AIM FUNDS GROUP (INVESCO FUNDS GROUP) (Form: N-CSR, Received: 03/06/2020 11:50:32)

Federal and State Income Tax

Qualified Dividend Income*

Corporate Dividends Received Deduction*

U.S. Treasury Obligations*

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: 12/31/19

Item 1. Report to Stockholders.




		Annual Report to Shareholders		December 31, 2019

		Invesco European Small Company Fund
		Nasdaq:
		A: ESMAX ∎ C: ESMCX ∎ Y: ESMYX ∎ R6: ESMSX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

Despite a tumultuous end to 2018 and gloomy market outlook at the start of the year, 2019 proved a banner year for global investors. Rather than raise interest rates central banks signaled they would provide more stimulus. Global equities greeted this news with enthusiasm with several equity market indices reaching record highs multiple times throughout the year.

As 2019 unfolded, global equity markets rebounded strongly buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity selloff and rally in US Treasuries. Despite the May sell-off, domestic equity markets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quarter global equity returns.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. The Fed pivoted from raising rates in 2018 to reducing them in 2019. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. In addition, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. As 2020 unfolds, we’ll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advisers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco European Small Company Fund

LOGO

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not

limited to:

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can

use to strive to meet your financial needs as your investment goals change over time.

∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎	Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco European Small Company Fund

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, Class A shares of Invesco European Small Company Fund (the Fund), at net asset value (NAV), underperformed the MSCI Europe 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, 12/31/18 to 12/31/19, 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	15.23	%
Class C Shares	14.44
Class Y Shares	15.56
Class R6 Shares	15.59
MSCI Europe Index^q(Broad Market Index)	23.77
MSCI Europe Small Cap Index^q (Style-Specific Index)	29.06
Lipper European Funds Index^∎(Peer Group Index)	23.42
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second and third quarters, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of the year showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

During the year, third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter

economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union. In this environment, global equity markets had robust gains for the year, with developed markets outperforming emerging markets.

During the year, stock selection in the financials and energy sectors was among the largest contributors to the Fund’s performance relative to its style-specific benchmark. Particular strength was seen in the portfolio’s Romanian-based investment company holding Fondul Proprietatea within the financials sector. The mutual fund company benefited from improving political and economic

sentiment in Romania. Conversely, the Fund’s holdings in the consumer discretionary, industrials, and consumer staples sectors underperformed those of the style-specific benchmark and detracted from the Fund’s relative performance for the year.

On a geographic basis, the Fund’s exposure to Romania and Israel, countries not represented in the style-specific benchmark, contributed to relative performance, as both regions posted positive absolute results. In contrast, stock selection in the UK and France detracted from relative return during the year. Overweight exposure to France 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, Israel-based Hilan was among the most significant absolute contributors to Fund performance during the year. The payroll processing company continued a strong run of consistent double-digit profit growth in the first half of the year. Given limited expansion potential in its market-leading human resources and payroll processing activities, the company has successfully diversified into information technology services while maintaining an attractive return-on-equity.

UK-based Staffline Group, a third-party human resources and recruitment provider, was among the most significant detractors from the Fund’s relative performance for the year. Additionally, Ireland-based Origin Enterprises was a


Portfolio Composition
By sector	% of total net assets

Industrials		32.99	%
Financials		20.25
Consumer Discretionary		15.29
Information Technology		12.25
Energy		4.84
Consumer Staples		3.79
Health Care		3.16
Real Estate		2.52
Other Sectors, Each Less than 2% of Net Assets		0.93
Money Market Funds Plus Other Assets Less Liabilities		3.98


Top 10 Equity Holdings*
% of total net assets

1. Fondul Proprietatea S.A.	5.13	%
2. Societatea Nationala de Gaze Naturale ROMGAZ S.A.	3.77
3. Kardex AG	3.77
4. Hilan Ltd.	3.72
5. Kaufman & Broad S.A.	3.33
6. Linedata Services	3.24
7. Diploma PLC	3.24
8. Bonheur ASA	3.18
9. Gerard Perrier Industrie S.A.	3.17
10. MorphoSys AG	3.16


Total Net Assets	$	379.4 million

Total Number of Holdings*		49

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, 2019.

4 Invesco European Small Company Fund

significant absolute detractor in 2019. The company’s recent trading update was downbeat. Wet weather in the UK led to a lower level of crop planting activity during the year, while the opposite (dry conditions) in Brazil led to a delayed start to soya planting. The stock was also held back by uncertainty with regards to how Brexit will impact farm economics in the UK.

Over the 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 earnings, quality and valuation (EQV) outlook for each company. We initiated one new position in Singapore-based XP Power during the year and added to our position in Georgia-based TBC Bank. We also sold several Fund holdings with EQV characteristics that were no longer as compelling as when we first initiated positions in them, including Israel Discount Bank, Italy-based Danieli & C Officine Meccaniche, and France-based Tessi.

As always, regardless of the macroeconomic environment, 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 growth companies that exhibit the following characteristics: strong organic revenue growth, high returns on capital, pricing power, strong balance sheets, cash generation, effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with the Fund’s investment objective of long-term growth of capital.

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

Portfolio managers:

Borge Endresen

Jason Holzer - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

5 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 12/31/09

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.

6 Invesco European Small Company Fund


Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges

Class A Shares
Inception (08/31/00)	10.04	%
10 Years	8.63
5 Years	6.60
1 Year	8.89

Class C Shares
Inception (08/31/00)	9.96	%
10 Years	8.44
5 Years	7.00
1 Year	13.44

Class Y Shares
Inception (10/3/08)	9.81	%
10 Years	9.53
5 Years	8.07
1 Year	15.56

Class R6 Shares
10 Years	9.35	%
5 Years	8.00
1 Year	15.59

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

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y and Class R6 shares was 1.39%, 2.14%, 1.14% and 1.08%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y and Class R6 shares was 1.42% 2.17%, 1.17% and 1.11%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

7 Invesco European Small Company Fund

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, 2019, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎	Class Y shares are available only to certain investors. Please see the prospectus for more information.

∎

Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

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.

Other information

∎

The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎	Industry 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.

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

8 Invesco European Small Company Fund

Schedule of Investments

December 31, 2019


	Shares		Value

Common Stocks & Other Equity Interests–96.02%

Belgium–0.55%

Sioen Industries N.V.		81,131	$	2,076,595

France–26.19%

Caisse Regionale de Credit Agricole Mutuel Brie Picardie		94,000		3,221,337
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine		46,988		8,357,487
Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		55,078		6,147,922
Caisse Regionale de Credit Agricole Mutuel Nord de France		365,844		11,674,620
CNIM Groupe S.A.		39,315		884,223
Credit Regionale de Credit Agricole Mutuel Sud Rhone Alpes-CCI		19,700		5,016,687
Gerard Perrier Industrie S.A.		169,171		12,039,437
HEXAOM		132,990		5,499,670
Infotel S.A.		165,142		7,404,096
Kaufman & Broad S.A.		304,000		12,618,446
Linedata Services^(a)		410,159		12,298,813
Manutan International		53,400		3,685,538
Neurones		280,000		6,467,190
Total Gabon		26,924		4,042,998
				99,358,464

Georgia–2.37%

TBC Bank Group PLC		522,263		8,988,011

Germany–4.03%

CENIT AG		213,758		3,286,165
MorphoSys AG^(b)		84,262		11,997,551
				15,283,716

Greece–0.76%

Karelia Tobacco Co., Inc. S.A.		9,265		2,868,344

Ireland–5.58%

Cpl Resources PLC		1,141,792		9,645,706
Origin Enterprises PLC		2,759,056		11,526,504
				21,172,210

Israel–4.48%

Hilan Ltd.		350,209		14,112,118
MIND C.T.I. Ltd.^(a)		1,200,000		2,898,000
				17,010,118

Italy–2.22%

Gruppo MutuiOnline S.p.A.		375,000		8,436,151

Norway–5.53%

Bonheur ASA		531,206		12,054,308
Wilh Wilhelmsen Holding ASA, Class A		474,539		8,919,843
				20,974,151




	Shares		Value

Poland–1.66%

Warsaw Stock Exchange		608,720	$	6,304,213

Portugal–0.44%

Conduril - Engenharia S.A.		46,308		1,662,198

Romania–11.32%

Banca Transilvania S.A.		15,101,882		9,183,208
Fondul Proprietatea S.A.		68,517,538		19,445,651
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		1,647,512		14,321,864
				42,950,723

Singapore–0.22%

XP Power Ltd.		20,835		854,655

Switzerland–5.52%

Carlo Gavazzi Holding AG		14,625		3,928,543
Kardex AG		84,748		14,289,347
OC Oerlikon Corp. AG		231,945		2,720,536
				20,938,426

United Kingdom–25.15%

City of London Investment Group PLC		900,000		5,233,828
Clarkson PLC		188,808		7,583,683
DCC PLC		58,026		5,050,894
Diploma PLC		458,327		12,287,283
Eurocell PLC		1,809,000		5,747,396
Gamesys Group PLC^(b)		872,982		8,183,010
IG Group Holdings PLC		461,684		4,256,644
Lookers PLC		8,915,000		6,489,235
Renew Holdings PLC		1,649,626		11,937,653
SafeStyle UK PLC^(a)(b)		5,375,000		4,398,743
Savills PLC		636,369		9,576,535
Staffline Group PLC^(b)		2,036,000		2,347,447
Ultra Electronics Holdings PLC		313,583		8,799,509
XLMedia PLC		6,025,000		3,520,788
				95,412,648
Total Common Stocks & Other Equity Interests (Cost $308,972,457)				364,290,623

Money Market Funds–4.02%

Invesco Government & Agency Portfolio, Institutional Class, 1.50%^(c)		5,313,794		5,313,794
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%^(c)		3,875,693		3,876,856
Invesco Treasury Portfolio, Institutional Class, 1.49%^(c)		6,072,908		6,072,908
Total Money Market Funds (Cost $15,263,179)				15,263,558
TOTAL INVESTMENTS IN SECURITIES–100.04% (Cost $324,235,636)				379,554,181
OTHER ASSETS LESS LIABILITIES–(0.04)%				(139,150	)
NET ASSETS–100.00%			$	379,415,031

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

9 Invesco European Small Company Fund

Notes to Schedule of Investments:

^(a)

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 to 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 (excluding affiliated money market funds) for the fiscal year ended December 31, 2019.


	Value December 31, 2018		Purchases at Cost	Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2019		Dividend Income
Linedata Services		$18,267,842	$-	$	(2,513,510)	$	(3,237,125)	$	(218,394)		$12,298,813	$	651,590
MIND C.T.I. Ltd.		2,736,000	-		-		162,000		-		2,898,000		249,600
Mondo TV S.p.A*		2,633,448	-		(2,839,410)		6,144,316		(5,938,354)		-		-
NAHL Group PLC*		3,169,771	-		(2,626,280)		6,039,489		(6,582,980)		-		-
SafeStyle UK PLC		5,819,279	-		-		(1,420,536)		-		4,398,743		-
Total		$32,626,340	$-	$	(7,979,200)	$	7,688,144	$	(12,739,728)		$19,595,556	$	901,190

At December 31, 2019, this security was no longer held.

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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

10 Invesco European Small Company Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:

Investments in securities, at value (Cost $283,168,909)	$	344,695,067
Investments in affiliates, at value (Cost $41,066,727)		34,859,114
Cash		258,272
Foreign currencies, at value (Cost $43,281)		42,874
Receivable for:
Investments sold		70,774
Fund shares sold		82,989
Dividends		507,024
Investment for trustee deferred compensation and retirement plans		95,168
Other assets		28,033
Total assets		380,639,315

Liabilities:

Payable for:
Fund shares reacquired		754,103
Accrued fees to affiliates		186,529
Accrued trustees’ and officers’ fees and benefits		520
Accrued other operating expenses		178,874
Trustee deferred compensation and retirement plans		104,258
Total liabilities		1,224,284
Net assets applicable to shares outstanding	$	379,415,031



Net assets consist of:

Shares of beneficial interest	$	323,956,675
Distributable earnings		55,458,356
	$	379,415,031

Net Assets:

Class A	$	121,763,020
Class C	$	12,199,562
Class Y	$	230,577,100
Class R6	$	14,875,349

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

Class A		8,551,958
Class C		919,583
Class Y		16,138,733
Class R6		1,041,426
Class A:
Net asset value per share	$	14.24
Maximum offering price per share (Net asset value of $14.24 ÷ 94.50%)	$	15.07
Class C:
Net asset value and offering price per share	$	13.27
Class Y:
Net asset value and offering price per share	$	14.29
Class R6:
Net asset value and offering price per share	$	14.28

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

11 Invesco European Small Company Fund

Statement of Operations

For the year ended December 31, 2019


Investment income:

Dividends (net of foreign withholding taxes of $1,460,291)	$16,797,389


Dividends from affiliates	1,749,551

Total investment income	18,546,940


Expenses:

Advisory fees	4,482,871


Administrative services fees	68,821


Custodian fees	320,010


Distribution fees:
Class A	323,202


Class C	147,189


Transfer agent fees – A, C and Y	586,421


Transfer agent fees – R6	7,239


Trustees’ and officers’ fees and benefits	26,070


Registration and filing fees	75,956


Reports to shareholders	68,323


Professional services fees	60,440


Other	16,557

Total expenses	6,183,099

Less: Fees waived and/or expense offset arrangement(s)	(52,827	)

Net expenses	6,130,272

Net investment income	12,416,668


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities	11,893,576


Foreign currencies	(25,592	)

	11,867,984

Change in net unrealized appreciation of:
Investment securities	44,452,657


Foreign currencies	7,824

	44,460,481

Net realized and unrealized gain	56,328,465

Net increase in net assets resulting from operations	$68,745,133

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

12 Invesco European Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2019 and 2018


	2019			2018

Operations:

Net investment income	$	12,416,668		$	15,211,010


Net realized gain		11,867,984			23,757,932


Change in net unrealized appreciation (depreciation)		44,460,481			(162,383,980	)

Net increase (decrease) in net assets resulting from operations		68,745,133			(123,415,038	)


Distributions to shareholders from distributable earnings:

Class A		(8,093,967	)		(7,742,166	)


Class C		(761,110	)		(1,241,508	)


Class Y		(16,377,743	)		(27,373,839	)


Class R6		(1,046,081	)		(1,161,131	)

Total distributions from distributable earnings		(26,278,901	)		(37,518,644	)


Share transactions–net:

Class A		(16,028,351	)		(25,256,609	)


Class B		–			(472,760	)


Class C		(11,981,359	)		(5,632,828	)


Class Y		(209,258,503	)		(81,969,083	)


Class R6		(4,722,093	)		23,811,202

Net increase (decrease) in net assets resulting from share transactions		(241,990,306	)		(89,520,078	)

Net increase (decrease) in net assets		(199,524,074	)		(250,453,760	)


Net assets:

Beginning of year		578,939,105			829,392,865

End of year	$	379,415,031		$	578,939,105

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

13 Invesco European Small Company Fund

Financial Highlights

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


																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net
						(losses)																						net assets			assets without			Ratio of net
	Net asset					on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income^(a)			unrealized)			operations			income			gains			distributions			of period		return ^(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover ^(c)
Class A
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	%^(e)		1.43	%^(e)		2.40	%^(d)(e)		1	%
Year ended 12/31/18		16.58		0.28			(2.80	)		(2.52	)		(0.29	)		(0.54	)		(0.83	)		13.23		(15.21	)		127,904		1.35			1.38			1.73			11
Year ended 12/31/17		13.35		0.29	^(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
Year ended 12/31/16		12.55		0.23			0.85			1.08			(0.28	)		–			(0.28	)		13.35		8.61			184,024		1.40			1.42			1.80			11
Year ended 12/31/15		12.36		0.14			0.73			0.87			(0.19	)		(0.49	)		(0.68	)		12.55		7.01			205,621		1.44			1.46			1.12			19
Class C
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	^(e)		2.18	^(e)		1.65	^(d)(e)		1
Year ended 12/31/18		15.52		0.15			(2.61	)		(2.46	)		(0.16	)		(0.54	)		(0.70	)		12.36		(15.89	)		22,684		2.10			2.13			0.98			11
Year ended 12/31/17		12.53		0.16	^(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
Year ended 12/31/16		11.78		0.13			0.79			0.92			(0.17	)		–			(0.17	)		12.53		7.87			30,709		2.15			2.17			1.05			11
Year ended 12/31/15		11.66		0.04			0.69			0.73			(0.12	)		(0.49	)		(0.61	)		11.78		6.24			36,613		2.19			2.21			0.37			19
Class Y
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	^(e)		1.18	^(e)		2.65	^(d)(e)		1
Year ended 12/31/18		16.64		0.32			(2.81	)		(2.49	)		(0.34	)		(0.54	)		(0.88	)		13.27		(15.01	)		410,107		1.10			1.13			1.98			11
Year ended 12/31/17		13.41		0.34	^(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
Year ended 12/31/16		12.60		0.27			0.85			1.12			(0.31	)		–			(0.31	)		13.41		8.95			265,250		1.15			1.17			2.05			11
Year ended 12/31/15		12.39		0.18			0.73			0.91			(0.21	)		(0.49	)		(0.70	)		12.60		7.33			257,177		1.19			1.21			1.37			19
Class R6
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	^(e)		1.10	^(e)		2.73	^(d)(e)		1
Year ended 12/31/18		16.64		0.33			(2.81	)		(2.48	)		(0.35	)		(0.54	)		(0.89	)		13.27		(14.93	)		18,243		1.04			1.07			2.04			11
Year ended 12/31/17^(f)		14.67		0.27	^(d)		2.28			2.55			(0.32	)		(0.26	)		(0.58	)		16.64		17.49			11		1.08	^(g)		1.10	^(g)		2.17	^(d)(g)		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, 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 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)	Ratios are based on average daily net assets (000’s omitted) of $129,281, $14,719, $325,620 and $16,135 for Class A, Class C, Class Y and Class R6 shares, respectively.

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

^(g)	Annualized.

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

14 Invesco European Small Company Fund

Notes to Financial Statements

December 31, 2019

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 ten 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 tenth anniversary after a purchase of Class C shares.

As of the open of business on November 30, 2015, the Fund had closed public sales of its shares to new investors. Effective at the open of business November 15, 2019, the Fund reopened to all investors.

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

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

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

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

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

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

15 Invesco European Small Company Fund

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

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

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

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

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

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

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

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

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.

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

16 Invesco European Small Company Fund

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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, 2019, the effective advisory fee rate incurred by the Fund was 0.92%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. 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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $49,693.

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, 2019, 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.

17 Invesco European Small Company Fund

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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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, 2019, 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, 2019, IDI advised the Fund that IDI retained $3,575 in front-end sales commissions from the sale of Class A shares and $1,164 and $1,086 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities

Belgium	$	–	$	2,076,595		$–	$	2,076,595


France		–		99,358,464		–		99,358,464


Georgia		–		8,988,011		–		8,988,011


Germany		–		15,283,716		–		15,283,716


Greece		2,868,344		–		–		2,868,344


Ireland		–		21,172,210		–		21,172,210


Israel		2,898,000		14,112,118		–		17,010,118


Italy		–		8,436,151		–		8,436,151


Norway		–		20,974,151		–		20,974,151


Poland		–		6,304,213		–		6,304,213


Portugal		1,662,198		–		–		1,662,198


Romania		–		42,950,723		–		42,950,723


Singapore		–		854,655		–		854,655


Switzerland		–		20,938,426		–		20,938,426


United Kingdom		–		95,412,648		–		95,412,648


Money Market Funds		15,263,558		–		–		15,263,558

Total Investments	$	22,692,100	$	356,862,081		$–	$	379,554,181

18 Invesco European Small Company Fund

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, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,134.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:


	2019		2018

Ordinary income	$	16,827,223	$	15,512,597

Long-term capital gain		9,451,678		22,006,047

Total distributions	$	26,278,901	$	37,518,644

Tax Components of Net Assets at Period-End:


	2019

Undistributed ordinary income	$	2,641,595

Undistributed long-term capital gain		3,749,274

Net unrealized appreciation – investments		49,137,824

Net unrealized appreciation – foreign currencies		9,262

Temporary book/tax differences		(79,599	)

Shares of beneficial interest		323,956,675

Total net assets	$	379,415,031

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

The Fund does not have a capital loss carryforward as of December 31, 2019.

NOTE 8–Investment Transactions

19 Invesco European Small Company Fund

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	$	102,555,959

Aggregate unrealized (depreciation) of investments		(53,418,135	)

Net unrealized appreciation of investments	$	49,137,824

Cost of investments for tax purposes is $330,416,357.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2019, undistributed net investment income was increased by $1,336,202 and undistributed net realized gain was decreased by $1,336,202. 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, 2019^(a)						December 31, 2018

	Shares			Amount			Shares			Amount


Sold:

Class A		298,073		$	4,204,921			1,022,588		$	16,740,315


Class B^(b)		-			-			150			2,338


Class C		21,556			281,814			94,841			1,459,222


Class Y		2,561,419			36,196,787			11,761,713			192,661,568


Class R6		213,648			3,064,051			1,722,614			29,538,742


Issued as reinvestment of dividends:

Class A		531,516			7,515,639			541,803			7,184,313


Class C		54,190			714,226			94,802			1,175,541


Class Y		969,693			13,759,942			1,676,439			22,296,635


Class R6		66,085			937,750			85,239			1,133,683


Conversion of Class B shares to Class A shares:^(c)

Class A		-			-			26,182			458,973


Class B		-			-			(28,037	)		(458,973	)


Automatic conversion of Class C shares to Class A shares:

Class A		609,417			8,518,572			-			-


Class C		(652,733	)		(8,518,572	)		-			-


Reacquired:

Class A		(2,557,922	)		(36,267,483	)		(3,155,360	)		(49,640,210	)


Class B^(b)		-			-			(1,000	)		(16,125	)


Class C		(338,500	)		(4,458,827	)		(569,478	)		(8,267,591	)


Class Y		(18,296,266	)		(259,215,232	)		(19,091,795	)		(296,927,286	)


Class R6		(613,226	)		(8,723,894	)		(433,617	)		(6,861,223	)

Net increase (decrease) in share activity		(17,133,050	)	$	(241,990,306	)		(6,252,916	)	$	(89,520,078	)

^(a)

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

^(b)	Class B shares activity for the period January 1, 2018 through January 26, 2018 (date of conversion).

^(c)	Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

20 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, 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, 2019, 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, 2019 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, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 28, 2020

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.

21 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, 2019 through December 31, 2019.

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 (07/01/19)	Ending Account Value (12/31/19)¹	Expenses Paid During Period²	Ending Account Value (12/31/19)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,063.80	$7.33	$1,018.10	$7.17	1.41%
Class C	1,000.00	1,060.40	11.22	1,014.32	10.97	2.16
Class Y	1,000.00	1,065.70	6.04	1,019.36	5.90	1.16
Class R6	1,000.00	1,065.10	5.73	1,019.66	5.60	1.10

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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.

22 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, 2019:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	9,451,678
Qualified Dividend Income*		62.62	%
Corporate Dividends Received Deduction*		0.05	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0537		Per Share
Foreign Source Income	$	0.3956		Per Share

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

23 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 Person
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)	229	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 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
Bruce L. Crockett - 1944 Trustee and Chair	1987	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
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	229	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 Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	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)
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
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; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

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
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2016	Retired	229	None
Daniel S. Vandivort - 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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
Independent Trustees–(continued)
Christopher L. WIlson - 1957 Trustee, Vice Chair and Chair Designate	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	229	ISO New England, Inc. (non-profit organization managing regional electricity market)

T-5 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
Sheri Morris - 1964 President, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and 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	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	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, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC 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.; and Secretary, Sovereign G./P. Holdings Inc.	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); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: 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-6 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)
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; Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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) Formerly: 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.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

T-7 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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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-8 Invesco European Small Company Fund

LOGO

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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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) 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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 numbers: 811-01540 and 002-27334		Invesco Distributors, Inc.		ESC-AR-1



		Annual Report to Shareholders		December 31, 2019

		Invesco Global Core Equity Fund
		Nasdaq:
		A: AWSAX ∎ C: AWSCX ∎ R: AWSRX ∎ Y: AWSYX ∎ R5: AWSIX ∎ R6: AWSSX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

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

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Global Core Equity Fund


Bruce Crockett	Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	∎	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light

of changing economic and market conditions.

∎

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Global Core Equity Fund

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2019, 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.			selection in the IT sector was favorable, the Fund’s underweight allocation to the sector was the largest drag on relative performance. From a geographic perspective, stock selection in Australia, Japan and Hong Kong benefited the Fund’s performance versus the broad market/style-specific benchmark for the year. Conversely, stock selection in the US and UK detracted from the Fund’s relative performance. The Fund’s top contributor relative to its broad market/style-specific benchmark for the year was Italian energy company Enel. Shares of the company returned 45% during the year as investors reacted favorably to the successful restructuring of the company’s Latin American business division. During the year, we trimmed our position in Enel, but we continued to hold the stock based on our belief in the durability of Enel’s position as one of the preeminent renewable energy players. Another key contributor to the Fund’s performance relative to its broad market/style-specific benchmark for the year was Japanese technology company Hitachi. The company benefited from portfolio rationalization and improving corporate governance. At the close of the year, we continued to see a considerable asymmetric payoff in its shares. EPAM Systems was also a leading contributor to the Fund’s performance relative to its broad market/style-specific benchmark for the year. The technology services company delivered strong top-line and earnings growth on the back of project wins. While we trimmed our position in EPAM Systems during the year, our outlook remained favorable, as we believed the company will continue to create value by helping its customers solve digital challenges.
Fund vs. Indexes
Total returns, 12/31/18 to 12/31/19, 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		24.53%
Class C Shares		23.74
Class R Shares		24.30
Class Y Shares		24.87
Class R5 Shares		24.92
Class R6 Shares		24.98
MSCI World Index^q (Broad Market/Style-Specific Index)		27.67
Lipper Global Large-Cap Core Funds Index^∎ (Peer Group Index)		27.78
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
Market conditions and your Fund After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second and third quarters, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Much of the year showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. During the year, third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity	returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union. In this environment, global equity markets had robust gains for the year, with developed markets outperforming emerging markets. During the year, stock selection in the information technology (IT) and utilities sectors contributed to the Fund’s performance relative to the broad market/ style-specific benchmark, while stock selection in the energy and consumer staples sectors detracted from the Fund’s relative performance. While stock


Portfolio Composition
By sector				% of total net assets



Financials					18.08%
Industrials					15.34
Communication Services					14.34
Information Technology					13.30
Consumer Staples					11.91
Consumer Discretionary					9.92
Health Care					6.19
Energy					5.07
Materials					3.91
Utilities					1.89
Money Market Funds Plus Other Assets Less Liabilities					0.05


Top 10 Equity Holdings*
% of total net assets

1. Alphabet, Inc., Class C			3.87%
2. Royal Dutch Shell PLC, Class A, ADR			2.66
3. Siemens AG			2.51
4. Chevron Corp.			2.40
5. Wynn Resorts Ltd.			2.30
6. Hitachi Ltd.			2.27
7. American Express Co.			2.25
8. AIA Group Ltd.			2.25
9. Asahi Group Holdings Ltd.			2.19
10. First Republic Bank			2.16


Total Net Assets	$	768.5 million

Total Number of Holdings*		71

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, 2019.


4		Invesco Global Core Equity Fund

During the year, Chinese internet company Baidu was the Fund’s largest individual detractor versus the broad market/style-specific benchmark, with shares declining 20%. Growth in Baidu’s core search business slowed dramatically as its competition gained market share. As such, we exited our position in the company before the close of the year in order to focus on what we believed were more promising, durable businesses.

Concho Resources was another detractor from the Fund’s performance relative to the broad market/style-specific benchmark during the year. The company sold off 14% as oil prices fell during the year. In addition, company-specific issues arose as production growth unexpectedly slowed. We exited our position in Concho Resources before the close of the year.

Finally, Glencore, a global mining company, detracted from the Fund’s performance relative to the broad market/ style-specific benchmark for the year. Shares of the company declined as a result of investigations into its business practices by the Department of Justice and the Commodity Futures Trading Commission. We exited our position in the holding before the close of the year.

At the close of the year, the Fund’s largest overweight positions relative to the MSCI World Index were in the communication services, financials and industrials sectors. The largest underweight positions relative to the MSCI World Index were in the health care and IT sectors.

We believe the Fund is well-positioned for an improvement in economic data. We also believe it remains well-balanced and diversified with a focus on exploiting stock-specific opportunities. Our investment decision making process remains focused on our three Research Pillars of Durability, Asymmetry and Differentiated Thesis. We continue to exercise discipline in striving to manage outsized risks and focusing on opportunities with asymmetric return profiles. The Fund remains intentionally weighted toward stock-specific risk as opposed to macroeconomic and other risk factors.

We thank you for your continued investment in Invesco Global Core Equity Fund.

Portfolio managers:

Erik Esselink

Jeff Everett

Marty Steinik

Assisted by Invesco’s Global Core Equity Team

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

5 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 12/31/09

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.

6 Invesco Global Core Equity Fund


Average Annual Total Returns As of 12/31/19, including maximum applicable sales charges

Class A Shares
Inception (12/29/00)	5.17	%
10 Years	5.41
5 Years	5.14
1 Year	17.69

Class C Shares
Inception (12/29/00)	5.10	%
10 Years	5.21
5 Years	5.54
1 Year	22.74

Class R Shares
10 Years	5.74	%
5 Years	6.05
1 Year	24.30

Class Y Shares
Inception (10/3/08)	6.52	%
10 Years	6.26
5 Years	6.57
1 Year	24.87

Class R5 Shares
Inception (10/25/05)	4.96	%
10 Years	6.38
5 Years	6.63
1 Year	24.92

Class R6 Shares
10 Years	6.09	%
5 Years	6.49
1 Year	24.98

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

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

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.22%, 1.97%, 1.47%, 0.97%, 0.97% and 0.91%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.29%, 2.04%, 1.54%, 1.04%, 0.97% and 0.91%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2021. See current prospectus for more information.

7 Invesco Global Core Equity Fund

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, 2019, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About share classes

∎

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

∎

Class Y shares are available only to certain investors. Please see the prospectus for more information.

∎

Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

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.

Other information

∎

The returns shown in management’s discussion of Fund performance are

based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎

Industry 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.


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

8 Invesco Global Core Equity Fund

Schedule of Investments

December 31, 2019


	Shares		Value
Common Stocks & Other Equity Interests–99.95%

Australia–1.23%

Rio Tinto PLC		159,201	$ 9,459,241

Brazil–1.18%

Pagseguro Digital Ltd., Class A^(a)		264,553	9,037,130

China–0.83%

Autohome, Inc., ADR^(a)		80,021	6,402,480

Denmark–1.42%

AP Moller - Maersk A/S, Class B		4,450	6,421,128
Novo Nordisk A/S, Class B		77,665	4,504,545
			10,925,673

France–1.11%

Airbus SE		58,173	8,535,009

Germany–6.03%

Infineon Technologies AG		271,547	6,227,083
KION Group AG		140,399	9,694,278
SAP SE		82,372	11,101,259
Siemens AG		147,453	19,275,042
			46,297,662

Hong Kong–2.25%

AIA Group Ltd.		1,643,400	17,291,288

India–0.99%

Housing Development Finance Corp. Ltd.		115,248	3,902,775
InterGlobe Aviation Ltd.^(b)		198,176	3,708,491
			7,611,266

Ireland–0.96%

Ryanair Holdings PLC, ADR^(a)		84,097	7,367,738

Italy–3.49%

Enel S.p.A.		1,827,025	14,534,723
Prysmian S.p.A.		510,869	12,310,628
			26,845,351

Japan–10.78%

Asahi Group Holdings Ltd.		368,300	16,823,831
FANUC Corp.		21,800	4,026,203
Hitachi Ltd.		413,400	17,413,251
KDDI Corp.		462,800	13,768,204
Kobe Bussan Co. Ltd.		90,600	3,112,605
Nissan Chemical Corp.		131,500	5,497,392
Shimano, Inc.		69,900	11,348,972
SoftBank Group Corp.		248,900	10,836,239
			82,826,697

Luxembourg–0.59%

ArcelorMittal S.A.		255,668	4,516,207


	Shares		Value

Netherlands–1.33%

Heineken N.V.		95,873	$ 10,226,917

Singapore–1.41%

DBS Group Holdings Ltd.		563,300	10,857,751

South Korea–0.69%

Samsung Electronics Co. Ltd.		109,385	5,270,643

Spain–1.19%

Bankinter S.A.		1,241,063	9,124,689

Sweden–1.21%

Svenska Handelsbanken AB, Class A		865,184	9,315,710

Taiwan–1.04%

Taiwan Semiconductor Manufacturing Co. Ltd.		724,000	8,017,917

United Kingdom–11.49%

Experian PLC		184,293	6,233,271
Imperial Brands PLC		648,198	16,061,346
Nomad Foods Ltd.^(a)		737,575	16,499,553
Reckitt Benckiser Group PLC		158,860	12,900,384
Royal Dutch Shell PLC, Class A, ADR		347,449	20,492,542
St James’s Place PLC		1,042,465	16,130,588
			88,317,684

United States–50.73%

Activision Blizzard, Inc.		140,471	8,346,787
Alphabet, Inc., Class C^(a)		22,244	29,740,673
American Express Co.		139,168	17,325,024
Aptiv PLC		77,552	7,365,113
Biogen, Inc.^(a)		21,957	6,515,301
BioMarin Pharmaceutical, Inc.^(a)		74,305	6,282,488
Booking Holdings, Inc.^(a)		4,777	9,810,668
Carnival Corp.		282,077	14,337,974
Chevron Corp.		153,356	18,480,932
Comcast Corp., Class A		326,194	14,668,944
Delta Air Lines, Inc.		154,913	9,059,312
EPAM Systems, Inc.^(a)		50,383	10,689,257
Facebook, Inc., Class A^(a)		63,131	12,957,638
FedEx Corp.		47,277	7,148,755
First Republic Bank		141,530	16,622,698
Globus Medical, Inc., Class A^(a)		216,088	12,723,261
HCA Healthcare, Inc.		59,073	8,731,580
James Hardie Industries PLC, CDI		538,059	10,548,816
Marsh & McLennan Cos., Inc.		99,172	11,048,753
Mastercard, Inc., Class A		27,869	8,321,405
Moody’s Corp.		33,695	7,999,530
NIKE, Inc., Class B		75,470	7,645,866
Norfolk Southern Corp.		30,384	5,898,446
Northrop Grumman Corp.		14,430	4,963,487
PepsiCo., Inc.		116,299	15,894,584

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

9 Invesco Global Core Equity Fund


	Shares		Value
United States–(continued)

Progressive Corp. (The)		105,114	$ 7,609,202
salesforce.com, inc.^(a)		96,320	15,665,485
Samsonite International S.A.^(b)		3,348,000	8,020,816
Texas Instruments, Inc.		81,210	10,418,431
U.S. Bancorp		197,090	11,685,466
United Technologies Corp.		88,434	13,243,876
Verizon Communications, Inc.		219,990	13,507,386
Wynn Resorts Ltd.		127,534	17,710,647
Zimmer Biomet Holdings, Inc.		58,991	8,829,773
			389,818,374
Total Common Stocks & Other Equity Interests (Cost $616,722,579)			768,065,427


	Shares		Value
Money Market Funds–0.01%

Invesco Government & Agency Portfolio, Institutional Class, 1.50%^(c)		39,050	$ 39,050
Invesco Treasury Portfolio, Institutional Class, 1.49%^(c)		26,034	26,034
Total Money Market Funds (Cost $65,084)			65,084
TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $616,787,663)			768,130,511
OTHER ASSETS LESS LIABILITIES–0.04%			338,685
NET ASSETS–100.00%			$768,469,196

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

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, 2019 was $11,729,307, which represented 1.53% of the Fund’s Net Assets.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts

Settlement

Date

Contract to

Unrealized
Appreciation

Counterparty

Deliver

Receive

Currency Risk

02/14/2020

Royal Bank of Canada

JPY 2,400,000,000

USD 22,211,034

$76,775

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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

10 Invesco Global Core Equity Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:

Investments in securities, at value (Cost $616,722,579)	$	768,065,427


Investments in affiliated money market funds, at value (Cost $65,084)		65,084


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		76,775


Cash		1,419


Foreign currencies, at value (Cost $785,473)		792,850


Receivable for:
Fund shares sold		83,124


Dividends		924,127


Investment for trustee deferred compensation and retirement plans		229,237


Other assets		45,978


Total assets		770,284,021



Liabilities:
Payable for:
Fund shares reacquired		613,594


Accrued foreign taxes		206,935


Accrued fees to affiliates		566,243


Accrued trustees’ and officers’ fees and benefits		636


Accrued other operating expenses		137,399


Trustee deferred compensation and retirement plans		290,018


Total liabilities		1,814,825


Net assets applicable to shares outstanding	$	768,469,196



Net assets consist of:
Shares of beneficial interest	$	624,924,441


Distributable earnings		143,544,755


	$	768,469,196


Net Assets:

Class A	$	709,829,403


Class C	$	14,289,522


Class R	$	1,962,528


Class Y	$	34,547,372


Class R5	$	755,373


Class R6	$	7,084,998



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

Class A		45,332,678


Class C		956,626


Class R		125,200


Class Y		2,208,208


Class R5		47,575


Class R6		446,245


Class A:
Net asset value per share	$	15.66


Maximum offering price per share (Net asset value of $15.66 ÷ 94.50%)	$	16.57


Class C:
Net asset value and offering price per share	$	14.94


Class R:
Net asset value and offering price per share	$	15.68


Class Y:
Net asset value and offering price per share	$	15.64


Class R5:
Net asset value and offering price per share	$	15.88


Class R6:
Net asset value and offering price per share	$	15.88

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

11 Invesco Global Core Equity Fund

Statement of Operations

For the year ended December 31, 2019


Investment income:

Dividends (net of foreign withholding taxes of $1,139,050)	$	19,109,844


Dividends from affiliated money market funds (includes securities lending income of $3,565)		63,640


Total investment income		19,173,484



Expenses:

Advisory fees		5,858,831


Administrative services fees		106,507


Custodian fees		65,755


Distribution fees:
Class A		1,718,025


Class C		205,332


Class R		8,535


Transfer agent fees – A, C, R and Y		1,326,975


Transfer agent fees – R5		641


Transfer agent fees – R6		3,338


Trustees’ and officers’ fees and benefits		29,136


Registration and filing fees		95,094


Reports to shareholders		100,837


Professional services fees		95,985


Other		21,709


Total expenses		9,636,700


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(436,548	)


Net expenses		9,200,152


Net investment income		9,973,332



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $74,481)		(3,981,247	)


Foreign currencies		(74,267	)


Forward foreign currency contracts		(209,992	)


		(4,265,506	)


Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $150,044)		157,161,428


Foreign currencies		5,314


Forward foreign currency contracts		641,251


		157,807,993


Net realized and unrealized gain		153,542,487


Net increase in net assets resulting from operations	$	163,515,819

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

12 Invesco Global Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2019 and 2018


	2019			2018


Operations:

Net investment income	$	9,973,332		$	8,062,076


Net realized gain (loss)		(4,265,506	)		27,624,987


Change in net unrealized appreciation (depreciation)		157,807,993			(163,765,200	)


Net increase (decrease) in net assets resulting from operations		163,515,819			(128,078,137	)



Distributions to shareholders from distributable earnings:

Class A		(8,541,048	)		(48,813,857	)


Class C		(31,772	)		(4,312,991	)


Class R		(16,933	)		(110,921	)


Class Y		(500,296	)		(2,795,087	)


Class R5		(11,022	)		(30,557	)


Class R6		(104,683	)		(558,441	)


Total distributions from distributable earnings		(9,205,754	)		(56,621,854	)



Share transactions–net:

Class A		(34,843,815	)		(33,354,620	)


Class B		–			(10,193,666	)


Class C		(49,295,662	)		(9,227,704	)


Class R		152,342			146,143


Class Y		(4,868,371	)		(8,629,000	)


Class R5		93,781			217,265


Class R6		(1,145,729	)		9,031,211


Net increase (decrease) in net assets resulting from share transactions		(89,907,454	)		(52,010,371	)


Net increase (decrease) in net assets		64,402,611			(236,710,362	)



Net assets:

Beginning of year		704,066,585			940,776,947


End of year	$	768,469,196		$	704,066,585

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

13 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 12/31/19		$	12.73		$	0.19			$	2.93			$	3.12			$	(0.19	)		$	–			$	(0.19	)		$	15.66		24.53	%		$	709,829		1.22	%^(d)		1.28	%^(d)		1.33	%^(d)		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
Year ended 12/31/16			13.19			0.13				0.76				0.89				(0.14	)			(0.05	)			(0.19	)			13.89		6.70				749,810		1.30			1.30			0.95	^(e)		39
Year ended 12/31/15			13.65			0.10				(0.40	)			(0.30	)			(0.09	)			(0.07	)			(0.16	)			13.19		(2.16	)			818,600		1.32			1.32			0.70			66
Class C
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	^(d)		2.03	^(d)		0.58	^(d)		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
Year ended 12/31/16			12.60			0.03				0.71				0.74				(0.03	)			(0.05	)			(0.08	)			13.26		5.87				83,864		2.05			2.05			0.20	^(e)		39
Year ended 12/31/15			13.07			(0.01	)			(0.38	)			(0.39	)			(0.01	)			(0.07	)			(0.08	)			12.60		(2.95	)			94,854		2.07			2.07			(0.05	)		66
Class R
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	^(d)		1.53	^(d)		1.08	^(d)		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
Year ended 12/31/16			13.18			0.09				0.76				0.85				(0.10	)			(0.05	)			(0.15	)			13.88		6.45				1,054		1.55			1.55			0.70	^(e)		39
Year ended 12/31/15			13.65			0.06				(0.39	)			(0.33	)			(0.07	)			(0.07	)			(0.14	)			13.18		(2.43	)			1,035		1.57			1.57			0.45			66
Class Y
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	^(d)		1.03	^(d)		1.58	^(d)		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
Year ended 12/31/16			13.18			0.16				0.76				0.92				(0.17	)			(0.05	)			(0.22	)			13.88		6.98				25,996		1.05			1.05			1.20	^(e)		39
Year ended 12/31/15			13.64			0.13				(0.40	)			(0.27	)			(0.12	)			(0.07	)			(0.19	)			13.18		(1.94	)			18,405		1.07			1.07			0.95			66
Class R5
Year ended 12/31/19			12.90			0.24				2.97				3.21				(0.23	)			–				(0.23	)			15.88		24.92				755		0.95	^(d)		0.95	^(d)		1.60	^(d)		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
Year ended 12/31/16			13.35			0.18				0.77				0.95				(0.19	)			(0.05	)			(0.24	)			14.06		7.07				401		0.94			0.94			1.31	^(e)		39
Year ended 12/31/15			13.81			0.15				(0.40	)			(0.25	)			(0.14	)			(0.07	)			(0.21	)			13.35		(1.80	)			191		0.95			0.95			1.07			66
Class R6
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	^(d)		0.90	^(d)		1.65	^(d)		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
Year ended 12/31/17^(f)			14.89			0.12				2.29				2.41				(0.19	)			(0.70	)			(0.89	)			16.41		16.27				11		0.97	^(g)		1.01	^(g)		1.05	^(g)		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)	Ratios are based on average daily net assets (000’s omitted) of $687,210, $20,533, $1,707, $34,020, $641 and $7,051 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

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

^(g)	Annualized.

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

14 Invesco Global Core Equity Fund

Notes to Financial Statements

December 31, 2019

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 ten 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 tenth 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.

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.

15 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 to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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 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

16 Invesco Global Core Equity 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.

Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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, 2019, the effective advisory fee rate incurred by the Fund was 0.78%.

17 Invesco Global Core Equity Fund

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, 2021, 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 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, 2021. 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, 2019, the Adviser waived advisory fees of $3,970 and reimbursed class level expenses of $390,327, $11,663, $969 and $19,323, of Class A, Class C, Class R and Class Y shares, respectively.

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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2019, 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, 2019, IDI advised the Fund that IDI retained $19,851 in front-end sales commissions from the sale of Class A shares and $1,158 and $556 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2019, the Fund incurred $179 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.

18 Invesco Global Core Equity Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia		$ –		$ 9,459,241		$–		$ 9,459,241


Brazil		9,037,130		–		–		9,037,130


China		6,402,480		–		–		6,402,480


Denmark		–		10,925,673		–		10,925,673


France		–		8,535,009		–		8,535,009


Germany		–		46,297,662		–		46,297,662


Hong Kong		–		17,291,288		–		17,291,288


India		–		7,611,266		–		7,611,266


Ireland		7,367,738		–		–		7,367,738


Italy		–		26,845,351		–		26,845,351


Japan		–		82,826,697		–		82,826,697


Luxembourg		–		4,516,207		–		4,516,207


Netherlands		–		10,226,917		–		10,226,917


Singapore		–		10,857,751		–		10,857,751


South Korea		–		5,270,643		–		5,270,643


Spain		–		9,124,689		–		9,124,689


Sweden		–		9,315,710		–		9,315,710


Taiwan		–		8,017,917		–		8,017,917


United Kingdom		36,992,095		51,325,589		–		88,317,684


United States		371,248,742		18,569,632		–		389,818,374


Money Market Funds		65,084		–		–		65,084


Total Investments in Securities		431,113,269		337,017,242		–		768,130,511



Other Investments – Assets*


Forward Foreign Currency Contracts		–		76,775		–		76,775


Total Investments		$431,113,269		$337,094,017		$–		$768,207,286

*	Unrealized appreciation.

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.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2019:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	76,775


Derivatives not subject to master netting agreements		-


Total Derivative Assets subject to master netting agreements	$	76,775

19 Invesco Global Core Equity Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2019.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Forward Foreign

Currency Contracts

Forward Foreign

Currency Contracts

Net Value of

Derivatives

Non-Cash

Cash

Net

Amount

Royal Bank of Canada

$76,775

$–

$76,775

$–

$76,775

Effect of Derivative Investments for the year ended December 31, 2019

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			Equity Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(209,992	)	$	-		$	(209,992	)


Options purchased^(a)		-			(1,487,239	)		(1,487,239	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		641,251			-			641,251


Options purchased^(a)		-			(27,382	)		(27,382	)


Total	$	431,259		$	(1,514,621	)	$	(1,083,362	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward		Index
	Foreign Currency		Options
	Contracts		Purchased


Average notional value		$22,090,254	$	25,975,938


Average Contracts		–		94

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

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.

20 Invesco Global Core 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, 2019 and 2018:


	2019		2018


Ordinary income		$9,205,754		$14,564,528


Long-term capital gain		–		42,057,326


Total distributions		$9,205,754		$56,621,854

Tax Components of Net Assets at Period-End:


	2019


Undistributed ordinary income	$	1,025,916


Net unrealized appreciation – investments		151,267,543


Net unrealized appreciation - foreign currencies		10,455


Temporary book/tax differences		(232,378	)


Capital loss carryforward		(8,526,781	)


Shares of beneficial interest		624,924,441


Total net assets	$	768,469,196

The Fund has a capital loss carryforward as of December 31, 2019, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$–

8,526,781

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2019 was $178,412,692 and $267,385,215, 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	$	169,441,722


Aggregate unrealized (depreciation) of investments		(18,174,179	)


Net unrealized appreciation of investments	$	151,267,543

Cost of investments for tax purposes is $616,939,743.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and foreign taxes, on December 31, 2019, undistributed net investment income was decreased by $56,080 and undistributed net realized gain (loss) was increased by $56,080. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

21 Invesco Global Core Equity Fund

NOTE 11–Share Information


Summary of Share Activity
	Year ended December 31, 2019^(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount


Sold:

Class A		553,685		$	8,019,336			1,149,223		$	17,999,481


Class B^(b)		-			-			73			1,209


Class C		76,591			1,050,435			203,827			2,966,793


Class R		19,424			284,278			21,177			333,253


Class Y		520,794			7,519,669			659,538			10,541,494


Class R5		12,411			184,797			27,865			389,843


Class R6		109,762			1,611,083			667,786			11,416,522



Issued as reinvestment of dividends:

Class A		494,027			7,608,014			3,391,401			44,563,015


Class C		1,960			28,808			311,394			3,892,426


Class R		1,098			16,933			8,410			110,504


Class Y		25,183			387,564			172,557			2,265,681


Class R5		684			10,688			2,003			26,678


Class R6		6,394			99,877			39,572			527,095



Conversion of Class B shares to Class A shares:^(c)

Class A		-			-			530,251			9,194,555


Class B		-			-			(557,930	)		(9,194,555	)



Automatic conversion of Class C shares to Class A shares:

Class A		3,359,021			46,182,391			-			-


Class C		(3,536,093	)		(46,182,391	)		-			-



Reacquired:

Class A		(6,675,091	)		(96,653,556	)		(6,745,174	)		(105,111,671	)


Class B^(b)		-			-			(61,362	)		(1,000,320	)


Class C		(309,499	)		(4,192,514	)		(1,081,471	)		(16,086,923	)


Class R		(10,388	)		(148,869	)		(18,810	)		(297,614	)


Class Y		(884,676	)		(12,775,604	)		(1,325,723	)		(21,436,175	)


Class R5		(6,843	)		(101,704	)		(13,882	)		(199,256	)


Class R6		(195,221	)		(2,856,689	)		(182,721	)		(2,912,406	)


Net increase (decrease) in share activity		(6,436,777	)	$	(89,907,454	)		(2,801,996	)	$	(52,010,371	)

^(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.

^(b)	Class B shares activity for the period January 1, 2018 through January 26, 2018 (date of conversion).

^(c)	Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

22 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, 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, 2019, 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, 2019 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, 2019 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 28, 2020

23 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 (07/01/19)	Ending Account Value (12/31/19)¹	Expenses Paid During Period²	Ending Account Value (12/31/19)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,082.80	$ 6.35	$1,019.11	$6.16	1.21%
Class C	1,000.00	1,078.70	10.27	1,015.32	9.96	1.96
Class R	1,000.00	1,081.40	7.66	1,017.85	7.43	1.46
Class Y	1,000.00	1,084.10	5.04	1,020.37	4.89	0.96
Class R5	1,000.00	1,084.40	4.94	1,020.47	4.79	0.94
Class R6	1,000.00	1,085.00	4.68	1,020.72	4.53	0.89

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 Global Core 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, 2019:

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

25 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 Person
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)	229	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
Bruce L. Crockett – 1944 Trustee and Chair	1987	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
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	229	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 Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	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)
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
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; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

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
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired	229	None
Daniel S. Vandivort – 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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
Independent Trustees–(continued)
Christopher L. WIlson – 1957 Trustee, Vice Chair and Chair Designate	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	229	ISO New England, Inc. (non-profit organization managing regional electricity market)

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
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and 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	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	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, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC 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.; and Secretary, Sovereign G./P. Holdings Inc.	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); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: 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-6 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; Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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) Formerly: 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.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

T-7 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)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A


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

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

T-8 Invesco Global Core Equity Fund

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LOGO

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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

Fund holdings and proxy voting information

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


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



		Annual Report to Shareholders		December 31, 2019
		Invesco International Small Company Fund
		Nasdaq:
		A: IEGAX ∎ C: IEGCX ∎ Y: IEGYX ∎ R5: IEGIX ∎ R6: IEGFX

LOGO

Letters to Shareholders

Dear Shareholders:

Despite the May sell-off, domestic equity markets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quarter global equity returns.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco International Small Company Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎	Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco International Small Company Fund

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2019, Class A shares of Invesco International Small Company Fund (the Fund), at net asset value (NAV), underperformed 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 Total returns, 12/31/18 to 12/31/19, 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	18.44	%
Class C Shares	17.45
Class Y Shares	18.66
Class R5 Shares	18.84
Class R6 Shares	18.95
MSCI All Country World ex-USA Small Cap Index^q(Broad Market/Style-Specific Index)	22.42
Lipper International Small/Mid-Cap Core Funds Index^∎(Peer Group Index)	20.81

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

Market conditions and your Fund

During the year, third quarter macroeconomic and geopolitical issues mostly

abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union. In this environment, global equity markets had robust gains for the year, with developed markets outperforming emerging markets.

During the year, the Fund’s holdings in the financials and health care sectors outperformed those of the broad

market/style-specific benchmark and were among the largest contributors to the Fund’s relative performance. Conversely, stock selection and overweight exposure to the energy sector were the largest detractors from relative return. The Fund’s holdings in the industrials and consumer discretionary sectors underperformed those of the broad market/style-specific benchmark and were also detractors from the Fund’s relative performance. An underweight allocation to the real estate sector, one of the year’s strongest performing sectors, also hampered relative results.

On a geographic basis, the Fund’s exposure to Romania (not represented in the MSCI All Country World ex-USA Small Cap Index) was among the largest contributors to relative performance. Stock selection in Sweden and Mexico added to the Fund’s relative performance versus the broad market/style-specific benchmark. The Fund’s lack of exposure to weaker-performing markets in South Korea and India was supportive of relative performance as well. In contrast, the Fund’s holdings in Canada underperformed those of the broad market/style-specific benchmark and were the most significant detractors from relative performance. Stock selection in France and Italy was also a drag on relative performance.

The Fund’s cash position in a rising market environment 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.


Portfolio Composition
By sector			% of total net assets



Industrials	29.57	%
Financials	18.23
Consumer Discretionary	11.58
Health Care	7.83
Energy	7.16
Information Technology	6.83
Real Estate	4.85
Consumer Staples	3.88
Communication Services	2.33
Money Market Funds Plus Other Assets Less Liabilities	7.74


Top 10 Equity Holdings*
% of total net assets



1. Calian Group Ltd.	3.94	%
2. Wilson Sons Ltd., BDR	3.50
3. MorphoSys AG	3.45
4. Bolsa Mexicana de Valores S.A.B. de C.V.	3.43
5. Precia S.A.	2.75
6. Fondul Proprietatea S.A.	2.70
7. Vitec Software Group AB, Class B	2.58
8. Savills PLC	2.55
9. Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	2.49
10. Societatea Nationala de Gaze Naturale ROMGAZ S.A.	2.48


Total Net Assets		$276.0 million

Total Number of Holdings*		64

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, 2019.

4 Invesco International Small Company Fund

On a security level, Vitec Software Group was the Fund’s largest contributor to absolute performance during the year. A market leader in the Nordic region for vertical market software, the Sweden-based company was bolstered by recent acquisitions of HK data and M&V Software Oy. In contrast, UK-based Staffline Group, a third-party human resources and recruitment provider, was among the most significant detractors from the Fund’s absolute performance for the year.

During 2019, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our earnings, quality and valuation (EQV) outlook for each company. We added several new stocks to the portfolio, including Morocco-based automotive company Vivo Energy, Denmark-based home furnishings company TCM Group, and Canada-based real estate developer Information Services Corp. Deteriorating fundamentals and/or valuations led to the sale of several securities, including Israel Discount Bank, Trade Me Group, and Tassal Group.

As always, regardless of the macroeconomic environment, 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 International Small Company Fund.

Portfolio managers:

Shuxin (Steve) Cao - Lead

Borge Endresen

Jason Holzer - Lead

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.

5 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 12/31/09

LOGO

1	Source: Lipper Inc.

2	Source: RIMES Technologies Corp.

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.

6 Invesco International Small Company Fund


Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	8.38	%
10 Years	5.84
5 Years	3.69
1 Year	11.94

Class C Shares
Inception (8/31/00)	8.30	%
10 Years	5.65
5 Years	4.07
1 Year	16.45

Class Y Shares
Inception (10/3/08)	8.27	%
10 Years	6.70
5 Years	5.13
1 Year	18.66

Class R5 Shares
Inception (10/25/05)	7.45	%
10 Years	6.84
5 Years	5.25
1 Year	18.84

Class R6 Shares
10 Years	6.77	%
5 Years	5.33
1 Year	18.95

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y, Class R5 and Class R6 shares was 1.57%, 2.32%, 1.32%, 1.23 and 1.16%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y, Class R5 and Class R6 shares was 1.58%, 2.33%, 1.33%, 1.24 and 1.17%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses

incurred during the period covered by this report.

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

7 Invesco International Small Company Fund

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, 2019, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎	Class Y shares are available to only certain investors. Please see the prospectus for more information.

∎

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.

Other information

∎	The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles

require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎	Industry 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco International Small Company Fund

Schedule of Investments

December 31, 2019


	Shares		Value
Common Stocks & Other Equity Interests–92.26%

Brazil–6.34%

Fleury S.A.		867,000	$ 6,589,846
TOTVS S.A.		78,000	1,252,944
Wilson Sons Ltd., BDR		866,400	9,655,721
			17,498,511

Canada–10.76%

Calian Group Ltd.		367,000	10,880,983
E-L Financial Corp. Ltd.		10,400	6,639,005
Information Services Corp.		200,000	2,365,715
Total Energy Services, Inc.		722,190	3,570,490
TransGlobe Energy Corp.		3,402,269	4,742,295
Trican Well Service Ltd.^(a)		1,683,808	1,478,219
			29,676,707

Denmark–1.38%

TCM Group A/S		201,000	3,800,978

Egypt–2.40%

Eastern Co. S.A.E.		6,809,400	6,610,321

Estonia–0.83%

Silvano Fashion Group A.S., Class A		937,000	2,278,567

France–9.03%

AURES Technologies S.A.		67,164	1,883,706
Caisse Regionale de Credit Agricole Mutuel Nord de France		206,000	6,573,763
CNIM Groupe S.A.		15,951	358,750
Kaufman & Broad S.A.		99,200	4,117,598
Linedata Services		58,928	1,766,984
Metropole Television S.A.		139,960	2,635,129
Precia S.A.^(b)		35,321	7,588,245
			24,924,175

Georgia–1.29%

TBC Bank Group PLC		207,000	3,562,416

Germany–3.45%

MorphoSys AG^(a)		66,859	9,519,644

Greece–1.25%

European Reliance General Insurance Co. S.A.		605,000	3,448,018

Indonesia–1.44%

PT Pakuwon Jati Tbk		97,331,700	3,986,688

Ireland–0.61%

Origin Enterprises PLC		405,000	1,691,968

Israel–0.98%

Tremor International Ltd.		1,275,000	2,704,590



	Shares		Value
Italy–2.09%

Danieli & C. Officine Meccaniche S.p.A., RSP		237,910	$ 2,696,595
Openjobmetis Spa agenzia per il lavoro		314,146	3,067,104
			5,763,699

Japan–2.11%

Nabtesco Corp.		160,800	4,744,846
Nippon Ceramic Co. Ltd.		43,400	1,073,934
			5,818,780

Malaysia–0.87%

Heineken Malaysia Bhd.		361,600	2,400,837

Mexico–5.92%

Bolsa Mexicana de Valores S.A.B. de C.V.		4,325,494	9,457,407
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		915,166	6,864,895
			16,322,302

Morocco–1.67%

Vivo Energy PLC^(c)		2,817,987	4,618,162

Netherlands–0.75%

Aalberts N.V.		46,246	2,080,509

New Zealand–0.77%

Freightways Ltd.		369,166	2,112,813

Norway–0.85%

Kongsberg Gruppen ASA		148,378	2,332,342

Poland–2.16%

Altus Towarzystwo Funduszy Inwestycyjnych S.A.		700,000	272,680
Polski Bank Komorek Macierzystych S.A.		247,000	4,077,062
Quercus TFI S.A.^(a)		1,250,000	767,667
Skarbiec Holding S.A.		166,000	831,276
			5,948,685

Romania–7.21%

Banca Transilvania S.A.		9,226,694	5,610,602
Fondul Proprietatea S.A.		26,265,596	7,454,320
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		786,000	6,832,718
			19,897,640

Singapore–1.03%

XP Power Ltd.		69,000	2,830,392

South Africa–3.13%

Cartrack Holdings Ltd.		2,000,000	3,464,651
Combined Motor Holdings Ltd.		1,838,000	2,879,916
Net 1 UEPS Technologies, Inc.^(a)		615,000	2,287,800
			8,632,367

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

9 Invesco International Small Company Fund


	Shares		Value
Sweden–2.58%

Vitec Software Group AB, Class B		360,000	$ 7,111,954

Switzerland–1.30%

Kardex AG		21,300	3,591,390

United Kingdom–18.93%

Bioventix PLC		32,000	1,403,371
Character Group PLC (The)		440,000	2,392,201
Clarkson PLC		142,000	5,703,588
DCC PLC		75,551	6,576,364
Eurocell PLC		1,131,000	3,593,314
Gamesys Group PLC^(a)		469,000	4,396,232
Goodwin PLC		46,301	1,831,002
HomeServe PLC		232,805	3,899,629
IG Group Holdings PLC		300,791	2,773,240
Jupiter Fund Management PLC		743,948	4,046,962
Mortgage Advice Bureau Holdings Ltd.		615,000	6,324,256
Savills PLC		467,099	7,029,240
Staffline Group PLC		1,008,000	1,162,194
System1 Group PLC		400,000	1,102,067
			52,233,660


	Shares		Value
United States–1.13%

Epsilon Energy Ltd.^(a)		947,280	$ 3,126,024
Total Common Stocks & Other Equity Interests (Cost $213,607,492)			254,524,139

Money Market Funds–7.57%

Invesco Government & Agency Portfolio, Institutional Class, 1.50%^(d)		7,282,806	7,282,806
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%^(d)		5,272,227	5,273,809
Invesco Treasury Portfolio, Institutional Class, 1.49%^(d)		8,323,207	8,323,207
Total Money Market Funds (Cost $20,878,868)			20,879,822
TOTAL INVESTMENTS IN SECURITIES–99.83% (Cost $234,486,360)			275,403,961
OTHER ASSETS LESS LIABILITIES–0.17%			468,592
NET ASSETS–100.00%			$275,872,553

Investment Abbreviations:

BDR – Brazilian Depositary Receipt

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)


	Value December 31, 2018			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value December 31, 2019			Dividend Income
Polski Bank Komorek Macierzystych S.A.^(a)		$	3,828,076		$	-		$	-		$	248,986		$	-		$	4,077,062		$	-
Precia S.A.			6,839,265			-			-			748,980			-			7,588,245			80,835
Total		$	10,667,341		$	-		$	-		$	997,966		$	-		$	11,665,307		$	80,835

^(a)

As of December 31, 2019, this security was not considered as an affiliate of the Fund.

^(c)

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 value of this security at December 31, 2019 represented 1.67% of the Fund’s Net Assets.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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

10 Invesco International Small Company Fund

Statement of Assets and Liabilities

December 31, 2019



Assets:

Investments in securities, at value (Cost $209,234,858)	$	246,935,894
Investments in affiliates, at value (Cost $25,251,502)		28,468,067
Cash		5,123
Foreign currencies, at value (Cost $314,920)		319,050
Receivable for:
Investments sold		23,671
Fund shares sold		215,569
Dividends		417,883
Investment for trustee deferred compensation and retirement plans		137,974
Other assets		37,133
Total assets		276,560,364

Liabilities:

Payable for:
Fund shares reacquired		296,891
Accrued fees to affiliates		130,048
Accrued trustees’ and officers’ fees and benefits		254
Accrued other operating expenses		112,494
Trustee deferred compensation and retirement plans		148,124
Total liabilities		687,811
Net assets applicable to shares outstanding	$	275,872,553

Net assets consist of:

Shares of beneficial interest	$	236,319,750
Distributable earnings		39,552,803
	$	275,872,553



Net Assets:

Class A	$	139,919,188
Class C	$	4,213,101
Class Y	$	46,476,662
Class R5	$	5,655,992
Class R6	$	79,607,610

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

Class A		8,167,633
Class C		258,497
Class Y		2,710,497
Class R5		333,179
Class R6		4,694,031
Class A:
Net asset value per share	$	17.13
Maximum offering price per share (Net asset value of $17.13 ÷ 94.50%)	$	18.13
Class C:
Net asset value and offering price per share	$	16.30
Class Y:
Net asset value and offering price per share	$	17.15
Class R5:
Net asset value and offering price per share	$	16.98
Class R6:
Net asset value and offering price per share	$	16.96

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

11 Invesco International Small Company Fund

Statement of Operations

For the year ended December 31, 2019



Investment income:

Dividends (net of foreign withholding taxes of $639,601)	$	8,192,321

Dividends from affiliates		751,334

Total investment income		8,943,655


Expenses:

Advisory fees		2,570,547

Administrative services fees		39,073

Custodian fees		130,132

Distribution fees:
Class A		353,528

Class C		55,280

Transfer agent fees – A, C and Y		419,462

Transfer agent fees – R5		5,472

Transfer agent fees – R6		24,516

Trustees’ and officers’ fees and benefits		22,725

Registration and filing fees		98,872

Reports to shareholders		70,164

Professional services fees		57,176

Other		15,939

Total expenses		3,862,886

Less: Fees waived and/or expense offset arrangement(s)		(37,632	)

Net expenses		3,825,254

Net investment income		5,118,401


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities		5,044,462

Foreign currencies		(5,986	)

		5,038,476

Change in net unrealized appreciation of:
Investment securities		36,092,947

Foreign currencies		7,313

		36,100,260

Net realized and unrealized gain		41,138,736

Net increase in net assets resulting from operations	$	46,257,137

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

12 Invesco International Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2019 and 2018


	2019			2018

Operations:

Net investment income	$	5,118,401		$	6,981,973

Net realized gain		5,038,476			6,191,177

Change in net unrealized appreciation (depreciation)		36,100,260			(74,761,581	)

Net increase (decrease) in net assets resulting from operations		46,257,137			(61,588,431	)


Distributions to shareholders from distributable earnings:

Class A		(6,107,050	)		(4,934,523	)

Class C		(159,208	)		(394,275	)

Class Y		(2,186,829	)		(1,766,872	)

Class R5		(268,785	)		(211,877	)

Class R6		(3,850,476	)		(3,199,904	)

Total distributions from distributable earnings		(12,572,348	)		(10,507,451	)


Share transactions–net:

Class A		(8,625,203	)		4,844,762

Class B		–			(433,608	)

Class C		(9,705,107	)		(3,150,858	)

Class Y		(1,849,822	)		(8,298,732	)

Class R5		(57,000	)		(38,732	)

Class R6		(5,556,227	)		13,530,491

Net increase (decrease) in net assets resulting from share transactions		(25,793,359	)		6,453,323

Net increase (decrease) in net assets		7,891,430			(65,642,559	)


Net assets:

Beginning of year		267,981,123			333,623,682

End of year	$	275,872,553		$	267,981,123

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

13 Invesco International Small Company Fund

Financial Highlights

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


																																					Ratio of			Ratio of
																																					expenses			expenses
								Net gains																													to average			to average net
								(losses)																													net assets			assets without			Ratio of net
	Net asset							on securities								Dividends				Distributions																	with fee waivers			fee waivers			investment
	value,			Net				(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			income
	beginning			investment				realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income^(a)				unrealized)				operations				income				gains				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover ^(c)
Class A
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	%^(d)		1.56	%^(d)		1.70	%^(d)		10	%
Year ended 12/31/18			19.33			0.38	^(e)			(3.98	)			(3.60	)			(0.34	)			(0.25	)			(0.59	)			15.14		(18.67	)			131,610		1.55			1.56			2.07	^(e)		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
Year ended 12/31/16			15.42			0.34				1.02				1.36				(0.37	)			(0.97	)			(1.34	)			15.44		8.79				122,232		1.57			1.58			2.13			15
Year ended 12/31/15			18.40			0.21				(1.92	)			(1.71	)			(0.19	)			(1.08	)			(1.27	)			15.42		(9.30	)			119,301		1.52			1.53			1.18			8
Class C
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	^(d)		2.31	^(d)		0.95	^(d)		10
Year ended 12/31/18			18.38			0.23	^(e)			(3.76	)			(3.53	)			(0.19	)			(0.25	)			(0.44	)			14.41		(19.24	)			12,845		2.30			2.31			1.32	^(e)		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
Year ended 12/31/16			14.76			0.21				0.97				1.18				(0.24	)			(0.97	)			(1.21	)			14.73		7.96				15,712		2.32			2.33			1.38			15
Year ended 12/31/15			17.67			0.07				(1.84	)			(1.77	)			(0.06	)			(1.08	)			(1.14	)			14.76		(9.98	)			18,098		2.27			2.28			0.43			8
Class Y
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	^(d)		1.31	^(d)		1.95	^(d)		10
Year ended 12/31/18			19.36			0.43	^(e)			(3.99	)			(3.56	)			(0.39	)			(0.25	)			(0.64	)			15.16		(18.44	)			42,878		1.30			1.31			2.32	^(e)		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
Year ended 12/31/16			15.43			0.38				1.03				1.41				(0.41	)			(0.97	)			(1.38	)			15.46		9.10				57,810		1.32			1.33			2.38			15
Year ended 12/31/15			18.42			0.26				(1.94	)			(1.68	)			(0.23	)			(1.08	)			(1.31	)			15.43		(9.11	)			60,497		1.27			1.28			1.43			8
Class R5
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	^(d)		1.19	^(d)		2.07	^(d)		10
Year ended 12/31/18			19.18			0.44	^(e)			(3.96	)			(3.52	)			(0.40	)			(0.25	)			(0.65	)			15.01		(18.37	)			5,059		1.21			1.22			2.41	^(e)		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
Year ended 12/31/16			15.30			0.39				1.02				1.41				(0.42	)			(0.97	)			(1.39	)			15.32		9.21				9,740		1.19			1.20			2.51			15
Year ended 12/31/15			18.27			0.27				(1.91	)			(1.64	)			(0.25	)			(1.08	)			(1.33	)			15.30		(8.96	)			24,821		1.17			1.18			1.53			8
Class R6
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	^(d)		1.12	^(d)		2.14	^(d)		10
Year ended 12/31/18			19.17			0.45	^(e)			(3.95	)			(3.50	)			(0.42	)			(0.25	)			(0.67	)			15.00		(18.31	)			75,590		1.14			1.15			2.48	^(e)		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
Year ended 12/31/16			15.30			0.40				1.02				1.42				(0.44	)			(0.97	)			(1.41	)			15.31		9.22				15,436		1.13			1.14			2.57			15
Year ended 12/31/15			18.27			0.28				(1.91	)			(1.63	)			(0.26	)			(1.08	)			(1.34	)			15.30		(8.87	)			38,080		1.09			1.10			1.61			8

^(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)	Ratios are based on average daily net assets (000’s omitted) of $141,411, $5,528, $46,266, $5,480 and $76,924 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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.

14 Invesco International Small Company Fund

Notes to Financial Statements

December 31, 2019

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 ten 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 tenth anniversary after a purchase of Class C shares.

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

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.

15 Invesco International Small Company Fund

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

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.

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

16 Invesco International Small Company Fund

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

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

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, 2019, 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, 2020, 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 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, 2020. 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.

The Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $35,415.

17 Invesco International Small Company Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2019, 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, 2019, IDI advised the Fund that IDI retained $24,853 in front-end sales commissions from the sale of Class A shares and $3,232 and $161 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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.

18 Invesco International Small Company Fund


	Level 1			Level 2			Level 3			Total
Investments in Securities
Brazil		$	–		$	17,498,511		$	–		$	17,498,511
Canada			29,676,707			–			–			29,676,707
Denmark			–			3,800,978			–			3,800,978
Egypt			–			6,610,321			–			6,610,321
Estonia			–			2,278,567			–			2,278,567
France			–			24,924,175			–			24,924,175
Georgia			–			3,562,416			–			3,562,416
Germany			–			9,519,644			–			9,519,644
Greece			–			3,448,018			–			3,448,018
Indonesia			–			3,986,688			–			3,986,688
Ireland			–			1,691,968			–			1,691,968
Israel			–			2,704,590			–			2,704,590
Italy			–			5,763,699			–			5,763,699
Japan			–			5,818,780			–			5,818,780
Malaysia			–			2,400,837			–			2,400,837
Mexico			16,322,302			–			–			16,322,302
Morocco			–			4,618,162			–			4,618,162
Netherlands			–			2,080,509			–			2,080,509
New Zealand			–			2,112,813			–			2,112,813
Norway			–			2,332,342			–			2,332,342
Poland			–			5,948,685			–			5,948,685
Romania			–			19,897,640			–			19,897,640
Singapore			–			2,830,392			–			2,830,392
South Africa			2,287,800			6,344,567			–			8,632,367
Sweden			–			7,111,954			–			7,111,954
Switzerland			–			3,591,390			–			3,591,390
United Kingdom			1,102,067			51,131,593			–			52,233,660
United States			3,126,024			–			–			3,126,024
Money Market Funds			20,879,822			–			–			20,879,822
Total Investments		$	73,394,722		$	202,009,239		$	–		$	275,403,961

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

19 Invesco International Small Company Fund

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, 2019 and 2018:


	2019		2018
Ordinary income	$	6,797,169	$	6,686,624
Long-term capital gain		5,775,179		3,820,827
Total distributions	$	12,572,348	$	10,507,451

Tax Components of Net Assets at Period-End:


	2019

Undistributed ordinary income	$	326,238

Undistributed long-term capital gain		1,380,761

Net unrealized appreciation – investments		37,968,713

Net unrealized appreciation (depreciation) - foreign currencies		(9,538	)

Temporary book/tax differences		(113,371	)

Shares of beneficial interest		236,319,750

Total net assets	$	275,872,553

The Fund does not have a capital loss carryforward as of December 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2019 was $25,103,386 and $50,496,508, 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	$	69,489,829

Aggregate unrealized (depreciation) of investments		(31,521,116	)

Net unrealized appreciation of investments	$	37,968,713

Cost of investments for tax purposes is $237,435,248.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2019, undistributed net investment income was increased by $431,651 and undistributed net realized gain was decreased by $431,651. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

20 Invesco International Small Company Fund

NOTE 10–Share Information


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2019^(a)						December 31, 2018

	Shares			Amount			Shares			Amount

Sold:

Class A		991,266		$	16,200,438			2,474,940		$	45,569,362

Class B^(b)		-			-			71			1,356

Class C		56,075			866,465			170,287			3,017,331

Class Y		1,228,302			20,144,382			1,024,050			18,249,762

Class R5		55,074			894,940			87,154			1,540,904

Class R6		1,163,095			18,860,510			1,718,958			31,579,715


Issued as reinvestment of dividends:

Class A		338,597			5,708,752			299,850			4,569,709

Class C		9,363			150,273			24,932			361,519

Class Y		98,941			1,670,118			97,806			1,491,547

Class R5		16,085			268,785			14,022			211,877

Class R6		225,682			3,766,631			207,678			3,133,857


Conversion of Class B shares to Class A shares:^(c)

Class A		-			-			19,336			393,290

Class B		-			-			(20,347	)		(393,290	)


Automatic conversion of Class C shares to Class A shares:

Class A		553,560			8,931,189			-			-

Class C		(582,398	)		(8,931,189	)		-			-


Reacquired:

Class A		(2,406,570	)		(39,465,582	)		(2,509,370	)		(45,687,599	)

Class B^(b)		-			-			(2,167	)		(41,674	)

Class C		(116,204	)		(1,790,656	)		(381,957	)		(6,529,708	)

Class Y		(1,445,655	)		(23,664,322	)		(1,507,045	)		(28,040,041	)

Class R5		(74,925	)		(1,220,725	)		(99,532	)		(1,791,513	)

Class R6		(1,733,968	)		(28,183,368	)		(1,177,372	)		(21,183,081	)

Net increase (decrease) in share activity		(1,623,680	)	$	(25,793,359	)		441,294		$	6,453,323

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 57% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

^(b)	Class B shares activity for the period January 1, 2018 through January 26, 2018 (date of conversion).

^(c)	Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

21 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 28, 2020

22 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 (07/01/19)	Ending Account Value (12/31/19)¹	Expenses Paid During Period²	Ending Account Value (12/31/19)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,088.10	$7.95	$1,017.59	$7.68		1.51	%
Class C	1,000.00	1,083.60	11.87	1,013.81	11.47		2.26
Class Y	1,000.00	1,088.90	6.63	1,018.85	6.41		1.26
Class R5	1,000.00	1,089.70	6.11	1,019.36	5.90		1.16
Class R6	1,000.00	1,090.60	5.74	1,019.71	5.55		1.09

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.

23 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, 2019:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	5,775,179
Qualified Dividend Income*		74.53	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0388		per share
Foreign Source Income	$	0.5949		per share

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

24 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 Person
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)	229	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
Bruce L. Crockett – 1944 Trustee and Chair	1987	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
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	229	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 Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	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)
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
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; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

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
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired	229	None
Daniel S. Vandivort –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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
Independent Trustees–(continued)
Christopher L. WIlson - 1957 Trustee, Vice Chair and Chair Designate	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	229	ISO New England, Inc. (non-profit organization managing regional electricity market)

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
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and 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	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	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, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC 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.; and Secretary, Sovereign G./P. Holdings Inc.	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); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: 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-6 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; Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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) Formerly: 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.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

T-7 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)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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-8 Invesco International Small Company Fund

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


		Annual Report to Shareholders December 31, 2019
		Invesco Small Cap Equity Fund
		Nasdaq: A: SMEAX ∎ C: SMECX ∎ R: SMERX ∎ Y: SMEYX ∎ R5: SMEIX ∎ R6: SMEFX

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Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

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

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Small Cap Equity Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎	Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Small Cap Equity Fund

Management’s Discussion of Fund Performance


		Performance summary For the year ended December 31, 2019, 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
		Total returns, 12/31/18 to 12/31/19, 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			26.13%
		Class C Shares			25.10
		Class R Shares			25.71
		Class Y Shares			26.36
		Class R5 Shares			26.65
		Class R6 Shares			26.67
		S&P 500 Index^q (Broad Market Index)			31.49
		Russell 2000 Index^q (Style-Specific Index)			25.52
		Lipper Small-Cap Core Funds Index^∎ (Peer Group Index)			24.80
		Source(s): ^qRIMES Technologies Corp.; ^∎ Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well


Portfolio Composition
By sector % of total net assets
Industrials			18.32%
Financials			18.14
Information Technology			17.90
Health Care			12.73
Consumer Discretionary			12.69
Real Estate			6.46
Materials			4.32
Energy			3.18
Utilities			2.10
Other Sectors, Each Less than 2% of Net Assets			3.85
Money Market Funds Plus Other Assets Less Liabilities			0.31

as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019


Top 10 Equity Holdings*
	% of total net assets

1.	SPX Corp.	1.97%

2.	Iridium Communications, Inc.	1.89

3.	Lumentum Holdings, Inc.	1.65

4.	Wolverine World Wide, Inc.	1.50

5.	Boot Barn Holdings, Inc.	1.49

6.	HealthEquity, Inc.	1.47

7.	NeoGenomics, Inc.	1.45

8.	Curtiss-Wright Corp.	1.34

9.	LPL Financial Holdings, Inc.	1.35

10.	Neurocrine Biosciences, Inc.	1.29

mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

Given this landscape, the Fund produced a strong, double-digit return and outperformed its style-specific benchmark during the year. Relative performance was primarily driven by stock selection in the health care, information technology (IT), industrials and energy sectors. Overweight exposures in IT and industrials also benefited the Fund’s relative performance. Conversely, stock selection in the financials and consumer staples sector detracted from the Fund’s relative performance. Ancillary cash also hurt the Fund’s relative returns, given strong stock market performance during the year.

Top individual contributors to the Fund’s performance during the year included Array BioPharma, Avalara and SPX.

Array BioPharma is a Colorado-based biotechnology company that experienced strong sales from its two drugs to treat metastatic melanoma in patients with a BRAF gene mutation. In May, Array reported positive phase 3 data for its BRAF-mutant colorectal cancer (CRC) treatment. This was significant as there


Total Net Assets		$938.0 million
Total Number of Holdings*		94

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, 2019.

4 Invesco Small Cap Equity Fund

was a very substantial unmet need that could add significant sales to Array’s franchise. In June, on the heels of the CRC data and the early commercial success of Array’s combination drug treatment for BRAF-mutant melanoma, Pfizer (not a Fund holding) announced its intent to acquire Array at a roughly 60% premium to its prior day trading price. We sold our position in the holding before the close of the year.

Seattle-based software company Avalara experienced better-than-expected revenues and bookings growth driven by new clients seeking to automate online sales taxes before state mandates take effect. A 2018 US Supreme Court ruling gave states the authority to require retailers to collect state taxes for online purchases. Since then, many states have revised their sales tax laws. California began taxing sales by out-of-state sellers in April. By October, 14 states required marketplace facilitators to charge sales tax. Given this, we believed Avalara’s bookings would continue even as more states implement new sales tax laws.

SPX, a global supplier of heating, ventilating and air conditioning infrastructure equipment, benefited from gradual improvements and decreasing operational risk since the company separated from its parent company a few years ago. During the year, SPX reported strong organic growth, executed strategic acquisitions to increase its profitability and strengthened its portfolio via divestitures.

Top individual detractors from the Fund’s performance for the year included Retrophin, American Eagle Outfitters and ICU Medical.

Biopharmaceutical firm Retrophin suffered from a phase 3 drug trial failure, which, in our view, essentially removed one of the company’s two key value drivers. We sold the stock given the limited upside until its next phase 3 data is released in 2021.

Clothing retailer American Eagle Outfitters sold off in May after President Trump threatened to impose tariffs on apparel sourced from China. Investors’ fears remained heightened that the potential for these List 4 tariffs would result in lower earnings and profits for American Eagle Outfitters. We continued to hold the stock as the company’s management team had high conviction that it would be able to mitigate any impacts from tariffs based on their conversations with suppliers.

During the year, ICU Medical announced it would exit the intravenous solutions business, which is primarily serviced

through short-term contracts, and instead focus on its long-term contracts business. Essentially, the company decided to sacrifice short-term sales and profits that can be volatile in favor of longer, more stable sales and profits. We viewed weakness in the share price as transitory and continued to hold the stock.

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

Central bank actions in 2019 supported continued growth by keeping the cost of debt low. At the end of the year, the labor market remained healthy with employment and wage gains, which was beneficial to consumers. However, these were clearly the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. Prolonged cyclical growth is likely to be scarce and we believe the market will continue to favor companies that can produce sustainable, above-average earnings and cash flow growth despite the economic cycle.

Thank you for investing in Invesco Small Cap Equity Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Juan Hartsfield - Lead

Davis Paddock

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.

5 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 12/31/09

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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.

6 Invesco Small Cap Equity Fund


Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	6.68	%
10 Years	9.41
5 Years	3.91
1 Year	19.21

Class C Shares
Inception (8/31/00)	6.60	%
10 Years	9.22
5 Years	4.30
1 Year	24.10

Class R Shares
Inception (6/3/02)	7.10	%
10 Years	9.76
5 Years	4.82
1 Year	25.71

Class Y Shares
Inception (10/3/08)	9.20	%
10 Years	10.30
5 Years	5.35
1 Year	26.36

Class R5 Shares
Inception (4/29/05)	8.47	%
10 Years	10.52
5 Years	5.53
1 Year	26.65

Class R6 Shares
10 Years	10.42	%
5 Years	5.62
1 Year	26.67

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.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C,

Class R, Class Y, Class R5 and Class R6 shares was 1.28%, 2.03%, 1.53%, 1.03%, 0.87% and 0.80%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

7 Invesco Small Cap Equity Fund

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, 2019, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

∎ Class Y shares are available only to certain investors. Please see the prospectus for more information.

∎ Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎ Industry 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Small Cap Equity Fund

Schedule of Investments^(a)

December 31, 2019


	Shares		Value
Common Stocks & Other Equity Interests-99.69%
Aerospace & Defense-3.75%
BWX Technologies, Inc.		182,393	$	11,322,957
Cubic Corp.		176,668		11,230,785
Curtiss-Wright Corp.		89,686		12,635,861
				35,189,603

Alternative Carriers-1.89%
Iridium Communications, Inc.^(b)		718,099		17,693,959

Apparel Retail-2.80%
American Eagle Outfitters, Inc.		483,827		7,112,257
Boot Barn Holdings, Inc.^(b)		314,913		14,023,076
Children’s Place, Inc. (The)^(c)		82,370		5,149,772
				26,285,105

Application Software-4.95%
Avalara, Inc.^(b)		144,163		10,559,940
Blackbaud, Inc.		117,476		9,351,089
Cornerstone OnDemand, Inc.^(b)		165,043		9,663,268
Manhattan Associates, Inc.^(b)		85,288		6,801,718
Q2 Holdings, Inc.^(b)		123,715		10,030,812
				46,406,827

Asset Management & Custody Banks-0.60%
Blucora, Inc.^(b)		213,636		5,584,445

Auto Parts & Equipment-1.06%
Visteon Corp.^(b)		115,147		9,970,579

Biotechnology-1.29%
Neurocrine Biosciences, Inc.^(b)		112,784		12,123,152

Building Products-0.50%
Trex Co., Inc.^(b)		51,771		4,653,177

Casinos & Gaming-1.95%
Boyd Gaming Corp.		302,412		9,054,215
Penn National Gaming, Inc.^(b)		361,188		9,231,966
				18,286,181

Communications Equipment-2.69%
Ciena Corp.^(b)		228,318		9,746,896
Lumentum Holdings, Inc.^(b)		195,624		15,512,983
				25,259,879

Construction & Engineering-1.45%
Dycom Industries, Inc.^(b)		110,887		5,228,322
Primoris Services Corp.		376,853		8,381,211
				13,609,533
Construction Materials-0.98%
Summit Materials, Inc., Class A^(b)		383,616		9,168,422


	Shares		Value
Data Processing & Outsourced Services-2.07%
Euronet Worldwide, Inc.^(b)		58,852	$	9,272,721
Jack Henry & Associates, Inc.		69,929		10,186,557
				19,459,278

Diversified Support Services-1.15%
Mobile Mini, Inc.		284,422		10,782,438

Education Services-1.03%
Strategic Education, Inc.		60,505		9,614,244

Electric Utilities-1.02%
IDACORP, Inc.		89,370		9,544,716

Electrical Components & Equipment-1.21%
EnerSys		151,658		11,348,568

Electronic Equipment & Instruments-2.23%
Badger Meter, Inc.		145,337		9,436,731
FLIR Systems, Inc.		220,749		11,494,401
				20,931,132

Environmental & Facilities Services-3.15%
ABM Industries, Inc.		243,403		9,178,727
BrightView Holdings, Inc.^(b)		575,584		9,710,102
Casella Waste Systems, Inc., Class A^(b)		230,848		10,625,934
				29,514,763

Fertilizers & Agricultural Chemicals-1.12%
Scotts Miracle-Gro Co. (The)		99,331		10,546,966

Financial Exchanges & Data-1.12%
TMX Group Ltd. (Canada)		121,851		10,551,881

Food Retail-0.94%
Sprouts Farmers Market, Inc.^(b)		455,302		8,810,094

Footwear-1.50%
Wolverine World Wide, Inc.		417,389		14,082,705

General Merchandise Stores-0.61%
Big Lots, Inc.		198,061		5,688,312

Health Care Equipment-3.43%
Hill-Rom Holdings, Inc.		97,720		11,094,152
STERIS PLC		64,863		9,886,418
Wright Medical Group N.V.^(b)		367,456		11,200,059
				32,180,629

Health Care Facilities-2.04%
Acadia Healthcare Co., Inc.^(b)		263,572		8,755,862
Encompass Health Corp.		149,832		10,378,862
				19,134,724

Health Care REITs-1.06%
Healthcare Trust of America, Inc., Class A		327,855		9,927,449

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

9 Invesco Small Cap Equity Fund


	Shares		Value
Health Care Supplies-1.77%
ICU Medical, Inc.^(b)		41,132	$	7,696,620
Lantheus Holdings, Inc.^(b)		435,480		8,931,695
				16,628,315

Industrial Machinery-3.98%
Albany International Corp.		118,212		8,974,655
Altra Industrial Motion Corp.		271,792		9,841,588
SPX Corp.^(b)		363,924		18,516,453
				37,332,696

Industrial REITs-1.05%
EastGroup Properties, Inc.		74,529		9,887,762

Investment Banking & Brokerage-2.57%
LPL Financial Holdings, Inc.		136,874		12,626,627
Piper Sandler Cos.		143,293		11,454,842
				24,081,469

Life & Health Insurance-1.08%
Primerica, Inc.		77,610		10,132,762

Life Sciences Tools & Services-1.45%
NeoGenomics, Inc.^(b)		465,479		13,615,261

Managed Health Care-1.47%
HealthEquity, Inc.^(b)		185,587		13,746,429

Multi-line Insurance-1.04%
Assurant, Inc.		74,165		9,721,548

Office REITs-1.09%
Highwoods Properties, Inc.		209,400		10,241,754

Oil & Gas Equipment & Services-0.97%
Apergy Corp.^(b)		270,600		9,140,868

Oil & Gas Exploration & Production-2.21%
Matador Resources Co.^(b)		365,724		6,572,060
Parsley Energy, Inc., Class A		370,937		7,014,419
Viper Energy Partners L.P.		287,916		7,100,008
				20,686,487

Packaged Foods & Meats-1.02%
Calavo Growers, Inc.		105,818		9,586,053

Paper Packaging-1.28%
Graphic Packaging Holding Co.		722,775		12,034,204

Pharmaceuticals-1.28%
Horizon Therapeutics PLC^(b)		331,131		11,986,942

Property & Casualty Insurance-1.74%
Hanover Insurance Group, Inc. (The)		64,074		8,756,994
Selective Insurance Group, Inc.		115,333		7,518,558
				16,275,552

Real Estate Services-1.12%
FirstService Corp. (Canada)		113,284		10,546,304


	Shares		Value
Regional Banks-8.92%
CenterState Bank Corp.		371,286	$	9,274,724
Columbia Banking System, Inc.		279,672		11,378,455
Community Bank System, Inc.		140,930		9,997,574
Glacier Bancorp, Inc.		216,746		9,968,149
Pacific Premier Bancorp, Inc.		289,195		9,429,203
Pinnacle Financial Partners, Inc.		154,421		9,882,944
Webster Financial Corp.		221,801		11,835,302
Western Alliance Bancorporation		207,968		11,854,176
				83,620,527

Restaurants-1.93%
Papa John’s International, Inc.		140,249		8,856,725
Wendy’s Co. (The)		418,411		9,292,908
				18,149,633

Semiconductor Equipment-1.98%
Brooks Automation, Inc.		211,220		8,862,791
Entegris, Inc.		194,193		9,727,128
				18,589,919

Semiconductors-3.00%
Lattice Semiconductor Corp.^(b)		483,432		9,252,889
Power Integrations, Inc.		84,665		8,374,215
Semtech Corp.^(b)		199,179		10,536,569
				28,163,673

Specialized Consumer Services-0.98%
ServiceMaster Global Holdings, Inc.^(b)		237,565		9,184,263

Specialized REITs-2.13%
CubeSmart		284,006		8,940,509
CyrusOne, Inc.		168,835		11,046,874
				19,987,383

Specialty Chemicals-0.94%
Sensient Technologies Corp.		133,255		8,806,823

Systems Software-0.96%
Rapid7, Inc.^(b)		161,256		9,033,561

Thrifts & Mortgage Finance-1.08%
Essent Group Ltd.		195,203		10,148,604

Tires & Rubber-0.83%
Cooper Tire & Rubber Co.		270,979		7,790,646

Trading Companies & Distributors-1.02%
Univar Solutions, Inc.^(b)		393,163		9,530,271

Trucking-2.12%
Knight-Swift Transportation Holdings, Inc.		265,785		9,525,735
Old Dominion Freight Line, Inc.		54,394		10,322,893
				19,848,628

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

10 Invesco Small Cap Equity Fund


	Shares		Value
Water Utilities-1.09%
California Water Service Group		197,592	$	10,187,843
Total Common Stocks & Other Equity Interests (Cost $779,979,932)				935,034,941
Money Market Funds-1.14%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%^(d)		3,676,084		3,676,084
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%^(d)		2,799,136		2,799,975
Invesco Treasury Portfolio, Institutional Class, 1.49%^(d)		4,201,239		4,201,239
Total Money Market Funds (Cost $10,676,723)				10,677,298
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.83% (Cost $790,656,655)				945,712,239


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%^(d)(e)		3,486,859	$	3,486,859
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%^(d)(e)		1,161,936		1,162,285
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,649,199)				4,649,144
TOTAL INVESTMENTS IN SECURITIES-101.32% (Cost $795,305,854)				950,361,383
OTHER ASSETS LESS LIABILITIES-(1.32)%				(12,398,410	)
NET ASSETS-100.00%			$	937,962,973

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, 2019.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

^(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.

11 Invesco Small Cap Equity Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments in securities, at value (Cost $779,979,932)*	$	935,034,941
Investments in affiliated money market funds, at value (Cost $15,325,922)		15,326,442
Cash		11,788
Foreign currencies, at value (Cost $52,020)		52,796
Receivable for:
Investments sold		798,167
Fund shares sold		910,450
Dividends		733,646
Investment for trustee deferred compensation and retirement plans		203,706
Other assets		46,599
Total assets		953,118,535

Liabilities:
Payable for:
Investments purchased		2,169,200
Fund shares reacquired		7,216,329
Collateral upon return of securities loaned		4,649,199
Accrued fees to affiliates		689,514
Accrued trustees’ and officers’ fees and benefits		690
Accrued other operating expenses		210,175
Trustee deferred compensation and retirement plans		220,455
Total liabilities		15,155,562
Net assets applicable to shares outstanding	$	937,962,973

Net assets consist of:
Shares of beneficial interest	$	761,823,855
Distributable earnings		176,139,118
	$	937,962,973


Net Assets:
Class A	$	495,572,624
Class C	$	18,873,166
Class R	$	47,520,719
Class Y	$	62,022,818
Class R5	$	20,673,650
Class R6	$	293,299,996

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		39,655,330
Class C		2,071,810
Class R		4,149,230
Class Y		4,727,115
Class R5		1,447,681
Class R6		20,350,702
Class A:
Net asset value per share	$	12.50
Maximum offering price per share
(Net asset value of $12.50 ÷ 94.50%)	$	13.23
Class C:
Net asset value and offering price per share	$	9.11
Class R:
Net asset value and offering price per share	$	11.45
Class Y:
Net asset value and offering price per share	$	13.12
Class R5:
Net asset value and offering price per share	$	14.28
Class R6:
Net asset value and offering price per share	$	14.41

*	At December 31, 2019, securities with an aggregate value of $4,556,956 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, 2019


Investment income:
Dividends (net of foreign withholding taxes of $59,255)	$	11,696,882
Dividends from affiliated money market funds (includes securities lending income of $93,423)		676,875
Total investment income		12,373,757

Expenses:
Advisory fees		6,878,596
Administrative services fees		134,185
Custodian fees		16,840
Distribution fees:
Class A		1,232,067
Class C		220,558
Class R		261,410
Transfer agent fees – A, C, R and Y		1,745,687
Transfer agent fees – R5		15,528
Transfer agent fees – R6		50,071
Trustees’ and officers’ fees and benefits		31,857
Registration and filing fees		121,545
Reports to shareholders		173,092
Professional services fees		76,301
Other		31,296
Total expenses		10,989,033
Less: Fees waived and/or expense offset arrangement(s)		(40,552	)
Net expenses		10,948,481
Net investment income		1,425,276

Realized and unrealized gain from:
Net realized gain from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(118,342))		89,073,152
Foreign currencies		1,537
Forward foreign currency contracts		500
		89,075,189
Change in net unrealized appreciation of:
Investment securities		126,572,868
Foreign currencies		776
		126,573,644
Net realized and unrealized gain		215,648,833
Net increase in net assets resulting from operations	$	217,074,109

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, 2019 and 2018


	2019			2018
Operations:
Net investment income (loss)	$	1,425,276		$	(1,005,924	)
Net realized gain		89,075,189			140,005,527
Change in net unrealized appreciation (depreciation)		126,573,644			(287,832,527	)
Net increase (decrease) in net assets resulting from operations		217,074,109			(148,832,924	)

Distributions to shareholders from distributable earnings:
Class A		(50,347,139	)		(68,714,030	)
Class C		(2,524,011	)		(7,620,979	)
Class R		(5,378,646	)		(8,489,306	)
Class Y		(6,147,792	)		(11,713,570	)
Class R5		(2,302,475	)		(3,787,589	)
Class R6		(26,006,085	)		(35,888,595	)
Total distributions from distributable earnings		(92,706,148	)		(136,214,069	)

Share transactions–net:
Class A		8,176,936			25,490,674
Class B		–			(1,326,391	)
Class C		(22,771,632	)		1,256,125
Class R		(9,440,454	)		(3,114,099	)
Class Y		(19,189,374	)		(139,268,604	)
Class R5		(9,784,812	)		(15,556,235	)
Class R6		(1,910,329	)		29,719,070
Net increase (decrease) in net assets resulting from share transactions		(54,919,665	)		(102,799,460	)
Net increase (decrease) in net assets		69,448,296			(387,846,453	)

Net assets:
Beginning of year		868,514,677			1,256,361,130
End of year	$	937,962,973		$	868,514,677

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			Distributions from net realized gains			Net asset value, end of period		Total return^(b⁾			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/19	$	11.04	$	(0.00	)	$	2.86		$	2.86		$	(1.40	)	$	12.50		26.13	%	$	495,573		1.31	%^(d)		1.31	%^(d)		(0.00	)%^(d)		35	%
Year ended 12/31/18		15.35		(0.03	)		(2.23	)		(2.26	)		(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	)		15.35		13.58			549,010		1.30			1.30			(0.36	)		21
Year ended 12/31/16		13.43		(0.02	)		1.61			1.59			(0.77	)		14.25		11.72			557,205		1.31			1.31			(0.18	)		35
Year ended 12/31/15		15.16		(0.04	)		(0.82	)		(0.86	)		(0.87	)		13.43		(5.61	)		543,187		1.29			1.29			(0.23	)		29
Class C
Year ended 12/31/19		8.42		(0.07	)		2.16			2.09			(1.40	)		9.11		25.10			18,873		2.06	^(d)		2.06	^(d)		(0.75	)^(d)		35
Year ended 12/31/18		12.35		(0.12	)		(1.76	)		(1.88	)		(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	)		12.35		12.79			51,355		2.05			2.05			(1.11	)		21
Year ended 12/31/16		11.22		(0.11	)		1.35			1.24			(0.77	)		11.69		10.90			56,845		2.06			2.06			(0.93	)		35
Year ended 12/31/15		12.92		(0.13	)		(0.70	)		(0.83	)		(0.87	)		11.22		(6.36	)		59,546		2.04			2.04			(0.98	)		29
Class R
Year ended 12/31/19		10.24		(0.03	)		2.64			2.61			(1.40	)		11.45		25.71			47,521		1.56	^(d)		1.56	^(d)		(0.25	)^(d)		35
Year ended 12/31/18		14.44		(0.07	)		(2.08	)		(2.15	)		(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	)		14.44		13.32			71,008		1.55			1.55			(0.61	)		21
Year ended 12/31/16		12.77		(0.06	)		1.54			1.48			(0.77	)		13.48		11.46			74,227		1.56			1.56			(0.43	)		35
Year ended 12/31/15		14.50		(0.07	)		(0.79	)		(0.86	)		(0.87	)		12.77		(5.87	)		82,078		1.54			1.54			(0.48	)		29
Class Y
Year ended 12/31/19		11.51		0.03			2.98			3.01			(1.40	)		13.12		26.36			62,023		1.06	^(d)		1.06	^(d)		0.25	^(d)		35
Year ended 12/31/18		15.86		0.00			(2.30	)		(2.30	)		(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	)		15.86		13.88			228,176		1.05			1.05			(0.11	)		21
Year ended 12/31/16		13.76		0.01			1.66			1.67			(0.77	)		14.66		12.02			409,479		1.06			1.06			0.07			35
Year ended 12/31/15		15.47		0.00			(0.84	)		(0.84	)		(0.87	)		13.76		(5.37	)		386,369		1.04			1.04			0.02			29
Class R5
Year ended 12/31/19		12.40		0.07			3.21			3.28			(1.40	)		14.28		26.65			20,674		0.85	^(d)		0.85	^(d)		0.46	^(d)		35
Year ended 12/31/18		16.88		0.03			(2.46	)		(2.43	)		(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	)		16.88		14.00			50,217		0.91			0.91			0.03			21
Year ended 12/31/16		14.52		0.04			1.75			1.79			(0.77	)		15.54		12.22			111,621		0.87			0.87			0.26			35
Year ended 12/31/15		16.24		0.03			(0.88	)		(0.85	)		(0.87	)		14.52		(5.18	)		152,486		0.88			0.88			0.18			29
Class R6
Year ended 12/31/19		12.50		0.07			3.24			3.31			(1.40	)		14.41		26.67			293,300		0.81	^(d)		0.81	^(d)		0.50	^(d)		35
Year ended 12/31/18		16.99		0.05			(2.49	)		(2.44	)		(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	)		16.99		14.19			305,344		0.85			0.85			0.09			21
Year ended 12/31/16		14.57		0.05			1.76			1.81			(0.77	)		15.61		12.31			62,583		0.79			0.79			0.34			35
Year ended 12/31/15		16.28		0.05			(0.89	)		(0.84	)		(0.87	)		14.57		(5.10	)		92,803		0.79			0.79			0.27			29

^(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)	Ratios are based on average daily net assets (000’s omitted) of $492,827, $22,056, $52,282, $69,155, $24,934 and $285,054 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2019

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

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.

17 Invesco Small Cap Equity Fund

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.

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, 2019, the effective advisory fee rate incurred by the Fund was 0.73%.

18 Invesco Small Cap Equity Fund

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, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2019, the Adviser waived advisory fees of $30,737.

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, 2019, IDI advised the Fund that IDI retained $98,531 in front-end sales commissions from the sale of Class A shares and $8,969 and $916 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2019, the Fund incurred $6,310 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 –

Level 3 –

As of December 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

19 Invesco Small Cap Equity Fund

NOTE 4–Derivative Investments

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, 2019

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


	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$500

The table below summarizes the average notional value of derivatives held during the period.


		Forward Foreign Currency
		Contracts
Average notional value		$178,040

NOTE 5–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, 2019, the Fund engaged in securities purchases of $25,970,651 and securities sales of $1,742,317, which resulted in net realized gains (losses) of $(118,342).

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–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 8–Cash Balances

20 Invesco Small Cap Equity Fund

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:


	2019		2018
Ordinary income	$	4,505,805	$	5,107,836
Long-term capital gain		88,200,343		131,106,233
Total distributions	$	92,706,148	$	136,214,069

Tax Components of Net Assets at Period-End:


	2019
Undistributed ordinary income	$	1,140,880
Undistributed long-term capital gain		20,408,922
Net unrealized appreciation – investments		154,757,691
Net unrealized appreciation – foreign currencies		778
Temporary book/tax differences		(169,153	)
Shares of beneficial interest		761,823,855
Total net assets	$	937,962,973

The Fund does not have a capital loss carryforward as of December 31, 2019.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2019 was $317,741,283 and $447,241,015, 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	$	204,372,955
Aggregate unrealized (depreciation) of investments		(49,615,264	)
Net unrealized appreciation of investments		$154,757,691
Cost of investments for tax purposes is $795,603,692.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of real estate investments distributions and partnership, on December 31, 2019, undistributed net investment income was decreased by $344,262 and undistributed net realized gain was increased by $344,262. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

21 Invesco Small Cap Equity Fund

NOTE 12–Share Information


				Summary of Share Activity
	Year ended December 31, 2019^(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		3,939,503			$ 50,175,801			5,557,572			$ 85,340,829
Class C		313,585			3,021,759			611,219			7,362,784
Class R		704,610			8,314,038			756,120			10,849,653
Class Y		1,012,800			13,622,657			1,191,057			19,070,606
Class R5		477,408			6,866,802			401,337			6,935,534
Class R6		2,884,770			41,752,403			3,685,368			61,425,012

Issued as reinvestment of dividends:
Class A		3,943,862			48,351,886			5,781,473			65,850,960
Class C		270,074			2,414,457			838,976			7,282,312
Class R		477,200			5,363,728			802,968			8,479,342
Class Y		446,915			5,751,798			775,235			9,202,041
Class R5		164,419			2,301,867			294,240			3,763,328
Class R6		1,825,075			25,806,565			2,763,719			35,624,345

Conversion of Class B shares to Class A shares:^(b)
Class A		-			-			69,676			1,134,325
Class B		-			-			(86,590	)		(1,134,325	)

Automatic conversion of Class C shares to Class A shares:
Class A		1,632,266			20,000,423			-			-
Class C		(2,144,057	)		(20,000,423	)		-			-

Reacquired:
Class A		(8,585,469	)		(110,351,174	)		(8,441,736	)		(126,835,440	)
Class B^(c)		-			-			(14,688	)		(192,066	)
Class C		(854,192	)		(8,207,425	)		(1,122,133	)		(13,388,971	)
Class R		(1,949,626	)		(23,118,220	)		(1,558,792	)		(22,443,094	)
Class Y		(2,905,084	)		(38,563,829	)		(10,179,194	)		(167,541,251	)
Class R5		(1,334,595	)		(18,953,481	)		(1,529,455	)		(26,255,097	)
Class R6		(4,777,106	)		(69,469,297	)		(4,006,568	)		(67,330,287	)

Net increase (decrease) in share activity		(4,457,642	)		$ (54,919,665	)		(3,410,196	)	$	(102,799,460	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

^(c)	Class B shares activity for the period January 1, 2018 through January 26, 2018 (date of conversion).

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 28, 2020

23 Invesco Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/19)	Ending Account Value (12/31/19)¹	Expenses Paid During Period²	Ending Account Value (12/31/19)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,058.90	$6.69	$1,018.70	$6.56	1.29%
Class C	1,000.00	1,054.40	10.56	1,014.92	10.36	2.04
Class R	1,000.00	1,056.90	7.98	1,017.44	7.83	1.54
Class Y	1,000.00	1,060.10	5.40	1,019.96	5.30	1.04
Class R5	1,000.00	1,061.10	4.26	1,021.07	4.18	0.82
Class R6	1,000.00	1,061.20	4.21	1,021.12	4.13	0.81

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, 2019:


Federal and State Income Tax
Long-term Capital Gain Distributions	$	88,200,343
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		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 Person
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)	229	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
Bruce L. Crockett - 1944 Trustee and Chair	1987	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
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	229	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 Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	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)
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
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; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

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
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2016	Retired	229	None
Daniel S. Vandivort - 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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
Independent Trustees–(continued)
Christopher L. WIlson - 1957 Trustee, Vice Chair and Chair Designate	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	229	ISO New England, Inc. (non-profit organization managing regional electricity market)

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
Sheri Morris - 1964 President, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and 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	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	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, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC 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.; and Secretary, Sovereign G./P. Holdings Inc.	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); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: 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-6 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; Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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) Formerly: 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.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

T-7 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)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A


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

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

T-8 Invesco Small Cap Equity Fund

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SEC file numbers: 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 David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, 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.

During the reporting period, PricewaterhouseCoopers LLC (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Director, a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

(a) to (d)

Fees Billed by PwC Related to the Registrant

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 2019		Fees Billed for Services Rendered to the Registrant for fiscal year end 2018
Audit Fees	$	132,872	$	143,200
Audit-Related Fees	$	0	$	0
Tax Fees⁽¹⁾	$	111,707	$	32,800
All Other Fees	$	0	$	0

Total Fees	$	244,579	$	176,000

(1)

Tax Fees for the fiscal year end December 31, 2019 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. Tax fees for fiscal year end December 31, 2018 includes fees billed for reviewing tax returns and/or services related to tax compliance.

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 2019 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 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	690,000	$	690,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	690,000	$	690,000

(1)	Audit-Related Fees for the fiscal years ended 2019 and 2018 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.

¹	Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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

“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 $4,089,000 for the fiscal year ended December 31, 2019 and $3,550,000 for the fiscal year ended December 31, 2018 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $4,890,707 for the fiscal year ended December 31, 2019 and $4,272,800 for the fiscal year ended December 31, 2018.

PwC provided audit services to the Investment Company complex of approximately $34 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 INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of February 12, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

ITEM 12.

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

Not applicable.

ITEM 13.

EXHIBITS.



13(a) (1)		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.

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.

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 6, 2020

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 6, 2020


By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		March 6, 2020

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

•

compliance with applicable governmental laws, rules and regulations;

•

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

•

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

•

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

•

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

•

adhere to a high standard of business ethics; and

•

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be

deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

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avoid conflicts of interest wherever possible;

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handle any actual or apparent conflict of interest ethically;

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not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

•

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

•

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

•

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

•

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

•

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

•

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

•

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

•

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

•

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

•

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

•

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

•

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

•

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

•

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

•

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

•

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

•

the CCO will be responsible for granting waivers of this Code, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Kelli Gallegos – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS—ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.

Date

Name:

Title:

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

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

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

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

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

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

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

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

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

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

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

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

I, Kelli Gallegos, Principal Financial Officer, certify that:

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

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

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group) (the “Company”) on Form N-CSR for the period ended December 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Funds Group (Invesco Funds Group) (the “Company”) on Form N-CSR for the period ended December 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Kelli Gallegos, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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