Aim Funds Group N-CSRS Certified semi-annual shareholder report (management investment company)

OMB APPROVAL

OMB Number: 3235-0570

Expires: August 31, 2017

Estimated average burden

hours per response: 20.6

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01540

AIM Funds Group (Invesco Funds Group)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 06/30/17

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	June 30, 2017
	Invesco European Small Company Fund
	Nasdaq:
	A: ESMAX  ∎  B: ESMBX  ∎  C: ESMCX  ∎  Y: ESMYX  ∎  R6: ESMSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Contracts
20	Proxy Results
For the most current month-end Fund performance and commentary, please visit invesco.com/performance.
Unless otherwise noted, all data provided by Invesco.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

  Performance summary

  Fund vs. Indexes

Cumulative total returns, 12/31/16 to 6/30/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	21.35	%
Class B Shares	20.86
Class C Shares	20.83
Class Y Shares	21.40
Class R6 Shares*	21.45
MSCI Europe Indexq (Broad Market Index)	15.36
MSCI Europe Small Cap Indexq (Style-Specific Index)	19.47
Lipper European Funds Index∎ (Peer Group Index)	16.41
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information.
The MSCI Europe Index is an unmanaged index considered representative of stocks of developed European countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI Europe Small Cap Index is an unmanaged index considered representative of small-cap European stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper European Funds Index is an unmanaged index considered representative of European funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                             Invesco European Small Company Fund

Average Annual Total Returns
As of 6/30/17, including maximum   applicable sales charges
Class A Shares
Inception (8/31/00)	11.41	%
10 Years	3.90
5 Years	14.24
1 Year	26.07
Class B Shares
Inception (8/31/00)	11.41	%
10 Years	3.87
5 Years	14.44
1 Year	27.41
Class C Shares
Inception (8/31/00)	10.98	%
10 Years	3.72
5 Years	14.67
1 Year	31.36
Class Y Shares
10 Years	4.73	%
5 Years	15.82
1 Year	33.64
Class R6 Shares
10 Years	4.50	%
5 Years	15.55
1 Year	33.50

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Class R6 shares was 1.43%, 2.18%, 2.18%, 1.18% and 1.09%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Class R6 shares was 1.45%, 2.20%, 2.20%, 1.20% and 1.11%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a frontend sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2019. See current prospectus for more information.

3                             Invesco European Small Company Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor	Dear Shareholders:
	This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.
	The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                             Invesco European Small Company Fund

Schedule of Investments

June 30, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–73.67%
Belgium–1.53%
Sioen Industries N.V.		251,000	$	8,114,467
Van de Velde N.V.		45,106		2,413,867
				10,528,334
France–22.68%
Caisse Regionale de Credit Agricole Mutuel Brie Picardie — CCI		94,000		2,809,666
Caisse Regionale de Credit Agricole Mutuel d’Ile-de-France		55,078		5,381,723
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine — CCI		46,988		6,290,886
Caisse Regionale de Credit Agricole Mutuel Nord de France — CCI		365,844		8,549,185
Caisse Regionale de Credit Agricole Mutuel Sud Rhone Alpes — CCI		19,700		4,252,567
Constuctions Industrielles de la Mediterranee S.A.		80,972		13,085,302
Gaztransport & Technigaz S.A.		120,000		4,808,430
GEA		49,000		5,106,279
Gerard Perrier Industrie S.A.		169,171		9,122,939
Infotel S.A.		165,142		9,002,686
Linedata Services(a)		506,159		30,304,500
Maisons France Confort S.A.		112,990		8,129,747
Manutan International		93,000		9,189,088
Metropole Television S.A.		192,790		4,487,576
Neurones		280,000		8,609,070
Tessi S.A.		88,294		16,084,776
Total Gabon		6,432		1,045,527
Trigano S.A.		80,188		9,612,267
				155,872,214
Germany–4.15%
CENIT AG		230,151		5,656,897
Hypoport AG(b)		38,554		4,997,910
MorphoSys AG(b)		101,912		7,228,365
Nexus AG		179,730		5,314,663
SMT Scharf AG(b)		89,110		1,236,590
Takkt AG		164,690		4,117,524
				28,551,949
Greece–3.18%
Autohellas S.A.		207,551		4,774,275
Hellenic Exchanges — Athens Stock Exchange S.A.		940,000		6,098,167
Karelia Tobacco Co. Inc. S.A.		7,255		2,461,031
METKA INDUSTRIAL-CONSTRUCTION S.A.		914,192		8,551,543
				21,885,016
Ireland–4.34%
CPL Resources PLC		929,792		6,440,778
Origin Enterprises PLC		1,330,237		9,724,505

	Shares		Value
Ireland–(continued)
Total Produce PLC		5,516,323	$	13,672,016
				29,837,299
Israel–3.95%
Hilan Ltd.		517,409		9,401,233
Israel Discount Bank Ltd.–Class A(b)		5,598,000		14,736,933
MIND C.T.I. Ltd.(a)		1,200,000		3,000,000
				27,138,166
Italy–2.40%
Danieli & C. Officine Meccaniche S.p.A.–Savings Shares		920,532		16,485,727
Norway–4.55%
Bonheur ASA		531,206		4,867,525
Ekornes ASA		590,214		8,130,010
Kongsberg Gruppen ASA		296,721		4,726,979
NextGenTel Holding ASA		903,998		2,393,004
Wilh. Wilhelmsen Holding ASA–Class A		374,539		11,124,819
				31,242,337
Portugal–0.23%
Conduril — Engenharia S.A.		31,427		1,543,457
Romania–4.72%
Banca Transilvania S.A.		10,862,551		7,308,022
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		1,931,512		14,882,169
Transgaz SA Medias		114,300		10,253,048
				32,443,239
Spain–1.28%
Baron de Ley, S.A.(b)		68,000		8,776,281
Switzerland–4.43%
Carlo Gavazzi Holding AG		18,625		6,681,266
Kardex AG		147,048		16,898,368
OC Oerlikon Corp. AG		521,945		6,866,197
				30,445,831
Turkey–1.39%
Yazicilar Holding A.S.–Class A		1,476,313		9,565,471
United Kingdom–14.84%
City of London Investment Group PLC		900,000		4,762,083
Clarkson PLC		188,808		6,211,762
DCC PLC		58,026		5,288,154
Diploma PLC		458,327		6,596,275
Eurocell PLC		1,809,000		6,184,847
Fairpoint Group PLC		2,296,500		269,197
IG Group Holdings PLC		642,684		4,754,522
Jupiter Fund Management PLC		867,000		5,702,582
Micro Focus International PLC		386,375		11,428,446

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

5                         Invesco European Small Company Fund

	Shares		Value
United Kingdom–(continued)
NAHL Group PLC(a)		2,324,183	$	3,950,408
Renew Holdings PLC		600,000		3,291,942
SafeStyle UK PLC		1,802,000		7,252,276
Savills PLC		981,600		11,231,490
Staffline Group PLC		610,000		10,487,327
TP ICAP PLC		876,220		5,332,981
Ultra Electronics Holdings PLC		105,512		2,817,345
XLMedia PLC		3,875,000		6,460,152
				102,021,789
Total Common Stocks & Other Equity Interests (Cost $373,278,277)				506,337,110

	Shares		Value
Money Market Funds–25.20%
Government & Agency Portfolio– Institutional Class, 0.89%(c)		103,928,971	$	103,928,971
Treasury Portfolio–Institutional Class, 0.85% (c)		69,285,980		69,285,980
Total Money Market Funds (Cost $173,214,951)				173,214,951
TOTAL INVESTMENTS–98.87% (Cost $546,493,228)				679,552,061
OTHER ASSETS LESS LIABILITIES–1.13%				7,758,662
NET ASSETS–100.00%			$	687,310,723

Investment Abbreviations:

CCI – Chambre-de-Commerce-et-d’Industrie

Notes to Schedule of Investments:

^(a)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of June 30, 2017 was $37,254,908, which represented 5.42% of the Fund’s Net Assets. See Note 4.

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of June 30, 2017.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2017

Industrials	24.1	%
Information Technology	15.3
Financials	11.8
Consumer Discretionary	8.5
Energy	5.2
Consumer Staples	5.0
Health Care	1.8
Real Estate	1.6
Telecommunication Services	0.4
Money Market Funds Plus Other Assets Less Liabilities	26.3

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

6                         Invesco European Small Company Fund

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)

Assets:
Investments, at value (Cost $347,207,633)	$	469,082,202
Investments in affiliates, at value (Cost $199,285,595)		210,469,859
Total investments, at value (Cost $546,493,228)		679,552,061
Foreign currencies, at value (Cost $539,225)		546,810
Receivable for:
Fund shares sold		4,189,194
Dividends		3,699,129
Investment for trustee deferred compensation and retirement plans		84,975
Other assets		40,778
Total assets		688,112,947
Liabilities:
Payable for:
Fund shares reacquired		393,848
Accrued fees to affiliates		204,689
Accrued trustees’ and officers’ fees and benefits		5,988
Accrued other operating expenses		102,579
Trustee deferred compensation and retirement plans		95,120
Total liabilities		802,224
Net assets applicable to shares outstanding	$	687,310,723
Net assets consist of:
Shares of beneficial interest	$	529,865,518
Undistributed net investment income		7,229,636
Undistributed net realized gain		17,082,686
Net unrealized appreciation		133,132,883
	$	687,310,723

Net Assets:
Class A	$	179,568,227
Class B	$	838,747
Class C	$	34,238,935
Class Y	$	472,653,724
Class R6	$	11,090
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,084,911
Class B		55,481
Class C		2,261,347
Class Y		29,031,291
Class R6		681
Class A:
Net asset value per share	$	16.20
Maximum offering price per share
(Net asset value of $16.20 ¸ 94.50%)	$	17.14
Class B:
Net asset value and offering price per share	$	15.12
Class C:
Net asset value and offering price per share	$	15.14
Class Y:
Net asset value and offering price per share	$	16.28
Class R6:
Net asset value and offering price per share	$	16.28

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

7                         Invesco European Small Company Fund

Statement of Operations

For the six months ended June 30, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,343,608)	$	10,810,701
Dividends from affiliates		934,770
Total investment income		11,745,471
Expenses:
Advisory fees		2,530,256
Administrative services fees		71,986
Custodian fees		128,790
Distribution fees:
Class A		222,224
Class B		5,016
Class C		160,623
Transfer agent fees — A, B, C, and Y		365,911
Transfer agent fees — R6		3
Trustees’ and officers’ fees and benefits		14,618
Registration and filing fees		43,747
Reports to shareholders		70,148
Professional services fees		51,080
Other		9,520
Total expenses		3,673,922
Less: Fees waived and expense offset arrangement(s)		(36,499	)
Net expenses		3,637,423
Net investment income		8,108,048
Realized and unrealized gain from:
Net realized gain from:
Investment securities		19,354,766
Foreign currencies		96,966
		19,451,732
Change in net unrealized appreciation of:
Investment securities		78,663,191
Foreign currencies		113,869
		78,777,060
Net realized and unrealized gain		98,228,792
Net increase in net assets resulting from operations	$	106,336,840

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

8                         Invesco European Small Company Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2017 and the year ended December 31, 2016

(Unaudited)

	June 30, 2017			December 31, 2016
Operations:
Net investment income	$	8,108,048		$	9,652,395
Net realized gain (loss)		19,451,732			(2,340,773	)
Change in net unrealized appreciation		78,777,060			32,270,505
Net increase in net assets resulting from operations		106,336,840			39,582,127
Distributions to shareholders from net investment income:
Class A		—			(3,773,796	)
Class B		—			(17,578	)
Class C		—			(435,160	)
Class Y		—			(5,958,274	)
Total distributions from net investment income		—			(10,184,808	)
Share transactions–net:
Class A		(38,685,786	)		(33,174,854	)
Class B		(456,908	)		(1,249,534	)
Class C		(2,594,019	)		(7,848,151	)
Class Y		141,615,041			(7,712,297	)
Class R6		10,000			—
Net increase (decrease) in net assets resulting from share transactions		99,888,328			(49,984,836	)
Net increase (decrease) in net assets		206,225,168			(20,587,517	)
Net assets:
Beginning of period		481,085,555			501,673,072
End of period (includes undistributed net investment income of $7,229,636 and $(878,412), respectively)	$	687,310,723		$	481,085,555

Notes to Financial Statements

June 30, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco European Small Company Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of four separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class Y and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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 and 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

As of the open of business on November 30, 2015, the Fund has closed public sales of its shares 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 Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based

9                         Invesco European Small Company Fund

on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets,

10                         Invesco European Small Company Fund

the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

11                         Invesco European Small Company Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the six months ended June 30, 2017, the effective advisory fees 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. and separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2018, 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 B, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 3.00%, 2.00% and 2.00%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2017, the Adviser waived advisory fees of $34,701.

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, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2017, the 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 B, Class C and Class Y 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 B 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 each class of Class B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2017, 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, 2017, IDI advised the Fund that IDI retained $6,345 in front-end sales commissions from the sale of Class A shares and $642 and $10 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

12                         Invesco European Small Company Fund

NOTE 3—Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2017. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended June 30, 2017, there were transfers from Level 1 to Level 2 of $63,838,596, from Level 2 to Level 1 of $84,341,209 and from Level 2 to Level 3 of $269,197 due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Belgium	$	10,528,334	$	—	$	—	$	10,528,334
France		124,198,831		31,673,383		—		155,872,214
Germany		28,551,949		—		—		28,551,949
Greece		21,885,016		—		—		21,885,016
Ireland		13,672,016		16,165,283		—		29,837,299
Israel		12,401,233		14,736,933		—		27,138,166
Italy		16,485,727		—		—		16,485,727
Norway		20,117,518		11,124,819		—		31,242,337
Portugal		1,543,457		—		—		1,543,457
Romania		32,443,239		—		—		32,443,239
Spain		8,776,281		—		—		8,776,281
Switzerland		23,579,634		6,866,197		—		30,445,831
Turkey		9,565,471		—		—		9,565,471
United Kingdom		93,647,093		8,105,499		269,197		102,021,789
Money Market Funds		173,214,951		—		—		173,214,951
Total Investments	$	590,610,750	$	88,672,114	$	269,197	$	679,552,061

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the six months ended June 30, 2017.

	Value 12/31/16		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 06/30/17			Dividend Income
Fairpoint Group PLC(a)	$	477,153	$	—	$	—	$	(207,956	)	$	—	$	269,197		$	—
Linedata Services		24,917,076		—		—		5,387,424			—		30,304,500			—
MIND C.T.I. Ltd.		2,928,000		—		—		72,000			—		3,000,000			288,000
NAHL Group PLC		3,327,064		486,736		—		136,608			—		3,950,408			379,339
Total	$	31,649,293	$	486,736	$	—	$	5,388,076		$	—	$	37,524,105	��	$	667,339

^(a)  As of June 30, 2017, this security is no longer considered an affiliate of the Fund.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,798.

13                         Invesco European Small Company Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	–	$	2,369,046	$	2,369,046

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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2017 was $8,363,456 and $43,673,084, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	158,623,940
Aggregate unrealized (depreciation) of investment securities		(26,353,846	)
Net unrealized appreciation of investment securities	$	132,270,094

Cost of investments for tax purposes is $547,281,967.

14                         Invesco European Small Company Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended June 30, 2017(a)						Year ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,168,048		$	17,101,484			2,449,599		$	31,160,859
Class B		1,254			17,788			584			6,661
Class C		86,896			1,201,656			100,118			1,198,481
Class Y		12,254,075			184,656,155			13,346,314			169,981,683
Class R6(b)		681			10,000			—			—
Issued as reinvestment of dividends:
Class A		—			—			261,879			3,451,570
Class B		—			—			1,233			15,240
Class C		—			—			33,043			408,736
Class Y		—			—			350,899			4,642,398
Automatic conversion of Class B shares to Class A shares:
Class A		24,106			361,835			58,199			746,406
Class B		(25,789	)		(361,835	)		(62,277	)		(746,406	)
Reacquired:
Class A		(3,887,938	)		(56,149,105	)		(5,375,413	)		(68,533,689	)
Class B		(8,091	)		(112,861	)		(43,726	)		(525,029	)
Class C		(276,776	)		(3,795,675	)		(789,855	)		(9,455,368	)
Class Y		(3,009,947	)		(43,041,114	)		(14,323,796	)		(182,336,378	)
Net increase (decrease) in share activity		6,326,519		$	99,888,328			(3,993,199	)	$	(49,984,836	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

15                         Invesco European Small Company Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 06/30/17	$	13.35	$	0.21		$	2.64		$	2.85		$	—		$	—		$	—		$	16.20		21.35	%	$	179,568		1.43	%(d)		1.44	%(d)		2.83	%(d)		2	%
Year ended 12/31/16		12.55		0.23			0.85			1.08			(0.28	)		—			(0.28	)		13.35		8.61			184,024		1.40			1.42			1.80			11
Year ended 12/31/15		12.36		0.14			0.73			0.87			(0.19	)		(0.49	)		(0.68	)		12.55		7.01			205,621		1.44			1.46			1.12			19
Year ended 12/31/14		14.85		0.26	(e)		(1.31	)		(1.05	)		(0.28	)		(1.16	)		(1.44	)		12.36		(7.02	)		173,809		1.39			1.41			1.72	(e)		14
Year ended 12/31/13		11.56		0.12			3.48			3.60			(0.07	)		(0.24	)		(0.31	)		14.85		31.18			308,622		1.46			1.49			0.88			9
Year ended 12/31/12		9.33		0.17			2.70			2.87			(0.15	)		(0.49	)		(0.64	)		11.56		31.04			91,980		1.69			1.70			1.57			18
Class B
Six months ended 06/30/17		12.51		0.14			2.47			2.61			—			—			—			15.12		20.86			839		2.18	(d)		2.19	(d)		2.08	(d)		2
Year ended 12/31/16		11.76		0.13			0.79			0.92			(0.17	)		—			(0.17	)		12.51		7.88			1,102		2.15			2.17			1.05			11
Year ended 12/31/15		11.65		0.04			0.68			0.72			(0.12	)		(0.49	)		(0.61	)		11.76		6.16			2,262		2.19			2.21			0.37			19
Year ended 12/31/14		14.05		0.14	(e)		(1.23	)		(1.09	)		(0.15	)		(1.16	)		(1.31	)		11.65		(7.71	)		2,938		2.14			2.16			0.97	(e)		14
Year ended 12/31/13		10.99		0.02			3.29			3.31			(0.01	)		(0.24	)		(0.25	)		14.05		30.14			5,299		2.21			2.24			0.13			9
Year ended 12/31/12		8.89		0.08			2.58			2.66			(0.07	)		(0.49	)		(0.56	)		10.99		30.14			6,738		2.44			2.45			0.82			18
Class C
Six months ended 06/30/17		12.53		0.14			2.47			2.61			—			—			—			15.14		20.83			34,239		2.18	(d)		2.19	(d)		2.08	(d)		2
Year ended 12/31/16		11.78		0.13			0.79			0.92			(0.17	)		—			(0.17	)		12.53		7.87			30,709		2.15			2.17			1.05			11
Year ended 12/31/15		11.66		0.04			0.69			0.73			(0.12	)		(0.49	)		(0.61	)		11.78		6.24			36,613		2.19			2.21			0.37			19
Year ended 12/31/14		14.07		0.14	(e)		(1.24	)		(1.10	)		(0.15	)		(1.16	)		(1.31	)		11.66		(7.78	)		34,195		2.14			2.16			0.97	(e)		14
Year ended 12/31/13		11.00		0.02			3.30			3.32			(0.01	)		(0.24	)		(0.25	)		14.07		30.20			51,379		2.21			2.24			0.13			9
Year ended 12/31/12		8.90		0.08			2.58			2.66			(0.07	)		(0.49	)		(0.56	)		11.00		30.11			15,198		2.44			2.45			0.82			18
Class Y
Six months ended 06/30/17		13.41		0.23			2.64			2.87			—			—			—			16.28		21.40			472,654		1.18	(d)		1.19	(d)		3.08	(d)		2
Year ended 12/31/16		12.60		0.27			0.85			1.12			(0.31	)		—			(0.31	)		13.41		8.95			265,250		1.15			1.17			2.05			11
Year ended 12/31/15		12.39		0.18			0.73			0.91			(0.21	)		(0.49	)		(0.70	)		12.60		7.33			257,177		1.19			1.21			1.37			19
Year ended 12/31/14		14.90		0.30	(e)		(1.32	)		(1.02	)		(0.33	)		(1.16	)		(1.49	)		12.39		(6.81	)		140,910		1.14			1.16			1.97	(e)		14
Year ended 12/31/13		11.59		0.16			3.48			3.64			(0.09	)		(0.24	)		(0.33	)		14.90		31.44			288,198		1.21			1.24			1.13			9
Year ended 12/31/12		9.35		0.20			2.71			2.91			(0.18	)		(0.49	)		(0.67	)		11.59		31.38			27,785		1.44			1.45			1.82			18
Class R6
Six months ended 06/30/17(f)		14.67		0.12			1.49			1.61			—			—			—			16.28		10.97			11		1.12	(d)		1.14	(d)		3.14	(d)		2

^(a) Calculated using average shares outstanding.

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

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $179,252, $1,012, $32,391, $342,701 and $11 for Class A, Class B, Class C, Class Y and Class R6 shares, respectively.

^(e) Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.18 and 1.23%, $0.07 and 0.48%, $0.07 and 0.48%, $0.22 and 1.48% for Class A, Class B, Class C and Class Y shares, respectively.

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

16                         Invesco European Small Company Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. With the exception of the actual ending account value and expenses of the Class R6 shares, the example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2017 through June 30, 2017. The actual ending account value and expenses of the Class R6 shares in the example below are based on an investment of $1,000 invested as of close of business April 4, 2017 (commencement date) and held through June 30, 2017.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (as of close of business April 4, 2017 through June 30, 2017 for the Class R6 shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R6 shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (01/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/17)1		Expenses Paid During Period2		Ending Account Value (06/30/17)		Expenses Paid During Period3
A	$	1,000.00	$	1,213.50	$	7.85	$	1,017.70	$	7.15		1.43	%
B		1,000.00		1,208.60		11.94		1,013.98		10.89		2.18
C		1,000.00		1,208.30		11.94		1,013.98		10.89		2.18
Y		1,000.00		1,214.00		6.48		1,018.94		5.91		1.18
R6		1,000.00		1,109.70		2.85		1,019.24		5.61		1.12

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2017 through June 30, 2017 (as of close of business April 4, 2017 through June 30, 2017 for the Class R6 shares), after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. For the Class R6 shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 88 (as of close of business April 4, 2017 through June 30, 2017)/365. Because the Class R6 shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³ Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in Class R6 shares of the Fund and other funds because such data is based on a full six month period.

17                         Invesco European Small Company Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Funds Group (Invesco Funds Group) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco European Small Company Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written

evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in most cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement 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. This information is current as of June 13, 2017, and does not reflect consideration of factors that became known to the Board after that date.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review included consideration of Invesco Advisers’ investment process oversight, credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, trading operations, internal audit, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship as contrasted with the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper European Funds 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, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group at a common asset level. The Board noted that the contractual

18                         Invesco European Small Company Fund

management fee rate for Class A shares was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing 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. Finally, the Board noted that the Fund has higher exposure to small capitalization stocks than its peers, which generally requires more research by portfolio managers.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

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 also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.

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. 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 and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to

perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Adviser’s or the Affiliated Sub-Adviser’s expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in 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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was advised that such trades would be executed in compliance with rules under the federal

securities laws and consistent with best execution obligations.

19                         Invesco European Small Company Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of Invesco European Small Company Fund, an investment portfolio of AIM Funds Group (Invesco Funds Group), a Delaware statutory trust (“Trust”), was held on March 9, 2017. The Meeting was held for the following purposes:

(1) Elect 15 trustees to the Board, each of whom will serve until his or her successor is elected and qualified.

(2) Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions.

(3) Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities.

(4)(a) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC.

(4)(b) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited.

The results of the voting on the above matters were as follows:

	Matters					Votes For		Votes Withheld
(1)*	David C. Arch						96,710,795		2,311,704
	James T. Bunch						96,680,528		2,341,971
	Bruce L. Crockett						96,657,286		2,365,213
	Jack M. Fields						96,695,815		2,326,684
	Martin L. Flanagan						96,750,066		2,272,434
	Cynthia Hostetler						96,693,782		2,328,717
	Dr. Eli Jones						96,661,879		2,360,620
	Dr. Prema Mathai-Davis						96,637,320		2,385,179
	Teresa M. Ressel						96,672,269		2,350,230
	Dr. Larry Soll						96,675,004		2,347,495
	Ann Barnett Stern						96,680,209		2,342,290
	Raymond Stickel, Jr.						96,709,564		2,312,935
	Philip A. Taylor						96,719,988		2,302,512
	Robert C. Troccoli						96,733,410		2,289,089
	Christopher L. Wilson						96,741,082		2,281,417
		Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(2)*	Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions		60,241,816		4,183,559		2,134,486		32,470,049
(3)	Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities		16,503,169		437,580		272,084		5,305,185
(4)(a)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC		16,678,100		249,510		285,239		5,305,169
(4)(b)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited		16,565,833		287,367		359,646		5,305,172

* Each of proposal 1 and 2 required approval by a combined vote of all of the portfolios of AIM Funds Group (Invesco Funds Group).

20                         Invesco European Small Company Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines.

The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-01540 and 002-27334 Invesco Distributors, Inc. ESC-SAR-1 08152017 1051

	Semiannual Report to Shareholders	June 30, 2017
	Invesco Global Core Equity Fund
	Nasdaq:
	A: AWSAX  ∎  B: AWSBX  ∎  C: AWSCX  ∎  R: AWSRX  ∎  Y: AWSYX  ∎   R5: AWSIX  ∎  R6: AWSSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts
21	Proxy Results
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 12/31/16 to 6/30/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.16	%
Class B Shares	10.81
Class C Shares	10.78
Class R Shares	11.02
Class Y Shares	11.31
Class R5 Shares	11.31
Class R6 Shares*	11.23
MSCI World Indexq (Broad Market/Style-Specific Index)	10.66
Lipper Global Large-Cap Core Funds Index∎ (Peer Group Index)	13.01
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc. *Class R6 shares incepted on April 4, 2017. See page 3 for more information. The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper Global Large-Cap Core Funds Index is an unmanaged index considered representative of global large-cap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                         Invesco Global Core Equity Fund

Average Annual Total Returns
As of 6/30/17, including maximum  applicable sales charges
Class A Shares
Inception (12/29/00)	4.97	%
10 Years	1.09
5 Years	8.61
1 Year	11.35
Class B Shares
Inception (12/29/00)	4.98	%
10 Years	1.16
5 Years	8.84
1 Year	11.95
Class C Shares
Inception (12/29/00)	4.57	%
10 Years	0.91
5 Years	9.00
1 Year	15.91
Class R Shares
10 Years	1.41	%
5 Years	9.56
1 Year	17.47
Class Y Shares
10 Years	1.87	%
5 Years	10.10
1 Year	18.09
Class R5 Shares
Inception (10/25/05)	4.57	%
10 Years	2.12
5 Years	10.18
1 Year	18.12
Class R6 Shares
10 Years	1.67	%
5 Years	9.85
1 Year	17.88

Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the

most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.22%, 1.97%, 1.97%, 1.47%, 0.97%, 0.94% and 0.89%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.30%, 2.05%, 2.05%, 1.55%, 1.05%, 0.94% and 0.89%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

3                     Invesco Global Core Equity Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                         Invesco Global Core Equity Fund

Schedule of Investments

June 30, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.46%
Australia–2.01%
Qantas Airways Ltd.		4,130,183	$	18,182,619
Brazil–1.55%
Banco do Brasil S.A.		624,500		5,051,110
Petróleo Brasileiro S.A.–ADR(a)		1,119,959		8,948,472
				13,999,582
Canada–2.53%
Peyto Exploration & Development Corp.		414,237		7,512,707
Suncor Energy, Inc.		527,207		15,403,380
				22,916,087
China–2.02%
Baidu, Inc.–ADR(a)		62,615		11,199,319
Nexteer Automotive Group Ltd.		4,535,000		7,109,625
				18,308,944
France–2.52%
LVMH Moet Hennessy Louis Vuitton S.E.		43,585		10,933,820
Publicis Groupe S.A.		158,422		11,868,754
				22,802,574
Germany–2.17%
Porsche Automobil Holding S.E.–Preference Shares		349,313		19,625,228
Hong Kong–2.41%
AIA Group Ltd.		2,982,800		21,795,548
India–1.16%
InterGlobe Aviation Ltd.–REGS(b)		582,513		10,536,928
Israel–1.04%
Teva Pharmaceutical Industries Ltd.–ADR		282,933		9,399,034
Italy–1.02%
Prysmian S.p.A.		313,307		9,247,939
Japan–9.46%
Daito Trust Construction Co., Ltd.		57,200		8,897,608
Hitachi, Ltd.		2,638,000		16,223,499
KDDI Corp.		550,200		14,576,594
Komatsu Ltd.		681,301		17,369,439
Mitsubishi Estate Co., Ltd.		471,400		8,806,773
Mitsui O.S.K. Lines, Ltd.		3,682,000		10,841,215
ORIX Corp.		575,200		8,941,318
				85,656,446
Luxembourg–1.94%
ArcelorMittal(a)		771,403		17,558,091
Netherlands–5.60%
ING Groep N.V.		1,052,614		18,306,998
Koninklijke DSM N.V.		124,706		9,110,717

	Shares		Value
Netherlands–(continued)
Philips Lighting N.V.–REGS(b)		291,369	$	10,755,679
Randstad Holding N.V.		213,685		12,495,752
				50,669,146
Norway–1.36%
Orkla ASA		1,215,968		12,367,207
Singapore–1.65%
DBS Group Holdings Ltd.		992,300		14,947,924
South Africa–0.93%
Naspers Ltd.–Class N		43,296		8,421,480
Switzerland–5.04%
ABB Ltd.		398,672		9,862,703
Roche Holding AG		49,394		12,611,412
UBS Group AG		1,362,814		23,133,450
				45,607,565
Taiwan–1.48%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,959,000		13,364,145
United Kingdom–11.81%
Imperial Brands PLC		204,447		9,193,405
Just Eat PLC(a)		1,298,135		11,074,451
Liberty Global PLC–Series A(a)		373,312		11,990,782
Rio Tinto PLC		296,991		12,540,572
Royal Dutch Shell PLC–Class A–ADR		455,143		24,209,056
St. James’s Place PLC		1,213,454		18,681,075
Vodafone Group PLC–ADR		668,696		19,211,636
				106,900,977
United States–42.76%
Allergan PLC		65,747		15,982,438
Alphabet Inc.–Class C(a)		25,911		23,546,103
American Express Co.		225,329		18,981,715
Berkshire Hathaway Inc.–Class A(a)		63		16,046,100
Biogen Inc.(a)		60,717		16,476,165
BioMarin Pharmaceutical Inc.(a)		100,094		9,090,537
Celgene Corp.(a)		158,197		20,545,045
Chevron Corp.		170,081		17,744,551
Cognizant Technology Solutions Corp.–Class A		224,493		14,906,335
Comcast Corp.–Class A		498,560		19,403,955
Concho Resources Inc.(a)		107,145		13,021,332
Delphi Automotive PLC		209,399		18,353,822
EPAM Systems, Inc.(a)		161,382		13,570,613
First Republic Bank		227,591		22,781,859
HCA Healthcare, Inc.(a)		150,416		13,116,275
Johnson Controls International PLC		336,141		14,575,074
Marsh & McLennan Cos., Inc.		175,726		13,699,599

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

5                         Invesco Global Core Equity Fund

	Shares		Value
United States–(continued)
Moody’s Corp.		39,824	$	4,845,784
Nielsen Holdings PLC		258,767		10,003,932
Oracle Corp.		297,467		14,914,996
Priceline Group Inc. (The)(a)		7,512		14,051,346
Progressive Corp. (The)		415,590		18,323,363
Sherwin-Williams Co. (The)		33,830		11,872,977
Shire PLC–ADR		132,301		21,865,386
United Technologies Corp.		77,553		9,469,997
				387,189,299
Total Common Stocks & Other Equity Interests (Cost $802,392,183)				909,496,763

	Shares		Value
Money Market Funds–0.65%
Government & Agency Portfolio–Institutional Class, 0.89%(c)		3,557,649	$	3,557,649
Treasury Portfolio–Institutional Class, 0.85%(c)		2,371,767		2,371,767
Total Money Market Funds (Cost $5,929,416)				5,929,416
TOTAL INVESTMENTS–101.11% (Cost $808,321,599)				915,426,179
OTHER ASSETS LESS LIABILITIES–(1.11)%				(10,061,365	)
NET ASSETS–100.00%			$	905,364,814

Investment Abbreviations:

ADR	– American Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2017 was $21,292,607, which represented 2.35% of the Fund’s Net Assets.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of June 30, 2017.

Portfolio Composition

By sector, based on Total Investments

as of June 30, 2017

Financials	22.5	%
Industrials	14.6
Consumer Discretionary	13.3
Health Care	13.0
Information Technology	13.0
Energy	9.5
Materials	5.6
Telecommunication Services	3.7
Consumer Staples	2.3
Real Estate	1.9
Money Market Funds	0.6

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

6                         Invesco Global Core Equity Fund

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)

Assets:
Investments, at value (Cost $802,392,183)	$	909,496,763
Investments in affiliated money market funds, at value and cost		5,929,416
Total investments, at value (Cost $808,321,599)		915,426,179
Foreign currencies, at value (Cost $2,158,600)		2,118,591
Receivable for:
Fund shares sold		266,410
Dividends		3,282,872
Investment for trustee deferred compensation and retirement plans		219,583
Other assets		54,294
Total assets		921,367,929
Liabilities:
Payable for:
Investments purchased		11,687,081
Fund shares reacquired		1,362,039
Accrued foreign taxes		311,504
Accrued fees to affiliates		794,059
Accrued trustees’ and officers’ fees and benefits		6,683
Accrued other operating expenses		175,622
Trustee deferred compensation and retirement plans		293,143
Unrealized depreciation on forward foreign currency contracts outstanding		1,372,984
Total liabilities		16,003,115
Net assets applicable to shares outstanding	$	905,364,814
Net assets consist of:
Shares of beneficial interest	$	776,273,615
Undistributed net investment income		6,665,799
Undistributed net realized gain		16,721,749
Net unrealized appreciation		105,703,651
	$	905,364,814

Net Assets:
Class A	$	767,960,750
Class B	$	13,924,688
Class C	$	79,477,453
Class R	$	1,435,965
Class Y	$	42,154,417
Class R5	$	401,018
Class R6	$	10,523
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		49,726,413
Class B		949,810
Class C		5,408,553
Class R		93,142
Class Y		2,727,205
Class R5		25,614
Class R6		672
Class A:
Net asset value per share	$	15.44
Maximum offering price per share
(Net asset value of $15.44 ¸ 94.50%)	$	16.34
Class B:
Net asset value and offering price per share	$	14.66
Class C:
Net asset value and offering price per share	$	14.69
Class R:
Net asset value and offering price per share	$	15.42
Class Y:
Net asset value and offering price per share	$	15.46
Class R5:
Net asset value and offering price per share	$	15.66
Class R6:
Net asset value and offering price per share	$	15.66

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

7                         Invesco Global Core Equity Fund

Statement of Operations

For the six months ended June 30, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,230,439)	$	11,322,603
Dividends from affiliated money market funds		3,584
Total investment income		11,326,187
Expenses:
Advisory fees		3,464,917
Administrative services fees		116,211
Custodian fees		45,557
Distribution fees:
Class A		946,352
Class B		73,998
Class C		416,282
Class R		3,102
Transfer agent fees — A, B, C, R and Y		904,689
Transfer agent fees — R5		203
Trustees’ and officers’ fees and benefits		17,432
Registration and filing fees		52,835
Reports to shareholders		209,506
Professional services fees		18,115
Other		5,808
Total expenses		6,275,007
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(512,852	)
Net expenses		5,762,155
Net investment income		5,564,032
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (net of foreign taxes of $22,373)		22,641,616
Foreign currencies		179,975
Forward foreign currency contracts		1,634,291
		24,455,882
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $311,504)		68,877,283
Foreign currencies		93,437
Forward foreign currency contracts		(4,037,474	)
		64,933,246
Net realized and unrealized gain		89,389,128
Net increase in net assets resulting from operations	$	94,953,160

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

8                         Invesco Global Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2017 and the year ended December 31, 2016

(Unaudited)

	June 30, 2017			December 31, 2016
Operations:
Net investment income	$	5,564,032		$	7,849,955
Net realized gain		24,455,882			9,558,363
Change in net unrealized appreciation		64,933,246			39,741,720
Net increase in net assets resulting from operations		94,953,160			57,150,038
Distributions to shareholders from net investment income:
Class A		—			(7,430,231	)
Class B		—			(37,850	)
Class C		—			(203,316	)
Class R		—			(7,690	)
Class Y		—			(305,315	)
Class R5		—			(2,852	)
Total distributions from net investment income		—			(7,987,254	)
Distributions to shareholders from net realized gains:
Class A		—			(2,629,406	)
Class B		—			(57,903	)
Class C		—			(311,031	)
Class R		—			(3,633	)
Class Y		—			(85,628	)
Class R5		—			(739	)
Total distributions from net realized gains		—			(3,088,340	)
Share transactions–net:
Class A		(62,901,624	)		(108,732,809	)
Class B		(3,010,325	)		(7,151,077	)
Class C		(13,029,099	)		(15,379,050	)
Class R		253,472			(38,622	)
Class Y		12,617,937			6,741,127
Class R5		(44,258	)		199,994
Class R6		10,000			—
Net increase (decrease) in net assets resulting from share transactions		(66,103,897	)		(124,360,437	)
Net increase (decrease) in net assets		28,849,263			(78,285,993	)
Net assets:
Beginning of period		876,515,551			954,801,544
End of period (includes undistributed net investment income of $6,665,799 and $1,101,767, respectively)	$	905,364,814		$	876,515,551

Notes to Financial Statements

June 30, 2017

(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 consisting of four separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end

9                         Invesco Global Core Equity Fund

sales charge unless certain waiver criteria are met and 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10                         Invesco Global Core Equity Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11                         Invesco Global Core Equity Fund

exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.80%
Next $250 million		0.78%
Next $500 million		0.76%
Next $1.5 billion		0.74%
Next $2.5 billion		0.72%
Next $2.5 billion		0.70%
Next $2.5 billion		0.68%
Over $10 billion		0.66%

For the six months ended June 30, 2017, the effective advisory fees incurred by the Fund was 0.78%.

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

The Adviser has contractually agreed, through at least April 30, 2018, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 1.97%, 1.47%, 0.97%, 0.97% and 0.97%, respectively, of 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2019, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2017, the Adviser waived advisory fees of $785 and reimbursed class level expenses of $429,476, $8,396, $47,230, $704, $20,115 and $47 of Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2017, 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts

12                         Invesco Global Core Equity Fund

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, 2017, 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, 2017, IDI advised the Fund that IDI retained $24,894 in front-end sales commissions from the sale of Class A shares and $953 and $889 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended June 30, 2017, the Fund incurred $3,050 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2017. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended June 30, 2017, there were transfers from Level 1 to Level 2 of $63,846,131 and from Level 2 to Level 1 of $87,590,347, due to foreign fair value adjustments.

	Level 1		Level 2			Level 3		Total
Australia	$	—	$	18,182,619		$	—	$	18,182,619
Brazil		13,999,582		—			—		13,999,582
Canada		22,916,087		—			—		22,916,087
China		18,308,944		—			—		18,308,944
France		—		22,802,574			—		22,802,574
Germany		19,625,228		—			—		19,625,228
Hong Kong		21,795,548		—			—		21,795,548
India		—		10,536,928			—		10,536,928
Israel		9,399,034		—			—		9,399,034
Italy		—		9,247,939			—		9,247,939
Japan		8,897,608		76,758,838			—		85,656,446
Luxembourg		—		17,558,091			—		17,558,091
Netherlands		10,755,679		39,913,467			—		50,669,146
Norway		—		12,367,207			—		12,367,207
Singapore		14,947,924		—			—		14,947,924
South Africa		8,421,480		—			—		8,421,480
Switzerland		—		45,607,565			—		45,607,565
Taiwan		—		13,364,145			—		13,364,145
United Kingdom		97,707,572		9,193,405			—		106,900,977
United States		387,189,299		—			—		387,189,299
Money Market Funds		5,929,416		—			—		5,929,416
		639,893,401		275,532,778			—		915,426,179
Forward Foreign Currency Contracts*		—		(1,372,984	)		—		(1,372,984	)
Total Investments	$	639,893,401	$	274,159,794		$	—	$	914,053,195

* Unrealized appreciation (depreciation).

13                         Invesco Global Core Equity Fund

NOTE 4—Derivative Investments

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

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

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
08/14/17	Barclays Bank PLC		GBP	17,940,000		USD	22,429,144	$	23,399,914	$	(970,770	)
08/14/17	Goldman Sachs International		JPY	2,400,000,000		USD	21,181,392		21,381,284		(199,892	)
08/14/17	JPMorgan Chase Bank, N.A.		JPY	2,400,000,000		USD	21,178,962		21,381,284		(202,322	)
Total Forward Foreign Currency Contracts — Currency Risk										$	(1,372,984	)

Currency Abbreviations:

GBP	– British Pound Sterling
JPY	– Japanese Yen
USD	– U.S. Dollar

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2017:

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,372,984	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(1,372,984	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2017.

Counterparty	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged				Net Amount
	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts						Non-Cash		Cash
Barclays Bank PLC	$	—	$	(970,770	)	$	(970,770	)	$	—	$	—	$	(970,770	)
Goldman Sachs International		—		(199,892	)		(199,892	)		—		—		(199,892	)
JPMorgan Chase Bank, N.A.		—		(202,322	)		(202,322	)		—		—		(202,322	)
Total	$	—	$	(1,372,984	)	$	(1,372,984	)	$	—	$	—	$	(1,372,984	)

Effect of Derivative Investments for the six months ended June 30, 2017

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	1,634,291
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(4,037,474	)
Total	$	(2,403,183	)

14                         Invesco Global Core Equity Fund

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	65,977,827

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,099.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
December 31, 2017	$	4,927,976	$	—	$	4,927,976

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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2017 was $267,321,884 and $317,831,773, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	136,640,764
Aggregate unrealized (depreciation) of investment securities		(29,677,854	)
Net unrealized appreciation of investment securities	$	106,962,910

Cost of investments for tax purposes is $808,463,269.

15                         Invesco Global Core Equity Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended June 30, 2017(a)						Year ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,176,647		$	17,508,333			1,882,024		$	25,008,062
Class B		5,353			74,752			3,288			42,316
Class C		106,958			1,511,651			205,952			2,594,026
Class R		22,902			338,258			22,228			291,901
Class Y		1,524,337			22,536,413			1,313,566			18,147,390
Class R5		1,057			15,868			14,805			208,415
Class R6(b)		672			10,000			—			—
Issued as reinvestment of dividends:
Class A		—			—			654,128			9,216,675
Class B		—			—			6,848			91,965
Class C		—			—			34,756			467,814
Class R		—			—			804			11,323
Class Y		—			—			23,691			333,803
Class R5		—			—			228			3,247
Automatic conversion of Class B shares to Class A shares:
Class A		97,205			1,448,034			222,211			2,958,848
Class B		(102,227	)		(1,448,034	)		(233,867	)		(2,958,848	)
Reacquired:
Class A		(5,542,441	)		(81,857,991	)		(10,840,010	)		(145,916,394	)
Class B		(116,442	)		(1,637,043	)		(341,066	)		(4,326,510	)
Class C		(1,021,769	)		(14,540,750	)		(1,446,491	)		(18,440,890	)
Class R		(5,728	)		(84,786	)		(25,562	)		(341,846	)
Class Y		(669,778	)		(9,918,476	)		(860,748	)		(11,740,066	)
Class R5		(3,954	)		(60,126	)		(830	)		(11,668	)
Net increase (decrease) in share activity		(4,527,208	)	$	(66,103,897	)		(9,364,045	)	$	(124,360,437	)

^(a)  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.

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

16                         Invesco Global Core Equity Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of  period(b)		Total return(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Six months ended 06/30/17	$	13.89	$	0.10		$	1.45		$	1.55		$	—		$	—		$	—		$	15.44		11.16	%	$	767,961		1.22	%(e)		1.33	%(e)		1.32	%(e)		30	%
Year ended 12/31/16		13.19		0.13			0.76			0.89			(0.14	)		(0.05	)		(0.19	)		13.89		6.70			749,810		1.30			1.30			0.95	(f)		39
Year ended 12/31/15		13.65		0.10			(0.40	)		(0.30	)		(0.09	)		(0.07	)		(0.16	)		13.19		(2.16	)		818,600		1.32			1.32			0.70			66
Year ended 12/31/14		15.36		0.16			(0.14	)		0.02			(0.17	)		(1.56	)		(1.73	)		13.65		0.38			934,893		1.29			1.29			1.03			122
Year ended 12/31/13		12.76		0.22			2.61			2.83			(0.23	)		—			(0.23	)		15.36		22.28			1,077,776		1.27			1.30			1.61			33
Year ended 12/31/12		11.49		0.21			1.30			1.51			(0.24	)		(0.00	)		(0.24	)		12.76		13.22			1,038,232		1.25			1.34			1.77			23
Class B
Six months ended 06/30/17		13.23		0.04			1.39			1.43			—			—			—			14.66		10.81			13,925		1.97	(e)		2.08	(e)		0.57	(e)		30
Year ended 12/31/16		12.57		0.03			0.71			0.74			(0.03	)		(0.05	)		(0.08	)		13.23		5.88			15,390		2.05			2.05			0.20	(f)		39
Year ended 12/31/15		13.03		(0.01	)		(0.37	)		(0.38	)		(0.01	)		(0.07	)		(0.08	)		12.57		(2.88	)		21,718		2.07			2.07			(0.05	)		66
Year ended 12/31/14		14.73		0.04			(0.14	)		(0.10	)		(0.04	)		(1.56	)		(1.60	)		13.03		(0.40	)		31,846		2.04			2.04			0.28			122
Year ended 12/31/13		12.25		0.15			2.49			2.64			(0.16	)		—			(0.16	)		14.73		21.63			44,937		1.77			2.05			1.11			33
Year ended 12/31/12		11.03		0.17			1.25			1.42			(0.20	)		(0.00	)		(0.20	)		12.25		12.94			56,813		1.52			2.09			1.50			23
Class C
Six months ended 06/30/17		13.26		0.04			1.39			1.43			—			—			—			14.69		10.78			79,477		1.97	(e)		2.08	(e)		0.57	(e)		30
Year ended 12/31/16		12.60		0.03			0.71			0.74			(0.03	)		(0.05	)		(0.08	)		13.26		5.87			83,864		2.05			2.05			0.20	(f)		39
Year ended 12/31/15		13.07		(0.01	)		(0.38	)		(0.39	)		(0.01	)		(0.07	)		(0.08	)		12.60		(2.95	)		94,854		2.07			2.07			(0.05	)		66
Year ended 12/31/14		14.76		0.04			(0.13	)		(0.09	)		(0.04	)		(1.56	)		(1.60	)		13.07		(0.33	)		111,552		2.04			2.04			0.28			122
Year ended 12/31/13		12.27		0.11			2.50			2.61			(0.12	)		—			(0.12	)		14.76		21.32			133,181		2.02			2.05			0.86			33
Year ended 12/31/12		11.04		0.12			1.24			1.36			(0.13	)		(0.00	)		(0.13	)		12.27		12.40			134,387		2.00			2.09			1.02			23
Class R
Six months ended 06/30/17		13.88		0.08			1.46			1.54			—			—			—			15.42		11.09			1,436		1.47	(e)		1.58	(e)		1.07	(e)		30
Year ended 12/31/16		13.18		0.09			0.76			0.85			(0.10	)		(0.05	)		(0.15	)		13.88		6.45			1,054		1.55			1.55			0.70	(f)		39
Year ended 12/31/15		13.65		0.06			(0.39	)		(0.33	)		(0.07	)		(0.07	)		(0.14	)		13.18		(2.43	)		1,035		1.57			1.57			0.45			66
Year ended 12/31/14		15.35		0.12			(0.13	)		(0.01	)		(0.13	)		(1.56	)		(1.69	)		13.65		0.17			807		1.54			1.54			0.78			122
Year ended 12/31/13		12.76		0.19			2.59			2.78			(0.19	)		—			(0.19	)		15.35		21.89			882		1.52			1.55			1.36			33
Year ended 12/31/12		11.48		0.18			1.30			1.48			(0.20	)		(0.00	)		(0.20	)		12.76		12.98			794		1.50			1.59			1.52			23
Class Y
Six months ended 06/30/17		13.88		0.12			1.46			1.58			—			—			—			15.46		11.38			42,154		0.97	(e)		1.08	(e)		1.57	(e)		30
Year ended 12/31/16		13.18		0.16			0.76			0.92			(0.17	)		(0.05	)		(0.22	)		13.88		6.98			25,996		1.05			1.05			1.20	(f)		39
Year ended 12/31/15		13.64		0.13			(0.40	)		(0.27	)		(0.12	)		(0.07	)		(0.19	)		13.18		(1.94	)		18,405		1.07			1.07			0.95			66
Year ended 12/31/14		15.35		0.20			(0.14	)		0.06			(0.21	)		(1.56	)		(1.77	)		13.64		0.65			21,136		1.04			1.04			1.28			122
Year ended 12/31/13		12.76		0.26			2.60			2.86			(0.27	)		—			(0.27	)		15.35		22.51			17,125		1.02			1.05			1.86			33
Year ended 12/31/12		11.49		0.24			1.31			1.55			(0.28	)		(0.00	)		(0.28	)		12.76		13.53			16,646		1.00			1.09			2.02			23
Class R5
Six months ended 06/30/17		14.06		0.12			1.48			1.60			—			—			—			15.66		11.38			401		0.96	(e)		0.98	(e)		1.58	(e)		30
Year ended 12/31/16		13.35		0.18			0.77			0.95			(0.19	)		(0.05	)		(0.24	)		14.06		7.07			401		0.94			0.94			1.31	(f)		39
Year ended 12/31/15		13.81		0.15			(0.40	)		(0.25	)		(0.14	)		(0.07	)		(0.21	)		13.35		(1.80	)		191		0.95			0.95			1.07			66
Year ended 12/31/14		15.52		0.22			(0.14	)		0.08			(0.23	)		(1.56	)		(1.79	)		13.81		0.76			362		0.94			0.94			1.38			122
Year ended 12/31/13		12.90		0.28			2.62			2.90			(0.28	)		—			(0.28	)		15.52		22.60			513		0.95			0.95			1.93			33
Year ended 12/31/12		11.61		0.25			1.32			1.57			(0.28	)		(0.00	)		(0.28	)		12.90		13.59			275		0.96			0.96			2.06			23
Class R6
Six months ended 06/30/17(g)		14.89		0.06			0.71			0.77			—			—			—			15.66		5.17			11		0.96	(e)		0.96	(e)		1.58	(e)		30

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for the fiscal year ended December 31, 2012.

^(c)  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.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $763,356, $14,922, $83,946, $1,251, $35,753, $407 and $10 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Amount includes the effect of a one-time reimbursement of custody expenses. The ratio of net investment income excluding these payments would have been 0.84%, 0.09%, 0.09%, 0.59%, 1.09% and 1.20% for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

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

17                         Invesco Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. With the exception of the actual ending account value and expenses of the Class R6 shares, the example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2017 through June 30, 2017. The actual ending account value and expenses of the Class R6 shares in the example below are based on an investment of $1,000 invested as of close of business April 4, 2017 (commencement date) and held through June 30, 2017.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (as of close of business April 4, 2017 through June 30, 2017 for the Class R6 shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R6 shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (01/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/17)1		Expenses Paid During Period2		Ending Account Value (06/30/17)		Expenses Paid During Period3
A	$	1,000.00	$	1,111.60	$	6.39	$	1,018.74	$	6.11		1.22	%
B		1,000.00		1,108.10		10.30		1,015.03		9.84		1.97
C		1,000.00		1,107.80		10.30		1,015.03		9.84		1.97
R		1,000.00		1,110.20		7.69		1,017.50		7.35		1.47
Y		1,000.00		1,113.10		5.08		1,019.98		4.86		0.97
R5		1,000.00		1,113.10		5.03		1,020.03		4.81		0.96
R6		1,000.00		1,051.70		2.37		1,020.03		4.81		0.96

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2017 through June 30, 2017 (as of close of business April 4, 2017 through June 30, 2017 for the Class R6 shares), after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. For the Class R6 shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 88 (as of close of business April 4, 2017 through June 30, 2017)/365. Because the Class R6 shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in Class R6 shares of the Fund and other funds because such data is based on a full six month period.

18                         Invesco Global Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Funds Group (Invesco Funds Group) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Core Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the 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, 2017.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in most cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement 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. This information is current as of June 13, 2017, and does not reflect consideration of factors that became known to the Board after that date.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review included consideration of Invesco Advisers’ investment process oversight, credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, trading operations, internal audit, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

existing relationship as contrasted with the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper Global Large-Cap Core Funds 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, in the fourth quintile for the three year period and in the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual

19                         Invesco Global Core Equity Fund

management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing 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 noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least April 30, 2018 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 compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund, based on asset balances as of December 31, 2016. The Board noted that the Fund’s rate was above the rate of one mutual fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a similar scope of services.

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 also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.

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. 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 and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of one fund sub-advised by Invesco Advisers. The Board also considered that it receives

periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in 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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was advised that such trades would be executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20                         Invesco Global Core Equity Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of Invesco Global Core Equity Fund, an investment portfolio of AIM Funds Group (Invesco Funds Group), a Delaware statutory trust (“Trust”), was held on March 9, 2017. The Meeting was held for the following purposes:

(1) Elect 15 trustees to the Board, each of whom will serve until his or her successor is elected and qualified.

(2) Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions.

The results of the voting on the above matters were as follows:

	Matters					Votes For		Votes Withheld
(1)*	David C. Arch						96,710,795		2,311,704
	James T. Bunch						96,680,528		2,341,971
	Bruce L. Crockett						96,657,286		2,365,213
	Jack M. Fields						96,695,815		2,326,684
	Martin L. Flanagan						96,750,066		2,272,434
	Cynthia Hostetler						96,693,782		2,328,717
	Dr. Eli Jones						96,661,879		2,360,620
	Dr. Prema Mathai-Davis						96,637,320		2,385,179
	Teresa M. Ressel						96,672,269		2,350,230
	Dr. Larry Soll						96,675,004		2,347,495
	Ann Barnett Stern						96,680,209		2,342,290
	Raymond Stickel, Jr.						96,709,564		2,312,935
	Philip A. Taylor						96,719,988		2,302,512
	Robert C. Troccoli						96,733,410		2,289,089
	Christopher L. Wilson						96,741,082		2,281,417
		Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(2)*	Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions		60,241,816		4,183,559		2,134,486		32,470,049

The Meeting was adjourned until April 11, 2017, with respect to the following proposals:

(3) Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities.

(4)(a) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC.

(4)(b) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited.

Invesco Global Core Equity Fund did not receive sufficient shareholder votes to pass Proposals 3 and 4(a) — (b).

The results of the voting on the above matters were as follows:

	Matters	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(3)	Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities		17,283,808		1,977,987		1,476,457		11,658,687
(4)(a)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC		18,108,875		1,188,722		1,440,666		11,658,676
(4)(b)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited		17,759,969		1,443,659		1,534,617		11,658,694

* Each of proposal 1 and 2 required approval by a combined vote of all of the portfolios of AIM Funds Group (Invesco Funds Group).

21                         Invesco Global Core Equity Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-01540 and 002-27334 Invesco Distributors, Inc.                                                  GCE-SAR-1 08152017    0904

	Semiannual Report to Shareholders	June 30, 2017
	Invesco International Small Company Fund
	Nasdaq:
	A: IEGAX  ◾  B: IEGBX   ◾  C: IEGCX  ◾  Y: IEGYX  ◾   R5: IEGIX  ◾  R6: IEGFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Contracts
20	Proxy Results
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/16 to 6/30/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or  front-end sales charges, which would have reduced performance.
Class A Shares	20.92	%
Class B Shares	20.50
Class C Shares	20.44
Class Y Shares	21.02
Class R5 Shares	21.15
Class R6 Shares	21.16
MSCI All Country World ex-USA Small Cap Indexq
(Broad Market/Style-Specific Index)*	15.56
MSCI All Country World ex-USA Small Cap Growth Indexq
(Former Style-Specific Index)*	16.58
Lipper International Small/Mid-Cap Core Funds Index◾ (Peer Group Index)*	16.11
Lipper International Small/Mid-Cap Growth Funds Index◾
(Former Peer Group Index)*	19.20
Source(s): qFactSet Research Systems Inc.; ◾Lipper Inc.
*   The Fund has elected to use the MSCI All Country World ex-USA Small Cap Index rather than the MSCI All Country World ex-USA Small Cap Growth Index as its style-specific benchmark because the new index more closely reflects the performance of the types of securities in which the Fund invests. The Fund has elected to use the Lipper International Small/Mid-Cap Core Funds Index rather than the Lipper International Small/Mid-Cap Growth Funds Index as its peer group benchmark because the new index more closely reflects the performance of the types of securities in which the Fund invests.
The MSCI All Country World ex-USA Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI All Country World ex-USA Small Cap Growth Index represents the performance of small-cap growth stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper International Small/Mid-Cap Core Funds Index is an unmanaged index considered representative of international small/mid-cap core funds tracked by Lipper.
The Lipper International Small/Mid-Cap Growth Funds Index is an unmanaged index considered representative of international small/mid-cap growth funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                          Invesco International Small Company Fund

Average Annual Total Returns
As of 6/30/17, including maximum applicable sales   charges
Class A Shares
Inception (8/31/00)	9.29	%
10 Years	2.15
5 Years	6.40
1 Year	21.61
Class B Shares
Inception (8/31/00)	9.29	%
10 Years	2.11
5 Years	6.49
1 Year	22.76
Class C Shares
Inception (8/31/00)	8.86	%
10 Years	1.96
5 Years	6.79
1 Year	26.68
Class Y Shares
10 Years	2.95	%
5 Years	7.86
1 Year	28.95
Class R5 Shares
Inception (10/25/05)	8.46	%
10 Years	3.14
5 Years	7.97
1 Year	29.18
Class R6 Shares
10 Years	2.93	%
5 Years	8.03
1 Year	29.21

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.58%, 2.33%, 2.33%, 1.33%, 1.20% and 1.14%, respectively. ¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.59%, 2.34%, 2.34%, 1.34%, 1.21% and 1.15%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2019. See current prospectus for more information.

3                        Invesco International Small Company Fund

Letters to Shareholders

      Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

      Philip Taylor   Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                         Invesco International Small Company Fund

Schedule of Investments

June 30, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–83.04%
Australia–0.68%
Link Administration Holdings Ltd.		325,312	$	1,975,403
Brazil–6.57%
Fleury S.A.		905,000		7,319,863
TOTVS S.A.		128,900		1,173,286
Wilson Sons Ltd.–BDR		922,700		10,715,567
				19,208,716
Canada–9.08%
Brookfield Real Estate Services, Inc.		132,000		1,679,454
Calian Group Ltd.		367,000		7,782,319
Epsilon Energy Ltd.(a)		1,894,560		4,426,508
exactEarth Ltd.(a)		352,656		339,916
Medical Facilities Corp.		177,600		2,004,907
Total Energy Services Inc.		722,190		7,406,506
TransGlobe Energy Corp.(a)		2,199,269		2,916,870
				26,556,480
Egypt–2.57%
Eastern Tobacco		482,640		7,526,073
Estonia–1.49%
Olympic Entertainment Group A.S.		876,345		1,731,587
Silvano Fashion Group AS–Class A		825,000		2,628,944
				4,360,531
France–10.39%
AURES Technologies SA		67,164		2,227,698
Caisse Regionale de Credit Agricole Mutuel Nord de France–CCI		206,000		4,813,888
Constuctions Industrielles de la Mediterranee S.A.		25,804		4,169,999
Linedata Services		58,928		3,528,108
Metropole Television S.A.		203,770		4,743,157
Precia S.A.(b)		35,321		8,813,491
Tessi S.A.		11,400		2,076,771
				30,373,112
Germany–4.65%
Hypoport AG(a)		17,492		2,267,558
MorphoSys AG(a)		120,702		8,561,093
Takkt AG		111,000		2,775,185
				13,603,836
Greece–1.93%
European Reliance General Insurance Co. S.A.		463,177		1,930,914
METKA INDUSTRIAL-CONSTRUCTION S.A.		397,000		3,713,621
				5,644,535
Indonesia–0.47%
PT Pakuwon Jati Tbk		29,845,800		1,371,649

	Shares		Value
Ireland–1.98%
Total Produce PLC		2,335,000	$	5,787,217
Israel–2.54%
Israel Discount Bank Ltd.–Class A(a)		1,600,000		4,212,056
Taptica International Ltd.		685,000		3,211,842
				7,423,898
Italy–3.21%
Danieli & C. Officine Meccaniche S.p.A.–Savings Shares		523,910		9,382,658
Japan–2.07%
EXEDY Corp.		62,700		1,769,861
Nippon Ceramic Co., Ltd.		184,400		4,293,977
				6,063,838
Malaysia–0.48%
Heineken Malaysia Bhd.		324,400		1,398,031
Mexico–1.70%
Bolsa Mexicana de Valores, S.A.B. de C.V.		2,834,700		4,979,639
Netherlands–0.98%
Aalberts Industries N.V.		71,823		2,862,863
New Zealand–2.26%
Freightways Ltd.		812,632		4,565,247
Trade Me Group Ltd.		527,957		2,053,419
				6,618,666
Norway–0.74%
Kongsberg Gruppen ASA		120,919		1,926,327
Oslo Bors VPS Holding ASA		17,233		229,122
				2,155,449
Philippines–2.25%
Energy Development Corp.		54,981,350		6,590,725
Romania–4.94%
Banca Transilvania S.A.		7,225,957		4,861,423
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		706,000		5,439,682
Transgaz SA Medias		46,200		4,144,276
				14,445,381
South Africa–2.20%
Cartrack Holdings Ltd.		1,500,000		1,546,522
Combined Motor Holdings Ltd.		1,489,597		2,617,343
Net 1 UEPS Technologies, Inc.(a)		230,000		2,267,800
				6,431,665
Switzerland–0.84%
Kardex AG		21,300		2,447,740

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

5                         Invesco International Small Company Fund

	Shares		Value
Thailand–0.68%
Major Cineplex Group PCL		1,992,200	$	1,997,193
Turkey–1.27%
Yazicilar Holding A.S.–Class A		573,400		3,715,229
United Kingdom–17.07%
Bioventix PLC		64,000		1,592,115
Clarkson PLC		142,000		4,671,784
DCC PLC		75,551		6,885,281
Eurocell PLC		1,131,000		3,866,811
Goodwin PLC		40,000		820,543
HomeServe PLC		327,805		3,140,214
IG Group Holdings PLC		300,791		2,225,227
Jupiter Fund Management PLC		873,948		5,748,282
Micro Focus International PLC		188,452		5,574,154
Mortgage Advice Bureau (Holdings) Ltd.		615,000		3,244,077
Savills PLC		591,866		6,772,145
Staffline Group PLC		133,000		2,286,581

	Shares		Value
United Kingdom–(continued)
System1 Group PLC		82,000	$	854,407
TP ICAP PLC		366,680		2,231,742
				49,913,363
Total Common Stocks & Other Equity Interests (Cost $183,752,153)				242,833,890
Money Market Funds–16.93%
Government & Agency Portfolio–Institutional Class, 0.89% (c)		29,703,471		29,703,471
Treasury Portfolio–Institutional Class, 0.85%(c)		19,802,314		19,802,314
Total Money Market Funds (Cost $49,505,785)				49,505,785
TOTAL INVESTMENTS–99.97% (Cost $233,257,938)				292,339,675
OTHER ASSETS LESS LIABILITIES–0.03%				93,895
NET ASSETS–100.00%			$	292,433,570

Investment Abbreviations:

BDR – Brazilian Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of June 30, 2017 represented 3.01% of the Fund’s Net Assets. See Note 4.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of June 30, 2017.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2017

Industrials	28.1	%
Financials	12.6
Information Technology	8.4
Consumer Discretionary	8.3
Energy	8.3
Health Care	6.7
Consumer Staples	5.0
Real Estate	3.4
Utilities	2.2
Money Market Funds Plus Other Assets Less Liabilities	17.0

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

6                         Invesco International Small Company Fund

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)

Assets:
Investments, at value (Cost $179,379,519)	$	234,020,400
Investments in affiliates, at value (Cost $53,878,419)		58,319,275
Total investments, at value (Cost $233,257,938)		292,339,675
Foreign currencies, at value (Cost $379,033)		382,055
Receivable for:
Investments sold		86,381
Fund shares sold		2,345,105
Dividends		941,955
Investment for trustee deferred compensation and retirement plans		129,430
Other assets		38,108
Total assets		296,262,709
Liabilities:
Payable for:
Investments purchased		1,134,492
Fund shares reacquired		2,060,059
Accrued foreign taxes		241,325
Accrued fees to affiliates		138,632
Accrued trustees’ and officers’ fees and benefits		5,411
Accrued other operating expenses		106,461
Trustee deferred compensation and retirement plans		142,759
Total liabilities		3,829,139
Net assets applicable to shares outstanding	$	292,433,570
Net assets consist of:
Shares of beneficial interest	$	225,070,341
Undistributed net investment income		1,345,270
Undistributed net realized gain		6,943,111
Net unrealized appreciation		59,074,848
	$	292,433,570

Net Assets:
Class A	$	144,758,555
Class B	$	727,509
Class C	$	17,492,654
Class Y	$	102,210,733
Class R5	$	11,295,143
Class R6	$	15,948,976
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,755,201
Class B		40,995
Class C		985,823
Class Y		5,462,233
Class R5		608,585
Class R6		859,555
Class A:
Net asset value per share	$	18.67
Maximum offering price per share
(Net asset value of $18.67 ¸ 94.50%)	$	19.76
Class B:
Net asset value and offering price per share	$	17.75
Class C:
Net asset value and offering price per share	$	17.74
Class Y:
Net asset value and offering price per share	$	18.71
Class R5:
Net asset value and offering price per share	$	18.56
Class R6:
Net asset value and offering price per share	$	18.55

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

7                         Invesco International Small Company Fund

Statement of Operations

For the six months ended June 30, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $338,435)	$	4,139,237
Dividends from affiliates		114,737
Total investment income		4,253,974
Expenses:
Advisory fees		1,185,670
Administrative services fees		41,581
Custodian fees		84,777
Distribution fees:
Class A		163,355
Class B		4,336
Class C		83,437
Transfer agent Fees — A, B, C and Y		238,618
Transfer agent fees — R5		5,165
Transfer agent fees — R6		1,300
Trustees’ and officers’ fees and benefits		12,548
Registration and filing fees		52,995
Reports to shareholders		58,555
Professional services fees		31,189
Other		8,198
Total expenses		1,971,724
Less: Fees waived and expense offset arrangement(s)		(19,656	)
Net expenses		1,952,068
Net investment income		2,301,906
Realized and unrealized gain from:
Net realized gain from:
Investment securities		9,891,472
Foreign currencies		24,907
		9,916,379
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $24,206)		35,584,296
Foreign currencies		20,167
		35,604,463
Net realized and unrealized gain		45,520,842
Net increase in net assets resulting from operations	$	47,822,748

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

8                         Invesco International Small Company Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2017 and the year ended December 31, 2016

(Unaudited)

	June 30, 2017			December 31, 2016
Operations:
Net investment income	$	2,301,906		$	4,700,415
Net realized gain (loss)		9,916,379			(2,119,672	)
Change in net unrealized appreciation		35,604,463			12,430,475
Net increase in net assets resulting from operations		47,822,748			15,011,218
Distributions to shareholders from net investment income:
Class A		—			(2,736,668	)
Class B		—			(14,978	)
Class C		—			(243,700	)
Class Y		—			(1,372,779	)
Class R5		—			(247,330	)
Class R6		—			(388,585	)
Total distributions from net investment income		—			(5,004,040	)
Distributions to shareholders from net realized gains:
Class A		—			(7,214,109	)
Class B		—			(61,108	)
Class C		—			(994,248	)
Class Y		—			(3,262,401	)
Class R5		—			(568,519	)
Class R6		—			(866,954	)
Total distributions from net realized gains		—			(12,967,339	)
Share transactions–net:
Class A		(2,110,936	)		3,286,000
Class B		(388,279	)		(576,364	)
Class C		(1,331,756	)		(2,531,801	)
Class Y		29,673,741			(1,300,669	)
Class R5		(426,588	)		(14,356,572	)
Class R6		(2,686,361	)		(21,989,867	)
Net increase (decrease) in net assets resulting from share transactions		22,729,821			(37,469,273	)
Net increase (decrease) in net assets		70,552,569			(40,429,434	)
Net assets:
Beginning of period		221,881,001			262,310,435
End of period (includes undistributed net investment income of $1,345,270 and $(956,636), respectively)	$	292,433,570		$	221,881,001

Notes to Financial Statements

June 30, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco International Small Company Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of four separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, 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 and 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing

9                         Invesco International Small Company Fund

shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

As of the open of business on September 11, 2015, the Fund has opened public sales of its shares to all investors.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net

10                         Invesco International Small Company Fund

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

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

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

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. 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. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

11                         Invesco International Small Company Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the six months ended June 30, 2017, the effective advisory fees incurred by the Fund was 0.93%.

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

The Adviser has contractually agreed, through at least June 30, 2018, 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 B, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 3.00%, 2.00%, 2.00% and 2.00% of average daily net assets, respectively (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2017, the Adviser waived advisory fees of $18,324.

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, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2017, 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 B, 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, Class B 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 B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2017, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

12                         Invesco International Small Company Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2017, IDI advised the Fund that IDI retained $45,767 in front-end sales commissions from the sale of Class A shares and $2,362 and $55 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2017. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended June 30, 2017, there were transfers from Level 2 to Level 1 of $39,865,757, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	1,975,403	$	—	$	—	$	1,975,403
Brazil		19,208,716		—		—		19,208,716
Canada		26,556,480		—		—		26,556,480
Egypt		7,526,073		—		—		7,526,073
Estonia		4,360,531		—		—		4,360,531
France		30,373,112		—		—		30,373,112
Germany		13,603,836		—		—		13,603,836
Greece		5,644,535		—		—		5,644,535
Indonesia		—		1,371,649		—		1,371,649
Ireland		5,787,217		—		—		5,787,217
Israel		3,211,842		4,212,056		—		7,423,898
Italy		9,382,658		—		—		9,382,658
Japan		4,293,977		1,769,861		—		6,063,838
Malaysia		1,398,031		—		—		1,398,031
Mexico		4,979,639		—		—		4,979,639
Netherlands		—		2,862,863		—		2,862,863
New Zealand		2,053,419		4,565,247		—		6,618,666
Norway		2,155,449		—		—		2,155,449
Philippines		6,590,725		—		—		6,590,725
Romania		14,445,381		—		—		14,445,381
South Africa		6,431,665		—		—		6,431,665
Switzerland		2,447,740		—		—		2,447,740
Thailand		1,997,193		—		—		1,997,193
Turkey		3,715,229		—		—		3,715,229
United Kingdom		43,028,082		6,885,281		—		49,913,363
Money Market Funds		49,505,785		—		—		49,505,785
Total Investments	$	270,672,718	$	21,666,957	$	—	$	292,339,675

13                         Invesco International Small Company Fund

NOTE 4—Investments in Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the six months ended June 30, 2017.

	Value 12/31/16		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value 06/30/17		Dividend Income
Precia S.A.	$	6,134,225	$	—	$	—	$	2,679,266	$	—	$	8,813,491	$	—

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,332.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not Subject to Expiration	$	432,556	$	1,856,497	$	2,289,053

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

14                         Invesco International Small Company Fund

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2017 was $24,769,297 and $23,548,387, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	69,422,279
Aggregate unrealized (depreciation) of investment securities		(11,985,475	)
Net unrealized appreciation of investment securities	$	57,436,804

Cost of investments for tax purposes is $234,902,871.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended June 30, 2017(a)						Year ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,796,415		$	31,423,620			2,655,825		$	43,017,409
Class B		776			13,152			1,115			16,628
Class C		123,388			2,054,423			143,331			2,172,496
Class Y		2,268,159			38,991,545			1,942,746			31,767,442
Class R5		90,864			1,543,621			190,566			2,985,588
Class R6		133,702			2,352,185			229,044			3,499,721
Issued as reinvestment of dividends:
Class A		—			—			618,026			9,579,405
Class B		—			—			4,958			73,322
Class C		—			—			78,847			1,166,149
Class Y		—			—			270,606			4,199,807
Class R5		—			—			53,046			815,850
Class R6		—			—			81,688			1,255,539
Automatic conversion of Class B shares to Class A shares:
Class A		15,312			266,737			19,233			301,069
Class B		(16,079	)		(266,737	)		(20,165	)		(301,069	)
Reacquired:
Class A		(1,974,413	)		(33,801,293	)		(3,113,429	)		(49,611,883	)
Class B		(8,219	)		(134,694	)		(24,008	)		(365,245	)
Class C		(204,243	)		(3,386,179	)		(381,870	)		(5,870,446	)
Class Y		(546,115	)		(9,317,804	)		(2,393,283	)		(37,267,918	)
Class R5		(117,988	)		(1,970,209	)		(1,230,141	)		(18,158,010	)
Class R6		(282,306	)		(5,038,546	)		(1,791,874	)		(26,745,127	)
Net increase (decrease) in share activity		1,279,253		$	22,729,821			(2,665,739	)	$	(37,469,273	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                         Invesco International Small Company Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 06/30/17	$	15.44	$	0.15	$	3.08		$	3.23		$	—		$	—		$	—		$	18.67		20.92	%	$	144,759		1.61	%(d)		1.62	%(d)		1.74	%(d)		10	%
Year ended 12/31/16		15.42		0.34		1.02			1.36			(0.37	)		(0.97	)		(1.34	)		15.44		8.79			122,232		1.57			1.58			2.13			15
Year ended 12/31/15		18.40		0.21		(1.92	)		(1.71	)		(0.19	)		(1.08	)		(1.27	)		15.42		(9.30	)		119,301		1.52			1.53			1.18			8
Year ended 12/31/14		21.34		0.28		(1.40	)		(1.12	)		(0.28	)		(1.54	)		(1.82	)		18.40		(5.01	)		185,380		1.45			1.46			1.31			20
Year ended 12/31/13		20.81		0.29		1.64			1.93			(0.31	)		(1.09	)		(1.40	)		21.34		9.50			285,785		1.45			1.47			1.37			17
Year ended 12/31/12		17.93		0.18		2.74			2.92			(0.04	)		—			(0.04	)		20.81		16.31			295,767		1.50			1.51			0.97			15
Class B
Six months ended 06/30/17		14.73		0.08		2.94			3.02			—			—			—			17.75		20.50			728		2.36	(d)		2.37	(d)		0.99	(d)		10
Year ended 12/31/16		14.75		0.21		0.98			1.19			(0.24	)		(0.97	)		(1.21	)		14.73		8.03			950		2.32			2.33			1.38			15
Year ended 12/31/15		17.66		0.07		(1.84	)		(1.77	)		(0.06	)		(1.08	)		(1.14	)		14.75		(9.99	)		1,514		2.27			2.28			0.43			8
Year ended 12/31/14		20.54		0.12		(1.35	)		(1.23	)		(0.11	)		(1.54	)		(1.65	)		17.66		(5.78	)		2,828		2.20			2.21			0.56			20
Year ended 12/31/13		20.03		0.12		1.58			1.70			(0.10	)		(1.09	)		(1.19	)		20.54		8.71			5,282		2.20			2.22			0.62			17
Year ended 12/31/12		17.36		0.04		2.64			2.68			(0.01	)		—			(0.01	)		20.03		15.44			10,352		2.25			2.26			0.22			15
Class C
Six months ended 06/30/17		14.73		0.08		2.93			3.01			—			—			—			17.74		20.44			17,493		2.36	(d)		2.37	(d)		0.99	(d)		10
Year ended 12/31/16		14.76		0.21		0.97			1.18			(0.24	)		(0.97	)		(1.21	)		14.73		7.96			15,712		2.32			2.33			1.38			15
Year ended 12/31/15		17.67		0.07		(1.84	)		(1.77	)		(0.06	)		(1.08	)		(1.14	)		14.76		(9.98	)		18,098		2.27			2.28			0.43			8
Year ended 12/31/14		20.54		0.12		(1.34	)		(1.22	)		(0.11	)		(1.54	)		(1.65	)		17.67		(5.73	)		26,458		2.20			2.21			0.56			20
Year ended 12/31/13		20.03		0.12		1.58			1.70			(0.10	)		(1.09	)		(1.19	)		20.54		8.71			33,764		2.20			2.22			0.62			17
Year ended 12/31/12		17.37		0.04		2.63			2.67			(0.01	)		—			(0.01	)		20.03		15.38			36,136		2.25			2.26			0.22			15
Class Y
Six months ended 06/30/17		15.46		0.17		3.08			3.25			—			—			—			18.71		21.02			102,211		1.36	(d)		1.37	(d)		1.99	(d)		10
Year ended 12/31/16		15.43		0.38		1.03			1.41			(0.41	)		(0.97	)		(1.38	)		15.46		9.10			57,810		1.32			1.33			2.38			15
Year ended 12/31/15		18.42		0.26		(1.94	)		(1.68	)		(0.23	)		(1.08	)		(1.31	)		15.43		(9.11	)		60,497		1.27			1.28			1.43			8
Year ended 12/31/14		21.38		0.34		(1.42	)		(1.08	)		(0.34	)		(1.54	)		(1.88	)		18.42		(4.79	)		121,933		1.20			1.21			1.56			20
Year ended 12/31/13		20.84		0.35		1.65			2.00			(0.37	)		(1.09	)		(1.46	)		21.38		9.82			122,163		1.20			1.22			1.62			17
Year ended 12/31/12		17.97		0.23		2.73			2.96			(0.09	)		—			(0.09	)		20.84		16.51			90,843		1.25			1.26			1.22			15
Class R5
Six months ended 06/30/17		15.32		0.18		3.06			3.24			—			—			—			18.56		21.15			11,295		1.25	(d)		1.26	(d)		2.10	(d)		10
Year ended 12/31/16		15.30		0.39		1.02			1.41			(0.42	)		(0.97	)		(1.39	)		15.32		9.21			9,740		1.19			1.20			2.51			15
Year ended 12/31/15		18.27		0.27		(1.91	)		(1.64	)		(0.25	)		(1.08	)		(1.33	)		15.30		(8.96	)		24,821		1.17			1.18			1.53			8
Year ended 12/31/14		21.23		0.35		(1.41	)		(1.06	)		(0.36	)		(1.54	)		(1.90	)		18.27		(4.74	)		63,044		1.13			1.14			1.63			20
Year ended 12/31/13		20.71		0.36		1.63			1.99			(0.38	)		(1.09	)		(1.47	)		21.23		9.88			91,240		1.13			1.15			1.69			17
Year ended 12/31/12		17.85		0.25		2.72			2.97			(0.11	)		—			(0.11	)		20.71		16.66			79,911		1.13			1.14			1.34			15
Class R6
Six months ended 06/30/17		15.31		0.19		3.05			3.24			—			—			—			18.55		21.16			15,949		1.17	(d)		1.18	(d)		2.18	(d)		10
Year ended 12/31/16		15.30		0.40		1.02			1.42			(0.44	)		(0.97	)		(1.41	)		15.31		9.22			15,436		1.13			1.14			2.57			15
Year ended 12/31/15		18.27		0.28		(1.91	)		(1.63	)		(0.26	)		(1.08	)		(1.34	)		15.30		(8.87	)		38,080		1.09			1.10			1.61			8
Year ended 12/31/14		21.24		0.37		(1.42	)		(1.05	)		(0.38	)		(1.54	)		(1.92	)		18.27		(4.68	)		45,946		1.04			1.05			1.72			20
Year ended 12/31/13		20.72		0.38		1.63			2.01			(0.40	)		(1.09	)		(1.49	)		21.24		9.97			36,554		1.04			1.06			1.78			17
Year ended 12/31/12(e)		19.66		0.08		1.09			1.17			(0.11	)		—			(0.11	)		20.72		5.99			18,039		1.04	(f)		1.06	(f)		1.42	(f)		15

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $131,767, $874, $16,826, $79,233, $10,428, and $16,750 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of September 24, 2012.

^(f)  Annualized.

16                         Invesco International Small Company Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2017 through June 30, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (01/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/17)1		Expenses Paid During Period2		Ending Account Value (06/30/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,209.20	$	8.82	$	1,016.81	$	8.05		1.61	%
B		1,000.00		1,205.00		12.90		1,013.09		11.78		2.36
C		1,000.00		1,204.40		12.90		1,013.09		11.78		2.36
Y		1,000.00		1,210.20		7.45		1,018.05		6.80		1.36
R5		1,000.00		1,211.50		6.85		1,018.60		6.26		1.25
R6		1,000.00		1,211.60		6.42		1,018.99		5.86		1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2017 through June 30, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17                         Invesco International Small Company Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Funds Group (Invesco Funds Group) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco International Small Company Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the 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, 2017.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in most cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement 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. This information is current as of June 13, 2017, and does not reflect consideration of factors that became known to the Board after that date.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review included consideration of Invesco Advisers’ investment process oversight, credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, trading operations, internal audit, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

existing relationship as contrasted with the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper International Small/Mid-Cap Core Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds.). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group at a common asset level. The Board noted that the contractual

18                         Invesco International Small Company Fund

management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

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 also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.

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. 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 and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Adviser’s or the Affiliated Sub-Adviser’s expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in 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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was advised that such trades would be executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

19                         Invesco International Small Company Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of Invesco International Small Company Fund, an investment portfolio of AIM Funds Group (Invesco Funds Group), a Delaware statutory trust (“Trust”), was held on March 9, 2017. The Meeting was held for the following purposes:

(1) Elect 15 trustees to the Board, each of whom will serve until his or her successor is elected and qualified.

(2) Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions.

The results of the voting on the above matters were as follows:

	Matters					Votes For		Votes Withheld
(1)*	David C. Arch						96,710,795		2,311,704
	James T. Bunch						96,680,528		2,341,971
	Bruce L. Crockett						96,657,286		2,365,213
	Jack M. Fields						96,695,815		2,326,684
	Martin L. Flanagan						96,750,066		2,272,434
	Cynthia Hostetler						96,693,782		2,328,717
	Dr. Eli Jones						96,661,879		2,360,620
	Dr. Prema Mathai-Davis						96,637,320		2,385,179
	Teresa M. Ressel						96,672,269		2,350,230
	Dr. Larry Soll						96,675,004		2,347,495
	Ann Barnett Stern						96,680,209		2,342,290
	Raymond Stickel, Jr.						96,709,564		2,312,935
	Philip A. Taylor						96,719,988		2,302,512
	Robert C. Troccoli						96,733,410		2,289,089
	Christopher L. Wilson						96,741,082		2,281,417
		Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(2)*	Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions		60,241,816		4,183,559		2,134,486		32,470,049

The Meeting was adjourned until April 11, 2017, with respect to the following proposals:

(3) Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities.

(4)(a) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC.

(4)(b) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited.

Invesco International Small Company Fund did not receive sufficient shareholder votes to pass Proposals 3 and 4(a) — (b).

The results of the voting on the above matters were as follows:

	Matters	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(3)	Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities		4,288,167		257,926		251,536		2,062,032
(4)(a)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC		4,371,661		154,803		271,168		2,062,029
(4)(b)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited		4,336,651		216,732		244,249		2,062,029

* Each of proposal 1 and 2 required approval by a combined vote of all of the portfolios of AIM Funds Group (Invesco Funds Group).

20                         Invesco International Small Company Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-01540 and 002-27334             Invesco Distributors, Inc. ISC-SAR-1        07212017     1447

	Semiannual Report to Shareholders	June 30, 2017
	Invesco Small Cap Equity Fund
	Nasdaq:
	A: SMEAX  ∎  B: SMEBX  ∎  C: SMECX  ∎  R: SMERX  ∎  Y: SMEYX  ∎  R5: SMEIX ∎  R6: SMEFX

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts
19	Proxy Results
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/16 to 6/30/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.84	%
Class B Shares	4.44
Class C Shares	4.45
Class R Shares	4.67
Class Y Shares	4.98
Class R5 Shares	5.02
Class R6 Shares	5.06
S&P 500 Index▼ (Broad Market Index)	9.34
Russell 2000 Index▼ (Style-Specific Index)	4.99
Lipper Small-Cap Core Funds Index∎ (Peer Group Index)	3.90
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.

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

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

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

    The total annual Fund operating expense ratio set forth in the most

recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.31%, 2.06%, 2.06%, 1.56%, 1.06%, 0.87% and 0.79%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

Average Annual Total Returns
As of 6/30/17, including maximum applicable sales charges
Class A Shares
Inception (8/31/00)	6.77	%
10 Years	5.36
5 Years	9.68
1 Year	9.69
Class B Shares
Inception (8/31/00)	6.77	%
10 Years	5.34
5 Years	9.81
1 Year	10.21
Class C Shares
Inception (8/31/00)	6.35	%
10 Years	5.17
5 Years	10.08
1 Year	14.22
Class R Shares
Inception (6/3/02)	7.32	%
10 Years	5.70
5 Years	10.63
1 Year	15.76
Class Y Shares
10 Years	6.20	%
5 Years	11.19
1 Year	16.41
Class R5 Shares
Inception (4/29/05)	8.88	%
10 Years	6.47
5 Years	11.38
1 Year	16.56
Class R6 Shares
10 Years	6.21	%
5 Years	11.44
1 Year	16.63

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

For more information about your Fund

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

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

2                      Invesco Small Cap Equity Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook.

Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

3                      Invesco Small Cap Equity Fund

Schedule of Investments^(a)

June 30, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.22%
Aerospace & Defense–2.39%
BWX Technologies, Inc.		313,480	$	15,282,150
Orbital ATK, Inc.		148,547		14,611,083
				29,893,233
Air Freight & Logistics–1.03%
Forward Air Corp.		242,537		12,922,371
Alternative Carriers–1.23%
Iridium Communications Inc.(b)(c)		1,394,881		15,413,435
Apparel Retail–0.66%
American Eagle Outfitters, Inc.		682,854		8,228,391
Application Software–2.12%
Blackbaud, Inc.		205,761		17,644,006
Verint Systems Inc.(c)		219,319		8,926,283
				26,570,289
Auto Parts & Equipment–1.07%
Visteon Corp.(c)		131,647		13,435,893
Biotechnology–1.51%
Neurocrine Biosciences, Inc.(c)		250,177		11,508,142
Retrophin, Inc.(c)		382,657		7,419,719
				18,927,861
Building Products–2.11%
Apogee Enterprises, Inc.		258,947		14,718,547
Trex Co., Inc.(c)		173,627		11,747,603
				26,466,150
Casinos & Gaming–2.35%
Boyd Gaming Corp.		668,174		16,577,397
Penn National Gaming, Inc.(c)		600,024		12,840,513
				29,417,910
Construction & Engineering–1.76%
Dycom Industries, Inc.(c)		126,779		11,349,256
Primoris Services Corp.		430,867		10,745,823
				22,095,079
Construction Materials–0.88%
Eagle Materials Inc.		118,685		10,968,868
Consumer Finance–1.00%
SLM Corp.(c)		1,089,769		12,532,343
Data Processing & Outsourced Services–3.21%
Euronet Worldwide, Inc.(c)		143,776		12,561,709
Genpact Ltd.		418,683		11,651,948
Jack Henry & Associates, Inc.		153,808		15,976,037
				40,189,694

	Shares		Value
Diversified Support Services–0.77%
Mobile Mini, Inc.		325,188	$	9,706,862
Electrical Components & Equipment–1.91%
EnerSys		173,391		12,562,178
Generac Holdings, Inc.(c)		314,489		11,362,487
				23,924,665
Electronic Components–0.97%
Belden Inc.		161,561		12,186,546
Electronic Equipment & Instruments–4.30%
Coherent, Inc.(c)		101,538		22,845,035
FLIR Systems, Inc.		354,696		12,293,763
Zebra Technologies Corp.–Class A(c)		186,405		18,737,431
				53,876,229
Environmental & Facilities Services–2.88%
ABM Industries Inc.		317,566		13,185,340
Team, Inc.(c)		264,959		6,213,288
Waste Connections, Inc. (Canada)		258,680		16,664,166
				36,062,794
Gas Utilities–1.34%
UGI Corp.		346,720		16,784,715
Health Care Equipment–3.18%
Hill-Rom Holdings, Inc.		176,046		14,015,022
Nevro Corp.(c)		138,716		10,324,632
Wright Medical Group N.V.(c)		566,081		15,561,567
				39,901,221
Health Care Facilities–0.84%
Acadia Healthcare Co., Inc.(b)(c)		213,644		10,549,741
Health Care REIT’s–0.93%
Healthcare Trust of America, Inc.–Class A		374,843		11,661,366
Health Care Services–0.95%
Tivity Health, Inc.(c)		299,541		11,936,709
Health Care Supplies–0.42%
Lantheus Holdings, Inc.(c)		295,039		5,207,438
Health Care Technology–0.48%
HMS Holdings Corp.(c)		323,320		5,981,420
Home Entertainment Software–1.90%
Take-Two Interactive Software, Inc.(c)		325,258		23,867,432
Home Furnishings–1.12%
La-Z-Boy Inc.		433,118		14,076,335
Homebuilding–0.62%
Beazer Homes USA, Inc.(c)		565,076		7,752,843

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

4                         Invesco Small Cap Equity Fund

	Shares		Value
Household Appliances–1.05%
Helen of Troy Ltd.(c)		139,944	$	13,168,730
Industrial Machinery–3.78%
Albany International Corp.–Class A		339,986		18,155,253
SPX Corp.(c)		692,306		17,418,419
Watts Water Technologies, Inc.–Class A		185,907		11,749,322
				47,322,994
Investment Banking & Brokerage–3.20%
E*TRADE Financial Corp.(c)		442,825		16,840,635
Lazard Ltd.–Class A		289,892		13,430,696
Piper Jaffray Cos.		163,828		9,821,489
				40,092,820
IT Consulting & Other Services–0.74%
Luxoft Holding, Inc.(c)		151,798		9,236,908
Life & Health Insurance–1.14%
CNO Financial Group, Inc.		684,933		14,301,401
Life Sciences Tools & Services–1.03%
Cambrex Corp.(c)		215,400		12,870,150
Managed Health Care–0.00%
HealthEquity, Inc.(c)		45		2,242
Multi-Line Insurance–2.28%
American Financial Group, Inc.		170,113		16,904,129
Horace Mann Educators Corp.		307,789		11,634,424
				28,538,553
Office REIT’s–0.97%
Highwoods Properties, Inc.		239,415		12,140,735
Office Services & Supplies–0.62%
Pitney Bowes Inc.		511,267		7,720,132
Oil & Gas Equipment & Services–1.29%
Forum Energy Technologies Inc.(c)		604,776		9,434,506
Superior Energy Services, Inc.(c)		640,979		6,685,411
				16,119,917
Oil & Gas Exploration & Production–3.43%
Energen Corp.(c)		248,693		12,277,973
Newfield Exploration Co.(c)		318,395		9,061,522
Parsley Energy, Inc.–Class A(c)		340,779		9,456,617
RSP Permian Inc.(c)		377,961		12,196,802
				42,992,914
Packaged Foods & Meats–1.73%
Pinnacle Foods Inc.		203,177		12,068,714
TreeHouse Foods, Inc.(b)(c)		117,901		9,631,332
				21,700,046
Paper Packaging–1.51%
Graphic Packaging Holding Co.		1,377,019		18,975,322

	Shares		Value
Pharmaceuticals–2.66%
Phibro Animal Health Corp.–Class A		333,676	$	12,362,696
Supernus Pharmaceuticals Inc.(c)		486,422		20,964,788
				33,327,484
Property & Casualty Insurance–2.09%
Aspen Insurance Holdings Ltd. (Bermuda)		252,342		12,579,249
Hanover Insurance Group Inc. (The)		153,380		13,594,069
				26,173,318
Real Estate Operating Companies–0.74%
Kennedy-Wilson Holdings Inc.		485,973		9,257,786
Regional Banks–9.37%
Bank of the Ozarks, Inc.		291,439		13,659,746
BankUnited, Inc.		334,834		11,287,254
Great Western Bancorp, Inc.		383,913		15,667,490
IBERIABANK Corp.		183,260		14,935,690
Pinnacle Financial Partners, Inc.		212,255		13,329,614
Synovus Financial Corp.		375,539		16,613,845
Webster Financial Corp.		311,431		16,262,927
Western Alliance Bancorp(c)		318,381		15,664,345
				117,420,911
Restaurants–1.91%
Papa John’s International, Inc.		160,348		11,506,572
Wendy’s Co. (The)		798,200		12,380,082
				23,886,654
Semiconductor Equipment–0.73%
Xperi Corp.		305,352		9,099,490
Semiconductors–3.05%
MACOM Technology Solutions Holdings, Inc.(c)		262,361		14,631,873
Microsemi Corp.(c)		353,450		16,541,460
Power Integrations, Inc.		96,798		7,056,574
				38,229,907
Specialized Consumer Services–1.03%
ServiceMaster Global Holdings, Inc.(c)		330,966		12,970,558
Specialized REIT’s–0.93%
CubeSmart		485,600		11,673,824
Specialty Chemicals–3.09%
Minerals Technologies Inc.		183,805		13,454,526
PolyOne Corp.		334,763		12,968,719
Sensient Technologies Corp.		152,352		12,268,906
				38,692,151
Specialty Stores–1.39%
Michaels Cos., Inc. (The)(c)		545,218		10,097,438
Sally Beauty Holdings, Inc.(c)		362,165		7,333,841
				17,431,279

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

5                         Invesco Small Cap Equity Fund

	Shares		Value
Technology Distributors–1.14%
Tech Data Corp.(c)		141,174	$	14,258,574
Technology Hardware, Storage & Peripherals–0.41%
Cray, Inc.(c)		281,417		5,178,073
Tires & Rubber–0.89%
Cooper Tire & Rubber Co.		309,814		11,184,285
Trucking–2.09%
Old Dominion Freight Line, Inc.		140,519		13,383,030
Swift Transportation Co.(b)(c)		483,353		12,808,854
				26,191,884
Total Common Stocks & Other Equity Interests (Cost $982,987,590)				1,230,696,875
Money Market Funds–1.48%
Government & Agency Portfolio– Institutional Class, 0.89%(d)		11,117,734		11,117,734
Treasury Portfolio–Institutional Class, 0.85%(d)		7,411,823		7,411,823
Total Money Market Funds (Cost $18,529,557)				18,529,557
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.70% (Cost $1,001,517,147)				1,249,226,432

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–2.84%
Government & Agency Portfolio– Institutional Class, 0.89% (Cost $35,624,208)(d)(e)		35,624,208	$	35,624,208
TOTAL INVESTMENTS–102.54% (Cost $1,037,141,355)				1,284,850,640
OTHER ASSETS LESS LIABILITIES–(2.54)%				(31,782,780	)
NET ASSETS–100.00%			$	1,253,067,860

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at June 30, 2017.

^(c)  Non-income producing security.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of June 30, 2017.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2017

Industrials	19.3	%
Financials	19.1
Information Technology	18.6
Consumer Discretionary	12.1
Health Care	11.1
Materials	5.5
Energy	4.7
Real Estate	3.6
Consumer Staples	1.7
Utilities	1.3
Telecommunication Services	1.2
Money Market Funds Plus Other Assets Less Liabilities	1.8

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

6                         Invesco Small Cap Equity Fund

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)

Assets:
Investments, at value (Cost $982,987,590)*	$	1,230,696,875
Investments in affiliated money market funds, at value and cost		54,153,765
Total investments, at value (Cost $1,037,141,355)		1,284,850,640
Receivable for:
Investments sold		4,907,674
Fund shares sold		2,217,790
Dividends		931,387
Investment for trustee deferred compensation and retirement plans		192,766
Other assets		61,955
Total assets		1,293,162,212
Liabilities:
Payable for:
Investments purchased		553,864
Fund shares reacquired		2,704,671
Collateral upon return of securities loaned		35,624,208
Accrued fees to affiliates		736,081
Accrued trustees’ and officers’ fees and benefits		6,795
Accrued other operating expenses		254,833
Trustee deferred compensation and retirement plans		213,900
Total liabilities		40,094,352
Net assets applicable to shares outstanding	$	1,253,067,860
Net assets consist of:
Shares of beneficial interest	$	953,985,247
Undistributed net investment income (loss)		(1,812,377	)
Undistributed net realized gain		53,185,705
Net unrealized appreciation		247,709,285
	$	1,253,067,860

Net Assets:
Class A		$	539,531,037
Class B		$	1,816,707
Class C		$	53,715,609
Class R		$	71,927,483
Class Y		$	447,909,268
Class R5		$	89,817,896
Class R6	��	$	48,349,860
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			36,123,622
Class B			148,716
Class C			4,399,206
Class R			5,096,712
Class Y			29,110,860
Class R5			5,504,836
Class R6			2,947,882
Class A:
Net asset value per share		$	14.94
Maximum offering price per share
(Net asset value of $14.94 ¸ 94.50%)		$	15.81
Class B:
Net asset value and offering price per share		$	12.22
Class C:
Net asset value and offering price per share		$	12.21
Class R:
Net asset value and offering price per share		$	14.11
Class Y:
Net asset value and offering price per share		$	15.39
Class R5:
Net asset value and offering price per share		$	16.32
Class R6:
Net asset value and offering price per share		$	16.40

* At June 30, 2017, securities with an aggregate value of $34,884,312 were on loan to brokers.

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

7                         Invesco Small Cap Equity Fund

Statement of Operations

For the six months ended June 30, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $9,411)	$	5,971,244
Dividends from affiliated money market funds (includes securities lending income of $31,464)		91,532
Total investment income		6,062,776
Expenses:
Advisory fees		4,525,649
Administrative services fees		159,300
Custodian fees		24,485
Distribution fees:
Class A		683,406
Class B		12,313
Class C		279,459
Class R		184,317
Transfer agent fees — A, B, C, R and Y		1,233,220
Transfer agent fees — R5		48,878
Transfer agent fees — R6		7,046
Trustees’ and officers’ fees and benefits		18,189
Registration and filing fees		77,719
Reports to shareholders		367,743
Professional services fees		41,496
Other		24,818
Total expenses		7,688,038
Less: Fees waived and expense offset arrangement(s)		(16,801	)
Net expenses		7,671,237
Net investment income (loss)		(1,608,461	)
Realized and unrealized gain from:
Net realized gain from investment securities (includes net gains from securities sold to affiliates of $656,031)		47,037,996
Change in net unrealized appreciation of investment securities		15,598,105
Net realized and unrealized gain		62,636,101
Net increase in net assets resulting from operations	$	61,027,640

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

8                         Invesco Small Cap Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2017 and the year ended December 31, 2016

(Unaudited)

	June 30, 2017			December 31, 2016
Operations:
Net investment income (loss)	$	(1,608,461	)	$	(951,103	)
Net realized gain		47,037,996			64,829,058
Change in net unrealized appreciation		15,598,105			78,984,471
Net increase in net assets resulting from operations		61,027,640			142,862,426
Distributions to shareholders from net realized gains:
Class A		—			(28,488,697	)
Class B		—			(196,666	)
Class C		—			(3,525,695	)
Class R		—			(4,038,957	)
Class Y		—			(20,836,295	)
Class R5		—			(5,674,407	)
Class R6		—			(2,748,507	)
Total distributions from net realized gains		—			(65,509,224	)
Share transactions–net:
Class A		(43,974,612	)		(17,490,273	)
Class B		(1,286,445	)		(2,320,175	)
Class C		(5,579,886	)		(4,949,775	)
Class R		(5,707,681	)		(11,714,388	)
Class Y		17,869,716			(5,077,163	)
Class R5		(26,993,912	)		(49,455,127	)
Class R6		(17,233,593	)		(33,057,740	)
Net increase (decrease) in net assets resulting from share transactions		(82,906,413	)		(124,064,641	)
Net increase (decrease) in net assets		(21,878,773	)		(46,711,439	)
Net assets:
Beginning of period		1,274,946,633			1,321,658,072
End of period (includes undistributed net investment income (loss) of $(1,812,377) and $(203,916), respectively)	$	1,253,067,860		$	1,274,946,633

Notes to Financial Statements

June 30, 2017

(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 consisting of four separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of seven different classes of shares: Class A, Class B, 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 and 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

9                         Invesco Small Cap Equity Fund

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and 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.

10                         Invesco Small Cap Equity Fund

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

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

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

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

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

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

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

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

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

11                         Invesco Small Cap Equity Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0	.745%
Next $250 million		0	.73%
Next $500 million		0	.715%
Next $1.5 billion		0	.70%
Next $2.5 billion		0	.685%
Next $2.5 billion		0	.67%
Next $2.5 billion		0	.655%
Over $10 billion		0	.64%

For the six months ended June 30, 2017, the effective advisory fees incurred by the Fund was 0.72%.

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

The Adviser has contractually agreed, through at least June 30, 2018, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $11,137.

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, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2017, 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2017, 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, 2017, IDI advised the Fund that IDI retained $160,977 in front-end sales commissions from the sale of Class A shares and $5,588, and $599 from Class A, and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended June 30, 2017, the Fund incurred $10,566 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.

12                         Invesco Small Cap Equity Fund

NOTE 3—Additional Valuation Information

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

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

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

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

As of June 30, 2017, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2017, the Fund engaged in securities purchases of $6,249,522 and securities sales of $9,342,494, which resulted in net realized gains of $656,031.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,664.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to

13                         Invesco Small Cap Equity Fund

utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2016.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2017 was $133,836,632 and $226,571,988, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	309,235,543
Aggregate unrealized (depreciation) of investment securities		(61,705,944	)
Net unrealized appreciation of investment securities	$	247,529,599

Cost of investments for tax purposes is $1,037,321,041.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended June 30, 2017(a)						Year ended December 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		4,455,003		$	65,224,048			7,981,739		$	109,156,878
Class B		9,848			117,505			17,053			196,559
Class C		380,455			4,556,236			774,627			8,785,640
Class R		653,272			9,052,852			1,173,806			15,175,380
Class Y		7,506,483			113,089,599			10,624,376			147,481,614
Class R5		604,676			9,680,212			2,096,196			31,220,958
Class R6		152,415			2,439,025			988,701			14,391,165
Issued as reinvestment of dividends:
Class A		—			—			1,874,016			27,173,227
Class B		—			—			16,246			193,498
Class C		—			—			282,483			3,361,551
Class R		—			—			294,320			4,038,063
Class Y		—			—			1,306,361			19,490,897
Class R5		—			—			348,891			5,515,971
Class R6		—			—			172,971			2,748,507
Automatic conversion of Class B shares to Class A shares:
Class A		66,729			982,741			136,542			1,862,713
Class B		(81,448	)		(982,741	)		(164,045	)		(1,862,713	)
Reacquired:
Class A		(7,506,311	)		(110,181,401	)		(11,335,325	)		(155,683,091	)
Class B		(34,969	)		(421,209	)		(76,084	)		(847,519	)
Class C		(843,506	)		(10,136,122	)		(1,500,306	)		(17,096,966	)
Class R		(1,063,564	)		(14,760,533	)		(2,387,883	)		(30,927,831	)
Class Y		(6,327,793	)		(95,219,883	)		(12,072,974	)		(172,049,674	)
Class R5		(2,284,457	)		(36,674,124	)		(5,763,825	)		(86,192,056	)
Class R6		(1,213,284	)		(19,672,618	)		(3,521,980	)		(50,197,412	)
Net increase (decrease) in share activity		(5,526,451	)	$	(82,906,413	)		(8,734,094	)	$	(124,064,641	)

^(a)  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 this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14                         Invesco Small Cap Equity Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 06/30/17	$	14.25	$	(0.02	)	$	0.71		$	0.69		$	—		$	14.94		4.84	%	$	539,531		1.31	%(d)		1.31	%(d)		(0.34	)%(d)		11	%
Year ended 12/31/16		13.43		(0.02	)		1.61			1.59			(0.77	)		14.25		11.72			557,205		1.31			1.31			(0.18	)		35
Year ended 12/31/15		15.16		(0.04	)		(0.82	)		(0.86	)		(0.87	)		13.43		(5.61	)		543,187		1.29			1.29			(0.23	)		29
Year ended 12/31/14		17.00		(0.08	)		0.37			0.29			(2.13	)		15.16		2.17			561,244		1.29			1.29			(0.49	)		45
Year ended 12/31/13		13.24		(0.06	)		4.87			4.81			(1.05	)		17.00		36.68			586,779		1.29			1.29			(0.38	)		28
Year ended 12/31/12		12.19		(0.03	)(e)		1.66			1.63			(0.58	)		13.24		13.50			397,305		1.34			1.34			(0.21	)(e)		39
Class B
Six months ended 06/30/17		11.70		(0.06	)		0.58			0.52			—			12.22		4.44			1,817		2.06	(d)		2.06	(d)		(1.09	)(d)		11
Year ended 12/31/16		11.23		(0.10	)		1.34			1.24			(0.77	)		11.70		10.89			2,986		2.06			2.06			(0.93	)		35
Year ended 12/31/15		12.92		(0.13	)		(0.69	)		(0.82	)		(0.87	)		11.23		(6.28	)		5,189		2.04			2.04			(0.98	)		29
Year ended 12/31/14		14.92		(0.18	)		0.31			0.13			(2.13	)		12.92		1.39			8,624		2.04			2.04			(1.24	)		45
Year ended 12/31/13		11.81		(0.15	)		4.31			4.16			(1.05	)		14.92		35.61			12,723		2.04			2.04			(1.13	)		28
Year ended 12/31/12		11.01		(0.11	)(e)		1.49			1.38			(0.58	)		11.81		12.68			12,620		2.09			2.09			(0.96	)(e)		39
Class C
Six months ended 06/30/17		11.69		(0.06	)		0.58			0.52			—			12.21		4.45			53,716		2.06	(d)		2.06	(d)		(1.09	)(d)		11
Year ended 12/31/16		11.22		(0.11	)		1.35			1.24			(0.77	)		11.69		10.90			56,845		2.06			2.06			(0.93	)		35
Year ended 12/31/15		12.92		(0.13	)		(0.70	)		(0.83	)		(0.87	)		11.22		(6.36	)		59,546		2.04			2.04			(0.98	)		29
Year ended 12/31/14		14.92		(0.18	)		0.31			0.13			(2.13	)		12.92		1.40			64,348		2.04			2.04			(1.24	)		45
Year ended 12/31/13		11.81		(0.15	)		4.31			4.16			(1.05	)		14.92		35.62			72,662		2.04			2.04			(1.13	)		28
Year ended 12/31/12		11.00		(0.11	)(e)		1.50			1.39			(0.58	)		11.81		12.78			49,995		2.09			2.09			(0.96	)(e)		39
Class R
Six months ended 06/30/17		13.48		(0.04	)		0.67			0.63			—			14.11		4.67			71,927		1.56	(d)		1.56	(d)		(0.59	)(d)		11
Year ended 12/31/16		12.77		(0.06	)		1.54			1.48			(0.77	)		13.48		11.46			74,227		1.56			1.56			(0.43	)		35
Year ended 12/31/15		14.50		(0.07	)		(0.79	)		(0.86	)		(0.87	)		12.77		(5.87	)		82,078		1.54			1.54			(0.48	)		29
Year ended 12/31/14		16.40		(0.12	)		0.35			0.23			(2.13	)		14.50		1.89			99,241		1.54			1.54			(0.74	)		45
Year ended 12/31/13		12.83		(0.09	)		4.71			4.62			(1.05	)		16.40		36.38			114,041		1.54			1.54			(0.63	)		28
Year ended 12/31/12		11.85		(0.06	)(e)		1.62			1.56			(0.58	)		12.83		13.30			80,486		1.59			1.59			(0.46	)(e)		39
Class Y
Six months ended 06/30/17		14.66		(0.01	)		0.74			0.73			—			15.39		4.98			447,909		1.06	(d)		1.06	(d)		(0.09	)(d)		11
Year ended 12/31/16		13.76		0.01			1.66			1.67			(0.77	)		14.66		12.02			409,479		1.06			1.06			0.07			35
Year ended 12/31/15		15.47		0.00			(0.84	)		(0.84	)		(0.87	)		13.76		(5.37	)		386,369		1.04			1.04			0.02			29
Year ended 12/31/14		17.27		(0.04	)		0.37			0.33			(2.13	)		15.47		2.36			354,121		1.04			1.04			(0.24	)		45
Year ended 12/31/13		13.40		(0.02	)		4.94			4.92			(1.05	)		17.27		37.07			269,044		1.04			1.04			(0.13	)		28
Year ended 12/31/12		12.30		0.01	(e)		1.67			1.68			(0.58	)		13.40		13.79			107,440		1.09			1.09			0.04	(e)		39
Class R5
Six months ended 06/30/17		15.54		0.00			0.78			0.78			—			16.32		5.02			89,818		0.93	(d)		0.93	(d)		0.04	(d)		11
Year ended 12/31/16		14.52		0.04			1.75			1.79			(0.77	)		15.54		12.22			111,621		0.87			0.87			0.26			35
Year ended 12/31/15		16.24		0.03			(0.88	)		(0.85	)		(0.87	)		14.52		(5.18	)		152,486		0.88			0.88			0.18			29
Year ended 12/31/14		17.99		(0.01	)		0.39			0.38			(2.13	)		16.24		2.55			168,876		0.87			0.87			(0.07	)		45
Year ended 12/31/13		13.91		0.01			5.12			5.13			(1.05	)		17.99		37.22			200,674		0.88			0.88			0.03			28
Year ended 12/31/12		12.72		0.03	(e)		1.74			1.77			(0.58	)		13.91		14.04			140,110		0.88			0.88			0.25	(e)		39
Class R6
Six months ended 06/30/17		15.61		0.01			0.78			0.79			—			16.40		5.06			48,350		0.86	(d)		0.86	(d)		0.11	(d)		11
Year ended 12/31/16		14.57		0.05			1.76			1.81			(0.77	)		15.61		12.31			62,583		0.79			0.79			0.34			35
Year ended 12/31/15		16.28		0.05			(0.89	)		(0.84	)		(0.87	)		14.57		(5.10	)		92,803		0.79			0.79			0.27			29
Year ended 12/31/14		18.02		0.00			0.39			0.39			(2.13	)		16.28		2.60			114,981		0.78			0.78			0.02			45
Year ended 12/31/13		13.92		0.02			5.13			5.15			(1.05	)		18.02		37.34			119,633		0.80			0.80			0.11			28
Year ended 12/31/12(f)		14.30		0.01	(e)		0.19			0.20			(0.58	)		13.92		1.51			70,677		0.81	(g)		0.81	(g)		0.32	(e)(g)		39

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $551,256, $2,483, $56,355, $74,338, $426,318, $98,812 and $56,697 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.06) and (0.44)%, $(0.14) and (1.19)%, $(0.14) and (1.19)%, $(0.09) and (0.69)%, $(0.03) and (0.19)%, $0.00 and 0.02% and $0.00 and 0.09% for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

15                         Invesco Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2017 through June 30, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (01/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/17)1		Expenses Paid During Period2		Ending Account Value (06/30/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,048.40	$	6.65	$	1,018.30	$	6.56		1.31	%
B		1,000.00		1,044.40		10.44		1,014.58		10.29		2.06
C		1,000.00		1,044.50		10.44		1,014.58		10.29		2.06
R		1,000.00		1,046.70		7.92		1,017.06		7.80		1.56
Y		1,000.00		1,049.80		5.39		1,019.54		5.31		1.06
R5		1,000.00		1,050.20		4.73		1,020.18		4.66		0.93
R6		1,000.00		1,050.60		4.37		1,020.53		4.31		0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2017 through June 30, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16                         Invesco Small Cap Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Funds Group (Invesco Funds Group) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Small Cap Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written

evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in most cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement 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. This information is current as of June 13, 2017, and does not reflect consideration of factors that became known to the Board after that date.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review included consideration of Invesco Advisers’ investment process oversight, credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, trading operations, internal audit, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship as contrasted with the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper Small-Cap Core Funds Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group at a common asset level. The Board noted that the contractual

17                         Invesco Small Cap Equity Fund

management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing 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 compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund, based on asset balances as of December 31, 2016. The Board noted that the Fund’s rate was below the rate of one such mutual fund. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of three mutual funds sub-advised by Invesco Advisers.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a similar scope of services.

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 also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.

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. 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 and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Adviser’s or the Affiliated Sub-Adviser’s expenses. The

Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in 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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was advised that such trades would be executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

18                         Invesco Small Cap Equity Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of Invesco Small Cap Equity Fund, an investment portfolio of AIM Funds Group (Invesco Funds Group), a Delaware statutory trust (“Trust”), was held on March 9, 2017. The Meeting was held for the following purposes:

(1) Elect 15 trustees to the Board, each of whom will serve until his or her successor is elected and qualified.

(2) Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions.

The results of the voting on the above matters were as follows:

	Matters					Votes For		Votes Withheld
(1)*	David C. Arch						96,710,795		2,311,704
	James T. Bunch						96,680,528		2,341,971
	Bruce L. Crockett						96,657,286		2,365,213
	Jack M. Fields						96,695,815		2,326,684
	Martin L. Flanagan						96,750,066		2,272,434
	Cynthia Hostetler						96,693,782		2,328,717
	Dr. Eli Jones						96,661,879		2,360,620
	Dr. Prema Mathai-Davis						96,637,320		2,385,179
	Teresa M. Ressel						96,672,269		2,350,230
	Dr. Larry Soll						96,675,004		2,347,495
	Ann Barnett Stern						96,680,209		2,342,290
	Raymond Stickel, Jr.						96,709,564		2,312,935
	Philip A. Taylor						96,719,988		2,302,512
	Robert C. Troccoli						96,733,410		2,289,089
	Christopher L. Wilson						96,741,082		2,281,417
		Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(2)*	Approve an amendment to the Trust’s Agreement and Declaration of Trust that would permit fund mergers and other significant transactions upon the Board’s approval but without shareholder approval of such transactions		60,241,816		4,183,559		2,134,486		32,470,049

The Meeting was adjourned until April 11, 2017, with respect to the following proposals:

(3) Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities.

(4)(a) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC.

(4)(b) Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited.

The results of the voting on the above matters were as follows:

	Matters	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(3)	Approve changing the fundamental investment restriction regarding the purchase or sale of physical commodities		30,389,619		1,340,890		939,850		11,381,697
(4)(a)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco PowerShares Capital Management LLC		30,888,039		844,304		944,879		11,374,834
(4)(b)	Approve an amendment to the current Master Intergroup Sub-Advisory Contract to add Invesco Asset Management (India) Private Limited		30,667,899		1,045,726		957,836		11,380,595

* Each of proposal 1 and 2 required approval by a combined vote of all of the portfolios of AIM Funds Group (Invesco Funds Group).

19                         Invesco Small Cap Equity Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines.

The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-01540 and 002-27334                      Invesco Distributors, Inc.                                                                                      SCE-SAR-1            08112017      0815

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able to rely on the letter unless its term is extended or made permanent by the SEC Staff.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of August 11, 2017 an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 11, 2017, 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 second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a) (1) Not applicable.

12(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3) Not applicable.

12(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:        AIM Funds Group (Invesco Funds Group)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 5, 2017

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 5, 2017

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	September 5, 2017

EXHIBIT INDEX

12(a) (1)	Not applicable.
12(a) (2)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.