
| Bouvet ASA | 414124 | &nbsp;&nbsp; $3277545 |
| **Poland–4.32%** | **Poland–4.32%** | **Poland–4.32%** |
| Allegro.eu S.A.<sup>(a)(b)</sup>  | 260184 | &nbsp;&nbsp; 2504950 |
| Diagnostyka S.A. | 22880 | &nbsp;&nbsp; 1063327 |
| Mo-BRUK S.A. | 11099 | &nbsp;&nbsp; 863076 |
| Warsaw Stock Exchange | 287000 | &nbsp;&nbsp; 4098224 |
|  |  | &nbsp;&nbsp; 8529577 |
| **Portugal–0.43%** | **Portugal–0.43%** | **Portugal–0.43%** |
| Conduril - Engenharia S.A. | 51453 | &nbsp;&nbsp; 848527 |
| **Romania–0.36%** | **Romania–0.36%** | **Romania–0.36%** |
| Fondul Proprietatea S.A. | 8485669 | &nbsp;&nbsp; 710840 |
| **Spain–3.02%** | **Spain–3.02%** | **Spain–3.02%** |
| Bankinter S.A. | 227727 | &nbsp;&nbsp; 2972856 |
| HBX Group International PLC<sup>(a)</sup>  | 233777 | &nbsp;&nbsp; 2979742 |
|  |  | &nbsp;&nbsp; 5952598 |
| **Sweden–1.94%** | **Sweden–1.94%** | **Sweden–1.94%** |
| Karnov Group AB<sup>(a)</sup>  | 215657 | &nbsp;&nbsp; 2453480 |
| Proact IT Group AB | 124753 | &nbsp;&nbsp; 1382799 |
|  |  | &nbsp;&nbsp; 3836279 |
| **Switzerland–3.99%** | **Switzerland–3.99%** | **Switzerland–3.99%** |
| Carlo Gavazzi Holding AG, BR | 8825 | &nbsp;&nbsp; 2269222 |
| Kardex Holding AG | 16150 | &nbsp;&nbsp; 5617111 |
|  |  | &nbsp;&nbsp; 7886333 |
| **Tanzania–1.01%** | **Tanzania–1.01%** | **Tanzania–1.01%** |
| Helios Towers PLC<sup>(a)</sup>  | 1196199 | &nbsp;&nbsp; 1996628 |
| **Turkey–0.74%** | **Turkey–0.74%** | **Turkey–0.74%** |
| KOC Holding A.S. | 375000 | &nbsp;&nbsp; 1451266 |
| **United Kingdom–20.75%** | **United Kingdom–20.75%** | **United Kingdom–20.75%** |
| 4imprint Group PLC | 62474 | &nbsp;&nbsp; 3136088 |
| Alfa Financial Software Holdings PLC<sup>(b)</sup>  | 650000 | &nbsp;&nbsp; 2005807 |
| Bytes Technology Group PLC | 270000 | &nbsp;&nbsp; 1896496 |
| CVS Group PLC | 163507 | &nbsp;&nbsp; 2807015 |
| Diploma PLC | 85173 | &nbsp;&nbsp; 5717652 |
| Gamma Communications PLC | 73000 | &nbsp;&nbsp; 1140464 |
| ME Group International PLC | 1910089 | &nbsp;&nbsp; 6021251 |
| Mortgage Advice Bureau Holdings Ltd. | 275408 | &nbsp;&nbsp; 3340197 |
| Renew Holdings PLC | 349515 | &nbsp;&nbsp; 4072130 |
| Rightmove PLC | 190000 | &nbsp;&nbsp; 2056449 |
| Savills PLC | 220504 | &nbsp;&nbsp; 3012805 |
| Serco Group PLC | 1008688 | &nbsp;&nbsp; 2798526 |
| SigmaRoc PLC<sup>(a)</sup>  | 169886 | &nbsp;&nbsp; 251056 |
| XP Power Ltd.<sup>(a)</sup>  | 93817 | &nbsp;&nbsp; 1192037 |
| Zegona Communications PLC<sup>(a)</sup>  | 158881 | &nbsp;&nbsp; 1531164 |
|  |  | &nbsp;&nbsp; 40979137 |
| **United States–0.99%** | **United States–0.99%** | **United States–0.99%** |
| Signify N.V. | 71677 | &nbsp;&nbsp; 1946209 |
| Total Common Stocks & Other Equity Interests <br> (Cost $127,085,664) | Total Common Stocks & Other Equity Interests <br> (Cost $127,085,664) | &nbsp;&nbsp; 184877360 |

---

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

**2**

**Invesco EQV European Small Company Fund**

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---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–7.61%** | **Money Market Funds–7.61%** | **Money Market Funds–7.61%** | **Money Market Funds–7.61%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 5236384 | &nbsp;&nbsp; $5236384 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | 9782369 | &nbsp;&nbsp; 9782369 |
| Total Money Market Funds (Cost $15,018,753) | Total Money Market Funds (Cost $15,018,753) | Total Money Market Funds (Cost $15,018,753) | &nbsp;&nbsp; 15018753 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-101.24% <br> (Cost $142,104,417)<br>|  |  | &nbsp;&nbsp; 199896113 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.86%** | **Money Market Funds–1.86%** | **Money Market Funds–1.86%** | **Money Market Funds–1.86%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 1022016 | &nbsp;&nbsp; 1022016 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 2656073 | &nbsp;&nbsp; $2656870 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,678,629) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,678,629) | &nbsp;&nbsp; 3678886 |
| TOTAL INVESTMENTS IN SECURITIES—103.10% <br> (Cost $145,783,046) | TOTAL INVESTMENTS IN SECURITIES—103.10% <br> (Cost $145,783,046) | &nbsp;&nbsp; 203574999 |
| OTHER ASSETS LESS LIABILITIES–(3.10)% | OTHER ASSETS LESS LIABILITIES–(3.10)% | &nbsp;&nbsp; (6121538)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $197453461 |

---

Investment Abbreviations:

BR – Bearer Shares

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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, 2025 was $8,448,322, which represented 4.28% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $1277830 | &nbsp;&nbsp; $13409922 | &nbsp;&nbsp; $(9451368) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5236384 | &nbsp;&nbsp; $62226 |
| Invesco Treasury Portfolio, Institutional Class | 2843781 | &nbsp;&nbsp; 24904142 | &nbsp;&nbsp; (17965554) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9782369 | &nbsp;&nbsp; 116742 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 507995 | &nbsp;&nbsp; 2608157 | &nbsp;&nbsp; (2094136) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1022016 | &nbsp;&nbsp; 14,276\* |
| Invesco Private Prime Fund | 1321451 | &nbsp;&nbsp; 6693342 | &nbsp;&nbsp; (5358086) | &nbsp;&nbsp; 290 | (127) | &nbsp;&nbsp; 2656870 | &nbsp;&nbsp; 38,198\* |
| Total | $5951057 | &nbsp;&nbsp; $47615563 | &nbsp;&nbsp; $(34869144) | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $(127) | &nbsp;&nbsp; $18697639 | &nbsp;&nbsp; $231442 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(f)</sup> 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 1K. 

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

**3**

**Invesco EQV European Small Company Fund**

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $127,085,664)\*<br>| &nbsp;&nbsp; $184877360 |
| Investments in affiliated money market funds, at value <br> (Cost $18,697,382)<br>| &nbsp;&nbsp; 18697639 |
| Cash | &nbsp;&nbsp; 1817 |
| Foreign currencies, at value (Cost $1,405,228) | &nbsp;&nbsp; 1416836 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9347 |
| Fund shares sold | &nbsp;&nbsp; 254747 |
| Dividends | &nbsp;&nbsp; 597574 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 68373 |
| Other assets | &nbsp;&nbsp; 90100 |
| Total assets | &nbsp;&nbsp; 206013793 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3250371 |
| Fund shares reacquired | &nbsp;&nbsp; 279975 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3678629 |
| Accrued fees to affiliates | &nbsp;&nbsp; 93605 |
| Accrued other operating expenses | &nbsp;&nbsp; 21578 |
| IRS closing agreement fees for foreign withholding tax <br> claims<br>| &nbsp;&nbsp; 1164000 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 72174 |
| Total liabilities | &nbsp;&nbsp; 8560332 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $197453461 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $124719701 |
| Distributable earnings | &nbsp;&nbsp; 72733760 |
|  | &nbsp;&nbsp; $197453461 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $107190938 |
| Class C | &nbsp;&nbsp; $1503116 |
| Class Y | &nbsp;&nbsp; $78605211 |
| Class R6 | &nbsp;&nbsp; $10154196 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 6005269 |
| Class C | &nbsp;&nbsp; 92208 |
| Class Y | &nbsp;&nbsp; 4376986 |
| Class R6 | &nbsp;&nbsp; 565155 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $17.85 |
| Maximum offering price per share <br>(Net asset value of $17.85 ÷ 94.50%)<br>| &nbsp;&nbsp; $18.89 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.30 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.96 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.97 |

---

\* At June 30, 2025, securities with an aggregate value of $3,466,043 were on loan to brokers. 

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

**4**

**Invesco EQV European Small Company Fund**

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**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $491064 |
| Dividends (net of foreign withholding taxes of $381,624) | &nbsp;&nbsp; 4700203 |
| Dividends from affiliated money market funds (includes net securities lending income of $1,844) | &nbsp;&nbsp; 180812 |
| Foreign withholding tax claims | &nbsp;&nbsp; 199758 |
| Less: IRS closing agreement fees for foreign withholding tax claims | &nbsp;&nbsp; (482000)<br>|
| Total investment income | &nbsp;&nbsp; 5089837 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 766939 |
| Administrative services fees | &nbsp;&nbsp; 12078 |
| Custodian fees | &nbsp;&nbsp; 13645 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 108584 |
| Class C | &nbsp;&nbsp; 6549 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 103298 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1256 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10080 |
| Registration and filing fees | &nbsp;&nbsp; 31416 |
| Reports to shareholders | &nbsp;&nbsp; 14155 |
| Professional services fees | &nbsp;&nbsp; 26543 |
| Other | &nbsp;&nbsp; 6851 |
| Total expenses | &nbsp;&nbsp; 1101394 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (6923)<br>|
| Net expenses | &nbsp;&nbsp; 1094471 |
| Net investment income | &nbsp;&nbsp; 3995366 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 12341600 |
| Affiliated investment securities | &nbsp;&nbsp; (127)<br>|
| Foreign currencies | &nbsp;&nbsp; 557048 |
|  | &nbsp;&nbsp; 12898521 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 25649965 |
| Affiliated investment securities | &nbsp;&nbsp; 290 |
| Foreign currencies | &nbsp;&nbsp; 56873 |
|  | &nbsp;&nbsp; 25707128 |
| Net realized and unrealized gain | &nbsp;&nbsp; 38605649 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $42601015 |

---

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

**5**

**Invesco EQV European Small Company Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3995366 | &nbsp;&nbsp; $5749988 |
| Net realized gain | &nbsp;&nbsp; 12898521 | &nbsp;&nbsp; 12140149 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 25707128 | &nbsp;&nbsp; (12826938)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 42601015 | &nbsp;&nbsp; 5063199 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (7477031)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (129848)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (7081372)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (775862)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (15464113)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 3495191 | &nbsp;&nbsp; (9763225)<br>|
| Class C | &nbsp;&nbsp; (189657)<br>| &nbsp;&nbsp; (266907)<br>|
| Class Y | &nbsp;&nbsp; (13291261)<br>| &nbsp;&nbsp; (640594)<br>|
| Class R6 | &nbsp;&nbsp; (187030)<br>| &nbsp;&nbsp; 571830 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10172757)<br>| &nbsp;&nbsp; (10098896)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 32428258 | &nbsp;&nbsp; (20499810)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 165025203 | &nbsp;&nbsp; 185525013 |
| End of period | &nbsp;&nbsp; $197453461 | &nbsp;&nbsp; $165025203 |

---

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

**6**

**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.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 06/30/25 | $13.92 | $0.36 | $3.57 | $3.93 | $— | $— | $— | $17.85 | 28.23<br> %<br>| &nbsp;&nbsp; $107191 | 1.44 %<sup>(d)</sup><br>| 1.45 %<sup>(d)</sup><br>| 4.77 %<sup>(d)</sup><br>| 30<br> %<br>|
| Year ended 12/31/24 | 14.91 | 0.47 | (0.07)<br>| 0.40 | (0.74)<br>| (0.65)<br>| (1.39)<br>| 13.92 | 2.50 | &nbsp;&nbsp; 80953 | 1.48 | 1.48 | 3.03 | 14 |
| Year ended 12/31/23 | 13.69 | 0.85 <br><sup>(e)</sup><br>| 1.11 | 1.96 | (0.65)<br>| (0.09)<br>| (0.74)<br>| 14.91 | 14.44 | &nbsp;&nbsp; 95566 | 1.44 | 1.45 | 5.94 <br><sup>(e)</sup><br>| 24 |
| Year ended 12/31/22 | 18.25 | 0.46 <br><sup>(e)</sup><br>| (3.48)<br>| (3.02)<br>| (0.36)<br>| (1.18)<br>| (1.54)<br>| 13.69 | (16.25)<br>| &nbsp;&nbsp; 94975 | 1.48 | 1.49 | 3.06 <br><sup>(e)</sup><br>| 5 |
| Year ended 12/31/21 | 15.18 | 0.21 | 3.46 | 3.67 | (0.53)<br>| (0.07)<br>| (0.60)<br>| 18.25 | 24.27 | &nbsp;&nbsp; 123121 | 1.33 | 1.33 | 1.22 | 10 |
| Year ended 12/31/20 | 14.24 | 0.14 <br><sup>(e)</sup><br>| 1.21 | 1.35 | (0.17)<br>| (0.24)<br>| (0.41)<br>| 15.18 | 9.60 | &nbsp;&nbsp; 99172 | 1.53 | 1.54 | 1.09 <br><sup>(e)</sup><br>| 6 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 06/30/25 | 12.76 | 0.28 | 3.26 | 3.54 |  |  |  | 16.30 | 27.74 | &nbsp;&nbsp; 1503 | 2.19 <br><sup>(d)</sup><br>| 2.20 <br><sup>(d)</sup><br>| 4.02 <br><sup>(d)</sup><br>| 30 |
| Year ended 12/31/24 | 13.77 | 0.33 | (0.07)<br>| 0.26 | (0.62)<br>| (0.65)<br>| (1.27)<br>| 12.76 | 1.72 | &nbsp;&nbsp; 1363 | 2.23 | 2.23 | 2.28 | 14 |
| Year ended 12/31/23 | 12.66 | 0.69 <br><sup>(e)</sup><br>| 1.02 | 1.71 | (0.51)<br>| (0.09)<br>| (0.60)<br>| 13.77 | 13.64 | &nbsp;&nbsp; 1726 | 2.19 | 2.20 | 5.19 <br><sup>(e)</sup><br>| 24 |
| Year ended 12/31/22 | 17.04 | 0.33 <br><sup>(e)</sup><br>| (3.27)<br>| (2.94)<br>| (0.26)<br>| (1.18)<br>| (1.44)<br>| 12.66 | (16.94)<br>| &nbsp;&nbsp; 2568 | 2.23 | 2.24 | 2.31 <br><sup>(e)</sup><br>| 5 |
| Year ended 12/31/21 | 14.01 | 0.08 | 3.19 | 3.27 | (0.17)<br>| (0.07)<br>| (0.24)<br>| 17.04 | 23.35 | &nbsp;&nbsp; 4215 | 2.08 | 2.08 | 0.47 | 10 |
| Year ended 12/31/20 | 13.27 | 0.04 <br><sup>(e)</sup><br>| 1.11 | 1.15 | (0.17)<br>| (0.24)<br>| (0.41)<br>| 14.01 | 8.80 | &nbsp;&nbsp; 6370 | 2.28 | 2.29 | 0.34 <br><sup>(e)</sup><br>| 6 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 06/30/25 | 13.98 | 0.38 | 3.60 | 3.98 |  |  |  | 17.96 | 28.47 | &nbsp;&nbsp; 78605 | 1.19 <br><sup>(d)</sup><br>| 1.20 <br><sup>(d)</sup><br>| 5.02 <br><sup>(d)</sup><br>| 30 |
| Year ended 12/31/24 | 14.98 | 0.51 | (0.08)<br>| 0.43 | (0.78)<br>| (0.65)<br>| (1.43)<br>| 13.98 | 2.70 | &nbsp;&nbsp; 74610 | 1.23 | 1.23 | 3.28 | 14 |
| Year ended 12/31/23 | 13.75 | 0.89 <br><sup>(e)</sup><br>| 1.12 | 2.01 | (0.69)<br>| (0.09)<br>| (0.78)<br>| 14.98 | 14.75 | &nbsp;&nbsp; 80153 | 1.19 | 1.20 | 6.19 <br><sup>(e)</sup><br>| 24 |
| Year ended 12/31/22 | 18.33 | 0.51 <br><sup>(e)</sup><br>| (3.51)<br>| (3.00)<br>| (0.40)<br>| (1.18)<br>| (1.58)<br>| 13.75 | (16.06)<br>| &nbsp;&nbsp; 75529 | 1.23 | 1.24 | 3.31 <br><sup>(e)</sup><br>| 5 |
| Year ended 12/31/21 | 15.27 | 0.26 | 3.48 | 3.74 | (0.61)<br>| (0.07)<br>| (0.68)<br>| 18.33 | 24.62 | &nbsp;&nbsp; 132546 | 1.08 | 1.08 | 1.47 | 10 |
| Year ended 12/31/20 | 14.29 | 0.18 <br><sup>(e)</sup><br>| 1.21 | 1.39 | (0.17)<br>| (0.24)<br>| (0.41)<br>| 15.27 | 9.85 | &nbsp;&nbsp; 121746 | 1.28 | 1.29 | 1.34 <br><sup>(e)</sup><br>| 6 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 06/30/25 | 13.98 | 0.39 | 3.60 | 3.99 |  |  |  | 17.97 | 28.54 | &nbsp;&nbsp; 10154 | 1.09 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 5.12 <br><sup>(d)</sup><br>| 30 |
| Year ended 12/31/24 | 14.98 | 0.53 | (0.08)<br>| 0.45 | (0.80)<br>| (0.65)<br>| (1.45)<br>| 13.98 | 2.82 | &nbsp;&nbsp; 8099 | 1.12 | 1.12 | 3.39 | 14 |
| Year ended 12/31/23 | 13.75 | 0.91 <br><sup>(e)</sup><br>| 1.11 | 2.02 | (0.70)<br>| (0.09)<br>| (0.79)<br>| 14.98 | 14.86 | &nbsp;&nbsp; 8080 | 1.09 | 1.10 | 6.29 <br><sup>(e)</sup><br>| 24 |
| Year ended 12/31/22 | 18.33 | 0.52 <br><sup>(e)</sup><br>| (3.50)<br>| (2.98)<br>| (0.42)<br>| (1.18)<br>| (1.60)<br>| 13.75 | (15.95)<br>| &nbsp;&nbsp; 8787 | 1.11 | 1.12 | 3.43 <br><sup>(e)</sup><br>| 5 |
| Year ended 12/31/21 | 15.28 | 0.27 | 3.48 | 3.75 | (0.63)<br>| (0.07)<br>| (0.70)<br>| 18.33 | 24.72 | &nbsp;&nbsp; 12353 | 1.00 | 1.00 | 1.55 | 10 |
| Year ended 12/31/20 | 14.28 | 0.19 <br><sup>(e)</sup><br>| 1.22 | 1.41 | (0.17)<br>| (0.24)<br>| (0.41)<br>| 15.28 | 9.99 | &nbsp;&nbsp; 11029 | 1.19 | 1.20 | 1.43 <br><sup>(e)</sup><br>| 6 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.64%, $0.22 and 1.89%, $0.42 and 2.89% and $0.44 and 2.99% 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, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.35 and 2.33%, $0.22 and 1.58%, $0.40 and 2.58% and $0.41 and 2.70% 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, 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. 

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

**7**

**Invesco EQV European Small Company Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco EQV 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 ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco EQV European Small Company Fund**

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

**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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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.

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended June 30, 2025, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

**G.** **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.

**H.** **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.

**I.** **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.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is

**9**

**Invesco EQV European Small Company Fund**

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determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities 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, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

**10**

**Invesco EQV European Small Company Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Until on or about August 22, 2025, 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

Effective on or about August 22, 2025, 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.825% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

For the six months ended June 30, 2025, 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 a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, through August 21, 2025, 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 "boundary limits"). Effective August 22, 2025, the Adviser has contractually agreed, through at least August 31, 2026 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 1.24%, 1.99%, 0.99% and 0.99%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2026. 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 boundary limits.

Further, the Adviser has contractually agreed, through at least Augsut 31, 2026, 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, 2025, the Adviser waived advisory fees of $4,886.

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, 2025, 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, 2025, 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 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 Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $4,754 in front-end sales commissions from the sale of Class A shares and $20 and $6 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2025, the Fund incurred $715 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

**11**

**Invesco EQV European Small Company Fund**

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3197399 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3197399 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4067519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4067519 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5655481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5655481 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47761618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47761618 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2037987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2037987 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19829474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19829474 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3406090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3406090 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1168779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1168779 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2068405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2068405 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13021023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13021023 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5248646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5248646 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3277545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3277545 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8529577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8529577 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; 848527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 848527 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 710840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 710840 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5952598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5952598 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3836279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3836279 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7886333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7886333 |
| Tanzania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1996628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1996628 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1451266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1451266 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40979137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40979137 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1946209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1946209 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 15018753 | &nbsp;&nbsp;&nbsp;&nbsp; 3678886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18697639 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $15867280 | &nbsp;&nbsp;&nbsp;&nbsp; $187707719 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $203574999 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,037.

**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

**12**

**Invesco EQV European Small Company Fund**

------

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 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, 2024.

**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, 2025 was $46,951,791 and $58,687,002, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $62833961 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (8381312)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $54452649 |

---

Cost of investments for tax purposes is $149,122,350.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 722450 | &nbsp;&nbsp;&nbsp; $11656072 | &nbsp;&nbsp;&nbsp; 233773 | &nbsp;&nbsp;&nbsp; $3651117 |
| Class C | &nbsp;&nbsp;&nbsp; 15943 | &nbsp;&nbsp;&nbsp; 233655 | &nbsp;&nbsp;&nbsp; 15047 | &nbsp;&nbsp;&nbsp; 212601 |
| Class Y | &nbsp;&nbsp;&nbsp; 407003 | &nbsp;&nbsp;&nbsp; 6399154 | &nbsp;&nbsp;&nbsp; 706738 | &nbsp;&nbsp;&nbsp; 11120418 |
| Class R6 | &nbsp;&nbsp;&nbsp; 80066 | &nbsp;&nbsp;&nbsp; 1256283 | &nbsp;&nbsp;&nbsp; 132353 | &nbsp;&nbsp;&nbsp; 2070190 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 481320 | &nbsp;&nbsp;&nbsp; 6820304 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8826 | &nbsp;&nbsp;&nbsp; 114740 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 395508 | &nbsp;&nbsp;&nbsp; 5632029 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50953 | &nbsp;&nbsp;&nbsp; 725577 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 16673 | &nbsp;&nbsp;&nbsp; 257477 | &nbsp;&nbsp;&nbsp; 12174 | &nbsp;&nbsp;&nbsp; 187049 |
| Class C | &nbsp;&nbsp;&nbsp; (18222)<br>| &nbsp;&nbsp;&nbsp; (257477)<br>| &nbsp;&nbsp;&nbsp; (13229)<br>| &nbsp;&nbsp;&nbsp; (187049)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (551432)<br>| &nbsp;&nbsp;&nbsp; (8418358)<br>| &nbsp;&nbsp;&nbsp; (1319496)<br>| &nbsp;&nbsp;&nbsp; (20421695)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (12383)<br>| &nbsp;&nbsp;&nbsp; (165835)<br>| &nbsp;&nbsp;&nbsp; (29143)<br>| &nbsp;&nbsp;&nbsp; (407199)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1365826)<br>| &nbsp;&nbsp;&nbsp; (19690415)<br>| &nbsp;&nbsp;&nbsp; (1117433)<br>| &nbsp;&nbsp;&nbsp; (17393041)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (94115)<br>| &nbsp;&nbsp;&nbsp; (1443313)<br>| &nbsp;&nbsp;&nbsp; (143536)<br>| &nbsp;&nbsp;&nbsp; (2223937)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (799843)<br>| &nbsp;&nbsp;&nbsp; $(10172757)<br>| &nbsp;&nbsp;&nbsp; (586145)<br>| &nbsp;&nbsp;&nbsp; $(10098896)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**NOTE 10—Subsequent Event**

Effective on or about August 22, 2025, the name of the Fund and all references thereto will change from Invesco EQV European Small Company Fund to Invesco Global Small Cap Equity Fund.

**13**

**Invesco EQV European Small Company Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, 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 (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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. 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. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, 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.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) 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 provider of investment company data, as well as information on the composition of the peer groups 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 review 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 6, 2025 and June 16-18, 2025, 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 includes summary information drawn in part from 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 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.

**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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek 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 supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 supported the renewal of the sub-advisory contracts.

*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, 2024 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 third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). 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 noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund performance. The Board considered that as part of such restructuring, the Fund's portfolio management team would be changed effective

**14**

**Invesco EQV European Small Company Fund**

------

June 23, 2025 and the Fund also would be repositioned to a global small cap equity strategy effective on or about August 22, 2025. The Board further considered that as part of the repositioning, the Fund's investment strategy, investable universe, investment process and benchmark indices would be changed, and the Fund would be renamed "Invesco Global Small Cap Equity Fund." The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such changes. The Board also received and reviewed information provided by management comparing the risk-adjusted returns and other metrics of the Fund's current Broadridge performance universe to the performance universe associated with the new strategy. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. 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 received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and 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 and actual management fee rates for Class A shares of the Fund were reasonably comparably to and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's actual management fees and total expenses relative to peers and the additional management resources and costs required for the Fund's significant (and greater relative to peers) small cap holdings. The Board also considered that the Fund's expense group does not differentiate by capitalization weightings. The Board

considered that in connection with the repositioning of the Fund to a global small cap equity strategy discussed above, the Fund's contractual management fee schedule would be reduced at all breakpoint levels effective on or about August 22, 2025. In considering the changes to the Fund's management fee schedule, the Board received and reviewed information provided by management comparing the Fund's anticipated expense information to that of other global small cap equity funds, as determined by a third-party data provider, which category of funds management believed was representative of the Fund's new expense group.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 further noted that, effective on or about August 22, 2025 in connection with the Fund's repositioning discussed above, Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least one year 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 acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*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 reasonable business judgement and in accordance with applicable regulatory guidance.

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 under the Investment Company Act of 1940 (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

**15**

**Invesco EQV European Small Company Fund**

------

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.

**16**

**Invesco EQV European Small Company Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco EQV European Small Company Fund**

------

![](img1df3b78b1.jpg)

SEC file number(s): 811-01540 and 002-27334

Invesco Distributors, Inc.

ESC-NCSRS

------

![](imgb38bc3211.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco EQV International Small Company Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_SOI-Continued-57_1) | Schedule of Investments |
| [4](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_FS-Continued-57_1) | Financial Statements |
| [7](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_FS-Continued-57_4) | Financial Highlights |
| [8](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_NTF-Continued-57_1) | Notes to Financial Statements |
| [15](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_AOC-Continued-57_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_2731c5e4-5767-49a6-b2f9-dcf6b624a436_OIRSR-Continued-57_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–93.13%** | **Common Stocks & Other Equity Interests–93.13%** | **Common Stocks & Other Equity Interests–93.13%** |
| **Austria–1.65%** | **Austria–1.65%** | **Austria–1.65%** |
| DO & Co. AG | 49253 | &nbsp;&nbsp; $10521915 |
| **Brazil–3.40%** | **Brazil–3.40%** | **Brazil–3.40%** |
| Arcos Dorados Holdings, Inc., Class A | 569768 | &nbsp;&nbsp; 4495470 |
| Multiplan Empreendimentos <br> Imobiliarios S.A. | 1325200 | &nbsp;&nbsp; 6636854 |
| TOTVS S.A. | 1353500 | &nbsp;&nbsp; 10515403 |
|  |  | &nbsp;&nbsp; 21647727 |
| **Canada–6.16%** | **Canada–6.16%** | **Canada–6.16%** |
| Calian Group Ltd.<sup>(a)</sup>  | 170900 | &nbsp;&nbsp; 6277524 |
| E-L Financial Corp. Ltd. | 1292100 | &nbsp;&nbsp; 15323969 |
| Information Services Corp. | 301900 | &nbsp;&nbsp; 7096618 |
| Total Energy Services, Inc. | 985190 | &nbsp;&nbsp; 7813513 |
| Trican Well Service Ltd. | 819308 | &nbsp;&nbsp; 2713478 |
|  |  | &nbsp;&nbsp; 39225102 |
| **China–4.57%** | **China–4.57%** | **China–4.57%** |
| Airtac International Group | 282000 | &nbsp;&nbsp; 8396006 |
| Kanzhun Ltd., ADR<sup>(b)</sup>  | 446506 | &nbsp;&nbsp; 7965667 |
| Sunresin New Materials Co. Ltd., A <br> Shares | 765133 | &nbsp;&nbsp; 5371454 |
| Tongcheng Travel Holdings Ltd.<sup>(c)</sup>  | 2962400 | &nbsp;&nbsp; 7408779 |
|  |  | &nbsp;&nbsp; 29141906 |
| **Egypt–1.23%** | **Egypt–1.23%** | **Egypt–1.23%** |
| Eastern Co. S.A.E. | 8674229 | &nbsp;&nbsp; 5246510 |
| Integrated Diagnostics Holdings <br> PLC<sup>(b)(c)</sup>  | 7477870 | &nbsp;&nbsp; 2575752 |
|  |  | &nbsp;&nbsp; 7822262 |
| **Finland–1.07%** | **Finland–1.07%** | **Finland–1.07%** |
| Stora Enso OYJ, Class R | 629377 | &nbsp;&nbsp; 6842328 |
| **France–14.03%** | **France–14.03%** | **France–14.03%** |
| Alten S.A. | 101026 | &nbsp;&nbsp; 8884177 |
| Coface S.A. | 247254 | &nbsp;&nbsp; 4746632 |
| Edenred SE | 232392 | &nbsp;&nbsp; 7218215 |
| Exail Technologies S.A.<sup>(b)</sup>  | 243980 | &nbsp;&nbsp; 28433749 |
| Kaufman & Broad S.A. | 206837 | &nbsp;&nbsp; 8064071 |
| Linedata Services | 58928 | &nbsp;&nbsp; 5353654 |
| Neurones | 161553 | &nbsp;&nbsp; 8556694 |
| Planisware | 427288 | &nbsp;&nbsp; 11954621 |
| Precia S.A. | 174210 | &nbsp;&nbsp; 6144195 |
|  |  | &nbsp;&nbsp; 89356008 |
| **Georgia–1.26%** | **Georgia–1.26%** | **Georgia–1.26%** |
| TBC Bank Group PLC | 125845 | &nbsp;&nbsp; 8017960 |
| **Germany–8.48%** | **Germany–8.48%** | **Germany–8.48%** |
| AlzChem Group AG | 43853 | &nbsp;&nbsp; 7179776 |
| CTS Eventim AG & Co. KGaA | 109744 | &nbsp;&nbsp; 13646741 |
| flatexDEGIRO AG | 557908 | &nbsp;&nbsp; 15798327 |
| Mensch und Maschine Software SE | 72231 | &nbsp;&nbsp; 4586048 |
| Scout24 SE<sup>(c)</sup>  | 91140 | &nbsp;&nbsp; 12581766 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Germany–(continued)** | **Germany–(continued)** | **Germany–(continued)** |
| Springer Nature AG & Co. KGaA | 11188 | &nbsp;&nbsp; $246265 |
|  |  | &nbsp;&nbsp; 54038923 |
| **India–1.38%** | **India–1.38%** | **India–1.38%** |
| Emami Ltd. | 793309 | &nbsp;&nbsp; 5287805 |
| MakeMyTrip Ltd.<sup>(b)</sup>  | 35975 | &nbsp;&nbsp; 3526270 |
|  |  | &nbsp;&nbsp; 8814075 |
| **Indonesia–3.02%** | **Indonesia–3.02%** | **Indonesia–3.02%** |
| PT Kalbe Farma Tbk | 73599100 | &nbsp;&nbsp; 6922417 |
| PT Mitra Keluarga Karyasehat Tbk<sup>(c)</sup>  | 55129800 | &nbsp;&nbsp; 8625777 |
| PT Pakuwon Jati Tbk | 161499300 | &nbsp;&nbsp; 3716399 |
|  |  | &nbsp;&nbsp; 19264593 |
| **Italy–3.93%** | **Italy–3.93%** | **Italy–3.93%** |
| Amplifon S.p.A.<sup>(a)</sup>  | 457428 | &nbsp;&nbsp; 10743065 |
| DiaSorin S.p.A. | 84207 | &nbsp;&nbsp; 9012683 |
| MARR S.p.A.<sup>(a)</sup>  | 462128 | &nbsp;&nbsp; 5284587 |
|  |  | &nbsp;&nbsp; 25040335 |
| **Japan–12.10%** | **Japan–12.10%** | **Japan–12.10%** |
| Fujimi, Inc. | 311900 | &nbsp;&nbsp; 4414187 |
| Hamamatsu Photonics K.K. | 585000 | &nbsp;&nbsp; 7107393 |
| I'LL, Inc. | 550200 | &nbsp;&nbsp; 10560353 |
| M3, Inc. | 298900 | &nbsp;&nbsp; 4105900 |
| Shimano, Inc. | 59700 | &nbsp;&nbsp; 8655332 |
| SHO-BOND Holdings Co. Ltd. | 234300 | &nbsp;&nbsp; 7653250 |
| SHOEI Co. Ltd. | 629200 | &nbsp;&nbsp; 7597149 |
| Tokyo Ohka Kogyo Co. Ltd.<sup>(a)</sup>  | 238800 | &nbsp;&nbsp; 6939713 |
| Yonex Co. Ltd. | 462100 | &nbsp;&nbsp; 9292131 |
| Zuken, Inc. | 289000 | &nbsp;&nbsp; 10737605 |
|  |  | &nbsp;&nbsp; 77063013 |
| **Malaysia–1.94%** | **Malaysia–1.94%** | **Malaysia–1.94%** |
| Heineken Malaysia Bhd. | 1416900 | &nbsp;&nbsp; 8480454 |
| KPJ Healthcare Bhd. | 6098400 | &nbsp;&nbsp; 3852788 |
|  |  | &nbsp;&nbsp; 12333242 |
| **Mexico–1.26%** | **Mexico–1.26%** | **Mexico–1.26%** |
| Bolsa Mexicana de Valores S.A.B. de C.V. | 3511594 | &nbsp;&nbsp; 8045161 |
| **Netherlands–2.11%** | **Netherlands–2.11%** | **Netherlands–2.11%** |
| SBM Offshore N.V. | 508901 | &nbsp;&nbsp; 13454635 |
| **New Zealand–0.88%** | **New Zealand–0.88%** | **New Zealand–0.88%** |
| Freightways Group Ltd. | 828539 | &nbsp;&nbsp; 5609163 |
| **Poland–0.59%** | **Poland–0.59%** | **Poland–0.59%** |
| Diagnostyka S.A. | 77120 | &nbsp;&nbsp; 3584080 |
| Mo-BRUK S.A.<sup>(a)</sup>  | 1804 | &nbsp;&nbsp; 140282 |
|  |  | &nbsp;&nbsp; 3724362 |
| **South Africa–0.76%** | **South Africa–0.76%** | **South Africa–0.76%** |
| Karooooo Ltd. | 98180 | &nbsp;&nbsp; 4808856 |
| **South Korea–2.09%** | **South Korea–2.09%** | **South Korea–2.09%** |
| HPSP Co. Ltd. | 151994 | &nbsp;&nbsp; 3111358 |
| LEENO Industrial, Inc. | 140185 | &nbsp;&nbsp; 5271099 |

---

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

**2**

**Invesco EQV International Small Company Fund**

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Korea–(continued)** | **South Korea–(continued)** | **South Korea–(continued)** |
| Tokai Carbon Korea Co. Ltd. | 62113 | &nbsp;&nbsp; $4934753 |
|  |  | &nbsp;&nbsp; 13317210 |
| **Spain–1.99%** | **Spain–1.99%** | **Spain–1.99%** |
| Bankinter S.A. | 970484 | &nbsp;&nbsp; 12669157 |
| **Sweden–1.35%** | **Sweden–1.35%** | **Sweden–1.35%** |
| Karnov Group AB<sup>(b)</sup>  | 756293 | &nbsp;&nbsp; 8604169 |
| **Switzerland–1.17%** | **Switzerland–1.17%** | **Switzerland–1.17%** |
| Kardex Holding AG | 21500 | &nbsp;&nbsp; 7477887 |
| **Taiwan–1.80%** | **Taiwan–1.80%** | **Taiwan–1.80%** |
| ASPEED Technology, Inc. | 40000 | &nbsp;&nbsp; 6504964 |
| Visual Photonics Epitaxy Co. Ltd. | 1162000 | &nbsp;&nbsp; 4971029 |
|  |  | &nbsp;&nbsp; 11475993 |
| **Tanzania–1.50%** | **Tanzania–1.50%** | **Tanzania–1.50%** |
| Helios Towers PLC<sup>(b)</sup>  | 5733303 | &nbsp;&nbsp; 9569705 |
| **United Kingdom–12.52%** | **United Kingdom–12.52%** | **United Kingdom–12.52%** |
| 4imprint Group PLC | 176206 | &nbsp;&nbsp; 8845239 |
| Alfa Financial Software Holdings PLC<sup>(c)</sup>  | 2205000 | &nbsp;&nbsp; 6804314 |
| CVS Group PLC | 355731 | &nbsp;&nbsp; 6107033 |
| Diploma PLC | 147480 | &nbsp;&nbsp; 9900313 |
| ME Group International PLC | 5446666 | &nbsp;&nbsp; 17169747 |
| Mortgage Advice Bureau Holdings Ltd. | 757852 | &nbsp;&nbsp; 9191364 |
| Renew Holdings PLC<sup>(a)</sup>  | 835730 | &nbsp;&nbsp; 9736925 |
| Savills PLC | 413099 | &nbsp;&nbsp; 5644281 |
| SigmaRoc PLC<sup>(b)</sup>  | 904984 | &nbsp;&nbsp; 1337376 |
| Zegona Communications PLC<sup>(b)</sup>  | 522301 | &nbsp;&nbsp; 5033506 |
|  |  | &nbsp;&nbsp; 79770098 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–0.89%** | **United States–0.89%** | **United States–0.89%** | **United States–0.89%** |
| Signify N.V. | Signify N.V. | 208002 | &nbsp;&nbsp; $5647772 |
| Total Common Stocks & Other Equity Interests <br> (Cost $443,888,757) | Total Common Stocks & Other Equity Interests <br> (Cost $443,888,757) | Total Common Stocks & Other Equity Interests <br> (Cost $443,888,757) | &nbsp;&nbsp; 593303557 |
| **Money Market Funds–8.38%** | **Money Market Funds–8.38%** | **Money Market Funds–8.38%** | **Money Market Funds–8.38%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 18618226 | &nbsp;&nbsp; 18618226 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 34746967 | &nbsp;&nbsp; 34746967 |
| Total Money Market Funds (Cost $53,365,193) | Total Money Market Funds (Cost $53,365,193) | Total Money Market Funds (Cost $53,365,193) | &nbsp;&nbsp; 53365193 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-101.51% <br> (Cost $497,253,950)<br>|  |  | &nbsp;&nbsp; 646668750 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.96%** | **Money Market Funds–2.96%** | **Money Market Funds–2.96%** | **Money Market Funds–2.96%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 5239472 | &nbsp;&nbsp; 5239472 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 13649289 | &nbsp;&nbsp; 13653384 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,891,683) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,891,683) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,891,683) | &nbsp;&nbsp; 18892856 |
| TOTAL INVESTMENTS IN SECURITIES—104.47% <br> (Cost $516,145,633) | TOTAL INVESTMENTS IN SECURITIES—104.47% <br> (Cost $516,145,633) | TOTAL INVESTMENTS IN SECURITIES—104.47% <br> (Cost $516,145,633) | &nbsp;&nbsp; 665561606 |
| OTHER ASSETS LESS LIABILITIES–(4.47)% | OTHER ASSETS LESS LIABILITIES–(4.47)% | OTHER ASSETS LESS LIABILITIES–(4.47)% | &nbsp;&nbsp; (28497211)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $637064395 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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, 2025 was $37,996,388, which represented 5.96% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $11386780 | &nbsp;&nbsp; $33906634 | &nbsp;&nbsp; $(26675188) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18618226 | &nbsp;&nbsp; $205495 |
| Invesco Treasury Portfolio, Institutional Class | 21317139 | &nbsp;&nbsp; 62969464 | &nbsp;&nbsp; (49539636) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 34746967 | &nbsp;&nbsp; 382571 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2014166 | &nbsp;&nbsp; 22829449 | &nbsp;&nbsp; (19604143) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5239472 | &nbsp;&nbsp; 77,339\* |
| Invesco Private Prime Fund | 5247901 | &nbsp;&nbsp; 43237405 | &nbsp;&nbsp; (34833102) | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 13653384 | &nbsp;&nbsp; 204,704\* |
| Total | $39965986 | &nbsp;&nbsp; $162942952 | &nbsp;&nbsp; $(130652069) | &nbsp;&nbsp; $1173 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $72258049 | &nbsp;&nbsp; $870109 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(f)</sup> 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 1K. 

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

**3**

**Invesco EQV International Small Company Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $443,888,757)\*<br>| &nbsp;&nbsp; $593303557 |
| Investments in affiliated money market funds, at value <br> (Cost $72,256,876)<br>| &nbsp;&nbsp; 72258049 |
| Foreign currencies, at value (Cost $1,595,287) | &nbsp;&nbsp; 1605596 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 39349 |
| Fund shares sold | &nbsp;&nbsp; 587386 |
| Dividends | &nbsp;&nbsp; 2562217 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 109937 |
| Other assets | &nbsp;&nbsp; 46114 |
| Total assets | &nbsp;&nbsp; 670512205 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 13793601 |
| Fund shares reacquired | &nbsp;&nbsp; 415672 |
| Accrued foreign taxes | &nbsp;&nbsp; 57533 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 18891683 |
| Accrued fees to affiliates | &nbsp;&nbsp; 141944 |
| Accrued other operating expenses | &nbsp;&nbsp; 33268 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 114109 |
| Total liabilities | &nbsp;&nbsp; 33447810 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $637064395 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $458328332 |
| Distributable earnings | &nbsp;&nbsp; 178736063 |
|  | &nbsp;&nbsp; $637064395 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $159031786 |
| Class C | &nbsp;&nbsp; $2763446 |
| Class Y | &nbsp;&nbsp; $193614133 |
| Class R5 | &nbsp;&nbsp; $22164021 |
| Class R6 | &nbsp;&nbsp; $259491009 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 6632249 |
| Class C | &nbsp;&nbsp; 122866 |
| Class Y | &nbsp;&nbsp; 8052405 |
| Class R5 | &nbsp;&nbsp; 931760 |
| Class R6 | &nbsp;&nbsp; 10914772 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $23.98 |
| Maximum offering price per share <br>(Net asset value of $23.98 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.38 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.49 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.04 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.79 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.77 |

---

\* At June 30, 2025, securities with an aggregate value of $17,976,139 were on loan to brokers. 

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

**4**

**Invesco EQV International Small Company Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $94609 |
| Dividends (net of foreign withholding taxes of $922,399) | &nbsp;&nbsp; 10289776 |
| Dividends from affiliated money market funds (includes net securities lending income of $18,183) | &nbsp;&nbsp; 606249 |
| Foreign withholding tax claims | &nbsp;&nbsp; 167672 |
| Total investment income | &nbsp;&nbsp; 11158306 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2508410 |
| Administrative services fees | &nbsp;&nbsp; 39561 |
| Custodian fees | &nbsp;&nbsp; 30327 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 180031 |
| Class C | &nbsp;&nbsp; 12736 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 358757 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 9592 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 33899 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11227 |
| Registration and filing fees | &nbsp;&nbsp; 47717 |
| Reports to shareholders | &nbsp;&nbsp; 50048 |
| Professional services fees | &nbsp;&nbsp; 29536 |
| Other | &nbsp;&nbsp; 10948 |
| Total expenses | &nbsp;&nbsp; 3322789 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (17968)<br>|
| Net expenses | &nbsp;&nbsp; 3304821 |
| Net investment income | &nbsp;&nbsp; 7853485 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 20848859 |
| Affiliated investment securities | &nbsp;&nbsp; 7 |
| Foreign currencies | &nbsp;&nbsp; 208288 |
|  | &nbsp;&nbsp; 21057154 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities (net of foreign taxes of $43,888) | &nbsp;&nbsp; 96693605 |
| Affiliated investment securities | &nbsp;&nbsp; 1173 |
| Foreign currencies | &nbsp;&nbsp; 94595 |
|  | &nbsp;&nbsp; 96789373 |
| Net realized and unrealized gain | &nbsp;&nbsp; 117846527 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $125700012 |

---

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

**5**

**Invesco EQV International Small Company Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $7853485 | &nbsp;&nbsp; $8176374 |
| Net realized gain | &nbsp;&nbsp; 21057154 | &nbsp;&nbsp; 10568986 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 96789373 | &nbsp;&nbsp; (30282383)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 125700012 | &nbsp;&nbsp; (11537023)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (4283439)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (60642)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (3806174)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (629242)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8042884)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (16822381)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (11751519)<br>| &nbsp;&nbsp; (5100546)<br>|
| Class C | &nbsp;&nbsp; (235031)<br>| &nbsp;&nbsp; (393155)<br>|
| Class Y | &nbsp;&nbsp; 43729535 | &nbsp;&nbsp; 35216889 |
| Class R5 | &nbsp;&nbsp; 518776 | &nbsp;&nbsp; (2214714)<br>|
| Class R6 | &nbsp;&nbsp; (15170199)<br>| &nbsp;&nbsp; 29525391 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 17091562 | &nbsp;&nbsp; 57033865 |
| Net increase in net assets | &nbsp;&nbsp; 142791574 | &nbsp;&nbsp; 28674461 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 494272821 | &nbsp;&nbsp; 465598360 |
| End of period | &nbsp;&nbsp; $637064395 | &nbsp;&nbsp; $494272821 |

---

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

**6**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 06/30/25 | $19.21 | $0.27 | $4.50 | $4.77 | $— | $— | $— | $23.98 | 24.83<br> %<br>| &nbsp;&nbsp; $159032 | 1.48 %<sup>(d)</sup><br>| 1.49 %<sup>(d)</sup><br>| 2.61 %<sup>(d)</sup><br>| 23<br> %<br>|
| Year ended 12/31/24 | 20.34 | 0.28 | (0.80)<br>| (0.52)<br>| (0.26)<br>| (0.35)<br>| (0.61)<br>| 19.21 | (2.62)<br>| &nbsp;&nbsp; 137986 | 1.60 | 1.69 | 1.36 | 23 |
| Year ended 12/31/23 | 18.24 | 0.55 <br><sup>(e)</sup><br>| 2.01 | 2.56 | (0.44)<br>| (0.02)<br>| (0.46)<br>| 20.34 | 14.12 | &nbsp;&nbsp; 151012 | 1.71 | 1.72 | 2.90 <br><sup>(e)</sup><br>| 11 |
| Year ended 12/31/22 | 21.18 | 0.48 <br><sup>(e)</sup><br>| (2.88)<br>| (2.40)<br>| (0.35)<br>| (0.19)<br>| (0.54)<br>| 18.24 | (11.27)<br>| &nbsp;&nbsp; 131971 | 1.49 | 1.50 | 2.55 <br><sup>(e)</sup><br>| 10 |
| Year ended 12/31/21 | 18.67 | 0.26 | 3.14 | 3.40 | (0.38)<br>| (0.51)<br>| (0.89)<br>| 21.18 | 18.38 | &nbsp;&nbsp; 150947 | 1.47 | 1.47 | 1.21 | 6 |
| Year ended 12/31/20 | 17.13 | 0.09 | 1.66 | 1.75 | (0.10)<br>| (0.11)<br>| (0.21)<br>| 18.67 | 10.23 | &nbsp;&nbsp; 127417 | 1.60 | 1.61 | 0.57 | 10 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 06/30/25 | 18.08 | 0.18 | 4.23 | 4.41 |  |  |  | 22.49 | 24.39 | &nbsp;&nbsp; 2763 | 2.23 <br><sup>(d)</sup><br>| 2.24 <br><sup>(d)</sup><br>| 1.86 <br><sup>(d)</sup><br>| 23 |
| Year ended 12/31/24 | 19.16 | 0.12 | (0.74)<br>| (0.62)<br>| (0.11)<br>| (0.35)<br>| (0.46)<br>| 18.08 | (3.34)<br>| &nbsp;&nbsp; 2426 | 2.35 | 2.44 | 0.61 | 23 |
| Year ended 12/31/23 | 17.22 | 0.38 <br><sup>(e)</sup><br>| 1.88 | 2.26 | (0.30)<br>| (0.02)<br>| (0.32)<br>| 19.16 | 13.21 | &nbsp;&nbsp; 2961 | 2.46 | 2.47 | 2.15 <br><sup>(e)</sup><br>| 11 |
| Year ended 12/31/22 | 20.02 | 0.32 <br><sup>(e)</sup><br>| (2.72)<br>| (2.40)<br>| (0.21)<br>| (0.19)<br>| (0.40)<br>| 17.22 | (11.94)<br>| &nbsp;&nbsp; 2713 | 2.24 | 2.25 | 1.80 <br><sup>(e)</sup><br>| 10 |
| Year ended 12/31/21 | 17.69 | 0.09 | 2.98 | 3.07 | (0.23)<br>| (0.51)<br>| (0.74)<br>| 20.02 | 17.51 | &nbsp;&nbsp; 3472 | 2.22 | 2.22 | 0.46 | 6 |
| Year ended 12/31/20 | 16.30 | (0.03)<br>| 1.55 | 1.52 | (0.02)<br>| (0.11)<br>| (0.13)<br>| 17.69 | 9.36 | &nbsp;&nbsp; 3151 | 2.35 | 2.36 | (0.18)<br>| 10 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 06/30/25 | 19.23 | 0.30 | 4.51 | 4.81 |  |  |  | 24.04 | 25.01 | &nbsp;&nbsp; 193614 | 1.23 <br><sup>(d)</sup><br>| 1.24 <br><sup>(d)</sup><br>| 2.86 <br><sup>(d)</sup><br>| 23 |
| Year ended 12/31/24 | 20.36 | 0.33 | (0.79)<br>| (0.46)<br>| (0.32)<br>| (0.35)<br>| (0.67)<br>| 19.23 | (2.37)<br>| &nbsp;&nbsp; 114957 | 1.35 | 1.44 | 1.61 | 23 |
| Year ended 12/31/23 | 18.26 | 0.60 <br><sup>(e)</sup><br>| 2.00 | 2.60 | (0.48)<br>| (0.02)<br>| (0.50)<br>| 20.36 | 14.38 | &nbsp;&nbsp; 86064 | 1.46 | 1.47 | 3.15 <br><sup>(e)</sup><br>| 11 |
| Year ended 12/31/22 | 21.21 | 0.52 <br><sup>(e)</sup><br>| (2.88)<br>| (2.36)<br>| (0.40)<br>| (0.19)<br>| (0.59)<br>| 18.26 | (11.08)<br>| &nbsp;&nbsp; 65634 | 1.24 | 1.25 | 2.80 <br><sup>(e)</sup><br>| 10 |
| Year ended 12/31/21 | 18.69 | 0.31 | 3.16 | 3.47 | (0.44)<br>| (0.51)<br>| (0.95)<br>| 21.21 | 18.70 | &nbsp;&nbsp; 37629 | 1.22 | 1.22 | 1.46 | 6 |
| Year ended 12/31/20 | 17.15 | 0.13 | 1.66 | 1.79 | (0.14)<br>| (0.11)<br>| (0.25)<br>| 18.69 | 10.47 | &nbsp;&nbsp; 34240 | 1.35 | 1.36 | 0.82 | 10 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 06/30/25 | 19.02 | 0.31 | 4.46 | 4.77 |  |  |  | 23.79 | 25.08 | &nbsp;&nbsp; 22164 | 1.09 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 3.00 <br><sup>(d)</sup><br>| 23 |
| Year ended 12/31/24 | 20.14 | 0.37 | (0.78)<br>| (0.41)<br>| (0.36)<br>| (0.35)<br>| (0.71)<br>| 19.02 | (2.13)<br>| &nbsp;&nbsp; 17247 | 1.14 | 1.15 | 1.82 | 23 |
| Year ended 12/31/23 | 18.06 | 0.66 <br><sup>(e)</sup><br>| 1.98 | 2.64 | (0.54)<br>| (0.02)<br>| (0.56)<br>| 20.14 | 14.77 | &nbsp;&nbsp; 20442 | 1.14 | 1.15 | 3.47 <br><sup>(e)</sup><br>| 11 |
| Year ended 12/31/22 | 20.99 | 0.54 <br><sup>(e)</sup><br>| (2.86)<br>| (2.32)<br>| (0.42)<br>| (0.19)<br>| (0.61)<br>| 18.06 | (11.00)<br>| &nbsp;&nbsp; 19913 | 1.12 | 1.13 | 2.92 <br><sup>(e)</sup><br>| 10 |
| Year ended 12/31/21 | 18.51 | 0.32 | 3.13 | 3.45 | (0.46)<br>| (0.51)<br>| (0.97)<br>| 20.99 | 18.78 | &nbsp;&nbsp; 11009 | 1.13 | 1.13 | 1.55 | 6 |
| Year ended 12/31/20 | 16.98 | 0.15 | 1.65 | 1.80 | (0.16)<br>| (0.11)<br>| (0.27)<br>| 18.51 | 10.64 | &nbsp;&nbsp; 6297 | 1.22 | 1.23 | 0.95 | 10 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 06/30/25 | 19.00 | 0.31 | 4.46 | 4.77 |  |  |  | 23.77 | 25.11 | &nbsp;&nbsp; 259491 | 1.02 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| 3.07 <br><sup>(d)</sup><br>| 23 |
| Year ended 12/31/24 | 20.13 | 0.38 | (0.79)<br>| (0.41)<br>| (0.37)<br>| (0.35)<br>| (0.72)<br>| 19.00 | (2.12)<br>| &nbsp;&nbsp; 221658 | 1.07 | 1.08 | 1.89 | 23 |
| Year ended 12/31/23 | 18.05 | 0.67 <br><sup>(e)</sup><br>| 1.99 | 2.66 | (0.56)<br>| (0.02)<br>| (0.58)<br>| 20.13 | 14.85 | &nbsp;&nbsp; 205121 | 1.07 | 1.08 | 3.54 <br><sup>(e)</sup><br>| 11 |
| Year ended 12/31/22 | 20.97 | 0.56 <br><sup>(e)</sup><br>| (2.86)<br>| (2.30)<br>| (0.43)<br>| (0.19)<br>| (0.62)<br>| 18.05 | (10.91)<br>| &nbsp;&nbsp; 150958 | 1.05 | 1.06 | 2.99 <br><sup>(e)</sup><br>| 10 |
| Year ended 12/31/21 | 18.49 | 0.34 | 3.12 | 3.46 | (0.47)<br>| (0.51)<br>| (0.98)<br>| 20.97 | 18.88 | &nbsp;&nbsp; 132901 | 1.06 | 1.06 | 1.62 | 6 |
| Year ended 12/31/20 | 16.96 | 0.16 | 1.65 | 1.81 | (0.17)<br>| (0.11)<br>| (0.28)<br>| 18.49 | 10.72 | &nbsp;&nbsp; 79958 | 1.15 | 1.16 | 1.02 | 10 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.31 and 1.65%, $0.14 and 0.90%, $0.36 and 1.90%, $0.42 and 2.22% and $0.43 and 2.29% for Class A, Class C, Class Y, Class R5 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, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.03%, $0.22 and 1.28%, $0.42 and 2.28%, $0.44 and 2.40% and $0.46 and 2.47% 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.

**7**

**Invesco EQV International Small Company Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco EQV 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.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco EQV International Small Company Fund**

------

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

**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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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.

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended June 30, 2025, the Fund did not enter into any closing agreements.

**G.** **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.

**H.** **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.

**I.** **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.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is

**9**

**Invesco EQV International Small Company Fund**

------

determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities 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, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

**10**

**Invesco EQV International Small Company Fund**

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privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.92%.

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, 2026, 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 1.55%, 2.30%, 1.30%, 1.30% and 1.30%, 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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, 2025, the Adviser reimbursed Fund expenses of $15,957.

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, 2025, 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

**11**

**Invesco EQV International Small Company Fund**

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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, 2025, 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 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 Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $6,147 in front-end sales commissions from the sale of Class A shares and $215 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2025, the Fund incurred $351 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10521915 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10521915 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 21647727 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21647727 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 39225102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39225102 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 7965667 | &nbsp;&nbsp;&nbsp;&nbsp; 21176239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29141906 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 5246510 | &nbsp;&nbsp;&nbsp;&nbsp; 2575752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7822262 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6842328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6842328 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89356008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89356008 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8017960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8017960 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54038923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54038923 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 3526270 | &nbsp;&nbsp;&nbsp;&nbsp; 5287805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8814075 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19264593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19264593 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25040335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25040335 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77063013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77063013 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12333242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12333242 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 8045161 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8045161 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13454635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13454635 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5609163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5609163 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3724362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3724362 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 4808856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4808856 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13317210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13317210 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12669157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12669157 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8604169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8604169 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7477887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7477887 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11475993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11475993 |
| Tanzania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9569705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9569705 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79770098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79770098 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5647772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5647772 |

---

**12**

**Invesco EQV International Small Company Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $53365193 | &nbsp;&nbsp;&nbsp;&nbsp; $18892856 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72258049 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $143830486 | &nbsp;&nbsp;&nbsp;&nbsp; $521731120 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $665561606 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,011.

**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.

**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, 2024.

**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, 2025 was $135,943,612 and $121,342,813, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $168361289 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (20450387)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $147910902 |

---

Cost of investments for tax purposes is $517,650,704.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 413519 | &nbsp;&nbsp;&nbsp; $8662355 | &nbsp;&nbsp;&nbsp; 755203 | &nbsp;&nbsp;&nbsp; $15447423 |
| Class C | &nbsp;&nbsp;&nbsp; 23764 | &nbsp;&nbsp;&nbsp; 473759 | &nbsp;&nbsp;&nbsp; 20208 | &nbsp;&nbsp;&nbsp; 387258 |
| Class Y | &nbsp;&nbsp;&nbsp; 3458243 | &nbsp;&nbsp;&nbsp; 72099876 | &nbsp;&nbsp;&nbsp; 4347762 | &nbsp;&nbsp;&nbsp; 89047164 |
| Class R5 | &nbsp;&nbsp;&nbsp; 138357 | &nbsp;&nbsp;&nbsp; 2809974 | &nbsp;&nbsp;&nbsp; 104516 | &nbsp;&nbsp;&nbsp; 2130691 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1244863 | &nbsp;&nbsp;&nbsp; 25505534 | &nbsp;&nbsp;&nbsp; 3653326 | &nbsp;&nbsp;&nbsp; 74131677 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 197535 | &nbsp;&nbsp;&nbsp; 3875644 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2876 | &nbsp;&nbsp;&nbsp; 53142 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 160422 | &nbsp;&nbsp;&nbsp; 3152287 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 32402 | &nbsp;&nbsp;&nbsp; 629242 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 394303 | &nbsp;&nbsp;&nbsp; 7649487 |

---

**13**

**Invesco EQV International Small Company Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24801 | &nbsp;&nbsp;&nbsp; $536125 | &nbsp;&nbsp;&nbsp; 18459 | &nbsp;&nbsp;&nbsp; $378236 |
| Class C | &nbsp;&nbsp;&nbsp; (26402)<br>| &nbsp;&nbsp;&nbsp; (536125)<br>| &nbsp;&nbsp;&nbsp; (19661)<br>| &nbsp;&nbsp;&nbsp; (378236)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (990162)<br>| &nbsp;&nbsp;&nbsp; (20949999)<br>| &nbsp;&nbsp;&nbsp; (1213267)<br>| &nbsp;&nbsp;&nbsp; (24801849)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (8658)<br>| &nbsp;&nbsp;&nbsp; (172665)<br>| &nbsp;&nbsp;&nbsp; (23754)<br>| &nbsp;&nbsp;&nbsp; (455319)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1382444)<br>| &nbsp;&nbsp;&nbsp; (28370341)<br>| &nbsp;&nbsp;&nbsp; (2757812)<br>| &nbsp;&nbsp;&nbsp; (56982562)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (113544)<br>| &nbsp;&nbsp;&nbsp; (2291198)<br>| &nbsp;&nbsp;&nbsp; (244786)<br>| &nbsp;&nbsp;&nbsp; (4974647)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1996884)<br>| &nbsp;&nbsp;&nbsp; (40675733)<br>| &nbsp;&nbsp;&nbsp; (2572892)<br>| &nbsp;&nbsp;&nbsp; (52255773)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 785453 | &nbsp;&nbsp;&nbsp; $17091562 | &nbsp;&nbsp;&nbsp; 2854840 | &nbsp;&nbsp;&nbsp; $57033865 |

---

<sup>(a)</sup> 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.

**NOTE 10—Subsequent Event**

Effective on or about August 22, 2025, the name of the Fund and all references thereto will change from Invesco EQV International Small Company Fund to Invesco International Small Company Fund.

**14**

**Invesco EQV International Small Company Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, 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 (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, 2025. 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. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, 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.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) 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 provider of investment company data, as well as information on the composition of the peer groups 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 review 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 6, 2025 and June 16-18, 2025, 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 includes summary information drawn in part from 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 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.

**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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek 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 supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 supported the renewal of the sub-advisory contracts.

*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, 2024 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 fifth quintile of its performance universe for the one year period, the second quintile for the three year period, and the first quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that stock selection in certain regions and sectors detracted from Fund one-year performance. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund

**15**

**Invesco EQV International Small Company Fund**

------

performance. The Board considered that as part of such restructuring, the Fund's portfolio management team would be changed and the Fund also would undergo enhancements to its investment process, including removal of its "EQV" (earnings, quality and valuation) emphasis, effective June 23, 2025. The Board also considered that the Fund would be renamed "Invesco International Small Company Fund" in connection with the foregoing changes. The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such enhancements. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. 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 received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and 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 and actual management fee rates for Class A shares of the Fund were the same as and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual 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 fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to components of the Fund's total expense ratio driving total expenses relative to peers.

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 acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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' management of significant assets and 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

*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 reasonable business judgement and in accordance with applicable regulatory guidance.

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 under the Investment Company Act of 1940 (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

**16**

**Invesco EQV International Small Company Fund**

------

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.

**17**

**Invesco EQV International Small Company Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco EQV International Small Company Fund**

------

![](imgb38bc3211.jpg)

SEC file number(s): 811-01540 and 002-27334

Invesco Distributors, Inc.

ISC-NCSRS

------

![](img7fb2a62b1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Global Core Equity Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_SOI-Continued-52_1) | Schedule of Investments |
| [4](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_FS-Continued-52_1) | Financial Statements |
| [7](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_FS-Continued-52_4) | Financial Highlights |
| [8](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_NTF-Continued-52_1) | Notes to Financial Statements |
| [14](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_AOC-Continued-52_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_2532506f-bb65-44d5-9051-4612b05aaba0_OIRSR-Continued-52_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–94.08%** | **Common Stocks & Other Equity Interests–94.08%** | **Common Stocks & Other Equity Interests–94.08%** |
| **Australia–0.71%** | **Australia–0.71%** | **Australia–0.71%** |
| Rio Tinto PLC | 75777 | &nbsp;&nbsp; $4410530 |
| **Canada–5.62%** | **Canada–5.62%** | **Canada–5.62%** |
| Canadian Pacific Kansas City Ltd. | 202065 | &nbsp;&nbsp; 16052426 |
| Constellation Software, Inc. | 5100 | &nbsp;&nbsp; 18700437 |
|  |  | &nbsp;&nbsp; 34752863 |
| **China–1.48%** | **China–1.48%** | **China–1.48%** |
| Tencent Holdings Ltd. | 142100 | &nbsp;&nbsp; 9156300 |
| **Denmark–0.29%** | **Denmark–0.29%** | **Denmark–0.29%** |
| Novo Nordisk A/S, Class B | 25910 | &nbsp;&nbsp; 1795408 |
| **France–3.74%** | **France–3.74%** | **France–3.74%** |
| Hermes International S.C.A. | 1907 | &nbsp;&nbsp; 5169620 |
| L'Oreal S.A. | 8523 | &nbsp;&nbsp; 3650859 |
| LVMH Moet Hennessy Louis Vuitton SE | 5703 | &nbsp;&nbsp; 2984837 |
| Safran S.A. | 26452 | &nbsp;&nbsp; 8626640 |
| TotalEnergies SE | 44026 | &nbsp;&nbsp; 2690987 |
|  |  | &nbsp;&nbsp; 23122943 |
| **Germany–1.45%** | **Germany–1.45%** | **Germany–1.45%** |
| SAP SE | 29378 | &nbsp;&nbsp; 8983193 |
| **Italy–1.51%** | **Italy–1.51%** | **Italy–1.51%** |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A.<sup>(a)</sup>  | 148571 | &nbsp;&nbsp; 9338432 |
| **Japan–3.09%** | **Japan–3.09%** | **Japan–3.09%** |
| Hoya Corp. | 80700 | &nbsp;&nbsp; 9584100 |
| ITOCHU Corp. | 181600 | &nbsp;&nbsp; 9509482 |
|  |  | &nbsp;&nbsp; 19093582 |
| **Netherlands–2.01%** | **Netherlands–2.01%** | **Netherlands–2.01%** |
| ASML Holding N.V. | 7211 | &nbsp;&nbsp; 5778441 |
| IMCD N.V. | 49720 | &nbsp;&nbsp; 6687108 |
|  |  | &nbsp;&nbsp; 12465549 |
| **Sweden–0.76%** | **Sweden–0.76%** | **Sweden–0.76%** |
| Atlas Copco AB, Class A | 291686 | &nbsp;&nbsp; 4715396 |
| **Taiwan–2.40%** | **Taiwan–2.40%** | **Taiwan–2.40%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 406000 | &nbsp;&nbsp; 14847155 |
| **United Kingdom–6.92%** | **United Kingdom–6.92%** | **United Kingdom–6.92%** |
| 3i Group PLC | 383106 | &nbsp;&nbsp; 21680807 |
| London Stock Exchange Group PLC | 63845 | &nbsp;&nbsp; 9337148 |
| RELX PLC | 173461 | &nbsp;&nbsp; 9373607 |
| Unilever PLC | 39564 | &nbsp;&nbsp; 2414440 |
|  |  | &nbsp;&nbsp; 42806002 |
| **United States–64.10%** | **United States–64.10%** | **United States–64.10%** |
| Alphabet, Inc., Class A | 66682 | &nbsp;&nbsp; 11751369 |
| Amazon.com, Inc.<sup>(b)</sup>  | 108415 | &nbsp;&nbsp; 23785167 |
| American Express Co. | 25524 | &nbsp;&nbsp; 8141646 |
| AMETEK, Inc. | 59845 | &nbsp;&nbsp; 10829551 |
| Amphenol Corp., Class A | 102432 | &nbsp;&nbsp; 10115160 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Analog Devices, Inc. | Analog Devices, Inc. | 32343 | &nbsp;&nbsp; $7698281 |
| Apple, Inc. | Apple, Inc. | 80155 | &nbsp;&nbsp; 16445401 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 12792 | &nbsp;&nbsp; 6213970 |
| Broadcom, Inc. | Broadcom, Inc. | 45263 | &nbsp;&nbsp; 12476746 |
| CME Group, Inc., Class A | CME Group, Inc., Class A | 33341 | &nbsp;&nbsp; 9189446 |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 85472 | &nbsp;&nbsp; 6047144 |
| Copart, Inc.<sup>(b)</sup>  | Copart, Inc.<sup>(b)</sup>  | 51020 | &nbsp;&nbsp; 2503551 |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 3502 | &nbsp;&nbsp; 3466770 |
| Danaher Corp. | Danaher Corp. | 18700 | &nbsp;&nbsp; 3693998 |
| East West Bancorp, Inc. | East West Bancorp, Inc. | 48937 | &nbsp;&nbsp; 4941658 |
| EOG Resources, Inc. | EOG Resources, Inc. | 80925 | &nbsp;&nbsp; 9679439 |
| Experian PLC | Experian PLC | 184518 | &nbsp;&nbsp; 9514900 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 47493 | &nbsp;&nbsp; 10341601 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | 31178 | &nbsp;&nbsp; 11431102 |
| Interactive Brokers Group, Inc., Class A | Interactive Brokers Group, Inc., Class A | 45968 | &nbsp;&nbsp; 2547087 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 37615 | &nbsp;&nbsp; 10904965 |
| Linde PLC | Linde PLC | 17176 | &nbsp;&nbsp; 8058636 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 34754 | &nbsp;&nbsp; 7598615 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | 15613 | &nbsp;&nbsp; 8570913 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 23452 | &nbsp;&nbsp; 13178617 |
| Meta Platforms, Inc., Class A | Meta Platforms, Inc., Class A | 29119 | &nbsp;&nbsp; 21492443 |
| Microsoft Corp. | Microsoft Corp. | 86042 | &nbsp;&nbsp; 42798151 |
| Moody's Corp. | Moody's Corp. | 13536 | &nbsp;&nbsp; 6789522 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 21398 | &nbsp;&nbsp; 8997003 |
| MSCI, Inc. | MSCI, Inc. | 13511 | &nbsp;&nbsp; 7792334 |
| NVIDIA Corp. | NVIDIA Corp. | 136872 | &nbsp;&nbsp; 21624407 |
| Old Dominion Freight Line, Inc. | Old Dominion Freight Line, Inc. | 62387 | &nbsp;&nbsp; 10125410 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | O'Reilly Automotive, Inc.<sup>(b)</sup>  | 99259 | &nbsp;&nbsp; 8946214 |
| Progressive Corp. (The) | Progressive Corp. (The) | 11834 | &nbsp;&nbsp; 3158021 |
| QXO, Inc.<sup>(a)(b)</sup>  | QXO, Inc.<sup>(a)(b)</sup>  | 98721 | &nbsp;&nbsp; 2126450 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 59776 | &nbsp;&nbsp; 12410693 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 24083 | &nbsp;&nbsp; 9764693 |
| Union Pacific Corp. | Union Pacific Corp. | 21656 | &nbsp;&nbsp; 4982612 |
| Viking Holdings Ltd.<sup>(b)</sup>  | Viking Holdings Ltd.<sup>(b)</sup>  | 119714 | &nbsp;&nbsp; 6379559 |
|  |  |  | &nbsp;&nbsp; 396513245 |
| Total Common Stocks & Other Equity Interests <br> (Cost $442,660,583) | Total Common Stocks & Other Equity Interests <br> (Cost $442,660,583) | Total Common Stocks & Other Equity Interests <br> (Cost $442,660,583) | &nbsp;&nbsp; 582000598 |
| **Exchange-Traded Funds–1.69%** | **Exchange-Traded Funds–1.69%** | **Exchange-Traded Funds–1.69%** | **Exchange-Traded Funds–1.69%** |
| **Japan–1.69%** | **Japan–1.69%** | **Japan–1.69%** | **Japan–1.69%** |
| iShares MSCI Japan ETF<sup>(a)</sup> <br> (Cost $9,742,299) | iShares MSCI Japan ETF<sup>(a)</sup> <br> (Cost $9,742,299) | 139400 | &nbsp;&nbsp; 10450818 |
| **Money Market Funds–4.23%** | **Money Market Funds–4.23%** | **Money Market Funds–4.23%** | **Money Market Funds–4.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 15694832 | &nbsp;&nbsp; 15694832 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 10463222 | &nbsp;&nbsp; 10463222 |
| Total Money Market Funds (Cost $26,158,054) | Total Money Market Funds (Cost $26,158,054) | Total Money Market Funds (Cost $26,158,054) | &nbsp;&nbsp; 26158054 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.00% <br> (Cost $478,560,936)<br>|  |  | &nbsp;&nbsp; 618609470 |

---

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

**2**

**Invesco Global Core Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(c)(d)(e)</sup>  | 3412698 | &nbsp;&nbsp; $3412698 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)(e)</sup>  | 8815589 | &nbsp;&nbsp; 8818233 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,230,500) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,230,500) | &nbsp;&nbsp; 12230931 |
| TOTAL INVESTMENTS IN SECURITIES—101.98% <br> (Cost $490,791,436) | TOTAL INVESTMENTS IN SECURITIES—101.98% <br> (Cost $490,791,436) | &nbsp;&nbsp; 630840401 |
| OTHER ASSETS LESS LIABILITIES–(1.98)% | OTHER ASSETS LESS LIABILITIES–(1.98)% | &nbsp;&nbsp; (12221406)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $618618995 |

---

Investment Abbreviations:

ETF – Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $13034351 | &nbsp;&nbsp; $60411679 | &nbsp;&nbsp; $(57751198) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15694832 | &nbsp;&nbsp; $308309 |
| Invesco Treasury Portfolio, Institutional Class | 8689568 | &nbsp;&nbsp; 40274453 | &nbsp;&nbsp; (38500799) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10463222 | &nbsp;&nbsp; 204145 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 3361531 | &nbsp;&nbsp; 65589168 | &nbsp;&nbsp; (65538001) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3412698 | &nbsp;&nbsp; 93,549\* |
| Invesco Private Prime Fund | 8757280 | &nbsp;&nbsp; 137047209 | &nbsp;&nbsp; (136985021) | &nbsp;&nbsp; 431 | &nbsp;&nbsp; (1666) | &nbsp;&nbsp; 8818233 | &nbsp;&nbsp; 261,288\* |
| Total | $33842730 | &nbsp;&nbsp; $303322509 | &nbsp;&nbsp; $(298775019) | &nbsp;&nbsp; $431 | &nbsp;&nbsp; $(1666) | &nbsp;&nbsp; $38388985 | &nbsp;&nbsp; $867291 |

---

\* 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. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(e)</sup> 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 1K. 

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

**3**

**Invesco Global Core Equity Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $452,402,882)\*<br>| &nbsp;&nbsp; $592451416 |
| Investments in affiliated money market funds, at value <br> (Cost $38,388,554)<br>| &nbsp;&nbsp; 38388985 |
| Cash | &nbsp;&nbsp; 272 |
| Foreign currencies, at value (Cost $290,649) | &nbsp;&nbsp; 293857 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2148697 |
| Fund shares sold | &nbsp;&nbsp; 71483 |
| Dividends | &nbsp;&nbsp; 1262599 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 169911 |
| Other assets | &nbsp;&nbsp; 66586 |
| Total assets | &nbsp;&nbsp; 634853806 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3044769 |
| Fund shares reacquired | &nbsp;&nbsp; 327046 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 12230500 |
| Accrued fees to affiliates | &nbsp;&nbsp; 354403 |
| Accrued other operating expenses | &nbsp;&nbsp; 65164 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 212929 |
| Total liabilities | &nbsp;&nbsp; 16234811 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $618618995 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $448100197 |
| Distributable earnings | &nbsp;&nbsp; 170518798 |
|  | &nbsp;&nbsp; $618618995 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $578113412 |
| Class C | &nbsp;&nbsp; $3394265 |
| Class R | &nbsp;&nbsp; $2663886 |
| Class Y | &nbsp;&nbsp; $25975056 |
| Class R5 | &nbsp;&nbsp; $1441552 |
| Class R6 | &nbsp;&nbsp; $7030824 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 34382187 |
| Class C | &nbsp;&nbsp; 220599 |
| Class R | &nbsp;&nbsp; 159060 |
| Class Y | &nbsp;&nbsp; 1544288 |
| Class R5 | &nbsp;&nbsp; 83885 |
| Class R6 | &nbsp;&nbsp; 408870 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $16.81 |
| Maximum offering price per share <br>(Net asset value of $16.81 ÷ 94.50%)<br>| &nbsp;&nbsp; $17.79 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.39 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.75 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.82 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.18 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.20 |

---

\* At June 30, 2025, securities with an aggregate value of $11,991,397 were on loan to brokers. 

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

**4**

**Invesco Global Core Equity Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $52316 |
| Dividends (net of foreign withholding taxes of $118,778) | &nbsp;&nbsp; 3864106 |
| Dividends from affiliated money market funds (includes net securities lending income of $30,928) | &nbsp;&nbsp; 543382 |
| Foreign withholding tax claims | &nbsp;&nbsp; 40738 |
| Total investment income | &nbsp;&nbsp; 4500542 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2309311 |
| Administrative services fees | &nbsp;&nbsp; 45860 |
| Custodian fees | &nbsp;&nbsp; 9377 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 687446 |
| Class C | &nbsp;&nbsp; 16720 |
| Class R | &nbsp;&nbsp; 5888 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 424933 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 674 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1038 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13377 |
| Registration and filing fees | &nbsp;&nbsp; 47914 |
| Reports to shareholders | &nbsp;&nbsp; 35935 |
| Professional services fees | &nbsp;&nbsp; 31773 |
| Other | &nbsp;&nbsp; 11671 |
| Total expenses | &nbsp;&nbsp; 3641917 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (20432)<br>|
| Net expenses | &nbsp;&nbsp; 3621485 |
| Net investment income | &nbsp;&nbsp; 879057 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 25501465 |
| Affiliated investment securities | &nbsp;&nbsp; (1666)<br>|
| Foreign currencies | &nbsp;&nbsp; 27764 |
|  | &nbsp;&nbsp; 25527563 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 22383507 |
| Affiliated investment securities | &nbsp;&nbsp; 431 |
| Foreign currencies | &nbsp;&nbsp; 85282 |
|  | &nbsp;&nbsp; 22469220 |
| Net realized and unrealized gain | &nbsp;&nbsp; 47996783 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $48875840 |

---

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

**5**

**Invesco Global Core Equity Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $879057 | &nbsp;&nbsp; $1664424 |
| Net realized gain | &nbsp;&nbsp; 25527563 | &nbsp;&nbsp; 45331671 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 22469220 | &nbsp;&nbsp; 44496118 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 48875840 | &nbsp;&nbsp; 91492213 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (42041193)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (255271)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (152978)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (1998339)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (104368)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (536818)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (45088967)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (25918507)<br>| &nbsp;&nbsp; (23929589)<br>|
| Class C | &nbsp;&nbsp; (607315)<br>| &nbsp;&nbsp; 176796 |
| Class R | &nbsp;&nbsp; 281652 | &nbsp;&nbsp; 557706 |
| Class Y | &nbsp;&nbsp; (857912)<br>| &nbsp;&nbsp; 1036243 |
| Class R5 | &nbsp;&nbsp; (17980)<br>| &nbsp;&nbsp; 59739 |
| Class R6 | &nbsp;&nbsp; (374283)<br>| &nbsp;&nbsp; 120797 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (27494345)<br>| &nbsp;&nbsp; (21978308)<br>|
| Net increase in net assets | &nbsp;&nbsp; 21381495 | &nbsp;&nbsp; 24424938 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 597237500 | &nbsp;&nbsp; 572812562 |
| End of period | &nbsp;&nbsp; $618618995 | &nbsp;&nbsp; $597237500 |

---

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

**6**

**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** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 06/30/25 | $15.50 | $0.02 | $1.29 | $1.31 | $— | $— | $— | $16.81 | 8.45<br> %<br>| &nbsp;&nbsp; $578113 | 1.25 %<sup>(d)</sup><br>| 1.25 %<sup>(d)</sup><br>| 0.28 %<sup>(d)</sup><br>| 43<br> %<br>|
| Year ended 12/31/24 | 14.34 | 0.04 | 2.36 | 2.40 | (0.26)<br>| (0.98)<br>| (1.24)<br>| 15.50 | 16.47 | &nbsp;&nbsp; 558382 | 1.25 | 1.27 | 0.26 | 46 |
| Year ended 12/31/23 | 12.07 | 0.07 | 2.55 | 2.62 | (0.04)<br>| (0.31)<br>| (0.35)<br>| 14.34 | 21.79 | &nbsp;&nbsp; 538642 | 1.21 | 1.26 | 0.56 | 107 |
| Year ended 12/31/22 | 16.02 | 0.04 | (3.59)<br>| (3.55)<br>| (0.01)<br>| (0.39)<br>| (0.40)<br>| 12.07 | (22.20)<br>| &nbsp;&nbsp; 495054 | 1.22 | 1.26 | 0.29 | 11 |
| Year ended 12/31/21 | 14.61 | 0.01 | 2.26 | 2.27 | (0.13)<br>| (0.73)<br>| (0.86)<br>| 16.02 | 15.68 | &nbsp;&nbsp; 718327 | 1.22 | 1.22 | 0.06 | 23 |
| Year ended 12/31/20 | 15.66 | 0.14 | 1.78 | 1.92 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 14.61 | 12.63 | &nbsp;&nbsp; 686612 | 1.22 | 1.28 | 0.92 | 126 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 06/30/25 | 14.24 | (0.03)<br>| 1.18 | 1.15 |  |  |  | 15.39 | 8.08 | &nbsp;&nbsp; 3394 | 2.00 <br><sup>(d)</sup><br>| 2.00 <br><sup>(d)</sup><br>| (0.47 )<sup>(d)</sup><br>| 43 |
| Year ended 12/31/24 | 13.18 | (0.07)<br>| 2.15 | 2.08 | (0.04)<br>| (0.98)<br>| (1.02)<br>| 14.24 | 15.59 | &nbsp;&nbsp; 3732 | 2.00 | 2.02 | (0.49)<br>| 46 |
| Year ended 12/31/23 | 11.16 | (0.02)<br>| 2.35 | 2.33 |  | (0.31)<br>| (0.31)<br>| 13.18 | 20.95 | &nbsp;&nbsp; 3318 | 1.96 | 2.01 | (0.19)<br>| 107 |
| Year ended 12/31/22 | 14.96 | (0.06)<br>| (3.35)<br>| (3.41)<br>|  | (0.39)<br>| (0.39)<br>| 11.16 | (22.81)<br>| &nbsp;&nbsp; 3462 | 1.97 | 2.01 | (0.46)<br>| 11 |
| Year ended 12/31/21 | 13.67 | (0.10)<br>| 2.12 | 2.02 |  | (0.73)<br>| (0.73)<br>| 14.96 | 14.90 | &nbsp;&nbsp; 5778 | 1.97 | 1.97 | (0.69)<br>| 23 |
| Year ended 12/31/20 | 14.94 | 0.02 | 1.68 | 1.70 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 13.67 | 11.75 | &nbsp;&nbsp; 6307 | 1.97 | 2.03 | 0.17 | 126 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 06/30/25 | 15.46 | 0.00 | 1.29 | 1.29 |  |  |  | 16.75 | 8.34 | &nbsp;&nbsp; 2664 | 1.50 <br><sup>(d)</sup><br>| 1.50 <br><sup>(d)</sup><br>| 0.03 <br><sup>(d)</sup><br>| 43 |
| Year ended 12/31/24 | 14.29 | 0.00 | 2.34 | 2.34 | (0.19)<br>| (0.98)<br>| (1.17)<br>| 15.46 | 16.14 | &nbsp;&nbsp; 2183 | 1.50 | 1.52 | 0.01 | 46 |
| Year ended 12/31/23 | 12.02 | 0.04 | 2.55 | 2.59 | (0.01)<br>| (0.31)<br>| (0.32)<br>| 14.29 | 21.59 | &nbsp;&nbsp; 1510 | 1.46 | 1.51 | 0.31 | 107 |
| Year ended 12/31/22 | 16.00 | 0.01 | (3.60)<br>| (3.59)<br>|  | (0.39)<br>| (0.39)<br>| 12.02 | (22.45)<br>| &nbsp;&nbsp; 1403 | 1.47 | 1.51 | 0.04 | 11 |
| Year ended 12/31/21 | 14.58 | (0.03)<br>| 2.27 | 2.24 | (0.09)<br>| (0.73)<br>| (0.82)<br>| 16.00 | 15.49 | &nbsp;&nbsp; 1732 | 1.47 | 1.47 | (0.19)<br>| 23 |
| Year ended 12/31/20 | 15.68 | 0.10 | 1.77 | 1.87 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 14.58 | 12.28 | &nbsp;&nbsp; 1845 | 1.47 | 1.53 | 0.67 | 126 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 06/30/25 | 15.48 | 0.04 | 1.30 | 1.34 |  |  |  | 16.82 | 8.66 | &nbsp;&nbsp; 25975 | 1.00 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 43 |
| Year ended 12/31/24 | 14.36 | 0.08 | 2.36 | 2.44 | (0.34)<br>| (0.98)<br>| (1.32)<br>| 15.48 | 16.71 | &nbsp;&nbsp; 24761 | 1.00 | 1.02 | 0.51 | 46 |
| Year ended 12/31/23 | 12.09 | 0.11 | 2.55 | 2.66 | (0.08)<br>| (0.31)<br>| (0.39)<br>| 14.36 | 22.08 | &nbsp;&nbsp; 21948 | 0.96 | 1.01 | 0.81 | 107 |
| Year ended 12/31/22 | 16.06 | 0.07 | (3.60)<br>| (3.53)<br>| (0.05)<br>| (0.39)<br>| (0.44)<br>| 12.09 | (21.99)<br>| &nbsp;&nbsp; 21797 | 0.97 | 1.01 | 0.54 | 11 |
| Year ended 12/31/21 | 14.64 | 0.05 | 2.27 | 2.32 | (0.17)<br>| (0.73)<br>| (0.90)<br>| 16.06 | 15.97 | &nbsp;&nbsp; 34582 | 0.97 | 0.97 | 0.31 | 23 |
| Year ended 12/31/20 | 15.64 | 0.17 | 1.80 | 1.97 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 14.64 | 12.96 | &nbsp;&nbsp; 32476 | 0.97 | 1.03 | 1.17 | 126 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 06/30/25 | 15.82 | 0.05 | 1.31 | 1.36 |  |  |  | 17.18 | 8.60 | &nbsp;&nbsp; 1442 | 0.95 <br><sup>(d)</sup><br>| 0.95 <br><sup>(d)</sup><br>| 0.58 <br><sup>(d)</sup><br>| 43 |
| Year ended 12/31/24 | 14.65 | 0.09 | 2.40 | 2.49 | (0.34)<br>| (0.98)<br>| (1.32)<br>| 15.82 | 16.77 | &nbsp;&nbsp; 1346 | 0.97 | 0.97 | 0.54 | 46 |
| Year ended 12/31/23 | 12.32 | 0.11 | 2.62 | 2.73 | (0.09)<br>| (0.31)<br>| (0.40)<br>| 14.65 | 22.19 | &nbsp;&nbsp; 1190 | 0.95 | 0.96 | 0.82 | 107 |
| Year ended 12/31/22 | 16.37 | 0.08 | (3.68)<br>| (3.60)<br>| (0.06)<br>| (0.39)<br>| (0.45)<br>| 12.32 | (22.02)<br>| &nbsp;&nbsp; 857 | 0.95 | 0.95 | 0.56 | 11 |
| Year ended 12/31/21 | 14.90 | 0.06 | 2.31 | 2.37 | (0.17)<br>| (0.73)<br>| (0.90)<br>| 16.37 | 16.05 | &nbsp;&nbsp; 1125 | 0.93 | 0.93 | 0.35 | 23 |
| Year ended 12/31/20 | 15.88 | 0.18 | 1.81 | 1.99 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 14.90 | 12.89 | &nbsp;&nbsp; 1004 | 0.95 | 0.95 | 1.19 | 126 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 06/30/25 | 15.82 | 0.05 | 1.33 | 1.38 |  |  |  | 17.20 | 8.72 | &nbsp;&nbsp; 7031 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| 0.65 <br><sup>(d)</sup><br>| 43 |
| Year ended 12/31/24 | 14.66 | 0.10 | 2.41 | 2.51 | (0.37)<br>| (0.98)<br>| (1.35)<br>| 15.82 | 16.83 | &nbsp;&nbsp; 6834 | 0.90 | 0.90 | 0.61 | 46 |
| Year ended 12/31/23 | 12.33 | 0.12 | 2.62 | 2.74 | (0.10)<br>| (0.31)<br>| (0.41)<br>| 14.66 | 22.27 | &nbsp;&nbsp; 6204 | 0.88 | 0.89 | 0.89 | 107 |
| Year ended 12/31/22 | 16.39 | 0.09 | (3.69)<br>| (3.60)<br>| (0.07)<br>| (0.39)<br>| (0.46)<br>| 12.33 | (21.99)<br>| &nbsp;&nbsp; 5048 | 0.88 | 0.88 | 0.63 | 11 |
| Year ended 12/31/21 | 14.91 | 0.07 | 2.32 | 2.39 | (0.18)<br>| (0.73)<br>| (0.91)<br>| 16.39 | 16.17 | &nbsp;&nbsp; 6971 | 0.87 | 0.87 | 0.41 | 23 |
| Year ended 12/31/20 | 15.88 | 0.19 | 1.81 | 2.00 | (0.03)<br>| (2.94)<br>| (2.97)<br>| 14.91 | 12.95 | &nbsp;&nbsp; 6581 | 0.89 | 0.89 | 1.25 | 126 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

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

**7**

**Invesco Global Core Equity Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(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.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco Global Core Equity Fund**

------

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

**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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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.

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended June 30, 2025, the Fund did not enter into any closing agreements.

**G.** **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.

**H.** **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.

**I.** **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.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is

**9**

**Invesco Global Core Equity Fund**

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determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities 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, 2025, the Fund paid the Adviser $1,449 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

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**Invesco Global Core Equity Fund**

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privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.780% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.79%.

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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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, 2025, the Adviser waived advisory fees of $12,954.

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, 2025, 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, 2025, 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 Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $8,966 in front-end sales commissions from the sale of Class A shares and $1,935 and $29 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2025, the Fund incurred $199 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. 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

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**Invesco Global Core Equity Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4410530 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4410530 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 34752863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34752863 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9156300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9156300 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1795408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1795408 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23122943 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23122943 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8983193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8983193 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9338432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9338432 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 10450818 | &nbsp;&nbsp;&nbsp;&nbsp; 19093582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29544400 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12465549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12465549 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4715396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4715396 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14847155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14847155 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42806002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42806002 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 386998345 | &nbsp;&nbsp;&nbsp;&nbsp; 9514900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396513245 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 26158054 | &nbsp;&nbsp;&nbsp;&nbsp; 12230931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38388985 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $458360080 | &nbsp;&nbsp;&nbsp;&nbsp; $172480321 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $630840401 |

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $7,478.

**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.

**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, 2024.

**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, 2025 was $244,646,458 and $274,610,098, respectively. As of June 30, 2025, the aggregate cost of

**12**

**Invesco Global Core Equity Fund**

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investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $137842483 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6620909)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $131221574 |

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Cost of investments for tax purposes is $499,618,827.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 265708 | &nbsp;&nbsp;&nbsp; $4164323 | &nbsp;&nbsp;&nbsp; 418883 | &nbsp;&nbsp;&nbsp; $6650701 |
| Class C | &nbsp;&nbsp;&nbsp; 15456 | &nbsp;&nbsp;&nbsp; 224312 | &nbsp;&nbsp;&nbsp; 70210 | &nbsp;&nbsp;&nbsp; 1028752 |
| Class R | &nbsp;&nbsp;&nbsp; 24122 | &nbsp;&nbsp;&nbsp; 378365 | &nbsp;&nbsp;&nbsp; 45693 | &nbsp;&nbsp;&nbsp; 716935 |
| Class Y | &nbsp;&nbsp;&nbsp; 97306 | &nbsp;&nbsp;&nbsp; 1532036 | &nbsp;&nbsp;&nbsp; 370702 | &nbsp;&nbsp;&nbsp; 5858566 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 30366 | &nbsp;&nbsp;&nbsp; 8357 | &nbsp;&nbsp;&nbsp; 138685 |
| Class R6 | &nbsp;&nbsp;&nbsp; 25871 | &nbsp;&nbsp;&nbsp; 414538 | &nbsp;&nbsp;&nbsp; 75918 | &nbsp;&nbsp;&nbsp; 1232176 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2366574 | &nbsp;&nbsp;&nbsp; 37888842 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14739 | &nbsp;&nbsp;&nbsp; 216815 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9585 | &nbsp;&nbsp;&nbsp; 152978 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 97687 | &nbsp;&nbsp;&nbsp; 1562016 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6335 | &nbsp;&nbsp;&nbsp; 103445 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30446 | &nbsp;&nbsp;&nbsp; 497492 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 25456 | &nbsp;&nbsp;&nbsp; 402102 | &nbsp;&nbsp;&nbsp; 41570 | &nbsp;&nbsp;&nbsp; 649170 |
| Class C | &nbsp;&nbsp;&nbsp; (27748)<br>| &nbsp;&nbsp;&nbsp; (402102)<br>| &nbsp;&nbsp;&nbsp; (45371)<br>| &nbsp;&nbsp;&nbsp; (649170)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1938650)<br>| &nbsp;&nbsp;&nbsp; (30484932)<br>| &nbsp;&nbsp;&nbsp; (4349057)<br>| &nbsp;&nbsp;&nbsp; (69118302)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (29285)<br>| &nbsp;&nbsp;&nbsp; (429525)<br>| &nbsp;&nbsp;&nbsp; (29163)<br>| &nbsp;&nbsp;&nbsp; (419601)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (6279)<br>| &nbsp;&nbsp;&nbsp; (96713)<br>| &nbsp;&nbsp;&nbsp; (19790)<br>| &nbsp;&nbsp;&nbsp; (312207)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (152143)<br>| &nbsp;&nbsp;&nbsp; (2389948)<br>| &nbsp;&nbsp;&nbsp; (397363)<br>| &nbsp;&nbsp;&nbsp; (6384339)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (3097)<br>| &nbsp;&nbsp;&nbsp; (48346)<br>| &nbsp;&nbsp;&nbsp; (10860)<br>| &nbsp;&nbsp;&nbsp; (182391)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (48950)<br>| &nbsp;&nbsp;&nbsp; (788821)<br>| &nbsp;&nbsp;&nbsp; (97538)<br>| &nbsp;&nbsp;&nbsp; (1608871)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1750347)<br>| &nbsp;&nbsp;&nbsp; $(27494345)<br>| &nbsp;&nbsp;&nbsp; (1392443)<br>| &nbsp;&nbsp;&nbsp; $(21978308)<br>|

---

<sup>(a)</sup> 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.

**13**

**Invesco Global Core Equity Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, 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, 2025. 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. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, 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.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) 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 provider of investment company data, as well as information on the composition of the peer groups 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 review 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 6, 2025 and June 16-18, 2025, 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 includes summary information drawn in part from 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 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.

**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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek 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 supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 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 second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). 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 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.

**14**

**Invesco Global Core Equity Fund**

------

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

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and 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 and actual management fee rates for Class A shares of the Fund were reasonably comparable to and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual 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 and actual management fee were each in the fifth quintile of its expense group and the contractual management fees was in in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses and contractual and actual management fees. The independent Trustees reviewed and considered additional information provided by management regarding the Fund's actual management fees and total expenses relative to peers, including with respect to the Fund's peer group not uniformly reflecting the Fund's specific investment strategy and the Fund's more concentrated portfolio compared to its peers.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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' management of significant assets and 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

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

*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 reasonable business judgement and in accordance with applicable regulatory guidance.

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 under the Investment Company Act of 1940 (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

**15**

**Invesco Global Core Equity Fund**

------

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.

**16**

**Invesco Global Core Equity Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco Global Core Equity Fund**

------

![](img7fb2a62b1.jpg)

SEC file number(s): 811-01540 and 002-27334

Invesco Distributors, Inc.

GCE-NCSRS

------

![](imgb3ac990b1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Small Cap Equity Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_SOI-Continued-62_1) | Schedule of Investments |
| [5](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_FS-Continued-62_1) | Financial Statements |
| [8](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_FS-Continued-62_4) | Financial Highlights |
| [9](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_NTF-Continued-62_1) | Notes to Financial Statements |
| [16](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_AOC-Continued-62_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_dd83f360-b0bd-4e21-a840-2d29c36a638e_OIRSR-Continued-62_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.26%** | **Common Stocks & Other Equity Interests–95.26%** | **Common Stocks & Other Equity Interests–95.26%** |
| **Aerospace & Defense–3.99%** | **Aerospace & Defense–3.99%** | **Aerospace & Defense–3.99%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 59109 | &nbsp;&nbsp; $16843109 |
| Curtiss-Wright Corp. | 26616 | &nbsp;&nbsp; 13003248 |
| Leonardo DRS, Inc. | 224468 | &nbsp;&nbsp; 10433273 |
|  |  | &nbsp;&nbsp; 40279630 |
| **Apparel Retail–1.05%** | **Apparel Retail–1.05%** | **Apparel Retail–1.05%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup>  | 128160 | &nbsp;&nbsp; 10618056 |
| **Apparel, Accessories & Luxury Goods–0.96%** | **Apparel, Accessories & Luxury Goods–0.96%** | **Apparel, Accessories & Luxury Goods–0.96%** |
| Kontoor Brands, Inc. | 147381 | &nbsp;&nbsp; 9722725 |
| **Application Software–3.11%** | **Application Software–3.11%** | **Application Software–3.11%** |
| AppFolio, Inc., Class A<sup>(b)(c)</sup>  | 41646 | &nbsp;&nbsp; 9590241 |
| Descartes Systems Group, Inc. (The) <br> (Canada)<sup>(b)</sup>  | 100169 | &nbsp;&nbsp; 10181678 |
| Q2 Holdings, Inc.<sup>(b)</sup>  | 124486 | &nbsp;&nbsp; 11650645 |
|  |  | &nbsp;&nbsp; 31422564 |
| **Asset Management & Custody Banks–1.13%** | **Asset Management & Custody Banks–1.13%** | **Asset Management & Custody Banks–1.13%** |
| StepStone Group, Inc., Class A | 205670 | &nbsp;&nbsp; 11414685 |
| **Automotive Parts & Equipment–0.97%** | **Automotive Parts & Equipment–0.97%** | **Automotive Parts & Equipment–0.97%** |
| Patrick Industries, Inc.<sup>(c)</sup>  | 106143 | &nbsp;&nbsp; 9793815 |
| **Automotive Retail–0.83%** | **Automotive Retail–0.83%** | **Automotive Retail–0.83%** |
| Murphy USA, Inc. | 20541 | &nbsp;&nbsp; 8356079 |
| **Biotechnology–4.36%** | **Biotechnology–4.36%** | **Biotechnology–4.36%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 546644 | &nbsp;&nbsp; 9954387 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 55226 | &nbsp;&nbsp; 9532008 |
| CareDx, Inc.<sup>(b)(c)</sup>  | 533256 | &nbsp;&nbsp; 10419823 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 87012 | &nbsp;&nbsp; 4526364 |
| Vericel Corp.<sup>(b)(c)</sup>  | 225533 | &nbsp;&nbsp; 9596429 |
|  |  | &nbsp;&nbsp; 44029011 |
| **Broadline Retail–1.15%** | **Broadline Retail–1.15%** | **Broadline Retail–1.15%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 88313 | &nbsp;&nbsp; 11637887 |
| **Building Products–1.15%** | **Building Products–1.15%** | **Building Products–1.15%** |
| Griffon Corp. | 159659 | &nbsp;&nbsp; 11554522 |
| **Cargo Ground Transportation–1.44%** | **Cargo Ground Transportation–1.44%** | **Cargo Ground Transportation–1.44%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 114663 | &nbsp;&nbsp; 14480790 |
| **Commercial & Residential Mortgage Finance–1.65%** | **Commercial & Residential Mortgage Finance–1.65%** | **Commercial & Residential Mortgage Finance–1.65%** |
| Merchants Bancorp | 215327 | &nbsp;&nbsp; 7120864 |
| Mr. Cooper Group, Inc.<sup>(b)</sup>  | 63896 | &nbsp;&nbsp; 9533922 |
|  |  | &nbsp;&nbsp; 16654786 |
| **Construction & Engineering–1.12%** | **Construction & Engineering–1.12%** | **Construction & Engineering–1.12%** |
| IES Holdings, Inc.<sup>(b)(c)</sup>  | 38170 | &nbsp;&nbsp; 11307099 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.64%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.64%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.64%** |
| REV Group, Inc. | 346756 | &nbsp;&nbsp; $16502118 |
| **Construction Materials–0.87%** | **Construction Materials–0.87%** | **Construction Materials–0.87%** |
| Knife River Corp.<sup>(b)</sup>  | 108061 | &nbsp;&nbsp; 8822100 |
| **Data Processing & Outsourced Services–0.82%** | **Data Processing & Outsourced Services–0.82%** | **Data Processing & Outsourced Services–0.82%** |
| ExlService Holdings, Inc.<sup>(b)</sup>  | 189853 | &nbsp;&nbsp; 8313663 |
| **Education Services–0.94%** | **Education Services–0.94%** | **Education Services–0.94%** |
| Grand Canyon Education, Inc.<sup>(b)</sup>  | 49980 | &nbsp;&nbsp; 9446220 |
| **Electrical Components & Equipment–1.71%** | **Electrical Components & Equipment–1.71%** | **Electrical Components & Equipment–1.71%** |
| EnerSys | 69753 | &nbsp;&nbsp; 5982715 |
| Powell Industries, Inc.<sup>(c)</sup>  | 53648 | &nbsp;&nbsp; 11290221 |
|  |  | &nbsp;&nbsp; 17272936 |
| **Electronic Manufacturing Services–2.85%** | **Electronic Manufacturing Services–2.85%** | **Electronic Manufacturing Services–2.85%** |
| Flex Ltd.<sup>(b)</sup>  | 319503 | &nbsp;&nbsp; 15949590 |
| Sanmina Corp.<sup>(b)</sup>  | 131353 | &nbsp;&nbsp; 12850264 |
|  |  | &nbsp;&nbsp; 28799854 |
| **Environmental & Facilities Services–1.22%** | **Environmental & Facilities Services–1.22%** | **Environmental & Facilities Services–1.22%** |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 106263 | &nbsp;&nbsp; 12260625 |
| **Financial Exchanges & Data–1.86%** | **Financial Exchanges & Data–1.86%** | **Financial Exchanges & Data–1.86%** |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup>  | 145074 | &nbsp;&nbsp; 8943812 |
| TMX Group Ltd. (Canada) | 231679 | &nbsp;&nbsp; 9820093 |
|  |  | &nbsp;&nbsp; 18763905 |
| **Food Distributors–0.99%** | **Food Distributors–0.99%** | **Food Distributors–0.99%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup>  | 156123 | &nbsp;&nbsp; 9962209 |
| **Food Retail–1.09%** | **Food Retail–1.09%** | **Food Retail–1.09%** |
| Sprouts Farmers Market, Inc.<sup>(b)</sup>  | 66695 | &nbsp;&nbsp; 10980665 |
| **Health Care Equipment–1.19%** | **Health Care Equipment–1.19%** | **Health Care Equipment–1.19%** |
| Masimo Corp.<sup>(b)(c)</sup>  | 71276 | &nbsp;&nbsp; 11990049 |
| **Health Care Facilities–3.02%** | **Health Care Facilities–3.02%** | **Health Care Facilities–3.02%** |
| Encompass Health Corp. | 142059 | &nbsp;&nbsp; 17420695 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 73859 | &nbsp;&nbsp; 12999184 |
|  |  | &nbsp;&nbsp; 30419879 |
| **Health Care Services–1.52%** | **Health Care Services–1.52%** | **Health Care Services–1.52%** |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 648137 | &nbsp;&nbsp; 15289552 |
| **Health Care Supplies–0.82%** | **Health Care Supplies–0.82%** | **Health Care Supplies–0.82%** |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup>  | 100861 | &nbsp;&nbsp; 8256481 |
| **Hotels, Resorts & Cruise Lines–1.24%** | **Hotels, Resorts & Cruise Lines–1.24%** | **Hotels, Resorts & Cruise Lines–1.24%** |
| Travel + Leisure Co. | 242271 | &nbsp;&nbsp; 12503606 |
| **Household Products–0.86%** | **Household Products–0.86%** | **Household Products–0.86%** |
| WD-40 Co.<sup>(c)</sup>  | 38030 | &nbsp;&nbsp; 8674263 |

---

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

**2**

**Invesco Small Cap Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–1.45%** | **Independent Power Producers & Energy Traders–1.45%** | **Independent Power Producers & Energy Traders–1.45%** |
| Talen Energy Corp.<sup>(b)(c)</sup>  | 50277 | &nbsp;&nbsp; $14619043 |
| **Industrial Machinery & Supplies & Components–4.75%** | **Industrial Machinery & Supplies & Components–4.75%** | **Industrial Machinery & Supplies & Components–4.75%** |
| Crane Co. | 57014 | &nbsp;&nbsp; 10826389 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 436069 | &nbsp;&nbsp; 10042669 |
| ITT, Inc. | 120180 | &nbsp;&nbsp; 18847829 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 48994 | &nbsp;&nbsp; 8215314 |
|  |  | &nbsp;&nbsp; 47932201 |
| **Industrial REITs–1.95%** | **Industrial REITs–1.95%** | **Industrial REITs–1.95%** |
| EastGroup Properties, Inc. | 61776 | &nbsp;&nbsp; 10324005 |
| STAG Industrial, Inc. | 257561 | &nbsp;&nbsp; 9344313 |
|  |  | &nbsp;&nbsp; 19668318 |
| **Insurance Brokers–0.91%** | **Insurance Brokers–0.91%** | **Insurance Brokers–0.91%** |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup>  | 214175 | &nbsp;&nbsp; 9168832 |
| **Investment Banking & Brokerage–6.28%** | **Investment Banking & Brokerage–6.28%** | **Investment Banking & Brokerage–6.28%** |
| BGC Group, Inc., Class A | 1246157 | &nbsp;&nbsp; 12748186 |
| Marex Group PLC (United Kingdom) | 234678 | &nbsp;&nbsp; 9262741 |
| Piper Sandler Cos. | 68488 | &nbsp;&nbsp; 19035555 |
| Stifel Financial Corp. | 102594 | &nbsp;&nbsp; 10647205 |
| Virtu Financial, Inc., Class A | 259164 | &nbsp;&nbsp; 11607955 |
|  |  | &nbsp;&nbsp; 63301642 |
| **Leisure Products–1.00%** | **Leisure Products–1.00%** | **Leisure Products–1.00%** |
| Acushnet Holdings Corp.<sup>(c)</sup>  | 138210 | &nbsp;&nbsp; 10064452 |
| **Life Sciences Tools & Services–2.07%** | **Life Sciences Tools & Services–2.07%** | **Life Sciences Tools & Services–2.07%** |
| Repligen Corp.<sup>(b)</sup>  | 71138 | &nbsp;&nbsp; 8848144 |
| Stevanato Group S.p.A. (Italy)<sup>(c)</sup>  | 491218 | &nbsp;&nbsp; 12000456 |
|  |  | &nbsp;&nbsp; 20848600 |
| **Oil & Gas Exploration & Production–2.09%** | **Oil & Gas Exploration & Production–2.09%** | **Oil & Gas Exploration & Production–2.09%** |
| Antero Resources Corp.<sup>(b)</sup>  | 291608 | &nbsp;&nbsp; 11745970 |
| Range Resources Corp. | 228576 | &nbsp;&nbsp; 9296186 |
|  |  | &nbsp;&nbsp; 21042156 |
| **Oil & Gas Storage & Transportation–1.00%** | **Oil & Gas Storage & Transportation–1.00%** | **Oil & Gas Storage & Transportation–1.00%** |
| DT Midstream, Inc.<sup>(b)</sup>  | 91976 | &nbsp;&nbsp; 10109082 |
| **Other Specialized REITs–1.09%** | **Other Specialized REITs–1.09%** | **Other Specialized REITs–1.09%** |
| Gaming and Leisure Properties, Inc. | 235648 | &nbsp;&nbsp; 11000049 |
| **Paper & Plastic Packaging Products & Materials–0.89%** | **Paper & Plastic Packaging Products & Materials–0.89%** | **Paper & Plastic Packaging Products & Materials–0.89%** |
| Graphic Packaging Holding Co.<sup>(c)</sup>  | 427402 | &nbsp;&nbsp; 9005360 |
| **Pharmaceuticals–1.48%** | **Pharmaceuticals–1.48%** | **Pharmaceuticals–1.48%** |
| Axsome Therapeutics, Inc.<sup>(b)(c)</sup>  | 58490 | &nbsp;&nbsp; 6105771 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup>  | 110393 | &nbsp;&nbsp; 8814881 |
|  |  | &nbsp;&nbsp; 14920652 |
| **Property & Casualty Insurance–1.59%** | **Property & Casualty Insurance–1.59%** | **Property & Casualty Insurance–1.59%** |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 276897 | &nbsp;&nbsp; 16001878 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Real Estate Services–0.77%** | **Real Estate Services–0.77%** | **Real Estate Services–0.77%** | **Real Estate Services–0.77%** |
| Newmark Group, Inc., Class A | Newmark Group, Inc., Class A | 641029 | &nbsp;&nbsp; $7788502 |
| **Regional Banks–6.88%** | **Regional Banks–6.88%** | **Regional Banks–6.88%** | **Regional Banks–6.88%** |
| Banc of California, Inc. | Banc of California, Inc. | 815025 | &nbsp;&nbsp; 11451101 |
| Bancorp, Inc. (The)<sup>(b)</sup>  | Bancorp, Inc. (The)<sup>(b)</sup>  | 292698 | &nbsp;&nbsp; 16675005 |
| Pinnacle Financial Partners, Inc.<sup>(c)</sup>  | Pinnacle Financial Partners, Inc.<sup>(c)</sup>  | 155452 | &nbsp;&nbsp; 17163456 |
| SouthState Corp. | SouthState Corp. | 124867 | &nbsp;&nbsp; 11491510 |
| Western Alliance Bancorporation | Western Alliance Bancorporation | 161293 | &nbsp;&nbsp; 12577628 |
|  |  |  | &nbsp;&nbsp; 69358700 |
| **Research & Consulting Services–1.26%** | **Research & Consulting Services–1.26%** | **Research & Consulting Services–1.26%** | **Research & Consulting Services–1.26%** |
| Huron Consulting Group, Inc.<sup>(b)</sup>  | Huron Consulting Group, Inc.<sup>(b)</sup>  | 92076 | &nbsp;&nbsp; 12664133 |
| **Restaurants–1.22%** | **Restaurants–1.22%** | **Restaurants–1.22%** | **Restaurants–1.22%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 197097 | &nbsp;&nbsp; 12350098 |
| **Semiconductors–3.41%** | **Semiconductors–3.41%** | **Semiconductors–3.41%** | **Semiconductors–3.41%** |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 98119 | &nbsp;&nbsp; 14059472 |
| Power Integrations, Inc.<sup>(c)</sup>  | Power Integrations, Inc.<sup>(c)</sup>  | 153485 | &nbsp;&nbsp; 8579811 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 80098 | &nbsp;&nbsp; 11803241 |
|  |  |  | &nbsp;&nbsp; 34442524 |
| **Specialized Consumer Services–1.22%** | **Specialized Consumer Services–1.22%** | **Specialized Consumer Services–1.22%** | **Specialized Consumer Services–1.22%** |
| Frontdoor, Inc.<sup>(b)</sup>  | Frontdoor, Inc.<sup>(b)</sup>  | 208507 | &nbsp;&nbsp; 12289403 |
| **Specialty Chemicals–0.61%** | **Specialty Chemicals–0.61%** | **Specialty Chemicals–0.61%** | **Specialty Chemicals–0.61%** |
| Innospec, Inc. | Innospec, Inc. | 73325 | &nbsp;&nbsp; 6165899 |
| **Steel–1.50%** | **Steel–1.50%** | **Steel–1.50%** | **Steel–1.50%** |
| ATI, Inc.<sup>(b)</sup>  | ATI, Inc.<sup>(b)</sup>  | 175170 | &nbsp;&nbsp; 15124178 |
| **Systems Software–1.50%** | **Systems Software–1.50%** | **Systems Software–1.50%** | **Systems Software–1.50%** |
| Commvault Systems, Inc.<sup>(b)</sup>  | Commvault Systems, Inc.<sup>(b)</sup>  | 87074 | &nbsp;&nbsp; 15179610 |
| **Trading Companies & Distributors–3.75%** | **Trading Companies & Distributors–3.75%** | **Trading Companies & Distributors–3.75%** | **Trading Companies & Distributors–3.75%** |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 69654 | &nbsp;&nbsp; 16191072 |
| Core & Main, Inc., Class A<sup>(b)</sup>  | Core & Main, Inc., Class A<sup>(b)</sup>  | 197838 | &nbsp;&nbsp; 11939523 |
| WESCO International, Inc. | WESCO International, Inc. | 52524 | &nbsp;&nbsp; 9727445 |
|  |  |  | &nbsp;&nbsp; 37858040 |
| **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | 105414 | &nbsp;&nbsp; 10447581 |
| Total Common Stocks & Other Equity Interests <br> (Cost $683,256,331) | Total Common Stocks & Other Equity Interests <br> (Cost $683,256,331) | Total Common Stocks & Other Equity Interests <br> (Cost $683,256,331) | &nbsp;&nbsp; 960880707 |
| **Money Market Funds–4.42%** | **Money Market Funds–4.42%** | **Money Market Funds–4.42%** | **Money Market Funds–4.42%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 15613610 | &nbsp;&nbsp; 15613610 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 28997210 | &nbsp;&nbsp; 28997210 |
| Total Money Market Funds (Cost $44,610,820) | Total Money Market Funds (Cost $44,610,820) | Total Money Market Funds (Cost $44,610,820) | &nbsp;&nbsp; 44610820 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.68% <br> (Cost $727,867,151)<br>|  |  | &nbsp;&nbsp; 1005491527 |

---

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

**3**

**Invesco Small Cap Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–13.75%** | **Money Market Funds–13.75%** | **Money Market Funds–13.75%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 38485164 | &nbsp;&nbsp; $38485164 |
| Invesco Private Prime Fund, <br> 4.49%<sup>(d)(e)(f)</sup>  | 100131168 | &nbsp;&nbsp; 100161208 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $138,637,141) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $138,637,141) | &nbsp;&nbsp; 138646372 |
| TOTAL INVESTMENTS IN SECURITIES–113.43% <br> (Cost $866,504,292) | TOTAL INVESTMENTS IN SECURITIES–113.43% <br> (Cost $866,504,292) | &nbsp;&nbsp; 1144137899 |
| OTHER ASSETS LESS LIABILITIES—(13.43)% | OTHER ASSETS LESS LIABILITIES—(13.43)% | &nbsp;&nbsp; (135421151)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1008716748 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $2938480 | &nbsp;&nbsp; $36531944 | &nbsp;&nbsp; $(23856814) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15613610 | &nbsp;&nbsp; $204823 |
| Invesco Treasury Portfolio, Institutional Class | 5457684 | &nbsp;&nbsp; 67845039 | &nbsp;&nbsp; (44305513) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 28997210 | &nbsp;&nbsp; 377614 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 45974826 | &nbsp;&nbsp; 178020074 | &nbsp;&nbsp; (185509736) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 38485164 | &nbsp;&nbsp; 824,475\* |
| Invesco Private Prime Fund | 119841333 | &nbsp;&nbsp; 395738876 | &nbsp;&nbsp; (415422537) | &nbsp;&nbsp; 9231 | &nbsp;&nbsp; (5695) | &nbsp;&nbsp; 100161208 | &nbsp;&nbsp; 2,209,543\* |
| Total | $174212323 | &nbsp;&nbsp; $678135933 | &nbsp;&nbsp; $(669094600) | &nbsp;&nbsp; $9231 | &nbsp;&nbsp; $(5695) | &nbsp;&nbsp; $183257192 | &nbsp;&nbsp; $3616455 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco Small Cap Equity Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $683,256,331)\*<br>| &nbsp;&nbsp; $960880707 |
| Investments in affiliated money market funds, at value <br> (Cost $183,247,961)<br>| &nbsp;&nbsp; 183257192 |
| Foreign currencies, at value (Cost $28,974) | &nbsp;&nbsp; 29079 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4086607 |
| Fund shares sold | &nbsp;&nbsp; 617515 |
| Dividends | &nbsp;&nbsp; 535728 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 159508 |
| Other assets | &nbsp;&nbsp; 65939 |
| Total assets | &nbsp;&nbsp; 1149632275 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1428910 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 138637141 |
| Accrued fees to affiliates | &nbsp;&nbsp; 589014 |
| Accrued other operating expenses | &nbsp;&nbsp; 94284 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 166178 |
| Total liabilities | &nbsp;&nbsp; 140915527 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1008716748 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $678163192 |
| Distributable earnings | &nbsp;&nbsp; 330553556 |
|  | &nbsp;&nbsp; $1008716748 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $600451070 |
| Class C | &nbsp;&nbsp; $11639796 |
| Class R | &nbsp;&nbsp; $58582174 |
| Class Y | &nbsp;&nbsp; $81409828 |
| Class R5 | &nbsp;&nbsp; $14484225 |
| Class R6 | &nbsp;&nbsp; $242149655 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 39777497 |
| Class C | &nbsp;&nbsp; 1321011 |
| Class R | &nbsp;&nbsp; 4474633 |
| Class Y | &nbsp;&nbsp; 4963119 |
| Class R5 | &nbsp;&nbsp; 782885 |
| Class R6 | &nbsp;&nbsp; 12885125 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $15.10 |
| Maximum offering price per share <br>(Net asset value of $15.10 ÷ 94.50%)<br>| &nbsp;&nbsp; $15.98 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.81 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.09 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.40 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.50 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.79 |

---

\* At June 30, 2025, securities with an aggregate value of $136,035,359 were on loan to brokers. 

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

**5**

**Invesco Small Cap Equity Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $17,058) | &nbsp;&nbsp; $4195087 |
| Dividends from affiliated money market funds (includes net securities lending income of $92,704) | &nbsp;&nbsp; 675141 |
| Total investment income | &nbsp;&nbsp; 4870228 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3454126 |
| Administrative services fees | &nbsp;&nbsp; 75083 |
| Custodian fees | &nbsp;&nbsp; 6912 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 717743 |
| Class C | &nbsp;&nbsp; 57309 |
| Class R | &nbsp;&nbsp; 141631 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 725612 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 8005 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 34134 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12938 |
| Registration and filing fees | &nbsp;&nbsp; 55526 |
| Reports to shareholders | &nbsp;&nbsp; 64657 |
| Professional services fees | &nbsp;&nbsp; 23981 |
| Other | &nbsp;&nbsp; 10832 |
| Total expenses | &nbsp;&nbsp; 5388489 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (27197)<br>|
| Net expenses | &nbsp;&nbsp; 5361292 |
| Net investment income (loss) | &nbsp;&nbsp; (491064)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 40376335 |
| Affiliated investment securities | &nbsp;&nbsp; (5695)<br>|
| Foreign currencies | &nbsp;&nbsp; 1935 |
|  | &nbsp;&nbsp; 40372575 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (6249242)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 9231 |
| Foreign currencies | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp; (6239902)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 34132673 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $33641609 |

---

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

**6**

**Invesco Small Cap Equity Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(491064)<br>| &nbsp;&nbsp; $(1231464)<br>|
| Net realized gain | &nbsp;&nbsp; 40372575 | &nbsp;&nbsp; 43179406 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (6239902)<br>| &nbsp;&nbsp; 111600557 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 33641609 | &nbsp;&nbsp; 153548499 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (45566320)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (1471600)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (5012434)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (5297780)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1225045)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13265050)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (71838229)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (21289272)<br>| &nbsp;&nbsp; 5100091 |
| Class C | &nbsp;&nbsp; (697828)<br>| &nbsp;&nbsp; (368716)<br>|
| Class R | &nbsp;&nbsp; (1928327)<br>| &nbsp;&nbsp; 913748 |
| Class Y | &nbsp;&nbsp; 5514682 | &nbsp;&nbsp; 2167741 |
| Class R5 | &nbsp;&nbsp; (5538219)<br>| &nbsp;&nbsp; (7169934)<br>|
| Class R6 | &nbsp;&nbsp; 14753559 | &nbsp;&nbsp; 15297918 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (9185405)<br>| &nbsp;&nbsp; 15940848 |
| Net increase in net assets | &nbsp;&nbsp; 24456204 | &nbsp;&nbsp; 97651118 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 984260544 | &nbsp;&nbsp; 886609426 |
| End of period | &nbsp;&nbsp; $1008716748 | &nbsp;&nbsp; $984260544 |

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

**7**

**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.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 06/30/25 | $14.61 | $(0.01)<br>| $0.50 | $0.49 | $— | $— | $— | $15.10 | 3.35<br> %<br>| &nbsp;&nbsp; $600451 | 1.23 %<sup>(d)</sup><br>| 1.23 %<sup>(d)</sup><br>| (0.21 )%<sup>(d)</sup><br>| 24<br> %<br>|
| Year ended 12/31/24 | 13.35 | (0.03)<br>| 2.47 | 2.44 |  | (1.18)<br>| (1.18)<br>| 14.61 | 17.79 | &nbsp;&nbsp; 602644 | 1.27 | 1.27 | (0.24)<br>| 50 |
| Year ended 12/31/23 | 11.56 | (0.02)<br>| 1.86 | 1.84 |  | (0.05)<br>| (0.05)<br>| 13.35 | 15.96 | &nbsp;&nbsp; 548978 | 1.26 | 1.26 | (0.15)<br>| 43 |
| Year ended 12/31/22 | 14.99 | (0.02)<br>| (3.07)<br>| (3.09)<br>|  | (0.34)<br>| (0.34)<br>| 11.56 | (20.60)<br>| &nbsp;&nbsp; 506506 | 1.26 | 1.26 | (0.17)<br>| 33 |
| Year ended 12/31/21 | 14.97 | (0.04)<br>| 2.91 | 2.87 |  | (2.85)<br>| (2.85)<br>| 14.99 | 20.02 | &nbsp;&nbsp; 660296 | 1.22 | 1.22 | (0.22)<br>| 22 |
| Year ended 12/31/20 | 12.50 | (0.02)<br>| 3.39 | 3.37 |  | (0.90)<br>| (0.90)<br>| 14.97 | 27.29 | &nbsp;&nbsp; 562995 | 1.31 | 1.31 | (0.13)<br>| 43 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 06/30/25 | 8.56 | (0.04)<br>| 0.29 | 0.25 |  |  |  | 8.81 | 2.92 | &nbsp;&nbsp; 11640 | 1.98 <br><sup>(d)</sup><br>| 1.98 <br><sup>(d)</sup><br>| (0.96 )<sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 8.28 | (0.09)<br>| 1.55 | 1.46 |  | (1.18)<br>| (1.18)<br>| 8.56 | 16.84 | &nbsp;&nbsp; 12007 | 2.02 | 2.02 | (0.99)<br>| 50 |
| Year ended 12/31/23 | 7.23 | (0.07)<br>| 1.17 | 1.10 |  | (0.05)<br>| (0.05)<br>| 8.28 | 15.28 | &nbsp;&nbsp; 11982 | 2.01 | 2.01 | (0.90)<br>| 43 |
| Year ended 12/31/22 | 9.61 | (0.07)<br>| (1.97)<br>| (2.04)<br>|  | (0.34)<br>| (0.34)<br>| 7.23 | (21.20)<br>| &nbsp;&nbsp; 12069 | 2.01 | 2.01 | (0.92)<br>| 33 |
| Year ended 12/31/21 | 10.57 | (0.12)<br>| 2.01 | 1.89 |  | (2.85)<br>| (2.85)<br>| 9.61 | 19.06 | &nbsp;&nbsp; 17784 | 1.97 | 1.97 | (0.97)<br>| 22 |
| Year ended 12/31/20 | 9.11 | (0.08)<br>| 2.44 | 2.36 |  | (0.90)<br>| (0.90)<br>| 10.57 | 26.36 | &nbsp;&nbsp; 16129 | 2.06 | 2.06 | (0.88)<br>| 43 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 06/30/25 | 12.68 | (0.03)<br>| 0.44 | 0.41 |  |  |  | 13.09 | 3.23 | &nbsp;&nbsp; 58582 | 1.48 <br><sup>(d)</sup><br>| 1.48 <br><sup>(d)</sup><br>| (0.46 )<sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 11.75 | (0.06)<br>| 2.17 | 2.11 |  | (1.18)<br>| (1.18)<br>| 12.68 | 17.40 | &nbsp;&nbsp; 58764 | 1.52 | 1.52 | (0.49)<br>| 50 |
| Year ended 12/31/23 | 10.20 | (0.04)<br>| 1.64 | 1.60 |  | (0.05)<br>| (0.05)<br>| 11.75 | 15.73 | &nbsp;&nbsp; 53783 | 1.51 | 1.51 | (0.40)<br>| 43 |
| Year ended 12/31/22 | 13.31 | (0.05)<br>| (2.72)<br>| (2.77)<br>|  | (0.34)<br>| (0.34)<br>| 10.20 | (20.79)<br>| &nbsp;&nbsp; 46851 | 1.51 | 1.51 | (0.42)<br>| 33 |
| Year ended 12/31/21 | 13.61 | (0.07)<br>| 2.62 | 2.55 |  | (2.85)<br>| (2.85)<br>| 13.31 | 19.66 | &nbsp;&nbsp; 51571 | 1.47 | 1.47 | (0.47)<br>| 22 |
| Year ended 12/31/20 | 11.45 | (0.04)<br>| 3.10 | 3.06 |  | (0.90)<br>| (0.90)<br>| 13.61 | 27.09 | &nbsp;&nbsp; 48792 | 1.56 | 1.56 | (0.38)<br>| 43 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 06/30/25 | 15.85 | 0.00 | 0.55 | 0.55 |  |  |  | 16.40 | 3.47 | &nbsp;&nbsp; 81410 | 0.98 <br><sup>(d)</sup><br>| 0.98 <br><sup>(d)</sup><br>| 0.04 <br><sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 14.37 | 0.00 | 2.66 | 2.66 |  | (1.18)<br>| (1.18)<br>| 15.85 | 18.06 | &nbsp;&nbsp; 72960 | 1.02 | 1.02 | 0.01 | 50 |
| Year ended 12/31/23 | 12.41 | 0.01 | 2.00 | 2.01 |  | (0.05)<br>| (0.05)<br>| 14.37 | 16.23 | &nbsp;&nbsp; 64657 | 1.01 | 1.01 | 0.10 | 43 |
| Year ended 12/31/22 | 16.02 | 0.01 | (3.28)<br>| (3.27)<br>|  | (0.34)<br>| (0.34)<br>| 12.41 | (20.40)<br>| &nbsp;&nbsp; 59796 | 1.01 | 1.01 | 0.08 | 33 |
| Year ended 12/31/21 | 15.80 | 0.01 | 3.07 | 3.08 | (0.01)<br>| (2.85)<br>| (2.86)<br>| 16.02 | 20.27 | &nbsp;&nbsp; 91380 | 0.97 | 0.97 | 0.03 | 22 |
| Year ended 12/31/20 | 13.12 | 0.02 | 3.57 | 3.59 | (0.01)<br>| (0.90)<br>| (0.91)<br>| 15.80 | 27.70 | &nbsp;&nbsp; 66783 | 1.06 | 1.06 | 0.12 | 43 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 06/30/25 | 17.87 | 0.01 | 0.62 | 0.63 |  |  |  | 18.50 | 3.53 | &nbsp;&nbsp; 14484 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| 0.14 <br><sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 16.07 | 0.02 | 2.96 | 2.98 |  | (1.18)<br>| (1.18)<br>| 17.87 | 18.14 | &nbsp;&nbsp; 19658 | 0.90 | 0.90 | 0.13 | 50 |
| Year ended 12/31/23 | 13.84 | 0.03 | 2.25 | 2.28 |  | (0.05)<br>| (0.05)<br>| 16.07 | 16.51 | &nbsp;&nbsp; 24448 | 0.89 | 0.89 | 0.22 | 43 |
| Year ended 12/31/22 | 17.80 | 0.03 | (3.65)<br>| (3.62)<br>|  | (0.34)<br>| (0.34)<br>| 13.84 | (20.32)<br>| &nbsp;&nbsp; 21181 | 0.87 | 0.87 | 0.22 | 33 |
| Year ended 12/31/21 | 17.28 | 0.03 | 3.36 | 3.39 | (0.02)<br>| (2.85)<br>| (2.87)<br>| 17.80 | 20.39 | &nbsp;&nbsp; 27506 | 0.85 | 0.85 | 0.15 | 22 |
| Year ended 12/31/20 | 14.28 | 0.04 | 3.91 | 3.95 | (0.05)<br>| (0.90)<br>| (0.95)<br>| 17.28 | 27.95 | &nbsp;&nbsp; 21396 | 0.88 | 0.88 | 0.30 | 43 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 06/30/25 | 18.14 | 0.02 | 0.63 | 0.65 |  |  |  | 18.79 | 3.58 | &nbsp;&nbsp; 242150 | 0.81 <br><sup>(d)</sup><br>| 0.81 <br><sup>(d)</sup><br>| 0.21 <br><sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 16.29 | 0.04 | 2.99 | 3.03 |  | (1.18)<br>| (1.18)<br>| 18.14 | 18.20 | &nbsp;&nbsp; 218227 | 0.83 | 0.83 | 0.20 | 50 |
| Year ended 12/31/23 | 14.03 | 0.04 | 2.27 | 2.31 |  | (0.05)<br>| (0.05)<br>| 16.29 | 16.50 | &nbsp;&nbsp; 182761 | 0.82 | 0.82 | 0.29 | 43 |
| Year ended 12/31/22 | 18.01 | 0.04 | (3.68)<br>| (3.64)<br>|  | (0.34)<br>| (0.34)<br>| 14.03 | (20.20)<br>| &nbsp;&nbsp; 209508 | 0.80 | 0.80 | 0.29 | 33 |
| Year ended 12/31/21 | 17.45 | 0.04 | 3.40 | 3.44 | (0.03)<br>| (2.85)<br>| (2.88)<br>| 18.01 | 20.46 | &nbsp;&nbsp; 316542 | 0.79 | 0.79 | 0.21 | 22 |
| Year ended 12/31/20 | 14.41 | 0.05 | 3.94 | 3.99 | (0.05)<br>| (0.90)<br>| (0.95)<br>| 17.45 | 28.03 | &nbsp;&nbsp; 274576 | 0.81 | 0.81 | 0.37 | 43 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

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

**8**

**Invesco Small Cap Equity Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(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.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

**9**

**Invesco Small Cap Equity Fund**

------

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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

**10**

**Invesco Small Cap Equity Fund**

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities 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, 2025, the Fund paid the Adviser $6,617 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **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.

**11**

**Invesco Small Cap Equity Fund**

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The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.745% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.715% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.685% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.655% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.640% |

---

For the six months ended June 30, 2025, 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 a separate sub-advisory agreement with Invesco Capital Management LLC (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 agreed, for an indefinite period, 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 "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $15,682.

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, 2025, 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.

**12**

**Invesco Small Cap Equity Fund**

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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, 2025, 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 Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $44,781 in front-end sales commissions from the sale of Class A shares and $1,727 and $136 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2025, the Fund incurred $10,234 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $960880707 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $960880707 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 44610820 | &nbsp;&nbsp;&nbsp;&nbsp; 138646372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183257192 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1005491527 | &nbsp;&nbsp;&nbsp;&nbsp; $138646372 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1144137899 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,515.

**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

**13**

**Invesco Small Cap Equity Fund**

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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.

**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, 2024.

**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, 2025 was $223,967,210 and $273,196,719, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $298758451 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (21287355)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $277471096 |

---

Cost of investments for tax purposes is $866,666,803.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025** | **Six months ended** <br>**June 30, 2025** | **Year ended** <br>**December 31, 2024**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024**<sup>(a)</sup>  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1846931 | &nbsp;&nbsp;&nbsp; $26257064 | &nbsp;&nbsp;&nbsp; 3487139 | &nbsp;&nbsp;&nbsp; $50744107 |
| Class C | &nbsp;&nbsp;&nbsp; 161507 | &nbsp;&nbsp;&nbsp; 1357603 | &nbsp;&nbsp;&nbsp; 287009 | &nbsp;&nbsp;&nbsp; 2583382 |
| Class R | &nbsp;&nbsp;&nbsp; 743210 | &nbsp;&nbsp;&nbsp; 9231928 | &nbsp;&nbsp;&nbsp; 961916 | &nbsp;&nbsp;&nbsp; 12361701 |
| Class Y | &nbsp;&nbsp;&nbsp; 883233 | &nbsp;&nbsp;&nbsp; 13669779 | &nbsp;&nbsp;&nbsp; 1090001 | &nbsp;&nbsp;&nbsp; 17234053 |
| Class R5 | &nbsp;&nbsp;&nbsp; 58002 | &nbsp;&nbsp;&nbsp; 1011669 | &nbsp;&nbsp;&nbsp; 144109 | &nbsp;&nbsp;&nbsp; 2473415 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2224981 | &nbsp;&nbsp;&nbsp; 39233265 | &nbsp;&nbsp;&nbsp; 2820334 | &nbsp;&nbsp;&nbsp; 50144340 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2802097 | &nbsp;&nbsp;&nbsp; 43404479 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 158098 | &nbsp;&nbsp;&nbsp; 1435528 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 372592 | &nbsp;&nbsp;&nbsp; 5011356 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 276762 | &nbsp;&nbsp;&nbsp; 4652368 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 64646 | &nbsp;&nbsp;&nbsp; 1225045 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 668559 | &nbsp;&nbsp;&nbsp; 12863073 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 65118 | &nbsp;&nbsp;&nbsp; 947159 | &nbsp;&nbsp;&nbsp; 110477 | &nbsp;&nbsp;&nbsp; 1619561 |
| Class C | &nbsp;&nbsp;&nbsp; (111386)<br>| &nbsp;&nbsp;&nbsp; (947159)<br>| &nbsp;&nbsp;&nbsp; (180035)<br>| &nbsp;&nbsp;&nbsp; (1619561)<br>|

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**14**

**Invesco Small Cap Equity Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025** | **Six months ended**<br> **June 30, 2025** | **Year ended**<br> **December 31, 2024**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024**<sup>(a)</sup> |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3397387)<br>| &nbsp;&nbsp;&nbsp; $(48493495)<br>| &nbsp;&nbsp;&nbsp; (6253322)<br>| &nbsp;&nbsp;&nbsp; $(90668056)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (132346)<br>| &nbsp;&nbsp;&nbsp; (1108272)<br>| &nbsp;&nbsp;&nbsp; (309785)<br>| &nbsp;&nbsp;&nbsp; (2768065)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (902237)<br>| &nbsp;&nbsp;&nbsp; (11160255)<br>| &nbsp;&nbsp;&nbsp; (1279017)<br>| &nbsp;&nbsp;&nbsp; (16459309)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (523167)<br>| &nbsp;&nbsp;&nbsp; (8155097)<br>| &nbsp;&nbsp;&nbsp; (1262095)<br>| &nbsp;&nbsp;&nbsp; (19718680)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (375208)<br>| &nbsp;&nbsp;&nbsp; (6549888)<br>| &nbsp;&nbsp;&nbsp; (630464)<br>| &nbsp;&nbsp;&nbsp; (10868394)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1366761)<br>| &nbsp;&nbsp;&nbsp; (24479706)<br>| &nbsp;&nbsp;&nbsp; (2682836)<br>| &nbsp;&nbsp;&nbsp; (47709495)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (825510)<br>| &nbsp;&nbsp;&nbsp; $(9185405)<br>| &nbsp;&nbsp;&nbsp; 646185 | &nbsp;&nbsp;&nbsp; $15940848 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% 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 Small Cap Equity Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. 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. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, 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.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) 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 provider, as well as information on the composition of the peer groups 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 review 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 6, 2025 and June 16-18, 2025, 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 includes summary information drawn in part from 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 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.

**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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek 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 supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and

**16**

**Invesco Small Cap Equity Fund**

------

assist with portfolio trading. 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 supported the renewal of the sub-advisory contracts.

*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, 2024 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 first quintile of its performance universe for the one and five year periods, and the third quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). 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 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 received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and 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 and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual 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 relative total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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' management of significant assets and 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

*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 reasonable business judgement and in accordance with applicable regulatory guidance.

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

**17**

**Invesco Small Cap Equity Fund**

------

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 under the Investment Company Act of 1940 (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 Small Cap Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco Small Cap Equity Fund**

------

![](imgb3ac990b1.jpg)

SEC file number(s): 811-01540 and 002-27334

Invesco Distributors, Inc.

SCE-NCSRS

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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) <u>AIM Funds Group (Invesco Funds Group)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: August 27, 2025

Pursuant to the requirements of the Securities 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: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: August 27, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: August 27, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, 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;

(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; and

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 directors (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:&nbsp;&nbsp;&nbsp;&nbsp; <u>August 27, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, 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;

(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; and

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 directors (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:<u>August 27, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group) on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 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

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

---

| | |
|:---|:---|
| Date: August 27, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group) on Form N-CSR for the period ended June 30, 2025, 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. § 1350, as adopted pursuant to § 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

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

---

| | |
|:---|:---|
| Date: August 27, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------