Aim Funds Group NCSR Certified annual shareholder report (management investment company)

Aim Funds Group N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01540

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: 12/31/21

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable

LOGO


Annual Report to Shareholders		December 31, 2021

Invesco European Small Company Fund

Nasdaq:

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



2		Management’s Discussion
2		Performance Summary
4		Long-Term Fund Performance
6		Supplemental Information
8		Schedule of Investments
10		Financial Statements
13		Financial Highlights
14		Notes to Financial Statements
20		Report of Independent Registered Public Accounting Firm
21		Fund Expenses
22		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco European Small Company Fund (the Fund), at net asset value (NAV), outperformed the MSCI Eu-rope Small Cap Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	24.27	%
Class C Shares	23.35
Class Y Shares	24.62
Class R6 Shares	24.72
MSCI Europe Index^q (Broad Market Index)	16.30
MSCI Europe Small Cap Index^q (Style-Specific Index)	15.09
Lipper European Funds Index^∎ (Peer Group Index)	15.70
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation, with value stocks outperforming growth stocks. The successful rollout of coronavirus (COVID-19) vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities declined due to COVID-19 concerns and China’s ongoing regulatory tightening and slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

We remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process regardless of the macroeconomic environment.

During the fiscal year, strong stock selection in the industrials and information technology (IT) were the largest contributors to the Fund’s relative outperformance versus the style-specific benchmark, MSCI Europe Small Cap Index. Overweight exposures to both sectors added to the Fund’s relative performance. Within the industrials sector, UK-based specialized technical products and services company Diploma was a notable contributor to absolute and relative results. We saw particular strength in the portfolio’s Israel-based payroll processor Hilan in the IT sector. The company announced a bolt-on acquisition of an accounting software firm, which could accelerate its growth prospects in the small business segment. Stock selection in the consumer discretionary and real estate sectors also contributed to the Fund’s relative results. Conversely, stock selection in the health care and financials sectors detracted from the Fund’s relative performance for the fiscal year.

On a geographic basis, strong security selection in the UK, France and Switzerland were key contributors to relative return. In addition, the Fund’s exposure to Israel, a country not represented in the style-specific benchmark, added to relative performance after posting positive absolute results. In contrast, an underweight to Sweden and the Netherlands were key detractors from relative return during the fiscal year. Stock selection in Sweden and Germany also hampered relative results.

The Fund’s cash position in a rising market environment was a detractor from performance versus the style-specific benchmark. It is important to note that similar to the Fund’s sector and regional allocations, cash is a residual of our bottom-up investment process

and not the result of any top-down tactical asset allocation or risk-management allocation decision.

From an individual securities perspective, UK-based consumer discretionary company Gamesys was among the most significant contributors to Fund performance during the fiscal year. The company experienced robust interim earnings during the year as the global lock-down accelerated the shift towards online gaming. We exited the position after Gamesys was acquired by US-based Bally’s Corporation (not a fund holding) in the fourth quarter of 2021.

Germany-based health care company Mor-phoSys was a key detractor from Fund performance during the fiscal year. Persistent challenges of the company’s diffuse large B-cell lymphoma (DLBCL) medication launch impacted performance. We trimmed the Fund’s position during the fourth quarter of 2021 to make room for higher conviction opportunities. French housebuilder HEXAOM was another notable detractor during the fiscal year.

Over the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV outlook for each company. We initiated several new positions, including Denmark-based consumer discretionary company TCM Group, Poland-based industrials company Mo-BRUK, Netherlands-based energy company SBM Offshore and Norway-based IT company Bouvet. We also sold a few Fund holdings, including Romania-based Romgaz, Ireland-based CPL Resources and Germany-based

Cenit.

As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality companies that exhibit the following characteristics: strong organic growth; high returns on capital; pricing power; strong balance sheets; cash generation; and reasonable valuations. In addition, we continue to favor companies that are able to consistently generate cash during weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco European Small Company Fund.

2 Invesco European Small Company Fund

Portfolio manager(s):

Borge Endresen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco European Small Company Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco European Small Company Fund


Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	10.65	%
10 Years	11.60
5 Years	10.03
1 Year	17.46

Class C Shares
Inception (8/31/00)	10.66	%
10 Years	11.57
5 Years	10.45
1 Year	22.35

Class Y Shares
Inception (10/3/08)	10.87	%
10 Years	12.51
5 Years	11.55
1 Year	24.62

Class R6 Shares
10 Years	12.41	%
5 Years	11.64
1 Year	24.72

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

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

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

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

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

5 Invesco European Small Company Fund

Supplemental Information

Invesco European Small Company Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

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


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco European Small Company Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		32.47	%
Information Technology		23.67
Consumer Discretionary		16.42
Financials		13.10
Consumer Staples		3.56
Real Estate		3.31
Energy		2.57
Health Care		0.44
Money Market Funds Plus Other Assets Less Liabilities		4.46

Top 10 Equity Holdings*


		% of total net assets

1.	Hilan Ltd.		6.60	%
2.	Gerard Perrier Industrie S.A.		5.31
3.	Linedata Services		5.15
4.	Diploma PLC		4.79
5.	TBC Bank Group PLC		4.28
6.	Infotel S.A.		3.88
7.	Kaufman & Broad S.A.		3.75
8.	Neurones		3.69
9.	Clarkson PLC		3.64
10.	Renew Holdings PLC		3.58

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

^*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7 Invesco European Small Company Fund

Schedule of Investments

December 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests-95.54%
Denmark–1.47%
TCM Group A/S^(a)		165,000	$	4,005,779

France–26.95%
Gerard Perrier Industrie S.A.		128,171		14,446,774
HEXAOM		132,990		5,602,460
Infotel S.A.		165,203		10,570,063
Kaufman & Broad S.A.		242,700		10,200,322
Linedata Services		315,459		14,007,437
Manutan International		52,230		4,268,931
Neurones^(b)		232,283		10,050,151
Total Gabon		26,924		4,229,741
				73,375,879

Georgia–4.28%
TBC Bank Group PLC		522,263		11,651,554

Germany–0.44%
MorphoSys AG^(c)		31,430		1,193,419

Greece–1.08%
Karelia Tobacco Co., Inc. S.A.		9,265		2,933,018

Ireland–2.48%
Origin Enterprises PLC		1,797,435		6,745,905

Israel–7.99%
Hilan Ltd.		269,109		17,970,744
MIND C.T.I. Ltd.^(d)		1,216,450		3,770,995
				21,741,739

Italy–2.79%
Gruppo MutuiOnline S.p.A.		75,783		3,789,878
Technogym S.p.A.^(a)		397,739		3,805,811
				7,595,689

Morocco–2.61%
Vivo Energy PLC^(a)		3,985,177		7,112,924

Netherlands–1.01%
SBM Offshore N.V.		185,296		2,761,527

Norway–0.89%
Bouvet ASA		284,184		2,431,822

Poland–3.83%
LiveChat Software S.A.^(b)		100,000		2,885,719
Mo-BRUK S.A.		38,176		3,646,736
Warsaw Stock Exchange		378,420		3,886,490
				10,418,945

Portugal–0.53%
Conduril - Engenharia S.A.		46,308		1,434,029

Romania–3.57%
Fondul Proprietatea S.A.		21,229,730		9,711,321

Russia–1.51%
Globaltrans Investment PLC, GDR^(a)		483,600		4,120,272




	Shares		Value
Singapore–1.02%
XP Power Ltd.		40,235	$	2,779,533

Sweden–1.01%
Proact IT Group AB		287,095		2,762,597

Switzerland–3.36%
Carlo Gavazzi Holding AG, BR		9,525		2,873,410
Kardex Holding AG		19,018		6,260,193
				9,133,603

United Kingdom–28.72%
City of London Investment Group PLC^(b)		900,000		6,088,880
Clarkson PLC		188,808		9,901,203
DCC PLC		66,259		5,418,251
Diploma PLC		285,427		13,042,153
Eurocell PLC		1,476,000		4,814,706
IG Group Holdings PLC		528,854		5,822,109
Mortgage Advice Bureau Holdings Ltd.		225,000		4,415,215
Renew Holdings PLC		860,626		9,750,904
SafeStyle UK PLC^(c)		4,465,000		3,005,011
Savills PLC		473,369		9,011,489
Ultra Electronics Holdings PLC		160,548		6,908,805
				78,178,726
Total Common Stocks & Other Equity Interests (Cost $164,017,884)				260,088,281

Money Market Funds–4.35%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		3,916,384		3,916,384
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%^(d)(e)		3,433,460		3,434,147
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		4,475,867		4,475,867
Total Money Market Funds (Cost $11,826,027)				11,826,398
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.89% (Cost $175,843,911)				271,914,679
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.04%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		34,852		34,852
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		81,305		81,321
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $116,173)				116,173
TOTAL INVESTMENTS IN SECURITIES—99.93% (Cost $175,960,084)				272,030,852
OTHER ASSETS LESS LIABILITIES–0.07%				203,844
NET ASSETS–100.00%			$	272,234,696

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

8 Invesco European Small Company Fund

Investment Abbreviations:

BR – Bearer Shares

GDR – Global Depositary Receipt

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2021 was $19,044,786, which represented 7.00% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at December 31, 2021.

^(c)	Non-income producing security.

^(d)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2021.


	Value December 31, 2020		Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$5,391,102		$	19,434,820		$	(20,909,538)		$	-		$	-		$3,916,384		$	2,153
Invesco Liquid Assets Portfolio, Institutional Class		4,551,609			13,721,661			(14,838,147)			(46)			(930)		3,434,147			916
Invesco Treasury Portfolio, Institutional Class		6,161,260			22,211,223			(23,896,616)			-			-		4,475,867			932
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		116,223			385,960			(467,331)			-			-		34,852			4	*
Invesco Private Prime Fund		172,197			754,099			(844,977)			-			2		81,321			45	*
Investments in Other Affiliates:
Linedata Services**		11,794,869			-			(928,551)			2,994,834			146,285		14,007,437			427,636
MIND C.T.I. Ltd.		3,150,606			-			-			620,389			-		3,770,995			253,022
Total		$31,337,866		$	56,507,763		$	(61,885,160)		$	3,615,177		$	145,357		$29,721,003		$	684,708

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

**	As of December 31, 2021, this security was not considered as an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

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

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


9		Invesco European Small Company Fund

Statement of Assets and Liabilities

December 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $160,985,238)*	$	256,317,286

Investments in affiliates, at value (Cost $14,974,846)		15,713,566

Foreign currencies, at value (Cost $233,302)		234,623

Receivable for: Fund shares sold		90,729
Dividends		421,714
Investment for trustee deferred compensation and retirement plans		73,755
Other assets		31,653
Total assets		272,883,326

Liabilities:

Payable for:
Fund shares reacquired		40,913
Amount due custodian		210,696
Collateral upon return of securities loaned		116,173
Accrued fees to affiliates		91,496
Accrued other operating expenses		107,471
Trustee deferred compensation and retirement plans		81,881
Total liabilities		648,630
Net assets applicable to shares outstanding	$	272,234,696

Net assets consist of:

Shares of beneficial interest	$	181,553,523
Distributable earnings		90,681,173
	$	272,234,696


Net Assets:

Class A	$	123,120,830

Class C	$	4,214,544

Class Y	$	132,546,050

Class R6	$	12,353,272

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		6,746,089
Class C		247,400

Class Y		7,231,857

Class R6		673,979
Class A:
Net asset value per share	$	18.25
Maximum offering price per share (Net asset value of $18.25 ÷ 94.50%)	$	19.31
Class C:
Net asset value and offering price per share	$	17.04
Class Y:
Net asset value and offering price per share	$	18.33
Class R6:
Net asset value and offering price per share	$	18.33

*	At December 31, 2021, securities with an aggregate value of $76,941 were on loan to brokers.

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

10 Invesco European Small Company Fund

Statement of Operations

For the year ended December 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $654,844)	$	5,972,939
Dividends from affiliates (includes securities lending income of $3,942)		688,601
Total investment income		6,661,540

Expenses:
Advisory fees		2,440,784
Administrative services fees		36,724
Distribution fees:
Class A		282,832
Class C		56,361
Transfer agent fees – A, C and Y		295,525
Transfer agent fees – R6		4,397
Trustees’ and officers’ fees and benefits		24,146
Registration and filing fees		64,805
Professional services fees		88,767
Other		(154,156	)
Total expenses		3,140,185
Less: Fees waived and/or expense offset arrangement(s)		(7,931	)
Net expenses		3,132,254
Net investment income		3,529,286

Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		21,631,228
Affiliated investment securities		145,357
Foreign currencies		132,319
		21,908,904
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		25,642,194
Affiliated investment securities		3,615,177
Foreign currencies		(45,740	)
		29,211,631
Net realized and unrealized gain		51,120,535
Net increase in net assets resulting from operations	$	54,649,821

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

11 Invesco European Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020


	2021			2020

Operations:

Net investment income	$	3,529,286		$	3,051,526


Net realized gain (loss)		21,908,904			(18,347,240	)


Change in net unrealized appreciation		29,211,631			11,520,042


Net increase (decrease) in net assets resulting from operations		54,649,821			(3,775,672	)



Distributions to shareholders from distributable earnings:

Class A		(3,871,714	)		(2,646,198	)


Class C		(56,942	)		(221,682	)


Class Y		(4,828,280	)		(3,270,028	)


Class R6		(454,663	)		(301,825	)


Total distributions from distributable earnings		(9,211,599	)		(6,439,733	)



Share transactions–net:

Class A		4,080,917			(24,681,729	)


Class C		(3,325,561	)		(5,568,725	)


Class Y		(11,561,580	)		(96,458,101	)


Class R6		(714,094	)		(4,174,279	)

Net increase (decrease) in net assets resulting from share transactions		(11,520,318	)		(130,882,834	)

Net increase (decrease) in net assets		33,917,904			(141,098,239	)


Net assets:

Beginning of year		238,316,792			379,415,031

End of year	$	272,234,696		$	238,316,792

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



12		Invesco European Small Company Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/21		$	15.18		$	0.21			$	3.46			$	3.67			$	(0.53	)		$	(0.07	)		$	(0.60	)		$	18.25		24.27	%		$	123,121		1.33	%		1.33	%		1.22	%		10	%
Year ended 12/31/20			14.24			0.14	^(d)			1.21				1.35				(0.17	)			(0.24	)			(0.41	)			15.18		9.60				99,172		1.53			1.54			1.09	^(d)		6
Year ended 12/31/19			13.23			0.34	^(d)			1.67				2.01				(0.63	)			(0.37	)			(1.00	)			14.24		15.23				121,763		1.42			1.43			2.40	^(d)		1
Year ended 12/31/18			16.58			0.28				(2.80	)			(2.52	)			(0.29	)			(0.54	)			(0.83	)			13.23		(15.21	)			127,904		1.35			1.38			1.73			11
Year ended 12/31/17			13.35			0.29	^(d)			3.47				3.76				(0.27	)			(0.26	)			(0.53	)			16.58		28.29				186,233		1.40			1.42			1.85	^(d)		10
Class C
Year ended 12/31/21			14.01			0.08				3.19				3.27				(0.17	)			(0.07	)			(0.24	)			17.04		23.35				4,215		2.08			2.08			0.47			10
Year ended 12/31/20			13.27			0.04	^(d)			1.11				1.15				(0.17	)			(0.24	)			(0.41	)			14.01		8.80				6,370		2.28			2.29			0.34	^(d)		6
Year ended 12/31/19			12.36			0.22	^(d)			1.56				1.78				(0.50	)			(0.37	)			(0.87	)			13.27		14.44				12,200		2.17			2.18			1.65	^(d)		1
Year ended 12/31/18			15.52			0.15				(2.61	)			(2.46	)			(0.16	)			(0.54	)			(0.70	)			12.36		(15.89	)			22,684		2.10			2.13			0.98			11
Year ended 12/31/17			12.53			0.16	^(d)			3.25				3.41				(0.16	)			(0.26	)			(0.42	)			15.52		27.27				34,366		2.15			2.17			1.10	^(d)		10
Class Y
Year ended 12/31/21			15.27			0.26				3.48				3.74				(0.61	)			(0.07	)			(0.68	)			18.33		24.62				132,546		1.08			1.08			1.47			10
Year ended 12/31/20			14.29			0.18	^(d)			1.21				1.39				(0.17	)			(0.24	)			(0.41	)			15.27		9.85				121,746		1.28			1.29			1.34	^(d)		6
Year ended 12/31/19			13.27			0.38	^(d)			1.68				2.06				(0.67	)			(0.37	)			(1.04	)			14.29		15.56				230,577		1.17			1.18			2.65	^(d)		1
Year ended 12/31/18			16.64			0.32				(2.81	)			(2.49	)			(0.34	)			(0.54	)			(0.88	)			13.27		(15.01	)			410,107		1.10			1.13			1.98			11
Year ended 12/31/17			13.41			0.34	^(d)			3.46				3.80				(0.31	)			(0.26	)			(0.57	)			16.64		28.48				608,335		1.15			1.17			2.10	^(d)		10
Class R6
Year ended 12/31/21			15.28			0.27				3.48				3.75				(0.63	)			(0.07	)			(0.70	)			18.33		24.72				12,353		1.00			1.00			1.55			10
Year ended 12/31/20			14.28			0.19	^(d)			1.22				1.41				(0.17	)			(0.24	)			(0.41	)			15.28		9.99				11,029		1.19			1.20			1.43	^(d)		6
Year ended 12/31/19			13.27			0.39	^(d)			1.67				2.06				(0.68	)			(0.37	)			(1.05	)			14.28		15.59				14,875		1.09			1.10			2.73	^(d)		1
Year ended 12/31/18			16.64			0.33				(2.81	)			(2.48	)			(0.35	)			(0.54	)			(0.89	)			13.27		(14.93	)			18,243		1.04			1.07			2.04			11
Period ended 12/31/17(e)			14.67			0.27	^(d)			2.28				2.55				(0.32	)			(0.26	)			(0.58	)			16.64		17.49				11		1.08	^(f)		1.10	^(f)		2.17	^(d)(f)		10

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)

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

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

^(f)	Annualized.

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

13 Invesco European Small Company Fund

Notes to Financial Statements

December 31, 2021

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

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

A security listed or traded on an exchange (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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

14 Invesco European Small Company Fund

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

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

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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.

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

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

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.

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, there were no securities lending transactions with the Adviser.

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

15 Invesco European Small Company Fund

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

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

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

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

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

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $ 250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $7,759.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of

16 Invesco European Small Company Fund

the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $7,555 in front-end sales commissions from the sale of Class A shares and $16 and $8 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $482 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 December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities
Denmark	$	–	$	4,005,779	$	–	$	4,005,779


France		–		73,375,879		–		73,375,879


Georgia		–		11,651,554		–		11,651,554


Germany		–		1,193,419		–		1,193,419


Greece		–		2,933,018		–		2,933,018


Ireland		–		6,745,905		–		6,745,905


Israel		3,770,995		17,970,744		–		21,741,739


Italy		–		7,595,689		–		7,595,689


Morocco		–		7,112,924		–		7,112,924


Netherlands		–		2,761,527		–		2,761,527


Norway		–		2,431,822		–		2,431,822


Poland		–		10,418,945		–		10,418,945


Portugal		1,434,029		–		–		1,434,029


Romania		–		9,711,321		–		9,711,321


Russia		4,120,272		–		–		4,120,272


Singapore		–		2,779,533		–		2,779,533


Sweden		–		2,762,597		–		2,762,597


Switzerland		–		9,133,603		–		9,133,603


United Kingdom		–		78,178,726		–		78,178,726


Money Market Funds		11,826,398		116,173		–		11,942,571
Total Investments	$	21,151,694	$	250,879,158	$	–	$	272,030,852

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $172.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

17 Invesco European Small Company Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:


	2021		2020
Ordinary income*	$	8,341,811	$	2,690,459
Long-term capital gain		869,788		3,749,274
Total distributions	$	9,211,599	$	6,439,733
* Includes short-term capital gain distributions, if any. Tax Components of Net Assets at Period-End:
			2021
Undistributed ordinary income			$	3,207,271
Net unrealized appreciation – investments				87,532,376
Net unrealized appreciation (depreciation) – foreign currencies				(11,288	)
Temporary book/tax differences				(47,186	)
Shares of beneficial interest				181,553,523
Total net assets			$	272,234,696

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $24,482,381 and $28,453,846, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on December 31, 2021, undistributed net investment income was increased by $50,999 and undistributed net realized gain (loss) was decreased by $50,999. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

18 Invesco European Small Company Fund

NOTE 10–Share Information


	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021^(a)						December 31, 2020

	Shares			Amount			Shares			Amount
Sold:
Class A		721,657		$	12,789,363			316,260		$	4,028,241
Class C		62,423			1,012,232			15,722			188,478
Class Y		1,839,539			32,978,261			1,504,516			19,936,199
Class R6		157,301			2,848,615			99,404			1,268,886

Issued as reinvestment of dividends:
Class A		204,585			3,590,468			167,672			2,488,245
Class C		3,313			54,302			15,142			207,449
Class Y		216,421			3,813,343			184,682			2,757,307
Class R6		21,153			372,705			17,998			268,896

Automatic conversion of Class C shares to Class A shares:
Class A		181,220			3,198,060			214,947			2,919,178
Class C		(197,190	)		(3,198,060	)		(232,096	)		(2,919,178	)

Reacquired:
Class A		(894,236	)		(15,496,974	)		(2,717,974	)		(34,117,393	)
Class C		(75,954	)		(1,194,035	)		(263,543	)		(3,045,474	)
Class Y		(2,795,752	)		(48,353,184	)		(9,856,282	)		(119,151,607	)
Class R6		(226,085	)		(3,935,414	)		(437,218	)		(5,712,061	)
Net increase (decrease) in share activity		(781,605	)	$	(11,520,318	)		(10,970,770	)	$	(130,882,834	)

⁽^a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Significant Event

Effective on or about April 29, 2022, the name of the Fund and all references thereto will change from Invesco European Small Company Fund to Invesco EQV European Small Company Fund.


19		Invesco European Small Company Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco European Small Company Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco European Small Company Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

20 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. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/21)	Ending Account Value (12/31/21)¹	Expenses Paid During Period²	Ending Account Value (12/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,068.80	$6.99	$1,018.45	$6.82	1.34%
Class C	1,000.00	1,064.80	10.88	1,014.67	10.61	2.09
Class Y	1,000.00	1,070.20	5.69	1,019.71	5.55	1.09
Class R6	1,000.00	1,070.70	5.22	1,020.16	5.09	1.00

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco European Small Company Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	869,788
Qualified Dividend Income*		79.80	%
Corporate Dividends Received Deduction*		4.27	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0388		per share
Foreign Source Income	$	0.4840		per share

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

22 Invesco European Small Company Fund

Trustees and Officers

The address of each trustee and officer is AIM Funds Group (Invesco Funds Group) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)


T-1		Invesco European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None


T-2		Invesco European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-3 Invesco European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

T-4 Invesco European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

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

T-5 Invesco European Small Company Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

LOGO


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

LOGO



Annual Report to Shareholders		December 31, 2021

Invesco Global Core Equity Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Global Core Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI World Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.68	%
Class C Shares	14.90
Class R Shares	15.49
Class Y Shares	15.97
Class R5 Shares	16.05
Class R6 Shares	16.17
MSCI World Index^▼ (Broad Market/Style-Specific Index)	21.82
Lipper Global Large-Cap Core Funds Index^∎ (Peer Group Index)	21.13

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities continued to decline due to COVID-19 concerns and China’s ongoing regulatory tightening and slowing economic growth. Overall, developed market equities outperformed

emerging market equities for the fiscal year.

The Fund underperformed its benchmark, the MSCI World Index, due to stock selection in the consumer staples, financials and information technology sectors as the investments in these sectors underperformed those of the benchmark over the fiscal year. In contrast, the Fund’s stock selection in the communication services sector outperformed the index over the fiscal year and benefited relative performance.

The most significant individual contributors over the fiscal year included Microsoft and Alphabet. Shares in Microsoft, one of the largest software companies in the world, rose over the fiscal year as demand for Microsoft’s cloud-based business services continues to drive strong operating results. Shares in Alphabet have performed well as a result of posting strong earnings and sales results over the fiscal year. The company’s core internet search and digital advertising business has a dominant market share and is well-positioned to benefit from secular growth trends in digital advertising.

The most significant individual detractors during the fiscal year included Alibaba Group Holding and Sabre. Alibaba is a Chinese multinational technology company that specializes in e-commerce, retail, internet and technology. Shares in Alibaba fell over the fiscal year due to increased regulatory crackdowns by the Chinese government and fears that more punitive actions by regulators would impair Alibaba’s profitability or assets. Sabre is a leading technology firm, serving the global travel and tourism industry. Shares in Sabre declined over the fiscal year due to the surge in COVID-19 cases related to the recent Omicron variant, which depressed travel demand over the fourth quarter.

Thank you for your investment in Invesco Global Core Equity Fund.

Portfolio manager(s):

Michael Hatcher

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


2		Invesco Global Core Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Global Core Equity Fund



Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/00)	5.99	%
10 Years	8.80
5 Years	9.89
1 Year	9.32

Class C Shares
Inception (12/29/00)	6.00	%
10 Years	8.77
5 Years	10.35
1 Year	13.90

Class R Shares
Inception (5/23/11)	7.04	%
10 Years	9.16
5 Years	10.89
1 Year	15.49

Class Y Shares
Inception (10/3/08)	7.68	%
10 Years	9.70
5 Years	11.43
1 Year	15.97

Class R5 Shares
Inception (10/25/05)	6.09	%
10 Years	9.75
5 Years	11.44
1 Year	16.05

Class R6 Shares
10 Years	9.58	%
5 Years	11.47
1 Year	16.17

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

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

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

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


4		Invesco Global Core Equity Fund

Supplemental Information

Invesco Global Core Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI World Index^SM 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.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Global Core Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		31.74	%

Communication Services		10.94

Consumer Discretionary		10.23

Industrials		10.18

Health Care		9.35

Consumer Staples		9.34

Financials		9.28

Real Estate		3.69

Money Market Funds Plus Other Assets Less Liabilities		5.25

Top 10 Equity Holdings*


		% of total net assets

1.	Visa, Inc., Class A		5.00	%

2.	Microsoft Corp.		4.86

3.	Alphabet, Inc., Class A		4.55

4.	SAP SE		4.53

5.	KION Group AG		4.20

6.	Charter Communications, Inc., Class A		3.84

7.	Temenos AG		3.78

8.	Equinix, Inc.		3.69

9.	British American Tobacco PLC		3.54

10.	London Stock Exchange Group PLC		3.51

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.


6		Invesco Global Core Equity Fund

Schedule of Investments

December 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–94.75%
Belgium–2.68%
Anheuser-Busch InBev S.A./N.V., ADR^(a)		339,781	$	20,573,740



Canada–1.45%
Constellation Software, Inc.		6,013		11,156,292



China–2.79%
Alibaba Group Holding Ltd., ADR^(b)		48,032		5,705,721


Kweichow Moutai Co. Ltd., A Shares		48,906		15,729,008


				21,434,729



Finland–1.25%
Kone OYJ, Class B		134,484		9,563,254



France–3.01%
LVMH Moet Hennessy Louis Vuitton SE		28,073		23,165,850



Germany–8.73%
KION Group AG		293,959		32,293,082


SAP SE		243,771		34,815,619


				67,108,701



Hong Kong–2.82%
AIA Group Ltd.		2,149,800		21,673,036



Japan–1.02%
FANUC Corp.		19,300		4,091,326


Nabtesco Corp.		126,700		3,751,115


				7,842,441



Netherlands–2.57%
Topicus.com, Inc.^(b)		215,402		19,770,088



Switzerland–6.60%
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(b)		432,956		475,149


Roche Holding AG		51,308		21,268,980


Temenos AG		210,223		29,008,329


				50,752,458



United Kingdom–8.91%
British American Tobacco PLC		734,839		27,226,801


Dechra Pharmaceuticals PLC		82,993		5,981,381


Imperial Brands PLC		376,853		8,240,794


London Stock Exchange Group PLC		288,321		26,986,277


				68,435,253

Investment Abbreviations:

ADR - American Depositary Receipt

Wts. - Warrants


	Shares		Value


United States–52.92%
Accenture PLC, Class A		64,121	$	26,581,361


Alphabet, Inc., Class A^(b)		12,060		34,938,302


Analog Devices, Inc.		146,198		25,697,223


Aon PLC, Class A		75,320		22,638,179


Aptiv PLC^(b)		143,629		23,691,604


AutoZone, Inc.^(b)		12,197		25,569,669


Becton, Dickinson and Co.		82,669		20,789,600


Charter Communications, Inc., Class A^(b)		45,314		29,543,369


Equinix, Inc.^(a)		33,532		28,362,707


Flowserve Corp.		164,847		5,044,318


Honeywell International, Inc.		112,802		23,520,345


Microsoft Corp.		110,926		37,306,632


Sabre Corp.^(a)(b)		2,465,378		21,177,597


Visa, Inc., Class A^(a)		177,144		38,388,876


Walt Disney Co. (The)^(b)		126,527		19,597,767


Zoetis, Inc.		97,678		23,836,360


				406,683,909


Total Common Stocks & Other Equity Interests (Cost $580,579,757)				728,159,751



Money Market Funds–5.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		23,912,333		23,912,333


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		15,941,556		15,941,556


Total Money Market Funds (Cost $39,853,889)				39,853,889


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.94% (Cost $620,433,646)				768,013,640



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.72%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		20,115,822		20,115,822


Invesco Private Prime Fund, 0.11%^(c)(d)(e)		46,927,533		46,936,917


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,055,518)				67,052,739


TOTAL INVESTMENTS IN SECURITIES–108.66% (Cost $687,489,164)				835,066,379


OTHER ASSETS LESS LIABILITIES–(8.66)%				(66,550,629	)


NET ASSETS–100.00%			$	768,515,750

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


7		Invesco Global Core Equity Fund

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at December 31, 2021.

^(b)	Non-income producing security.

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2021.


	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value December 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	11,831,531		$	87,444,685		$	(75,363,883	)		$	-			$	-		$	23,912,333		$	2,300
Invesco Treasury Portfolio, Institutional Class			7,887,687			58,296,457			(50,242,588	)			-				-			15,941,556			561
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,062,118			148,706,034			(131,652,330	)			-				-			20,115,822			1,570*
Invesco Private Prime Fund			4,593,178			296,726,163			(254,373,929	)			(2,779	)			(5,716)			46,936,917			21,351*
Total		$	27,374,514		$	591,173,339		$	(511,632,730	)		$	(2,779	)		$	(5,716)		$	106,906,628		$	25,782

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

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(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.

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


8		Invesco Global Core Equity Fund

Statement of Assets and Liabilities

December 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $580,579,757)*	$	728,159,751


Investments in affiliated money market funds, at value (Cost $106,909,407)		106,906,628


Foreign currencies, at value (Cost $253,415)		253,689


Receivable for:
Investments sold		860,949


Fund shares sold		55,214


Dividends		1,099,860


Investment for trustee deferred compensation and retirement plans		179,773


Other assets		52,181


Total assets		837,568,045



Liabilities:

Payable for:
Investments purchased		404,849


Fund shares reacquired		348,720


Amount due custodian		499,597


Collateral upon return of securities loaned		67,055,518


Accrued fees to affiliates		372,965


Accrued other operating expenses		137,220


Trustee deferred compensation and retirement plans		233,426


Total liabilities		69,052,295


Net assets applicable to shares outstanding	$	768,515,750



Net assets consist of:
Shares of beneficial interest	$	604,376,750


Distributable earnings		164,139,000


	$	768,515,750


Net Assets:

Class A	$	718,326,798



Class C	$	5,778,446



Class R	$	1,732,347



Class Y	$	34,581,633



Class R5	$	1,125,457



Class R6	$	6,971,069



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		44,828,243



Class C		386,269



Class R		108,286



Class Y		2,152,802



Class R5		68,736



Class R6		425,366


Class A:
Net asset value per share	$	16.02


Maximum offering price per share (Net asset value of $16.02 ÷ 94.50%)	$	16.95
Class C:
Net asset value and offering price per share	$	14.96


Class R:
Net asset value and offering price per share	$	16.00


Class Y:
Net asset value and offering price per share	$	16.06


Class R5:
Net asset value and offering price per share	$	16.37


Class R6:
Net asset value and offering price per share	$	16.39

*	At December 31, 2021, securities with an aggregate value of $65,066,727 were on loan to brokers.

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


9		Invesco Global Core Equity Fund

Statement of Operations

For the year ended December 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $356,211)	$	9,227,197



Dividends from affiliated money market funds (includes securities lending income of $41,546)		44,407



Non-cash dividend income		579,721


Total investment income		9,851,325



Expenses:

Advisory fees		6,010,570



Administrative services fees		110,405



Distribution fees:
Class A		1,801,686


Class C		62,402


Class R		8,988


Transfer agent fees – A, C, R and Y		1,060,813


Transfer agent fees – R5		1,082


Transfer agent fees – R6		2,523


Trustees’ and officers’ fees and benefits		30,952


Registration and filing fees		100,760


Reports to shareholders		83,160


Professional services fees		59,375


Other		21,051


Total expenses		9,353,767


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(10,454	)


Net expenses		9,343,313


Net investment income		508,012



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		45,740,112


Affiliated investment securities		(5,716	)


Foreign currencies		(44,775	)


		45,689,621


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		65,392,348


Affiliated investment securities		(2,779	)


Foreign currencies		(18,683	)


		65,370,886


Net realized and unrealized gain		111,060,507


Net increase in net assets resulting from operations	$	111,568,519

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


10		Invesco Global Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	508,012		$	6,230,436


Net realized gain		45,689,621			137,938,815


Change in net unrealized appreciation (depreciation)		65,370,886			(69,225,435	)


Net increase in net assets resulting from operations		111,568,519			74,943,816



Distributions to shareholders from distributable earnings:

Class A		(36,895,882	)		(117,664,978	)



Class C		(272,344	)		(1,545,108	)



Class R		(83,037	)		(306,372	)



Class Y		(1,850,484	)		(5,609,250	)



Class R5		(58,467	)		(162,207	)



Class R6		(367,890	)		(1,102,071	)


Total distributions from distributable earnings		(39,528,104	)		(126,389,986	)



Share transactions-net:

Class A		(35,598,155	)		23,792,159



Class C		(1,119,643	)		(6,742,650	)



Class R		(294,029	)		36,665



Class Y		(1,092,219	)		551,422



Class R5		21,083			267,305



Class R6		(267,609	)		(102,020	)


Net increase (decrease) in net assets resulting from share transactions		(38,350,572	)		17,802,881


Net increase (decrease) in net assets		33,689,843			(33,643,289	)



Net assets:

Beginning of year		734,825,907			768,469,196


End of year	$	768,515,750		$	734,825,907

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


11		Invesco Global Core Equity Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/21		$14.61		$0.01			$2.26			$2.27			$(0.13	)		$(0.73	)		$(0.86	)		$16.02		15.68	%		$718,327		1.22	%		1.22	%		0.06	%		23	%
Year ended 12/31/20		15.66		0.14			1.78			1.92			(0.03	)		(2.94	)		(2.97	)		14.61		12.63			686,612		1.22			1.28			0.92			126
Year ended 12/31/19		12.73		0.19			2.93			3.12			(0.19	)		–			(0.19	)		15.66		24.53			709,829		1.22			1.28			1.33			24
Year ended 12/31/18		16.20		0.15			(2.53	)		(2.38	)		(0.17	)		(0.92	)		(1.09	)		12.73		(14.90	)		605,748		1.22			1.29			0.97			30
Year ended 12/31/17		13.89		0.12			3.04			3.16			(0.15	)		(0.70	)		(0.85	)		16.20		22.83			798,219		1.22			1.34			0.80			64
Class C
Year ended 12/31/21		13.67		(0.10	)		2.12			2.02			–			(0.73	)		(0.73	)		14.96		14.90			5,778		1.97			1.97			(0.69	)		23
Year ended 12/31/20		14.94		0.02			1.68			1.70			(0.03	)		(2.94	)		(2.97	)		13.67		11.75			6,307		1.97			2.03			0.17			126
Year ended 12/31/19		12.10		0.08			2.79			2.87			(0.03	)		–			(0.03	)		14.94		23.74			14,290		1.97			2.03			0.58			24
Year ended 12/31/18		15.44		0.03			(2.40	)		(2.37	)		(0.05	)		(0.92	)		(0.97	)		12.10		(15.58	)		57,163		1.97			2.04			0.22			30
Year ended 12/31/17		13.26		0.01			2.90			2.91			(0.03	)		(0.70	)		(0.73	)		15.44		21.97			81,668		1.97			2.09			0.05			64
Class R
Year ended 12/31/21		14.58		(0.03	)		2.27			2.24			(0.09	)		(0.73	)		(0.82	)		16.00		15.49			1,732		1.47			1.47			(0.19	)		23
Year ended 12/31/20		15.68		0.10			1.77			1.87			(0.03	)		(2.94	)		(2.97	)		14.58		12.28			1,845		1.47			1.53			0.67			126
Year ended 12/31/19		12.72		0.16			2.94			3.10			(0.14	)		–			(0.14	)		15.68		24.38			1,963		1.47			1.53			1.08			24
Year ended 12/31/18		16.19		0.11			(2.53	)		(2.42	)		(0.13	)		(0.92	)		(1.05	)		12.72		(15.16	)		1,464		1.47			1.54			0.72			30
Year ended 12/31/17		13.88		0.09			3.03			3.12			(0.11	)		(0.70	)		(0.81	)		16.19		22.54			1,689		1.47			1.59			0.55			64
Class Y
Year ended 12/31/21		14.64		0.05			2.27			2.32			(0.17	)		(0.73	)		(0.90	)		16.06		15.97			34,582		0.97			0.97			0.31			23
Year ended 12/31/20		15.64		0.17			1.80			1.97			(0.03	)		(2.94	)		(2.97	)		14.64		12.96			32,476		0.97			1.03			1.17			126
Year ended 12/31/19		12.71		0.23			2.93			3.16			(0.23	)		–			(0.23	)		15.64		24.87			34,547		0.97			1.03			1.58			24
Year ended 12/31/18		16.19		0.19			(2.54	)		(2.35	)		(0.21	)		(0.92	)		(1.13	)		12.71		(14.72	)		32,382		0.97			1.04			1.22			30
Year ended 12/31/17		13.88		0.16			3.04			3.20			(0.19	)		(0.70	)		(0.89	)		16.19		23.14			49,238		0.97			1.09			1.05			64
Class R5
Year ended 12/31/21		14.90		0.06			2.31			2.37			(0.17	)		(0.73	)		(0.90	)		16.37		16.05			1,125		0.93			0.93			0.35			23
Year ended 12/31/20		15.88		0.18			1.81			1.99			(0.03	)		(2.94	)		(2.97	)		14.90		12.89			1,004		0.95			0.95			1.19			126
Year ended 12/31/19		12.90		0.24			2.97			3.21			(0.23	)		–			(0.23	)		15.88		24.92			755		0.95			0.95			1.60			24
Year ended 12/31/18		16.41		0.20			(2.58	)		(2.38	)		(0.21	)		(0.92	)		(1.13	)		12.90		(14.70	)		533		0.97			0.97			1.22			30
Year ended 12/31/17		14.06		0.16			3.08			3.24			(0.19	)		(0.70	)		(0.89	)		16.41		23.14			416		0.97			0.99			1.05			64
Class R6
Year ended 12/31/21		14.91		0.07			2.32			2.39			(0.18	)		(0.73	)		(0.91	)		16.39		16.17			6,971		0.87			0.87			0.41			23
Year ended 12/31/20		15.88		0.19			1.81			2.00			(0.03	)		(2.94	)		(2.97	)		14.91		12.95			6,581		0.89			0.89			1.25			126
Year ended 12/31/19		12.90		0.24			2.98			3.22			(0.24	)		–			(0.24	)		15.88		24.98			7,085		0.90			0.90			1.65			24
Year ended 12/31/18		16.41		0.20			(2.57	)		(2.37	)		(0.22	)		(0.92	)		(1.14	)		12.90		(14.64	)		6,776		0.91			0.91			1.28			30
Period ended 12/31/17^(d)		14.89		0.12			2.29			2.41			(0.19	)		(0.70	)		(0.89	)		16.41		16.27			11		0.97	^(e)		1.01	^(e)		1.05	^(e)		64

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Annualized.

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


12		Invesco Global Core Equity Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

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

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

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

The 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.


13		Invesco Global Core Equity Fund

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

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

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $1,053 in fees for securities lending agent services.


14		Invesco Global Core Equity Fund

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

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

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.800%


Next $250 million		0.780%


Next $500 million		0.760%


Next $1.5 billion		0.740%


Next $2.5 billion		0.720%


Next $2.5 billion		0.700%


Next $2.5 billion		0.680%


Over $10 billion		0.660%

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.78%.

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

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 1.47%, 0.97%, 0.97% and 0.97%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2021, the Adviser waived advisory fees of $2,209 and reimbursed class level expenses of $7,184, $62, $19, $350, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


15		Invesco Global Core Equity Fund

monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $21,030 in front-end sales commissions from the sale of Class A shares and $833 and $241 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $9,240 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Belgium	$	20,573,740	$	–		$–	$	20,573,740


Canada		11,156,292		–		–		11,156,292


China		5,705,721		15,729,008		–		21,434,729


Finland		–		9,563,254		–		9,563,254


France		–		23,165,850		–		23,165,850


Germany		–		67,108,701		–		67,108,701


Hong Kong		–		21,673,036		–		21,673,036


Japan		–		7,842,441		–		7,842,441


Netherlands		19,770,088		–		–		19,770,088


Switzerland		475,149		50,277,309		–		50,752,458


United Kingdom		–		68,435,253		–		68,435,253


United States		406,683,909		–		–		406,683,909


Money Market Funds		39,853,889		67,052,739		–		106,906,628


Total Investments	$	504,218,788	$	330,847,591		$–	$	835,066,379

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances


16		Invesco Global Core Equity Fund

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	32,061,147	$	32,474,356


Long-term capital gain		7,466,957		93,915,630


Total distributions	$	39,528,104	$	126,389,986

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	1,770,194


Undistributed long-term capital gain		15,095,755


Net unrealized appreciation – investments		147,427,649


Net unrealized appreciation (depreciation) – foreign currencies		(1,684	)


Temporary book/tax differences		(152,914	)


Shares of beneficial interest		604,376,750


Total net assets	$	768,515,750

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $172,465,712 and $270,663,407, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$157,165,789


Aggregate unrealized (depreciation) of investments	(9,738,140	)


Net unrealized appreciation of investments	$147,427,649

Cost of investments for tax purposes is $687,638,730.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and securities litigation, on December 31, 2021, undistributed net investment income was decreased by $23,141 and undistributed net realized gain was increased by $23,141. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended				Year ended
	December 31, 2021^(a)				December 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		575,956	$	9,190,343		487,198	$	7,009,285


Class C		52,990		783,831		59,022		817,386


Class R		24,226		391,875		37,788		550,880


Class Y		401,585		6,398,176		444,137		6,574,684


Class R5		6,058		99,533		14,446		193,082


Class R6		83,651		1,383,845		50,001		735,940


17		Invesco Global Core Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2021^(a)						December 31, 2020
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		2,144,820		$	33,609,210			7,458,272		$	106,653,296


Class C		17,030			249,146			107,017			1,432,961


Class R		5,309			83,037			21,455			306,372


Class Y		94,893			1,489,825			328,905			4,713,204


Class R5		3,613			57,844			10,823			157,908


Class R6		22,130			354,526			73,923			1,079,283



Automatic conversion of Class C shares to Class A shares:
Class A		67,125			1,069,812			431,459			6,180,744


Class C		(71,970	)		(1,069,812	)		(456,366	)		(6,180,744	)



Reacquired:
Class A		(4,966,058	)		(79,467,520	)		(6,703,207	)		(96,051,166	)


Class C		(73,084	)		(1,082,808	)		(204,996	)		(2,812,253	)


Class R		(47,798	)		(768,941	)		(57,894	)		(820,587	)


Class Y		(562,566	)		(8,980,220	)		(762,360	)		(10,736,466	)


Class R5		(8,311	)		(136,294	)		(5,468	)		(83,685	)


Class R6		(121,739	)		(2,005,980	)		(128,845	)		(1,917,243	)


Net increase (decrease) in share activity		(2,352,140	)	$	(38,350,572	)		1,205,310		$	17,802,881

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


18		Invesco Global Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco Global Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Core Equity Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022


19		Invesco Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/21)	Ending Account Value (12/31/21)¹	Expenses Paid During Period²	Ending Account Value (12/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,018.70	$ 6.21	$1,019.06	$ 6.21	1.22%
Class C	1,000.00	1,015.30	10.01	1,015.27	10.01	1.97
Class R	1,000.00	1,017.40	7.47	1,017.80	7.48	1.47
Class Y	1,000.00	1,019.70	4.94	1,020.32	4.94	0.97
Class R5	1,000.00	1,020.10	4.74	1,020.52	4.74	0.93
Class R6	1,000.00	1,020.70	4.38	1,020.87	4.38	0.86

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


20		Invesco Global Core Equity Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$7,466,957
Qualified Dividend Income*	32.49	%
Corporate Dividends Received Deduction*	9.80	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$25,985,987


21		Invesco Global Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds��in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None


T-2		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


T-3		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers– (continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

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


T-6		Invesco Global Core Equity Fund

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

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

LOGO


Annual Report to Shareholders		December 31, 2021

Invesco International Small Company Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco International Small Company Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex-USA Small Cap Index, the Fund’s broad market/style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes


Class A Shares	18.38	%
Class C Shares	17.51
Class Y Shares	18.70
Class R5 Shares	18.78
Class R6 Shares	18.88
MSCI All Country World ex-USA Small Cap Index^q (Broad Market/Style-Specific Index)	12.93
Lipper International Small/Mid-Cap Core Funds Index^∎ (Peer Group Index)	13.29
Source(s):^q RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

market equities outperformed emerging market equities for the fiscal year.

We remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process regardless of the macroeconomic environment.

During the fiscal year, strong stock selection in the consumer discretionary and energy sectors were among the largest contributors to the Fund’s relative outperformance versus the MSCI All Country World ex-USA Small Cap Index. In addition, the Fund’s holdings in the financials and industrials sectors outperformed those of the broad market/style-specific benchmark and had a positive impact on relative results. An underweight to the consumer discretionary sector and an overweight to the energy, financials and industrials sectors relative to the MSCI All Country World ex-USA Small Cap Index added to the Fund’s relative return. Conversely, stock selection in the information technology (IT) and health care sectors were the largest detractors from relative return. An underweight to the IT sector and a lack of exposure to the materials sector also hampered relative results.

On a geographic basis, strong stock selection in the UK, Canada, France, and Italy were the largest contributors to the Fund’s relative performance. In addition, an underweight in Japan and an overweight in Canada positively contributed to relative results. In contrast, an underweight in India and stock selection in Germany were leading detractors from the Fund’s relative performance. Security selection and an overweight in Mexico and Brazil also negatively impacted relative returns.

The Fund’s cash position was a detractor from performance versus the broad market/ style-specific benchmark for the year. It is important to note that similar to the Fund’s sector and regional allocations, cash is a

residual of our bottom-up investment process and is not the result of any top-down tactical asset allocation or a risk-management allocation decision.

On a security level, France-based industrials company Precia was one of the Fund’s largest contributors during the fiscal year. The company delivered a very large margin increase in 2020, and the first quarter of 2021 showed organic growth in the high teens. In contrast, Germany-based health care company MorphoSys was the largest individual detractor from the Fund’s performance for the fiscal year. We trimmed the Fund’s position in MorphoSys during the fiscal year as a function of lower conviction and more attractive investment opportunities.

In 2021, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV outlook for each company. We added several new stocks to the portfolio, including South Korea-based computer software company Douzone Bizon, Malaysia-based stock exchange operator Bursa Malaysia, and Netherlands-based energy company SBM Offshore. Deteriorating fundamentals and/or valuations led to the sale of several securities, including Romgaz, CPL Resources, and Vitec Software.

We thank you for your continued investment in Invesco International Small Company Fund.

2 Invesco International Small Company Fund

Portfolio manager(s):

Shuxin Cao

Borge Endresen

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

3 Invesco International Small Company Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco International Small Company Fund


Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	8.91	%
10 Years	6.57
5 Years	9.63
1 Year	11.85

Class C Shares
Inception (8/31/00)	8.91	%
10 Years	6.53
5 Years	10.06
1 Year	16.51

Class Y Shares
Inception (10/3/08)	9.19	%
10 Years	7.44
5 Years	11.16
1 Year	18.70

Class R5 Shares
Inception (10/25/05)	8.31	%
10 Years	7.56
5 Years	11.29
1 Year	18.78

Class R6 Shares
10 Years	7.60	%
5 Years	11.37
1 Year	18.88

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

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

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

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

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

See current prospectus for more information.

5 Invesco International Small Company Fund

Supplemental Information

Invesco International Small Company Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

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

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


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco International Small Company Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		27.46	%
Financials		16.76
Consumer Discretionary		12.54
Information Technology		9.35
Real Estate		7.31
Energy		7.21
Health Care		6.35
Consumer Staples		3.49
Communication Services		1.47
Money Market Funds Plus Other Assets Less Liabilities		8.06

Top 10 Equity Holdings*


		% of total net assets
1.	Precia S.A.		4.21	%
2.	Mortgage Advice Bureau Holdings Ltd.		3.64
3.	TBC Bank Group PLC		3.46
4.	Calian Group Ltd.		3.32
5.	TransGlobe Energy Corp.		3.04
6.	E-L Financial Corp. Ltd.		2.80
7.	Bolsa Mexicana de Valores S.A.B. de C.V.		2.45
8.	Karooooo Ltd.		2.43
9.	Information Services Corp.		2.42
10.	Integrated Diagnostics Holdings PLC		2.41

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7 Invesco International Small Company Fund

Schedule of Investments

December 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–91.94%
Brazil–3.28%
Fleury S.A.		655,612	$	2,116,375


Multiplan Empreendimentos Imobiliarios S.A.		985,400		3,307,746


Wilson Sons Holdings Brasil S.A.		558,897		5,584,700


				11,008,821



Canada–13.98%
Calian Group Ltd.		229,300		11,155,478


Dorel Industries, Inc., Class B^(a)		171,000		2,769,904


E-L Financial Corp. Ltd.		13,106		9,405,092


Information Services Corp.		404,100		8,136,628


Total Energy Services, Inc.^(a)		722,190		3,442,670


TransGlobe Energy Corp.^(a)		3,402,269		10,220,659


Trican Well Service Ltd.^(a)		839,308		1,837,925


				46,968,356



Denmark–1.45%
TCM Group A/S^(b)		201,000		4,879,767



Egypt–3.84%
Eastern Co. S.A.E.		7,020,556		4,790,602


Integrated Diagnostics Holdings PLC^(b)		6,300,100		8,096,939


				12,887,541



Estonia–0.36%
Silvano Fashion Group A.S., Class A^(a)		541,000		1,210,229



France–10.05%
Groupe Gorge S.A.		96,979		1,807,290


Guillemot Corp.^(c)		161,316		2,705,163


Kaufman & Broad S.A.		173,837		7,306,112


Linedata Services		58,928		2,616,600


Metropole Television S.A.		125,460		2,450,022


Neurones		58,000		2,509,476


Precia S.A.		331,210		14,126,366


Prodways Group S.A.^(a)		70,018		235,186


				33,756,215



Georgia–3.45%
TBC Bank Group PLC		520,000		11,601,067



Germany–1.92%
MorphoSys AG^(a)		36,120		1,371,502


VITA 34 AG^(a)		296,986		5,070,362


				6,441,864



Greece–1.11%
European Reliance General Insurance Co. S.A.		655,000		3,744,207



India–0.86%
Emami Ltd.		414,403		2,891,278



Indonesia–2.51%
PT Kalbe Farma Tbk		28,105,400		3,184,653


PT Pakuwon Jati Tbk^(a)		161,499,300		5,264,315


				8,448,968


	Shares		Value
Ireland–0.45%
Origin Enterprises PLC		405,000	$	1,519,995



Italy–4.01%
Danieli & C. Officine Meccaniche S.p.A., RSP		266,310		5,196,671


Openjobmetis Spa agenzia per il lavoro		340,146		4,959,938


Technogym S.p.A.^(b)		346,546		3,315,965


				13,472,574



Japan–1.80%
Nabtesco Corp.		104,200		3,084,973


Zuken, Inc.		92,400		2,960,961


				6,045,934



Malaysia–1.63%
Bursa Malaysia Bhd.		1,866,200		2,933,942


Heineken Malaysia Bhd.		506,800		2,534,897


				5,468,839



Mexico–4.65%
Bolsa Mexicana de Valores S.A.B. de C.V.		4,325,494		8,221,935


Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		1,101,066		7,394,573


				15,616,508



Morocco–2.15%
Vivo Energy PLC^(b)		4,044,516		7,218,835



Netherlands–0.99%
SBM Offshore N.V.		223,727		3,334,277



New Zealand–0.84%
Freightways Ltd.		321,903		2,831,873



Poland–3.17%
LiveChat Software S.A.		238,000		6,868,012


Mo-BRUK S.A.		26,600		2,540,947


Skarbiec Holding S.A.^(a)(b)		166,000		1,238,542


				10,647,501



Romania–2.02%
Fondul Proprietatea S.A.		14,855,342		6,795,423



Singapore–1.42%
XP Power Ltd.		69,000		4,766,691



South Africa–3.41%
Combined Motor Holdings Ltd.		2,114,569		3,306,951


Karooooo Ltd.^(a)		200,000		8,156,000


				11,462,951



South Korea–0.95%
Douzone Bizon Co. Ltd.		52,160		3,200,664



Sweden–0.72%
Proact IT Group AB		249,786		2,403,588



Switzerland–1.92%
Kardex Holding AG		19,600		6,451,771



United Kingdom–16.92%
4imprint Group PLC		65,000		2,476,804

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

8 Invesco International Small Company Fund


	Shares		Value
United Kingdom–(continued)
Bioventix PLC		32,000	$	1,472,558


Character Group PLC (The)		440,000		3,722,664


Clarkson PLC		142,000		7,446,564


DCC PLC		85,518		6,993,133


Eurocell PLC		1,106,000		3,607,767


HomeServe PLC		345,114		4,077,878


IG Group Holdings PLC		529,921		5,833,856


Jupiter Fund Management PLC		315,948		1,096,052


Mortgage Advice Bureau Holdings Ltd.		623,720		12,239,368


Savills PLC		413,099		7,864,134


				56,830,778



United States–1.60%
Epsilon Energy Ltd.^(a)		947,280		5,371,078



Vietnam–0.48%
Masan Consumer Corp.		312,300		1,596,445


Total Common Stocks & Other Equity Interests (Cost $219,584,462)				308,874,038



Money Market Funds–7.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		9,144,542		9,144,542


	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%^(d)(e)		6,698,512	$	6,699,851


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		10,450,906		10,450,906


Total Money Market Funds (Cost $26,295,206)				26,295,299


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.76% (Cost $245,879,668)				335,169,337



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.07%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		68,922		68,922


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		160,786		160,819


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $229,741)				229,741


TOTAL INVESTMENTS IN SECURITIES–99.83% (Cost $246,109,409)				335,399,078


OTHER ASSETS LESS LIABILITIES–0.17%				559,549


NET ASSETS–100.00%			$	335,958,627

Investment Abbreviations:

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2021 was $24,750,048, which represented 7.37% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at December 31, 2021.

^(d)


	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$6,022,748		$22,352,450		$	(19,230,656)		$	-		$	-		$ 9,144,542		$	2,877
Invesco Liquid Assets Portfolio, Institutional Class		4,343,609		15,783,057			(13,425,512)			(322)			(981)		6,699,851			1,082
Invesco Treasury Portfolio, Institutional Class		6,883,141		25,545,658			(21,977,893)			-			-		10,450,906			1,241
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		8,226,789			(8,157,867)			-			-		68,922			148	*
Invesco Private Prime Fund		-		14,312,705			(14,151,453)			-			(433)		160,819			1,979	*
Investments in Other Affiliates:
Precia S.A.**		8,484,221		-			-			5,642,145			-		14,126,366			-
Total		$25,733,719		$86,220,659		$	(76,943,381)		$	5,641,823		$	(1,414)		$40,651,406		$	7,327

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

**	At December 31, 2021, this security was no longer an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

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

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

9 Invesco International Small Company Fund

Statement of Assets and Liabilities

December 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $219,584,462)*	$	308,874,038


Investments in affiliated money market funds, at value (Cost $26,524,947)		26,525,040


Foreign currencies, at value (Cost $503,775)		512,685


Receivable for:
Investments sold		1,118


Fund shares sold		540,243


Dividends		745,177


Investment for trustee deferred compensation and retirement plans		114,169


Other assets		45,435


Total assets		337,357,905



Liabilities:
Payable for:
Investments purchased		186,103


Fund shares reacquired		359,879


Amount due custodian		226,001


Collateral upon return of securities loaned		229,741


Accrued fees to affiliates		123,178


Accrued other operating expenses		151,544


Trustee deferred compensation and retirement plans		122,832


Total liabilities		1,399,278


Net assets applicable to shares outstanding	$	335,958,627



Net assets consist of:
Shares of beneficial interest	$	250,224,781


Distributable earnings		85,733,846


	$	335,958,627


Net Assets:

Class A	$	150,947,090


Class C	$	3,472,225


Class Y	$	37,628,881


Class R5	$	11,009,226


Class R6	$	132,901,205



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		7,125,346


Class C		173,430


Class Y		1,774,101


Class R5		524,547


Class R6		6,338,468


Class A:
Net asset value per share	$	21.18


Maximum offering price per share (Net asset value of $21.18 ÷ 94.50%)	$	22.41


Class C:
Net asset value and offering price per share	$	20.02


Class Y:
Net asset value and offering price per share	$	21.21


Class R5:
Net asset value and offering price per share	$	20.99


Class R6:
Net asset value and offering price per share	$	20.97

*	At December 31, 2021, securities with an aggregate value of $218,014 were on loan to brokers.

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

10 Invesco International Small Company Fund

Statement of Operations

For the year ended December 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $714,414)	$	7,984,134


Dividends from affiliates (includes securities lending income of $10,701)		15,901


Total investment income		8,000,035



Expenses:
Advisory fees		2,775,702


Administrative services fees		41,713


Distribution fees:
Class A		358,602


Class C		34,833


Transfer agent fees – A, C and Y		347,251


Transfer agent fees – R5		7,468


Transfer agent fees – R6		32,426


Trustees’ and officers’ fees and benefits		24,783


Registration and filing fees		80,836


Reports to shareholders		66,414


Professional services fees		82,713


Other		(10,848	)


Total expenses		3,841,893


Less: Fees waived and/or expense offset arrangement(s)		(9,017	)


Net expenses		3,832,876


Net investment income		4,167,159



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		11,477,608


Affiliated investment securities		(1,414	)


Foreign currencies		151,647


Forward foreign currency contracts		(2,774	)


		11,625,067


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		26,083,254


Affiliated investment securities		5,641,823


Foreign currencies		(2,868	)


		31,722,209


Net realized and unrealized gain		43,347,276


Net increase in net assets resulting from operations	$	47,514,435

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

11 Invesco International Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020


	2021			2020

Operations:

Net investment income	$	4,167,159		$	1,662,289


Net realized gain (loss)		11,625,067			(2,255,821	)


Change in net unrealized appreciation		31,722,209			16,669,398

Net increase in net assets resulting from operations		47,514,435			16,075,866


Distributions to shareholders from distributable earnings:

Class A		(6,113,393	)		(1,400,574	)


Class C		(128,495	)		(24,799	)


Class Y		(1,668,013	)		(450,572	)


Class R5		(479,671	)		(89,699	)


Class R6		(5,856,055	)		(1,197,987	)

Total distributions from distributable earnings		(14,245,627	)		(3,163,631	)


Share transactions–net:

Class A		6,379,187			(20,195,950	)


Class C		(88,626	)		(1,179,507	)


Class Y		(912,243	)		(11,427,772	)


Class R5		3,924,448			189,909


Class R6		42,324,774			(5,109,189	)

Net increase (decrease) in net assets resulting from share transactions		51,627,540			(37,722,509	)

Net increase (decrease) in net assets		84,896,348			(24,810,274	)


Net assets:

Beginning of year		251,062,279			275,872,553

End of year	$	335,958,627		$	251,062,279

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

12 Invesco International Small Company Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/21		$	18.67		$	0.26			$	3.14			$	3.40			$	(0.38	)		$	(0.51	)		$	(0.89	)		$	21.18		18.38	%		$	150,947		1.47	%		1.47	%		1.21	%		6	%
Year ended 12/31/20			17.13			0.09				1.66				1.75				(0.10	)			(0.11	)			(0.21	)			18.67		10.23				127,417		1.60			1.61			0.57			10
Year ended 12/31/19			15.14			0.28				2.49				2.77				(0.40	)			(0.38	)			(0.78	)			17.13		18.37				139,919		1.55			1.56			1.70			10
Year ended 12/31/18			19.33			0.38	^(d)			(3.98	)			(3.60	)			(0.34	)			(0.25	)			(0.59	)			15.14		(18.67	)			131,610		1.55			1.56			2.07	^(d)		15
Year ended 12/31/17			15.44			0.27				4.84				5.11				(0.52	)			(0.70	)			(1.22	)			19.33		33.42				162,497		1.58			1.59			1.48			16
Class C
Year ended 12/31/21			17.69			0.09				2.98				3.07				(0.23	)			(0.51	)			(0.74	)			20.02		17.51				3,472		2.22			2.22			0.46			6
Year ended 12/31/20			16.30			(0.03	)			1.55				1.52				(0.02	)			(0.11	)			(0.13	)			17.69		9.36				3,151		2.35			2.36			(0.18	)		10
Year ended 12/31/19			14.41			0.15				2.36				2.51				(0.24	)			(0.38	)			(0.62	)			16.30		17.45				4,213		2.30			2.31			0.95			10
Year ended 12/31/18			18.38			0.23	^(d)			(3.76	)			(3.53	)			(0.19	)			(0.25	)			(0.44	)			14.41		(19.24	)			12,845		2.30			2.31			1.32	^(d)		15
Year ended 12/31/17			14.73			0.13				4.61				4.74				(0.39	)			(0.70	)			(1.09	)			18.38		32.46				19,819		2.33			2.34			0.73			16
Class Y
Year ended 12/31/21			18.69			0.31				3.16				3.47				(0.44	)			(0.51	)			(0.95	)			21.21		18.70				37,629		1.22			1.22			1.46			6
Year ended 12/31/20			17.15			0.13				1.66				1.79				(0.14	)			(0.11	)			(0.25	)			18.69		10.47				34,240		1.35			1.36			0.82			10
Year ended 12/31/19			15.16			0.32				2.50				2.82				(0.45	)			(0.38	)			(0.83	)			17.15		18.66				46,477		1.30			1.31			1.95			10
Year ended 12/31/18			19.36			0.43	^(d)			(3.99	)			(3.56	)			(0.39	)			(0.25	)			(0.64	)			15.16		(18.44	)			42,878		1.30			1.31			2.32	^(d)		15
Year ended 12/31/17			15.46			0.32				4.84				5.16				(0.56	)			(0.70	)			(1.26	)			19.36		33.74				62,218		1.33			1.34			1.73			16
Class R5
Year ended 12/31/21			18.51			0.32				3.13				3.45				(0.46	)			(0.51	)			(0.97	)			20.99		18.78				11,009		1.13			1.13			1.55			6
Year ended 12/31/20			16.98			0.15				1.65				1.80				(0.16	)			(0.11	)			(0.27	)			18.51		10.64				6,297		1.22			1.23			0.95			10
Year ended 12/31/19			15.01			0.34				2.48				2.82				(0.47	)			(0.38	)			(0.85	)			16.98		18.84				5,656		1.18			1.19			2.07			10
Year ended 12/31/18			19.18			0.44	^(d)			(3.96	)			(3.52	)			(0.40	)			(0.25	)			(0.65	)			15.01		(18.37	)			5,059		1.21			1.22			2.41	^(d)		15
Year ended 12/31/17			15.32			0.33				4.81				5.14				(0.58	)			(0.70	)			(1.28	)			19.18		33.90				6,433		1.24			1.25			1.82			16
Class R6
Year ended 12/31/21			18.49			0.34				3.12				3.46				(0.47	)			(0.51	)			(0.98	)			20.97		18.88				132,901		1.06			1.06			1.62			6
Year ended 12/31/20			16.96			0.16				1.65				1.81				(0.17	)			(0.11	)			(0.28	)			18.49		10.72				79,958		1.15			1.16			1.02			10
Year ended 12/31/19			15.00			0.35				2.47				2.82				(0.48	)			(0.38	)			(0.86	)			16.96		18.88				79,608		1.11			1.12			2.14			10
Year ended 12/31/18			19.17			0.45	^(d)			(3.95	)			(3.50	)			(0.42	)			(0.25	)			(0.67	)			15.00		(18.31	)			75,590		1.14			1.15			2.48	^(d)		15
Year ended 12/31/17			15.31			0.36				4.80				5.16				(0.60	)			(0.70	)			(1.30	)			19.17		34.04				82,244		1.15			1.16			1.91			16

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

13 Invesco International Small Company Fund

Notes to Financial Statements

December 31, 2021

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

14 Invesco International Small Company Fund

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

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

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

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

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

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

15 Invesco International Small Company Fund

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

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

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00% of the Fund’s average daily net assets, respectively (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2021, the Adviser waived advisory fees of $8,871.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net

16 Invesco International Small Company Fund

assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $25,274 in front-end sales commissions from the sale of Class A shares and $1,059 and $48 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $286 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	–	$	11,008,821	$	–	$	11,008,821


Canada		46,968,356		–		–		46,968,356


Denmark		–		4,879,767		–		4,879,767


Egypt		4,790,602		8,096,939		–		12,887,541


Estonia		–		1,210,229		–		1,210,229


France		–		33,756,215		–		33,756,215


Georgia		–		11,601,067		–		11,601,067


Germany		–		6,441,864		–		6,441,864


Greece		–		3,744,207		–		3,744,207


India		–		2,891,278		–		2,891,278


Indonesia		–		8,448,968		–		8,448,968


Ireland		–		1,519,995		–		1,519,995


Italy		–		13,472,574		–		13,472,574


Japan		–		6,045,934		–		6,045,934


Malaysia		–		5,468,839		–		5,468,839


Mexico		15,616,508		–		–		15,616,508


Morocco		–		7,218,835		–		7,218,835


Netherlands		–		3,334,277		–		3,334,277


New Zealand		–		2,831,873		–		2,831,873


Poland		–		10,647,501		–		10,647,501


Romania		–		6,795,423		–		6,795,423


Singapore		–		4,766,691		–		4,766,691


South Africa		8,156,000		3,306,951		–		11,462,951


South Korea		–		3,200,664		–		3,200,664


Sweden		–		2,403,588		–		2,403,588


Switzerland		–		6,451,771		–		6,451,771


United Kingdom		–		56,830,778		–		56,830,778


United States		5,371,078		–		–		5,371,078


Vietnam		–		1,596,445		–		1,596,445


Money Market Funds		26,295,299		229,741		–		26,525,040


Total Investments	$	107,197,843	$	228,201,235	$	–	$	335,399,078

17 Invesco International Small Company 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.

Effect of Derivative Investments for the year ended December 31, 2021

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


	Location of Gain (Loss) on Statement of Operations

	Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(2,774)

NOTE 5–Expense Offset Arrangement(s)

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	7,548,591	$	1,782,870


Long-term capital gain		6,697,036		1,380,761


Total distributions	$	14,245,627	$	3,163,631

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	1,013,517


Undistributed long-term capital gain		466,890


Net unrealized appreciation – investments		84,331,446


Net unrealized appreciation – foreign currencies		10,001


Temporary book/tax differences		(88,008	)


Shares of beneficial interest		250,224,781


Total net assets	$	335,958,627

18 Invesco International Small Company Fund

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $62,495,157 and $16,391,444, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	91,389,292


Aggregate unrealized (depreciation) of investments		(7,057,846	)


Net unrealized appreciation of investments	$	84,331,446

Cost of investments for tax purposes is $251,067,632.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and securities litigation, on December 31, 2021, undistributed net investment income was increased by $159,505 and undistributed net realized gain was decreased by $159,505. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2021^(a)						December 31, 2020

	Shares			Amount			Shares			Amount


Sold:
Class A		1,058,014		$	22,247,050			741,285		$	11,290,330


Class C		41,704			809,181			31,213			474,639


Class Y		914,276			19,335,568			428,289			6,456,444


Class R5		226,839			4,812,197			86,372			1,362,396


Class R6		2,779,447			58,352,819			1,552,063			23,411,568



Issued as reinvestment of dividends:
Class A		275,716			5,657,712			72,033			1,310,286


Class C		5,930			115,034			1,242			21,420


Class Y		67,234			1,380,988			20,411			371,472


Class R5		23,594			479,671			4,978			89,698


Class R6		276,696			5,619,689			64,799			1,166,378



Automatic conversion of Class C shares to Class A shares:
Class A		6,582			135,201			42,188			694,661


Class C		(6,969	)		(135,201	)		(44,493	)		(694,661	)



Reacquired:
Class A		(1,039,335	)		(21,660,776	)		(2,198,770	)		(33,491,227	)


Class C		(45,318	)		(877,640	)		(68,376	)		(980,905	)


Class Y		(1,039,315	)		(21,628,799	)		(1,327,291	)		(18,255,688	)


Class R5		(66,156	)		(1,367,420	)		(84,259	)		(1,262,185	)


Class R6		(1,042,593	)		(21,647,734	)		(1,985,975	)		(29,687,135	)


Net increase (decrease) in share activity		2,436,346		$	51,627,540			(2,664,291	)	$	(37,722,509	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 12–Significant Event

Effective on or about April 29, 2022, the name of the Fund and all references thereto will change from Invesco International Small Company Fund to Invesco EQV International Small Company Fund.

19 Invesco International Small Company Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco International Small Company Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Small Company Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

20 Invesco International Small Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/21)	Ending Account Value (12/31/21)¹	Expenses Paid During Period²	Ending Account Value (12/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,019.00	$7.43	$1,017.85	$7.43	1.46%
Class C	1,000.00	1,015.00	11.22	1,014.06	11.22	2.21
Class Y	1,000.00	1,020.50	6.16	1,019.11	6.16	1.21
Class R5	1,000.00	1,020.70	5.81	1,019.46	5.80	1.14
Class R6	1,000.00	1,021.40	5.45	1,019.81	5.45	1.07

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco International Small Company Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:



Federal and State Income Tax
Long-Term Capital Gain Distributions		$6,697,036
Qualified Dividend Income*		96.56%
Corporate Dividends Received Deduction*		0.00%
U.S. Treasury Obligations*		0.00%
Qualified Business Income*		0.00%
Business Interest Income*		0.00%
Foreign Taxes		$ 0.0432 per share
Foreign Source Income		$ 0.5472 per share

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



		Non-Resident Alien Shareholders
		Short-Term Capital Gain Distributions		$1,062,993

22 Invesco International Small Company Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

1	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3 Invesco International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes–1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

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

T-6 Invesco International Small Company Fund

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

LOGO

Annual Report to Shareholders

December 31, 2021

Invesco Small Cap Equity Fund

Nasdaq:

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


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

12		Financial Statements

15		Financial Highlights

16		Notes to Financial Statements

23		Report of Independent Registered Public Accounting Firm

24		Fund Expenses

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Small Cap Equity Fund (the Fund), at net asset value (NAV), outperformed the Russell 2000 Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes


Class A Shares	20.02	%
Class C Shares	19.06
Class R Shares	19.66
Class Y Shares	20.27
Class R5 Shares	20.39
Class R6 Shares	20.46
S&P 500 Index^q (Broad Market Index)	28.71
Russell 2000 Index^q (Style-Specific Index)	14.82
Lipper Small-Cap Core Funds Index^∎ (Peer Group Index)	25.55
Source(s): ^qRIMES Technologies Corp.;^∎ Lipper Inc.

Market conditions and your Fund

US political unrest and rising coronavirus (COVID-19) infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the US Federal Reserve’s (the Fed’s) commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at the end of 2020 to 1.75%¹ at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rap-

idly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,¹ causing higher gas prices for consumers and pushing energy stocks higher. The CPI report for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.³ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron strain reporting milder symptoms, stocks rallied at year-end and the S&P 500 Index returned 28.71%⁴ for the calendar year.

Given this environment, the Fund produced a strong, double-digit return and

outperformed its style-specific benchmark during the fiscal year.

Relative outperformance was largely attributed to positive security selection across a broad set of sectors including health care, industrials, materials, information technology (IT), real estate, financials and utilities. The Fund’s allocation to many of these sectors also provided a positive impact to relative results with overweight allocations in the industrials, materials and financials sectors contributing, while an underweight in the health care and utilities sectors also added to Fund performance. Conversely, the leading detractor from relative return was due to an underweight in the energy sector, which benefited from rising oil prices as economies reopened driving increased demand. Stock selection in the consumer discretionary, consumer staples and communication services sectors also detracted from performance for the fiscal year. Finally, the Fund’s ancillary cash position was a headwind as well.

Top individual contributors to the Fund’s absolute performance during the fiscal year included Crocs, Plug Power and Piper Sandler.

Comfort foam shoemaker, Crocs was the leading contributor to Fund performance on an absolute basis and was added to the Fund in the first quarter of 2020 following a significant decline in its stock price due to concerns over business interruption from COVID-19. During the fiscal year, the company generated better than expected results driven by strong demand for its core comfort foam shoes leading to full-price sales with minimal discounting. Crocs also announced plans to enter the sandals category which was well received by investors. The team exited its Crocs position due to valuation concerns.

Another leading contributor to portfolio performance on an absolute basis was Plug Power, which develops hydrogen fuel cell systems to replace conventional batteries in electric-powered vehicles and other equipment. Early in the fiscal year, the company benefited from an announced joint venture to build a hydrogen plant in Asia as well as a joint venture to manufacture hydrogen fuel cells in Europe for the light commercial vehicle market. These announcements were well received by investors as Europe and Asia represent brand new markets for Plug

2 Invesco Small Cap Equity Fund

Power. After capturing significant performance in this business, we sold our position during the fiscal year due to market capitalization concerns.

Financial services company, Piper Sandler also contributed to absolute results during the fiscal year benefiting from the rising interest rate environment. Outside of interest rates, Piper Sandler continues to execute well in its capital markets business in terms of brand recognition and share gains, which has provided a tailwind. Additionally, Piper is doing well in its health care and financials verticals.

Top individual detractors from the Fund’s absolute performance included NeoGenomics, Pennant and Q2 Holdings.

NeoGenomics was the leading detractor from absolute performance during the fiscal year. The biotechnology and diagnostics firm has faced headwinds due to COVID-19’s impact to patient access resulting in subdued testing volumes. That being said, we believe this impact is transitory and expect testing volumes to improve as COVID-19 subsides eventually.

Home health and hospice provider, Pennant, experienced a decline in share price during the fiscal year as they contended with lower referral rates, higher death rates among seniors leading to reduced utilization of hospice care and labor pressures resulting from staffing challenges, all related to COVID-19.

Cloud-based banking solutions provider Q2 Holdings was also among the leading detractors during the fiscal year following underwhelming quarterly reports due in large part to less than expected bookings growth, which is a leading indicator of revenue growth. Additionally, as with many software companies during the fiscal year, concerns about interest rates and difficult comparisons from the previous fiscal year also weighed on investor sentiment, and ultimately stock performance.

We wish to remind you that all positioning changes are based on a bottom-up stock selection process. Our portfolio construction is designed to manage risk and ensure alignment with small-cap market sector exposure within modest over and underweights. At the close of the fiscal year, the Fund’s largest underweight exposures relative to the Russell 2000^® Index were in the health care, energy, real estate, consumer staples, utilities and communication services sectors. Conversely, the Fund’s largest overweight exposures were in the industrials, materials and IT sectors.

We are observing high single-digit nominal GDP and sales growth, and see inflation limiting profit margins and earnings growth. We expect the Fed to raise rates in 2022 in an effort to offset inflationary pressures. In this environment, at the margin, we are seeking high quality, stable and larger size small-cap companies that we believe market conditions will favor in the coming months. We continue to believe that digitization in technology and innovation in health care will drive secular growth.

Thank you for your commitment to the Invesco Small Cap Equity Fund and for sharing our long-term investment horizon.

1	Source: Bloomberg LP

2	Source: US Bureau of Economic Analysis

3	Source: US Bureau of Labor Statistics

4	Source: Lipper Inc.

Portfolio manager(s):

Juan Hartsfield - Lead

Davis Paddock

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

3 Invesco Small Cap Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including

management fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees; performance

of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Small Cap Equity Fund


Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	8.16	%
10 Years	11.36
5 Years	11.90
1 Year	13.43

Class C Shares
Inception (8/31/00)	8.16	%
10 Years	11.32
5 Years	12.33
1 Year	18.15

Class R Shares
Inception (6/3/02)	8.66	%
10 Years	11.72
5 Years	12.89
1 Year	19.66

Class Y Shares
Inception (10/3/08)	11.31	%
10 Years	12.27
5 Years	13.46
1 Year	20.27

Class R5 Shares
Inception (4/29/05)	10.24	%
10 Years	12.46
5 Years	13.64
1 Year	20.39

Class R6 Shares
10 Years	12.50	%
5 Years	13.72
1 Year	20.46

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

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

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the

applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

5 Invesco Small Cap Equity Fund

Supplemental Information

Invesco Small Cap Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The 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.


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco Small Cap Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		21.31	%

Information Technology		16.46

Financials		16.25

Health Care		12.82

Consumer Discretionary		12.21

Materials		8.00

Real Estate		4.88

Other Sectors, Each Less than 2% of Net Assets		5.00

Money Market Funds Plus Other Assets Less Liabilities		3.07

Top 10 Equity Holdings*


	% of total net assets

1. Piper Sandler Cos.		1.93	%

2. NV5 Global, Inc.		1.78

3. Taylor Morrison Home Corp., Class A		1.67

4. Helios Technologies, Inc.		1.67

5. LPL Financial Holdings, Inc.		1.65

6. Summit Materials, Inc., Class A		1.64

7. WillScot Mobile Mini Holdings Corp.		1.60

8. Medpace Holdings, Inc.		1.54

9. OneMain Holdings, Inc.		1.49

10. Diodes, Inc.		1.43

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7 Invesco Small Cap Equity Fund

Schedule of Investments^(a)

December 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–96.93%
Air Freight & Logistics–0.72%
Air Transport Services Group, Inc.^(b)		285,610	$	8,391,222



Alternative Carriers–0.82%
Iridium Communications, Inc.^(b)		232,277		9,590,717



Apparel Retail–1.45%
American Eagle Outfitters, Inc.^(c)		435,454		11,025,695


Children’s Place, Inc. (The)^(b)(c)		74,136		5,878,244


				16,903,939



Apparel, Accessories & Luxury Goods–1.10%
Oxford Industries, Inc.		125,750		12,766,140



Application Software–5.87%
Avalara, Inc.^(b)		58,782		7,589,344


Descartes Systems Group, Inc. (The) (Canada)^(b)		150,969		12,482,117


LivePerson, Inc.^(b)(c)		184,852		6,602,913


Manhattan Associates, Inc.^(b)		84,269		13,102,987


Q2 Holdings, Inc.^(b)		116,558		9,259,368


Verint Systems, Inc.^(b)(c)		167,545		8,797,788


Workiva, Inc.^(b)(c)		80,517		10,506,663


				68,341,180



Asset Management & Custody Banks–0.35%
Blucora, Inc.^(b)		236,272		4,092,231



Auto Parts & Equipment–0.99%
Visteon Corp.^(b)		103,636		11,518,105



Automotive Retail–0.94%
Lithia Motors, Inc., Class A		36,817		10,932,808



Biotechnology–1.66%
CRISPR Therapeutics AG (Switzerland)^(b)(c)		42,732		3,238,231


Emergent BioSolutions, Inc.^(b)(c)		78,461		3,410,700


Natera, Inc.^(b)		112,673		10,522,531


TG Therapeutics, Inc.^(b)(c)		114,486		2,175,234


				19,346,696



Building Products–3.09%
AZEK Co., Inc. (The)^(b)		271,241		12,542,184


Masonite International Corp.^(b)		96,835		11,421,688


Owens Corning		133,047		12,040,754


				36,004,626



Casinos & Gaming–0.65%
Penn National Gaming, Inc.^(b)(c)		146,801		7,611,632



Communications Equipment–0.93%
Ciena Corp.^(b)		141,498		10,891,101


	Shares		Value
Construction & Engineering–3.39%
NV5 Global, Inc.^(b)(c)		150,403	$	20,773,662


WillScot Mobile Mini Holdings Corp.^(b)		457,775		18,695,531


				39,469,193



Construction Machinery & Heavy Trucks–0.77%
Manitowoc Co., Inc. (The)^(b)		481,923		8,958,949



Construction Materials–3.04%
Eagle Materials, Inc.		98,047		16,320,904


Summit Materials, Inc., Class A^(b)(c)		476,431		19,123,940


				35,444,844



Consumer Finance–1.49%
OneMain Holdings, Inc.		346,724		17,350,069



Diversified Metals & Mining–1.31%
MP Materials Corp.^(b)(c)		335,398		15,233,777



Electrical Components & Equipment–2.71%
Array Technologies, Inc.^(b)		614,796		9,646,149


EnerSys^(c)		112,401		8,886,423


Vertiv Holdings Co.^(c)		520,240		12,990,393


				31,522,965



Electronic Equipment & Instruments–1.22%
Badger Meter, Inc.^(c)		133,015		14,174,078



Electronic Manufacturing Services–0.95%
Flex Ltd.^(b)		604,560		11,081,585



Environmental & Facilities Services–1.95%
Casella Waste Systems, Inc., Class A^(b)		142,758		12,194,388


Montrose Environmental Group, Inc.^(b)(c)		149,989		10,575,725


				22,770,113



Fertilizers & Agricultural Chemicals–0.67%
Scotts Miracle-Gro Co. (The)^(c)		48,614		7,826,854



Financial Exchanges & Data–0.95%
TMX Group Ltd. (Canada)		109,669		11,119,055



Food Retail–0.84%
Sprouts Farmers Market, Inc.^(b)(c)		330,379		9,805,649



Footwear–0.93%
Wolverine World Wide, Inc.		375,660		10,822,765



Health Care Distributors–0.97%
Owens & Minor, Inc.		259,622		11,293,557



Health Care Equipment–2.48%
AtriCure, Inc.^(b)		210,140		14,611,034


CONMED Corp.^(c)		100,995		14,317,051


				28,928,085

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

8 Invesco Small Cap Equity Fund


	Shares		Value
Health Care Facilities–1.09%
Encompass Health Corp.		134,853	$	8,800,507


Pennant Group, Inc. (The)^(b)(c)		168,752		3,894,796


				12,695,303



Health Care Services–1.24%
Castle Biosciences, Inc.^(b)		156,455		6,707,226


LHC Group, Inc.^(b)		56,250		7,719,187


				14,426,413



Health Care Supplies–1.85%
ICU Medical, Inc.^(b)		37,019		8,786,089


OrthoPediatrics Corp.^(b)(c)		212,868		12,742,279


				21,528,368



Health Care Technology–0.70%
Simulations Plus, Inc.		171,303		8,102,632



Homebuilding–1.67%
Taylor Morrison Home Corp., Class A^(b)(c)		557,147		19,477,859



Hotel & Resort REITs–0.72%
Ryman Hospitality Properties, Inc.^(b)(c)		91,387		8,403,949



Hotels, Resorts & Cruise Lines–1.25%
Travel + Leisure Co.		263,065		14,539,603



Human Resource & Employment Services–0.91%
Alight, Inc., Class A^(b)(c)		977,162		10,563,121



Industrial Machinery–3.71%
Gates Industrial Corp. PLC^(b)		656,847		10,450,436


Helios Technologies, Inc.		184,515		19,405,443


ITT, Inc.		130,496		13,335,386


				43,191,265



Industrial REITs–2.46%
EastGroup Properties, Inc.		67,077		15,283,495


STAG Industrial, Inc.		279,665		13,412,733


				28,696,228



Interactive Media & Services–0.87%
Eventbrite, Inc., Class A^(b)(c)		582,708		10,162,427



Internet & Direct Marketing Retail–0.95%
Overstock.com, Inc.^(b)		188,547		11,126,158



Investment Banking & Brokerage–3.57%
LPL Financial Holdings, Inc.		119,990		19,209,199


Piper Sandler Cos.^(c)		125,617		22,423,891


				41,633,090



Leisure Products–0.98%
Acushnet Holdings Corp.^(c)		215,953		11,462,785



Life & Health Insurance–0.92%
Primerica, Inc.		69,850		10,705,909


	Shares		Value
Life Sciences Tools & Services–2.83%
Medpace Holdings, Inc.^(b)(c)		82,181	$	17,885,873


NeoGenomics, Inc.^(b)(c)		348,065		11,875,978


Quanterix Corp.^(b)		76,925		3,261,620


				33,023,471



Multi-line Insurance–0.89%
Assurant, Inc.		66,750		10,403,655



Oil & Gas Equipment & Services–1.00%
Weatherford International PLC^(b)		422,228		11,704,160



Packaged Foods & Meats–0.35%
Calavo Growers, Inc.		95,240		4,038,176



Paper Packaging–0.78%
Graphic Packaging Holding Co.^(c)		464,084		9,049,638



Property & Casualty Insurance–0.65%
Hanover Insurance Group, Inc. (The)		57,670		7,558,230



Real Estate Services–0.62%
FirstService Corp. (Canada)		37,016		7,274,736



Regional Banks–6.15%
Columbia Banking System, Inc.^(c)		251,712		8,236,017


Community Bank System, Inc.		126,840		9,447,043


Glacier Bancorp, Inc.^(c)		195,077		11,060,866


Pacific Premier Bancorp, Inc.		260,283		10,419,128


Pinnacle Financial Partners, Inc.^(c)		138,982		13,272,781


South State Corp.		100,282		8,033,591


Webster Financial Corp.		199,627		11,147,172


				71,616,598



Research & Consulting Services–0.79%
Huron Consulting Group, Inc.^(b)		185,428		9,252,857



Restaurants–0.89%
Papa John’s International, Inc.		77,615		10,359,274



Semiconductors–6.58%
Diodes, Inc.^(b)		151,536		16,640,168


Lattice Semiconductor Corp.^(b)		199,291		15,357,365


MACOM Technology Solutions Holdings, Inc.^(b)		185,480		14,523,084


Power Integrations, Inc.		152,403		14,156,715


Semtech Corp.^(b)		179,266		15,942,125


				76,619,457



Specialized REITs–1.07%
Gaming and Leisure Properties, Inc.		255,873		12,450,780



Specialty Chemicals–1.10%
Ashland Global Holdings, Inc.^(c)		118,564		12,764,600



Steel–1.11%
Cleveland-Cliffs, Inc.^(b)(c)		591,393		12,874,626

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

9 Invesco Small Cap Equity Fund


	Shares		Value
Systems Software–0.92%
CommVault Systems, Inc.^(b)		155,135	$	10,691,904



Thrifts & Mortgage Finance–1.27%
Essent Group Ltd.		175,688		7,999,075


Radian Group, Inc.		322,070		6,805,339


				14,804,414



Tires & Rubber–0.40%
Goodyear Tire & Rubber Co. (The)^(b)		221,205		4,716,091



Trading Companies & Distributors–2.32%
Applied Industrial Technologies, Inc.		130,758		13,428,846


Univar Solutions, Inc.^(b)		481,305		13,644,997


				27,073,843



Trucking–0.95%
Knight-Swift Transportation Holdings, Inc.		181,217		11,043,364



Water Utilities–1.13%
California Water Service Group		182,491		13,113,803


Total Common Stocks & Other Equity Interests (Cost $791,218,369)				1,129,340,722



Money Market Funds–3.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		13,052,440		13,052,440


	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%^(d)(e)		9,315,516	$	9,317,379


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		14,917,075		14,917,075


Total Money Market Funds (Cost $37,286,787)				37,286,894


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $828,505,156)				1,166,627,616



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–12.44%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		43,467,653		43,467,653


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		101,404,243		101,424,521


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $144,898,797)				144,892,174


TOTAL INVESTMENTS IN SECURITIES-112.57% (Cost $973,403,953)				1,311,519,790


OTHER ASSETS LESS LIABILITIES-(12.57)%				(146,441,719	)


NET ASSETS-100.00%			$	1,165,078,071

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2021.

^(d)


	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 3,625,841	$	78,783,388	$	(69,356,789)		$ -	$	-		$13,052,440		$ 2,170
Invesco Liquid Assets Portfolio, Institutional Class		2,695,658		56,163,248		(49,540,564)		2		(965)		9,317,379		775
Invesco Treasury Portfolio, Institutional Class		4,143,818		90,038,158		(79,264,901)		-		-		14,917,075		942
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		56,407		252,869,302		(209,458,056)		-		-		43,467,653		4,816*
Invesco Private Prime Fund		84,610		452,455,268		(351,094,491)		(6,623)		(14,243)		101,424,521		65,876*
Total		$10,606,334	$	930,309,364	$	(758,714,801)		$(6,621)	$	(15,208)		$182,179,068		$74,579

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

10 Invesco Small Cap Equity Fund

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

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

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

11 Invesco Small Cap Equity Fund

Statement of Assets and Liabilities

December 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $791,218,369)*	$	1,129,340,722


Investments in affiliated money market funds, at value (Cost $182,185,584)		182,179,068


Foreign currencies, at value (Cost $47,162)		47,933


Receivable for:
Fund shares sold		391,926


Dividends		405,714


Investment for trustee deferred compensation and retirement plans		171,543


Other assets		60,138


Total assets		1,312,597,044



Liabilities:
Payable for:
Investments purchased		151,967


Fund shares reacquired		915,002


Amount due custodian		658,762


Collateral upon return of securities loaned		144,898,797


Accrued fees to affiliates		513,165


Accrued other operating expenses		194,437


Trustee deferred compensation and retirement plans		186,843


Total liabilities		147,518,973


Net assets applicable to shares outstanding	$	1,165,078,071



Net assets consist of:
Shares of beneficial interest	$	813,110,789


Distributable earnings		351,967,282


	$	1,165,078,071


Net Assets:

Class A	$	660,296,099


Class C	$	17,783,537


Class R	$	51,571,405


Class Y	$	91,379,758


Class R5	$	27,505,579


Class R6	$	316,541,693



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		44,062,968


Class C		1,849,925


Class R		3,875,109


Class Y		5,705,244


Class R5		1,545,526


Class R6		17,575,140


Class A:
Net asset value per share	$	14.99


Maximum offering price per share (Net asset value of $14.99 ÷ 94.50%)	$	15.86


Class C:
Net asset value and offering price per share	$	9.61


Class R:
Net asset value and offering price per share	$	13.31


Class Y:
Net asset value and offering price per share	$	16.02


Class R5:
Net asset value and offering price per share	$	17.80


Class R6:
Net asset value and offering price per share	$	18.01

*	At December 31, 2021, securities with an aggregate value of $141,040,320 were on loan to brokers.

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

12 Invesco Small Cap Equity Fund

Statement of Operations

For the year ended December 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $43,288)	$	11,209,316


Dividends from affiliated money market funds (includes securities lending income of $150,428)		154,315


Total investment income		11,363,631



Expenses:
Advisory fees		8,214,956


Administrative services fees		166,303


Custodian fees		4,568


Distribution fees:
Class A		1,623,299


Class C		181,630


Class R		269,624


Transfer agent fees - A, C, R and Y		1,597,875


Transfer agent fees - R5		20,225


Transfer agent fees - R6		53,248


Trustees’ and officers’ fees and benefits		33,237


Registration and filing fees		121,778


Reports to shareholders		174,908


Professional services fees		55,535


Other		21,179


Total expenses		12,538,365


Less: Fees waived and/or expense offset arrangement(s)		(8,052	)


Net expenses		12,530,313


Net investment income (loss)		(1,166,682	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		155,528,963


Affiliated investment securities		(15,208	)


Foreign currencies		(2,236	)


		155,511,519


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		43,619,677


Affiliated investment securities		(6,621	)


Foreign currencies		641


		43,613,697


Net realized and unrealized gain		199,125,216


Net increase in net assets resulting from operations	$	197,958,534

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

13 Invesco Small Cap Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020


	2021			2020

Operations:

Net investment income (loss)	$	(1,166,682	)	$	183,431


Net realized gain		155,511,519			74,169,822


Change in net unrealized appreciation		43,613,697			139,446,613

Net increase in net assets resulting from operations		197,958,534			213,799,866


Distributions to shareholders from distributable earnings:

Class A		(105,869,258	)		(31,844,884	)


Class C		(4,117,457	)		(1,428,258	)


Class R		(9,052,200	)		(3,049,856	)


Class Y		(14,030,433	)		(3,702,612	)


Class R5		(3,782,814	)		(1,132,165	)


Class R6		(43,447,856	)		(14,472,443	)

Total distributions from distributable earnings		(180,300,018	)		(55,630,218	)


Share transactions–net:

Class A		91,186,548			(16,953,845	)


Class C		2,723,311			(4,753,063	)


Class R		2,438,958			(5,795,705	)


Class Y		24,790,175			(5,213,607	)


Class R5		5,456,734			(2,940,446	)


Class R6		30,152,495			(69,804,621	)

Net increase (decrease) in net assets resulting from share transactions		156,748,221			(105,461,287	)

Net increase in net assets		174,406,737			52,708,361


Net assets:

Beginning of year		990,671,334			937,962,973

End of year	$	1,165,078,071		$	990,671,334

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

14 Invesco Small Cap Equity Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/21		$	14.97		$	(0.04	)		$	2.91			$	2.87			$	-			$	(2.85	)		$	(2.85	)		$	14.99		20.02	%		$	660,296		1.22	%		1.22	%		(0.22	)%		22	%
Year ended 12/31/20			12.50			(0.02	)			3.39				3.37				-				(0.90	)			(0.90	)			14.97		27.29				562,995		1.31			1.31			(0.13	)		43
Year ended 12/31/19			11.04			(0.00	)			2.86				2.86				-				(1.40	)			(1.40	)			12.50		26.13				495,573		1.31			1.31			(0.00	)		35
Year ended 12/31/18			15.35			(0.03	)			(2.23	)			(2.26	)			-				(2.05	)			(2.05	)			11.04		(15.16	)			427,637		1.28			1.28			(0.21	)		22
Year ended 12/31/17			14.25			(0.05	)			1.98				1.93				-				(0.83	)			(0.83	)			15.35		13.58				549,010		1.30			1.30			(0.36	)		21
Class C
Year ended 12/31/21			10.57			(0.12	)			2.01				1.89				-				(2.85	)			(2.85	)			9.61		19.06				17,784		1.97			1.97			(0.97	)		22
Year ended 12/31/20			9.11			(0.08	)			2.44				2.36				-				(0.90	)			(0.90	)			10.57		26.36				16,129		2.06			2.06			(0.88	)		43
Year ended 12/31/19			8.42			(0.07	)			2.16				2.09				-				(1.40	)			(1.40	)			9.11		25.10				18,873		2.06			2.06			(0.75	)		35
Year ended 12/31/18			12.35			(0.12	)			(1.76	)			(1.88	)			-				(2.05	)			(2.05	)			8.42		(15.76	)			37,757		2.03			2.03			(0.96	)		22
Year ended 12/31/17			11.69			(0.13	)			1.62				1.49				-				(0.83	)			(0.83	)			12.35		12.79				51,355		2.05			2.05			(1.11	)		21
Class R
Year ended 12/31/21			13.61			(0.07	)			2.62				2.55				-				(2.85	)			(2.85	)			13.31		19.66				51,571		1.47			1.47			(0.47	)		22
Year ended 12/31/20			11.45			(0.04	)			3.10				3.06				-				(0.90	)			(0.90	)			13.61		27.09				48,792		1.56			1.56			(0.38	)		43
Year ended 12/31/19			10.24			(0.03	)			2.64				2.61				-				(1.40	)			(1.40	)			11.45		25.71				47,521		1.56			1.56			(0.25	)		35
Year ended 12/31/18			14.44			(0.07	)			(2.08	)			(2.15	)			-				(2.05	)			(2.05	)			10.24		(15.35	)			50,345		1.53			1.53			(0.46	)		22
Year ended 12/31/17			13.48			(0.09	)			1.88				1.79				-				(0.83	)			(0.83	)			14.44		13.32				71,008		1.55			1.55			(0.61	)		21
Class Y
Year ended 12/31/21			15.80			0.01				3.07				3.08				(0.01	)			(2.85	)			(2.86	)			16.02		20.27				91,380		0.97			0.97			0.03			22
Year ended 12/31/20			13.12			0.02				3.57				3.59				(0.01	)			(0.90	)			(0.91	)			15.80		27.70				66,783		1.06			1.06			0.12			43
Year ended 12/31/19			11.51			0.03				2.98				3.01				-				(1.40	)			(1.40	)			13.12		26.36				62,023		1.06			1.06			0.25			35
Year ended 12/31/18			15.86			0.00				(2.30	)			(2.30	)			-				(2.05	)			(2.05	)			11.51		(14.92	)			71,037		1.03			1.03			0.04			22
Year ended 12/31/17			14.66			(0.02	)			2.05				2.03				-				(0.83	)			(0.83	)			15.86		13.88				228,176		1.05			1.05			(0.11	)		21
Class R5
Year ended 12/31/21			17.28			0.03				3.36				3.39				(0.02	)			(2.85	)			(2.87	)			17.80		20.39				27,506		0.85			0.85			0.15			22
Year ended 12/31/20			14.28			0.04				3.91				3.95				(0.05	)			(0.90	)			(0.95	)			17.28		27.95				21,396		0.88			0.88			0.30			43
Year ended 12/31/19			12.40			0.07				3.21				3.28				-				(1.40	)			(1.40	)			14.28		26.65				20,674		0.85			0.85			0.46			35
Year ended 12/31/18			16.88			0.03				(2.46	)			(2.43	)			-				(2.05	)			(2.05	)			12.40		(14.79	)			26,543		0.87			0.87			0.20			22
Year ended 12/31/17			15.54			0.00				2.17				2.17				-				(0.83	)			(0.83	)			16.88		14.00				50,217		0.91			0.91			0.03			21
Class R6
Year ended 12/31/21			17.45			0.04				3.40				3.44				(0.03	)			(2.85	)			(2.88	)			18.01		20.46				316,542		0.79			0.79			0.21			22
Year ended 12/31/20			14.41			0.05				3.94				3.99				(0.05	)			(0.90	)			(0.95	)			17.45		28.03				274,576		0.81			0.81			0.37			43
Year ended 12/31/19			12.50			0.07				3.24				3.31				-				(1.40	)			(1.40	)			14.41		26.67				293,300		0.81			0.81			0.50			35
Year ended 12/31/18			16.99			0.05				(2.49	)			(2.44	)			-				(2.05	)			(2.05	)			12.50		(14.75	)			255,195		0.80			0.80			0.27			22
Year ended 12/31/17			15.61			0.02				2.19				2.21				-				(0.83	)			(0.83	)			16.99		14.19				305,344		0.85			0.85			0.09			21

^(a)	Calculated using average shares outstanding.

^(b)

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

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

15 Invesco Small Cap Equity Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

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

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

The 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.

16 Invesco Small Cap 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.

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

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.

17 Invesco Small Cap Equity Fund

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

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

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

18 Invesco Small Cap Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.72%.

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2021, the Adviser waived advisory fees of $7,305.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $141,353 in front-end sales commissions from the sale of Class A shares and $2,346 and $126 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $4,650 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.

19 Invesco Small Cap Equity Fund

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,129,340,722	$	-		$-	$	1,129,340,722
Money Market Funds		37,286,894		144,892,174		-		182,179,068
Total Investments	$	1,166,627,616	$	144,892,174		$-	$	1,311,519,790

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 year ended December 31, 2021, the Fund engaged in securities purchases of $11,021,698.

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

20 Invesco Small Cap Equity Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:



	2021		2020

Ordinary income*	$	40,153,182	$	13,100,850
Long-term capital gain		140,146,836		42,529,368
Total distributions	$	180,300,018	$	55,630,218

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	4,108,018


Undistributed long-term capital gain		9,952,914


Net unrealized appreciation – investments		338,014,488


Net unrealized appreciation – foreign currencies		781


Temporary book/tax differences		(108,919	)


Shares of beneficial interest		813,110,789


Total net assets	$	1,165,078,071

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $240,867,807 and $280,523,647, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	382,694,337


Aggregate unrealized (depreciation) of investments		(44,679,849	)


Net unrealized appreciation of investments	$	338,014,488

Cost of investments for tax purposes is $973,505,302.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2021, undistributed net investment income (loss) was increased by $1,267,772 and undistributed net realized gain was decreased by $1,267,772. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended				Year ended
	December 31, 2021^(a)				December 31, 2020
	Shares		Amount		Shares		Amount


Sold:
Class A		5,015,384	$	85,528,828		4,670,501	$	54,756,398


Class C		416,624		5,004,241		380,313		3,266,899


Class R		890,653		13,863,107		894,524		9,608,396


Class Y		2,455,563		44,474,055		1,506,989		18,985,652


Class R5		315,843		6,213,714		209,769		2,765,875


Class R6		3,260,718		65,428,913		4,390,673		52,201,875

21 Invesco Small Cap Equity Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2021^(a)						December 31, 2020
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		7,067,826			$101,423,307			2,133,548		$	30,595,066


Class C		424,577			3,910,360			134,303			1,360,509


Class R		709,372			9,044,489			233,843			3,049,304


Class Y		765,104			11,736,691			228,396			3,455,633


Class R5		221,969			3,782,349			68,409			1,132,165


Class R6		2,461,555			42,461,825			858,418			14,344,164



Automatic conversion of Class C shares to Class A shares:
Class A		87,219			1,491,762			233,123			3,209,515


Class C		(124,860	)		(1,491,762	)		(326,565	)		(3,209,515	)



Reacquired:
Class A		(5,705,779	)		(97,257,349	)		(9,094,184	)		(105,514,824	)


Class C		(391,796	)		(4,699,528	)		(734,481	)		(6,170,956	)


Class R		(1,310,120	)		(20,468,638	)		(1,692,393	)		(18,453,405	)


Class Y		(1,742,443	)		(31,420,571	)		(2,235,480	)		(27,654,892	)


Class R5		(230,795	)		(4,539,329	)		(487,350	)		(6,838,486	)


Class R6		(3,883,067	)		(77,738,243	)		(9,863,859	)		(136,350,660	)


Net increase (decrease) in share activity		10,703,547			$156,748,221			(8,491,503	)	$	(105,461,287	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

22 Invesco Small Cap Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco Small Cap Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Equity Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

23 Invesco Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/21)	Ending Account Value (12/31/21)¹	Expenses Paid During Period²	Ending Account Value (12/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,019.70	$6.21	$1,019.06	$6.21	1.22%
Class C	1,000.00	1,014.90	10.00	1,015.27	10.01	1.97
Class R	1,000.00	1,017.90	7.48	1,017.80	7.48	1.47
Class Y	1,000.00	1,020.60	4.94	1,020.32	4.94	0.97
Class R5	1,000.00	1,021.30	4.38	1,020.87	4.38	0.86
Class R6	1,000.00	1,021.40	4.03	1,021.22	4.02	0.79

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

24 Invesco Small Cap Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	140,146,836
Qualified Dividend Income*		33.83	%
Corporate Dividends Received Deduction*		32.66	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		2.94	%
Business Interest Income*		0.00	%

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

25 Invesco Small Cap Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee �� and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School -Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

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

T-6 Invesco Small Cap Equity Fund

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

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn. Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“PwC”) billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021		Fees Billed for Services Rendered to the Registrant for fiscal year end 2020

Audit Fees	$	122,400	$	129,640
Audit-Related Fees⁽¹⁾	$	21,000	$	0
Tax Fees⁽²⁾	$	106,105	$	141,111
All Other Fees	$	0	$	0

Total Fees	$	249,505	$	270,751

(1)	Audit-Related Fees for the fiscal year ended December 31, 2021 includes fees billed for reviewing regulatory filings.

(2)	Tax Fees for the fiscal years ended December 31, 2021 and December 31, 2020 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$	801,000	$	701,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	801,000	$	701,000

(1)	Audit-Related Fees for the fiscal years ended 2021 and 2020 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement

pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

¹	Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements

that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services ;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

•

Actuarial services; and

•

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $5,931,000 for the fiscal year ended December 31, 2021 and $6,219,000 for the fiscal year ended December 31, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $6,838,105 for the fiscal year ended December 31, 2021 and $7,061,111 for the fiscal year ended December 31, 2020.

PwC provided audit services to the Investment Company complex of approximately $30 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

As of February 10, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 10, 2022, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

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

Not applicable.

ITEM 13. EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Registrant: AIM Funds Group (Invesco Funds Group)


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

Date:		March 3, 2022

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


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

Date:		March 3, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		March 3, 2022

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments

Aggregate unrealized (depreciation) of investments

(16,566,043

Net unrealized appreciation of investments

Cost of investments for tax purposes is $184,498,476.

NOTE 9–Reclassification of Permanent Differences