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	811-02699
AIM Growth Series (Invesco Growth Series)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000   Houston, Texas   77046
(Address of principal executive offices)  (Zip code)
Sheri Morris     11 Greenway Plaza, Suite 1000 Houston, Texas   77046
(Name and address of agent for service)

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

Date of fiscal year end:             12/31        

Date of reporting period:           06/30/20        

Item 1. Reports to Stockholders.

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Active Allocation Fund
	Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Active Allocation Fund was renamed Invesco Active Allocation Fund.
	Nasdaq: A: OAAAX ⬛ C: OAACX ⬛ R: OAANX ⬛ Y: OAAYX ⬛ R5: PAAJX ⬛ R6: PAAQX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received
from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Active Allocation Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	–7.30	%
Class C Shares	–7.74
Class R Shares	–7.48
Class Y Shares	–7.26
Class R5 Shares	–7.24
Class R6 Shares	–7.24
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)	3.90
MSCI All Country World Index▼ (Broad Market Index)	–6.25
Custom Invesco Active Allocation Index∎ (Style-Specific Index)	–3.77
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Active Allocation Index consists of 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Active Allocation Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	4.12	%
10 Years	6.93
5 Years	3.15
1 Year	–6.23
Class C Shares
Inception (4/5/05)	3.99	%
10 Years	6.72
5 Years	3.55
1 Year	–2.45
Class R Shares
Inception (4/5/05)	4.27	%
10 Years	7.27
5 Years	4.08
1 Year	–1.04
Class Y Shares
Inception (4/5/05)	4.84	%
10 Years	7.82
5 Years	4.59
1 Year	–0.59
Class R5 Shares
10 Years	7.57	%
5 Years	4.39
1 Year	–0.54
Class R6 Shares
10 Years	7.57	%
5 Years	4.41
1 Year	–0.48

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppenheimer Portfolio Series: Active Allocation Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Active Allocation Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

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

4                     Invesco Active Allocation Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Active Allocation Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.66%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/20		06/30/20
Alternative Funds–9.74%
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		2.07	%	$	48,044,155	$	–	$	(2,996,584	)	$	(1,492,865	)	$	(254,492	)	$	–			1,622,947	$	43,300,214
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		3.84	%		82,625,345		2,505,546		(3,507,764	)		(1,247,685	)		39,252			2,478,404			5,088,378		80,414,694
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		1.34	%		45,292,658		2,320,866		(3,434,445	)		(15,990,186	)		–			(1,134,739	)		6,909,042		28,188,893
Invesco Real Estate Fund, Class R6		2.49	%		–		56,089,674		(5,904,587	)		2,226,850			(235,448	)		253,098			2,991,771		52,176,489
Total Alternative Funds					175,962,158		60,916,086		(15,843,380	)		(16,503,886	)		(450,688	)		1,596,763					204,080,290
Domestic Equity Funds–29.95%
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		3.31	%		74,748,007		–		(11,502,643	)		5,060,418			892,936			–			2,418,690		69,198,718
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		4.06	%		98,571,367		–		(3,176,078	)		(10,379,692	)		98,818			–			6,023,667		85,114,415
Invesco Oppenheimer Value Fund, Class R6		10.97	%		290,503,621		2,107,928		–			(62,786,426	)		–			2,107,948			9,923,365		229,825,123
Invesco Russell 1000 Dynamic Multifactor ETF		11.61	%		289,112,991		–		(13,024,426	)		(33,255,657	)		427,474			1,840,297			8,179,569		243,260,382
Total Domestic Equity Funds					752,935,986		2,107,928		(27,703,147	)		(101,361,357	)		1,419,228			3,948,245					627,398,638
Fixed Income Funds–14.69%
Invesco Income Fund, Class R6		0.31	%		–		6,188,501		–			368,144			–			32,307			901,877		6,556,645
Invesco Oppenheimer International Bond Fund, Class R6		4.15	%		94,858,513		1,420,392		(4,580,864	)		(4,401,880	)		(379,362	)		1,450,397			16,524,106		86,916,799
Invesco Oppenheimer Limited-Term Government Fund		–			39,914,712		336,610		(29,231,927	)		(10,264,652	)		(754,743	)		338,421			–		–
Invesco Oppenheimer Master Inflation Protected Securities Fund		–			5,836,506		30,724		(6,121,216	)		(1,315,920	)		1,569,906			30,724			–		–
Invesco Oppenheimer Master Loan Fund, Class R6		2.89	%		68,431,980		1,647,774		–			(9,561,643	)		–			1,647,680			4,087,984		60,518,111
Invesco Oppenheimer Total Return Bond Fund, Class R6		5.75	%		134,271,118		1,662,708		(22,141,075	)		6,202,051			372,531			1,691,351			16,354,257		120,367,333
Invesco Quality Income Fund, Class R6		1.59	%		–		21,259,425		–			12,047,781			–			168,021			2,794,229		33,307,206
Total Fixed Income Funds					343,312,829		32,546,134		(62,075,082	)		(6,926,119	)		808,332			5,358,901					307,666,094

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

6                     Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

Schedule of Investments in Affiliated Issuers–99.66%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20
Foreign Equity Funds–44.75%
Invesco Global Infrastructure Fund, Class R6		1.81	%	$	–	$	38,524,393	$	(993,172	)	$	460,866		$	(30,274	)	$	163,884		3,577,928	$	37,961,813
Invesco Oppenheimer Developing Markets Fund, Class R6		6.24	%		144,739,607		–		(1,476,030	)		(12,672,194	)		58,197			–		3,139,106		130,649,580
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6(b)		4.48	%		100,854,586		–		(4,951,097	)		(2,774,674	)		747,173			–		8,487,883		93,875,988
Invesco Oppenheimer Global Fund, Class R6		14.14	%		312,070,077		–		(11,039,759	)		(5,584,781	)		800,718			–		3,129,582		296,246,255
Invesco Oppenheimer Global Infrastructure Fund		–			47,188,572		–		(38,360,511	)		(6,054,557	)		(2,773,504	)		–		–		–
Invesco Oppenheimer International Equity Fund, Class R6		6.81	%		160,979,614		–		(8,418,336	)		(10,896,451	)		833,862			–		7,016,183		142,498,689
Invesco Oppenheimer International Growth Fund, Class R6		7.00	%		159,405,101		–		(7,729,757	)		(6,334,665	)		1,280,088			–		3,430,528		146,620,767
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		4.27	%		98,806,599		–		(6,517,136	)		(2,089,613	)		(714,854	)		–		1,901,509		89,484,996
Total Foreign Equity Funds					1,024,044,156		38,524,393		(79,485,798	)		(45,946,069	)		201,406			163,884				937,338,088
Real Estate Funds–0.00%
Invesco Oppenheimer Real Estate Fund, Class Y		–			69,431,501		1,642,629		(55,836,574	)		(9,281,980	)		(5,955,576	)		1,642,629		–		–
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.16	%		2,979,059		33,266,421		(32,926,434	)		–			–			4,526		3,319,046		3,319,046
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.19	%		–		12,340,175		(8,307,228	)		1,951			1,843			5,927		4,033,917		4,036,741
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.18	%		–		17,084,760		(13,291,565	)		–			–			1,361		3,793,195		3,793,195
Total Money Market Funds					2,979,059		62,691,356		(54,525,227	)		1,951			1,843			11,814				11,148,982
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,818,103,786)		99.66	%	$	2,368,665,689	$	198,428,526	$	(295,469,208	)	$	(180,017,460	)	$	(3,975,455	)	$	12,722,236			$	2,087,632,092
OTHER ASSETS LESS LIABILITIES		0.34	%																			7,181,296
NET ASSETS		100.00	%																		$	2,094,813,388

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c) The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

7                     Invesco Active Allocation Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Equity Funds	74.95	%
Fixed Income Funds	14.74
Alternative Funds	9.78
Money Market Funds	0.53

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
MSCI Emerging Market Index		440	September-2020	$	21,685,400		$	82,746			$    82,746
Interest Rate Risk
Canada 10 Year Bonds		47	September-2020		5,325,236			(12,190	)		(12,190)
Euro OAT		63	September-2020		11,866,346			183,913			183,913
Euro-BTP		57	September-2020		9,214,000			149,742			149,742
Euro-BUND		34	September-2020		6,742,885			112,633			112,633
Japanese Bonds, 10 yr.		31	September-2020		43,625,376			(5,862	)		(5,862)
Long Gilt		77	September-2020		13,132,334			45,678			45,678
Subtotal								473,914			473,914
Subtotal–Long Futures Contracts								556,660			556,660
Short Futures Contracts
Equity Risk
E-Mini S&P 500 Index		11	September-2020		(1,699,610	)		(15,477	)		(15,477)
EURO STOXX 600 Index		200	September-2020		(4,032,240	)		29,722			29,722
Nikkei 225 Index		8	September-2020		(1,650,012	)		36,864			36,864
S&P/ASX 200 Index		8	September-2020		(813,214	)		(8,157	)		(8,157)
S&P/TSX 60 Index		6	September-2020		(820,713	)		(14,305	)		(14,305)
Subtotal–Short Futures Contracts								28,647			28,647
Total Futures Contracts							$	585,307			$585,307

Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation
Settlement Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
09/15/2020	Bank Of America		JPY	150,600,000		USD	1,403,755	$	7,603
09/15/2020	Bank Of America		KRW	12,711,000,000		USD	10,581,918		9,002
09/15/2020	Bank Of America		USD	5,583,363		TRY	39,600,000		75,831
09/15/2020	Barclays Capital		TWD	146,840,000		USD	5,012,288		33,270
09/15/2020	Barclays Capital		USD	7,916,264		SEK	73,920,000		23,837
08/04/2020	JP Morgan Chase Bank		BRL	15,780,000		USD	2,969,906		72,934
09/15/2020	JP Morgan Chase Bank		CLP	5,022,000,000		USD	6,333,312		212,542
09/15/2020	JP Morgan Chase Bank		PLN	2,180,000		USD	552,148		999
09/15/2020	JP Morgan Chase Bank		USD	3,422,393		COP	12,972,000,000		8,021
09/15/2020	JP Morgan Chase Bank		USD	5,049,168		IDR	73,425,000,000		48,398
09/15/2020	JP Morgan Chase Bank		USD	4,948,370		SGD	6,905,000		7,463
09/15/2020	STANDARD CHARTERED BANK		MXN	5,300,000		USD	234,392		6,062
09/15/2020	STANDARD CHARTERED BANK		ZAR	32,435,000		USD	1,865,504		10,705
09/15/2020	UBS		GBP	5,560,000		USD	6,957,256		64,849

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

8                     Invesco Active Allocation Fund

Open Forward Foreign Currency Contracts–(continued)
		Contract to						Unrealized
Settlement Date	Counterparty	Deliver			Receive			Appreciation (Depreciation)
09/15/2020	UBS		USD	1,517,345		HKD	11,770,000		$        612
09/15/2020	UBS		USD	5,427,324		NOK	52,400,000		18,201
Subtotal–Appreciation									600,329
Currency Risk
08/04/2020	Bank Of America		USD	419,550		BRL	2,140,000		(26,678)
09/15/2020	Bank Of America		CHF	2,440,000		USD	2,569,925		(11,121)
09/15/2020	Bank Of America		CNY	116,700,000		USD	16,372,300		(64,745)
09/15/2020	Bank Of America		PHP	295,900,000		USD	5,859,406		(58,772)
09/15/2020	Bank Of America		THB	206,515,000		USD	6,638,753		(42,062)
09/15/2020	Bank Of America		USD	7,835,482		EUR	6,953,000		(10,901)
09/15/2020	Barclays Capital		CZK	136,130,000		USD	5,735,922		(5,201)
09/15/2020	Barclays Capital		INR	202,520,000		USD	2,643,002		(20,011)
09/15/2020	Barclays Capital		USD	5,320,417		MYR	22,765,000		(22,578)
09/15/2020	JP Morgan Chase Bank		CAD	50,000		USD	36,767		(68)
09/15/2020	JP Morgan Chase Bank		NZD	9,280,000		USD	5,960,739		(27,258)
09/15/2020	JP Morgan Chase Bank		USD	2,290,316		COP	8,648,000,000		(3,374)
09/15/2020	JP Morgan Chase Bank		USD	3,912,235		RUB	275,840,000		(68,740)
09/15/2020	UBS		AUD	8,870,000		USD	6,065,953		(56,820)
Subtotal–Depreciation									(418,329)
Total Forward Foreign Currency Contracts									$  182,000

Abbreviations:

AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CHF	– Swiss Franc
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
CZK	– Czech Koruna
EUR	– Euro
GBP	– British Pound Sterling
HKD	– Hong Kong Dollar
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NOK	– Norwegian Krone
NZD	– New Zealand Dollar
PHP	– Philippines Peso
PLN	– Polish Zloty
RUB	– Russian Ruble
SEK	– Swedish Krona
SGD	– Singapore Dollar
THB	– Thai Baht
TRY	– Turkish Lira
TWD	– Taiwan New Dollar
USD	– U.S. Dollar
ZAR	– South African Rand

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

9                     Invesco Active Allocation Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $1,818,103,786)	$	2,087,632,092
Other investments:
Variation margin receivable – futures contracts		3,137,641
Unrealized appreciation on forward foreign currency contracts outstanding		600,329
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		6,776,489
Cash collateral – OTC Derivatives		10,000
Receivable for:
Fund shares sold		398,916
Dividends - affiliated underlying funds		1,243,718
Investment for trustee deferred compensation and retirement plans		108,387
Other assets		109,446
Total assets		2,100,017,018
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		418,329
Payable for:
Investments purchased - affiliated underlying funds		629,515
Dividends		888
Fund shares reacquired		1,495,699
Amount due custodian		994,633
Accrued fees to affiliates		1,392,503
Accrued trustees’ and officers’ fees and benefits		59,287
Accrued other operating expenses		104,388
Trustee deferred compensation and retirement plans		108,388
Total liabilities		5,203,630
Net assets applicable to shares outstanding	$	2,094,813,388

Net assets consist of:
Shares of beneficial interest	$	1,792,426,455
Distributable earnings		302,386,933
	$	2,094,813,388
Net Assets:
Class A	$	1,654,444,316
Class C	$	291,421,053
Class R	$	126,486,356
Class Y	$	22,442,631
Class R5	$	9,516
Class R6	$	9,516
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		121,785,775
Class C		22,007,986
Class R		9,374,872
Class Y		1,626,532
Class R5		700
Class R6		700
Class A:
Net asset value per share	$	13.58
Maximum offering price per share
(Net asset value of $13.58 ÷ 94.50%)	$	14.37
Class C:
Net asset value and offering price per share	$	13.24
Class R:
Net asset value and offering price per share	$	13.49
Class Y:
Net asset value and offering price per share	$	13.80
Class R5:
Net asset value and offering price per share	$	13.59
Class R6:
Net asset value and offering price per share	$	13.59

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

10                     Invesco Active Allocation Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds	$	12,722,236
Interest		39,969
Total investment income		12,762,205
Expenses:
Advisory fees		892,546
Administrative services fees		148,263
Custodian fees		5,745
Distribution fees:
Class A		1,950,080
Class C		1,478,976
Class R		307,607
Transfer agent fees – A, C, R and Y		1,521,185
Transfer agent fees – R5		4
Transfer agent fees – R6		2
Trustees’ and officers’ fees and benefits		9,408
Registration and filing fees		66,377
Reports to shareholders		60,935
Professional services fees		19,616
Other		10,235
Total expenses		6,470,979
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(429,791	)
Net expenses		6,041,188
Net investment income		6,721,017
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(3,975,455	)
Foreign currencies		505
Forward foreign currency contracts		(4,115,870	)
Futures contracts		556,549
		(7,534,271	)
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(180,017,460	)
Foreign currencies		(124,709	)
Forward foreign currency contracts		182,000
Futures contracts		1,484,806
		(178,475,363	)
Net realized and unrealized gain (loss)		(186,009,634	)
Net increase (decrease) in net assets resulting from operations	$	(179,288,617	)

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

11                     Invesco Active Allocation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)

	Six Months Ended			Eleven Months Ended			Year Ended
	June 30, 2020			December 31, 2019			January 31, 2019
Operations:
Net investment income	$	6,721,017		$	29,131,934		$	21,243,521
Net realized gain (loss)		(7,534,271	)		116,744,619			265,546,205
Change in net unrealized appreciation (depreciation)		(178,475,363	)		171,902,668			(481,632,282	)
Net increase (decrease) in net assets resulting from operations		(179,288,617	)		317,779,221			(194,842,556	)
Distributions to shareholders from distributable earnings:
Class A		–			(150,988,485	)		(27,862,215	)
Class C		–			(25,849,762	)		(4,583,299	)
Class R		–			(10,936,896	)		(1,804,076	)
Class Y		–			(2,161,056	)		(423,069	)
Class R5		–			(931	)		–
Class R6		–			(937	)		–
Total distributions from distributable earnings		–			(189,938,067	)		(34,672,659	)
Share transactions-net:
Class A		(73,615,347	)		139,389,450			(89,769,891	)
Class B		–			–			(12,190,697	)
Class C		(24,195,548	)		(174,364,705	)		(41,140,743	)
Class R		(2,921,445	)		7,505,547			2,511,712
Class Y		(1,756,089	)		613,789			(33,580,542	)
Class R5		–			10,000			–
Class R6		–			10,000			–
Net increase (decrease) in net assets resulting from share transactions		(102,488,429	)		(26,835,919	)		(174,170,161	)
Net increase (decrease) in net assets		(281,777,046	)		101,005,235			(403,685,376	)
Net assets:
Beginning of period		2,376,590,434			2,275,585,199			2,679,270,575
End of period	$	2,094,813,388		$	2,376,590,434		$	2,275,585,199

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

12                     Invesco Active Allocation Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$14.66		$0.05			$(1.13	)		$(1.08	)		$      –			$      –			$      –			$13.58		(7.37	)%		$1,654,444		0.47	%(f)		0.51	%(f)		0.76	%(f)		6	%
Eleven months ended 12/31/19		13.89		0.21			1.85			2.06			(0.44	)		(0.85	)		(1.29	)		14.66		14.84			1,867,751		0.52	(g)		0.56	(g)		1.52	(g)		24
Year ended 01/31/19		15.25		0.15			(1.27	)		(1.12	)		(0.24	)		–			(0.24	)		13.89		(7.22	)		1,636,759		0.53			0.57			1.04			38
Year ended 01/31/18		12.68		0.10			2.63			2.73			(0.16	)		–			(0.16	)		15.25		21.62			1,888,596		0.53			0.59			0.75			9
Year ended 01/31/17		11.38		0.15			1.27			1.42			(0.12	)		–			(0.12	)		12.68		12.50			1,645,373		0.56			0.60			1.20			5
Year ended 01/31/16(h)		12.12		0.09			(0.65	)		(0.56	)		(0.18	)		–			(0.18	)		11.38		(4.67	)		1,530,527		0.55			0.59			0.74			8
Year ended 01/31/15(h)		11.52		0.11			0.61			0.72			(0.12	)		–			(0.12	)		12.12		6.26			1,599,618		0.55			0.59			0.93			15
Class C
Six months ended 06/30/20		14.35		0.00			(1.11	)		(1.11	)		–			–			–			13.24		(7.74	)		291,421		1.23	(f)		1.27	(f)		0.00	(f)		6
Eleven months ended 12/31/19		13.60		0.10			1.81			1.91			(0.31	)		(0.85	)		(1.16	)		14.35		14.09			342,957		1.28	(g)		1.32	(g)		0.76	(g)		24
Year ended 01/31/19		14.92		0.04			(1.23	)		(1.19	)		(0.13	)		–			(0.13	)		13.60		(7.92	)		489,474		1.28			1.32			0.28			38
Year ended 01/31/18		12.41		(0.00	)		2.57			2.57			(0.06	)		–			(0.06	)		14.92		20.72			579,999		1.28			1.34			(0.03	)		9
Year ended 01/31/17		11.14		0.05			1.25			1.30			(0.03	)		–			(0.03	)		12.41		11.66			535,568		1.31			1.35			0.44			5
Year ended 01/31/16(h)		11.87		(0.00	)		(0.64	)		(0.64	)		(0.09	)		–			(0.09	)		11.14		(5.41	)		522,227		1.30			1.34			(0.01	)		8
Year ended 01/31/15(h)		11.28		0.02			0.60			0.62			(0.03	)		–			(0.03	)		11.87		5.53			557,576		1.30			1.34			0.18			15
Class R
Six months ended 06/30/20		14.58		0.03			(1.12	)		(1.09	)		–			–			–			13.49		(7.48	)		126,486		0.73	(f)		0.77	(f)		0.50	(f)		6
Eleven months ended 12/31/19		13.82		0.17			1.83			2.00			(0.39	)		(0.85	)		(1.24	)		14.58		14.54			139,693		0.77	(g)		0.81	(g)		1.27	(g)		24
Year ended 01/31/19		15.17		0.11			(1.26	)		(1.15	)		(0.20	)		–			(0.20	)		13.82		(7.44	)		125,162		0.78			0.82			0.78			38
Year ended 01/31/18		12.62		0.07			2.61			2.68			(0.13	)		–			(0.13	)		15.17		21.28			134,457		0.78			0.84			0.49			9
Year ended 01/31/17		11.32		0.11			1.28			1.39			(0.09	)		–			(0.09	)		12.62		12.29			117,356		0.81			0.85			0.94			5
Year ended 01/31/16(h)		12.05		0.06			(0.64	)		(0.58	)		(0.15	)		–			(0.15	)		11.32		(4.88	)		108,810		0.80			0.84			0.50			8
Year ended 01/31/15(h)		11.45		0.08			0.61			0.69			(0.09	)		–			(0.09	)		12.05		5.99			119,953		0.80			0.84			0.66			15
Class Y
Six months ended 06/30/20		14.88		0.07			(1.15	)		(1.08	)		–			–			–			13.80		(7.26	)		22,443		0.23	(f)		0.27	(f)		1.00	(f)		6
Eleven months ended 12/31/19		14.08		0.24			1.88			2.12			(0.47	)		(0.85	)		(1.32	)		14.88		15.11			26,168		0.28	(g)		0.32	(g)		1.76	(g)		24
Year ended 01/31/19		15.42		0.19			(1.29	)		(1.10	)		(0.24	)		–			(0.24	)		14.08		(7.00	)		24,190		0.29			0.33			1.28			38
Year ended 01/31/18		12.81		0.13			2.68			2.81			(0.20	)		–			(0.20	)		15.42		21.98			63,523		0.28			0.34			0.90			9
Year ended 01/31/17		11.51		0.20			1.26			1.46			(0.16	)		–			(0.16	)		12.81		12.69			56,496		0.31			0.35			1.65			5
Year ended 01/31/16(h)		12.25		0.14			(0.66	)		(0.52	)		(0.22	)		–			(0.22	)		11.51		(4.34	)		38,762		0.31			0.35			1.14			8
Year ended 01/31/15(h)		11.65		0.17			0.59			0.76			(0.16	)		–			(0.16	)		12.25		6.52			30,551		0.31			0.35			1.35			15
Class R5
Six months ended 06/30/20		14.65		0.07			(1.13	)		(1.06	)		–			–			–			13.59		(7.24	)		10		0.16	(f)		0.20	(f)		1.07	(f)		6
Period ended 12/31/19(i)		14.28		0.16			1.54			1.70			(0.48	)		(0.85	)		(1.33	)		14.65		11.94			10		0.22	(g)		0.26	(g)		1.82	(g)		24
Class R6
Six months ended 06/30/20		14.65		0.07			(1.13	)		(1.06	)		–			–			–			13.59		(7.24	)		10		0.12	(f)		0.16	(f)		1.11	(f)		6
Period ended 12/31/19(i)		14.28		0.17			1.54			1.71			(0.49	)		(0.85	)		(1.34	)		14.65		12.02			10		0.14	(g)		0.18	(g)		1.90	(g)		24

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.65% for the six months ended June 30, 2020.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.62%, 0.63%, 0.63%, 0.63%, 0.62% and 0.62% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,648,815, $297,421, $123,719, $23,082, $9 and $9 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾ Commencement date after the close of business on May 24, 2019.

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

13                     Invesco Active Allocation Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Active Allocation Fund, formerly Invesco Oppenheimer Portfolio Series: Active Allocation Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

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

The Funds 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 of each Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

14                     Invesco Active Allocation Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

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

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

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

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

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

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

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

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

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

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

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

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 “lockin” 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

15                     Invesco Active Allocation Fund

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.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

M. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 $3 billion		0.100%
Over $ 3 billion		0.080%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.10%.

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 May 31, 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 (including estimated Acquired Fund Fees and Expenses of 0.65% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.57%, 1.32%, 0.82%, 0.31%, 0.26% and 0.21%, respectively, of the Fund’s average daily net assets (the “expense limits”). In addition, Invesco has contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.04%, as calculated on the average daily net assets of the Fund. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $1,442 and reimbursed class level expenses of $327,970, $59,147, $24,613, $4,590, $2 and $2 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $146,587 in front-end sales commissions from the sale of Class A shares and $29 and $7,293 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

16                     Invesco Active Allocation Fund

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Affiliated Issuers	$	2,076,483,110		$	–			$–	$	2,076,483,110
Money Market Funds		11,148,982			–			–		11,148,982
Total Investments in Securities		2,087,632,092			–			–		2,087,632,092
Other Investments - Assets*
Futures Contracts		641,298			–			–		641,298
Forward Foreign Currency Contracts		–			600,329			–		600,329
		641,298			600,329			–		1,241,627
Other Investments - Liabilities*
Futures Contracts		(55,991	)		–			–		(55,991	)
Forward Foreign Currency Contracts		–			(418,329	)		–		(418,329	)
		(55,991	)		(418,329	)		–		(474,320	)
Total Other Investments		585,307			182,000			–		767,307
Total Investments	$	2,088,217,399		$	182,000			$–	$	2,088,399,399

* Unrealized appreciation (depreciation).

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 June 30, 2020:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	149,332		$	491,966		$	641,298
Unrealized appreciation on forward foreign currency contracts outstanding		600,329		-			-			600,329
Total Derivative Assets		600,329		149,332			491,966			1,241,627
Derivatives not subject to master netting agreements		-		(149,332	)		(491,966	)		(641,298	)
Total Derivative Assets subject to master netting agreements	$	600,329	$	-		$	-		$	600,329

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

17                     Invesco Active Allocation Fund

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(37,939	)	$	(18,052	)	$	(55,991	)
Unrealized depreciation on forward foreign currency contracts outstanding		(418,329	)		-			-			(418,329	)
Total Derivative Liabilities		(418,329	)		(37,939	)		(18,052	)		(474,320	)
Derivatives not subject to master netting agreements		-			37,939			18,052			55,991
Total Derivative Liabilities subject to master netting agreements	$	(418,329	)	$	-		$	-		$	(418,329	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2020.

	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
Bank Of America		$   92,436	$	(214,279)	$	(121,843)	$-	$-	$	(121,843	)
Barclays Capital		57,107		(47,790)		9,317	-	-		9,317
JP Morgan Chase Bank		350,357		(99,440)		250,917	-	-		250,917
STANDARD CHARTERED BANK		16,767		-		16,767	-	-		16,767
UBS		83,662		(56,820)		26,842	-	-		26,842
Total		$  600,329	$	(418,329)	$	182,000	$-	$-	$	182,000

Effect of Derivative Investments for the six months ended June 30, 2020

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			Interest Rate Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(4,115,870	)	$	-		$	-	$	(4,115,870	)
Futures contracts		-			(2,857,132	)		3,413,681		556,549
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		182,000			-			-		182,000
Futures contracts		-			117,810			1,366,996		1,484,806
Total	$	(3,933,870	)	$	(2,739,322	)	$	4,780,677	$	(1,892,515	)

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

	Forward Foreign Currency Contracts		Futures Contracts
Average notional value	$	209,603,230	$	159,900,411

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $12,026.

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.

18                     Invesco Active Allocation 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $115,062,543 and $216,410,976, 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	$282,833,247
Aggregate unrealized (depreciation) of investments	(47,567,533	)
Net unrealized appreciation of investments	$235,265,714

    Cost of investments for tax purposes is $1,853,133,685.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended              June 30, 2020						Eleven Months Ended              December 31, 2019						Year ended         January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		4,029,529		$	53,333,787			7,623,284		$	112,723,920			8,279,326		$	119,604,327
Class B(a)		-			-			-			-			1,308			19,225
Class C		1,528,883			19,805,753			2,445,725			35,120,053			3,761,309			52,980,575
Class R		816,978			10,701,304			1,593,340			23,324,906			1,978,258			28,370,328
Class Y		269,192			3,538,669			685,665			10,255,782			1,172,064			17,257,200
Class R5(b)		-			-			700			10,000			-			-
Class R6(b)		-			-			700			10,000			-			-
Issued as reinvestment of dividends:
Class A		494			7,210			10,281,664			150,112,305			2,151,162			27,534,859
Class C		420			6,006			1,801,223			25,739,476			364,166			4,566,645
Class R		1,060			15,391			745,855			10,829,808			139,114			1,770,934
Class Y		-			-			142,312			2,107,634			32,182			417,075
Automatic conversion of Class C shares to Class A shares:
Class A		969,175			12,814,471			9,593,954			141,705,079			-			-
Class C		(992,565	)		(12,814,471	)		(9,828,656	)		(141,705,079	)		-			-
Reacquired:
Class A		(10,591,470	)		(139,770,815	)		(17,933,202	)		(265,151,904	)		(16,442,583	)		(236,909,077	)
Class B(a)		-			-			-			-			(837,842	)		(12,209,922	)
Class C		(2,433,323	)		(31,192,836	)		(6,497,437	)		(93,519,155	)		(7,012,693	)		(98,687,963	)
Class R		(1,024,173	)		(13,638,140	)		(1,817,210	)		(26,649,167	)		(1,922,981	)		(27,629,550	)
Class Y		(401,803	)		(5,294,758	)		(787,214	)		(11,749,627	)		(3,606,532	)		(51,254,817	)
Net increase (decrease) in share activity		(7,827,603	)	$	(102,488,429	)		(1,949,297	)	$	(26,835,969	)		(11,943,742	)	$	(174,170,161	)

^(a)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(b) Commencement date after the close of business on May 24, 2019.

19                     Invesco Active Allocation Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                     Invesco Active Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

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 distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$926.30	$2.25	$1,022.53	$2.36		0.47	%
Class C	1,000.00	922.60	5.88	1,018.75	6.17		1.23
Class R	1,000.00	925.20	3.49	1,021.23	3.67		0.73
Class Y	1,000.00	927.40	1.10	1,023.72	1.16		0.23
Class R5	1,000.00	927.60	0.77	1,024.07	0.81		0.16
Class R6	1,000.00	927.60	0.58	1,024.27	0.60		0.12

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

21                     Invesco Active Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Active Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer Portfolio Series Active Allocation Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

22                     Invesco Active Allocation Fund

applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

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

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

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

23                     Invesco Active Allocation Fund

Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.                 O-OPSAA-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Balanced-Risk Retirement Funds
	Invesco Balanced-Risk Retirement Now Fund Invesco Balanced-Risk Retirement 2020 Fund Invesco Balanced-Risk Retirement 2030 Fund Invesco Balanced-Risk Retirement 2040 Fund Invesco Balanced-Risk Retirement 2050 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Table of Contents

Fund Performance	3
Letters to Shareholders	13
Liquidity Risk Management Program	14
Schedules of Investments	15
Financial Statements	19
Financial Highlights	25
Notes to Financial Statements	33
Fund Expenses	43
Approval of Investment Advisory and Sub-Advisory Contracts	46

2

Fund Performance

Performance summary - Invesco Balanced-Risk Retirement Now Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-2.56%
Class AX Shares	-2.45
Class C Shares	-2.82
Class CX Shares	-2.82
Class R Shares	-2.60
Class RX Shares	-2.61
Class Y Shares	-2.40
Class R5 Shares	-2.28
Class R6 Shares	-2.28
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Balanced-Risk Retirement Now Index∎ (Style-Specific Index)	0.40
Custom Invesco Balanced-Risk Allocation Broad Index∎ (Style-Specific Index)	1.88
Lipper Mixed-Asset Target Today Funds Index◆ (Peer Group Index)	0.76
Source(s):▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement Now Index is composed of the following indexes: MSCI World, Bloomberg Barclays U.S. Aggregate Bond and FTSE US 3-Month Treasury Bill Index. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence Now Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs, Bloomberg Barclays U.S. Universal and U.S. 3-Month Treasury Bill Index. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World, JP Morgan Global Government Bond and U.S. 3-Month Treasury Bill Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World IndexSM is considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The FTSE US 3-Month Treasury Bill Index is considered representative of three-month US Treasury bills. The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The U.S. 3-Month Treasury Bill Index is tracked by Lipper to provide performance of the three-month US Treasury bill.
The Lipper Mixed-Asset Target Today Funds Index is an unmanaged index considered representative of mixed-asset target today 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.

3                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.16	%
10 Years	2.94
5 Years	1.35
1 Year	-5.48
Class AX Shares
Inception (6/1/10)	2.99	%
10 Years	2.93
5 Years	1.35
1 Year	-5.49
Class C Shares
Inception (1/31/07)	2.03	%
10 Years	2.77
5 Years	1.77
1 Year	-1.65
Class CX Shares
Inception (6/1/10)	2.81	%
10 Years	2.77
5 Years	1.77
1 Year	-1.64
Class R Shares
Inception (1/31/07)	2.33	%
10 Years	3.26
5 Years	2.22
1 Year	-0.14
Class RX Shares
Inception (6/1/10)	3.30	%
10 Years	3.26
5 Years	2.24
1 Year	-0.28
Class Y Shares
Inception (10/3/08)	3.98	%
10 Years	3.78
5 Years	2.76
1 Year	0.28
Class R5 Shares
Inception (1/31/07)	2.85	%
10 Years	3.78
5 Years	2.76
1 Year	0.39
Class R6 Shares
10 Years	3.73
5 Years	2.75
1 Year	0.39

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher.

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

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

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

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

Invesco Balanced-Risk Retirement Now Fund Nasdaq: A: IANAX ∎ AX: VIRAX ∎ C: IANCX

CX: VIRCX ∎ R: IANRX ∎ RX: VIRRX

Y: IANYX ∎ R5: IANIX ∎ R6: IANFX

4                         Invesco Balanced-Risk Retirement Funds

Fund Performance

Performance summary - Invesco Balanced-Risk Retirement 2020 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-2.58%
Class AX Shares	-2.58
Class C Shares	-2.97
Class CX Shares	-2.97
Class R Shares	-2.70
Class RX Shares	-2.70
Class Y Shares	-2.47
Class R5 Shares	-2.46
Class R6 Shares	-2.46
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Balanced-Risk Retirement 2020 Index∎ (Style-Specific Index)	0.32
Custom Invesco Balanced-Risk Allocation Broad Index∎ (Style-Specific Index)	1.88
Lipper Mixed-Asset Target 2020 Funds Index◆ (Peer Group Index)	-0.72
Source(s): ▼RIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.
The Custom Invesco Balanced-Risk Retirement 2020 Index is composed of the following indexes: MSCI World, Bloomberg Barclays U.S. Aggregate Bond and U.S. 3-Month Treasury Bill Index. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2020 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World IndexSM is considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The U.S. 3-Month Treasury Bill Indexis tracked by Lipper to provide performance of the three-month US Treasury bill.
The Lipper Mixed-Asset Target 2020 Funds Index is an unmanaged index considered representative of mixed-asset target 2020 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.

5                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.78	%
10 Years	4.40
5 Years	1.69
1 Year	-5.50
Class AX Shares
Inception (6/1/10)	4.49	%
10 Years	4.40	%
5 Years	1.69
1 Year	-5.50
Class C Shares
Inception (1/31/07)	2.64	%
10 Years	4.22
5 Years	2.08
1 Year	-1.72
Class CX Shares
Inception (6/1/10)	4.29	%
10 Years	4.22
5 Years	2.08
1 Year	-1.72
Class R Shares
Inception (1/31/07)	2.96	%
10 Years	4.74
5 Years	2.59
1 Year	-0.19
Class RX Shares
Inception (6/1/10)	4.81	%
10 Years	4.74
5 Years	2.59
1 Year	-0.19
Class Y Shares
Inception (10/3/08)	5.44	%
10 Years	5.25
5 Years	3.10
1 Year	0.18
Class R5 Shares
Inception (1/31/07)	3.48	%
10 Years	5.26
5 Years	3.10
1 Year	0.19
Class R6 Shares
10 Years	5.20	%
5 Years	3.08
1 Year	0.18

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher.

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

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

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

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

Invesco Balanced-Risk Retirement 2020 Fund Nasdaq: A: AFTAX ∎ AX: VRCAX ∎ C: AFTCX CX: VRCCX ∎ R: ATFRX ∎ RX: VRCRX

Y: AFTYX ∎ R5: AFTSX ∎ R6: VRCFX

6                         Invesco Balanced-Risk Retirement Funds

Fund Performance

Performance summary - Invesco Balanced-Risk Retirement 2030 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-4.62%
Class AX Shares	-4.62
Class C Shares	-4.95
Class CX Shares	-5.06
Class R Shares	-4.78
Class RX Shares	-4.78
Class Y Shares	-4.49
Class R5 Shares	-4.47
Class R6 Shares	-4.47
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Balanced-Risk Retirement 2030 Index⬛ (Style-Specific Index)	-0.20
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	1.88
Lipper Mixed-Asset Target 2030 Funds Index◆ (Peer Group Index)	-0.86
Source(s): ▼RIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P 500® is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2030 Index is composed of the following indexes: MSCI World and the Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2030 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World IndexSM is considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2030 Funds Index is an unmanaged index considered representative of mixed-asset target 2030 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.

7                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.81	%
10 Years	5.08
5 Years	2.42
1 Year	-6.50
Class AX Shares
Inception (6/1/10)	5.15	%
10 Years	5.09
5 Years	2.42
1 Year	-6.49
Class C Shares
Inception (1/31/07)	2.68	%
10 Years	4.89
5 Years	2.84
1 Year	-2.67
Class CX Shares
Inception (6/1/10)	4.96	%
10 Years	4.89
5 Years	2.84
1 Year	-2.79
Class R Shares
Inception (1/31/07)	2.98	%
10 Years	5.41
5 Years	3.33
1 Year	-1.29
Class RX Shares
Inception (6/1/10)	5.48	%
10 Years	5.42
5 Years	3.36
1 Year	-1.29
Class Y Shares
Inception (10/3/08)	5.95	%
10 Years	5.92
5 Years	3.84
1 Year	-0.79
Class R5 Shares
Inception (1/31/07)	3,51	%
10 Years	5.94
5 Years	3.82
1 Year	-0.79
Class R6 Shares
10 Years	5.88	%
5 Years	3.85
1 Year	-0.79

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher.

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

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

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

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

Invesco Balanced-Risk Retirement 2030 Fund Nasdaq:A:TNAAX ⬛ AX: VREAX ⬛ C: TNACX

CX: VRECX ⬛ R: TNARX ⬛ RX: VRERX

Y: TNAYX ⬛ R5: TNAIX ⬛ R6: TNAFX

8                         Invesco Balanced-Risk Retirement Funds

Fund Performance

Performance summary - Invesco Balanced-Risk Retirement 2040 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.26%
Class AX Shares	-5.26
Class C Shares	-5.63
Class CX Shares	-5.51
Class R Shares	-5.30
Class RX Shares	-5.43
Class Y Shares	-5.10
Class R5 Shares	-5.10
Class R6 Shares	-5.10
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Balanced-Risk Retirement 2040 Index⬛ (Style-Specific Index)	-0.85
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	1.88
Lipper Mixed-Asset Target 2040 Funds Index◆ (Peer Group Index)	-3.90
Source(s): ▼RIMES Technologies Corp.; ⬛ Invesco, RIMES Technologies Corp.; ◆ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2040 Index is composed of the following indexes: MSCI World and Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2040 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and the JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World IndexSM is considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which with holds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2040 Funds Index is an unmanaged index considered representative of mixed-asset target 2040 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.

9                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.84	%
10 Years	5.43
5 Years	2.92
1 Year	-6.64
Class AX Shares
Inception (6/1/10)	5.50	%
10 Years	5.43
5 Years	2.92
1 Year	-6.65
Class C Shares
Inception (1/31/07)	2.69	%
10 Years	5.27
5 Years	3.37
1 Year	-2.95
Class CX Shares
Inception (6/1/10)	5.33	%
10 Years	5.26
5 Years	3.35
1 Year	-2.83
Class R Shares
Inception (1/31/07)	3.01	%
10 Years	5.78
5 Years	3.86
1 Year	-1.49
Class RX Shares
Inception (6/1/10)	5.84	%
10 Years	5.78
5 Years	3.83
1 Year	-1.49
Class Y Shares
Inception (10/3/08)	6.19	%
10 Years	6.30
5 Years	4.34
1 Year	-0.98
Class R5 Shares
Inception (1/31/07)	3.52	%
10 Years	6.29
5 Years	4.33
1 Year	-0.98
Class R6 Shares
10 Years	6.24	%
5 Years	4.33
1 Year	-0.99

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher.

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

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

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

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

Invesco Balanced-Risk Retirement 2040 Fund Nasdaq: A: TNDAX ⬛ AX: VRGAX ⬛ C: TNDCX

CX: VRGCX ⬛ R: TNDRX ⬛ RX: VRGRX

Y: TNDYX ⬛ R5: TNDIX ⬛ R6: TNDFX

10                         Invesco Balanced-Risk Retirement Funds

Fund Performance

Performance summary - Invesco Balanced-Risk Retirement 2050 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.64%
Class AX Shares	-5.64
Class C Shares	-6.04
Class CX Shares	-6.17
Class R Shares	-5.95
Class RX Shares	-5.82
Class Y Shares	-5.61
Class R5 Shares	-5.73
Class R6 Shares	-5.59
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Balanced-Risk Retirement 2050 Index⬛ (Style-Specific Index)	-1.50
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	1.88
Lipper Mixed-Asset Target 2050 Funds Index◆ (Peer Group Index)	-4.96
Source(s): ▼RIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2050 Index is composed of the following indexes: MSCI World and Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2050 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World IndexSM is considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. TheBloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2050 Funds Index is an unmanaged index considered representative of mixed-asset target 2050 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.

   11                             Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.91	%
10 Years	5.78
5 Years	3.40
1 Year	-6.60
Class AX Shares
Inception (6/1/10)	5.87	%
10 Years	5.79
5 Years	3.39
1 Year	-6.59
Class C Shares
Inception (1/31/07)	2.79	%
10 Years	5.62
5 Years	3.83
1 Year	-2.90
Class CX Shares
Inception (6/1/10)	5.68	%
10 Years	5.62
5 Years	3.81
1 Year	-3.04
Class R Shares
Inception (1/31/07)	3.08	%
10 Years	6.13
5 Years	4.31
1 Year	-1.60
Class RX Shares
Inception (6/1/10)	6.20	%
10 Years	6.14
5 Years	4.34
1 Year	-1.60
Class Y Shares
Inception (10/3/08)	6.42	%
10 Years	6.65
5 Years	4.83
1 Year	-1.09
Class R5 Shares
Inception (1/31/07)	3.58	%
10 Years	6.65
5 Years	4.80
1 Year	-1.09
Class R6 Shares
10 Years	6.59	%
5 Years	4.82
1 Year	-1.08

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher.

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

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

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

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

Invesco Balanced-Risk Retirement 2050 Fund

Nasdaq: A: TNEAX ◾ AX: VRIAX ◾ C: TNECX

CX: VRICX ◾ R: TNERX ◾ RX: VRIRX

Y: TNEYX ◾ R5: TNEIX ◾ R6: TNEFX

12                         Invesco Balanced-Risk Retirement Funds

Letters to Shareholders

Bruce Crockett

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

We believe one of the most important services we provide our fund shareholders is the annual

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you

stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

13                         Invesco Balanced-Risk Retirement Funds

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

⬛ Each Fund’s investment strategy remained appropriate for an open-end fund;

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

⬛ The Funds did not breach the 15% limit on Illiquid Investments; and

⬛ The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

14                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Balanced-Risk Retirement Now Fund

Schedule of Investments in Affiliated Issuers-99.95%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-60.85%
Invesco Balanced-Risk Allocation Fund, Class R6		60.85	%	$	10,859,325	$	897,784	$	(743,752	)	$	(396,444	)	$	(39,420	)	$	–		1,044,175	$	10,577,493
Money Market Funds-39.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(b)		23.46	%		4,345,662		1,556,675		(1,824,477	)		–			–			15,402		4,077,860		4,077,860
Invesco Treasury Portfolio, Institutional Class, 0.08%(b)		15.64	%		2,897,108		1,037,783		(1,216,318	)		–			–			9,691		2,718,573		2,718,573
Total Money Market Funds					7,242,770		2,594,458		(3,040,795	)		–			–			25,093				6,796,433
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $17,869,358)		99.95	%	$	18,102,095	$	3,492,242	$	(3,784,547	)	$	(396,444	)	$	(39,420	)	$	25,093			$	17,373,926
OTHER ASSETS LESS LIABILITIES		0.05	%																			8,832
NET ASSETS		100.00	%																		$	17,382,758

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Invesco Balanced-Risk Retirement 2020 Fund

Schedule of Investments in Affiliated Issuers-100.29%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-60.65%
Invesco Balanced-Risk Allocation Fund, Class R6		60.65	%	$	27,764,912	$	1,961,297	$	(1,200,430	)	$	(1,207,455	)	$	19,213	$	–		2,698,671	$	27,337,537
Money Market Funds-39.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(b)		23.78	%		10,692,845		3,522,484		(3,495,818	)		–			–		38,213		10,719,511		10,719,511
Invesco Treasury Portfolio, Institutional Class, 0.08%(b)		15.86	%		7,128,563		2,348,323		(2,330,545	)		–			–		24,049		7,146,341		7,146,341
Total Money Market Funds					17,821,408		5,870,807		(5,826,363	)		–			–		62,262				17,865,852
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $46,731,647)		100.29	%	$	45,586,320	$	7,832,104	$	(7,026,793	)	$	(1,207,455	)	$	19,213	$	62,262			$	45,203,389
OTHER ASSETS LESS LIABILITIES		(0.29	)%																		(130,812	)
NET ASSETS		100.00	%																	$	45,072,577

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Invesco Balanced-Risk Retirement 2030 Fund

Schedule of Investments in Affiliated Issuers-100.05%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-98.12%
Invesco Balanced-Risk Aggressive Allocation Fund		–		$	343,919	$	–	$	(340,952	)		$      77,468			$  (80,435	)		$–		–	$	–
Invesco Balanced-Risk Allocation Fund, Class R6		98.12	%		58,684,130		1,961,769		(2,344,659	)		(2,525,412	)		(173,501	)		–		5,488,877		55,602,327
Total Alternative Funds					59,028,049		1,961,769		(2,685,611	)		(2,447,944	)		(253,936	)		–				55,602,327

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

15                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments–(continued)

Invesco Balanced-Risk Retirement 2030 Fund (continued)

Schedule of Investments in Affiliated Issuers-100.05%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds-1.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(b)		1.16	%	$	409,359	$	3,576,893	$	(3,331,819	)		$               –			$            –			$1,200		654,433	$	654,433
Invesco Treasury Portfolio, Institutional Class, 0.08%(b)		0.77	%		272,906		2,384,595		(2,221,213	)		–			–			412		436,288		436,288
Total Money Market Funds					682,265		5,961,488		(5,553,032	)		–			–			1,612				1,090,721
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $61,707,351)		100.05	%	$	59,710,314	$	7,923,257	$	(8,238,643	)		$(2,447,944	)		$(253,936	)		$1,612			$	56,693,048
OTHER ASSETS LESS LIABILITIES		(0.05	)%																			(27,140	)
NET ASSETS		100.00	%																		$	56,665,908

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Invesco Balanced-Risk Retirement 2040 Fund

Schedule of Investments in Affiliated Issuers-100.03%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-99.42%
Invesco Balanced-Risk Aggressive Allocation Fund		33.15	%	$	14,649,843	$	372,367	$	(1,056,510	)	$	(888,387	)	$	(27,563	)		$       –		1,765,866	$	13,049,750
Invesco Balanced-Risk Allocation Fund, Class R6		66.27	%		27,381,690		883,007		(938,266	)		(1,196,599	)		(40,201	)		–		2,575,482		26,089,631
Total Alternative Funds					42,031,533		1,255,374		(1,994,776	)		(2,084,986	)		(67,764	)		–				39,139,381
Money Market Funds-0.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(b)		0.37	%		260,783		1,566,905		(1,682,477	)		–			–			988		145,211		145,211
Invesco Treasury Portfolio, Institutional Class, 0.08%(b)		0.24	%		173,855		1,044,603		(1,121,651	)		–			–			227		96,807		96,807
Total Money Market Funds					434,638		2,611,508		(2,804,128	)		–			–			1,215				242,018
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $47,639,100)		100.03	%	$	42,466,171	$	3,866,882	$	(4,798,904	)	$	(2,084,986	)	$	(67,764	)		$1,215			$	39,381,399
OTHER ASSETS LESS LIABILITIES		(0.03	)%																			(11,973	)
NET ASSETS		100.00	%																		$	39,369,426

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Invesco Balanced-Risk Retirement 2050 Fund

Schedule of Investments in Affiliated Issuers-100.08%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-99.33%
Invesco Balanced-Risk Aggressive Allocation Fund		65.52	%		$21,749,785		$339,622		$(1,801,480	)		$(1,287,722	)		$(150,250	)		$–		2,550,738		$18,849,955
Invesco Balanced-Risk Allocation Fund, Class R6		33.81	%		10,500,081		431,679		(703,473	)		(458,118	)		(43,429	)		–		960,191		9,726,740
Total Alternative Funds					32,249,866		771,301		(2,504,953	)		(1,745,840	)		(193,679	)		–				28,576,695

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

16                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments–(continued)

Invesco Balanced-Risk Retirement 2050 Fund (continued)

Schedule of Investments in Affiliated Issuers-100.08%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds-0.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(b)		0.45	%	$	128,322	$	1,366,952	$	(1,365,296	)		$               –			$            –			$2,256		129,978	$	129,978
Invesco Treasury Portfolio, Institutional Class, 0.08%(b)		0.30	%		85,548		911,301		(910,197	)		–			–			253		86,652		86,652
Total Money Market Funds					213,870		2,278,253		(2,275,493	)		–			–			2,509				216,630
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $33,552,579)		100.08	%	$	32,463,736	$	3,049,554	$	(4,780,446	)		$(1,745,840	)		$(193,679	)		$2,509			$	28,793,325
OTHER ASSETS LESS LIABILITIES		(0.08	)%																			(22,819	)
NET ASSETS		100.00	%																		$	28,770,506

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

17                         Invesco Balanced-Risk Retirement Funds

Portfolio Composition

June 30, 2020

(Unaudited)

Invesco Balanced-Risk Retirement Now Fund

Asset Class	Risk Allocation*		% of Total Net Assets as of 06/30/20**
Equity		40.72%		26.69%
Fixed Income		37.00		40.88
Commodities		18.87		15.94
Cash		3.41		39.12
Total		100.00%		122.63%

Invesco Balanced-Risk Retirement 2020 Fund

Asset Class	Risk Allocation*		% of Total Net Assets as of 06/30/20**
Equity		40.69%		26.52%
Fixed Income		36.99		40.61
Commodities		18.86		15.84
Cash		3.46		39.52
Total		100.00%		122.49%

Invesco Balanced-Risk Retirement 2030 Fund

Asset Class	Risk Allocation*		% of Total Net Assets as of 06/30/20**
Equity		42.10%		43.00%
Fixed Income		38.27		65.86
Commodities		19.52		25.69
Cash		0.11		1.92
Total		100.00%		136.47%

Invesco Balanced-Risk Retirement 2040 Fund

Asset Class	Risk Allocation*		% of Total Net Assets as of 06/30/20**
Equity		42.14%		50.84%
Fixed Income		38.30		77.87
Commodities		19.53		30.37
Cash		0.03		0.62
Total		100.00%		159.70%

Invesco Balanced-Risk Retirement 2050 Fund

Asset Class	Risk Allocation*		% of Total Net Assets as of 06/30/20**
Equity		42.14%		57.86%
Fixed Income		38.30		88.63
Commodities		19.53		34.57
Cash		0.03		0.75
Total		100.00%		181.81%

* Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

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

18                         Invesco Balanced-Risk Retirement Funds

Statements of Assets and Liabilities

June 30, 2020

(Unaudited)

	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund
Assets:
Investments in affiliated underlying funds, at value	$	17,373,926		$	45,203,389		$	56,693,048		$	39,381,399		$	28,793,325
Receivable for:
Dividends - affiliated underlying funds		518			1,337			82			13			7
Fund shares sold		3,939			7,111			15,412			22,481			12,631
Investment for trustee deferred compensation and retirement plans		45,047			41,108			40,876			37,907			34,684
Other assets		63,287			64,199			64,000			63,391			62,984
Total assets		17,486,717			45,317,144			56,813,418			39,505,191			28,903,631
Liabilities:
Payable for:
Fund shares reacquired		545			115,032			1,777			3,131			21,123
Accrued fees to affiliates		24,671			43,564			52,632			45,900			38,394
Accrued trustees’ and officers’ fees and benefits		1,357			1,242			2,262			1,234			2,069
Accrued other operating expenses		31,407			41,648			47,970			46,520			36,034
Trustee deferred compensation and retirement plans		45,979			43,081			42,869			38,980			35,505
Total liabilities		103,959			244,567			147,510			135,765			133,125
Net assets applicable to shares outstanding	$	17,382,758		$	45,072,577		$	56,665,908		$	39,369,426		$	28,770,506
Net assets consist of:
Shares of beneficial interest	$	17,669,413		$	47,167,468		$	61,787,680		$	48,535,843		$	34,113,077
Distributable earnings (loss)		(286,655	)		(2,094,891	)		(5,121,772	)		(9,166,417	)		(5,342,571	)
	$	17,382,758		$	45,072,577		$	56,665,908		$	39,369,426		$	28,770,506

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

19                         Invesco Balanced-Risk Retirement Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)

	Invesco Balanced-Risk Retirement Now Fund		Invesco Balanced-Risk Retirement 2020 Fund		Invesco Balanced-Risk Retirement 2030 Fund		Invesco Balanced-Risk Retirement 2040 Fund		Invesco Balanced-Risk Retirement 2050 Fund
Net Assets:
Class A	$	8,942,868	$	27,737,669	$	37,049,688	$	24,393,089	$	18,421,225
Class AX	$	5,136,017	$	4,788,440	$	3,664,443	$	1,879,717	$	722,769
Class C	$	1,705,471	$	4,169,703	$	7,547,234	$	5,338,805	$	3,707,207
Class CX	$	59,893	$	109,679	$	49,415	$	30,547	$	116,305
Class R	$	1,198,545	$	4,259,189	$	6,828,810	$	6,840,393	$	3,806,184
Class RX	$	66,222	$	212,215	$	297,265	$	67,272	$	68,079
Class Y	$	255,076	$	3,775,134	$	1,088,975	$	782,200	$	1,824,368
Class R5	$	10,002	$	11,769	$	131,447	$	29,207	$	89,519
Class R6	$	8,664	$	8,779	$	8,631	$	8,196	$	14,850
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,118,822		3,195,471		4,490,676		3,301,888		2,563,099
Class AX		643,444		551,642		443,691		254,845		100,441
Class C		224,682		490,321		934,846		740,787		529,757
Class CX		7,893		12,903		6,123		4,245		16,633
Class R		152,501		493,169		835,465		934,928		535,099
Class RX		8,433		24,567		36,384		9,192		9,561
Class Y		31,363		434,732		131,192		105,204		252,004
Class R5		1,231		1,347		15,787		3,922		12,359
Class R6		1,066		1,004		1,036		1,100		2,046
Class A:
Net asset value per share	$	7.99	$	8.68	$	8.25	$	7.39	$	7.19
Maximum offering price per share (Net asset value ÷ 94.50%)	$	8.46	$	9.19	$	8.73	$	7.82	$	7.61
Class AX:
Net asset value per share	$	7.98	$	8.68	$	8.26	$	7.38	$	7.20
Maximum offering price per share (Net asset value ÷ 94.50%)	$	8.44	$	9.19	$	8.74	$	7.81	$	7.62
Class C:
Net asset value and offering price per share	$	7.59	$	8.50	$	8.07	$	7.21	$	7.00
Class CX:
Net asset value and offering price per share	$	7.59	$	8.50	$	8.07	$	7.20	$	6.99
Class R:
Net asset value and offering price per share	$	7.86	$	8.64	$	8.17	$	7.32	$	7.11
Class RX:
Net asset value and offering price per share	$	7.85	$	8.64	$	8.17	$	7.32	$	7.12
Class Y:
Net asset value and offering price per share	$	8.13	$	8.68	$	8.30	$	7.44	$	7.24
Class R5:
Net asset value and offering price per share	$	8.13	$	8.74	$	8.33	$	7.45	$	7.24
Class R6:
Net asset value and offering price per share	$	8.13	$	8.74	$	8.33	$	7.45	$	7.26
Cost of Investments in affiliated underlying funds	$	17,869,358	$	46,731,647	$	61,707,351	$	47,639,100	$	33,552,579

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

20                         Invesco Balanced-Risk Retirement Funds

Statements of Operations

For the six months ended June 30, 2020

(Unaudited)

	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund
Investment income:
Dividends from affiliated underlying funds	$	25,093		$	62,262		$	1,612		$	1,215		$	2,509
Expenses:
Administrative services fees		1,285			3,163			3,929			2,796			2,129
Custodian fees		720			745			732			718			613
Distribution fees:
Class A		10,474			34,536			44,253			29,898			22,442
Class AX		6,773			6,055			4,617			2,339			885
Class C		9,438			20,033			37,317			26,661			18,505
Class CX		531			1,014			364			211			578
Class R		3,024			10,549			17,468			16,788			10,397
Class RX		168			523			749			223			144
Transfer agent fees – A, AX, C, CX, R, RX and Y		17,041			41,461			58,034			50,811			50,785
Transfer agent fees – R5		5			6			29			13			33
Transfer agent fees – R6		4			4			2			4			7
Trustees’ and officers’ fees and benefits		6,832			6,639			7,810			6,623			7,584
Registration and filing fees		47,386			48,310			48,714			47,998			47,858
Reports to shareholders		9,479			12,925			12,479			11,393			10,359
Professional services fees		18,854			16,129			20,101			19,839			16,979
Other		9,607			10,390			11,053			10,295			10,271
Total expenses		141,621			212,482			267,651			226,610			199,569
Less: Expenses reimbursed and/or expense offset arrangement(s)		(111,212	)		(139,772	)		(162,883	)		(150,489	)		(146,618	)
Net expenses		30,409			72,710			104,768			76,121			52,951
Net investment income (loss)		(5,316	)		(10,448	)		(103,156	)		(74,906	)		(50,442	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) on sales of affiliated underlying fund shares		(39,420	)		19,213			(253,936	)		(67,764	)		(193,679	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(396,444	)		(1,207,455	)		(2,447,944	)		(2,084,986	)		(1,745,840	)
Net realized and unrealized gain (loss)		(435,864	)		(1,188,242	)		(2,701,880	)		(2,152,750	)		(1,939,519	)
Net increase (decrease) in net assets resulting from operations	$	(441,180	)	$	(1,198,690	)	$	(2,805,036	)	$	(2,227,656	)	$	(1,989,961	)

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

21                         Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Balanced-Risk Retirement Now Fund						Invesco Balanced-Risk Retirement 2020 Fund
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(5,316	)		$      757,090		$	(10,448	)		$   1,900,926
Net realized gain (loss)		(39,420	)		537,451			19,213			1,408,148
Change in net unrealized appreciation (depreciation)		(396,444	)		402,945			(1,207,455	)		1,068,456
Net increase (decrease) in net assets resulting from operations		(441,180	)		1,697,486			(1,198,690	)		4,377,530
Distributions to shareholders from distributable earnings:
Class A		–			(460,586	)		–			(1,451,734	)
Class AX		–			(331,956	)		–			(254,380	)
Class C		–			(112,013	)		–			(163,137	)
Class CX		–			(15,111	)		–			(16,176	)
Class R		–			(53,044	)		–			(201,097	)
Class RX		–			(3,832	)		–			(9,677	)
Class Y		–			(12,803	)		–			(103,165	)
Class R5		–			(593	)		–			(686	)
Class R6		–			(517	)		–			(512	)
Total distributions from distributable earnings		–			(990,455	)		–			(2,200,564	)
Share transactions–net:
Class A		751,257			(96,372	)		(1,070,373	)		376,056
Class AX		(783,860	)		(282,787	)		(253,185	)		(203,147	)
Class C		(328,151	)		(273,437	)		146,285			(1,338,347	)
Class CX		(168,258	)		(501,930	)		(265,030	)		(615,076	)
Class R		(164,297	)		(41,812	)		68,750			(523,639	)
Class RX		(2,434	)		(10,546	)		1,120			(66,759	)
Class Y		29,213			20,811			1,911,605			(126,446	)
Class R5		–			(92,456	)		–			(635,648	)
Class R6		–			–			–			(73,226	)
Net increase (decrease) in net assets resulting from share transactions		(666,530	)		(1,278,529	)		539,172			(3,206,232	)
Net increase (decrease) in net assets		(1,107,710	)		(571,498	)		(659,518	)		(1,029,266	)
Net assets:
Beginning of period		18,490,468			19,061,966			45,732,095			46,761,361
End of period	$	17,382,758			$18,490,468		$	45,072,577			$45,732,095

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

22                         Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Balanced-Risk Retirement 2030 Fund						Invesco Balanced-Risk Retirement 2040 Fund
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
Operations: Net investment income (loss)	$	(103,156)			$  3,413,608		$	(74,906)			$  2,700,045
Net realized gain (loss)		(253,936	)		2,365,707			(67,764	)		1,976,350
Change in net unrealized appreciation (depreciation)		(2,447,944	)		1,945,044			(2,084,986	)		1,743,671
Net increase (decrease) in net assets resulting from operations		(2,805,036	)		7,724,359			(2,227,656	)		6,420,066
Distributions to shareholders from distributable earnings:
Class A		–			(1,695,191	)		–			(1,497,325	)
Class AX		–			(180,994	)		–			(122,173	)
Class C		–			(315,576	)		–			(305,368	)
Class CX		–			(6,046	)		–			(3,221	)
Class R		–			(334,710	)		–			(412,015	)
Class RX		–			(13,509	)		–			(6,283	)
Class Y		–			(49,189	)		–			(52,466	)
Class R5		–			(6,501	)		–			(1,655	)
Class R6		–			(446	)		–			(548	)
Total distributions from distributable earnings		–			(2,602,162	)		–			(2,401,054	)
Share transactions–net:
Class A		628,088			3,740,084			(300,782	)		286,217
Class AX		(184,335	)		164,440			(120,329	)		50,243
Class C		(285,338	)		(2,148,505	)		(197,884	)		(633,825	)
Class CX		(55,633	)		(421,361	)		(24,900	)		(123,998	)
Class R		(651,706	)		665,355			(98,097	)		108,807
Class RX		(2,253	)		(98,387	)		(40,434	)		(90,396	)
Class Y		54,551			234,143			(50,128	)		76,857
Class R5		–			(648,861	)		3,484			(268,008	)
Class R6		–			–			–			–
Net increase (decrease) in net assets resulting from share transactions		(496,626	)		1,486,908			(829,070	)		(594,103	)
Net increase (decrease) in net assets		(3,301,662	)		6,609,105			(3,056,726	)		3,424,909
Net assets:
Beginning of period		59,967,570			53,358,465			42,426,152			39,001,243
End of period	$	56,665,908			$59,967,570		$	39,369,426			$42,426,152

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

23                         Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Balanced-Risk Retirement 2050 Fund
	June 30, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(50,442	)		$  2,304,239
Net realized gain (loss)		(193,679	)		1,550,346
Change in net unrealized appreciation (depreciation)		(1,745,840	)		1,464,034
Net increase (decrease) in net assets resulting from operations		(1,989,961	)		5,318,619
Distributions to shareholders from distributable earnings:
Class A		–			(1,274,595	)
Class AX		–			(52,939	)
Class C		–			(255,833	)
Class CX		–			(7,966	)
Class R		–			(295,552	)
Class RX		–			(4,073	)
Class Y		–			(204,197	)
Class R5		–			(4,272	)
Class R6		–			(1,057	)
Total distributions from distributable earnings		–			(2,100,484	)
Share transactions–net:
Class A		(170,364	)		1,119,582
Class AX		(38,749	)		3,836
Class C		(179,658	)		(723,869	)
Class CX		(4,121	)		(14,138	)
Class R		(447,462	)		(200,496	)
Class RX		11,104			(6,147	)
Class Y		(954,513	)		179,298
Class R5		28,830			(95,379	)
Class R6		697			3,505
Net increase (decrease) in net assets resulting from share transactions		(1,754,236	)		266,192
Net increase (decrease) in net assets		(3,744,197	)		3,484,327
Net assets:
Beginning of period		32,514,703			29,030,376
End of period	$	28,770,506			$32,514,703

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

24                         Invesco Balanced-Risk Retirement Funds

Financial Highlights

(Unaudited)

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Balanced-Risk Retirement Now Fund

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$8.20		$  0.00			$(0.21	)		$(0.21	)		$      –			$      –			$      –			$7.99		(2.56	)%		$  8,943		0.25	%(f)		1.54	%(f)		0.04	%(f)		7	%
Year ended 12/31/19		7.91		0.35			0.41			0.76			(0.44	)		(0.03	)		(0.47	)		8.20		9.64			8,351		0.25			1.49			4.15			11
Year ended 12/31/18		8.47		0.04			(0.35	)		(0.31	)		(0.03	)		(0.22	)		(0.25	)		7.91		(3.70	)		8,151		0.25			1.64			0.43			1
Year ended 12/31/17		8.26		0.00			0.50			0.50			(0.16	)		(0.13	)		(0.29	)		8.47		6.11			10,053		0.25			1.50			0.05			10
Year ended 12/31/16		8.11		0.19			0.36			0.55			(0.29	)		(0.11	)		(0.40	)		8.26		6.74			10,130		0.25			1.32			2.20			10
Year ended 12/31/15		8.77		0.12			(0.37	)		(0.25	)		(0.24	)		(0.17	)		(0.41	)		8.11		(2.81	)		10,366		0.25			1.11			1.39			19
Class AX
Six months ended 06/30/20		8.18		0.00			(0.20	)		(0.20	)		–			–			–			7.98		(2.45	)		5,136		0.25	(f)		1.54	(f)		0.04	(f)		7
Year ended 12/31/19		7.90		0.35			0.40			0.75			(0.44	)		(0.03	)		(0.47	)		8.18		9.51			6,079		0.25			1.49			4.15			11
Year ended 12/31/18		8.45		0.04			(0.34	)		(0.30	)		(0.03	)		(0.22	)		(0.25	)		7.90		(3.59	)		6,124		0.25			1.64			0.43			1
Year ended 12/31/17		8.25		0.00			0.49			0.49			(0.16	)		(0.13	)		(0.29	)		8.45		5.99			7,608		0.25			1.50			0.05			10
Year ended 12/31/16		8.10		0.18			0.37			0.55			(0.29	)		(0.11	)		(0.40	)		8.25		6.75			8,641		0.25			1.32			2.20			10
Year ended 12/31/15		8.76		0.12			(0.37	)		(0.25	)		(0.24	)		(0.17	)		(0.41	)		8.10		(2.82	)		9,283		0.25			1.11			1.39			19
Class C
Six months ended 06/30/20		7.81		(0.03	)		(0.19	)		(0.22	)		–			–			–			7.59		(2.82	)		1,705		1.00	(f)		2.29	(f)		(0.71	)(f)		7
Year ended 12/31/19		7.59		0.27			0.39			0.66			(0.41	)		(0.03	)		(0.44	)		7.81		8.63			2,110		1.00			2.24			3.40			11
Year ended 12/31/18		8.17		(0.03	)		(0.32	)		(0.35	)		(0.01	)		(0.22	)		(0.23	)		7.59		(4.27	)		2,314		1.00			2.39			(0.32	)		1
Year ended 12/31/17		8.02		(0.06	)		0.48			0.42			(0.14	)		(0.13	)		(0.27	)		8.17		5.27			3,423		1.00			2.25			(0.70	)		10
Year ended 12/31/16		7.89		0.12			0.37			0.49			(0.25	)		(0.11	)		(0.36	)		8.02		6.16			3,522		1.00			2.07			1.45			10
Year ended 12/31/15		8.58		0.05			(0.37	)		(0.32	)		(0.20	)		(0.17	)		(0.37	)		7.89		(3.67	)		3,799		1.00			1.86			0.64			19
Class CX
Six months ended 06/30/20		7.81		(0.03	)		(0.19	)		(0.22	)		–			–			–			7.59		(2.82	)		60		1.00	(f)		2.29	(f)		(0.71	)(f)		7
Year ended 12/31/19		7.58		0.27			0.40			0.67			(0.41	)		(0.03	)		(0.44	)		7.81		8.78			235		1.00			2.24			3.40			11
Year ended 12/31/18		8.17		(0.03	)		(0.33	)		(0.36	)		(0.01	)		(0.22	)		(0.23	)		7.58		(4.40	)		707		1.00			2.39			(0.32	)		1
Year ended 12/31/17		8.01		(0.06	)		0.49			0.43			(0.14	)		(0.13	)		(0.27	)		8.17		5.40			1,121		1.00			2.25			(0.70	)		10
Year ended 12/31/16		7.89		0.12			0.36			0.48			(0.25	)		(0.11	)		(0.36	)		8.01		6.03			1,638		1.00			2.07			1.45			10
Year ended 12/31/15		8.57		0.05			(0.36	)		(0.31	)		(0.20	)		(0.17	)		(0.37	)		7.89		(3.55	)		2,281		1.00			1.86			0.64			19
Class R
Six months ended 06/30/20		8.07		(0.01	)		(0.20	)		(0.21	)		–			–			–			7.86		(2.60	)		1,199		0.50	(f)		1.79	(f)		(0.21	)(f)		7
Year ended 12/31/19		7.81		0.32			0.40			0.72			(0.43	)		(0.03	)		(0.46	)		8.07		9.22			1,394		0.50			1.74			3.90			11
Year ended 12/31/18		8.37		0.01			(0.33	)		(0.32	)		(0.02	)		(0.22	)		(0.24	)		7.81		(3.81	)		1,374		0.50			1.89			0.18			1
Year ended 12/31/17		8.18		(0.02	)		0.49			0.47			(0.15	)		(0.13	)		(0.28	)		8.37		5.84			1,374		0.50			1.75			(0.20	)		10
Year ended 12/31/16		8.05		0.16			0.35			0.51			(0.27	)		(0.11	)		(0.38	)		8.18		6.37			1,732		0.50			1.57			1.95			10
Year ended 12/31/15		8.72		0.10			(0.37	)		(0.27	)		(0.23	)		(0.17	)		(0.40	)		8.05		(3.08	)		1,442		0.50			1.36			1.14			19
Class RX
Six months ended 06/30/20		8.06		(0.01	)		(0.20	)		(0.21	)		–			–			–			7.85		(2.61	)		66		0.50	(f)		1.79	(f)		(0.21	)(f)		7
Year ended 12/31/19		7.80		0.32			0.40			0.72			(0.43	)		(0.03	)		(0.46	)		8.06		9.22			71		0.50			1.74			3.90			11
Year ended 12/31/18		8.36		0.01			(0.33	)		(0.32	)		(0.02	)		(0.22	)		(0.24	)		7.80		(3.81	)		78		0.50			1.89			0.18			1
Year ended 12/31/17		8.17		(0.02	)		0.49			0.47			(0.15	)		(0.13	)		(0.28	)		8.36		5.84			87		0.50			1.75			(0.20	)		10
Year ended 12/31/16		8.04		0.15			0.36			0.51			(0.27	)		(0.11	)		(0.38	)		8.17		6.38			67		0.50			1.57			1.95			10
Year ended 12/31/15		8.71		0.10			(0.37	)		(0.27	)		(0.23	)		(0.17	)		(0.40	)		8.04		(3.09	)		189		0.50			1.36			1.14			19
Class Y
Six months ended 06/30/20		8.33		0.01			(0.21	)		(0.20	)		–			–			–			8.13		(2.40	)		255		0.00	(f)		1.29	(f)		0.29	(f)		7
Year ended 12/31/19		8.03		0.37			0.42			0.79			(0.46	)		(0.03	)		(0.49	)		8.33		9.78			232		0.00			1.24			4.40			11
Year ended 12/31/18		8.57		0.06			(0.35	)		(0.29	)		(0.03	)		(0.22	)		(0.25	)		8.03		(3.36	)		203		0.00			1.39			0.68			1
Year ended 12/31/17		8.33		0.03			0.51			0.54			(0.17	)		(0.13	)		(0.30	)		8.57		6.51			306		0.00			1.25			0.30			10
Year ended 12/31/16		8.18		0.20			0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			460		0.00			1.07			2.45			10
Year ended 12/31/15		8.84		0.14			(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		1,442		0.00			0.86			1.64			19
Class R5
Six months ended 06/30/20		8.32		0.01			(0.20	)		(0.19	)		–			–			–			8.13		(2.28	)		10		0.00	(f)		1.19	(f)		0.29	(f)		7
Year ended 12/31/19		8.02		0.37			0.42			0.79			(0.46	)		(0.03	)		(0.49	)		8.32		9.78			10		0.00			1.13			4.40			11
Year ended 12/31/18		8.56		0.06			(0.35	)		(0.29	)		(0.03	)		(0.22	)		(0.25	)		8.02		(3.36	)		102		0.00			1.31			0.68			1
Year ended 12/31/17		8.33		0.03			0.50			0.53			(0.17	)		(0.13	)		(0.30	)		8.56		6.39			124		0.00			1.16			0.30			10
Year ended 12/31/16		8.18		0.20			0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			139		0.00			0.98			2.45			10
Year ended 12/31/15		8.84		0.14			(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		3,141		0.00			0.77			1.64			19

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

25                         Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

	Net asset value, beginning of period		Net investment income (loss)(a)(b)		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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class R6
Six months ended 06/30/20		$8.32		$0.01		$(0.20	)		$(0.19	)		$        –			$        –			$        –			$8.13		(2.28	)%		$        9		0.00	%(f)		1.19	%(f)		0.29	%(f)		7	%
Year ended 12/31/19		8.02		0.37		0.42			0.79			(0.46	)		(0.03	)		(0.49	)		8.32		9.78			9		0.00			1.12			4.40			11
Year ended 12/31/18		8.56		0.06		(0.35	)		(0.29	)		(0.03	)		(0.22	)		(0.25	)		8.02		(3.36	)		9		0.00			1.26			0.68			1
Year ended 12/31/17		8.33		0.03		0.50			0.53			(0.17	)		(0.13	)		(0.30	)		8.56		6.39			644		0.00			1.10			0.30			10
Year ended 12/31/16		8.18		0.20		0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			574		0.00			0.93			2.45			10
Year ended 12/31/15		8.84		0.14		(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		416		0.00			0.69			1.64			19

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.59%, 0.59%, 0.58%, 0.58%, 0.56% and 0.56% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f) Ratios are annualized and based on average daily net assets (000’s omitted) of $8,427, $5,448, $1,898, $106, $1,216, $68, $243 , $10 and $9 for Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Balanced-Risk Retirement 2020 Fund

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$8.91		$  0.00			$(0.23	)		$(0.23	)		$        –			$        –			$        –			$8.68		(2.58	)%		$27,738		0.25	%(f)		0.90	%(f)		0.04	%(f)		5	%
Year ended 12/31/19		8.52		0.38			0.47			0.85			(0.46	)		–			(0.46	)		8.91		9.99			29,571		0.25			0.88			4.21			10
Year ended 12/31/18		9.05		0.03			(0.41	)		(0.38	)		(0.15	)		–			(0.15	)		8.52		(4.20	)		27,882		0.25			0.94			0.30			0
Year ended 12/31/17		8.69		(0.00	)		0.63			0.63			(0.27	)		–			(0.27	)		9.05		7.24			36,409		0.25			0.88			(0.04	)		6
Year ended 12/31/16		8.25		0.23			0.50			0.73			(0.24	)		(0.05	)		(0.29	)		8.69		8.77			38,580		0.25			0.82			2.67			11
Year ended 12/31/15		9.11		0.17			(0.52	)		(0.35	)		(0.31	)		(0.20	)		(0.51	)		8.25		(3.79	)		38,164		0.25			0.69			1.92			12
Class AX
Six months ended 06/30/20		8.91		0.00			(0.23	)		(0.23	)		–			–			–			8.68		(2.58	)		4,788		0.25	(f)		0.90	(f)		0.04	(f)		5
Year ended 12/31/19		8.52		0.38			0.47			0.85			(0.46	)		–			(0.46	)		8.91		9.99			5,184		0.25			0.88			4.21			10
Year ended 12/31/18		9.05		0.03			(0.41	)		(0.38	)		(0.15	)		–			(0.15	)		8.52		(4.20	)		5,157		0.25			0.94			0.30			0
Year ended 12/31/17		8.69		0.00			0.63			0.63			(0.27	)		–			(0.27	)		9.05		7.24			6,510		0.25			0.88			(0.04	)		6
Year ended 12/31/16		8.25		0.23			0.50			0.73			(0.24	)		(0.05	)		(0.29	)		8.69		8.77			7,220		0.25			0.82			2.67			11
Year ended 12/31/15		9.10		0.17			(0.51	)		(0.34	)		(0.31	)		(0.20	)		(0.51	)		8.25		(3.69	)		7,802		0.25			0.69			1.92			12
Class C
Six months ended 06/30/20		8.76		(0.03	)		(0.23	)		(0.26	)		–			–			–			8.50		(2.97	)		4,170		1.00	(f)		1.65	(f)		(0.71	)(f)		5
Year ended 12/31/19		8.35		0.31			0.46			0.77			(0.36	)		–			(0.36	)		8.76		9.24			4,142		1.00			1.63			3.46			10
Year ended 12/31/18		8.94		(0.04	)		(0.40	)		(0.44	)		(0.15	)		–			(0.15	)		8.35		(4.93	)		5,242		1.00			1.69			(0.45	)		0
Year ended 12/31/17		8.59		(0.07	)		0.61			0.54			(0.19	)		–			(0.19	)		8.94		6.35			7,345		1.00			1.63			(0.79	)		6
Year ended 12/31/16		8.15		0.16			0.50			0.66			(0.17	)		(0.05	)		(0.22	)		8.59		8.01			7,798		1.00			1.57			1.92			11
Year ended 12/31/15		8.98		0.10			(0.50	)		(0.40	)		(0.23	)		(0.20	)		(0.43	)		8.15		(4.37	)		8,032		1.00			1.44			1.17			12
Class CX
Six months ended 06/30/20		8.76		(0.03	)		(0.23	)		(0.26	)		–			–			–			8.50		(2.97	)		110		1.00	(f)		1.65	(f)		(0.71	)(f)		5
Year ended 12/31/19		8.35		0.30			0.47			0.77			(0.36	)		–			(0.36	)		8.76		9.25			386		1.00			1.63			3.46			10
Year ended 12/31/18		8.94		(0.04	)		(0.40	)		(0.44	)		(0.15	)		–			(0.15	)		8.35		(4.93	)		950		1.00			1.69			(0.45	)		0
Year ended 12/31/17		8.58		(0.07	)		0.62			0.55			(0.19	)		–			(0.19	)		8.94		6.48			1,138		1.00			1.63			(0.79	)		6
Year ended 12/31/16		8.15		0.16			0.49			0.65			(0.17	)		(0.05	)		(0.22	)		8.58		7.89			1,466		1.00			1.57			1.92			11
Year ended 12/31/15		8.99		0.10			(0.51	)		(0.41	)		(0.23	)		(0.20	)		(0.43	)		8.15		(4.48	)		2,124		1.00			1.44			1.17			12

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

26                         Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class R
Six months ended 06/30/20		$8.88		$(0.01	)		$(0.23	)		$(0.24	)		$       –			$       –			$       –			$8.64		(2.70	)%		$  4,259		0.50	%(f)		1.15	%(f)		(0.21	)%(f)		5	%
Year ended 12/31/19		8.46		0.36			0.47			0.83			(0.41	)		–			(0.41	)		8.88		9.86			4,312		0.50			1.13			3.96			10
Year ended 12/31/18		9.01		0.00			(0.40	)		(0.40	)		(0.15	)		–			(0.15	)		8.46		(4.44	)		4,607		0.50			1.19			0.05			0
Year ended 12/31/17		8.65		(0.03	)		0.63			0.60			(0.24	)		–			(0.24	)		9.01		6.99			7,006		0.50			1.13			(0.29	)		6
Year ended 12/31/16		8.22		0.20			0.49			0.69			(0.21	)		(0.05	)		(0.26	)		8.65		8.40			7,083		0.50			1.07			2.42			11
Year ended 12/31/15		9.07		0.15			(0.51	)		(0.36	)		(0.29	)		(0.20	)		(0.49	)		8.22		(3.98	)		6,047		0.50			0.94			1.67			12
Class RX
Six months ended 06/30/20		8.88		(0.01	)		(0.23	)		(0.24	)		–			–			–			8.64		(2.70	)		212		0.50	(f)		1.15	(f)		(0.21	)(f)		5
Year ended 12/31/19		8.47		0.35			0.47			0.82			(0.41	)		–			(0.41	)		8.88		9.73			217		0.50			1.13			3.96			10
Year ended 12/31/18		9.01		0.00			(0.39	)		(0.39	)		(0.15	)		–			(0.15	)		8.47		(4.33	)		272		0.50			1.19			0.05			0
Year ended 12/31/17		8.66		(0.03	)		0.62			0.59			(0.24	)		–			(0.24	)		9.01		6.87			423		0.50			1.13			(0.29	)		6
Year ended 12/31/16		8.22		0.21			0.49			0.70			(0.21	)		(0.05	)		(0.26	)		8.66		8.52			419		0.50			1.07			2.42			11
Year ended 12/31/15		9.07		0.15			(0.51	)		(0.36	)		(0.29	)		(0.20	)		(0.49	)		8.22		(3.98	)		545		0.50			0.94			1.67			12
Class Y
Six months ended 06/30/20		8.90		0.01			(0.23	)		(0.22	)		–			–			–			8.68		(2.47	)		3,775		0.00	(f)		0.65	(f)		0.29	(f)		5
Year ended 12/31/19		8.54		0.40			0.47			0.87			(0.51	)		–			(0.51	)		8.90		10.18			1,899		0.00			0.63			4.46			10
Year ended 12/31/18		9.04		0.05			(0.40	)		(0.35	)		(0.15	)		–			(0.15	)		8.54		(3.88	)		1,935		0.00			0.69			0.55			0
Year ended 12/31/17		8.68		0.02			0.63			0.65			(0.29	)		–			(0.29	)		9.04		7.52			1,921		0.00			0.63			0.21			6
Year ended 12/31/16		8.25		0.25			0.49			0.74			(0.26	)		(0.05	)		(0.31	)		8.68		8.92			3,583		0.00			0.57			2.92			11
Year ended 12/31/15		9.10		0.20			(0.51	)		(0.31	)		(0.34	)		(0.20	)		(0.54	)		8.25		(3.40	)		5,502		0.00			0.44			2.17			12
Class R5
Six months ended 06/30/20		8.96		0.01			(0.23	)		(0.22	)		–			–			–			8.74		(2.46	)		12		0.00	(f)		0.56	(f)		0.29	(f)		5
Year ended 12/31/19		8.59		0.39			0.49			0.88			(0.51	)		–			(0.51	)		8.96		10.24			12		0.00			0.54			4.46			10
Year ended 12/31/18		9.09		0.05			(0.40	)		(0.35	)		(0.15	)		–			(0.15	)		8.59		(3.85	)		641		0.00			0.60			0.55			0
Year ended 12/31/17		8.73		0.02			0.63			0.65			(0.29	)		–			(0.29	)		9.09		7.48			728		0.00			0.54			0.21			6
Year ended 12/31/16		8.29		0.24			0.51			0.75			(0.26	)		(0.05	)		(0.31	)		8.73		9.00			1,194		0.00			0.47			2.92			11
Year ended 12/31/15		9.15		0.20			(0.52	)		(0.32	)		(0.34	)		(0.20	)		(0.54	)		8.29		(3.50	)		27,809		0.00			0.34			2.17			12
Class R6
Six months ended 06/30/20		8.96		0.01			(0.23	)		(0.22	)		–			–			–			8.74		(2.46	)		9		0.00	(f)		0.56	(f)		0.29	(f)		5
Year ended 12/31/19		8.59		0.40			0.48			0.88			(0.51	)		–			(0.51	)		8.96		10.23			9		0.00			0.52			4.46			10
Year ended 12/31/18		9.10		0.05			(0.41	)		(0.36	)		(0.15	)		–			(0.15	)		8.59		(3.96	)		77		0.00			0.52			0.55			0
Year ended 12/31/17		8.74		0.02			0.63			0.65			(0.29	)		–			(0.29	)		9.10		7.47			3,014		0.00			0.45			0.21			6
Year ended 12/31/16		8.30		0.26			0.49			0.75			(0.26	)		(0.05	)		(0.31	)		8.74		8.99			1,545		0.00			0.38			2.92			11
Year ended 12/31/15		9.16		0.20			(0.52	)		(0.32	)		(0.34	)		(0.20	)		(0.54	)		8.30		(3.49	)		1,303		0.00			0.24			2.17			12

^(a)  Calculated using average shares outstanding.

^(b) Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.61%. 0.61%, 0.64%, 0.66%, 0.66% and 0.70% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $27,781, $4,871, $4,029, $204, $4,243, $210, $2,062 , $12 and $9 for Class A,Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

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

27                         Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Balanced-Risk Retirement 2030 Fund

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$8.65		$(0.01	)		$(0.39	)		$(0.40	)		$        –			$        –			$        –			$8.25		(4.62	)%		$37,050		0.25	%(f)		0.84	%(f)		(0.24	)%(f)		4	%
Year ended 12/31/19		7.88		0.53			0.65			1.18			(0.41	)		–			(0.41	)		8.65		14.95			38,131		0.25			0.83			6.18			11
Year ended 12/31/18		8.71		(0.02	)		(0.60	)		(0.62	)		(0.21	)		–			(0.21	)		7.88		(7.09	)		31,241		0.25			0.91			(0.24	)		3
Year ended 12/31/17		8.14		(0.02	)		0.85			0.83			(0.26	)		–			(0.26	)		8.71		10.20			41,546		0.25			0.85			(0.25	)		9
Year ended 12/31/16		7.67		0.32			0.61			0.93			(0.40	)		(0.06	)		(0.46	)		8.14		12.09			43,528		0.25			0.81			3.86			11
Year ended 12/31/15		8.79		0.24			(0.69	)		(0.45	)		(0.40	)		(0.27	)		(0.67	)		7.67		(5.03	)		40,600		0.25			0.69			2.74			17
Class AX
Six months ended 06/30/20		8.66		(0.01	)		(0.39	)		(0.40	)		–			–			–			8.26		(4.62	)		3,664		0.25	(f)		0.84	(f)		(0.24	)(f)		4
Year ended 12/31/19		7.89		0.53			0.65			1.18			(0.41	)		–			(0.41	)		8.66		14.93			4,046		0.25			0.83			6.18			11
Year ended 12/31/18		8.72		(0.02	)		(0.60	)		(0.62	)		(0.21	)		–			(0.21	)		7.89		(7.08	)		3,543		0.25			0.91			(0.24	)		3
Year ended 12/31/17		8.14		(0.02	)		0.86			0.84			(0.26	)		–			(0.26	)		8.72		10.33			4,629		0.25			0.85			(0.25	)		9
Year ended 12/31/16		7.69		0.31			0.60			0.91			(0.40	)		(0.06	)		(0.46	)		8.14		11.80			5,545		0.25			0.81			3.86			11
Year ended 12/31/15		8.80		0.24			(0.68	)		(0.44	)		(0.40	)		(0.27	)		(0.67	)		7.69		(4.90	)		5,767		0.25			0.69			2.74			17
Class C
Six months ended 06/30/20		8.49		(0.04	)		(0.38	)		(0.42	)		–			–			–			8.07		(4.95	)		7,547		1.00	(f)		1.59	(f)		(0.99	)(f)		4
Year ended 12/31/19		7.74		0.46			0.63			1.09			(0.34	)		–			(0.34	)		8.49		14.08			8,234		1.00			1.58			5.43			11
Year ended 12/31/18		8.62		(0.08	)		(0.59	)		(0.67	)		(0.21	)		–			(0.21	)		7.74		(7.74	)		9,562		1.00			1.66			(0.99	)		3
Year ended 12/31/17		8.06		(0.08	)		0.83			0.75			(0.19	)		–			(0.19	)		8.62		9.34			11,936		1.00			1.60			(1.00	)		9
Year ended 12/31/16		7.59		0.25			0.61			0.86			(0.33	)		(0.06	)		(0.39	)		8.06		11.33			11,502		1.00			1.56			3.11			11
Year ended 12/31/15		8.69		0.17			(0.67	)		(0.50	)		(0.33	)		(0.27	)		(0.60	)		7.59		(5.66	)		12,119		1.00			1.44			1.99			17
Class CX
Six months ended 06/30/20		8.50		(0.04	)		(0.39	)		(0.43	)		–			–			–			8.07		(5.06	)		49		1.00	(f)		1.59	(f)		(0.99	)(f)		4
Year ended 12/31/19		7.74		0.45			0.65			1.10			(0.34	)		–			(0.34	)		8.50		14.21			112		1.00			1.58			5.43			11
Year ended 12/31/18		8.63		(0.08	)		(0.60	)		(0.68	)		(0.21	)		–			(0.21	)		7.74		(7.85	)		490		1.00			1.66			(0.99	)		3
Year ended 12/31/17		8.06		(0.08	)		0.84			0.76			(0.19	)		–			(0.19	)		8.63		9.47			724		1.00			1.60			(1.00	)		9
Year ended 12/31/16		7.59		0.25			0.61			0.86			(0.33	)		(0.06	)		(0.39	)		8.06		11.33			801		1.00			1.56			3.11			11
Year ended 12/31/15		8.69		0.17			(0.67	)		(0.50	)		(0.33	)		(0.27	)		(0.60	)		7.59		(5.66	)		1,111		1.00			1.44			1.99			17
Class R
Six months ended 06/30/20		8.58		(0.02	)		(0.39	)		(0.41	)		–			–			–			8.17		(4.78	)		6,829		0.50	(f)		1.09	(f)		(0.49	)(f)		4
Year ended 12/31/19		7.82		0.51			0.64			1.15			(0.39	)		–			(0.39	)		8.58		14.66			7,887		0.50			1.08			5.93			11
Year ended 12/31/18		8.67		(0.04	)		(0.60	)		(0.64	)		(0.21	)		–			(0.21	)		7.82		(7.35	)		6,597		0.50			1.16			(0.49	)		3
Year ended 12/31/17		8.10		(0.04	)		0.84			0.80			(0.23	)		–			(0.23	)		8.67		9.97			8,538		0.50			1.10			(0.50	)		9
Year ended 12/31/16		7.63		0.29			0.61			0.90			(0.37	)		(0.06	)		(0.43	)		8.10		11.85			8,693		0.50			1.06			3.61			11
Year ended 12/31/15		8.74		0.22			(0.68	)		(0.46	)		(0.38	)		(0.27	)		(0.65	)		7.63		(5.21	)		9,435		0.50			0.94			2.49			17
Class RX
Six months ended 06/30/20		8.58		(0.02	)		(0.39	)		(0.41	)		–			–			–			8.17		(4.78	)		297		0.50	(f)		1.09	(f)		(0.49	)(f)		4
Year ended 12/31/19		7.82		0.50			0.65			1.15			(0.39	)		–			(0.39	)		8.58		14.66			314		0.50			1.08			5.93			11
Year ended 12/31/18		8.66		(0.04	)		(0.59	)		(0.63	)		(0.21	)		–			(0.21	)		7.82		(7.24	)		371		0.50			1.16			(0.49	)		3
Year ended 12/31/17		8.09		(0.04	)		0.84			0.80			(0.23	)		–			(0.23	)		8.66		9.99			561		0.50			1.10			(0.50	)		9
Year ended 12/31/16		7.63		0.29			0.60			0.89			(0.37	)		(0.06	)		(0.43	)		8.09		11.72			480		0.50			1.06			3.61			11
Year ended 12/31/15		8.73		0.22			(0.67	)		(0.45	)		(0.38	)		(0.27	)		(0.65	)		7.63		(5.09	)		1,162		0.50			0.94			2.49			17
Class Y
Six months ended 06/30/20		8.69		0.00			(0.39	)		(0.39	)		–			–			–			8.30		(4.49	)		1,089		0.00	(f)		0.59	(f)		0.01	(f)		4
Year ended 12/31/19		7.91		0.56			0.65			1.21			(0.43	)		–			(0.43	)		8.69		15.29			1,097		0.00			0.58			6.43			11
Year ended 12/31/18		8.73		0.00			(0.61	)		(0.61	)		(0.21	)		–			(0.21	)		7.91		(6.95	)		782		0.00			0.66			0.01			3
Year ended 12/31/17		8.16		0.00			0.85			0.85			(0.28	)		–			(0.28	)		8.73		10.46			890		0.00			0.60			0.00			9
Year ended 12/31/16		7.69		0.34			0.61			0.95			(0.42	)		(0.06	)		(0.48	)		8.16		12.35			3,374		0.00			0.56			4.11			11
Year ended 12/31/15		8.81		0.26			(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.69		(4.75	)		5,018		0.00			0.44			2.99			17
Class R5
Six months ended 06/30/20		8.72		0.00			(0.39	)		(0.39	)		–			–			–			8.33		(4.47	)		131		0.00	(f)		0.42	(f)		0.01	(f)		4
Year ended 12/31/19		7.94		0.55			0.66			1.21			(0.43	)		–			(0.43	)		8.72		15.24			138		0.00			0.41			6.43			11
Year ended 12/31/18		8.76		0.00			(0.61	)		(0.61	)		(0.21	)		–			(0.21	)		7.94		(6.93	)		765		0.00			0.53			0.01			3
Year ended 12/31/17		8.18		0.00			0.86			0.86			(0.28	)		–			(0.28	)		8.76		10.55			761		0.00			0.49			0.00			9
Year ended 12/31/16		7.71		0.32			0.63			0.95			(0.42	)		(0.06	)		(0.48	)		8.18		12.31			2,953		0.00			0.44			4.11			11
Year ended 12/31/15		8.83		0.26			(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.71		(4.74	)		28,098		0.00			0.32			2.99			17

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

28                         Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

	Net asset value, beginning of period		Net investment income (loss)(a)(b)		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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net  assets(b)			Portfolio turnover (e)
Class R6
Six months ended 06/30/20		$8.72		$0.00		$(0.39	)		$(0.39)			$      –			$       –			$       –			$8.33		(4.47	)%		$      9		0.00	%(f)		0.42	%(f)		0.01	%(f)		4	%
Year ended 12/31/19		7.94		0.56		0.65			1.21			(0.43	)		–			(0.43	)		8.72		15.24			9		0.00			0.41			6.43			11
Year ended 12/31/18		8.75		0.00		(0.60	)		(0.60	)		(0.21	)		–			(0.21	)		7.94		(6.82	)		8		0.00			0.46			0.01			3
Year ended 12/31/17		8.18		0.00		0.85			0.85			(0.28	)		–			(0.28	)		8.75		10.43			3,128		0.00			0.41			0.00			9
Year ended 12/31/16		7.71		0.34		0.61			0.95			(0.42	)		(0.06	)		(0.48	)		8.18		12.31			2,109		0.00			0.35			4.11			11
Year ended 12/31/15		8.83		0.26		(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.71		(4.74	)		1,576		0.00			0.23			2.99			17

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.87%, 0.87%, 0.86%, 0.86%, 0.83% and 0.88% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $35,598, $3,714, $7,504, $73, $7,027, $301, $1,030 , $129 and $8 for Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Balanced-Risk Retirement 2040 Fund

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$7.80		$(0.01	)		$(0.40	)		$(0.41	)		$      –			$      –			$      –			$7.39		(5.26	)%		$24,393		0.25	%(f)		1.02	%(f)		(0.24	)%(f)		3	%
Year ended 12/31/19		7.06		0.52			0.70			1.22			(0.48	)		–			(0.48	)		7.80		17.24			26,036		0.25			1.03			6.69			14
Year ended 12/31/18		7.94		(0.02	)		(0.64	)		(0.66	)		(0.22	)		–			(0.22	)		7.06		(8.27	)		23,297		0.25			1.08			(0.24	)		6
Year ended 12/31/17		7.39		(0.02	)		0.88			0.86			(0.31	)		–			(0.31	)		7.94		11.78			32,004		0.25			1.07			(0.25	)		17
Year ended 12/31/16		6.91		0.38			0.59			0.97			(0.37	)		(0.12	)		(0.49	)		7.39		14.07			30,678		0.25			1.06			5.06			13
Year ended 12/31/15		8.07		0.27			(0.74	)		(0.47	)		(0.45	)		(0.24	)		(0.69	)		6.91		(5.74	)		27,131		0.25			0.85			3.32			28
Class AX
Six months ended 06/30/20		7.79		(0.01	)		(0.40	)		(0.41	)		–			–			–			7.38		(5.26	)		1,880		0.25	(f)		1.02	(f)		(0.24	)(f)		3
Year ended 12/31/19		7.05		0.52			0.70			1.22			(0.48	)		–			(0.48	)		7.79		17.26			2,112		0.25			1.03			6.69			14
Year ended 12/31/18		7.93		(0.02	)		(0.64	)		(0.66	)		(0.22	)		–			(0.22	)		7.05		(8.28	)		1,874		0.25			1.08			(0.24	)		6
Year ended 12/31/17		7.38		(0.02	)		0.89			0.87			(0.32	)		–			(0.32	)		7.93		11.79			2,587		0.25			1.07			(0.25	)		17
Year ended 12/31/16		6.90		0.38			0.59			0.97			(0.37	)		(0.12	)		(0.49	)		7.38		14.09			2,815		0.25			1.06			5.06			13
Year ended 12/31/15		8.06		0.27			(0.74	)		(0.47	)		(0.45	)		(0.24	)		(0.69	)		6.90		(5.76	)		2,851		0.25			0.85			3.32			28
Class C
Six months ended 06/30/20		7.64		(0.04	)		(0.39	)		(0.43	)		–			–			–			7.21		(5.63	)		5,339		1.00	(f)		1.77	(f)		(0.99	)(f)		3
Year ended 12/31/19		6.93		0.45			0.68			1.13			(0.42	)		–			(0.42	)		7.64		16.26			5,869		1.00			1.78			5.94			14
Year ended 12/31/18		7.85		(0.08	)		(0.62	)		(0.70	)		(0.22	)		–			(0.22	)		6.93		(8.87	)		5,920		1.00			1.83			(0.99	)		6
Year ended 12/31/17		7.31		(0.07	)		0.87			0.80			(0.26	)		–			(0.26	)		7.85		10.95			6,369		1.00			1.82			(1.00	)		17
Year ended 12/31/16		6.82		0.32			0.60			0.92			(0.31	)		(0.12	)		(0.43	)		7.31		13.54			5,820		1.00			1.81			4.31			13
Year ended 12/31/15		7.96		0.20			(0.72	)		(0.52	)		(0.38	)		(0.24	)		(0.62	)		6.82		(6.39	)		5,382		1.00			1.60			2.57			28
Class CX
Six months ended 06/30/20		7.62		(0.04	)		(0.38	)		(0.42	)		–			–			–			7.20		(5.51	)		31		1.00	(f)		1.77	(f)		(0.99	)(f)		3
Year ended 12/31/19		6.91		0.45			0.68			1.13			(0.42	)		–			(0.42	)		7.62		16.30			60		1.00			1.78			5.94			14
Year ended 12/31/18		7.84		(0.08	)		(0.63	)		(0.71	)		(0.22	)		–			(0.22	)		6.91		(9.01	)		165		1.00			1.83			(0.99	)		6
Year ended 12/31/17		7.30		(0.08	)		0.88			0.80			(0.26	)		–			(0.26	)		7.84		10.96			213		1.00			1.82			(1.00	)		17
Year ended 12/31/16		6.81		0.32			0.60			0.92			(0.31	)		(0.12	)		(0.43	)		7.30		13.56			291		1.00			1.81			4.31			13
Year ended 12/31/15		7.95		0.20			(0.72	)		(0.52	)		(0.38	)		(0.24	)		(0.62	)		6.81		(6.40	)		308		1.00			1.60			2.57			28

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

29                 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net  assets(b)			Portfolio turnover(e)
Class R
Six months ended 06/30/20		$7.73		$(0.02	)		$(0.39	)		$(0.41	)		$      –			$      –			$      –			$7.32		(5.30	)%		$6,840		0.50	%(f)		1.27	%(f)		(0.49	)%(f)		3	%
Year ended 12/31/19		7.01		0.50			0.68			1.18			(0.46	)		–			(0.46	)		7.73		16.78			7,323		0.50			1.28			6.44			14
Year ended 12/31/18		7.90		(0.04	)		(0.63	)		(0.67	)		(0.22	)		–			(0.22	)		7.01		(8.44	)		6,534		0.50			1.33			(0.49	)		6
Year ended 12/31/17		7.36		(0.04	)		0.88			0.84			(0.30	)		–			(0.30	)		7.90		11.42			7,650		0.50			1.32			(0.50	)		17
Year ended 12/31/16		6.87		0.36			0.60			0.96			(0.35	)		(0.12	)		(0.47	)		7.36		14.00			6,981		0.50			1.31			4.81			13
Year ended 12/31/15		8.02		0.24			(0.72	)		(0.48	)		(0.43	)		(0.24	)		(0.67	)		6.87		(5.93	)		6,869		0.50			1.10			3.07			28
Class RX
Six months ended 06/30/20		7.74		(0.02	)		(0.40	)		(0.42	)		–			–			–			7.32		(5.43	)		67		0.50	(f)		1.27	(f)		(0.49	)(f)		3
Year ended 12/31/19		7.01		0.50			0.69			1.19			(0.46	)		–			(0.46	)		7.74		16.94			113		0.50			1.28			6.44			14
Year ended 12/31/18		7.90		(0.04	)		(0.63	)		(0.67	)		(0.22	)		–			(0.22	)		7.01		(8.44	)		189		0.50			1.33			(0.49	)		6
Year ended 12/31/17		7.35		(0.03	)		0.88			0.85			(0.30	)		–			(0.30	)		7.90		11.57			161		0.50			1.32			(0.50	)		17
Year ended 12/31/16		6.88		0.34			0.60			0.94			(0.35	)		(0.12	)		(0.47	)		7.35		13.68			138		0.50			1.31			4.81			13
Year ended 12/31/15		8.03		0.24			(0.72	)		(0.48	)		(0.43	)		(0.24	)		(0.67	)		6.88		(5.91	)		599		0.50			1.10			3.07			28
Class Y
Six months ended 06/30/20		7.84		0.00			(0.40	)		(0.40	)		–			–			–			7.44		(5.10	)		782		0.00	(f)		0.77	(f)		0.01	(f)		3
Year ended 12/31/19		7.10		0.55			0.69			1.24			(0.50	)		–			(0.50	)		7.84		17.42			878		0.00			0.78			6.94			14
Year ended 12/31/18		7.96		0.00			(0.64	)		(0.64	)		(0.22	)		–			(0.22	)		7.10		(7.99	)		725		0.00			0.83			0.01			6
Year ended 12/31/17		7.41		0.00			0.88			0.88			(0.33	)		–			(0.33	)		7.96		12.02			849		0.00			0.82			0.00			17
Year ended 12/31/16		6.92		0.39			0.61			1.00			(0.39	)		(0.12	)		(0.51	)		7.41		14.47			1,528		0.00			0.81			5.31			13
Year ended 12/31/15		8.09		0.29			(0.75	)		(0.46	)		(0.47	)		(0.24	)		(0.71	)		6.92		(5.58	)		2,921		0.00			0.60			3.57			28
Class R5
Six months ended 06/30/20		7.85		0.00			(0.40	)		(0.40	)		–			–			–			7.45		(5.10	)		29		0.00	(f)		0.61	(f)		0.01	(f)		3
Year ended 12/31/19		7.11		0.54			0.70			1.24			(0.50	)		–			(0.50	)		7.85		17.40			27		0.00			0.62			6.94			14
Year ended 12/31/18		7.98		0.00			(0.65	)		(0.65	)		(0.22	)		–			(0.22	)		7.11		(8.10	)		288		0.00			0.66			0.01			6
Year ended 12/31/17		7.42		0.00			0.89			0.89			(0.33	)		–			(0.33	)		7.98		12.14			412		0.00			0.65			0.00			17
Year ended 12/31/16		6.94		0.37			0.62			0.99			(0.39	)		(0.12	)		(0.51	)		7.42		14.29			739		0.00			0.62			5.31			13
Year ended 12/31/15		8.10		0.29			(0.74	)		(0.45	)		(0.47	)		(0.24	)		(0.71	)		6.94		(5.44	)		23,619		0.00			0.42			3.57			28
Class R6
Six months ended 06/30/20		7.85		0.00			(0.40	)		(0.40	)		–			–			–			7.45		(5.10	)		8		0.00	(f)		0.61	(f)		0.01	(f)		3
Year ended 12/31/19		7.11		0.55			0.69			1.24			(0.50	)		–			(0.50	)		7.85		17.39			9		0.00			0.62			6.94			14
Year ended 12/31/18		7.97		0.00			(0.64	)		(0.64	)		(0.22	)		–			(0.22	)		7.11		(7.99	)		8		0.00			0.59			0.01			6
Year ended 12/31/17		7.42		0.00			0.88			0.88			(0.33	)		–			(0.33	)		7.97		12.00			3,181		0.00			0.56			0.00			17
Year ended 12/31/16		6.93		0.40			0.60			1.00			(0.39	)		(0.12	)		(0.51	)		7.42		14.45			2,152		0.00			0.53			5.31			13
Year ended 12/31/15		8.10		0.29			(0.75	)		(0.46	)		(0.47	)		(0.24	)		(0.71	)		6.93		(5.58	)		1,484		0.00			0.33			3.57			28

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.93%, 0.93%, 0.89%, 0.90%, 0.87% and 0.98% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $24,052, $1,881, $5,362, $42, $6,753, $90, $779 , $26 and $8 for Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

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

30                 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Balanced-Risk Retirement 2050 Fund

	Net asset value, beginning of period		Net investment income (loss)(a)(b)			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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$7.62		$(0.01	)		$(0.42	)		$(0.43	)		$      –			$      –			$      –			$7.19		(5.64	)%		$18,421		0.25	%(f)		1.25	%(f)		(0.23	)%(f)		3	%
Year ended 12/31/19		6.83		0.58			0.75			1.33			(0.54	)		–			(0.54	)		7.62		19.42			19,768		0.25			1.28			7.61			13
Year ended 12/31/18		7.80		(0.02	)		(0.72	)		(0.74	)		(0.12	)		(0.11	)		(0.23	)		6.83		(9.46	)		16,780		0.25			1.42			(0.24	)		10
Year ended 12/31/17		7.19		(0.02	)		0.97			0.95			(0.34	)		–			(0.34	)		7.80		13.30			21,082		0.25			1.43			(0.25	)		18
Year ended 12/31/16		6.70		0.49			0.57			1.06			(0.55	)		(0.02	)		(0.57	)		7.19		16.00			17,740		0.25			1.57			6.72			34
Year ended 12/31/15		7.98		0.31			(0.83	)		(0.52	)		(0.48	)		(0.28	)		(0.76	)		6.70		(6.45	)		13,456		0.25			1.31			3.97			22
Class AX
Six months ended 06/30/20		7.63		(0.01	)		(0.42	)		(0.43	)		–			–			–			7.20		(5.64	)		723		0.25	(f)		1.25	(f)		(0.23	)(f)		3
Year ended 12/31/19		6.84		0.58			0.75			1.33			(0.54	)		–			(0.54	)		7.63		19.39			807		0.25			1.28			7.61			13
Year ended 12/31/18		7.80		(0.02	)		(0.71	)		(0.73	)		(0.12	)		(0.11	)		(0.23	)		6.84		(9.33	)		717		0.25			1.42			(0.24	)		10
Year ended 12/31/17		7.19		(0.01	)		0.96			0.95			(0.34	)		–			(0.34	)		7.80		13.30			1,025		0.25			1.43			(0.25	)		18
Year ended 12/31/16		6.71		0.48			0.57			1.05			(0.55	)		(0.02	)		(0.57	)		7.19		15.82			1,231		0.25			1.57			6.72			34
Year ended 12/31/15		7.99		0.31			(0.83	)		(0.52	)		(0.48	)		(0.28	)		(0.76	)		6.71		(6.44	)		1,037		0.25			1.31			3.97			22
Class C
Six months ended 06/30/20		7.45		(0.03	)		(0.42	)		(0.45	)		–			–			–			7.00		(6.04	)		3,707		1.00	(f)		2.00	(f)		(0.98	)(f)		3
Year ended 12/31/19		6.69		0.51			0.73			1.24			(0.48	)		–			(0.48	)		7.45		18.51			4,133		1.00			2.03			6.86			13
Year ended 12/31/18		7.69		(0.07	)		(0.70	)		(0.77	)		(0.12	)		(0.11	)		(0.23	)		6.69		(9.99	)		4,398		1.00			2.17			(0.99	)		10
Year ended 12/31/17		7.10		(0.07	)		0.94			0.87			(0.28	)		–			(0.28	)		7.69		12.35			5,853		1.00			2.18			(1.00	)		18
Year ended 12/31/16		6.61		0.43			0.58			1.01			(0.50	)		(0.02	)		(0.52	)		7.10		15.38			5,273		1.00			2.32			5.97			34
Year ended 12/31/15		7.87		0.25			(0.81	)		(0.56	)		(0.42	)		(0.28	)		(0.70	)		6.61		(7.11	)		4,283		1.00			2.06			3.22			22
Class CX
Six months ended 06/30/20		7.45		(0.03	)		(0.43	)		(0.46	)		–			–			–			6.99		(6.17	)		116		1.00	(f)		2.00	(f)		(0.98	)(f)		3
Year ended 12/31/19		6.69		0.51			0.73			1.24			(0.48	)		–			(0.48	)		7.45		18.52			128		1.00			2.03			6.86			13
Year ended 12/31/18		7.69		(0.07	)		(0.70	)		(0.77	)		(0.12	)		(0.11	)		(0.23	)		6.69		(9.99	)		129		1.00			2.17			(0.99	)		10
Year ended 12/31/17		7.09		(0.07	)		0.95			0.88			(0.28	)		–			(0.28	)		7.69		12.51			144		1.00			2.18			(1.00	)		18
Year ended 12/31/16		6.61		0.43			0.57			1.00			(0.50	)		(0.02	)		(0.52	)		7.09		15.23			142		1.00			2.32			5.97			34
Year ended 12/31/15		7.87		0.25			(0.81	)		(0.56	)		(0.42	)		(0.28	)		(0.70	)		6.61		(7.10	)		141		1.00			2.06			3.22			22
Class R
Six months ended 06/30/20		7.56		(0.02	)		(0.43	)		(0.45	)		–			–			–			7.11		(5.95	)		3,806		0.50	(f)		1.50	(f)		(0.48	)(f)		3
Year ended 12/31/19		6.78		0.56			0.74			1.30			(0.52	)		–			(0.52	)		7.56		19.14			4,527		0.50			1.53			7.36			13
Year ended 12/31/18		7.75		(0.04	)		(0.70	)		(0.74	)		(0.12	)		(0.11	)		(0.23	)		6.78		(9.52	)		4,240		0.50			1.67			(0.49	)		10
Year ended 12/31/17		7.15		(0.04	)		0.96			0.92			(0.32	)		–			(0.32	)		7.75		12.96			4,227		0.50			1.68			(0.50	)		18
Year ended 12/31/16		6.66		0.47			0.57			1.04			(0.53	)		(0.02	)		(0.55	)		7.15		15.80			3,578		0.50			1.82			6.47			34
Year ended 12/31/15		7.93		0.29			(0.82	)		(0.53	)		(0.46	)		(0.28	)		(0.74	)		6.66		(6.63	)		3,812		0.50			1.56			3.72			22
Class RX
Six months ended 06/30/20		7.56		(0.02	)		(0.42	)		(0.44	)		–			–			–			7.12		(5.82	)		68		0.50	(f)		1.50	(f)		(0.48	)(f)		3
Year ended 12/31/19		6.78		0.56			0.74			1.30			(0.52	)		–			(0.52	)		7.56		19.13			63		0.50			1.53			7.36			13
Year ended 12/31/18		7.76		(0.04	)		(0.71	)		(0.75	)		(0.12	)		(0.11	)		(0.23	)		6.78		(9.64	)		64		0.50			1.67			(0.49	)		10
Year ended 12/31/17		7.16		(0.04	)		0.96			0.92			(0.32	)		–			(0.32	)		7.76		12.94			58		0.50			1.68			(0.50	)		18
Year ended 12/31/16		6.67		0.46			0.58			1.04			(0.53	)		(0.02	)		(0.55	)		7.16		15.79			81		0.50			1.82			6.47			34
Year ended 12/31/15		7.94		0.29			(0.82	)		(0.53	)		(0.46	)		(0.28	)		(0.74	)		6.67		(6.63	)		163		0.50			1.56			3.72			22
Class Y
Six months ended 06/30/20		7.67		0.00			(0.43	)		(0.43	)		–			–			–			7.24		(5.61	)		1,824		0.00	(f)		1.00	(f)		0.02	(f)		3
Year ended 12/31/19		6.87		0.61			0.75			1.36			(0.56	)		–			(0.56	)		7.67		19.73			3,011		0.00			1.03			7.86			13
Year ended 12/31/18		7.82		0.00			(0.72	)		(0.72	)		(0.12	)		(0.11	)		(0.23	)		6.87		(9.18	)		2,542		0.00			1.17			0.01			10
Year ended 12/31/17		7.20		0.00			0.98			0.98			(0.36	)		–			(0.36	)		7.82		13.67			4,251		0.00			1.18			0.00			18
Year ended 12/31/16		6.72		0.51			0.56			1.07			(0.57	)		(0.02	)		(0.59	)		7.20		16.06			3,681		0.00			1.32			6.97			34
Year ended 12/31/15		8.01		0.34			(0.85	)		(0.51	)		(0.50	)		(0.28	)		(0.78	)		6.72		(6.29	)		2,412		0.00			1.06			4.22			22
Class R5
Six months ended 06/30/20		7.68		0.00			(0.44	)		(0.44	)		–			–			–			7.24		(5.73	)		90		0.00	(f)		0.75	(f)		0.02	(f)		3
Year ended 12/31/19		6.88		0.61			0.75			1.36			(0.56	)		–			(0.56	)		7.68		19.72			62		0.00			0.77			7.86			13
Year ended 12/31/18		7.83		0.00			(0.72	)		(0.72	)		(0.12	)		(0.11	)		(0.23	)		6.88		(9.17	)		152		0.00			0.84			0.01			10
Year ended 12/31/17		7.21		0.00			0.98			0.98			(0.36	)		–			(0.36	)		7.83		13.65			114		0.00			0.94			0.00			18
Year ended 12/31/16		6.72		0.48			0.60			1.08			(0.57	)		(0.02	)		(0.59	)		7.21		16.21			693		0.00			1.02			6.97			34
Year ended 12/31/15		8.00		0.34			(0.84	)		(0.50	)		(0.50	)		(0.28	)		(0.78	)		6.72		(6.17	)		8,058		0.00			0.77			4.22			22

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

31                 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

	Net asset value, beginning of period		Net investment income (loss)(a)(b)		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 (c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets(b)			Portfolio turnover (e)
Class R6
Six months ended 06/30/20		$7.69		$0.00		$(0.43	)		$(0.43	)		$      –			$      –			$      –			$7.26		(5.59	)%		$        15		0.00	%(f)		0.75	%(f)		0.02	%(f)		3	%
Year ended 12/31/19		6.89		0.61		0.75			1.36			(0.56	)		–			(0.56	)		7.69		19.68			15		0.00			0.74			7.86			13
Year ended 12/31/18		7.84		0.00		(0.72	)		(0.72	)		(0.12	)		(0.11	)		(0.23	)		6.89		(9.16	)		10		0.00			0.84			0.01			10
Year ended 12/31/17		7.22		0.00		0.98			0.98			(0.36	)		–			(0.36	)		7.84		13.63			1,639		0.00			0.84			0.00			18
Year ended 12/31/16		6.73		0.52		0.56			1.08			(0.57	)		(0.02	)		(0.59	)		7.22		16.18			1,012		0.00			0.95			6.97			34
Year ended 12/31/15		8.01		0.33		(0.83	)		(0.50	)		(0.50	)		(0.28	)		(0.78	)		6.73		(6.16	)		523		0.00			0.69			4.22			22

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.98%, 0.98%, 0.91%, 0.93%, 0.91% and 1.09% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $18,052, $712, $3,722, $116, $4,182, $58, $2,515 , $66 and $14 for Class A,Class AX,Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

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

32                 Invesco Balanced-Risk Retirement Funds

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

AIM Growth Series (Invesco Growth Series) (the “Trust”) is organized as a Delaware statutory trust and is 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. The Funds covered in this report, each a series portfolio of the Trust, are Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The investment objectives of the Funds are: to provide real return and, as a secondary objective, capital preservation for Invesco Balanced-Risk Retirement Now Fund; and to provide total return with a low to moderate correlation to traditional financial market indices and, as a secondary objective, capital preservation for Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund.

Each Fund is a “fund of funds,” in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”). The Adviser may change each Fund’s asset class allocations, the underlying funds or the target weightings in an underlying fund without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Each Fund currently consists of nine different classes of shares: Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6. Class AX, Class CX and Class RX shares are closed to new investors. Class Y shares are available only to certain investors. Class A shares and Class AX 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 and Class CX shares are sold with a CDSC. Class R, Class RX, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C and Class CX shares held for ten years after purchase are eligible for automatic conversion into Class A and Class AX shares of the same Fund, respectively (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 or Class CX shares.

Each 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 Funds in the preparation of their financial statements.

A. Security Valuations – Securities of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

33                 Invesco Balanced-Risk Retirement Funds

the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

The Funds 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 of each Fund’s investments.

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

C. Distributions – Invesco Balanced-Risk Retirement Now Fund generally declares and pays dividends from net investment income, if any, quarterly. Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund generally declare and pay dividends from net investment income, if any, annually. Distributions from net realized capital gains, if any, are generally paid annually and recorded on the ex-dividend date. The Funds may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

D. Federal Income Taxes – The Funds intend 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 Funds’ taxable earnings to shareholders. As such, the Funds 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 Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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.

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

E. Expenses - Expenses included in the accompanying financial statements reflect the expenses of the Funds and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class 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.

F. 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, each Fund

34                 Invesco Balanced-Risk Retirement Funds

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.

G. 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 Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Other Risks – The Funds and certain of the underlying funds are non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Funds’ shares may vary more widely and the Funds may be subject to greater market and credit risk than if the Funds invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Funds do not pay an advisory fee. However, each Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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, for Invesco Balanced-Risk Retirement Now Fund, a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

Invesco has contractually agreed, through at least April 30, 2021, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):

	Class A/AX	Class C/CX	Class R/RX	Class Y	Class R5	Class R6
Invesco Balanced-Risk Retirement Now Fund	0.25%	1.00%	0.50%	0.00%	0.00%	0.00%
Invesco Balanced-Risk Retirement 2020 Fund	0.25%	1.00%	0.50%	0.00%	0.00%	0.00%
Invesco Balanced-Risk Retirement 2030 Fund	0.25%	1.00%	0.50%	0.00%	0.00%	0.00%
Invesco Balanced-Risk Retirement 2040 Fund	0.25%	1.00%	0.50%	0.00%	0.00%	0.00%
Invesco Balanced-Risk Retirement 2050 Fund	0.25%	1.00%	0.50%	0.00%	0.00%	0.00%

In determining Invesco’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after 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 Funds have incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues each Fund’s 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 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.

For the six months ended June 30, 2020, Invesco reimbursed the following expenses:

	Fund Level		Class A		Class AX		Class C		Class CX		Class R		Class RX		Class Y		Class R5		Class R6
Invesco Balanced-Risk Retirement Now Fund		$  94,162		$  8,250		$5,334		$1,858		$104		$1,191		$  66		$   238		$  5		$4
Invesco Balanced-Risk Retirement 2020 Fund		98,105		26,539		4,653		3,849		195		4,053		201		1,970		6		4
Invesco Balanced-Risk Retirement 2030 Fund		104,450		37,392		3,902		7,883		77		7,380		316		1,082		29		2
Invesco Balanced-Risk Retirement 2040 Fund		99,294		31,369		2,454		6,993		55		8,807		117		1,017		13		4
Invesco Balanced-Risk Retirement 2050 Fund		95,402		31,228		1,231		6,438		201		7,234		100		4,352		33		7

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as custodian and fund accountant and provides certain administrative services to the Funds.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statements 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 AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares of each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class AX, Class C, Class CX, Class R and Class RX shares (collectively, the “Plans”). Each Fund, pursuant

35                         Invesco Balanced-Risk Retirement Funds

to the Plans, pays IDI compensation at the annual rate of 0.25% of the 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. Also, each Fund, pursuant to the Plans, reimburses IDI up to a maximum annual rate of 0.25% of each Fund’s average daily net assets of Class AX shares, 1.00% of the average daily net assets of each Fund’s Class CX shares and 0.50% of each Fund’s average daily net assets of Class RX 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 each Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Funds. Front-end sales commissions are deducted from proceeds from the sales of each Fund’s shares prior to investment in Class A and Class AX shares of the Funds. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Funds that IDI retained the following in front-end sales commissions from the sale of Class A and Class AX shares and received the following in CDSC imposed on redemptions by shareholders:

	Front End Sales Charges			Contingent Deferred Sales Charges
		Class A	Class AX		Class A	Class AX	Class C	Class CX
Invesco Balanced-Risk Retirement Now Fund		$1,242	$  38		$0	$0	$    0	$0
Invesco Balanced-Risk Retirement 2020 Fund		4,003	230		0	0	0	0
Invesco Balanced-Risk Retirement 2030 Fund		8,974	118		0	0	336	0
Invesco Balanced-Risk Retirement 2040 Fund		8,085	59		0	0	113	0
Invesco Balanced-Risk Retirement 2050 Fund		7,936	46		0	0	29	0

The underlying Invesco Funds pay no distribution fees for Class R6 shares or shares of Invesco Balanced-Risk Aggressive Allocation Fund, and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangements are comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Funds received credits from these arrangements, which resulted in the reduction of the Funds’ total expenses of:

	Transfer Agent Credits
Invesco Balanced-Risk Retirement Now Fund		$    0
Invesco Balanced-Risk Retirement 2020 Fund		197
Invesco Balanced-Risk Retirement 2030 Fund		370
Invesco Balanced-Risk Retirement 2040 Fund		366
Invesco Balanced-Risk Retirement 2050 Fund		392

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

36                 Invesco Balanced-Risk Retirement Funds

each 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 Funds 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 each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. 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 Funds below had a capital loss carryforward as of December 31, 2019, as follows:

	Short-Term		Long-Term
Fund	Not subject to Expiration		Not subject to Expiration		Total
Invesco Balanced-Risk Retirement Now Fund	$	–		$               –	$	–
Invesco Balanced-Risk Retirement 2020 Fund		–		704,915		704,915
Invesco Balanced-Risk Retirement 2030 Fund		28,033		1,175,876		1,203,909
Invesco Balanced-Risk Retirement 2040 Fund		–		1,524,600		1,524,600
Invesco Balanced-Risk Retirement 2050 Fund		–		467,994		467,994

NOTE 8–Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

					At June 30, 2020
	For the six months ended June 30, 2020*				Federal Tax Cost**		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales
Invesco Balanced-Risk Retirement Now Fund	$	897,784	$	743,752		$17,885,192	$	(511,266	)	$	(511,266	)
Invesco Balanced-Risk Retirement 2020 Fund		1,961,297		1,200,430		46,830,067		(1,626,678	)		(1,626,678	)
Invesco Balanced-Risk Retirement 2030 Fund		1,961,769		2,685,611		62,034,368		(5,341,320	)		(5,341,320	)
Invesco Balanced-Risk Retirement 2040 Fund		1,255,374		1,994,776		48,007,353		(8,625,954	)		(8,625,954	)
Invesco Balanced-Risk Retirement 2050 Fund		771,301		2,504,953		34,368,943		(5,575,618	)		(5,575,618	)

* Excludes U.S. Treasury obligations and money market funds, if any.

** 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.

37                 Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information

Invesco Balanced-Risk Retirement Now Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		238,098		$	1,852,595			114,545		$	963,865
Class AX		909			7,161			3,349			28,099
Class C		14,912			111,438			23,586			189,473
Class CX		24			181			63			497
Class R		19,142			149,537			76,692			623,377
Class RX		176			1,379			1,148			9,347
Class Y		10,776			88,479			5,152			43,692
Class R5		-			-			128			1,134
Issued as reinvestment of dividends:
Class A		-			-			51,848			425,152
Class AX		-			-			39,226			321,257
Class C		-			-			12,459			97,433
Class CX		-			-			1,547			12,081
Class R		-			-			6,510			52,539
Class RX		-			-			412			3,325
Class Y		-			-			1,473			12,273
Class R5		-			-			8			62
Automatic conversion of Class C shares to Class A shares:
Class A		18,435			144,000			38,041			311,854
Class AX		12,167			98,462			50,044			413,340
Class C		(19,393	)		(144,000	)		(39,769	)		(311,854	)
Class CX		(12,763	)		(98,462	)		(52,301	)		(413,340	)
Reacquired:
Class A		(156,626	)		(1,245,338	)		(215,514	)		(1,797,243	)
Class AX		(112,294	)		(889,483	)		(124,800	)		(1,045,483	)
Class C		(40,886	)		(295,589	)		(31,159	)		(248,489	)
Class CX		(9,427	)		(69,977	)		(12,532	)		(101,168	)
Class R		(39,406	)		(313,834	)		(86,492	)		(717,728	)
Class RX		(493	)		(3,813	)		(2,872	)		(23,218	)
Class Y		(7,318	)		(59,266	)		(4,033	)		(35,154	)
Class R5		-			-			(11,566	)		(93,652	)
Net increase (decrease) in share activity		(83,967	)	$	(666,530	)		(154,807	)	$	(1,278,529	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% 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.

38                         Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2020 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		316,152		$	2,682,129			536,566		$	4,850,297
Class AX		6,080			52,181			6,189			55,882
Class C		55,979			468,047			101,556			899,618
Class CX		1,165			9,600			1,793			15,851
Class R		112,076			945,165			142,713			1,288,612
Class RX		644			5,522			2,375			21,043
Class Y		257,874			2,214,857			90,460			827,448
Class R6		-			-			315			2,874
Issued as reinvestment of dividends:
Class A		-			-			158,164			1,409,238
Class AX		-			-			28,353			252,630
Class C		-			-			17,732			155,512
Class CX		-			-			1,847			16,176
Class R		-			-			22,646			201,097
Class RX		-			-			1,041			9,243
Class Y		-			-			11,296			100,645
Automatic conversion of Class C shares to Class A shares:
Class A		8,349			71,806			104,478			922,834
Class AX		22,016			191,467			55,967			504,015
Class C		(8,505	)		(71,806	)		(106,698	)		(922,834	)
Class CX		(22,431	)		(191,467	)		(57,235	)		(504,015	)
Reacquired:
Class A		(448,171	)		(3,824,308	)		(753,683	)		(6,806,313	)
Class AX		(58,333	)		(496,833	)		(114,110	)		(1,015,674	)
Class C		(29,984	)		(249,956	)		(167,193	)		(1,470,643	)
Class CX		(9,878	)		(83,163	)		(16,096	)		(143,088	)
Class R		(104,704	)		(876,415	)		(223,801	)		(2,013,348	)
Class RX		(517	)		(4,402	)		(11,052	)		(97,045	)
Class Y		(36,432	)		(303,252	)		(115,192	)		(1,054,539	)
Class R5		-			-			(73,278	)		(635,648	)
Class R6		-			-			(8,228	)		(76,100	)
Net increase (decrease) in share activity		61,380		$	539,172			(363,075	)	$	(3,206,232	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% 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.

39                         Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2030 Fund

	Summary of Share Activity
	Six months ended June 30, 2020						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		550,380		$	4,459,057			1,055,524		$	9,088,834
Class AX		13,660			108,392			10,003			86,267
Class C		100,425			805,324			167,067			1,405,651
Class R		103,802			841,595			383,611			3,307,196
Class RX		2,438			19,552			38,879			327,725
Class Y		29,762			247,579			39,557			338,504
Class R5		-			-			19			151
Issued as reinvestment of dividends:
Class A		-			-			189,958			1,645,036
Class AX		-			-			19,971			173,147
Class C		-			-			36,703			311,974
Class CX		-			-			711			6,047
Class R		-			-			38,965			334,710
Class RX		-			-			1,486			12,768
Class Y		-			-			5,473			47,617
Class R5		-			-			677			5,909
Automatic conversion of Class C shares to Class A shares:
Class A		23,309			193,455			149,412			1,234,282
Class AX		6,858			55,457			42,200			361,551
Class C		(23,791	)		(193,455	)		(152,330	)		(1,234,282	)
Class CX		(6,999	)		(55,457	)		(43,118	)		(361,551	)
Reacquired:
Class A		(490,417	)		(4,024,424	)		(952,364	)		(8,228,068	)
Class AX		(43,936	)		(348,184	)		(54,183	)		(456,525	)
Class C		(111,419	)		(897,207	)		(317,213	)		(2,631,848	)
Class CX		(21	)		(176	)		(7,724	)		(65,857	)
Class R		(187,410	)		(1,493,301	)		(347,177	)		(2,976,551	)
Class RX		(2,672	)		(21,805	)		(51,197	)		(438,880	)
Class Y		(24,713	)		(193,028	)		(17,690	)		(151,978	)
Class R5		-			-			(81,155	)		(654,921	)
Net increase (decrease) in share activity		(60,744	)	$	(496,626	)		156,065		$	1,486,908

40                         Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2040 Fund

	Summary of Share Activity
	Six months ended June 30, 2020						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		322,761		$	2,319,834			597,306		$	4,645,035
Class AX		2,442			17,794			5,145			39,634
Class C		74,346			522,316			148,778			1,133,824
Class CX		268			1,860			157			1,200
Class R		102,596			728,753			193,131			1,499,228
Class RX		1,661			11,959			4,145			31,882
Class Y		12,114			89,536			10,369			81,650
Class R5		492			3,536			1,288			10,015
Issued as reinvestment of dividends:
Class A		-			-			190,107			1,484,733
Class AX		-			-			15,469			120,661
Class C		-			-			39,839			304,765
Class CX		-			-			422			3,221
Class R		-			-			53,163			412,015
Class RX		-			-			743			5,757
Class Y		-			-			6,592			51,746
Class R5		-			-			114			898
Automatic conversion of Class C shares to Class A shares:
Class A		6,546			46,851			36,144			271,110
Class AX		3,135			21,945			16,261			128,203
Class C		(6,694	)		(46,851	)		(36,934	)		(271,110	)
Class CX		(3,209	)		(21,945	)		(16,665	)		(128,203	)
Reacquired:
Class A		(365,733	)		(2,667,467	)		(784,041	)		(6,114,661	)
Class AX		(22,014	)		(160,068	)		(31,424	)		(238,255	)
Class C		(95,105	)		(673,349	)		(238,131	)		(1,801,304	)
Class CX		(629	)		(4,815	)		(30	)		(216	)
Class R		(114,571	)		(826,850	)		(232,002	)		(1,802,436	)
Class RX		(7,098	)		(52,393	)		(17,297	)		(128,035	)
Class Y		(18,898	)		(139,664	)		(7,162	)		(56,539	)
Class R5		(7	)		(52	)		(38,551	)		(278,921	)
Net increase (decrease) in share activity		(107,597	)	$	(829,070	)		(83,064	)	$	(594,103	)

41                         Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2050 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		265,496		$	1,865,761			597,910		$	4,544,589
Class AX		1,695			11,891			7,318			54,482
Class C		73,428			503,165			126,221			935,979
Class CX		413			2,792			733			5,485
Class R		81,869			565,505			172,363			1,302,768
Class RX		5,201			34,469			2,696			20,436
Class Y		30,127			205,344			86,135			666,814
Class R5		4,275			29,033			3,371			25,845
Class R6		103			785			462			3,459
Issued as reinvestment of dividends:
Class A		-			-			166,121			1,269,162
Class AX		-			-			6,877			52,606
Class C		-			-			33,255			248,417
Class CX		-			-			1,068			7,966
Class R		-			-			39,043			295,552
Class RX		-			-			397			3,012
Class Y		-			-			26,207			201,531
Class R5		-			-			457			3,516
Class R6		-			-			57			442
Automatic conversion of Class C shares to Class A shares:
Class A		6,995			49,486			58,323			421,863
Class AX		929			6,517			3,682			27,516
Class C		(7,171	)		(49,486	)		(59,624	)		(421,863	)
Class CX		(955	)		(6,517	)		(3,774	)		(27,516	)
Reacquired:
Class A		(302,394	)		(2,085,611	)		(685,121	)		(5,116,032	)
Class AX		(7,921	)		(57,157	)		(16,907	)		(130,768	)
Class C		(91,205	)		(633,337	)		(202,576	)		(1,486,402	)
Class CX		(69	)		(396	)		(11	)		(73	)
Class R		(145,966	)		(1,012,967	)		(237,795	)		(1,798,816	)
Class RX		(4,036	)		(23,365	)		(4,077	)		(29,595	)
Class Y		(170,605	)		(1,159,857	)		(89,820	)		(689,047	)
Class R5		(29	)		(203	)		(17,766	)		(124,740	)
Class R6		(12	)		(88	)		(52	)		(396	)
Net increase (decrease) in share activity		(259,832	)	$	(1,754,236	)		15,173		$	266,192

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% 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.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

42                         Invesco Balanced-Risk Retirement Funds

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 distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the underlying funds in which the Funds invest. The amount of fees and expenses incurred indirectly by the Funds will vary because the underlying funds have varied expenses and fee levels and the Funds may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Funds. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Funds invest in. The effect of the estimated underlying fund expenses that the Funds bear indirectly are included in each Fund’s total return.

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 each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Funds. If transaction costs and indirect expenses were included, your costs would have been higher.

Invesco Balanced-Risk Retirement Now Fund

	Beginning Account Value (01/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/20)1		Expenses Paid During Period2		Ending Account Value (06/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$974.40		$1.23		$1,023.62		$1.26		0.25%
Class AX		1,000.00		975.50		1.23		1,023.62		1.26		0.25
Class C		1,000.00		971.80		4.90		1,019.89		5.02		1.00
Class CX		1,000.00		971.80		4.90		1,019.89		5.02		1.00
Class R		1,000.00		974.00		2.45		1,022.38		2.51		0.50
Class RX		1,000.00		973.90		2.45		1,022.38		2.51		0.50
Class Y		1,000.00		976.00		0.00		1,024.86		0.00		0.00
Class R5		1,000.00		977.20		0.00		1,024.86		0.00		0.00
Class R6		1,000.00		977.20		0.00		1,024.86		0.00		0.00

¹ The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

43                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2020 Fund

	Beginning Account  Value (01/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/20)1		Expenses Paid During Period2		Ending Account Value (06/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$974.20		$1.23		$1,023.62		$1.26		0.25%
Class AX		1,000.00		974.20		1.23		1,023.62		1.26		0.25
Class C		1,000.00		970.30		4.90		1,019.89		5.02		1.00
Class CX		1,000.00		970.30		4.90		1,019.89		5.02		1.00
Class R		1,000.00		973.00		2.45		1,022.38		2.51		0.50
Class RX		1,000.00		973.00		2.45		1,022.38		2.51		0.50
Class Y		1,000.00		975.30		0.00		1,024.86		0.00		0.00
Class R5		1,000.00		975.40		0.00		1,024.86		0.00		0.00
Class R6		1,000.00		975.40		0.00		1,024.86		0.00		0.00

¹ The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

Invesco Balanced-Risk Retirement 2030 Fund

	Beginning Account Value (01/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/20)1		Expenses Paid During Period2		Ending Account Value (06/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$953.80		$1.21		$1,023.62		$1.26		0.25%
Class AX		1,000.00		953.80		1.21		1,023.62		1.26		0.25
Class C		1,000.00		950.50		4.85		1,019.89		5.02		1.00
Class CX		1,000.00		949.40		4.85		1,019.89		5.02		1.00
Class R		1,000.00		952.20		2.43		1,022.38		2.51		0.50
Class RX		1,000.00		952.20		2.43		1,022.38		2.51		0.50
Class Y		1,000.00		955.10		0.00		1,024.86		0.00		0.00
Class R5		1,000.00		955.30		0.00		1,024.86		0.00		0.00
Class R6		1,000.00		955.30		0.00		1,024.86		0.00		0.00

¹ The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

44                 Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2040 Fund

	Beginning Account  Value (01/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/20)1		Expenses Paid During Period2		Ending Account Value (06/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$947.40		$1.21		$1,023.62		$1.26		0.25%
Class AX		1,000.00		947.40		1.21		1,023.62		1.26		0.25
Class C		1,000.00		943.70		4.83		1,019.89		5.02		1.00
Class CX		1,000.00		944.90		4.84		1,019.89		5.02		1.00
Class R		1,000.00		947.00		2.42		1,022.38		2.51		0.50
Class RX		1,000.00		945.70		2.42		1,022.38		2.51		0.50
Class Y		1,000.00		949.00		0.00		1,024.86		0.00		0.00
Class R5		1,000.00		949.00		0.00		1,024.86		0.00		0.00
Class R6		1,000.00		949.00		0.00		1,024.86		0.00		0.00

¹ The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

Invesco Balanced-Risk Retirement 2050 Fund

	Beginning Account  Value (01/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (06/30/20)1		Expenses Paid During Period2		Ending Account Value (06/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$943.60		$1.21		$1,023.62		$1.26		0.25%
Class AX		1,000.00		943.60		1.21		1,023.62		1.26		0.25
Class C		1,000.00		939.60		4.82		1,019.89		5.02		1.00
Class CX		1,000.00		938.30		4.82		1,019.89		5.02		1.00
Class R		1,000.00		940.50		2.41		1,022.38		2.51		0.50
Class RX		1,000.00		941.80		2.41		1,022.38		2.51		0.50
Class Y		1,000.00		943.90		0.00		1,024.86		0.00		0.00
Class R5		1,000.00		942.70		0.00		1,024.86		0.00		0.00
Class R6		1,000.00		944.10		0.00		1,024.86		0.00		0.00

¹ The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

45                         Invesco Balanced-Risk Retirement Funds

Approval of Investment Advisory and Sub-Advisory Contracts

(Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund)

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of AIM Growth Series listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and with respect to Invesco Balanced-Risk Retirement Now Fund only, a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an

independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation,

portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.

46                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement Now Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Retirement Now Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that many of the peer funds follow a more traditional asset allocation glide path than that of the Fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, and specifically its low equity concentration and high commodity concentration relative to peers, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Balanced-Risk Retirement 2020 Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Retirement 2020 Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that many of the peer funds follow a more traditional asset allocation glide path than that of the Fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, and

specifically its low equity concentration and high commodity concentration relative to peers, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Balanced-Risk Retirement 2030 Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Retirement 2030 Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that many of the peer funds follow a more traditional asset allocation glide path than that of the Fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, and specifically its low equity concentration and high commodity concentration relative to peers, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Balanced-Risk Retirement 2040 Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Retirement 2040 Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year

periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that many of the peer funds follow a more traditional asset allocation glide path than that of the Fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, and specifically its low equity concentration and high commodity concentration relative to peers, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Balanced-Risk Retirement 2050 Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Retirement 2050 Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that many of the peer funds follow a more traditional asset allocation glide path than that of the Fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, and specifically its low equity concentration and high commodity concentration relative to peers, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

47                         Invesco Balanced-Risk Retirement Funds

C. Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Balanced-Risk Retirement Now Fund

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

Invesco Balanced-Risk Retirement 2020 Fund

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by

Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

Invesco Balanced-Risk Retirement 2030 Fund

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expenses plus indirect expenses were in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses and in particular the impact of the indirect expenses associated with the Fund’s underlying investments on the Fund’s expense group ranking.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in

the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

Invesco Balanced-Risk Retirement 2040 Fund

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expenses plus indirect expenses were in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses and in particular the impact of the indirect expenses associated with the Fund’s underlying investments on the Fund’s expense group ranking.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the

48                         Invesco Balanced-Risk Retirement Funds

Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

Invesco Balanced-Risk Retirement 2050 Fund

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expenses plus indirect expenses were in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses and in particular the impact of the indirect expenses associated with the Fund’s underlying investments on the Fund’s expense group ranking.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge each Fund any advisory fees pursuant to each Fund’s investment advisory agreement, although the underlying funds in which each Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that each Fund shares directly in

economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing a Fund because each Fund is a fund of funds and no advisory fee is charged to such Fund, although each Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered that the underlying holdings of each Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by

Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with each Fund.

49                         Invesco Balanced-Risk Retirement Funds

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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.

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. IBRR-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Convertible Securities Fund
	Nasdaq:
	A: CNSAX  ∎  C: CNSCX  ∎  Y: CNSDX  ∎  R5: CNSIX  ∎  R6: CNSFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.      We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges

for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Convertible Securities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	9.67	%
Class C Shares	9.24
Class Y Shares	9.80
Class R5 Shares	9.78
Class R6 Shares	9.87
ICE BofAML U.S. Convertible Index▼ (Broad Market/Style-Specific Index)	7.25
Lipper Convertible Securities Funds Index∎ (Peer Group Index)	10.17
Source(s): ▼RIMES Technologies Corp. ∎Lipper Inc.
The ICE BofAML U.S. Convertible Index tracks the performance of US-dollar-denominated convertible securities that are not currently in bankruptcy and have total market values of more than $50 million at issuance.     The Lipper Convertible Securities Funds Index is an unmanaged index considered representative of convertible securities funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Convertible Securities Fund

Average Annual Total Returns
As of 6/30/20, including maximum  applicable sales charges
Class A Shares
Inception (7/28/97)	6.83	%
10 Years	8.60
5 Years	6.40
1 Year	8.37
Class C Shares
Inception (7/28/97)	6.74	%
10 Years	8.44
5 Years	6.79
1 Year	12.84
Class Y Shares
Inception (7/28/97)	7.35	%
10 Years	9.48
5 Years	7.87
1 Year	14.94
Class R5 Shares
10 Years	9.51	%
5 Years	7.89
1 Year	14.96
Class R6 Shares
10 Years	9.51	%
5 Years	7.99
1 Year	15.08

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Morgan Stanley Convertible Securities Trust, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Convertible Securities Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                      Invesco Convertible Securities Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                      Invesco Convertible Securities Fund

Schedule of Investments^(a)

June 30, 2020

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–78.50%
Airlines–1.45%
Southwest Airlines Co., Conv., 1.25%, 05/01/2025	$	13,713,000	$	16,538,303
Alternative Carriers–1.78%
GCI Liberty, Inc., Conv., 1.75%, 10/05/2023(b)(c)		14,487,000		20,324,924
Apparel Retail–1.19%
American Eagle Outfitters, Inc., Conv., 3.75%, 04/15/2025(b)		2,700,000		3,853,341
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025(b)		8,579,000		9,792,500
				13,645,841
Apparel, Accessories & Luxury Goods–0.18%
Under Armour, Inc., Conv., 1.50%, 06/01/2024(b)		1,800,000		2,045,898
Application Software–15.67%
Alteryx, Inc., Conv., 1.00%, 08/01/2026(b)		4,260,000		4,878,412
Atlassian, Inc., Conv., 0.63%, 05/01/2023		9,100,000		20,268,779
Coupa Software, Inc., Conv.,
0.13%, 06/15/2025		5,550,000		10,116,520
0.38%, 06/15/2026(b)		4,030,000		4,673,835
Datadog, Inc., Conv., 0.13%, 06/15/2025(b)		6,279,000		7,444,088
DocuSign, Inc., Conv., 0.50%, 09/15/2023		8,450,000		20,582,550
Envestnet, Inc., Conv., 1.75%, 06/01/2023		3,655,000		4,514,361
Five9, Inc., Conv., 0.50%, 06/01/2025(b)		5,507,000		5,923,467
HubSpot, Inc., Conv., 0.38%, 06/01/2025(b)		4,877,000		5,230,583
j2 Global, Inc., Conv., 1.75%, 11/01/2026(b)		6,400,000		5,414,349
NICE Systems, Inc. (Israel), Conv., 1.25%, 01/15/2024		3,750,000		8,586,349
PagerDuty, Inc., Conv., 1.25%, 07/01/2025(b)		4,464,000		4,430,520
Pluralsight, Inc., Conv., 0.38%, 03/01/2024		9,096,000		8,075,746
Q2 Holdings, Inc., Conv., 0.75%, 06/01/2026		7,200,000		8,211,791
RealPage, Inc., Conv.,
1.50%, 11/15/2022		1,484,000		2,394,714
1.50%, 05/15/2025		7,232,000		7,812,165
RingCentral, Inc., Conv., 0.00%, 03/01/2025(b)(d)		9,900,000		10,649,340
Splunk, Inc., Conv.,
0.50%, 09/15/2023		9,400,000		13,571,020
1.13%, 06/15/2027(b)		2,193,000		2,347,288

	Principal Amount		Value
Application Software–(continued)
Workday, Inc., Conv., 0.25%, 10/01/2022	$	8,500,000	$	11,725,633
Zendesk, Inc., Conv.,
0.25%, 03/15/2023		4,500,000		6,723,512
0.63%, 06/15/2025(b)		5,300,000		5,680,135
				179,255,157
Automobile Manufacturers–2.83%
Tesla, Inc., Conv., 2.38%, 03/15/2022		7,605,000		25,215,896
Winnebago Industries, Inc., Conv., 1.50%, 04/01/2025(b)		5,850,000		7,195,500
				32,411,396
Biotechnology–5.98%
BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027(b)		12,825,000		14,989,502
Coherus Biosciences, Inc., Conv., 1.50%, 04/15/2026(b)		2,800,000		3,134,882
Exact Sciences Corp., Conv., 0.38%, 03/15/2027		10,100,000		10,513,614
Halozyme Therapeutics, Inc., Conv., 1.25%, 12/01/2024(b)		5,700,000		7,235,580
Insmed, Inc., Conv., 1.75%, 01/15/2025		6,000,000		5,861,250
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		11,000,000		18,399,997
Sarepta Therapeutics, Inc., Conv., 1.50%, 11/15/2024		3,600,000		8,271,000
				68,405,825
Broadcasting–0.47%
Liberty Media Corp., Conv., 2.25%, 12/01/2021(b)(c)		5,275,000		5,389,117
Cable & Satellite–0.80%
DISH Network Corp., Conv., 3.38%, 08/15/2026		9,900,000		9,119,035
Casinos & Gaming–0.35%
Penn National Gaming, Inc., Conv., 2.75%, 05/15/2026		2,675,000		4,020,211
Communications Equipment–1.45%
Lumentum Holdings, Inc., Conv., 0.50%, 12/15/2026(b)		8,550,000		9,020,250
Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		6,723,000		7,523,018
				16,543,268
Data Processing & Outsourced Services–1.54%
Square, Inc., Conv., 0.50%, 05/15/2023		11,859,000		17,667,622
Diversified Banks–0.25%
JPMorgan Chase Bank N.A., Conv., 0.13%, 01/01/2023(b)		2,700,000		2,862,000

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

6                      Invesco Convertible Securities Fund

	Principal Amount		Value
Education Services–1.05%
Chegg, Inc., Conv., 0.13%, 03/15/2025	$	8,450,000	$	11,991,817
Electric Utilities–1.85%
American Electric Power Co., Inc., Conv. Investment Units, 6.13%, 03/15/2022		227,488		11,012,694
Southern Co. (The), Conv. Investment Units, 6.75%, 08/01/2022		230,473		10,154,640
				21,167,334
Electronic Components–0.52%
II–VI, Inc., Conv., 0.25%, 09/01/2022		5,000,000		5,939,189
Health Care Equipment–3.51%
CONMED Corp., Conv., 2.63%, 02/01/2024		4,242,000		4,460,808
DexCom, Inc., Conv.,
0.75%, 12/01/2023		3,600,000		8,939,452
0.25%, 11/15/2025(b)		6,930,000		7,129,163
Envista Holdings Corp., Conv., 2.38%, 06/01/2025(b)		5,000,000		6,098,484
Insulet Corp., Conv., 0.38%, 09/01/2026(b)		12,300,000		13,492,281
				40,120,188
Health Care Technology–1.16%
Livongo Health, Inc., Conv., 0.88%, 06/01/2025(b)		2,700,000		3,225,620
Tabula Rasa HealthCare, Inc., Conv., 1.75%, 02/15/2026(b)		2,640,000		2,714,877
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027(b)		6,650,000		7,380,578
				13,321,075
Homefurnishing Retail–0.66%
RH, Conv., 0.00%, 06/15/2023(d)		5,350,000		7,498,341
Hotels, Resorts & Cruise Lines–1.08%
Carnival Corp., Conv., 5.75%, 04/01/2023(b)		2,028,000		3,272,548
NCL Corp. Ltd., Conv., 6.00%, 05/15/2024(b)		2,582,000		3,450,528
Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023(b)		5,971,000		5,582,885
				12,305,961
Interactive Home Entertainment–1.78%
Sea Ltd. (Taiwan), Conv.,
1.00%, 12/01/2024(b)		3,725,000		8,038,091
2.38%, 12/01/2025(b)		4,005,000		5,568,737
Zynga, Inc., Conv., 0.25%, 06/01/2024		5,250,000		6,810,468
				20,417,296
Interactive Media & Services–3.02%
Match Group Financeco, Inc., Conv., 0.88%, 10/01/2022(b)		1,750,000		3,735,760
Snap, Inc., Conv., 0.75%, 08/01/2026(b)		7,793,000		9,765,603

	Principal Amount		Value
Interactive Media & Services–(continued)
Twitter, Inc., Conv., 0.25%, 06/15/2024	$	6,500,000	$	6,139,530
Zillow Group, Inc., Conv.,
1.50%, 07/01/2023		3,600,000		3,749,379
2.75%, 05/15/2025		9,507,000		11,101,419
				34,491,691
Internet & Direct Marketing Retail–4.46%
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025(b)		10,104,000		12,532,163
Etsy, Inc., Conv., 0.13%, 10/01/2026(b)		5,500,000		7,526,946
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(b)		11,350,000		13,998,320
MercadoLibre, Inc. (Argentina), Conv., 2.00%, 08/15/2028		4,500,000		10,307,308
Pinduoduo, Inc. (China), Conv., 0.00%, 10/01/2022(b)(c)(d)		3,250,000		6,601,562
				50,966,299
Internet Services & Infrastructure–4.74%
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025		12,600,000		15,753,809
MongoDB, Inc., Conv., 0.25%, 01/15/2026(b)		9,056,000		11,446,825
Okta, Inc., Conv., 0.13%, 09/01/2025(b)		12,725,000		15,793,739
Twilio, Inc., Conv., 0.25%, 06/01/2023		3,600,000		11,187,977
				54,182,350
Investment Banking & Brokerage–0.83%
JPMorgan Chase Financial Co. LLC, Conv., 0.25%, 05/01/2023(b)		9,850,000		9,542,187
IT Consulting & Other Services–0.63%
KBR, Inc., Conv., 2.50%, 11/01/2023		6,430,000		7,254,681
Leisure Products–0.39%
Callaway Golf Co., Conv., 2.75%, 05/01/2026(b)		3,600,000		4,451,494
Life Sciences Tools & Services–1.82%
Illumina, Inc., Conv., 0.00%, 08/15/2023(d)		10,840,000		11,880,209
Repligen Corp., Conv., 0.38%, 07/15/2024		7,119,000		8,956,414
				20,836,623
Multi-line Insurance–0.95%
AXA S.A. (France), Conv., 7.25%, 05/15/2021(b)		11,845,000		10,860,384
Oil & Gas Exploration & Production–1.59%
CNX Resources Corp., Conv., 2.25%, 05/01/2026(b)		6,300,000		5,812,792
Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025(b)		10,486,000		12,423,675
				18,236,467
Pharmaceuticals–0.26%
Revance Therapeutics, Inc., Conv., 1.75%, 02/15/2027(b)		3,050,000		2,988,504

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

7                      Invesco Convertible Securities Fund

	Principal Amount		Value
Restaurants–0.18%
Bloomin’ Brands, Inc., Conv., 5.00%, 05/01/2025(b)	$	1,800,000	$	2,063,335
Semiconductors–6.44%
Advanced Micro Devices, Inc., Conv., 2.13%, 09/01/2026		730,000		4,763,932
Cree, Inc., Conv., 1.75%, 05/01/2026(b)		7,904,000		11,164,400
Inphi Corp., Conv., 0.75%, 04/15/2025(b)		9,630,000		11,604,856
Microchip Technology, Inc., Conv., 1.63%, 02/15/2027		15,075,000		22,274,021
ON Semiconductor Corp., Conv., 1.00%, 12/01/2020		12,600,000		14,709,338
Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025(b)		8,475,000		9,141,711
				73,658,258
Specialty Stores–0.91%
Dick’s Sporting Goods, Inc., Conv., 3.25%, 04/15/2025(b)		3,600,000		5,000,993
National Vision Holdings, Inc., Conv., 2.50%, 05/15/2025(b)		4,500,000		5,391,285
				10,392,278
Systems Software–5.61%
Cloudflare, Inc., Conv., 0.75%, 05/15/2025(b)		4,462,000		5,399,020
CyberArk Software Ltd., Conv., 0.00%, 11/15/2024(b)(d)		4,500,000		4,207,365
Palo Alto Networks, Inc., Conv., 0.75%, 07/01/2023		14,100,000		15,107,826
Rapid7, Inc., Conv., 2.25%, 05/01/2025(b)		5,400,000		5,846,718
ServiceNow, Inc., Conv., 0.00%, 06/01/2022(d)		7,600,000		22,788,406
Varonis Systems, Inc., Conv., 1.25%, 08/15/2025(b)		1,785,000		2,086,979
Zscaler, Inc., Conv., 0.13%, 07/01/2025(b)		8,508,000		8,732,700
				64,169,014
Technology Hardware, Storage & Peripherals–0.58%
Western Digital Corp., Conv., 1.50%, 02/01/2024		7,000,000		6,615,238
Trucking–0.54%
Lyft, Inc., Conv., 1.50%, 05/15/2025(b)		5,600,000		6,214,046
Total U.S. Dollar Denominated Bonds & Notes (Cost $730,983,859)				897,912,647
	Shares
Preferred Stocks–17.97%
Auto Parts & Equipment–0.56%
Aptiv PLC, 5.50%, Series A, Conv. Pfd.		62,266		6,399,699
Diversified Banks–3.77%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		16,200		21,743,640
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		16,500		21,400,500
				43,144,140

	Shares		Value
Electric Utilities–1.26%
NextEra Energy, Inc., 5.28%, Conv. Pfd.		295,011	$	12,523,217
PG&E Corp., 5.50%, Conv. Pfd.		20,062		1,925,952
				14,449,169
Health Care Equipment–3.22%
Becton, Dickinson and Co., 6.00%, Series B, Conv. Pfd.		89,214		4,746,185
Boston Scientific Corp., 5.50%, Series A, Conv. Pfd.		117,781		12,330,493
Danaher Corp., 4.75%, Series A, Conv. Pfd.		15,900		19,825,233
				36,901,911
Industrial Machinery–2.46%
Fortive Corp., 5.00%, Series A, $50.00 Conv. Pfd.		14,400		12,401,424
Stanley Black & Decker, Inc., 5.25%, Conv. Pfd.		175,400		15,694,792
				28,096,216
Internet & Direct Marketing Retail–1.01%
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.(b)		5,400		5,521,770
2020 Mandatory Exchangeable Trust, 6.50%, Conv. Pfd.(b)		5,400		5,992,920
				11,514,690
Life Sciences Tools & Services–0.94%
Avantor, Inc., 6.25%, Series A, Conv. Pfd.		187,412		10,757,449
Multi-line Insurance–1.08%
Assurant, Inc., 6.50%, Series D, Conv. Pfd.		118,600		12,339,144
Multi–Utilities–0.74%
DTE Energy Co., 6.25%, Conv. Pfd.		110,130		4,660,701
Sempra Energy, 6.00%, Series A, Conv. Pfd.		38,800		3,791,924
				8,452,625
Semiconductors–1.97%
Broadcom, Inc., 8.00%, Series A, Conv. Pfd.		20,240		22,554,444
Water Utilities–0.96%
Essential Utilities, Inc., 6.00%, Conv. Pfd.		193,600		10,946,144
Total Preferred Stocks (Cost $196,305,257)				205,555,631
Money Market Funds–3.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(e)(f)		13,440,275		13,440,275
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(e)(f)		10,725,016		10,732,524
Invesco Treasury Portfolio, Institutional Class, 0.08%(e)(f)		15,360,315		15,360,315
Total Money Market Funds (Cost $39,527,215)				39,533,114
TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $966,816,331)				1,143,001,392
OTHER ASSETS LESS LIABILITIES–0.07%				778,825
NET ASSETS–100.00%			$	1,143,780,217

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

8                      Invesco Convertible Securities Fund

Investment Abbreviations:

Conv. – Convertible

Pfd. – Preferred

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)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $424,317,355, which represented 37.10% of the Fund’s Net Assets.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value June 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,637,921		$	71,824,134		$	(68,021,780	)		$	-		$	-			$	13,440,275		$	34,490
Invesco Liquid Assets Portfolio, Institutional Class			6,960,135			52,358,075			(48,586,986	)			5,125			(3,825	)			10,732,524			39,076
Invesco Treasury Portfolio, Institutional Class			11,014,766			82,084,727			(77,739,178	)			-			-				15,360,315			36,621
Total		$	27,612,822		$	206,266,936		$	(194,347,944	)			$5,125		$	(3,825	)		$	39,533,114		$	110,187

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets as of June 30, 2020

Information Technology	39.15%
Health Care	16.90
Consumer Discretionary	14.84
Communication Services	7.85
Financials	6.88
Utilities	4.81
Industrials	4.45
Energy	1.59
Money Market Funds Plus Other Assets Less Liabilities	3.53

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

9                      Invesco Convertible Securities Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $927,289,116)	$	1,103,468,278
Investments in affiliated money market funds, at value (Cost $39,527,215)		39,533,114
Receivable for:
Investments sold		7,955,183
Fund shares sold		1,601,715
Dividends		726,462
Interest		1,530,813
Investment for trustee deferred compensation and retirement plans		119,057
Other assets		70,830
Total assets		1,155,005,452
Liabilities:
Payable for:
Investments purchased		9,389,738
Fund shares reacquired		1,136,672
Accrued fees to affiliates		400,778
Accrued trustees’ and officers’ fees and benefits		2,116
Accrued other operating expenses		117,724
Trustee deferred compensation and retirement plans		178,207
Total liabilities		11,225,235
Net assets applicable to shares outstanding	$	1,143,780,217
Net assets consist of:
Shares of beneficial interest	$	885,764,505
Distributable earnings		258,015,712
	$	1,143,780,217

Net Assets:
Class A	$	499,218,961
Class C	$	64,843,107
Class Y	$	534,147,569
Class R5	$	1,332,539
Class R6	$	44,238,041
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,620,821
Class C		2,431,085
Class Y		19,894,439
Class R5		49,696
Class R6		1,649,467
Class A:
Net asset value per share	$	26.81
Maximum offering price per share (Net asset value of $26.81 ÷ 94.50%)	$	28.37
Class C:
Net asset value and offering price per share	$	26.67
Class Y:
Net asset value and offering price per share	$	26.85
Class R5:
Net asset value and offering price per share	$	26.81
Class R6:
Net asset value and offering price per share	$	26.82

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

10                      Invesco Convertible Securities Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends	$	6,689,297
Interest		3,666,415
Dividends from affiliated money market funds		110,187
Total investment income		10,465,899
Expenses:
Advisory fees		2,725,789
Administrative services fees		81,072
Custodian fees		4,054
Distribution fees:
Class A		533,167
Class C		303,802
Transfer agent fees — A, C and Y		653,550
Transfer agent fees — R5		611
Transfer agent fees — R6		3,851
Trustees’ and officers’ fees and benefits		10,616
Registration and filing fees		41,620
Reports to shareholders		27,499
Professional services fees		22,224
Other		7,289
Total expenses		4,415,144
Less: Fees waived and/or expense offset arrangement(s)		(18,207	)
Net expenses		4,396,937
Net investment income		6,068,962
Realized and unrealized gain from:
Net realized gain from investment securities		76,644,430
Change in net unrealized appreciation of investment securities		14,484,417
Net realized and unrealized gain		91,128,847
Net increase in net assets resulting from operations	$	97,197,809

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

11                      Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30, 2020			December 31, 2019
Operations:
Net investment income	$	6,068,962		$	14,123,198
Net realized gain		76,644,430			66,256,693
Change in net unrealized appreciation		14,484,417			146,260,379
Net increase in net assets resulting from operations		97,197,809			226,640,270
Distributions to shareholders from distributable earnings:
Class A		(3,422,430	)		(24,949,209	)
Class C		(223,777	)		(3,092,918	)
Class Y		(4,426,276	)		(31,816,123	)
Class R5		(11,114	)		(73,708	)
Class R6		(382,188	)		(2,498,671	)
Total distributions from distributable earnings		(8,465,785	)		(62,430,629	)
Share transactions-net:
Class A		(13,546,172	)		3,813,021
Class C		(5,996,961	)		(26,924,130	)
Class Y		(88,940,740	)		(85,099,088	)
Class R5		(101,556	)		89,359
Class R6		(1,509,687	)		(12,300,832	)
Net increase (decrease) in net assets resulting from share transactions		(110,095,116	)		(120,421,670	)
Net increase (decrease) in net assets		(21,363,092	)		43,787,971
Net assets:
Beginning of period		1,165,143,309			1,121,355,338
End of period	$	1,143,780,217		$	1,165,143,309

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

12                      Invesco Convertible Securities Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 06/30/20		$	24.64		$	0.13		$	2.22			$	2.35			$	(0.18	)		$	–			$	(0.18	)		$	26.81		9.67	%(d)		$	499,219		0.89	%(d)(e)		0.89	%(d)(e)		1.03	%(d)(e)		40	%
Year ended 12/31/19			21.42			0.28			4.28				4.56				(0.36	)			(0.98	)			(1.34	)			24.64		21.42	(f)			473,599		0.90	(f)		0.90	(f)		1.13	(f)		57
Year ended 12/31/18			24.41			0.28			(0.62	)			(0.34	)			(0.57	)			(2.08	)			(2.65	)			21.42		(1.71	)(g)			407,548		0.90	(g)		0.90	(g)		1.09	(g)		62
Year ended 12/31/17			23.10			0.33			2.04				2.37				(1.01	)			(0.05	)			(1.06	)			24.41		10.42	(h)			653,121		0.93	(h)		0.93	(h)		1.36	(h)		39
Year ended 12/31/16			22.62			0.39			0.90				1.29				(0.81	)			–				(0.81	)			23.10		5.82	(i)			785,526		0.88	(i)		0.89	(i)		1.74	(i)		42
Year ended 12/31/15			23.88			0.30			(1.00	)			(0.70	)			(0.56	)			–				(0.56	)			22.62		(3.02	)(j)			755,534		0.86	(j)		0.87	(j)		1.26	(j)		45
Class C
Six months ended 06/30/20			24.51			0.03			2.22				2.25				(0.09	)			–				(0.09	)			26.67		9.24	(d)			64,843		1.65	(d)(e)		1.65	(d)(e)		0.27	(d)(e)		40
Year ended 12/31/19			21.31			0.10			4.26				4.36				(0.18	)			(0.98	)			(1.16	)			24.51		20.54	(f)			65,607		1.63	(f)		1.63	(f)		0.40	(f)		57
Year ended 12/31/18			24.30			0.08			(0.62	)			(0.54	)			(0.37	)			(2.08	)			(2.45	)			21.31		(2.48	)(g)			81,529		1.66	(g)		1.66	(g)		0.33	(g)		62
Year ended 12/31/17			23.00			0.15			2.03				2.18				(0.83	)			(0.05	)			(0.88	)			24.30		9.57	(h)			95,218		1.69	(h)		1.69	(h)		0.60	(h)		39
Year ended 12/31/16			22.52			0.22			0.90				1.12				(0.64	)			–				(0.64	)			23.00		5.07	(i)			130,934		1.61	(i)		1.62	(i)		1.01	(i)		42
Year ended 12/31/15			23.77			0.14			(0.99	)			(0.85	)			(0.40	)			–				(0.40	)			22.52		(3.67	)(j)			187,743		1.54	(j)		1.55	(j)		0.58	(j)		45
Class Y
Six months ended 06/30/20			24.68			0.15			2.23				2.38				(0.21	)			–				(0.21	)			26.85		9.80				534,148		0.66	(e)		0.66	(e)		1.26	(e)		40
Year ended 12/31/19			21.44			0.33			4.30				4.63				(0.41	)			(0.98	)			(1.39	)			24.68		21.73				582,112		0.67			0.67			1.36			57
Year ended 12/31/18			24.44			0.33			(0.62	)			(0.29	)			(0.63	)			(2.08	)			(2.71	)			21.44		(1.51	)			583,289		0.66			0.66			1.33			62
Year ended 12/31/17			23.13			0.39			2.04				2.43				(1.07	)			(0.05	)			(1.12	)			24.44		10.68				594,284		0.69			0.69			1.60			39
Year ended 12/31/16			22.65			0.44			0.90				1.34				(0.86	)			–				(0.86	)			23.13		6.07				569,345		0.64			0.65			1.98			42
Year ended 12/31/15			23.91			0.36			(1.00	)			(0.64	)			(0.62	)			–				(0.62	)			22.65		(2.78	)			1,107,497		0.62			0.63			1.50			45
Class R5
Six months ended 06/30/20			24.65			0.16			2.22				2.38				(0.22	)			–				(0.22	)			26.81		9.78				1,333		0.64	(e)		0.64	(e)		1.28	(e)		40
Year ended 12/31/19			21.43			0.34			4.29				4.63				(0.43	)			(0.98	)			(1.41	)			24.65		21.74				1,334		0.64			0.64			1.39			57
Year ended 12/31/18			24.43			0.34			(0.62	)			(0.28	)			(0.64	)			(2.08	)			(2.72	)			21.43		(1.49	)			1,081		0.64			0.64			1.35			62
Year ended 12/31/17			23.11			0.39			2.06				2.45				(1.08	)			(0.05	)			(1.13	)			24.43		10.78				1,585		0.64			0.64			1.65			39
Year ended 12/31/16			22.63			0.45			0.90				1.35				(0.87	)			–				(0.87	)			23.11		6.10				5,225		0.62			0.63			2.00			42
Year ended 12/31/15			23.89			0.37			(1.00	)			(0.63	)			(0.63	)			–				(0.63	)			22.63		(2.75	)			3,912		0.57			0.58			1.55			45
Class R6
Six months ended 06/30/20			24.65			0.17			2.23				2.40				(0.23	)			–				(0.23	)			26.82		9.87				44,238		0.56	(e)		0.56	(e)		1.36	(e)		40
Year ended 12/31/19			21.43			0.36			4.29				4.65				(0.45	)			(0.98	)			(1.43	)			24.65		21.82				42,492		0.56			0.56			1.47			57
Year ended 12/31/18			24.43			0.36			(0.62	)			(0.26	)			(0.66	)			(2.08	)			(2.74	)			21.43		(1.41	)			47,908		0.56			0.56			1.43			62
Year ended 12/31/17			23.12			0.42			2.04				2.46				(1.10	)			(0.05	)			(1.15	)			24.43		10.82				36,751		0.57			0.57			1.72			39
Year ended 12/31/16			22.64			0.47			0.90				1.37				(0.89	)			–				(0.89	)			23.12		6.21				13,880		0.52			0.53			2.10			42
Year ended 12/31/15			23.90			0.39			(1.00	)			(0.61	)			(0.65	)			–				(0.65	)			22.64		(2.66	)			16,731		0.49			0.50			1.63			45

^(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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% and 0.99% for Class A and Class C shares, respectively.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $460,709, $61,612, $531,508, $1,275 and $41,689 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% and 0.96% for Class A and Class C shares, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 1.00% for Class A and Class C shares, respectively.

^(h)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 1.00% for Class A and Class C shares, respectively.

⁽ⁱ⁾  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 0.97% for Class A and Class C shares, respectively.

^(j)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 0.92% for Class A and Class C shares, respectively.

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

13                      Invesco Convertible Securities Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Convertible Securities Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 total return through growth of capital and current income.

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.

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.

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.

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.

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

14                      Invesco Convertible Securities Fund

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

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

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

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

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

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

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

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

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

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

I. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

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 $ 750 million		0.520%
Next $250 million		0.470%
Next $500 million		0.420%
Next $500 million		0.395%
Next $1 billion		0.370%
Over $3 billion		0.345%

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.50%.

15                      Invesco Convertible Securities 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. 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, 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 Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, 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, 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. 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, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $17,197.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A – up to 0.25% of the average daily net assets of Class A shares; and (2) Class C – up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly.

For the six months ended June 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $28,417 in front-end sales commissions from the sale of Class A shares and $249 and $2,281 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 June 30, 2020. 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
U.S. Dollar Denominated Bonds & Notes	$	–	$	897,912,647		$–	$	897,912,647
Preferred Stocks		205,555,631		–		–		205,555,631
Money Market Funds		39,533,114		–		–		39,533,114
Total Investments	$	245,088,745	$	897,912,647		$–	$	1,143,001,392

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,010.

16                      Invesco Convertible Securities Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of December 31, 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 six months ended June 30, 2020 was $424,584,018 and $535,477,953, 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	$	189,608,174
Aggregate unrealized (depreciation) of investments		(15,882,670	)
Net unrealized appreciation of investments	$	173,725,504

Cost of investments for tax purposes is $969,275,888.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		1,002,635		$	24,903,886			1,875,565		$	45,048,199
Class C		202,552			4,891,610			269,090			6,491,808
Class Y		3,410,490			80,903,633			6,453,977			155,621,382
Class R5		2,589			64,933			5,673			138,324
Class R6		198,392			4,908,017			239,622			5,785,582
Issued as reinvestment of dividends:
Class A		118,732			2,751,590			854,735			20,795,311
Class C		7,658			176,427			109,379			2,645,873
Class Y		132,255			3,051,715			974,250			23,737,536
Class R5		476			10,992			2,995			72,919
Class R6		12,113			280,572			71,400			1,738,433
Automatic conversion of Class C shares to Class A shares:
Class A		75,936			1,886,686			774,427			18,122,374
Class C		(76,398	)		(1,886,686	)		(778,739	)		(18,122,374	)

17                      Invesco Convertible Securities Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,795,911	)	$	(43,088,334	)		(3,312,705	)	$	(80,152,863	)
Class C		(379,604	)		(9,178,312	)		(749,298	)		(17,939,437	)
Class Y		(7,233,961	)		(172,896,088	)		(11,044,825	)		(264,458,006	)
Class R5		(7,493	)		(177,481	)		(4,984	)		(121,884	)
Class R6		(284,565	)		(6,698,276	)		(823,133	)		(19,824,847	)
Net increase (decrease) in share activity		(4,614,104	)	$	(110,095,116	)		(5,082,571	)	$	(120,421,670	)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

18                      Invesco Convertible Securities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

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.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$1,096.70	$4.64	$1,020.44	$4.47	0.89%
Class C	1,000.00	1,092.40	8.58	1,016.66	8.27	1.65
Class Y	1,000.00	1,098.00	3.44	1,021.58	3.32	0.66
Class R5	1,000.00	1,097.80	3.34	1,021.68	3.22	0.64
Class R6	1,000.00	1,098.70	2.92	1,022.08	2.82	0.56

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

19                      Invesco Convertible Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Convertible Securities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against ICE BofAML U.S. Convertible Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s underweight exposure to, or lack of holding, certain securities as well as stock selection in certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

20                      Invesco Convertible Securities Fund

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

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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

21                      Invesco Convertible Securities Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.  

SEC file numbers: 811-02699 and 002-57526                        Invesco Distributors, Inc.                                                                                     MS-CSEC-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Global Low Volatility Equity Yield Fund
	Nasdaq: A: GTNDX ⬛ C: GNDCX ⬛ R: GTNRX ⬛ Y: GTNYX ⬛ R5: GNDIX ⬛ R6: GNDSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                             Invesco Global Low Volatility Equity Yield Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.98	%
Class C Shares	-12.30
Class R Shares	-12.09
Class Y Shares	-11.83
Class R5 Shares	-11.85
Class R6 Shares	-11.85
MSCI World Indexq (Broad Market Index)	-5.77
Custom Invesco Global Low Volatility Equity Yield Index∎ (Style-Specific Index)	-4.92
Lipper Global Equity Income Funds Index¨ (Peer Group Index)	-13.16
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.
The MSCI World Index (Net) 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 Custom Invesco Global Low Volatility Equity Yield Index is composed of the MSCI World Index through February 23, 2017 and the MSCI World 100% Hedged to USD Index thereafter. The MSCI World Index and MSCI World 100% Hedged to USD Index are considered representative of stocks of developed countries. The latter is 100% hedged to the USD. Both indexes are computed using the net return, which withholds applicable taxes for non-residents investors.
The Lipper Global Equity Income Funds Index is an unmanaged Index considered representative of global equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                             Invesco Global Low Volatility Equity Yield Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (9/15/97)	4.70	%
10 Years	5.64
5 Years	0.08
1 Year	-11.80
Class C Shares
Inception (1/2/98)	4.90	%
10 Years	5.43
5 Years	0.45
1 Year	-8.38
Class R Shares
Inception (10/31/05)	2.88	%
10 Years	5.96
5 Years	0.97
1 Year	-6.91
Class Y Shares
Inception (10/3/08)	4.72	%
10 Years	6.49
5 Years	1.48
1 Year	-6.41
Class R5 Shares
Inception (4/30/04)	4.56	%
10 Years	6.72
5 Years	1.59
1 Year	-6.38
Class R6 Shares
10 Years	6.37	%
5 Years	1.47
1 Year	-6.38

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

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

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

sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                             Invesco Global Low Volatility Equity Yield Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                             Invesco Global Low Volatility Equity Yield Fund

Schedule of Investments

June 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.75%
Australia–12.12%
AGL Energy Ltd.		14,642	$	172,689
Aurizon Holdings Ltd.		206,067		701,603
BHP Group Ltd.		27,180		674,520
Coca-Cola Amatil Ltd.		93,181		558,568
Coles Group Ltd.		19,356		229,929
CSL Ltd.		2,428		481,358
Fortescue Metals Group Ltd.		66,165		634,867
JB Hi-Fi Ltd.		24,097		718,598
Magellan Financial Group Ltd.		17,331		705,427
Metcash Ltd.		136,324		255,989
Newcrest Mining Ltd.		10,809		240,989
Rio Tinto Ltd.		10,018		679,303
Rio Tinto PLC		4,109		231,213
Telstra Corp. Ltd.		334,195		723,455
Wesfarmers Ltd.		18,722		581,500
Woolworths Group Ltd.		30,856		795,714
				8,385,722
Belgium–0.17%
Colruyt S.A.		2,200		120,974
Canada–8.17%
B2Gold Corp.		77,084		438,339
BCE, Inc.		16,465		686,688
Emera, Inc.		14,541		572,172
Franco-Nevada Corp.		1,696		236,923
George Weston Ltd.		1,697		124,312
Gibson Energy, Inc.		14,327		222,989
Hydro One Ltd.(a)		35,109		660,233
Kinross Gold Corp.(b)		33,158		239,355
Loblaw Cos. Ltd.		4,900		238,611
Metro, Inc.		5,117		211,072
National Bank of Canada		4,925		223,178
Northland Power, Inc.		22,426		561,311
Open Text Corp.		9,958		422,863
Quebecor, Inc., Class B		32,100		689,715
Tourmaline Oil Corp.		14,581		127,487
				5,655,248
China–0.31%
BOC Hong Kong Holdings Ltd.		66,500		211,142
Denmark–2.03%
Carlsberg A/S, Class B		5,635		744,383
Coloplast A/S, Class B		2,185		338,738
Pandora A/S		5,957		323,386
				1,406,507
Egypt–0.83%
Centamin PLC		253,375		576,622
Finland–0.51%
Elisa OYJ		3,357		204,055
Orion OYJ, Class B		3,099		149,826
				353,881

	Shares		Value
France–0.22%
Sanofi		1,469	$	149,455
Germany–2.66%
HelloFresh SE(b)		4,828		256,315
Merck KGaA		6,595		764,555
RWE AG		19,033		665,848
Telefonica Deutschland Holding AG		51,500		151,910
				1,838,628
Hong Kong–3.31%
CK Asset Holdings Ltd.		113,500		674,924
CK Hutchison Holdings Ltd.		47,000		301,295
CLP Holdings Ltd.		19,500		190,959
Hang Seng Bank Ltd.		10,900		184,039
HKT Trust & HKT Ltd.		124,000		182,266
Kerry Properties Ltd.		207,500		536,098
WH Group Ltd.		254,500		218,408
				2,287,989
Israel–1.01%
Teva Pharmaceutical Industries Ltd., ADR(b)		56,449		696,016
Italy–2.24%
Azimut Holding S.p.A.		33,510		571,563
DiaSorin S.p.A.		1,460		279,281
Enel S.p.A.		81,145		699,078
				1,549,922
Japan–7.67%
Dai Nippon Printing Co. Ltd.		28,500		652,766
ENEOS Holdings, Inc.		94,600		335,186
Haseko Corp.		12,600		158,688
Japan Post Holdings Co. Ltd.		46,900		333,505
Japan Tobacco, Inc.		30,200		560,326
KDDI Corp.		14,400		431,753
Mitsui & Co. Ltd.		45,500		672,808
NTT DOCOMO, Inc.		21,600		576,211
Ono Pharmaceutical Co. Ltd.		9,200		267,604
Sekisui House Ltd.		36,900		702,494
Toppan Printing Co. Ltd.		23,200		386,756
West Japan Railway Co.		4,100		229,899
				5,307,996
Jordan–0.85%
Hikma Pharmaceuticals PLC		21,454		589,686
Netherlands–3.27%
ASM International N.V.		2,688		414,564
Koninklijke Ahold Delhaize N.V.		23,598		642,604
Koninklijke KPN N.V.		211,375		559,844
Wolters Kluwer N.V.		8,291		646,784
				2,263,796
New Zealand–1.81%
a2 Milk Co. Ltd.(b)		24,521		316,412
Contact Energy Ltd.		179,123		729,862

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

6                             Invesco Global Low Volatility Equity Yield Fund

	Shares		Value
New Zealand–(continued)
Fisher & Paykel Healthcare Corp. Ltd.		9,117	$	206,716
				1,252,990
Norway–1.01%
Orkla ASA		79,895		700,311
Portugal–0.21%
Jeronimo Martins SGPS S.A.		8,185		143,206
Singapore–0.37%
Singapore Telecommunications Ltd.		146,000		258,194
Spain–0.47%
Endesa S.A.		13,086		322,077
Sweden–3.05%
Atlas Copco AB, Class A		6,664		281,794
Atlas Copco AB, Class B		8,870		327,545
Essity AB, Class B		13,980		451,334
Getinge AB, Class B		9,377		173,793
Hennes & Mauritz AB, Class B		9,523		137,700
Skanska AB, Class B		14,333		291,067
Swedish Match AB		6,392		448,813
				2,112,046
Switzerland–3.76%
Barry Callebaut AG		67		127,694
LafargeHolcim Ltd.(b)		3,726		162,968
Logitech International S.A.		10,817		705,314
Novartis AG		8,886		772,110
Roche Holding AG		1,800		623,217
VAT Group AG(a)		1,147		209,116
				2,600,419
United Kingdom–3.96%
Avast PLC(a)		22,771		148,938
British American Tobacco PLC		15,959		613,168
GlaxoSmithKline PLC		35,682		722,987
Imperial Brands PLC		25,204		479,963
Tate & Lyle PLC		72,131		596,089
WM Morrison Supermarkets PLC		76,244		179,866
				2,741,011
United States–38.74%
AbbVie, Inc.		7,258		712,590
Amdocs Ltd.		5,175		315,054
Amgen, Inc.		2,642		623,142
Arrow Electronics, Inc.(b)		2,407		165,337
AT&T, Inc.		20,350		615,180
Best Buy Co., Inc.		7,295		636,635
Biogen, Inc.(b)		1,943		519,850
Camden Property Trust REIT		3,970		362,143
Campbell Soup Co.		11,543		572,879
Cardinal Health, Inc.		11,778		614,694
CenturyLink, Inc.		53,160		533,195
Charter Communications, Inc., Class A(b)		281		143,321
Citrix Systems, Inc.		4,143		612,791

	Shares		Value
United States–(continued)
DaVita, Inc.(b)		7,640	$	604,630
DENTSPLY SIRONA, Inc.		14,109		621,643
Dollar General Corp.		3,642		693,837
eBay, Inc.		15,144		794,303
Electronic Arts, Inc.(b)		5,495		725,615
Entergy Corp.		6,781		636,126
Essex Property Trust, Inc. REIT		2,544		583,008
First Industrial Realty Trust, Inc. REIT		5,721		219,915
First Republic Bank		6,282		665,829
FirstEnergy Corp.		16,984		658,640
General Mills, Inc.		10,391		640,605
Gilead Sciences, Inc.		8,208		631,524
Hershey Co. (The)		1,133		146,859
Highwoods Properties, Inc. REIT		4,060		151,560
Investors Bancorp, Inc.		16,458		139,893
Kimberly-Clark Corp.		4,210		595,083
Kroger Co. (The)		20,778		703,335
Life Storage, Inc. REIT		2,925		277,729
Lowe’s Cos., Inc.		5,317		718,433
McKesson Corp.		4,521		693,612
MDU Resources Group, Inc.		7,903		175,289
Microsoft Corp.		3,570		726,531
Mid-America Apartment Communities, Inc. REIT		4,350		498,814
New York Community Bancorp, Inc.		65,968		672,874
NortonLifeLock, Inc.		29,676		588,475
Procter & Gamble Co. (The)		6,605		789,760
Regeneron Pharmaceuticals, Inc.(b)		1,111		692,875
Reliance Steel & Aluminum Co.		3,958		375,733
Southern Co. (The)		12,871		667,361
Target Corp.		5,535		663,813
United Therapeutics Corp.(b)		3,456		418,176
Verizon Communications, Inc.		11,733		646,840
Vertex Pharmaceuticals, Inc.(b)		2,237		649,423
Werner Enterprises, Inc.		3,911		170,246
Western Union Co. (The)		30,185		652,600
Xerox Holdings Corp.		21,194		324,056
Zynga, Inc., Class A(b)		80,358		766,615
				26,808,471
Total Common Stocks & Other Equity Interests (Cost $68,412,736)				68,332,309
Money Market Funds–0.47%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)(d)		112,827		112,827
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)(d)		80,340		80,397
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)(d)		128,946		128,945
Total Money Market Funds (Cost $322,169)				322,169
TOTAL INVESTMENTS IN SECURITIES–99.22% (Cost $68,734,905)				68,654,478
OTHER ASSETS LESS LIABILITIES–0.78%				539,778
NET ASSETS–100.00%			$	69,194,256

Investment Abbreviations:

REIT – Real Estate Investment Trust

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

7                             Invesco Global Low Volatility Equity Yield Fund

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $1,018,287, which represented 1.47% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	December 31, 2019			at Cost			from Sales				Appreciation			(Loss)				June 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	578,093		$	3,131,846		$	(3,597,112)			$	-		$	-			$	112,827	$1,645
Invesco Liquid Assets Portfolio, Institutional Class			462,112			2,237,035			(2,618,762	)			43			(31	)			80,397	1,769
Invesco Treasury Portfolio, Institutional Class			660,678			3,579,252			(4,110,985	)			-			-				128,945	1,794
Total		$	1,700,883		$	8,948,133		$	(10,326,859	)		$	43		$	(31	)		$	322,169	$5,208

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020

Health Care	18.78	%
Consumer Staples	17.64
Communication Services	11.41
Utilities	9.70
Consumer Discretionary	9.23
Information Technology	7.34
Industrials	7.04
Materials	6.49
Financials	5.36
Real Estate	4.77
Energy	0.99
Money Market Funds Plus Other Assets Less Liabilities	1.25

Open Futures Contracts
	Number of		Expiration		Notional						Unrealized
Long Futures Contracts	Contracts		Month		Value			Value			Appreciation
Equity Risk
E-Mini S&P 500 Index		1		September-2020		$	154,510		$	6,158		$	6,158
EURO STOXX 50 Index		2		September-2020			72,421			3,277			3,277
Total Futures Contracts									$	9,435		$	9,435

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
07/17/2020	Goldman Sachs International		AUD	687,074		USD	478,156	$	3,964
07/17/2020	Goldman Sachs International		USD	576,401		SEK	5,371,395		141
07/17/2020	State Street Bank and Trust Co.		AUD	11,660,677		USD	8,066,157		18,413
07/17/2020	State Street Bank and Trust Co.		CAD	8,091,778		USD	6,005,614		45,006
07/17/2020	State Street Bank and Trust Co.		DKK	9,174,890		USD	1,387,888		4,169
07/17/2020	State Street Bank and Trust Co.		EUR	6,202,073		USD	6,994,313		24,065
07/17/2020	State Street Bank and Trust Co.		GBP	3,603,109		USD	4,556,077		91,041
07/17/2020	State Street Bank and Trust Co.		JPY	569,677,422		USD	5,278,129		1,186

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

8                             Invesco Global Low Volatility Equity Yield Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
07/17/2020	State Street Bank and Trust Co.		NOK	8,416,889		USD	899,498	$	24,989
07/17/2020	State Street Bank and Trust Co.		NZD	1,101,631		USD	713,657		2,734
07/17/2020	State Street Bank and Trust Co.		SEK	23,473,815		USD	2,532,573		12,996
07/17/2020	State Street Bank and Trust Co.		SGD	899,846		USD	645,935		217
07/17/2020	State Street Bank and Trust Co.		USD	36,558		NZD	56,807		101
Subtotal–Appreciation									229,022
Currency Risk
07/17/2020	Goldman Sachs International		CHF	504,794		USD	532,262		(759	)
07/17/2020	Goldman Sachs International		USD	690,999		CAD	936,664		(1,028	)
07/17/2020	Goldman Sachs International		USD	681,544		EUR	603,581		(3,205	)
07/17/2020	Goldman Sachs International		USD	484,019		GBP	385,336		(6,504	)
07/17/2020	Goldman Sachs International		USD	198,710		NOK	1,906,165		(661	)
07/17/2020	Goldman Sachs International		USD	381,340		SGD	530,421		(716	)
07/17/2020	State Street Bank and Trust Co.		CHF	1,879,403		USD	1,971,998		(12,499	)
07/17/2020	State Street Bank and Trust Co.		USD	476,969		AUD	690,000		(758	)
Subtotal–Depreciation									(26,130	)
Total Forward Foreign Currency Contracts								$	202,892

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound Sterling

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – U.S. Dollar

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

9                             Invesco Global Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $68,412,736)	$	68,332,309
Investments in affiliated money market funds, at value (Cost $322,169)		322,169
Other investments:
Variation margin receivable – futures contracts		26,841
Unrealized appreciation on forward foreign currency contracts outstanding		229,022
Foreign currencies, at value (Cost $412,031)		413,203
Receivable for:
Fund shares sold		5,852
Dividends		199,506
Investment for trustee deferred compensation and retirement plans		83,292
Other assets		32,715
Total assets		69,644,909
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		26,130
Payable for:
Fund shares reacquired		198,407
Accrued fees to affiliates		52,032
Accrued trustees’ and officers’ fees and benefits		1,574
Accrued other operating expenses		81,664
Trustee deferred compensation and retirement plans		90,846
Total liabilities		450,653
Net assets applicable to shares outstanding	$	69,194,256
Net assets consist of:
Shares of beneficial interest	$	81,866,684
Distributable earnings (loss)		(12,672,428	)
	$	69,194,256

Net Assets:
Class A	$	62,311,551
Class C	$	2,015,804
Class R	$	1,289,399
Class Y	$	1,942,803
Class R5	$	503,492
Class R6	$	1,131,207
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,112,975
Class C		174,923
Class R		105,625
Class Y		159,050
Class R5		40,853
Class R6		91,773
Class A:
Net asset value per share	$	12.19
Maximum offering price per share (Net asset value of $12.19 ÷ 94.50%)	$	12.90
Class C:
Net asset value and offering price per share	$	11.52
Class R:
Net asset value and offering price per share	$	12.21
Class Y:
Net asset value and offering price per share	$	12.22
Class R5:
Net asset value and offering price per share	$	12.32
Class R6:
Net asset value and offering price per share	$	12.33

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

10                             Invesco Global Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $75,804)	$	1,227,010
Dividends from affiliated money market funds		5,208
Total investment income		1,232,218
Expenses:
Advisory fees		292,085
Administrative services fees		5,904
Custodian fees		5,752
Distribution fees:
Class A		81,445
Class C		11,559
Class R		3,739
Transfer agent fees – A, C, R and Y		78,875
Transfer agent fees – R5		260
Transfer agent fees – R6		636
Trustees’ and officers’ fees and benefits		7,080
Registration and filing fees		33,588
Reports to shareholders		15,771
Professional services fees		28,446
Other		7,301
Total expenses		572,441
Less: Expenses reimbursed and/or expense offset arrangement(s)		(1,344	)
Net expenses		571,097
Net investment income		661,121
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(6,258,295	)
Foreign currencies		(21,889	)
Forward foreign currency contracts		116,191
Futures contracts		(194,003	)
		(6,357,996	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(5,339,441	)
Foreign currencies		(9,164	)
Forward foreign currency contracts		850,262
Futures contracts		(2,788	)
		(4,501,131	)
Net realized and unrealized gain (loss)		(10,859,127	)
Net increase (decrease) in net assets resulting from operations	$	(10,198,006	)

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

11                             Invesco Global Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30,			December 31,
	2020			2019
Operations:
Net investment income	$	661,121		$	1,853,544
Net realized gain (loss)		(6,357,996	)		(478,228	)
Change in net unrealized appreciation (depreciation)		(4,501,131	)		12,113,363
Net increase (decrease) in net assets resulting from operations		(10,198,006	)		13,488,679
Distributions to shareholders from distributable earnings:
Class A		(825,891	)		(1,602,720	)
Class C		(19,980	)		(43,721	)
Class R		(16,141	)		(32,277	)
Class Y		(29,548	)		(63,499	)
Class R5		(7,600	)		(14,732	)
Class R6		(18,538	)		(38,444	)
Total distributions from distributable earnings		(917,698	)		(1,795,393	)
Share transactions–net:
Class A		(2,849,862	)		(5,363,314	)
Class C		(399,318	)		(4,650,579	)
Class R		(269,318	)		343,614
Class Y		(512,738	)		380,379
Class R5		(8,314	)		16,705
Class R6		(163,800	)		(198,876	)
Net increase (decrease) in net assets resulting from share transactions		(4,203,350	)		(9,472,071	)
Net increase (decrease) in net assets		(15,319,054	)		2,221,215
Net assets:
Beginning of period		84,513,310			82,292,095
End of period	$	69,194,256		$	84,513,310

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

12                             Invesco Global Low Volatility Equity Yield Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 06/30/20		$	14.04		$	0.11			$	(1.80	)		$	(1.69	)		$	(0.16	)		$	12.19		(11.92	)%		$	62,312		1.55	%(d)		1.55	%(d)		1.82	%(d)		39	%
Year ended 12/31/19			12.23			0.29				1.81				2.10				(0.29	)			14.04		17.26				74,917		1.59			1.59			2.19			103
Year ended 12/31/18			13.89			0.28	(e)			(1.70	)			(1.42	)			(0.24	)			12.23		(10.39	)			70,104		1.59			1.59			2.07	(e)		111
Year ended 12/31/17			12.37			0.38				1.55				1.93				(0.41	)			13.89		15.77				88,550		1.65			1.65			2.83			78
Year ended 12/31/16			12.40			0.40				0.02				0.42				(0.45	)			12.37		3.34				92,154		1.49			1.52			3.14			83
Year ended 12/31/15			13.89			0.48				(1.44	)			(0.96	)			(0.53	)			12.40		(7.02	)			108,429		1.48			1.52			3.60			94
Class C
Six months ended 06/30/20			13.27			0.06				(1.70	)			(1.64	)			(0.11	)			11.52		(12.30	)			2,016		2.30	(d)		2.30	(d)		1.07	(d)		39
Year ended 12/31/19			11.56			0.18				1.71				1.89				(0.18	)			13.27		16.40				2,781		2.34			2.34			1.44			103
Year ended 12/31/18			13.13			0.17	(e)			(1.61	)			(1.44	)			(0.13	)			11.56		(11.08	)			6,782		2.34			2.34			1.32	(e)		111
Year ended 12/31/17			11.69			0.26				1.47				1.73				(0.29	)			13.13		14.93				9,163		2.40			2.40			2.08			78
Year ended 12/31/16			11.72			0.28				0.02				0.30				(0.33	)			11.69		2.56				10,283		2.24			2.27			2.39			83
Year ended 12/31/15			13.13			0.36				(1.37	)			(1.01	)			(0.40	)			11.72		(7.74	)			12,900		2.23			2.27			2.85			94
Class R
Six months ended 06/30/20			14.06			0.10				(1.81	)			(1.71	)			(0.14	)			12.21		(12.02	)			1,289		1.80	(d)		1.80	(d)		1.57	(d)		39
Year ended 12/31/19			12.25			0.26				1.81				2.07				(0.26	)			14.06		16.95				1,818		1.84			1.84			1.94			103
Year ended 12/31/18			13.91			0.25	(e)			(1.71	)			(1.46	)			(0.20	)			12.25		(10.60	)			1,253		1.84			1.84			1.82	(e)		111
Year ended 12/31/17			12.38			0.35				1.56				1.91				(0.38	)			13.91		15.55				1,496		1.90			1.90			2.58			78
Year ended 12/31/16			12.42			0.37				0.01				0.38				(0.42	)			12.38		3.00				1,398		1.74			1.77			2.89			83
Year ended 12/31/15			13.91			0.44				(1.44	)			(1.00	)			(0.49	)			12.42		(7.24	)			1,388		1.73			1.77			3.35			94
Class Y
Six months ended 06/30/20			14.07			0.13				(1.80	)			(1.67	)			(0.18	)			12.22		(11.76	)			1,943		1.30	(d)		1.30	(d)		2.07	(d)		39
Year ended 12/31/19			12.26			0.33				1.80				2.13				(0.32	)			14.07		17.52				2,910		1.34			1.34			2.44			103
Year ended 12/31/18			13.93			0.32	(e)			(1.72	)			(1.40	)			(0.27	)			12.26		(10.21	)			2,168		1.34			1.34			2.32	(e)		111
Year ended 12/31/17			12.39			0.41				1.58				1.99				(0.45	)			13.93		16.20				4,714		1.40			1.40			3.08			78
Year ended 12/31/16			12.42			0.43				0.02				0.45				(0.48	)			12.39		3.60				3,339		1.24			1.27			3.39			83
Year ended 12/31/15			13.92			0.52				(1.46	)			(0.94	)			(0.56	)			12.42		(6.90	)			4,257		1.23			1.27			3.85			94
Class R5
Six months ended 06/30/20			14.20			0.14				(1.83	)			(1.69	)			(0.19	)			12.32		(11.78	)			503		1.18	(d)		1.18	(d)		2.19	(d)		39
Year ended 12/31/19			12.38			0.35				1.83				2.18				(0.36	)			14.20		17.69				594		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	(e)			(1.73	)			(1.39	)			(0.29	)			12.38		(10.05	)			502		1.21			1.21			2.45	(e)		111
Year ended 12/31/17			12.52			0.44				1.57				2.01				(0.47	)			14.06		16.27				1,042		1.24			1.24			3.24			78
Year ended 12/31/16			12.56			0.45				0.02				0.47				(0.51	)			12.52		3.67				1,004		1.10			1.10			3.53			83
Year ended 12/31/15			14.08			0.56				(1.49	)			(0.93	)			(0.59	)			12.56		(6.66	)			2,004		1.05			1.05			4.03			94
Class R6
Six months ended 06/30/20			14.21			0.14				(1.83	)			(1.69	)			(0.19	)			12.33		(11.77	)			1,131		1.18	(d)		1.18	(d)		2.19	(d)		39
Year ended 12/31/19			12.38			0.35				1.84				2.19				(0.36	)			14.21		17.77				1,494		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	(e)			(1.73	)			(1.39	)			(0.29	)			12.38		(10.03	)			1,483		1.20			1.20			2.46	(e)		111
Year ended 12/31/17(f)			13.27			0.34				0.81				1.15				(0.36	)			14.06		8.72				11		1.20	(g)		1.20	(g)		3.28	(g)		78

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $65,488, $2,323, $1,503, $2,307, $522 and $1,279 for Class A, Class C, Class R, 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 $0.23 and 1.73%, $0.12 and 0.98%, $0.20 and 1.48%, $0.27 and 1.98%, $0.29 and 2.11% and $0.29 and 2.12% for Class A, Class C, Class R, Class Y, Class R5 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.

13                             Invesco Global Low Volatility Equity Yield Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global Low Volatility Equity Yield Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 income and 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

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

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

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

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

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

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

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

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

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

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

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

14                             Invesco Global Low Volatility Equity Yield Fund

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

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

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

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

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

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

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

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

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

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

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

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

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.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the

15                             Invesco Global Low Volatility Equity Yield Fund

segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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		0.800	%
Next $250 million		0.780	%
Next $500 million		0.760	%
Next $1.5 billion		0.740	%
Next $2.5 billion		0.720	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.680	%
Over $10 billion		0.660	%

    For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.80%.

    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, 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 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. 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, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended June 30, 2020, the Adviser waived advisory fees of $730.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $2,270 in front-end sales commissions from the sale of Class A shares and $4 and $33 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.

16                             Invesco Global Low Volatility Equity Yield Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Australia	$	–	$	8,385,722			$–	$	8,385,722
Belgium		–		120,974			–		120,974
Canada		5,655,248		–			–		5,655,248
China		–		211,142			–		211,142
Denmark		–		1,406,507			–		1,406,507
Egypt		–		576,622			–		576,622
Finland		–		353,881			–		353,881
France		–		149,455			–		149,455
Germany		–		1,838,628			–		1,838,628
Hong Kong		–		2,287,989			–		2,287,989
Israel		696,016		–			–		696,016
Italy		–		1,549,922			–		1,549,922
Japan		–		5,307,996			–		5,307,996
Jordan		–		589,686			–		589,686
Netherlands		–		2,263,796			–		2,263,796
New Zealand		–		1,252,990			–		1,252,990
Norway		–		700,311			–		700,311
Portugal		–		143,206			–		143,206
Singapore		–		258,194			–		258,194
Spain		–		322,077			–		322,077
Sweden		–		2,112,046			–		2,112,046
Switzerland		–		2,600,419			–		2,600,419
United Kingdom		–		2,741,011			–		2,741,011
United States		26,808,471		–			–		26,808,471
Money Market Funds		322,169		–			–		322,169
Total Investments in Securities		33,481,904		35,172,574			–		68,654,478
Other Investments - Assets*
Forward Foreign Currency Contracts		–		229,022			–		229,022
Futures Contracts		9,435		–			–		9,435
		9,435		229,022			–		238,457
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(26,130	)		–		(26,130	)
Total Other Investments		9,435		202,892			–		212,327
Total Investments	$	33,491,339	$	35,375,466			$–	$	68,866,805

* Unrealized appreciation (depreciation).

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.

17                                 Invesco Global Low Volatility Equity Yield Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2020:

	Value
Derivative Assets	Currency Risk		Equity Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	9,435		$	9,435
Unrealized appreciation on forward foreign currency contracts outstanding		229,022		-			229,022
Total Derivative Assets		229,022		9,435			238,457
Derivatives not subject to master netting agreements		-		(9,435	)		(9,435	)
Total Derivative Assets subject to master netting agreements	$	229,022	$	-		$	229,022

	Value
Derivative Liabilities	Currency Risk			Equity Risk		Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(26,130	)	$	-	$	(26,130	)
Derivatives not subject to master netting agreements		-			-		-
Total Derivative Liabilities subject to master netting agreements	$	(26,130	)	$	-	$	(26,130	)

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2020.

	Financial		Financial
	Derivative		Derivative					Collateral
	Assets		Liabilities					(Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives			Non-Cash	Cash	Amount
Goldman Sachs International	$	4,105	$	(12,873)	$	(8,768	)	$–	$–	$	(8,768	)
State Street Bank & Trust Co.		224,917		(13,257)		211,660		–	–		211,660
Total	$	229,022	$	(26,130)	$	202,892		$–	$–	$	202,892

Effect of Derivative Investments for the six months ended June 30, 2020

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		Equity
	Risk		Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	116,191	$	-		$	116,191
Futures contracts		-		(194,003	)		(194,003	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		850,262		-			850,262
Futures contracts		-		(2,788	)		(2,788	)
Total	$	966,453	$	(196,791	)	$	769,662

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

	Forward
	Foreign Currency		Futures
	Contracts		Contracts
Average notional value	$	44,888,127	$	1,129,552

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $614.

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

18                             Invesco Global Low Volatility Equity Yield Fund

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

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

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	6,881,460	$—	$	6,881,460

* Capital loss carryforward 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 six months ended June 30, 2020 was $27,790,939 and $30,532,666, 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	$	5,709,596
Aggregate unrealized (depreciation) of investments		(5,106,627	)
Net unrealized appreciation of investments	$	602,969

Cost of investments for tax purposes is $68,263,836.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended              June 30, 2020(a)						Year ended         December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		128,764		$	1,502,596			215,597		$	2,877,206
Class C		5,399			63,694			26,338			332,269
Class R		8,567			103,302			64,252			836,438
Class Y		5,196			67,045			98,609			1,299,008
Class R5		1,066			13,594			3,322			44,991
Class R6		9,375			122,600			25,306			343,860
Issued as reinvestment of dividends:
Class A		68,549			753,781			107,958			1,469,267
Class C		1,685			17,407			3,071			39,463
Class R		1,472			16,141			2,364			32,277
Class Y		2,308			25,413			4,085			55,810
Class R5		682			7,600			1,071			14,732
Class R6		1,509			16,789			2,578			35,471
Automatic conversion of Class C shares to Class A shares:
Class A		10,855			127,748			247,801			3,222,054
Class C		(11,487	)		(127,748	)		(262,179	)		(3,222,054	)

19                             Invesco Global Low Volatility Equity Yield Fund

	Summary of Share Activity
	Six months ended              June 30, 2020(a)						Year ended         December 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(431,491	)	$	(5,233,987	)		(965,689	)	$	(12,931,841	)
Class C		(30,277	)		(352,671	)		(144,094	)		(1,800,257	)
Class R		(33,692	)		(388,761	)		(39,574	)		(525,101	)
Class Y		(55,269	)		(605,196	)		(72,697	)		(974,439	)
Class R5		(2,690	)		(29,508	)		(3,148	)		(43,018	)
Class R6		(24,275	)		(303,189	)		(42,506	)		(578,207	)
Net increase (decrease) in share activity		(343,754	)	$	(4,203,350	)		(727,535	)	$	(9,472,071	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                             Invesco Global Low Volatility Equity Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$880.20	$7.25	$1,017.16	$7.77	1.55%
Class C	1,000.00	877.00	10.73	1,013.43	11.51	2.30
Class R	1,000.00	879.10	8.41	1,015.91	9.02	1.80
Class Y	1,000.00	881.70	6.08	1,018.40	6.52	1.30
Class R5	1,000.00	881.50	5.52	1,019.00	5.92	1.18
Class R6	1,000.00	881.50	5.52	1,019.00	5.92	1.18

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

21                             Invesco Global Low Volatility Equity Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Low Volatility Equity Yield Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Low Volatility Equity Yield Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the valuation and price momentum components of the Fund’s multi-factor model investment process detracted from the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

22                             Invesco Global Low Volatility Equity Yield Fund

total expense ratio was in the fifth quintile of its expense group, and discussed with management reasons for such relative contractual and actual management fees and total expenses.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees

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

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

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

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23                             Invesco Global Low Volatility Equity Yield Fund

Go paperless with eDelivery

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

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

^∎  Fund reports and prospectuses

^∎  Quarterly statements

^∎  Daily confirmations

^∎  Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.                 GLVEY-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Income Allocation Fund
	Nasdaq: A: ALAAX ⬛ C: CLIAX ⬛ R: RLIAX ⬛ Y: ALAYX ⬛ R5: ILAAX ⬛ R6: IIASX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

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

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services

Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Income Allocation Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-6.85	%
Class C Shares	-7.11
Class R Shares	-6.96
Class Y Shares	-6.73
Class R5 Shares	-6.64
Class R6 Shares	-6.73
S&P 500 Index▼ (Broad Market Index)	-3.08
Custom Invesco Income Allocation Index∎ (Style-Specific Index)	2.32
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	-1.19
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Custom Invesco Income Allocation Index is composed of the following: the S&P 500 Index, MSCI EAFE Index, FTSE NAREIT Equity REITs Index and Bloomberg Barclays U.S. Universal Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of US real estate investment trusts. The Bloomberg Barclays U.S. Universal Index is an unmanaged index comprising US dollar-denominated taxable bonds that are rated investment grade or below investment grade.
The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Income Allocation Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	4.55	%
10 Years	5.13
5 Years	2.44
1 Year	-7.99
Class C Shares
Inception (10/31/05)	4.42	%
10 Years	4.93
5 Years	2.85
1 Year	-4.23
Class R Shares
Inception (10/31/05)	4.70	%
10 Years	5.46
5 Years	3.35
1 Year	-2.84
Class Y Shares
Inception (10/3/08)	6.02	%
10 Years	5.98
5 Years	3.87
1 Year	-2.35
Class R5 Shares
Inception (10/31/05)	5.23	%
10 Years	5.99
5 Years	3.87
1 Year	-2.26
Class R6 Shares
10 Years	5.79	%
5 Years	3.76
1 Year	-2.35

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

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

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

sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                     Invesco Income Allocation Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Income Allocation Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Income Allocation Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers-100.08%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20
Alternative Funds-18.63%
Alerian MLP ETF(b)(c)		1.08	%	$	–	$	10,304,841	$	(2,757,641	)	$	64,313		$	(1,998,047	)	$	350,929		227,450	$	5,613,466
Invesco Global Real Estate Income Fund, Class R6		4.91	%		29,531,636		4,709,427		(4,201,560	)		(3,730,102	)		(835,542	)		430,546		3,347,419		25,473,859
Invesco Multi-Asset Income Fund, Class R6		9.95	%		58,764,283		8,208,675		(6,311,120	)		(7,458,544	)		(1,632,801	)		1,624,576		5,629,967		51,570,493
Invesco S&P High Income Infrastructure ETF		–			23,639,691		125,174		(23,916,420	)		(1,781,592	)		1,933,147			–		–		–
iShares Global Infrastructure ETF(b)		2.69	%		–		20,029,201		(2,718,956	)		(2,350,778	)		(1,015,436	)		159,692		364,169		13,944,031
Total Alternative Funds					111,935,610		43,377,318		(39,905,697	)		(15,256,703	)		(3,548,679	)		2,565,743				96,601,849
Domestic Equity Funds-16.54%
Invesco Dividend Income Fund, Class R6		8.28	%		50,186,524		6,517,923		(7,636,347	)		(5,233,072	)		(890,776	)		681,404		2,093,820		42,944,252
Invesco S&P 500® Enhanced Value ETF		5.82	%		35,532,260		12,616,175		(8,164,581	)		(7,458,149	)		(2,321,043	)		537,373		1,083,381		30,204,662
Invesco S&P 500® High Dividend Low Volatility ETF		2.44	%		14,766,077		3,600,652		(2,112,438	)		(2,991,374	)		(632,632	)		356,336		383,666		12,630,285
Total Domestic Equity Funds					100,484,861		22,734,750		(17,913,366	)		(15,682,595	)		(3,844,451	)		1,575,113				85,779,199
Fixed Income Funds-59.01%
Invesco Core Plus Bond Fund, Class R6		14.62	%		85,058,522		4,413,148		(16,436,417	)		2,832,813			(84,442	)		799,409		6,641,860		75,783,624
Invesco Corporate Bond Fund, Class R6		3.87	%		21,989,612		382,115		(2,555,049	)		318,612			(75,626	)		385,932		2,588,344		20,059,664
Invesco Emerging Markets Sovereign Debt ETF(c)		3.59	%		20,669,380		2,131,957		(2,178,179	)		(1,569,876	)		(428,703	)		507,273		695,466		18,624,579
Invesco Floating Rate Fund, Class R6		8.74	%		51,842,393		3,125,090		(5,465,444	)		(3,226,814	)		(968,902	)		1,140,537		6,712,048		45,306,323
Invesco High Yield Fund, Class R6		6.81	%		39,702,748		3,097,303		(3,395,890	)		(3,342,615	)		(764,940	)		1,253,671		9,591,469		35,296,606
Invesco Quality Income Fund, Class R5		11.87	%		69,045,392		8,695,466		(16,801,363	)		1,667,163			(1,042,745	)		1,299,014		5,169,094		61,563,913
Invesco Taxable Municipal Bond ETF		3.55	%		20,514,971		1,154,546		(4,026,292	)		695,248			54,728			328,003		558,894		18,393,201
Invesco Variable Rate Preferred ETF		5.96	%		35,182,113		3,662,626		(4,719,064	)		(2,347,498	)		(849,429	)		736,969		1,320,049		30,928,748
Total Fixed Income Funds					344,005,131		26,662,251		(55,577,698	)		(4,972,967	)		(4,160,059	)		6,450,808				305,956,658
Foreign Equity Funds-5.50%
Invesco S&P International Developed Low Volatility ETF		5.50	%		32,202,183		5,855,671		(3,397,860	)		(5,070,922	)		(1,066,183	)		449,094		1,033,438		28,522,889
Money Market Funds-0.40%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)		0.13	%		1,955,994		30,506,398		(31,783,509	)		–			–			4,698		678,883		678,883
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)		0.12	%		1,222,970		22,710,059		(23,334,300	)		103			(3,008	)		4,484		595,407		595,824
Invesco Treasury Portfolio, Institutional Class, 0.08%(d)		0.15	%		2,235,422		34,864,454		(36,324,010	)		–			–			5,228		775,866		775,866
Total Money Market Funds					5,414,386		88,080,911		(91,441,819	)		103			(3,008	)		14,410				2,050,573
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $526,328,288)		100.08	%		594,042,171		186,710,901		(208,236,440	)		(40,983,084	)		(12,622,380	)		11,055,168				518,911,168

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

6                     Invesco Income Allocation Fund

Invesco Income Allocation Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers-100.08%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.43%
Invesco Government & Agency Portfolio, Institutional Class		–		$	–	$	96,564,793	$	(96,564,793	)	$	–		$	–		$	30,373		–	$	–
Invesco Private Government Fund, 0.05%(d)(e)		1.82	%		–		67,262,811		(57,811,955	)		–			–			444		9,450,856		9,450,856
Invesco Private Prime Fund, 0.11%(d)(e)		0.61	%		–		12,487,325		(9,337,965	)		162			763			148		3,149,655		3,150,285
Invesco Liquid Assets Portfolio, Institutional Class		–			–		26,589,506		(26,585,803	)		–			(3,703	)		12,229		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,600,979)		2.43	%		–		202,904,435		(190,300,516	)		162			(2,940	)		43,194				12,601,141
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $538,929,267)		102.51	%	$	594,042,171	$	389,615,336	$	(398,536,956	)	$	(40,982,922	)	$	(12,625,320	)	$	11,098,362			$	531,512,309
OTHER ASSETS LESS LIABILITIES		(2.51	)%																			(13,026,633	)
NET ASSETS		100.00	%																		$	518,485,676

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Not affiliated with Invesco Advisers, Inc.

^(c)  All or a portion of this security was out on loan at June 30, 2020.

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(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 1H.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Fixed Income Funds	57.56%
Equity Funds	21.51
Alternative Funds	18.17
Money Market Funds	2.76

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

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

7                     Invesco Income Allocation Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $517,085,305)*	$	511,954,812
Investments in unaffiliated underlying funds, at value (Cost $21,843,962)		19,557,497
Cash		394,738
Receivable for:
Fund shares sold		541,298
Dividends - affiliated underlying funds		866,998
Investment for trustee deferred compensation and retirement plans		51,807
Other assets		60,396
Total assets		533,427,546
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		814,474
Fund shares reacquired		1,123,510
Collateral upon return of securities loaned		12,600,979
Accrued fees to affiliates		251,932
Accrued trustees’ and officers’ fees and benefits		1,628
Accrued other operating expenses		90,494
Trustee deferred compensation and retirement plans		58,853
Total liabilities		14,941,870
Net assets applicable to shares outstanding	$	518,485,676
Net assets consist of:
Shares of beneficial interest	$	547,193,873
Distributable earnings (loss)		(28,708,197	)
	$	518,485,676

Net Assets:
Class A	$	396,539,304
Class C	$	65,827,342
Class R	$	5,649,200
Class Y	$	49,721,309
Class R5	$	739,270
Class R6	$	9,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		37,541,540
Class C		6,224,050
Class R		534,416
Class Y		4,707,841
Class R5		69,972
Class R6		876
Class A:
Net asset value per share	$	10.56
Maximum offering price per share (Net asset value of $10.56 ÷ 94.50%)	$	11.17
Class C:
Net asset value and offering price per share	$	10.58
Class R:
Net asset value and offering price per share	$	10.57
Class Y:
Net asset value and offering price per share	$	10.56
Class R5:
Net asset value and offering price per share	$	10.57
Class R6:
Net asset value and offering price per share	$	10.56

* At June 30, 2020, securities with an aggregate value of $12,318,804 were on loan to brokers.

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

8                     Invesco Income Allocation Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 43,194)	$	10,587,741
Dividends from unaffiliated underlying funds		510,621
Total investment income		11,098,362
Expenses:
Administrative services fees		41,946
Custodian fees		1,068
Distribution fees:
Class A		504,823
Class C		351,497
Class R		15,241
Transfer agent fees – A, C, R and Y		291,677
Transfer agent fees – R5		790
Transfer agent fees – R6		23
Trustees’ and officers’ fees and benefits		9,318
Registration and filing fees		58,901
Reports to shareholders		18,115
Professional services fees		13,213
Other		5,071
Total expenses		1,311,683
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(440,122	)
Net expenses		871,561
Net investment income		10,226,801
Realized and unrealized gain (loss) from:
Net realized (loss) from:
Affiliated underlying fund shares		(9,611,757	)
Unaffiliated underlying fund shares		(3,013,483	)
		(12,625,240	)
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(38,696,457	)
Unaffiliated underlying fund shares		(2,286,465	)
		(40,982,922	)
Net realized and unrealized gain (loss)		(53,608,162	)
Net increase (decrease) in net assets resulting from operations	$	(43,381,361	)

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

9                     Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30, 2020			December 31, 2019
Operations:
Net investment income	$	10,226,801		$	22,852,766
Net realized gain (loss)		(12,625,240	)		13,295,429
Change in net unrealized appreciation (depreciation)		(40,982,922	)		38,867,482
Net increase (decrease) in net assets resulting from operations		(43,381,361	)		75,015,677
Distributions to shareholders from distributable earnings:
Class A		(9,121,834	)		(26,674,202	)
Class C		(1,322,836	)		(4,556,744	)
Class R		(129,905	)		(484,873	)
Class Y		(1,403,397	)		(4,643,584	)
Class R5		(38,351	)		(137,650	)
Class R6		(1,561	)		(11,990	)
Total distributions from distributable earnings		(12,017,884	)		(36,509,043	)
Share transactions-net:
Class A		2,516,731			83,912,549
Class C		(5,048,287	)		(38,519,905	)
Class R		(562,030	)		(2,412,111	)
Class Y		(13,649,458	)		8,437,377
Class R5		(793,855	)		(235,925	)
Class R6		(173,604	)		30,921
Net increase (decrease) in net assets resulting from share transactions		(17,710,503	)		51,212,906
Net increase (decrease) in net assets		(73,109,748	)		89,719,540
Net assets:
Beginning of period		591,595,424			501,875,884
End of period	$	518,485,676		$	591,595,424

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

10                     Invesco Income Allocation Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 06/30/20		$	11.60		$	0.20		$	(1.00	)		$	(0.80	)		$	(0.24	)		$	–			$	(0.24	)		$	10.56		(6.85	)%		$	396,539		0.25	%(e)		0.41	%(e)		3.85	%(e)		18	%
Year ended 12/31/19			10.76			0.49			1.12				1.61				(0.53	)			(0.24	)			(0.77	)			11.60		15.19				434,337		0.25			0.44			4.28			14
Year ended 12/31/18			11.70			0.44			(0.96	)			(0.52	)			(0.42	)			–				(0.42	)			10.76		(4.53	)			323,945		0.25			0.45			3.86			20
Year ended 12/31/17			11.21			0.38			0.50				0.88				(0.39	)			–				(0.39	)			11.70		7.99				391,850		0.25			0.46			3.32			8
Year ended 12/31/16			10.66			0.40			0.56				0.96				(0.36	)			(0.05	)			(0.41	)			11.21		9.15				372,141		0.25			0.46			3.64			38
Year ended 12/31/15			11.18			0.37			(0.48	)			(0.11	)			(0.40	)			(0.01	)			(0.41	)			10.66		(1.08	)			282,690		0.25			0.48			3.37			1
Class C
Six months ended 06/30/20			11.61			0.17			(1.00	)			(0.83	)			(0.20	)			–				(0.20	)			10.58		(7.11	)			65,827		1.00	(e)		1.16	(e)		3.10	(e)		18
Year ended 12/31/19			10.78			0.41			1.10				1.51				(0.44	)			(0.24	)			(0.68	)			11.61		14.22				78,374		1.00			1.19			3.53			14
Year ended 12/31/18			11.71			0.35			(0.94	)			(0.59	)			(0.34	)			–				(0.34	)			10.78		(5.15	)			110,370		1.00			1.20			3.11			20
Year ended 12/31/17			11.22			0.30			0.50				0.80				(0.31	)			–				(0.31	)			11.71		7.18				147,051		1.00			1.21			2.57			8
Year ended 12/31/16			10.67			0.32			0.56				0.88				(0.28	)			(0.05	)			(0.33	)			11.22		8.33				125,281		1.00			1.21			2.89			38
Year ended 12/31/15			11.19			0.29			(0.49	)			(0.20	)			(0.31	)			(0.01	)			(0.32	)			10.67		(1.81	)			101,367		1.00			1.23			2.62			1
Class R
Six months ended 06/30/20			11.60			0.19			(0.99	)			(0.80	)			(0.23	)			–				(0.23	)			10.57		(6.88	)			5,649		0.50	(e)		0.66	(e)		3.60	(e)		18
Year ended 12/31/19			10.77			0.46			1.11				1.57				(0.50	)			(0.24	)			(0.74	)			11.60		14.80				6,847		0.50			0.69			4.03			14
Year ended 12/31/18			11.70			0.40			(0.94	)			(0.54	)			(0.39	)			–				(0.39	)			10.77		(4.68	)			8,601		0.50			0.70			3.61			20
Year ended 12/31/17			11.22			0.35			0.49				0.84				(0.36	)			–				(0.36	)			11.70		7.63				6,949		0.50			0.71			3.07			8
Year ended 12/31/16			10.67			0.37			0.56				0.93				(0.33	)			(0.05	)			(0.38	)			11.22		8.87				5,016		0.50			0.71			3.39			38
Year ended 12/31/15			11.19			0.35			(0.49	)			(0.14	)			(0.37	)			(0.01	)			(0.38	)			10.67		(1.32	)			3,058		0.50			0.73			3.12			1
Class Y
Six months ended 06/30/20			11.60			0.22			(1.01	)			(0.79	)			(0.25	)			–				(0.25	)			10.56		(6.73	)			49,721		0.00	(e)		0.16	(e)		4.10	(e)		18
Year ended 12/31/19			10.76			0.52			1.11				1.63				(0.55	)			(0.24	)			(0.79	)			11.60		15.48				70,139		0.00			0.19			4.53			14
Year ended 12/31/18			11.70			0.47			(0.96	)			(0.49	)			(0.45	)			–				(0.45	)			10.76		(4.29	)			57,009		0.00			0.20			4.11			20
Year ended 12/31/17			11.21			0.41			0.50				0.91				(0.42	)			–				(0.42	)			11.70		8.26				76,898		0.00			0.21			3.57			8
Year ended 12/31/16			10.66			0.43			0.56				0.99				(0.39	)			(0.05	)			(0.44	)			11.21		9.42				35,002		0.00			0.21			3.89			38
Year ended 12/31/15			11.18			0.40			(0.49	)			(0.09	)			(0.42	)			(0.01	)			(0.43	)			10.66		(0.83	)			14,578		0.00			0.23			3.62			1
Class R5
Six months ended 06/30/20			11.60			0.22			(1.00	)			(0.78	)			(0.25	)			–				(0.25	)			10.57		(6.64	)			739		0.00	(e)		0.15	(e)		4.10	(e)		18
Year ended 12/31/19			10.77			0.52			1.10				1.62				(0.55	)			(0.24	)			(0.79	)			11.60		15.37				1,712		0.00			0.16			4.53			14
Year ended 12/31/18			11.70			0.47			(0.95	)			(0.48	)			(0.45	)			–				(0.45	)			10.77		(4.20	)			1,807		0.00			0.18			4.11			20
Year ended 12/31/17			11.21			0.41			0.50				0.91				(0.42	)			–				(0.42	)			11.70		8.26				2,105		0.00			0.20			3.57			8
Year ended 12/31/16			10.66			0.43			0.56				0.99				(0.39	)			(0.05	)			(0.44	)			11.21		9.42				825		0.00			0.18			3.89			38
Year ended 12/31/15			11.18			0.40			(0.49	)			(0.09	)			(0.42	)			(0.01	)			(0.43	)			10.66		(0.83	)			850		0.00			0.20			3.62			1
Class R6
Six months ended 06/30/20			11.60			0.23			(1.02	)			(0.79	)			(0.25	)			–				(0.25	)			10.56		(6.73	)			9		0.00	(e)		0.13	(e)		4.10	(e)		18
Year ended 12/31/19			10.77			0.53			1.09				1.62				(0.55	)			(0.24	)			(0.79	)			11.60		15.37				187		0.00			0.13			4.53			14
Year ended 12/31/18			11.70			0.47			(0.95	)			(0.48	)			(0.45	)			–				(0.45	)			10.77		(4.20	)			145		0.00			0.15			4.11			20
Year ended 12/31/17(f)			11.42			0.31			0.28				0.59				(0.31	)			–				(0.31	)			11.70		5.25				10		0.00	(g)		0.17	(g)		3.57	(g)		8

^(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)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.52%, 0.52%, 0.56%, 0.54%, 0.58% and 0.62% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $406,129, $70,696, $6,131, $59,205, $1,589 and $65 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of April 04, 2017.

^(g)  Annualized.

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

11                     Invesco Income Allocation Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Income Allocation Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 current income and, secondarily, growth of capital.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

12                     Invesco Income Allocation Fund

The Funds 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 of each Fund’s investments.

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from 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.

D. 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.

E. Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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

13                     Invesco Income Allocation Fund

“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 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 0.25%, 1.00%, 0.50%, 0.00%, 0.00% and 0.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. 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 six months ended June 30, 2020, the Adviser waived advisory fees of $147,086 and reimbursed class level expenses of $218,492, $38,033, $3,298, $31,853, $790 and $24 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $36,413 in front-end sales commissions from the sale of Class A shares and $20,332 and $1,205 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Affiliated Issuers		$	497,303,098		$	–		$	–		$497,303,098
Unaffiliated Issuers			19,557,497			–			–		19,557,497
Money Market Funds			2,050,573			12,601,141			–		14,651,714
Total Investments		$	518,911,168		$	12,601,141		$	–		$531,512,309

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $546.

14                     Invesco Income Allocation Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of December 31, 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 six months ended June 30, 2020 was $98,629,990 and $116,344,402, 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	$	16,417,656
Aggregate unrealized (depreciation) of investments		(31,739,595	)
Net unrealized appreciation (depreciation) of investments	$	(15,321,939	)

Cost of investments for tax purposes is $546,834,248.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		6,664,923		$	71,865,265			8,492,067		$	98,580,604
Class C		1,051,425			11,530,239			1,907,647			22,063,370
Class R		76,486			817,968			182,554			2,114,866
Class Y		1,033,564			11,549,624			2,616,846			29,881,840
Class R5		31,180			348,350			20,360			234,314
Class R6		253			2,974			3,078			35,624
Issued as reinvestment of dividends:
Class A		728,689			7,617,172			1,999,930			23,046,014
Class C		103,511			1,083,877			334,217			3,851,900
Class R		12,382			129,608			42,126			484,872
Class Y		95,894			1,004,040			316,702			3,646,482
Class R5		3,666			38,060			11,873			136,739
Class R6		115			1,339			977			11,254
Automatic conversion of Class C shares to Class A shares:
Class A		83,217			900,259			3,840,610			42,657,750
Class C		(83,112	)		(900,259	)		(3,837,119	)		(42,657,750	)

15                     Invesco Income Allocation Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(7,387,346	)	$	(77,865,965	)		(6,973,058	)	$	(80,371,819	)
Class C		(1,597,615	)		(16,762,144	)		(1,896,143	)		(21,777,425	)
Class R		(144,500	)		(1,509,606	)		(433,219	)		(5,011,849	)
Class Y		(2,470,302	)		(26,203,122	)		(2,181,035	)		(25,090,945	)
Class R5		(112,445	)		(1,180,265	)		(52,463	)		(606,978	)
Class R6		(15,618	)		(177,917	)		(1,378	)		(15,957	)
Net increase (decrease) in share activity		(1,925,633	)	$	(17,710,503	)		4,394,572		$	51,212,906

^(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.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                     Invesco Income Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)1	Expenses Paid During Period2	Ending Account Value (06/30/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$931.50	$1.20	$1,023.62	$1.26	0.25%
Class C	1,000.00	928.90	4.80	1,019.89	5.02	1.00
Class R	1,000.00	931.20	2.40	1,022.38	2.51	0.50
Class Y	1,000.00	932.70	0.00	1,024.86	0.00	0.00
Class R5	1,000.00	933.60	0.00	1,024.86	0.00	0.00
Class R6	1,000.00	932.70	0.00	1,024.86	0.00	0.00

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

17                     Invesco Income Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Income Allocation Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

18                     Invesco Income Allocation Fund

percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

19                     Invesco Income Allocation Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.                  INCAL-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Small Cap Growth Fund
	Nasdaq:
	A: GTSAX  ∎  C: GTSDX  ∎  R: GTSRX  ∎  Y: GTSYX  ∎  Investor: GTSIX  ∎  R5: GTSVX  ∎  R6: GTSFX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

    Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                         Invesco Small Cap Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	5.34	%
Class C Shares	4.93
Class R Shares	5.19
Class Y Shares	5.48
Investor Class Shares	5.38
Class R5 Shares	5.55
Class R6 Shares	5.59
S&P 500 Index ▼ (Broad Market Index)	–3.08
Russell 2000 Growth Index ▼ (Style-Specific Index)	–3.06
Lipper Small-Cap Growth Funds Index ∎ (Peer Group Index)	1.87

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

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

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

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

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

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

For more information about your Fund

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

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

3                         Invesco Small Cap Growth Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (10/18/95)	10.35	%
10 Years	13.30
5 Years	7.17
1 Year	3.00
Class C Shares
Inception (5/3/99)	8.65	%
10 Years	13.09
5 Years	7.57
1 Year	7.27
Class R Shares
Inception (6/3/02)	9.01	%
10 Years	13.65
5 Years	8.12
1 Year	8.72
Class Y Shares
Inception (10/3/08)	12.68	%
10 Years	14.23
5 Years	8.66
1 Year	9.28
Investor Class Shares
Inception (4/7/06)	9.02	%
10 Years	13.95
5 Years	8.41
1 Year	9.06
Class R5 Shares
Inception (3/15/02)	9.13	%
10 Years	14.39
5 Years	8.79
1 Year	9.40
Class R6 Shares
10 Years	14.36	%
5 Years	8.90
1 Year	9.51

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

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

    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, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                         Invesco Small Cap Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                         Invesco Small Cap Growth Fund

Schedule of Investments^(a)

June 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.03%
Aerospace & Defense–1.81%
Aerojet Rocketdyne Holdings, Inc.(b)		394,285	$	15,629,457
Cubic Corp.		389,263		18,696,302
Mercury Systems, Inc.(b)		241,118		18,966,342
				53,292,101
Alternative Carriers–1.41%
Cogent Communications Holdings, Inc.		226,997		17,560,488
Iridium Communications, Inc.(b)		939,361		23,897,344
				41,457,832
Application Software–14.18%
Anaplan, Inc.(b)		462,618		20,961,222
Avalara, Inc.(b)		156,085		20,773,353
Bill.Com Holdings, Inc.(b)		301,807		27,226,009
Blackline, Inc.(b)		434,775		36,047,195
Fair Isaac Corp.(b)		72,190		30,178,308
Five9, Inc.(b)		233,976		25,894,124
Guidewire Software, Inc.(b)		211,407		23,434,466
HubSpot, Inc.(b)		151,185		33,918,355
LivePerson, Inc.(b)		581,838		24,105,548
Nuance Communications, Inc.(b)		1,017,618		25,750,824
Pegasystems, Inc.		308,769		31,238,160
Q2 Holdings, Inc.(b)		506,489		43,451,691
RealPage, Inc.(b)		426,833		27,748,413
Smartsheet, Inc., Class A(b)		392,546		19,988,442
Zendesk, Inc.(b)		295,160		26,130,515
				416,846,625
Auto Parts & Equipment–1.28%
Fox Factory Holding Corp.(b)		310,161		25,622,400
Visteon Corp.(b)		175,184		12,000,104
				37,622,504
Biotechnology–7.88%
Abcam PLC (United Kingdom)		1,286,768		21,234,986
Agios Pharmaceuticals, Inc.(b)		363,194		19,423,615
CareDx, Inc.(b)		931,348		32,997,660
Halozyme Therapeutics, Inc.(b)		972,936		26,084,414
Heron Therapeutics, Inc.(b)		801,249		11,786,373
Immunomedics, Inc.(b)		424,625		15,048,710
Iovance Biotherapeutics, Inc.(b)		346,227		9,503,931
Natera, Inc.(b)		602,119		30,021,654
Neurocrine Biosciences, Inc.(b)		219,374		26,763,628
Sage Therapeutics, Inc.(b)		301,573		12,539,405
Twist Bioscience Corp.(b)		580,471		26,295,336
				231,699,712
Brewers–0.85%
Boston Beer Co., Inc. (The), Class A(b)		46,695		25,058,872
Building Products–2.22%
Armstrong World Industries, Inc.		218,658		17,046,578
Builders FirstSource, Inc.(b)		1,237,339		25,612,917
Trex Co., Inc.(b)		173,391		22,552,967
				65,212,462

	Shares		Value
Casinos & Gaming–2.36%
Eldorado Resorts, Inc.(b)(c)		998,993	$	40,019,660
Penn National Gaming, Inc.(b)		956,080		29,198,683
				69,218,343
Construction & Engineering–0.77%
AECOM(b)		599,874		22,543,265
Construction Materials–0.59%
Martin Marietta Materials, Inc.		84,120		17,376,668
Consumer Finance–0.83%
LendingTree, Inc.(b)(c)		84,363		24,425,619
Data Processing & Outsourced Services–0.63%
Black Knight, Inc.(b)		253,055		18,361,671
Distributors–0.75%
Pool Corp.		80,693		21,938,006
Diversified Support Services–0.80%
IAA, Inc.(b)		468,003		18,050,876
KAR Auction Services, Inc.		403,514		5,552,352
				23,603,228
Education Services–1.44%
Bright Horizons Family Solutions, Inc.(b)		202,942		23,784,803
Strategic Education, Inc.		121,162		18,616,541
				42,401,344
Electrical Components & Equipment–0.76%
Generac Holdings, Inc.(b)		182,882		22,298,802
Electronic Components–1.59%
II-VI, Inc.(b)		483,819		22,845,933
Littelfuse, Inc.		139,392		23,784,457
				46,630,390
Electronic Equipment & Instruments–1.68%
OSI Systems, Inc.(b)		85,023		6,346,117
Trimble, Inc.(b)		502,994		21,724,311
Zebra Technologies Corp., Class A(b)		82,846		21,204,433
				49,274,861
Electronic Manufacturing Services–1.50%
Fabrinet (Thailand)(b)		348,157		21,731,960
IPG Photonics Corp.(b)		139,684		22,403,917
				44,135,877
Environmental & Facilities Services–0.81%
Clean Harbors, Inc.(b)		396,476		23,780,631
Financial Exchanges & Data–0.73%
Morningstar, Inc.		152,662		21,520,762
Footwear–0.43%
Steven Madden Ltd.		509,087		12,569,358
General Merchandise Stores–0.92%
Ollie’s Bargain Outlet Holdings, Inc.(b)		277,740		27,121,311

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

6                         Invesco Small Cap Growth Fund

	Shares		Value
Health Care Equipment–8.52%
AtriCure, Inc.(b)		601,962	$	27,058,192
CONMED Corp.		274,630		19,770,614
CryoPort, Inc.(b)(c)		563,609		17,049,172
Insulet Corp.(b)		106,940		20,774,164
iRhythm Technologies, Inc.(b)		242,818		28,140,178
Masimo Corp.(b)		138,251		31,519,846
Mesa Laboratories, Inc.		92,073		19,961,426
Nevro Corp.(b)		173,938		20,780,373
Penumbra, Inc.(b)		153,790		27,500,728
Tandem Diabetes Care, Inc.(b)		382,526		37,839,472
				250,394,165
Health Care Services–1.89%
Chemed Corp.		48,053		21,675,267
LHC Group, Inc.(b)		194,890		33,973,225
				55,648,492
Home Improvement Retail–0.92%
Floor & Decor Holdings, Inc., Class A(b)		469,756		27,081,433
Human Resource & Employment Services–0.16%
ASGN, Inc.(b)		70,488		4,700,140
Industrial Machinery–4.19%
Evoqua Water Technologies Corp.(b)		1,198,940		22,300,284
Kennametal, Inc.		504,076		14,472,022
Kornit Digital Ltd. (Israel)(b)		413,989		22,098,734
Nordson Corp.		134,027		25,426,262
Timken Co. (The)		419,923		19,102,297
Welbilt, Inc.(b)		3,260,441		19,856,086
				123,255,685
Industrial REITs–0.72%
EastGroup Properties, Inc.		178,596		21,183,272
Insurance Brokers–1.15%
eHealth, Inc.(b)		282,506		27,753,389
Goosehead Insurance, Inc., Class A(b)		79,879		6,003,706
				33,757,095
Internet & Direct Marketing Retail–1.59%
Etsy, Inc.(b)		440,180		46,760,321
Investment Banking & Brokerage–0.98%
LPL Financial Holdings, Inc.		368,361		28,879,502
Leisure Facilities–0.67%
Planet Fitness, Inc., Class A(b)		326,907		19,800,757
Life Sciences Tools & Services–9.60%
10X Genomics, Inc., Class A(b)		310,522		27,732,720
Adaptive Biotechnologies Corp.(b)		462,138		22,358,236
Avantor, Inc.(b)		1,530,001		26,010,017
Bio-Techne Corp.		173,019		45,689,127
Bruker Corp.		491,645		20,000,119
NeoGenomics, Inc.(b)		835,849		25,894,602
PRA Health Sciences, Inc.(b)		248,072		24,134,925
Repligen Corp.(b)		452,844		55,976,047
Syneos Health, Inc.(b)		587,059		34,196,187
				281,991,980
Pharmaceuticals–3.00%
Catalent, Inc.(b)		720,631		52,822,252

	Shares		Value
Pharmaceuticals–(continued)
Horizon Therapeutics PLC(b)		636,236	$	35,361,997
				88,184,249
Regional Banks–0.84%
SVB Financial Group(b)		114,382		24,652,752
Research & Consulting Services–0.69%
Clarivate PLC (United Kingdom)(b)		908,530		20,287,475
Restaurants–3.23%
Dunkin’ Brands Group, Inc.		289,158		18,861,776
Texas Roadhouse, Inc.(b)		409,372		21,520,686
Wendy’s Co. (The)		1,014,505		22,095,919
Wingstop, Inc.		232,781		32,349,576
				94,827,957
Semiconductor Equipment–1.57%
Enphase Energy, Inc.(b)		483,217		22,986,633
MKS Instruments, Inc.		203,905		23,090,202
				46,076,835
Semiconductors–5.73%
Cree, Inc.(b)		372,459		22,045,848
Lattice Semiconductor Corp.(b)		1,262,503		35,842,460
Monolithic Power Systems, Inc.		96,266		22,815,042
Power Integrations, Inc.		227,789		26,908,715
Semtech Corp.(b)		577,837		30,174,648
Silicon Laboratories, Inc.(b)		306,637		30,746,492
				168,533,205
Specialized REITs–0.63%
CoreSite Realty Corp.		152,149		18,419,158
Specialty Chemicals–1.47%
Axalta Coating Systems Ltd.(b)		926,944		20,902,587
Element Solutions, Inc.(b)		2,044,766		22,185,711
				43,088,298
Specialty Stores–0.75%
Five Below, Inc.(b)		205,512		21,971,288
Systems Software–1.76%
Cloudflare, Inc., Class A(b)(c)		725,573		26,084,349
Qualys, Inc.(b)		245,830		25,571,237
				51,655,586
Trading Companies & Distributors–0.89%
SiteOne Landscape Supply, Inc.(b)		230,189		26,234,640
Trucking–1.86%
Knight-Swift Transportation Holdings, Inc.		345,513		14,411,347
Lyft, Inc., Class A(b)		743,497		24,542,836
Old Dominion Freight Line, Inc.		92,724		15,725,063
				54,679,246
Total Common Stocks & Other Equity Interests (Cost $2,051,581,091)				2,910,453,775
Money Market Funds–0.78%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)(e)		9,332,511		9,332,511
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)(e)		2,984,373		2,986,462

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

7                         Invesco Small Cap Growth Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.08%(d)(e)		10,665,727		$   10,665,726
Total Money Market Funds (Cost $22,982,537)				22,984,699
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)–99.81% (Cost $2,074,563,628)				2,933,438,474
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.89%
Invesco Private Government Fund, 0.05%(d)(e)(f)		41,568,274		41,568,274

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		13,853,320		$      13,856,091
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,424,021)				55,424,365
TOTAL INVESTMENTS IN SECURITIES–101.70% (Cost $2,129,987,649)				2,988,862,839
OTHER ASSETS LESS LIABILITIES–(1.70)%				(49,837,452	)
NET ASSETS–100.00%				$2,939,025,387

Investment Abbreviations:
REIT – Real Estate Investment Trust
Notes to Schedule of Investments:
(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
	exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	All or a portion of this security was out on loan at June 30, 2020.
(d)	Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common
	control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$14,321,738		$164,828,131	$	(169,817,358	)		$        -		$        -		$  9,332,511		$    46,908
Invesco Liquid Assets Portfolio, Institutional Class		10,432,285		117,063,012		(124,514,658	)		2,120		3,703		2,986,462		47,807
Invesco Treasury Portfolio, Institutional Class		16,367,700		188,375,007		(194,076,981	)		-		-		10,665,726		50,610
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		3,245,144		59,557,771		(62,802,915	)		-		-		-		11,120
Invesco Liquid Assets Portfolio, Institutional Class		1,081,714		14,162,662		(15,244,426	)		50		-		-		4,162
Invesco Private Government Fund		-		131,809,474		(90,241,200	)		-		-		41,568,274		1,276
Invesco Private Prime Fund		-		24,294,493		(10,438,402	)		-		-		13,856,091		520
Total		$45,448,581		$700,090,550	$	(667,135,940	)		$2,170		$3,703		$78,409,064		$162,403

^(e)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020

Health Care	30.89	%
Information Technology	28.63
Industrials	14.97
Consumer Discretionary	14.34
Financials	4.53
Materials	2.06
Other Sectors, Each Less than 2% of Net Assets	3.61
Money Market Funds Plus Other Assets Less Liabilities	0.97

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

8                         Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,051,581,091)*	$	2,910,453,775
Investments in affiliated money market funds, at value (Cost $78,406,558)		78,409,064
Foreign currencies, at value (Cost $151)		149
Receivable for:
Investments sold		22,459,173
Fund shares sold		3,203,257
Dividends		437,188
Investment for trustee deferred compensation and retirement plans		449,445
Other assets		75,273
Total assets		3,015,487,324
Liabilities:
Payable for:
Investments purchased		13,275,900
Fund shares reacquired		5,796,380
Collateral upon return of securities loaned		55,424,021
Accrued fees to affiliates		1,107,583
Accrued trustees’ and officers’ fees and benefits		5,127
Accrued other operating expenses		352,521
Trustee deferred compensation and retirement plans		500,405
Total liabilities		76,461,937
Net assets applicable to shares outstanding	$	2,939,025,387
Net assets consist of:
Shares of beneficial interest	$	1,871,106,074
Distributable earnings		1,067,919,313
	$	2,939,025,387

Net Assets:
Class A	$	790,401,474
Class C	$	19,612,107
Class R	$	105,346,505
Class Y	$	226,672,111
Investor Class	$	179,583,311
Class R5	$	1,044,045,464
Class R6	$	573,364,415
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,080,928
Class C		933,802
Class R		3,261,149
Class Y		6,060,546
Investor Class		4,714,066
Class R5		24,955,394
Class R6		13,595,963
Class A:
Net asset value per share	$	35.80
Maximum offering price per share (Net asset value of $35.80 ÷ 94.50%)	$	37.88
Class C:
Net asset value and offering price per share	$	21.00
Class R:
Net asset value and offering price per share	$	32.30
Class Y:
Net asset value and offering price per share	$	37.40
Investor Class:
Net asset value and offering price per share	$	38.10
Class R5:
Net asset value and offering price per share	$	41.84
Class R6:
Net asset value and offering price per share	$	42.17

* At June 30, 2020, securities with an aggregate value of $54,102,711 were on loan to brokers.

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

9                         Invesco Small Cap Growth Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends	$	3,483,743
Dividends from affiliated money market funds (includes securities lending income of $44,207)		189,532
Total investment income		3,673,275
Expenses:
Advisory fees		8,433,410
Administrative services fees		178,633
Custodian fees		8,799
Distribution fees:
Class A		637,930
Class C		34,080
Class R		256,076
Investor Class		155,092
Transfer agent fees – A, C, R, Y and Investor		1,078,258
Transfer agent fees – R5		506,171
Transfer agent fees – R6		7,939
Trustees’ and officers’ fees and benefits		17,847
Registration and filing fees		57,019
Reports to shareholders		24,508
Professional services fees		27,155
Other		9,820
Total expenses		11,432,737
Less: Fees waived and/or expense offset arrangement(s)		(21,870	)
Net expenses		11,410,867
Net investment income (loss)		(7,737,592	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(242,051))		218,535,305
Foreign currencies		8,584
		218,543,889
Change in net unrealized appreciation (depreciation) of:
Investment securities		(55,160,412	)
Foreign currencies		(2	)
		(55,160,414	)
Net realized and unrealized gain		163,383,475
Net increase in net assets resulting from operations	$	155,645,883

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

10                         Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(7,737,592	)	$	(20,955	)
Net realized gain		218,543,889			261,921,105
Change in net unrealized appreciation (depreciation)		(55,160,414	)		343,205,260
Net increase in net assets resulting from operations		155,645,883			605,105,410
Distributions to shareholders from distributable earnings:
Class A		(15,653,386	)		(41,933,366	)
Class C		(182,218	)		(481,347	)
Class R		(4,159,898	)		(10,963,880	)
Class Y		(6,472,161	)		(17,314,411	)
Investor Class		(5,903,523	)		(14,708,662	)
Class R5		(31,483,394	)		(88,761,002	)
Class R6		(15,898,917	)		(33,338,530	)
Total distributions from distributable earnings		(79,753,497	)		(207,501,198	)
Share transactions–net:
Class A		254,347,951			(76,589,928	)
Class C		14,364,599			(8,486,256	)
Class R		(13,273,085	)		(22,952,784	)
Class Y		3,420,584			(32,027,696	)
Investor Class		(9,640,779	)		(6,394,254	)
Class R5		(114,505,113	)		(226,919,801	)
Class R6		48,132,872			86,927,944
Net increase (decrease) in net assets resulting from share transactions		182,847,029			(286,442,775	)
Net increase in net assets		258,739,415			111,161,437
Net assets:
Beginning of period		2,680,285,972			2,569,124,535
End of period	$	2,939,025,387		$	2,680,285,972

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

11                         Invesco Small Cap Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 06/30/20		$	35.35		$	(0.15	)		$	1.87			$	1.72			$	–			$	(1.27	)		$	(1.27	)		$	35.80		5.37	%		$	790,401		1.18	%(d)		1.18	%(d)		(0.88	)%(d)		35	%
Year ended 12/31/19			31.02			(0.09	)			7.59				7.50				–				(3.17	)			(3.17	)			35.35		24.32				499,603		1.17			1.17			(0.25	)		31
Year ended 12/31/18			37.31			(0.18	)			(3.08	)			(3.26	)			–				(3.03	)			(3.03	)			31.02		(9.04	)			502,315		1.18			1.18			(0.47	)		21
Year ended 12/31/17			32.66			(0.17	)			8.26				8.09				–				(3.44	)			(3.44	)			37.31		24.91				617,955		1.20			1.20			(0.48	)		21
Year ended 12/31/16			32.03			0.00				3.68				3.68				–				(3.05	)			(3.05	)			32.66		11.30				596,972		1.22			1.22			(0.01	)		26
Year ended 12/31/15			35.95			(0.16	)			(0.52	)			(0.68	)			–				(3.24	)			(3.24	)			32.03		(1.84	)			645,968		1.20			1.20			(0.43	)		30
Class C
Six months ended 06/30/20			21.39			(0.16	)			1.04				0.88				–				(1.27	)			(1.27	)			21.00		4.93				19,612		1.90	(d)		1.90	(d)		(1.60	)(d)		35
Year ended 12/31/19			19.95			(0.23	)			4.84				4.61				–				(3.17	)			(3.17	)			21.39		23.32				3,686		1.92			1.92			(1.00	)		31
Year ended 12/31/18			25.33			(0.32	)			(2.03	)			(2.35	)			–				(3.03	)			(3.03	)			19.95		(9.72	)			11,053		1.93			1.93			(1.22	)		21
Year ended 12/31/17			23.24			(0.31	)			5.84				5.53				–				(3.44	)			(3.44	)			25.33		23.99				14,502		1.95			1.95			(1.23	)		21
Year ended 12/31/16			23.74			(0.18	)			2.73				2.55				–				(3.05	)			(3.05	)			23.24		10.49				14,878		1.97			1.97			(0.76	)		26
Year ended 12/31/15			27.71			(0.34	)			(0.39	)			(0.73	)			–				(3.24	)			(3.24	)			23.74		(2.57	)			16,858		1.95			1.95			(1.18	)		30
Class R
Six months ended 06/30/20			32.08			(0.17	)			1.66				1.49				–				(1.27	)			(1.27	)			32.30		5.19				105,347		1.43	(d)		1.43	(d)		(1.13	)(d)		35
Year ended 12/31/19			28.46			(0.17	)			6.96				6.79				–				(3.17	)			(3.17	)			32.08		24.01				118,302		1.42			1.42			(0.50	)		31
Year ended 12/31/18			34.58			(0.26	)			(2.83	)			(3.09	)			–				(3.03	)			(3.03	)			28.46		(9.27	)			124,450		1.43			1.43			(0.72	)		21
Year ended 12/31/17			30.55			(0.25	)			7.72				7.47				–				(3.44	)			(3.44	)			34.58		24.60				135,751		1.45			1.45			(0.73	)		21
Year ended 12/31/16			30.21			(0.08	)			3.47				3.39				–				(3.05	)			(3.05	)			30.55		11.02				112,318		1.47			1.47			(0.26	)		26
Year ended 12/31/15			34.18			(0.24	)			(0.49	)			(0.73	)			–				(3.24	)			(3.24	)			30.21		(2.08	)			103,249		1.45			1.45			(0.68	)		30
Class Y
Six months ended 06/30/20			36.83			(0.11	)			1.95				1.84				–				(1.27	)			(1.27	)			37.40		5.48				226,672		0.93	(d)		0.93	(d)		(0.63	)		35
Year ended 12/31/19			32.14			(0.00	)			7.86				7.86				–				(3.17	)			(3.17	)			36.83		24.59				217,477		0.92			0.92			0.00			31
Year ended 12/31/18			38.43			(0.08	)			(3.18	)			(3.26	)			–				(3.03	)			(3.03	)			32.14		(8.77	)			216,750		0.93			0.93			(0.22	)		21
Year ended 12/31/17			33.48			(0.08	)			8.47				8.39				0.00				(3.44	)			(3.44	)			38.43		25.22				208,233		0.95			0.95			(0.23	)		21
Year ended 12/31/16			32.76			0.08				3.77				3.85				(0.08	)			(3.05	)			(3.13	)			33.48		11.56				163,662		0.97			0.97			0.24			26
Year ended 12/31/15			36.60			(0.07	)			(0.53	)			(0.60	)			–				(3.24	)			(3.24	)			32.76		(1.59	)			149,745		0.95			0.95			(0.18	)		30
Investor Class
Six months ended 06/30/20			37.52			(0.14	)			1.99				1.85				–				(1.27	)			(1.27	)			38.10		4.93				179,583		1.11	(d)		1.11	(d)		(0.81	)(d)		35
Year ended 12/31/19			32.76			(0.08	)			8.01				7.93				–				(3.17	)			(3.17	)			37.52		24.34				187,171		1.13			1.13			(0.21	)		31
Year ended 12/31/18			39.21			(0.19	)			(3.23	)			(3.42	)			–				(3.03	)			(3.03	)			32.76		(9.01	)			168,567		1.18			1.18			(0.47	)		21
Year ended 12/31/17			34.18			(0.17	)			8.64				8.47				–				(3.44	)			(3.44	)			39.21		24.91				241,104		1.19			1.19			(0.47	)		21
Year ended 12/31/16			33.40			0.00				3.83				3.83				–				(3.05	)			(3.05	)			34.18		11.29				226,995		1.22			1.22			(0.01	)		26
Year ended 12/31/15			37.34			(0.16	)			(0.54	)			(0.70	)			–				(3.24	)			(3.24	)			33.40		(1.82	)			231,853		1.20			1.20			(0.43	)		30
Class R5
Six months ended 06/30/20			41.01			(0.10	)			2.20				2.10				–				(1.27	)			(1.27	)			41.84		5.55				1,044,045		0.81	(d)		0.81	(d)		(0.51	)(d)		35
Year ended 12/31/19			35.45			0.05				8.68				8.73				–				(3.17	)			(3.17	)			41.01		24.75				1,156,887		0.80			0.80			0.12			31
Year ended 12/31/18			42.02			(0.04	)			(3.50	)			(3.54	)			–				(3.03	)			(3.03	)			35.45		(8.69	)			1,192,199		0.81			0.81			(0.10	)		21
Year ended 12/31/17			36.29			(0.04	)			9.22				9.18				0.00				(3.44	)			(3.44	)			42.02		25.41				1,292,036		0.82			0.82			(0.10	)		21
Year ended 12/31/16			35.28			0.14				4.05				4.19				(0.13	)			(3.05	)			(3.18	)			36.29		11.70				1,037,098		0.83			0.83			0.38			26
Year ended 12/31/15			39.10			(0.02	)			(0.56	)			(0.58	)			–				(3.24	)			(3.24	)			35.28		(1.43	)			987,791		0.82			0.82			(0.05	)		30
Class R6
Six months ended 06/30/20			41.31			(0.08	)			2.21				2.13				–				(1.27	)			(1.27	)			42.17		5.59				573,364		0.71	(d)		0.71	(d)		(0.41	)(d)		35
Year ended 12/31/19			35.66			0.09				8.73				8.82				–				(3.17	)			(3.17	)			41.31		24.86				497,160		0.71			0.71			0.21			31
Year ended 12/31/18			42.20			0.00				(3.51	)			(3.51	)			–				(3.03	)			(3.03	)			35.66		(8.58	)			353,791		0.71			0.71			0.00			21
Year ended 12/31/17			36.41			0.00				9.23				9.23				0.00				(3.44	)			(3.44	)			42.20		25.49				303,737		0.73			0.73			(0.01	)		21
Year ended 12/31/16			35.37			0.17				4.08				4.25				(0.16	)			(3.05	)			(3.21	)			36.41		11.85				198,752		0.73			0.73			0.48			26
Year ended 12/31/15			39.17			0.02				(0.58	)			(0.56	)			–				(3.24	)			(3.24	)			35.37		(1.38	)			172,477		0.73			0.73			0.04			30

^(a)  Based on 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. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $331,583,749 and sold of $4,662,552 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Small Cap Discovery Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $513,963, $7,101, $103,093, $195,793 , $168,931 , $1,018,706 and $486,182 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

12                         Invesco Small Cap Growth Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Small Cap Growth Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class 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, Investor Class, 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.

Effective as of the close of business on March 18, 2002, the Fund’s shares were offered on a limited basis to certain 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.

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

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

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

13                         Invesco Small Cap Growth Fund

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

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

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

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

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

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

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

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

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

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

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

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 $500 million		0.725%
Next $500 million		0.700%
Next $500 million		0.675%
Over $1.5 billion		0.650%

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.68%.

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

14                         Invesco Small Cap Growth Fund

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).

Effective May 15, 2020, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses 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, Investor Class, Class R5 and Class R6 shares to 1.19%, 1.94%, 1.44%, 0.94%, 1.19%, 0.80% and 0.71%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 15, 2020, the Adviser has contractually agreed, through at least June 30, 2020, to waive advisory fees and/or reimburse expenses 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, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets. 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. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 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. 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, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $20,468.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $5,757 in front-end sales commissions from the sale of Class A shares and $0 and $96 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2020, the Fund incurred $7,210 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$2,889,218,789		$21,234,986		$–		$2,910,453,775
Money Market Funds		22,984,699		55,424,365		–		78,409,064
Total Investments		$2,912,203,488		$76,659,351		$–		$2,988,862,839

15                         Invesco Small Cap Growth Fund

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in securities purchases of $5,661,781 and securities sales of $3,823,795, which resulted in net realized gains (losses) of $(242,051).

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,402.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $833,031,630 and $1,145,410,884, 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	$	964,404,667
Aggregate unrealized (depreciation) of investments		(106,966,951	)
Net unrealized appreciation of investments	$	857,437,716

Cost of investments for tax purposes is $2,131,425,123.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)				Year ended December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Class A		778,861	$	25,696,980		1,110,808	$	39,619,273
Class C		14,341		283,071		32,681		722,737
Class R		276,130		7,716,016		335,732		11,016,083
Class Y		547,092		18,189,142		1,193,838		44,555,320
Investor Class		109,012		3,740,112		248,467		9,565,526
Class R5		1,847,063		69,725,364		2,654,103		109,105,337
Class R6		2,644,936		89,964,558		3,530,822		146,780,734

16                         Invesco Small Cap Growth Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		489,009		$	15,345,102			1,180,204		$	41,094,683
Class C		9,174			169,171			20,965			441,950
Class R		146,833			4,159,777			346,949			10,963,579
Class Y		187,182			6,135,814			451,828			16,392,315
Investor Class		169,221			5,651,970			379,831			14,038,549
Class R5		851,567			31,218,460			2,147,323			86,730,395
Class R6		429,923			15,885,672			818,701			33,304,761
Automatic conversion of Class C shares to Class A shares:
Class A		14,140			484,789			205,882			7,069,218
Class C		(23,957	)		(484,789	)		(320,371	)		(7,069,218	)
Issued in connection with acquisitions:(b)
Class A		9,588,764			308,748,097			-			-
Class C		816,233			15,440,190			-			-
Class Y		1,176,671			39,578,691			-			-
Class R5		186,572			7,019,696			-			-
Class R6		1,349,565			51,175,880			-			-
Reacquired:
Class A		(2,923,160	)		(95,927,017	)		(4,554,462	)		(164,373,102	)
Class C		(54,321	)		(1,043,044	)		(114,926	)		(2,581,725	)
Class R		(849,713	)		(25,148,878	)		(1,366,955	)		(44,932,446	)
Class Y		(1,755,124	)		(60,483,063	)		(2,485,658	)		(92,975,331	)
Investor Class		(552,298	)		(19,032,861	)		(785,721	)		(29,998,329	)
Class R5		(6,137,167	)		(222,468,633	)		(10,223,168	)		(422,755,533	)
Class R6		(2,863,597	)		(108,893,238	)		(2,236,888	)		(93,157,551	)
Net increase (decrease) in share activity		6,472,952		$	182,847,029			(7,430,015	)	$	(286,442,775	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% 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) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Small Cap Discovery Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,117,805 shares of the Fund for 58,177,945 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $421,962,554, including $65,734,630 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,310,397,609 and $2,732,360,163 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(9,410,459	)
Net realized/unrealized gains		131,367,556
Change in net assets resulting from operations	$	121,957,097

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                         Invesco Small Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

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.

	Beginning   Account Value   (01/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense Ratio
		Ending   Account Value   (06/30/20)1	Expenses   Paid During   Period2	Ending   Account Value   (06/30/20)	Expenses   Paid During   Period2
Class A	$1,000.00	$1,053.40	$6.02	$1,019.00	$5.92	1.18%
Class C	1,000.00	1,049.30	9.68	1,015.42	9.52	1.90
Class R	1,000.00	1,051.90	7.30	1,017.75	7.17	1.43
Class Y	1,000.00	1,054.80	4.75	1,020.24	4.67	0.93
Investor Class	1,000.00	1,053.80	5.67	1,019.34	5.57	1.11
Class R5	1,000.00	1,055.50	4.14	1,020.84	4.07	0.81
Class R6	1,000.00	1,055.90	3.63	1,021.33	3.57	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

18                         Invesco Small Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory

agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated

Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Growth Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and and reasonably comparable to the performance of the Index for the three and five year periods. The Board noted that the Fund’s high quality bias and underweight exposure to and stock selection in certain sectors and capitalization sizes detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

19                         Invesco Small Cap Growth Fund

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

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules

under the federal securities laws and consistent with best execution obligations.

20                         Invesco Small Cap Growth Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. SCG-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Quality Income Fund
	Nasdaq: A: VKMGX ⬛ C: VUSCX ⬛ R: VUSRX ⬛ Y: VUSIX ⬛ R5: VUSJX ⬛ R6: VUSSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
25	Fund Expenses
26	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges
for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where
you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                             Invesco Quality Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	3.16	%
Class C Shares	2.87
Class R Shares	2.92
Class Y Shares	3.28
Class R5 Shares	3.35
Class R6 Shares	3.34
Bloomberg Barclays US Mortgage-Backed Securities Indexq (Broad Market/Style-Specific Index)	3.50
Source(s): qRIMES Technologies Corp.
The Bloomberg Barclays U.S. Mortgage-Backed Securities Index represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                             Invesco Quality Income Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (5/31/84)	6.00	%
10 Years	2.54
5 Years	1.98
1 Year	0.46
Class C Shares
Inception (8/13/93)	3.90	%
10 Years	2.22
5 Years	2.12
1 Year	3.22
Class R Shares
10 Years	2.71	%
5 Years	2.58
1 Year	4.53
Class Y Shares
Inception (9/25/06)	3.65	%
10 Years	3.24
5 Years	3.12
1 Year	5.16
Class R5 Shares
Inception (6/1/10)	3.39	%
10 Years	3.31
5 Years	3.25
1 Year	5.30
Class R6 Shares
10 Years	3.12	%
5 Years	3.14
1 Year	5.30

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen U.S. Mortgage Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund and subsequently Invesco Quality Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value 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 the Fund’s and the predecessor

fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                             Invesco Quality Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                             Invesco Quality Income Fund

Schedule of Investments

June 30, 2020

(Unaudited)

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–145.68%
Collateralized Mortgage Obligations–13.79%
Fannie Mae ACES, 0.38%, 12/25/2022	$	106,952,497	$	508,260
2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023(a)		877,018		879,156
1.12% (1 mo. USD LIBOR + 0.40%), 10/25/2024(a)		1,775,965		1,775,605
2.07%, 04/25/2026		1,012,483		1,049,338
Fannie Mae Grantor Trust, 7.50%, 01/19/2039(b)		191,141		209,829
Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 01/25/2032		536,319		54,782
6.50%, 10/25/2024 to 02/25/2033		2,202,244		441,062
7.00%, 02/25/2028		444,193		71,859
8.00%, 05/25/2030		453,101		98,659
6.00%, 02/25/2033 to 09/25/2035		2,617,375		506,885
5.50%, 11/25/2033 to 06/25/2035		1,205,496		224,049
PO, 0.00%, 09/25/2032(c)		72,729		68,465
Fannie Mae REMICs, 3.00%, 12/25/2020 to 08/25/2037		15,223,881		5,441,457
8.50%, 09/25/2021		557		565
3.50%, 02/25/2022 to 03/25/2043		4,595,415		2,152,799
4.50%, 12/25/2022 to 02/25/2043		616,579		111,763
5.00%, 04/25/2023 to 09/25/2047		4,990,355		1,328,977
4.00%, 07/25/2024 to 08/25/2047		8,343,440		6,561,074
2.50%, 12/25/2025 to 10/25/2026		1,991,232		2,055,691
7.00%, 03/18/2027 to 05/25/2033		887,111		623,557
6.50%, 10/25/2028 to 05/25/2033		271,418		281,554
1.18%, 12/25/2031 to 12/25/2032		637,446		647,786
1.19%, 03/18/2032 to 12/18/2032		554,208		562,836
0.68%, 08/25/2032 to 06/25/2046		1,841,403		1,849,323
0.67%, 09/25/2032		118,041		116,763
0.69% (1 mo. USD LIBOR + 0.50%), 10/18/2032(a)		57,921		57,999
0.58%, 03/25/2033 to 03/25/2042		401,332		401,090
13.73% (1 mo. USD LIBOR + 14.10%), 12/25/2033(a)		11,186		11,561
0.52% (1 mo. USD LIBOR + 0.34%), 06/25/2035(a)		1,466,219		1,464,147

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
0.53%, 08/25/2035 to 10/25/2035	$	1,474,815	$	1,476,174
23.89% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(a)		216,784		366,743
23.52%, 06/25/2036		165,127		273,863
23.52% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(a)		166,096		275,557
1.12% (1 mo. USD LIBOR + 0.94%), 06/25/2037(a)		943,775		962,358
0.63% (1 mo. USD LIBOR + 0.45%), 08/25/2037(a)		385,197		386,355
2.75%, 01/25/2039		2,652,823		2,685,330
6.60%, 06/25/2039(b)		611,619		732,806
1.50%, 01/25/2040		3,312,178		3,330,785
2.00%, 01/25/2040 to 05/25/2044		2,845,178		2,892,837
IO, 6.52%, 02/25/2024 to 05/25/2035		1,170,961		225,858
5.50%, 10/25/2024 to 07/25/2046		1,733,232		1,329,869
8.00%, 08/18/2027 to 09/18/2027		403,250		72,931
0.75%, 10/25/2031		6,324		136
7.72% (7.90% - 1 mo. USD LIBOR), 11/25/2031(a)		138,426		30,380
7.71% (7.90% - 1 mo. USD LIBOR), 12/18/2031(a)		135,420		26,378
7.77% (1 mo. USD LIBOR + 7.95%), 01/25/2032(a)		95,858		20,345
7.81% (8.00% - 1 mo. USD LIBOR), 03/18/2032(a)		206,515		48,352
7.92%, 03/25/2032 to 04/25/2032		284,859		66,694
6.82%, 04/25/2032 to 08/25/2032		450,570		90,403
7.62% (7.80% - 1 mo. USD LIBOR), 04/25/2032(a)		103,635		23,105
7.82%, 07/25/2032 to 09/25/2032		650,293		150,850
7.91%, 12/18/2032		406,099		86,923
8.07%, 02/25/2033 to 05/25/2033		532,826		129,499
6.00%, 05/25/2033		25,295		5,062
5.87%, 03/25/2035 to 07/25/2038		1,492,607		285,381
6.57% (6.75% - 1 mo. USD LIBOR), 03/25/2035(a)		95,656		16,913
6.42% (1 mo. USD LIBOR + 6.60%), 05/25/2035(a)		326,689		55,578
6.47% (1 mo. USD LIBOR + 6.65%), 03/25/2039(a)		3,611,496		310,078
6.37% (6.55% - 1 mo. USD LIBOR), 10/25/2041(a)		268,755		56,492
5.97% (6.15% - 1 mo. USD LIBOR), 12/25/2042(a)		939,208		193,985

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

6                             Invesco Quality Income Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
2.90%, 02/25/2056(b)	$	9,709,302	$	606,375
Freddie Mac Multifamily Structured Pass Through Ctfs., 3.13%, 06/25/2021		1,979,925		2,012,460
0.34% (1 mo. USD LIBOR + 0.16%), 09/25/2022(a)		302,192		301,961
2.64%, 01/25/2023		3,500,000		3,666,203
0.38% (1 mo. USD LIBOR + 0.20%), 02/25/2023(a)		249,325		249,206
3.11%, 02/25/2023		3,400,000		3,600,379
3.32%, 02/25/2023		4,500,000		4,792,968
2.62%, 03/25/2023		3,238,012		3,312,663
3.25%, 04/25/2023		3,820,000		4,072,168
3.06%, 07/25/2023		2,000,000		2,139,908
3.53%, 07/25/2023		4,550,000		4,931,480
2.53%, 10/25/2023		5,313,668		5,491,088
2.32%, 03/25/2024		9,684,159		9,953,959
2.77%, 04/25/2024		10,009,900		10,526,265
2.27%, 06/25/2024		3,900,926		4,029,618
2.72%, 08/25/2024		7,744,226		8,074,020
2.49%, 11/25/2024		8,860,894		9,265,622
2.69%, 12/25/2024		7,211,947		7,536,253
2.83%, 12/25/2024		8,535,968		8,981,891
2.70%, 01/25/2025		7,441,236		7,783,926
2.55%, 02/25/2025		2,135,359		2,234,559
0.68%, 09/25/2025		62,538,804		1,532,094
Series KC02, Class X1, 0.50%, 03/25/2024		253,847,149		3,249,091
Series KC03, Class X1, 0.63%, 11/25/2024		22,160,917		418,945
Series K734, Class X1, 0.79%, 02/25/2026		16,986,485		527,838
Series K735, Class X1, 1.10%, 05/25/2026		16,740,170		820,620
Series K093, Class X1, 1.09%, 05/25/2029		13,286,267		954,331
Series Q004, Class AFL, 2.24% (12 mo. MTA Rate + 0.74%), 05/25/2044(a)		849,362		848,648
Freddie Mac REMICs, 4.50%, 07/15/2020		198		198
3.00%, 12/15/2020 to 05/15/2040		19,437,875		9,511,465
0.83%, 06/15/2021 to 07/15/2029		55,150		55,438
1.50%, 07/15/2023		3,214,384		3,228,848
5.00%, 09/15/2023 to 06/15/2040		238,140		248,392
2.00%, 12/15/2023 to 09/15/2025		2,167,319		2,184,546
2.25% (COF 11 + 1.37%), 03/15/2024(a)		206,875		210,293
2.50%, 07/15/2024 to 07/15/2038		5,963,402		4,175,537
4.00%, 10/15/2024 to 03/15/2045		4,814,902		3,316,996
3.10%, 03/15/2025		225,565		225,966
5.50%, 04/15/2025		1,924		1,914
3.50%, 11/15/2025 to 05/15/2032		2,158,106		2,273,495
6.95%, 03/15/2028		239,301		272,187

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.50%, 08/15/2028 to 03/15/2032	$	2,245,573	$	2,526,673
0.78%, 01/15/2029 to 12/15/2032		145,421		146,358
6.00%, 01/15/2029 to 04/15/2029		381,453		430,495
0.53%, 02/15/2029 to 11/15/2032		204,541		199,736
1.07% (1 mo. USD LIBOR + 0.90%), 03/15/2029(a)		227,229		229,771
0.58%, 06/15/2029 to 11/15/2039		689,198		689,949
8.00%, 03/15/2030		91,615		110,811
1.13% (1 mo. USD LIBOR + 0.95%), 08/15/2031(a)		149,826		152,494
0.68%, 02/15/2032 to 03/15/2032		456,944		457,586
1.18%, 02/15/2032 to 03/15/2032		303,603		309,083
0.73%, 03/15/2032 to 10/15/2036		721,033		725,825
24.07% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(a)		43,426		73,649
0.48% (1 mo. USD LIBOR + 0.30%), 03/15/2036(a)		2,229,192		2,221,789
0.63% (1 mo. USD LIBOR + 0.45%), 07/15/2037(a)		162,974		163,479
0.87% (1 mo. USD LIBOR + 0.50%), 03/15/2042(a)		208,649		210,895
IO, 5.82%, 03/15/2024 to 04/15/2038		902,814		79,712
7.47% (7.65% - 1 mo. USD LIBOR), 07/15/2026(a)		45,719		6,058
8.51%, 07/17/2028		182,580		19,415
7.92%, 06/15/2029 to 09/15/2029		312,569		63,306
6.52% (6.70% - 1 mo. USD LIBOR), 01/15/2035(a)		1,217,119		247,616
6.57% (6.75% - 1 mo. USD LIBOR), 02/15/2035(a)		211,546		42,583
6.54% (6.72% - 1 mo. USD LIBOR), 05/15/2035(a)		359,574		61,008
6.82% (7.00% - 1 mo. USD LIBOR), 12/15/2037(a)		26,470		6,225
5.89% (6.07% - 1 mo. USD LIBOR), 05/15/2038(a)		1,437,100		300,042
3.27%, 02/15/2039(b)		3,940,932		254,589
6.07% (1 mo. USD LIBOR + 6.25%), 12/15/2039(a)		360,349		71,715
5.92% (6.10% - 1 mo. USD LIBOR), 01/15/2044(a)		780,790		112,803
Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000		2,230,304

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

7                             Invesco Quality Income Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027	$	1,061,211	$	72,690
3.27%, 12/15/2027		275,042		15,640
6.50%, 02/01/2028		58,309		8,890
7.00%, 09/01/2029		417,906		77,842
7.50%, 12/15/2029		28,612		5,691
8.00%, 06/15/2031		696,271		168,153
6.00%, 12/15/2032		145,503		24,640
0.00%, 12/01/2031 to 03/01/2032		384,111		358,844
0.68% (1 mo. USD LIBOR + 0.50%), 05/15/2036(a)		1,108,439		1,099,200
Freddie Mac Structured Pass Through Ctfs., 6.50%, 02/25/2043		1,540,843		1,891,639
Freddie Mac Whole Loan Securities Trust, Series 2015- SC02, Class 1A, 3.00%, 09/25/2045		1,237,912		1,268,818
				200,920,741
Federal Home Loan Mortgage Corp. (FHLMC)–20.15%
5.00%, 04/01/2021 to 06/01/2040		4,084,069		4,692,098
6.50%, 04/01/2021 to 04/01/2034		1,176,245		1,308,236
9.00%, 08/01/2022 to 05/01/2025		8,590		9,342
6.00%, 10/01/2022 to 10/01/2029		524,097		588,910
5.50%, 01/01/2024 to 12/01/2036		762,665		801,794
3.50%, 08/01/2026 to 05/01/2050		93,273,446		100,016,926
4.00%, 05/01/2027 to 11/01/2049		50,043,952		54,659,714
2.50%, 02/01/2031		2,563,907		2,692,145
8.50%, 03/01/2031 to 08/01/2031		181,095		219,979
7.00%, 10/01/2031 to 10/01/2037		336,326		392,424
7.50%, 01/01/2032 to 08/01/2037		8,636,142		10,096,566
3.00%, 02/01/2032 to 05/01/2050		91,596,876		97,347,069
8.00%, 08/01/2032		134,234		161,468
4.50%, 05/01/2038 to 11/01/2049		14,531,890		16,150,864
5.35%, 07/01/2038 to 10/17/2038		1,505,031		1,736,556
5.80%, 10/01/2038 to 01/20/2039		667,056		766,795
5.45%, 11/25/2038		1,699,850		1,986,643
				293,627,529

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–91.35%
5.00%, 09/01/2020 to 01/01/2041	$	4,960,791	$	5,588,597
4.50%, 12/01/2020 to 12/01/2049		16,705,345		18,372,813
6.00%, 01/01/2021 to 05/01/2040		7,329,281		7,847,856
8.00%, 02/01/2021 to 04/01/2033		300,868		371,398
4.26%, 07/01/2021		2,708,206		2,761,756
5.50%, 09/01/2021 to 04/01/2038		9,991,033		10,804,346
6.50%, 06/01/2022 to 11/01/2038		4,422,365		4,984,181
2.00%, 03/01/2023		1,754,161		1,814,561
7.00%, 07/01/2023 to 01/01/2036		2,538,096		2,940,479
1.75%, 07/02/2024		39,000,000		41,189,733
1.88%, 09/24/2026		4,158,000		4,479,994
7.50%, 02/01/2027 to 08/01/2037		3,694,946		4,354,361
3.00%, 02/01/2028 to 06/01/2050		114,208,249		121,362,079
3.59%, 10/01/2028		9,586,000		11,182,635
3.79%, 11/01/2028		10,962,000		12,834,229
9.50%, 04/01/2030		18,962		21,461
3.50%, 11/01/2030 to 05/01/2050		203,614,044		218,566,625
4.00%, 03/01/2031 to 03/01/2050		109,931,924		120,777,458
8.50%, 07/01/2032 to 10/01/2032		284,001		350,656
5.63%, 08/01/2032		253,026		274,490
2.50%, 03/01/2035		8,829,669		9,362,189
5.45%, 01/01/2038		268,130		290,727
TBA, 2.00%, 07/01/2035 to 08/01/2050(d)		133,450,000		137,251,614
2.50%, 07/01/2035 to 07/01/2050(d)		470,210,000		490,859,272
3.00%, 07/01/2050(d)		97,300,000		102,453,858
				1,331,097,368
Government National Mortgage Association (GNMA)–20.39%
9.50%, 04/15/2020 to 06/15/2022		2,833		2,842
8.00%, 06/15/2021 to 09/15/2028		20,391		20,479
7.00%, 11/15/2022 to 01/20/2030		316,474		342,729
9.00%, 02/15/2023		539		542
6.50%, 01/15/2024 to 11/15/2028		79,146		87,456
3.50%, 01/20/2025 to 06/20/2050		42,651,393		45,165,289
3.00%, 12/16/2025 to 02/20/2050		5,319,640		5,660,899
6.00%, 01/15/2028 to 04/20/2029		178,741		199,875
7.50%, 06/15/2028 to 08/15/2028		187,802		192,053
5.50%, 05/15/2033 to 10/15/2034		502,284		577,825
4.77%, 07/17/2033		278,438		289,139

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

8                             Invesco Quality Income Fund

	Principal Amount		Value
Government National Mortgage Association (GNMA)– (continued)
7.15%, 11/20/2033	$	2,427,281	$	2,790,177
5.00%, 11/20/2037		473,619		533,883
5.88%, 01/20/2039(b)		1,308,736		1,533,359
4.50%, 07/20/2041(b)		1,729,528		1,941,407
3.29%, 09/20/2041		1,205,050		1,268,644
0.62% (1 mo. USD LIBOR + 0.45%), 07/20/2044(a)		907,614		907,393
4.00%, 02/20/2048 to 03/20/2050		7,005,309		7,609,770
IO, 6.45% (6.65% - 1 mo. USD LIBOR), 04/16/2041(a)		2,189,739		401,174
4.50%, 09/16/2047		1,633,484		245,649
6.00% (6.20% - 1 mo. USD LIBOR), 10/16/2047(a)		1,744,036		314,112
TBA, 2.50%, 07/01/2050(d)		120,300,000		126,592,253
3.00%, 07/01/2050(d)		77,465,000		82,055,405
3.50%, 07/01/2050(d)		17,375,000		18,336,055
				297,068,409
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,105,948,293)				2,122,714,047
Asset-Backed Securities–17.73%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 3.46%, 10/25/2035(b)		381,037		343,878
Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.72%, 03/25/2045(b)(e)		3,156,459		3,268,150
American Credit Acceptance Receivables Trust, Series 2017-4, Class D, 3.57%, 01/10/2024(e)		1,245,000		1,258,645
Series 2019-1, Class C, 3.50%, 04/14/2025(e)		1,830,000		1,861,108
Series 2019-2, Class D, 3.41%, 06/12/2025(e)		1,165,000		1,191,178
American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, 2.58% (6 mo. USD LIBOR + 2.00%), 06/25/2045(a)		23,016		23,053
AmeriCredit Automobile Receivables Trust, Series 2019-2, Class D, 2.99%, 06/18/2025		2,215,000		2,232,754
Series 2019-3, Class D, 2.58%, 09/18/2025		1,055,000		1,049,573
Angel Oak Mortgage Trust LLC, Series 2017-1, Class A1, 2.81%, 01/25/2047(b)(e)		83,840		84,078
Arroyo Mortgage Trust, Series 2019-3, Class A3, 3.42%, 10/25/2048(b)(e)		3,899,811		3,959,383
Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		54,604		51,799
Series 2006-A, Class 1A1, 4.22%, 02/20/2036(b)		502,483		475,836

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 3.75%, 03/25/2035(b)	$	1,272,980	$	1,207,537
Benchmark Mortgage Trust, Series 2018-B1, Class XA, 0.66%, 01/15/2051		17,737,384		533,650
BX Commercial Mortgage Trust, Series 2018-BIOA, Class C, 1.31% (1 mo. USD LIBOR + 1.12%), 03/15/2037(a)(e)		6,500,000		6,295,242
CarMax Auto Owner Trust, Series 2017-1, Class D, 3.43%, 07/17/2023		1,870,000		1,894,499
Series 2017-4, Class D, 3.30%, 05/15/2024		3,590,000		3,638,525
Series 2018-1, Class D, 3.37%, 07/15/2024		1,925,000		1,943,093
CCG Receivables Trust, Series 2018-1, Class C, 3.42%, 06/16/2025(e)		190,000		191,323
Series 2019-1, Class B, 3.22%, 09/14/2026(e)		1,400,000		1,434,898
Series 2019-1, Class C, 3.57%, 09/14/2026(e)		340,000		346,038
Series 2019-2, Class C, 2.89%, 03/15/2027(e)		405,000		407,890
CD Mortgage Trust, Series 2017- CD6, Class XA, 1.10%, 11/13/2050		7,636,950		326,718
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B, 1.15% (1 mo. USD LIBOR + 0.97%), 07/15/2032(a)(e)		2,740,630		2,707,367
Series 2017-BIOC, Class C, 1.23% (1 mo. USD LIBOR + 1.05%), 07/15/2032(a)(e)		2,698,607		2,651,073
Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.75%, 12/25/2045(b)(e)		2,114,367		2,102,902
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(e)		2,117,166		2,108,165
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 3.81%, 12/25/2035(b)		25,529		23,813
Series 2007-A2, Class 2A1, 4.14%, 06/25/2035(b)		483,838		471,887
Series 2007-A2, Class 2A4, 4.14%, 06/25/2035(b)		446,963		433,575
CHL Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 0.72% (1 mo. USD LIBOR + 0.54%), 02/25/2035(a)		295,332		271,835
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, 1.18%, 11/10/2046		5,315,863		152,717
Series 2017-C4, Class XA, 1.25%, 10/12/2050		20,333,889		1,156,516

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

9                             Invesco Quality Income Fund

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 2.97%, 08/25/2034(b)	$	120,019	$	113,743
Series 2005-11, Class A2A, 4.38% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(a)		955,192		929,130
Series 2006-AR2, Class 1A2, 3.94%, 03/25/2036(b)		37,894		35,429
Commercial Mortgage Trust, Series 2013-LC13, Class XA, 1.30%, 08/10/2046(b)		26,564,620		763,988
Series 2014-FL5, Class B, 1.57% (1 mo. USD LIBOR + 2.15%), 10/15/2031(a)(e)		73,937		71,169
Series 2014-LC15, Class D, 4.98%, 04/10/2047(b)(e)		3,000,000		2,169,030
Series 2015-CR24, Class XA, 0.91%, 08/10/2048(b)		41,340,143		1,325,448
Series 2015-CR26, Class C, 4.48%, 10/10/2048(b)		1,997,000		1,977,937
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046(e)		2,839,368		2,953,229
Credit Suisse Mortgage Capital Trust, Series 2013-6, Class 2A1, 3.50%, 08/25/2043(b)(e)		1,026,667		1,070,308
Series 2013-7, Class B1, 3.57%, 08/25/2043(b)(e)		4,149,928		4,186,519
Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045(b)(e)		1,601,900		1,658,874
CSFB Mortgage-Backed Pass Through Ctfs., Series 2004- AR5, Class 5A1, 3.76%, 06/25/2034(b)		684,739		675,116
DBUBS Mortgage Trust, Series 2011-LC3A, Class C, 5.33%, 08/10/2044(b)(e)		5,000,000		4,954,615
Deephaven Residential Mortgage Trust, Series 2017-3A, Class A1, 2.58%, 10/25/2047(b)(e)		483,551		489,511
Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025(e)		875,000		874,961
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.80%, 06/27/2037(b)(e)		2,417,829		2,321,730
Drive Auto Receivables Trust, Series 2018-3, Class D, 4.30%, 09/16/2024		1,650,000		1,700,220
Series 2019-1, Class D, 4.09%, 06/15/2026		2,410,000		2,458,254
Series 2019-2, Class D, 3.69%, 08/17/2026		2,565,000		2,608,623
Series 2019-3, Class D, 3.18%, 10/15/2026		2,750,000		2,794,207

	Principal Amount		Value
DT Auto Owner Trust, Series 2016-4A, Class E, 6.49%, 09/15/2023(e)	$	2,600,000	$	2,626,377
Series 2019-1A, Class D, 3.87%, 11/15/2024(e)		1,790,000		1,846,193
Series 2019-2A, Class D, 3.48%, 02/18/2025(e)		970,000		985,023
Series 2019-3A, Class D, 2.96%, 04/15/2025(e)		570,000		573,190
Series 2019-4A, Class D, 2.85%, 07/15/2025(e)		1,830,000		1,840,170
Exeter Automobile Receivables Trust, Series 2019-1A, Class D, 4.13%, 12/16/2024(e)		2,530,000		2,617,744
FREMF Mortgage Trust, Series 2013-K25, Class C, 3.74%, 11/25/2045(b)(e)		805,000		823,830
Series 2013-K26, Class C, 3.72%, 12/25/2045(b)(e)		550,000		563,059
Series 2013-K27, Class C, 3.62%, 01/25/2046(b)(e)		850,000		869,517
Series 2014-K36, Class C, 4.50%, 12/25/2046(b)(e)		3,250,000		3,407,291
Series 2014-K38, Class C, 4.79%, 06/25/2047(b)(e)		5,250,000		5,575,223
Series 2014-K714, Class C, 4.20%, 01/25/2047(b)(e)		2,500,000		2,503,719
Series 2014-K715, Class C, 4.27%, 02/25/2046(b)(e)		2,205,000		2,217,841
Series 2017-KF41, Class B, 2.83% (1 mo. USD LIBOR + 2.50%), 11/25/2024(a)(e)		567,180		547,502
Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057(b)(e)		2,178,307		2,223,006
Series 2019-H1, Class B1, 3.89%, 10/25/2059(b)(e)		2,000,000		1,925,367
GCAT LLC, Series 2019-NQM1, Class A1, 2.99%, 02/25/2059(b)(e)(f)		3,571,563		3,621,011
GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(e)(f)		3,131,650		3,193,895
GM Financial Automobile Leasing Trust, Series 2019-1, Class D, 3.95%, 05/22/2023		2,715,000		2,779,666
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 3.90%, 06/19/2035(b)		981,347		963,885
GSAA Home Equity Trust, Series 2007-7, Class A4, 0.44% (1 mo. USD LIBOR + 0.27%), 07/25/2037(a)		73,297		70,316
GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 3.93%, 12/25/2034(b)		433,257		422,602
Series 2005-AR, Class 6A1, 3.34%, 07/25/2035		296,512		291,896
Home Partners of America Trust, Series 2017-1, Class C, 1.74% (1 mo. USD LIBOR + 1.55%), 07/17/2034(a)(e)		3,000,000		2,995,327
Series 2017-1, Class D, 2.09% (1 mo. USD LIBOR + 1.90%), 07/17/2034(a)(e)		6,620,000		6,597,712

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

10                             Invesco Quality Income Fund

	Principal Amount		Value
Invitation Homes Trust, Series 2017-SFR2, Class C, 1.64% (1 mo. USD LIBOR + 1.45%), 12/17/2036(a)(e)	$	3,208,000	$	3,190,362
Series 2017-SFR2, Class D, 1.99% (1 mo. USD LIBOR + 1.80%), 12/17/2036(a)(e)		7,904,401		7,847,081
Series 2018-SFR3, Class B, 1.34% (1 mo. USD LIBOR + 1.15%), 07/17/2037(a)(e)		5,000,000		4,941,009
Series 2018-SFR4, Class C, 1.59% (1 mo. USD LIBOR + 1.40%), 01/17/2038(a)(e)		4,229,000		4,167,741
JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 3.99%, 02/25/2035(b)		814,269		781,534
Series 2005-A3, Class 6A5, 3.82%, 06/25/2035(b)		653,771		642,317
Series 2014-1, Class 1A17, 4.00%, 01/25/2044(b)(e)		2,112,977		2,199,889
Series 2015-3, Class A3, 3.50%, 05/25/2045(b)(e)		2,849,488		2,950,956
Series 2015-5, Class A2, 2.76%, 05/25/2045(b)(e)		941,017		968,738
Series 2016-5, Class A1, 2.67%, 12/25/2046(b)(e)		1,565,478		1,601,725
Series 2017-5, Class A1, 3.14%, 10/26/2048(b)(e)		2,822,616		2,873,770
Series 2018-7FRB, Class A2, 0.93% (1 mo. USD LIBOR + 0.75%), 04/25/2046(a)(e)		3,580,642		3,549,875
Series 2019-INV2, Class A15, 3.50%, 02/25/2050(b)(e)		772,307		788,057
Luminent Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 mo. USD LIBOR + 0.24%), 04/25/2036(a)		48,157		40,597
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 4.33%, 04/21/2034		204,861		202,130
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 4.01% (1 mo. USD LIBOR + 0.25%), 11/25/2035(a)		416,275		401,083
Series 2005-A, Class A1, 0.64% (1 mo. USD LIBOR + 0.46%), 03/25/2030(a)		476,935		455,978
Mill City Mortgage Loan Trust, Series 2017-1, Class A1, 2.75%, 11/25/2058(b)(e)		1,589,599		1,635,904
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, 0.93%, 12/15/2050		6,741,919		308,323
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		28,436,725		29,031,226
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.93% (1 mo. USD LIBOR + 0.75%), 01/25/2048(a)(e)		2,774,044		2,752,527
Series 2019-NQM4, Class A3, 2.80%, 09/25/2059(b)(e)		6,420,973		6,326,916
OBX Trust, Series 2018-EXP1, Class 2A1, 1.03% (1 mo. USD LIBOR + 0.85%), 04/25/2048(a)(e)		2,496,601		2,572,254

	Principal Amount		Value
Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037(e)	$	2,500,000	$	2,513,142
RALI Trust, Series 2006-QO2, Class A2, 0.71% (1 mo. USD LIBOR + 0.27%), 02/25/2046(a)		47,137		14,082
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		53,687		49,171
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 4.22% (Acquired 02/25/2015; Cost $4,746), 07/26/2045(b)(e)		224,197		226,032
Residential Accredit Loans, Inc. Trust, Series 2007-QS6, Class A28, 5.75%, 04/25/2037		750,899		698,502
Santander Drive Auto Receivables Trust, Series 2018-1, Class D, 3.32%, 03/15/2024		810,000		830,244
Series 2019-1, Class D, 3.65%, 04/15/2025		2,680,000		2,758,664
Series 2019-2, Class D, 3.22%, 07/15/2025		1,610,000		1,653,667
Series 2019-3, Class D, 2.68%, 10/15/2025		1,280,000		1,278,867
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040(e)		6,000,000		3,345,624
Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 04/25/2043(b)		794,104		797,300
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043(b)(e)		1,617,010		1,676,048
Starwood Waypoint Homes Trust, Series 2017-1, Class D, 2.13% (1 mo. USD LIBOR + 1.95%), 01/17/2035(a)(e)		5,750,000		5,733,230
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 0.48% (1 mo. USD LIBOR + 0.30%), 09/25/2034(a)		353,295		323,089
Series 2004-20, Class 3A1, 3.37%, 01/25/2035(b)		164,080		157,565
Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 0.64% (1 mo. USD LIBOR + 0.46%), 05/25/2045(a)		826,556		779,324
Structured Asset Sec Mortgage Pass Through Ctfs., Series 2002-21A, Class B1II, 3.72%, 11/25/2032(b)		147,965		138,548
Towd Point Mortgage Trust, Series 2015-4, Class A1, 3.50%, 04/25/2055(b)(e)		348,215		353,477
Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(e)		3,021,930		3,078,917
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, 1.15%, 11/15/2050		12,944,357		664,607

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

11                             Invesco Quality Income Fund

	Principal Amount		Value
Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029	$	7,812,290	$	173
Series 2001-3, Class IO, 0.01%, 10/15/2031		3,694,850		1,827
Series 2002-2, Class IO, 0.05%, 01/15/2032		9,394,952		12,901
Series 2002-3, Class IO, 0.33%, 08/15/2032		13,032,507		127,954
Series 2003-1, Class IO, 0.13%, 11/15/2032		18,729,063		67,430
Verus Securitization Trust, Series 2018-3, Class A-2, 4.18%, 10/25/2058(b)(e)		2,215,173		2,221,856
Series 2018-INV1, Class A3, 4.05%, 03/25/2058(b)(e)		716,424		719,058
Series 2019-3, Class A1, 2.78%, 07/25/2059(b)(e)(f)		3,559,812		3,634,707
Series 2019-INV3, Class A2, 2.95%, 11/25/2059(b)(e)		2,370,139		2,365,547
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 4.19%, 10/25/2033		273,932		268,293
WaMu Mortgage Pass-Through Trust, Series 2007-HY2, Class 2A1, 3.93%, 11/25/2036(b)		104,189		93,928
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, 1.03%, 12/15/2050		9,346,247		490,539
Series 2018- BXI, Class C, 1.34% (1 mo. USD LIBOR + 1.16%), 12/15/2036(a)(e)		1,393,121		1,353,487
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/2023(e)		3,000,000		3,064,449
WFRBS Commercial Mortgage Trust, Series 2013-C17, Class D, 5.04%, 12/15/2046(b)(e)		2,600,000		2,264,865
Total Asset-Backed Securities (Cost $261,626,335)				258,299,207
Agency Credit Risk Transfer Notes–1.79%
Fannie Mae Connecticut Avenue Securities Series 2014-C03, Class 2M2, 3.08% (1 mo. USD LIBOR + 2.90%), 07/25/2024(a)		2,933,736		2,714,941
Series 2015-C02, Class 1M2, 4.18% (1 mo. USD LIBOR + 4.00%), 05/25/2025(a)		7,266,386		7,398,316
Series 2015-C03, Class 2M2, 5.18% (1 mo. USD LIBOR + 5.00%), 07/25/2025(a)		3,200,660		3,293,418

	Principal Amount		Value
Freddie Mac Series 2013-DN2, Class M2, STACR® , 4.43% (1 mo. USD LIBOR + 4.25%), 11/25/2023(a)	$	3,278,494	$	2,662,636
Series 2014-DN1, Class M2, STACR® , 2.38% (1 mo. USD LIBOR + 2.20%), 02/25/2024(a)		2,359,487		2,367,562
Series 2015-HQ1, Class M3, STACR® , 3.98% (1 mo. USD LIBOR + 3.80%), 03/25/2025(a)		2,061,480		2,098,971
Series 2015-DNA1, Class M2, STACR® , 2.02% (1 mo. USD LIBOR + 1.85%), 10/25/2027(a)		1,342,966		1,342,572
Series 2016-HQA4, Class M2, STACR® , 1.47% (1 mo. USD LIBOR + 1.30%), 04/25/2029(a)		446,079		445,793
Series 2017-DNA2, Class M1, STACR® , 1.37% (1 mo. USD LIBOR + 1.20%), 10/25/2029(a)		1,459,100		1,462,732
Series 2018-DNA2, Class M1, STACR® , 0.98% (1 mo. USD LIBOR + 0.80%), 12/25/2030(a)(e)		555,452		554,391
Series 2018-HRP2, Class M2, STACR® , 1.43% (1 mo. USD LIBOR + 1.25%), 02/25/2047(a)(e)		1,352,463		1,334,725
Series 2019-HRP1, Class M2, STACR® , 1.57% (1 mo. USD LIBOR + 1.40%), 02/25/2049(a)(e)		495,000		474,642
Total Agency Credit Risk Transfer Notes (Cost $26,321,336)				26,150,699
U.S. Treasury Securities–0.37%
U.S. Treasury Bills–0.37%
0.01% - 0.25%, 09/03/2020 (Cost $5,398,985)(g)(h)		5,400,000		5,398,764
	Shares
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.09% (Cost $111)(i)(j)		111		111
TOTAL INVESTMENTS IN SECURITIES–165.57% (Cost $2,399,295,060)				2,412,562,828
OTHER ASSETS LESS LIABILITIES–(65.57)%				(955,473,066	)
NET ASSETS–100.00%			$	1,457,089,762

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

12                             Invesco Quality Income Fund

Investment Abbreviations:
ACES	– Automatically Convertible Extendable Security
COF	– Cost of Funds
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
MTA	– Moving Treasury Average
PO	– Principal only
REMICs	– Real Estate Mortgage Investment Conduits
STACR® – Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2020.

^(b)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2020.

^(c)  Zero coupon bond issued at a discount.

^(d)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1I.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $181,451,384, which represented 12.45% of the Fund’s Net Assets.

^(f)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H.

^(h)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  3,572,621		$111,055,255		$(114,627,765	)		$   -		$          -		$111		$19,988
Invesco Liquid Assets Portfolio, Institutional Class		2,509,650		54,088,808		(56,611,405	)		16		12,931		-		18,711
Invesco Treasury Portfolio, Institutional Class		4,082,995		83,917,115		(88,000,110	)		-		-		-		14,387
Total		$10,165,266		$249,061,178		$(259,239,280	)		$16		$12,931		$111		$53,086

^(j)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2020

U.S. Government Sponsored Agency Mortgage-Backed Securities	87.99%
Asset-Backed Securities	10.71
Agency Credit Risk Transfer Notes	1.08
Security types each less than 1% portfolio	0.22

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury Notes		1,724		September-2020	$	(380,707,689	)	$	(142,934	)	$	(142,934	)
U.S. Treasury Ultra Bonds		165		September-2020		(35,995,781	)		(162,788	)		(162,788	)
U.S. Treasury 5 Year Notes		447		September-2020		(56,206,758	)		(161,543	)		(161,543	)
U.S. Treasury 10 Year Notes		109		September-2020		(15,169,734	)		(32,591	)		(32,591	)
U.S. Treasury 10 Year Ultra Bonds		154		September-2020		(24,252,594	)		(416,234	)		(416,234	)
Total Futures Contracts								$	(916,090	)	$	(916,090	)

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

13                     Invesco Quality Income Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 2,399,294,949)	$	2,412,562,717
Investments in affiliated money market funds, at value (Cost $ 111)		111
Other investments: Variation margin receivable – futures contracts		1,756,314
Cash		1,799,596
Receivable for:
Investments sold		76,012,487
Fund shares sold		1,650,186
Dividends		1,055
Interest		5,027,956
Principal paydowns		18,746
Investment for trustee deferred compensation and retirement plans		228,138
Other assets		75,577
Total assets		2,499,132,883
Liabilities:
Payable for:
Investments purchased		1,036,137,586
Dividends		913,772
Fund shares reacquired		3,975,513
Accrued fees to affiliates		485,358
Accrued trustees’ and officers’ fees and benefits		3,165
Accrued other operating expenses		290,572
Trustee deferred compensation and retirement plans		237,155
Total liabilities		1,042,043,121
Net assets applicable to shares outstanding	$	1,457,089,762
Net assets consist of:
Shares of beneficial interest	$	1,468,720,887
Distributable earnings (loss)		(11,631,125	)
	$	1,457,089,762

Net Assets:
Class A	$	817,062,777
Class C	$	69,232,742
Class R	$	28,110,530
Class Y	$	249,457,062
Class R5	$	117,161,549
Class R6	$	176,065,102
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		68,746,099
Class C		5,861,546
Class R		2,367,029
Class Y		20,910,830
Class R5		9,825,438
Class R6		14,758,394
Class A:
Net asset value per share	$	11.89
Maximum offering price per share
(Net asset value of $11.89 ÷ 95.75%)	$	12.42
Class C:
Net asset value and offering price per share	$	11.81
Class R:
Net asset value and offering price per share	$	11.88
Class Y:
Net asset value and offering price per share	$	11.93
Class R5:
Net asset value and offering price per share	$	11.92
Class R6:
Net asset value and offering price per share	$	11.93

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

14                             Invesco Quality Income Fund

Statement of Operations    

For the six months ended June 30, 2020    

(Unaudited)    

Investment income:
Interest	$13,415,383
Dividends from affiliated money market funds	53,086
Total investment income	13,468,469
Expenses:
Advisory fees	1,634,075
Administrative services fees	51,909
Custodian fees	12,539
Distribution fees:
Class A	522,353
Class C	119,716
Class R	16,862
Transfer agent fees – A, C, R and Y	396,296
Transfer agent fees – R5	2,626
Transfer agent fees – R6	1,196
Trustees’ and officers’ fees and benefits	9,776
Registration and filing fees	34,821
Reports to shareholders	28,258
Professional services fees	25,751
Other	(35,675	)
Total expenses	2,820,503
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)	(33,727	)
Net expenses	2,786,776
Net investment income	10,681,693
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities	20,714,772
Futures contracts	(1,588,097	)
	19,126,675
Change in net unrealized appreciation (depreciation) of:
Investment securities	(697,849	)
Futures contracts	(1,151,837	)
	(1,849,686	)
Net realized and unrealized gain	17,276,989
Net increase in net assets resulting from operations	$27,958,682

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

15                             Invesco Quality Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30,			December 31,
	2020			2019
Operations:
Net investment income	$	10,681,693		$	15,665,596
Net realized gain		19,126,675			8,935,334
Change in net unrealized appreciation (depreciation)		(1,849,686	)		4,624,604
Net increase in net assets resulting from operations		27,958,682			29,225,534
Distributions to shareholders from distributable earnings:
Class A		(8,221,457	)		(11,582,309	)
Class C		(353,083	)		(221,275	)
Class R		(115,210	)		–
Class Y		(1,955,654	)		(1,012,449	)
Class R5		(2,502,142	)		(5,522,068	)
Class R6		(1,204,402	)		(814,714	)
Total distributions from distributable earnings		(14,351,948	)		(19,152,815	)
Share transactions–net:
Class A		507,142,548			(13,287,659	)
Class C		60,019,845			(643,368	)
Class R		27,922,749			–
Class Y		226,705,506			6,747,466
Class R5		(16,726,332	)		(12,923,459	)
Class R6		152,388,293			2,907,540
Net increase (decrease) in net assets resulting from share transactions		957,452,609			(17,199,480	)
Net increase (decrease) in net assets		971,059,343			(7,126,761	)
Net assets:
Beginning of period		486,030,419			493,157,180
End of period	$	1,457,089,762		$	486,030,419

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

16                             Invesco Quality Income Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 06/30/20		$11.72		$0.15		$0.24			$0.39			$(0.22	)		$11.89		3.33	%(d)		$817,063		0.85	%(d)(e)		0.85	%(d)(e)		2.63	%(e)		382	%
Year ended 12/31/19		11.48		0.35		0.33			0.68			(0.44	)		11.72		5.97	(d)		301,996		0.92	(d)		0.92	(d)		3.04	(d)		448
Year ended 12/31/18		11.95		0.36		(0.38	)		(0.02	)		(0.45	)		11.48		(0.15	)(d)		308,880		0.94	(d)		0.94	(d)		3.10	(d)		416
Year ended 12/31/17		12.11		0.26		(0.02	)		0.24			(0.40	)		11.95		1.98	(d)		353,256		0.96	(d)		0.96	(d)		2.15	(d)		516
Year ended 12/31/16		12.22		0.27		0.04			0.31			(0.42	)		12.11		2.50	(d)		390,037		0.92	(d)		0.93	(d)		2.19	(d)(f)		472
Year ended 12/31/15		12.55		0.24		(0.06	)		0.18			(0.51	)		12.22		1.41	(d)		395,806		0.96	(d)		0.96	(d)		1.88	(d)		500
Class C
Six months ended 06/30/20		11.64		0.11		0.23			0.34			(0.17	)		11.81		2.95			69,233		1.60	(e)		1.60	(e)		1.88	(e)		382
Year ended 12/31/19		11.40		0.27		0.32			0.59			(0.35	)		11.64		5.19			8,659		1.68			1.68			2.28			448
Year ended 12/31/18		11.87		0.27		(0.38	)		(0.11	)		(0.36	)		11.40		(0.93	)		9,179		1.70			1.70			2.34			416
Year ended 12/31/17		12.02		0.16		(0.01	)		0.15			(0.30	)		11.87		1.28			13,178		1.72			1.72			1.39			516
Year ended 12/31/16		12.14		0.17		0.03			0.20			(0.32	)		12.02		1.63			15,672		1.68			1.69			1.43	(f)		472
Year ended 12/31/15		12.46		0.14		(0.05	)		0.09			(0.41	)		12.14		0.71			9,394		1.72			1.72			1.12			500
Class R
Period ended 06/30/20(g)		11.79		0.20		(0.06	)		0.14			(0.05	)		11.88		1.18			28,111		1.06	(e)(h)		1.06	(e)(h)		2.42	(e)(h)		382
Class Y
Six months ended 06/30/20		11.77		0.17		0.22			0.39			(0.23	)		11.93		3.37			249,457		0.56	(e)		0.61	(e)		2.92	(e)		382
Year ended 12/31/19		11.53		0.38		0.33			0.71			(0.47	)		11.77		6.21			20,339		0.68			0.68			3.28			448
Year ended 12/31/18		12.00		0.39		(0.38	)		0.01			(0.48	)		11.53		0.11			13,189		0.70			0.70			3.34			416
Year ended 12/31/17		12.15		0.29		(0.01	)		0.28			(0.43	)		12.00		2.32			67,027		0.72			0.72			2.39			516
Year ended 12/31/16		12.27		0.30		0.03			0.33			(0.45	)		12.15		2.67			67,532		0.68			0.69			2.43	(f)		472
Year ended 12/31/15		12.59		0.26		(0.04	)		0.22			(0.54	)		12.27		1.75			21,668		0.72			0.72			2.12			500
Class R5
Six months ended 06/30/20		11.76		0.18		0.22			0.40			(0.24	)		11.92		3.43			117,162		0.47	(e)		0.47	(e)		3.01	(e)		382
Year ended 12/31/19		11.52		0.40		0.32			0.72			(0.48	)		11.76		6.36			132,657		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.39	)		0.01			(0.49	)		11.52		0.16			142,812		0.56			0.56			3.48			416
Year ended 12/31/17		12.15		0.30		(0.01	)		0.29			(0.44	)		12.00		2.46			176,010		0.58			0.58			2.53			516
Year ended 12/31/16		12.26		0.32		0.03			0.35			(0.46	)		12.15		2.86			142,657		0.55			0.56			2.56	(f)		472
Year ended 12/31/15		12.59		0.27		(0.06	)		0.21			(0.54	)		12.26		1.71			27		0.68			0.68			2.16			500
Class R6
Six months ended 06/30/20		11.77		0.18		0.22			0.40			(0.24	)		11.93		3.43			176,065		0.47	(e)		0.47	(e)		3.01	(e)		382
Year ended 12/31/19		11.53		0.40		0.32			0.72			(0.48	)		11.77		6.35			22,379		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.38	)		0.02			(0.49	)		11.53		0.25			19,097		0.56			0.56			3.48			416
Year ended 12/31/17(g)		12.14		0.23		(0.04	)		0.19			(0.33	)		12.00		1.61			10		0.58	(h)		0.58	(h)		2.53	(h)		516

^(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. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $445,258, $24,308, $28,055, $99,118, $122,866 and $59,632 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Amount includes the effect of a one-time reimbursement of custody expenses. The ratio of net investment income excluding these payments would have been 2.02%, 1.26%, 2.26% and 2.39% for Class A, Class C, Class Y and Class R5 shares, respectively.

^(g)  Commencement date of May 15, 2020 and April 4, 2017 for Class R and Class R6 Shares, respectively.

^(h)  Annualized.

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

17                     Invesco Quality Income Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Quality Income Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to provide a high level of current income, with liquidity and safety of principal.

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On May 15, 2020, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. 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 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.

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.

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.

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

18                             Invesco Quality Income Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from 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.

D. 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.

E. 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.

F. 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.

G. 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.

H. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

I. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

J. Other Risks - The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

K. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

19                             Invesco Quality Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, 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 $ 100 million		0.470%
Next $150 million		0.440%
Next $250 million		0.413%
Next $2 billion		0.383%
Next $2.5 billion		0.380%
Next $2.5 billion		0.365%
Next $2.5 billion		0.340%
Next $2.5 billion		0.295%
Over $12.5 billion		0.270%

    Prior to May 15, 2020, the Fund accrued daily and paid 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 $1 billion		0.470%
Next $ 500 million		0.445%
Next $ 500 million		0.420%
Next $ 500 million		0.395%
Next $ 2.5 billion		0.370%
Next $ 2.5 billion		0.345%
Next $ 2.5 billion		0.320%
Next $ 2.5 billion		0.295%
Over $12.5 billion		0.270%

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.43%.

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).

Effective May 15, 2020, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses 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 0.80%, 1.60%, 1.10%, 0.50%, 0.53% and 0.48%, respectively, of average daily net assets (the “expense limits”). Prior to May 15, 2020, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively of the Fund’s average daily net assets. 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 May 31, 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $8,464 and reimbursed class level expenses of $0, $0, $0, $24,316, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

20                             Invesco Quality Income Fund

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended June 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $13,617 in front-end sales commissions from the sale of Class A shares and $3,930 and $461 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 June 30, 2020. 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
U.S. Government Sponsored Agency Mortgage-Backed Securities		$             –			$2,122,714,047		$–		$2,122,714,047
Asset-Backed Securities		–			258,299,207		–		258,299,207
Agency Credit Risk Transfer Notes		–			26,150,699		–		26,150,699
U.S. Treasury Securities		–			5,398,764		–		5,398,764
Money Market Funds		111			–		–		111
Total Investments in Securities		111			2,412,562,717		–		2,412,562,828
Other Investments - Liabilities*
Futures Contracts		(916,090	)		–		–		(916,090	)
Total Investments		$(915,979	)		$2,412,562,717		$–		$2,411,646,738

* Unrealized appreciation (depreciation).

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 June 30, 2020:

	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(916,090	)
Derivatives not subject to master netting agreements		916,090
Total Derivative Liabilities subject to master netting agreements	$	-

^(a) The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

21                             Invesco Quality Income Fund

Effect of Derivative Investments for the six months ended June 30, 2020

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
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts		$(1,588,097)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,151,837)
Total		$(2,739,934)

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

	Futures Contracts
Average notional value	$	231,920,378

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $947.

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

NOTE 8–Tax Information

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

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

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	15,818,074	$	24,478,735	$	40,296,809

* Capital loss carryforward 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 six months ended June 30, 2020 was $3,830,339,267 and $3,283,730,253, 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	$	39,651,211
Aggregate unrealized (depreciation) of investments		(27,546,810	)
Net unrealized appreciation of investments	$	12,104,401

22                             Invesco Quality Income Fund

Cost of investments for tax purposes is $2,399,542,337.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		4,078,656		$	48,133,690			1,767,058		$	20,598,990
Class C		683,531			8,026,018			524,343			6,068,781
Class R(b)		52,196			600,856			-			-
Class Y		4,578,114			54,180,951			4,083,005			48,010,869
Class R5		1,001,997			11,810,804			1,039,600			12,117,488
Class R6		391,896			4,708,277			574,607			6,756,020
Issued as reinvestment of dividends:
Class A		538,430			6,369,747			763,754			8,925,855
Class C		24,351			286,666			14,683			170,527
Class R(b)		9,589			113,629			-			-
Class Y		126,462			1,504,817			48,451			570,296
Class R5		211,034			2,501,905			470,142			5,510,817
Class R6		89,454			1,063,812			56,418			661,868
Automatic conversion of Class C shares to Class A shares:
Class A		107,093			1,266,999			362,132			4,152,425
Class C		(107,740	)		(1,266,999	)		(364,676	)		(4,152,425	)
Issued in connection with acquisitions:(c)
Class A		48,990,326			578,299,738			-			-
Class C		4,934,324			57,865,657			-			-
Class R(b)		2,383,124			28,131,270			-			-
Class Y		26,919,297			318,931,517			-			-
Class R5		861			10,195			-			-
Class R6		12,974,888			153,708,207			-			-
Reacquired:
Class A		(10,730,636	)		(126,927,626	)		(4,027,036	)		(46,964,929	)
Class C		(416,589	)		(4,891,497	)		(235,662	)		(2,730,251	)
Class R(b)		(77,880	)		(923,006	)		-			-
Class Y		(12,441,711	)		(147,911,779	)		(3,546,929	)		(41,833,699	)
Class R5		(2,667,470	)		(31,049,236	)		(2,623,470	)		(30,551,764	)
Class R6		(600,011	)		(7,092,003	)		(385,607	)		(4,510,348	)
Net increase (decrease) in share activity		81,053,586		$	957,452,609			(1,479,187	)	$	(17,199,480	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% 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.

In addition, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  Commencement date of May 15, 2020.

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Government Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020 and by the shareholders of the Target Fund on April 24, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 96,202,820 shares of the Fund for 255,839,890 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $1,136,946,584, including $20,367,708 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $516,826,874 and $1,653,773,458 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	17,985,964
Net realized/unrealized gains		38,050,846
Change in net assets resulting from operations	$	56,036,810

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

23                             Invesco Quality Income Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

24                             Invesco Quality Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020. The actual ending account value and expenses of the Class R shares in the example below are based on an investment of $1,000 invested as of close of business on May 15, 2020 (commencement date) and held through June 30, 2020.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (as of close of business May 15, 2020 through June 30, 2020 for the Class R shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2,3	(06/30/20)	Period2,4	Ratio2
Class A	$1,000.00	$1,031.60	$4.29	$1,020.64	$4.27	0.85%
Class C	1,000.00	1,028.70	8.07	1,016.91	8.02	1.60
Class R	1,000.00	1,009.20	1.28	1,019.59	5.32	1.06
Class Y	1,000.00	1,032.80	2.83	1,022.08	2.82	0.56
Class R5	1,000.00	1,033.50	2.38	1,022.53	2.36	0.47
Class R6	1,000.00	1,033.40	2.38	1,022.53	2.36	0.47

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. For the Class R shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 44 (as of close of business May 15, 2020, through June 30, 2020)/366. Because the Class R shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods. Effective May 15, 2020, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 0.80%, 1.60%, 1.10%, 0.50%, 0.53% and 0.48% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.80%, 1.60%, 1.06%, 0.50%, 0.53% and 0.48%.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.04, $8.07, $1.28, $2.53, $2.68 and $2.66 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.02, $8.02, $5.32, $2.51, $2.66 and $2.41 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

25                             Invesco Quality Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Quality Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory

agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated

Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Mortgage-Backed Securities Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s allocation to agency collateralized mortgage obligations negatively impacted the Fund’s relative performance. The Board also noted that the Fund’s yield curve positioning and duration detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee

26                             Invesco Quality Income Fund

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

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

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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

27                             Invesco Quality Income Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526             Invesco Distributors, Inc.             VK-QINC-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Peak Retirement™ Funds
	Invesco Peak Retirement™ Now Fund Invesco Peak Retirement™ 2015 Fund Invesco Peak Retirement™ 2020 Fund Invesco Peak Retirement™ 2025 Fund Invesco Peak Retirement™ 2030 Fund Invesco Peak Retirement™ 2035 Fund Invesco Peak Retirement™ 2040 Fund Invesco Peak Retirement™ 2045 Fund	Invesco Peak Retirement™ 2050 Fund Invesco Peak Retirement™ 2055 Fund Invesco Peak Retirement™ 2060 Fund Invesco Peak Retirement™ 2065 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Table of Contents

Fund Performance	3
Letters to Shareholders	15
Liquidity Risk Management Program	16
Schedules of Investments	17
Financial Statements	41
Financial Highlights	53
Notes to Financial Statements	65
Fund Expenses	84
Approval of Investment Advisory and Sub-Advisory Contracts	88

2                      

Fund Performance

Performance summary - Invesco Peak Retirement™ Now Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.68	%
Class C Shares	-5.95
Class R Shares	-5.80
Class Y Shares	-5.56
Class R5 Shares	-5.56
Class R6 Shares	-5.56
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement Now Benchmark∎ (Style-Specific Index)	2.97
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement Now Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM Now Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-0.77	%
1 Year	-6.83
Class C Shares
Inception (12/29/17)	0.76	%
1 Year	-3.09
Class R Shares
Inception (12/29/17)	1.25	%
1 Year	-1.66
Class Y Shares
Inception (12/29/17)	1.74	%
1 Year	-1.16
Class R5 Shares
Inception (12/29/17)	1.74	%
1 Year	-1.16
Class R6 Shares

Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	1.74	%
1 Year	-1.16

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

so that you may have a gain or loss when you sell shares.

  Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM Now Fund

Nasdaq: A: PKTSX ∎ C: PKTTX ∎ R: PKTVX

Y: PKTUX ∎ R5: PKTWX ∎ R6: PKTZX

3                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2015 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.92	%
Class C Shares	-6.23
Class R Shares	-6.03
Class Y Shares	-5.82
Class R5 Shares	-5.82
Class R6 Shares	-5.82
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2015 Benchmark∎ (Style-Specific Index)	2.83

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2015 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2015 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-0.88	%
1 Year	-7.03
Class C Shares
Inception (12/29/17)	0.61	%
1 Year	-3.42
Class R Shares
Inception (12/29/17)	1.09	%
1 Year	-2.00
Class Y Shares
Inception (12/29/17)	1.59	%
1 Year	-1.55
Class R5 Shares
Inception (12/29/17)	1.59	%
1 Year	-1.55
Class R6 Shares

Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	1.59	%
1 Year	-1.55

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

so that you may have a gain or loss when you sell shares.

  Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2015 Fund

Nasdaq: A: PKTMX ∎ C: PKTNX ∎ R: PKTPX

Y: PKTOX ∎ R5: PKTQX ∎ R6: PKTRX

4                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2020 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-3.77	%
Class C Shares	-3.98
Class R Shares	-3.78
Class Y Shares	-3.47
Class R5 Shares	-3.47
Class R6 Shares	-3.47
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2020 Benchmark∎ (Style-Specific Index)	2.65

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2020 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2020 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-0.13	%
1 Year	-5.31
Class C Shares
Inception (12/29/17)	1.44	%
1 Year	-1.32
Class R Shares
Inception (12/29/17)	1.94	%
1 Year	0.07
Class Y Shares
Inception (12/29/17)	2.49	%
1 Year	0.64
Class R5 Shares
Inception (12/29/17)	2.49	%
1 Year	0.64
Class R6 Shares

Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	2.49	%
1 Year	0.64

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

so that you may have a gain or loss when you sell shares.

  Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2020 Fund

Nasdaq: A: PKTGX ∎ C: PKTHX ∎ R: PKTJX

Y: PKTIX ∎ R5: PKTKX ∎ R6: PKTLX

5                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2025 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-2.01	%
Class C Shares	-2.41
Class R Shares	-2.11
Class Y Shares	-1.91
Class R5 Shares	-1.91
Class R6 Shares	-1.91
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2025 Benchmark∎ (Style-Specific Index)	2.22

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2025 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2025 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	0.63	%
1 Year	-3.37
Class C Shares
Inception (12/29/17)	2.11	%
1 Year	0.37
Class R Shares
Inception (12/29/17)	2.70	%
1 Year	2.11
Class Y Shares
Inception (12/29/17)	3.17	%
1 Year	2.46
Class R5 Shares
Inception (12/29/17)	3.17	%
1 Year	2.46
Class R6 Shares
Inception (12/29/17)	3.17	%
1 Year	2.46

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

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

Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2025 Fund

Nasdaq: A: PKTAX ∎ C: PKTBX ∎ R: PKTDX

Y: PKTCX ∎ R5: PKTEX ∎ R6: PKTFX

6                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2030 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-3.52	%
Class C Shares	-3.83
Class R Shares	-3.53
Class Y Shares	-3.32
Class R5 Shares	-3.32
Class R6 Shares	-3.32
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2030 Benchmark∎ (Style-Specific Index)	0.51

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2030 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2030 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	0.19	%
1 Year	-4.22
Class C Shares
Inception (12/29/17)	1.68	%
1 Year	-0.35
Class R Shares
Inception (12/29/17)	2.22	%
1 Year	1.21
Class Y Shares
Inception (12/29/17)	2.75	%
1 Year	1.68
Class R5 Shares
Inception (12/29/17)	2.75	%
1 Year	1.68
Class R6 Shares
Inception (12/29/17)	2.75	%
1 Year	1.68

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

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

Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2030 Fund

Nasdaq: A: PKKSX ∎ C: PKKTX ∎ R: PKKVX

Y: PKKUX ∎ R5: PKKWX ∎ R6: PKKZX

7                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2035 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-3.89	%
Class C Shares	-4.30
Class R Shares	-4.10
Class Y Shares	-3.79
Class R5 Shares	-3.79
Class R6 Shares	-3.79
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2035 Benchmark∎ (Style-Specific Index)	-1.13

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2035 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2035 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	0.12	%
1 Year	-4.01
Class C Shares
Inception (12/29/17)	1.59	%
1 Year	-0.32
Class R Shares
Inception (12/29/17)	2.12	%
1 Year	1.16
Class Y Shares
Inception (12/29/17)	2.65	%
1 Year	1.72
Class R5 Shares
Inception (12/29/17)	2.65	%
1 Year	1.72
Class R6 Shares
Inception (12/29/17)	2.65	%
1 Year	1.72

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

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

Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2035 Fund

Nasdaq: A: PKKMX ∎ C: PKKNX ∎ R: PKKPX

Y: PKKOX ∎ R5: PKKQX ∎ R6: PKKRX

8                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2040 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.90	%
Class C Shares	-6.32
Class R Shares	-6.20
Class Y Shares	-5.88
Class R5 Shares	-5.88
Class R6 Shares	-5.88
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2040 Benchmark∎ (Style-Specific Index)	-2.44

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  The Custom Invesco Peak Retirement 2040 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2040 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-0.74	%
1 Year	-5.90
Class C Shares
Inception (12/29/17)	0.72	%
1 Year	-2.20
Class R Shares
Inception (12/29/17)	1.19	%
1 Year	-0.92
Class Y Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26
Class R5 Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26
Class R6 Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26

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

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

Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2040 Fund

Nasdaq: A: PKKGX ∎ C: PKKHX ∎ R: PKKJX

Y: PKKIX ∎ R5: PKKKX ∎ R6: PKKLX

9                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2045 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-8.26	%
Class C Shares	-8.55
Class R Shares	-8.39
Class Y Shares	-8.15
Class R5 Shares	-8.15
Class R6 Shares	-8.15
Russell 3000 Index▼ (Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2045 Benchmark∎ (Style-Specific Index)	-3.51

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

  The Custom Invesco Peak Retirement 2045 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2045 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-1.10	%
1 Year	-7.40
Class C Shares
Inception (12/29/17)	0.38	%
1 Year	-3.71
Class R Shares
Inception (12/29/17)	0.88	%
1 Year	-2.37
Class Y Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89
Class R5 Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89
Class R6 Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89

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

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

is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2045 Fund

Nasdaq: A: PKKAX ∎ C: PKKBX ∎ R: PKKDX

Y: PKKCX ∎ R5: PKKEX ∎ R6: PKKFX

10                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2050 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-8.87	%
Class C Shares	-9.23
Class R Shares	-9.01
Class Y Shares	-8.75
Class R5 Shares	-8.75
Class R6 Shares	-8.75
Russell 3000 Index▼ (Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2050 Benchmark∎ (Style-Specific Index)	-4.01

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

  The Custom Invesco Peak Retirement 2050 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2050 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-1.06	%
1 Year	-7.89
Class C Shares
Inception (12/29/17)	0.44	%
1 Year	-4.30
Class R Shares
Inception (12/29/17)	0.87	%
1 Year	-2.98
Class Y Shares
Inception (12/29/17)	1.43	%
1 Year	-2.42
Class R5 Shares
Inception (12/29/17)	1.43	%
1 Year	-2.42
Class R6 Shares
Inception (12/29/17)	1.43	%
1 Year	-2.33

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

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

is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2050 Fund

Nasdaq: A: PKRSX ∎ C: PKRTX ∎ R: PKRVX

Y: PKRUX ∎ R5: PKRWX ∎ R6: PKRZX

11                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2055 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-8.95	%
Class C Shares	-9.29
Class R Shares	-9.07
Class Y Shares	-8.93
Class R5 Shares	-8.83
Class R6 Shares	-8.83
Russell 3000 Index▼ (Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2055 Benchmark∎ (Style-Specific Index)	-4.74

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

  The Custom Invesco Peak Retirement 2055 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2055 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-1.02	%
1 Year	-7.80
Class C Shares
Inception (12/29/17)	0.49	%
1 Year	-4.11
Class R Shares
Inception (12/29/17)	0.91	%
1 Year	-2.79
Class Y Shares
Inception (12/29/17)	1.45	%
1 Year	-2.35
Class R5 Shares
Inception (12/29/17)	1.49	%
1 Year	-2.25
Class R6 Shares
Inception (12/29/17)	1.49	%
1 Year	-2.25

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

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

is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2055 Fund

Nasdaq: A: PKRMX ∎ C: PKRNX ∎ R: PKRPX

Y: PKROX ∎ R5: PKRQX ∎ R6: PKRRX

12                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2060 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.47	%
Class C Shares	-11.83
Class R Shares	-11.69
Class Y Shares	-11.36
Class R5 Shares	-11.36
Class R6 Shares	-11.36
Russell 3000 Index▼ (Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2060 Benchmark∎ (Style-Specific Index)	-5.16

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

  The Custom Invesco Peak Retirement 2060 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2060 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-1.95	%
1 Year	-9.99
Class C Shares
Inception (12/29/17)	-0.50	%
1 Year	-6.39
Class R Shares
Inception (12/29/17)	-0.04	%
1 Year	-5.13
Class Y Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57
Class R5 Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57
Class R6 Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57

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

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

is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2060 Fund

Nasdaq: A: PKRGX ∎ C: PKRHX ∎ R: PKRJX

Y: PKRIX ∎ R5: PKRKX ∎ R6: PKRLX

13                      Invesco Peak Retirement™ Funds

Fund Performance

Performance summary - Invesco Peak Retirement™ 2065 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-9.45	%
Class C Shares	-9.90
Class R Shares	-9.58
Class Y Shares	-9.44
Class R5 Shares	-9.44
Class R6 Shares	-9.44
Russell 3000 Index▼ (Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2065 Benchmark∎ (Style-Specific Index)	-5.16

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

  The Custom Invesco Peak Retirement 2065 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2065 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for nonresident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

  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.

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	-0.84	%
1 Year	-7.97
Class C Shares
Inception (12/29/17)	0.22	%
1 Year	-4.47
Class R Shares
Inception (12/29/17)	0.75	%
1 Year	-2.94
Class Y Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49
Class R5 Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49
Class R6 Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49

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

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

is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class 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.

Invesco Peak Retirement^TM 2065 Fund

Nasdaq: A: PKRAX ∎ C: PKRBX ∎ R: PKRDX

Y: PKRCX ∎ R5: PKREX ∎ R6: PKRFX

14                      Invesco Peak Retirement™ Funds

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

    Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

15                      Invesco Peak Retirement™ Funds

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

∎ The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

16                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ Now Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.19%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–9.99%
Invesco Global Real Estate Income Fund, Class R6		5.99	%	$	62,705	$	81,377	$	(75,152	)	$	944		$	(12,394	)	$	1,071		7,553	$	57,480
Invesco Multi-Asset Income Fund, Class R6		4.00	%		72,435		87,526		(108,321	)		1,457			(14,733	)		2,135		4,188		38,364
Invesco S&P High Income Infrastructure ETF		-			40,796		18,044		(59,140	)		(2,523	)		2,823			-		-		-
iShares Global Infrastructure ETF(b)		-			-		54,908		(47,918	)		-			(6,990	)		-		-		-
Total Alternative Funds					175,936		241,855		(290,531	)		(122	)		(31,294	)		3,206				95,844
Domestic Equity Funds–17.58%
Invesco Dividend Income Fund, Class R6		-			52,632		68,030		(112,748	)		(379	)		(7,535	)		649		-		-
Invesco PureBetaSM MSCI USA ETF		-			15,778		17,872		(32,735	)		(1,175	)		260			96		-		-
Invesco S&P 500® Enhanced Value ETF		7.97	%		94,727		145,295		(136,234	)		(2,912	)		(24,429	)		1,522		2,742		76,447
Invesco S&P 500® High Dividend Low Volatility ETF		9.61	%		20,474		115,663		(39,589	)		(571	)		(3,768	)		831		2,801		92,209
Total Domestic Equity Funds					183,611		346,860		(321,306	)		(5,037	)		(35,472	)		3,098				168,656
Exchange-Traded Funds–0.00%
Alerian MLP ETF(b)		-			-		26,763		(23,753	)		-			(3,010	)		674		-		-
Fixed Income Funds–61.53%
Invesco Core Plus Bond Fund, Class R6		17.56	%		56,949		184,298		(77,552	)		4,417			345			1,165		14,764		168,457
Invesco Corporate Bond Fund, Class R6		-			46,596		52,008		(97,719	)		(1,154	)		269			747		-		-
Invesco Emerging Markets Sovereign Debt ETF		-			35,644		43,650		(74,253	)		(354	)		(4,687	)		862		-		-
Invesco Floating Rate Fund, Class R6		7.99	%		77,843		98,808		(93,003	)		1,388			(8,365	)		1,994		11,359		76,671
Invesco Fundamental High Yield® Corporate Bond ETF		4.97	%		-		52,494		(5,346	)		393			134			171		2,634		47,675
Invesco High Yield Fund, Class R6		-			52,071		63,646		(108,432	)		123			(7,408	)		1,487		-		-
Invesco Income Fund, Class R6		8.52	%		-		87,026		(10,853	)		5,040			595			445		11,253		81,808
Invesco Oppenheimer International Bond Fund, Class R6		7.02	%		-		73,367		(8,579	)		2,298			252			234		12,802		67,338
Invesco PureBetaSM US Aggregate Bond ETF		-			62,020		66,436		(130,784	)		(440	)		2,768			671		-		-
Invesco Quality Income Fund, Class R6		-			124,566		137,992		(263,200	)		1,040			(398	)		2,158		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		4.51	%		9,722		45,639		(12,555	)		429			20			166		4,119		43,255
Invesco Taxable Municipal Bond ETF		2.00	%		25,051		28,031		(34,813	)		1,327			(410	)		440		583		19,186
Invesco Variable Rate Preferred ETF		8.96	%		72,505		113,013		(94,044	)		1,768			(7,277	)		1,884		3,669		85,965
Total Fixed Income Funds					562,967		1,046,408		(1,011,133	)		16,275			(24,162	)		12,424				590,355
Foreign Equity Funds–4.96%
Invesco S&P International Developed Low Volatility ETF		4.96	%		52,545		67,984		(62,283	)		(1,031	)		(9,578	)		820		1,726		47,637
Money Market Funds–6.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		3.29	%		34,534		742,195		(745,165	)		-			-			149		31,564		31,564
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		2.84	%		34,589		742,194		(749,559	)		-			23			191		27,228		27,247
Total Money Market Funds					69,123		1,484,389		(1,494,724	)		-			23			340				58,811
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $936,191)		100.19	%	$	1,044,182	$	3,214,259	$	(3,203,730	)	$	10,085		$	(103,493	)	$	20,562			$	961,303
OTHER ASSETS LESS LIABILITIES		(0.19	)%																			(1,803	)
NET ASSETS		100.00	%																		$	959,500

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Not affiliated with Invesco Advisers, Inc.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

17                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2015 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.09%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20
Alternative Funds–10.03%
Alerian MLP ETF(b)		-		$	-	$	12,638	$	(11,317	)	$	-		$	(1,321	)	$	471			-	$	-
Invesco Global Real Estate Income Fund, Class R6		6.10	%		35,729		14,126		(313	)		(6,525	)		(76	)		688			5,643		42,941
Invesco Global Targeted Returns Fund, Class R6		-			3,017		-		(3,018	)		94			(93	)		-			-		-
Invesco Macro Allocation Strategy Fund, Class R6		-			1,716		-		(1,718	)		106			(104	)		-			-		-
Invesco Multi-Asset Income Fund, Class R6		3.93	%		38,658		19,042		(22,427	)		(3,607	)		(4,007	)		1,332			3,019		27,659
Invesco S&P High Income Infrastructure ETF		-			20,670		5,491		(26,324	)		(1,354	)		1,517			-			-		-
iShares Global Infrastructure ETF(b)		-			-		24,592		(20,441	)		-			(4,151	)		-			-		-
Total Alternative Funds					99,790		75,889		(85,558	)		(11,286	)		(8,235	)		2,491					70,600
Domestic Equity Funds–17.52%
Invesco All Cap Market Neutral Fund, Class R6(c)		-			1,793		-		(1,788	)		279			(284	)		-			-		-
Invesco Diversified Dividend Fund, Class R6		-			11		-		-			(1	)		(10	)		-			-		-
Invesco Dividend Income Fund, Class R6		-			29,470		10,526		(35,172	)		(438	)		(4,386	)		397			-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			3,939		-		(3,931	)		(414	)		406			-			-		-
Invesco Growth and Income Fund, Class R6		-			3,243		-		(3,247	)		(93	)		97			-			-		-
Invesco PureBetaSM MSCI USA ETF		-			7,857		3,642		(10,949	)		(678	)		128			56			-		-
Invesco S&P 500® Enhanced Value ETF		8.06	%		50,013		35,173		(11,990	)		(11,925	)		(4,507	)		1,028			2,036		56,764
Invesco S&P 500® High Dividend Low Volatility ETF		9.46	%		14,530		57,317		(1,440	)		(3,809	)		32			596			2,024		66,630
Invesco S&P 500® Pure Growth ETF		-			3,169		-		(3,181	)		(186	)		198			-			-		-
Invesco U.S. Managed Volatility Fund, Class R6		-			9,867		-		(9,947	)		(961	)		1,041			-			-		-
Total Domestic Equity Funds					123,892		106,658		(81,645	)		(18,226	)		(7,285	)		2,077					123,394
Fixed Income Funds–61.18%
Invesco Core Plus Bond Fund, Class R6		17.33	%		36,718		89,702		(7,410	)		3,224			(223	)		632			10,694		122,011
Invesco Corporate Bond Fund, Class R6		-			23,504		10,872		(33,532	)		(1,225	)		381			445			-		-
Invesco Emerging Markets Sovereign Debt ETF		-			26,888		7,206		(31,168	)		(1,328	)		(1,598	)		538			-		-
Invesco Floating Rate Fund, Class R6		7.93	%		45,343		19,060		(4,132	)		(3,471	)		(942	)		1,215			8,275		55,858
Invesco Fundamental High Yield® Corporate Bond ETF		4.90	%		-		34,231		-			286			-			124			1,907		34,517
Invesco High Yield Fund, Class R6		-			32,969		6,765		(35,247	)		108			(4,595	)		883			-		-
Invesco Income Fund, Class R6		8.79	%		-		58,114		-			3,816			-			314			8,519		61,930
Invesco Oppenheimer International Bond Fund, Class R6		7.10	%		-		48,307		-			1,707			-			164			9,508		50,014
Invesco PureBetaSM US Aggregate Bond ETF		-			36,642		11,899		(49,853	)		(318	)		1,630			440			-		-
Invesco Quality Income Fund, Class R6		-			72,291		27,055		(99,372	)		(555	)		581			1,282			-		-
Invesco Short Duration Inflation Protected Fund, Class R6		4.38	%		11,157		25,487		(6,063	)		280			8			113			2,940		30,869
Invesco Short Term Bond Fund, Class R6		-			6,618		-		(6,612	)		(63	)		57			(1	)		-		-
Invesco Taxable Municipal Bond ETF		2.00	%		20,617		3,265		(10,268	)		672			(233	)		290			427		14,053
Invesco Variable Rate Investment Grade ETF		-			4,792		-		(4,794	)		(16	)		18			-			-		-
Invesco Variable Rate Preferred ETF		8.75	%		41,302		32,584		(8,993	)		(1,042	)		(2,230	)		1,153			2,630		61,621
Total Fixed Income Funds					358,841		374,547		(297,444	)		2,075			(7,146	)		7,592					430,873
Foreign Equity Funds–4.97%
Invesco RAFI™ Strategic Developed ex-US ETF		-			8,048		-		(8,098	)		(332	)		382			-			-		-
Invesco S&P International Developed Low Volatility ETF		4.97	%		25,590		17,326		(1,257	)		(6,267	)		(368	)		520			1,269		35,024
Total Foreign Equity Funds					33,638		17,326		(9,355	)		(6,599	)		14			520					35,024
Money Market Funds–6.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)		4.17	%		19,852		126,390		(116,885	)		-			-			87			29,357		29,357
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)		2.22	%		19,607		126,387		(130,355	)		-			3			97			15,631		15,642
Total Money Market Funds					39,459		252,777		(247,240	)		-			3			184					44,999
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $722,977)		100.09	%	$	655,620	$	827,197	$	(721,242	)	$	(34,036	)	$	(22,649	)	$	12,864				$	704,890
OTHER ASSETS LESS LIABILITIES		(0.09	)%																				(668	)
NET ASSETS		100.00	%																			$	704,222

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

18                      Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Not affiliated with Invesco Advisers, Inc.

^(c)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

19                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2020 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–5.02%
Invesco Global Real Estate Income Fund, Class R6		3.00	%	$	58,679	$	34,077	$	(13,497	)	$	(8,572	)	$	(3,477	)	$	1,159		8,831	$	67,210
Invesco Global Targeted Returns Fund, Class R6		-			50,086		26,453		(76,314	)		1,674			(1,899	)		-		-		-
Invesco Macro Allocation Strategy Fund, Class R6		2.02	%		30,755		28,056		(10,823	)		(1,192	)		(1,652	)		-		5,629		45,144
Invesco Multi-Asset Income Fund, Class R6		-			23,408		21,820		(39,354	)		(421	)		(5,453	)		830		-		-
Total Alternative Funds					162,928		110,406		(139,988	)		(8,511	)		(12,481	)		1,989				112,354
Domestic Equity Funds–26.62%
Invesco All Cap Market Neutral Fund, Class R6(b)		-			30,456		15,852		(42,978	)		1,844			(5,174	)		-		-		-
Invesco Diversified Dividend Fund, Class R6		-			19,700		10,777		(26,320	)		(781	)		(3,376	)		184		-		-
Invesco Dividend Income Fund, Class R6		-			23,601		19,412		(38,088	)		(559	)		(4,366	)		389		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			61,256		31,713		(84,517	)		(3,517	)		(4,935	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			48,557		30,781		(67,669	)		702			(12,371	)		419		-		-
Invesco PureBetaSM MSCI USA ETF		5.56	%		-		123,248		(2,911	)		3,981			17			404		3,991		124,335
Invesco Russell 1000 Dynamic Multifactor ETF		5.51	%		-		130,822		(2,305	)		(5,251	)		36			461		4,146		123,302
Invesco S&P 500® Enhanced Value ETF		3.53	%		39,299		75,723		(19,990	)		(8,072	)		(7,948	)		1,142		2,834		79,012
Invesco S&P 500® High Dividend Low Volatility ETF		4.48	%		47,112		89,447		(18,028	)		(11,664	)		(6,494	)		1,871		3,049		100,373
Invesco S&P 500® Pure Growth ETF		-			52,994		22,718		(75,332	)		(2,971	)		2,591			155		-		-
Invesco S&P MidCap Low Volatility ETF		-			5,596		-		(5,537	)		(336	)		277			-		-		-
Invesco U.S. Managed Volatility Fund, Class R6		7.54	%		171,178		90,397		(97,026	)		(963	)		5,157			-		14,522		168,743
Total Domestic Equity Funds					499,749		640,890		(480,701	)		(27,587	)		(36,586	)		5,025				595,765
Fixed Income Funds–61.17%
Invesco Core Plus Bond Fund, Class R6		17.99	%		117,209		322,487		(47,118	)		8,996			1,000			2,573		35,283		402,574
Invesco Emerging Markets Sovereign Debt ETF		-			128,732		75,400		(184,199	)		(3,809	)		(16,124	)		3,215		-		-
Invesco Floating Rate Fund, Class R6		8.00	%		87,416		123,411		(24,927	)		(3,196	)		(3,808	)		2,663		26,503		178,896
Invesco Fundamental High Yield® Corporate Bond ETF		6.02	%		-		135,114		(1,551	)		1,093			8			470		7,440		134,664
Invesco High Yield Fund, Class R6		-			99,962		53,342		(138,462	)		(1,115	)		(13,727	)		2,891		-		-
Invesco Income Fund, Class R6		5.15	%		-		110,497		(2,267	)		7,107			3			585		15,865		115,340
Invesco Oppenheimer International Bond Fund, Class R6		7.52	%		-		165,557		(2,955	)		5,747			23			552		32,010		168,372
Invesco PureBetaSM US Aggregate Bond ETF		-			74,722		41,879		(119,758	)		(180	)		3,337			953		-		-
Invesco Quality Income Fund, Class R6		-			134,849		73,366		(208,887	)		32			640			2,429		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		-			88,698		48,245		(137,354	)		(284	)		695			528		-		-
Invesco Short Term Bond Fund, Class R6		-			98,251		51,702		(147,836	)		(351	)		(1,766	)		1,174		-		-
Invesco Taxable Municipal Bond ETF		6.03	%		117,939		50,374		(37,397	)		5,672			(1,624	)		2,271		4,101		134,964
Invesco Variable Rate Investment Grade ETF		7.48	%		80,671		119,848		(33,259	)		1,917			(1,903	)		1,084		6,797		167,274
Invesco Variable Rate Preferred ETF		2.98	%		54,036		46,297		(26,877	)		(4,109	)		(2,618	)		1,696		2,848		66,729
Total Fixed Income Funds					1,082,485		1,417,519		(1,112,847	)		17,520			(35,864	)		23,084				1,368,813
Foreign Equity Funds–3.00%
Invesco International Growth Fund, Class R6		-			35		-		(33	)		(4	)		2			-		-		-
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.02	%		-		22,160		-			570			-			-		483		22,730
Invesco PureBetaSM FTSE Developed ex-North America ETF		-			19,582		10,146		(26,273	)		(1,085	)		(2,370	)		223		-		-
Invesco RAFI™ Strategic Developed ex-US ETF		0.98	%		99,748		67,931		(124,552	)		(878	)		(20,299	)		1,258		1,008		21,950
Invesco S&P International Developed Low Volatility ETF		1.00	%		-		22,168		-			243			-			155		812		22,411
Total Foreign Equity Funds					119,365		122,405		(150,858	)		(1,154	)		(22,667	)		1,636				67,091

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

20                      Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2020 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–5.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		2.00	%	$	37,598	$	652,818	$	(645,783	)	$	-		$	-		$	201		44,633	$	44,633
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		3.10	%		36,958		702,833		(670,458	)		11			28			298		69,324		69,372
Total Money Market Funds					74,556		1,355,651		(1,316,241	)		11			28			499				114,005
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,241,282)		100.91	%	$	1,939,083	$	3,646,871	$	(3,200,635	)	$	(19,721	)	$	(107,570	)	$	32,233			$	2,258,028
OTHER ASSETS LESS LIABILITIES		(0.91	)%																			(20,373	)
NET ASSETS		100.00	%																		$	2,237,655

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

21                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2025 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–101.64%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–4.95%
Invesco Global Real Estate Income Fund, Class R6		2.97	%	$	152,746	$	97,966	$	(38,079	)	$	(15,689	)	$	(8,464	)	$	2,790		24,767	$	188,480
Invesco Global Targeted Returns Fund, Class R6		-			152,038		40,001		(191,716	)		4,172			(4,495	)		-		-		-
Invesco Macro Allocation Strategy Fund, Class R6		1.98	%		100,776		47,079		(13,129	)		(7,255	)		(2,279	)		-		15,610		125,192
Total Alternative Funds					405,560		185,046		(242,924	)		(18,772	)		(15,238	)		2,790				313,672
Domestic Equity Funds–29.24%
Invesco All Cap Market Neutral Fund, Class R6(b)		-			101,710		34,195		(125,058	)		2,411			(13,258	)		-		-		-
Invesco Comstock Fund, Class R6		-			29,915		-		(30,114	)		(460	)		659			-		-		-
Invesco Diversified Dividend Fund, Class R6		-			49,927		27,970		(69,017	)		(1,624	)		(7,256	)		417		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			176,762		109,737		(267,055	)		(5,932	)		(13,512	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			131,881		93,423		(198,940	)		783			(27,147	)		922		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		1.52	%		-		89,761		-			6,197			-			-		3,354		95,958
Invesco PureBetaSM MSCI USA ETF		6.01	%		-		371,163		(2,541	)		11,981			160			1,212		12,222		380,763
Invesco Russell 1000 Dynamic Multifactor ETF		7.67	%		-		509,335		(4,341	)		(19,853	)		394			1,725		16,326		485,535
Invesco S&P 500® Pure Growth ETF		-			175,844		98,228		(277,887	)		(9,691	)		13,506			552		-		-
Invesco S&P MidCap Low Volatility ETF		-			101,647		46,714		(131,143	)		(4,124	)		(13,094	)		777		-		-
Invesco U.S. Managed Volatility Fund, Class R6		14.04	%		722,875		287,008		(146,220	)		16,358			9,051			-		76,512		889,072
Total Domestic Equity Funds					1,490,561		1,667,534		(1,252,316	)		(3,954	)		(50,497	)		5,605				1,851,328
Fixed Income Funds–61.63%
Invesco Core Plus Bond Fund, Class R6		18.35	%		319,863		849,834		(38,821	)		30,101			1,261			7,536		101,861		1,162,238
Invesco Emerging Markets Sovereign Debt ETF		-			358,805		244,320		(563,324	)		(9,462	)		(30,339	)		9,025		-		-
Invesco Floating Rate Fund, Class R6		8.94	%		210,419		393,613		(26,125	)		(8,613	)		(3,365	)		7,124		83,841		565,929
Invesco Fundamental High Yield® Corporate Bond ETF		6.98	%		-		438,458		-			3,417			-			1,504		24,413		441,875
Invesco High Yield Fund, Class R6		-			264,085		143,724		(372,942	)		(3,138	)		(31,729	)		7,996		-		-
Invesco Income Fund, Class R6		5.02	%		-		298,458		-			19,580			-			1,611		43,747		318,038
Invesco Oppenheimer International Bond Fund, Class R6		7.46	%		-		456,344		-			15,803			-			1,518		89,762		472,147
Invesco PureBetaSM US Aggregate Bond ETF		-			141,335		77,664		(226,527	)		(284	)		7,812			2,086		-		-
Invesco Quality Income Fund, Class R6		-			356,631		89,454		(449,070	)		(260	)		3,245			6,121		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		-			253,932		68,901		(324,577	)		(652	)		2,396			1,346		-		-
Invesco Short Term Bond Fund, Class R6		-			264,688		90,356		(351,249	)		(659	)		(3,136	)		3,214		-		-
Invesco Taxable Municipal Bond ETF		6.46	%		352,361		147,544		(116,231	)		31,486			(5,825	)		6,811		12,438		409,335
Invesco Variable Rate Investment Grade ETF		8.42	%		243,759		318,782		(31,384	)		4,153			(2,184	)		3,412		21,663		533,126
Total Fixed Income Funds					2,765,878		3,617,452		(2,500,250	)		81,472			(61,864	)		59,304				3,902,688
Foreign Equity Funds–3.94%
Invesco International Growth Fund, Class R6		-			54,794		23,670		(72,027	)		295			(6,732	)		-		-		-
Invesco International Select Equity Fund, Class R6		-			20,652		-		(20,902	)		(2,101	)		2,351			-		-		-
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.99	%		-		61,142		-			1,542			-			-		1,332		62,684
Invesco PureBetaSM FTSE Developed ex-North America ETF		0.98	%		19,861		47,720		(4,436	)		(34	)		(1,193	)		577		2,758		61,918
Invesco RAFI™ Strategic Developed ex-US ETF		0.99	%		292,245		179,255		(354,651	)		(389	)		(53,811	)		3,329		2,877		62,649
Invesco RAFI™ Strategic Emerging Markets ETF		-			14,796		-		(15,086	)		(800	)		1,090			-		-		-
Invesco S&P International Developed Low Volatility ETF		0.98	%		-		61,444		-			656			-			419		2,250		62,100
Total Foreign Equity Funds					402,348		373,231		(467,102	)		(831	)		(58,295	)		4,325				249,351

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

22                      Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2025 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–101.64%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–1.88%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.65	%	$	12,792	$	733,651	$	(705,216	)	$	-	$	-		$	64		41,227	$	41,227
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.49	%		8,241		525,460		(502,859	)		-		9			69		30,830		30,851
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.74	%		14,620		838,458		(805,961	)		-		-			71		47,117		47,117
Total Money Market Funds					35,653		2,097,569		(2,014,036	)		-		9			204				119,195
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $6,297,055)		101.64	%		5,100,000		7,940,832		(6,476,628	)		57,915		(185,885	)		72,228				6,436,234
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund		-			-		714,115		(714,147	)		-		32			9		-		-
Invesco Private Prime Fund		-			-		77,882		(77,897	)		-		15			2		-		-
Invesco Liquid Assets Portfolio, Institutional Class		-			-		374,329		(374,306	)		-		(23	)		129		-		-
Invesco Government & Agency Portfolio, Institutional Class		-			-		1,470,564		(1,470,564	)		-		-			299		-		-
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		2,636,890		(2,636,914	)		-		24			439				-
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $6,297,055)		101.64	%	$	5,100,000	$	10,577,722	$	(9,113,542	)	$	57,915	$	(185,861	)	$	72,667			$	6,436,234
OTHER ASSETS LESS LIABILITIES		(1.64	)%																		(103,755	)
NET ASSETS		100.00	%																	$	6,332,479

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

23                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2030 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.17%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–4.93%
Invesco Global Real Estate Income Fund, Class R6		2.96	%	$	123,886	$	170,149	$	(6,703	)	$	(25,445	)	$	(411	)	$	3,295		34,360	$	261,476
Invesco Global Targeted Returns Fund, Class R6		-			123,365		74,032		(196,821	)		3,537			(4,113	)		-		-		-
Invesco Macro Allocation Strategy Fund, Class R6		1.97	%		82,141		111,573		(10,244	)		(7,368	)		(1,808	)		-		21,732		174,294
Total Alternative Funds					329,392		355,754		(213,768	)		(29,276	)		(6,332	)		3,295				435,770
Domestic Equity Funds–40.17%
Invesco All Cap Market Neutral Fund, Class R6(b)		-			82,206		62,215		(133,446	)		2,986			(13,961	)		-		-		-
Invesco Comstock Fund, Class R6		-			123,913		116,078		(208,229	)		(3,284	)		(28,478	)		1,102		-		-
Invesco Diversified Dividend Fund, Class R6		-			45,414		29,245		(66,003	)		(1,909	)		(6,747	)		413		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			144,675		111,346		(238,637	)		(5,975	)		(11,409	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			123,903		102,693		(196,814	)		987			(30,769	)		1,156		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		7.06	%		-		591,419		-			32,794			-			-		21,818		624,213
Invesco PureBetaSM MSCI USA ETF		6.06	%		-		526,561		-			9,566			-			1,696		17,209		536,127
Invesco RAFI™ Strategic US Small Company ETF		-			61,578		31,200		(86,993	)		(3,526	)		(2,259	)		228		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		7.57	%		-		704,614		-			(34,750	)		-			2,416		22,524		669,864
Invesco S&P 500® Pure Growth ETF		-			144,276		88,099		(236,228	)		(8,409	)		12,262			499		-		-
Invesco S&P MidCap Low Volatility ETF		-			123,817		111,684		(202,256	)		(6,527	)		(26,718	)		1,370		-		-
Invesco S&P SmallCap Low Volatility ETF		4.10	%		-		364,301		-			(1,796	)		-			1,648		10,706		362,505
Invesco U.S. Managed Volatility Fund, Class R6		15.38	%		676,861		808,481		(138,798	)		5,765			7,968			-		117,063		1,360,277
Total Domestic Equity Funds					1,526,643		3,647,936		(1,507,404	)		(14,078	)		(100,111	)		10,528				3,552,986
Fixed Income Funds–49.39%
Invesco Core Plus Bond Fund, Class R6		15.85	%		218,334		1,192,561		(38,829	)		27,679			1,985			6,881		122,851		1,401,730
Invesco Emerging Markets Sovereign Debt ETF		-			205,966		181,178		(357,909	)		(5,314	)		(23,921	)		6,706		-		-
Invesco Floating Rate Fund, Class R6		4.44	%		99,830		312,480		(11,882	)		(7,067	)		(887	)		4,021		58,144		392,474
Invesco Fundamental High Yield® Corporate Bond ETF		4.42	%		-		390,896		-			(280	)		-			1,359		21,581		390,616
Invesco High Yield Fund, Class R6		-			148,929		129,531		(254,555	)		(1,558	)		(22,347	)		5,663		-		-
Invesco Income Fund, Class R6		4.45	%		-		374,560		-			19,488			-			1,796		54,202		394,048
Invesco Oppenheimer International Bond Fund, Class R6		4.94	%		-		426,278		-			11,063			-			1,251		83,145		437,341
Invesco Quality Income Fund, Class R6		-			288,824		179,598		(471,513	)		(78	)		3,169			5,941		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		2.46	%		205,824		194,605		(185,869	)		2,558			624			1,821		20,737		217,742
Invesco Short Term Bond Fund, Class R6		-			165,041		106,590		(269,183	)		(500	)		(1,948	)		2,263		-		-
Invesco Taxable Municipal Bond ETF(c)		4.94	%		270,462		321,324		(174,142	)		24,786			(5,616	)		6,755		13,273		436,814
Invesco Variable Rate Investment Grade ETF		7.89	%		131,614		584,701		(22,508	)		4,773			(1,059	)		2,951		28,343		697,521
Total Fixed Income Funds					1,734,824		4,394,302		(1,786,390	)		75,550			(50,000	)		47,408				4,368,286
Foreign Equity Funds–4.93%
Invesco Developing Markets Fund, Class R6		0.48	%		-		40,491		-			2,269			-			-		1,233		42,760
Invesco International Growth Fund, Class R6		-			73,324		41,537		(106,184	)		(44	)		(8,633	)		-		-		-
Invesco International Select Equity Fund, Class R6		0.49	%		98,965		61,738		(113,411	)		(3,148	)		(862	)		-		3,706		43,282
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.98	%		-		84,951		-			1,498			-			-		1,837		86,449
Invesco PureBetaSM FTSE Developed ex-North America ETF		0.99	%		-		85,812		-			2,306			-			413		3,925		88,118
Invesco RAFI™ Strategic Developed ex-US ETF		1.00	%		307,476		287,408		(438,970	)		(2,288	)		(65,304	)		4,175		4,056		88,322
Invesco RAFI™ Strategic Emerging Markets ETF		-			25,280		14,472		(34,422	)		(1,442	)		(3,888	)		36		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			24,552		14,848		(34,133	)		(424	)		(4,843	)		295		-		-
Invesco S&P International Developed Low Volatility ETF		0.99	%		-		87,411		-			(167	)		-			575		3,161		87,244
Total Foreign Equity Funds					529,597		718,668		(727,120	)		(1,440	)		(83,530	)		5,494				436,175

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

24                      Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2030 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.17%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)		0.30	%	$	26,765	$	1,636,988	$	(1,637,497	)	$	-	$	-		$	85		26,256	$	26,256
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)		0.11	%		19,759		1,169,279		(1,178,708	)		-		(51	)		81		10,272		10,279
Invesco Treasury Portfolio, Institutional Class, 0.08%(d)		0.34	%		30,588		1,870,844		(1,871,425	)		-		-			92		30,007		30,007
Total Money Market Funds					77,112		4,677,111		(4,687,630	)		-		(51	)		258				66,542
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $8,730,329)		100.17	%		4,197,568		13,793,771		(8,922,312	)		30,756		(240,024	)		66,983				8,859,759
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.89%
Invesco Private Government Fund, 0.05%(d)(e)		2.93	%		-		877,312		(942,396	)		-		323,909			10		258,825		258,825
Invesco Private Prime Fund, 0.11%(d)(e)		0.96	%		-		85,425		-			9		-			4		85,416		85,434
Invesco Liquid Assets Portfolio, Institutional Class		-			-		146,602		(146,581	)		-		(21	)		30		-		-
Invesco Government & Agency Portfolio, Institutional Class		-			-		575,823		(575,823	)		-		-			84		-		-
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $344,250)		3.89	%		-		1,685,162		(1,664,800	)		9		323,888			128				344,259
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $9,074,579)		104.06	%	$	4,197,568	$	15,478,933	$	(10,587,112	)	$	30,765	$	83,864		$	67,111			$	9,204,018
OTHER ASSETS LESS LIABILITIES		(4.06	)%																		(359,156	)
NET ASSETS		100.00	%																	$	8,844,862

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  All or a portion of this security was out on loan at June 30, 2020.

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(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 1H.

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

25                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2035 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.38%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–4.86%
Invesco Global Real Estate Income Fund, Class R6		2.89	%	$	95,070	$	84,155	$	(7,906	)	$	(17,863	)	$	(2,258	)	$	2,329		19,868	$	151,198
Invesco Global Targeted Returns Fund, Class R6		-			94,571		61,584		(155,668	)		2,625			(3,112	)		-		-		-
Invesco Macro Allocation Strategy Fund, Class R6		1.97	%		63,788		56,839		(9,762	)		(5,996	)		(2,099	)		-		12,814		102,770
Total Alternative Funds					253,429		202,578		(173,336	)		(21,234	)		(7,469	)		2,329				253,968
Domestic Equity Funds–50.71%
Invesco All Cap Market Neutral Fund, Class R6(b)		-			54,228		60,260		(105,663	)		924			(9,749	)		-		-		-
Invesco Comstock Fund, Class R6		-			115,987		79,839		(169,122	)		(2,824	)		(23,880	)		891		-		-
Invesco Diversified Dividend Fund, Class R6		-			54,130		32,304		(75,824	)		(2,548	)		(8,062	)		511		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			128,615		80,032		(193,702	)		(5,708	)		(9,237	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			114,911		77,007		(167,020	)		190			(25,088	)		935		-		-
Invesco Long/Short Equity Fund, Class R6(b)		-			13,234		-		(13,216	)		736			(754	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		7.56	%		-		371,040		-			24,436			-			-		13,823		395,476
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		5.03	%		-		256,172		-			6,957			-			-		18,622		263,129
Invesco PureBetaSM MSCI USA ETF		5.88	%		-		298,179		-			9,092			-			1,021		9,863		307,271
Invesco RAFI™ Strategic US Small Company ETF		-			118,886		113,460		(212,106	)		(6,577	)		(13,663	)		644		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		8.98	%		-		488,264		-			(18,491	)		-			1,732		15,796		469,773
Invesco S&P 500® Pure Growth ETF		-			126,019		69,612		(198,059	)		(7,296	)		9,724			404		-		-
Invesco S&P MidCap Low Volatility ETF		-			101,970		73,315		(148,669	)		(5,511	)		(21,105	)		1,107		-		-
Invesco S&P SmallCap Low Volatility ETF		3.52	%		13,585		183,131		(13,490	)		202			804			855		5,441		184,232
Invesco U.S. Managed Volatility Fund, Class R6		19.74	%		668,057		458,679		(113,443	)		14,585			4,532			-		88,848		1,032,410
Total Domestic Equity Funds					1,509,622		2,641,294		(1,410,314	)		8,167			(96,478	)		8,100				2,652,291
Fixed Income Funds–37.93%
Invesco Core Plus Bond Fund, Class R6		9.54	%		142,111		369,202		(25,203	)		11,816			941			3,467		43,722		498,867
Invesco Emerging Markets Sovereign Debt ETF		-			91,225		71,886		(147,867	)		(2,053	)		(13,191	)		2,940		-		-
Invesco Floating Rate Fund, Class R6		2.47	%		61,555		77,565		(3,727	)		(5,563	)		(580	)		2,213		19,148		129,250
Invesco Fundamental High Yield® Corporate Bond ETF		1.95	%		-		101,612		-			490			-			366		5,641		102,102
Invesco High Yield Fund, Class R6		-			61,215		45,892		(96,805	)		(713	)		(9,589	)		2,324		-		-
Invesco Income Fund, Class R6		1.46	%		-		72,097		-			4,557			-			382		10,544		76,654
Invesco Oppenheimer International Bond Fund, Class R6		3.02	%		-		152,903		-			4,885			-			489		29,998		157,788
Invesco Quality Income Fund, Class R6		-			244,445		124,762		(371,736	)		135			2,394			4,896		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		2.50	%		152,289		127,225		(151,101	)		1,858			344			1,408		12,439		130,615
Invesco Short Term Bond Fund, Class R6		-			128,900		79,884		(206,386	)		(314	)		(2,084	)		1,977		-		-
Invesco Taxable Municipal Bond ETF		7.06	%		168,358		227,092		(42,261	)		16,854			(990	)		4,198		11,214		369,053
Invesco Variable Rate Investment Grade ETF		9.93	%		-		509,853		-			9,517			-			591		21,104		519,370
Total Fixed Income Funds					1,050,098		1,959,973		(1,045,086	)		41,469			(22,755	)		25,251				1,983,699

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

26                      Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2035 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.38%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Foreign Equity Funds–5.78%
Invesco Developing Markets Fund, Class R6		0.48	%	$	-	$	23,166	$	-		$	1,769		$	-		$	-		719	$	24,935
Invesco International Growth Fund, Class R6		-			105,666		57,452		(147,606	)		1,736			(17,248	)		-		-		-
Invesco International Select Equity Fund, Class R6		0.95	%		141,909		76,005		(159,578	)		(4,504	)		(4,272	)		-		4,243		49,560
Invesco Oppenheimer Developing Markets Fund, Class R6		0.48	%		-		22,994		-			2,145			-			-		604		25,139
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.97	%		-		49,817		-			1,196			-			-		1,084		51,013
Invesco PureBetaSM FTSE Developed ex-North America ETF		0.98	%		-		48,892		-			2,205			-			250		2,276		51,097
Invesco RAFI™ Strategic Developed ex-US ETF		0.96	%		255,885		203,810		(347,211	)		(2,826	)		(59,378	)		3,425		2,309		50,280
Invesco RAFI™ Strategic Emerging Markets ETF		-			37,462		23,478		(51,318	)		(1,989	)		(7,633	)		58		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			37,368		22,176		(50,575	)		(479	)		(8,490	)		474		-		-
Invesco S&P International Developed Low Volatility ETF		0.96	%		-		50,026		-			399			-			341		1,827		50,425
Total Foreign Equity Funds					578,290		577,816		(756,288	)		(348	)		(97,021	)		4,548				302,449
Money Market Funds–1.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.36	%		17,127		805,820		(803,892	)		-			-			60		19,055		19,055
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.32	%		12,287		588,892		(584,448	)		2			(6	)		69		16,716		16,727
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.42	%		19,574		920,936		(918,733	)		-			-			68		21,777		21,777
Total Money Market Funds					48,988		2,315,648		(2,307,073	)		2			(6	)		197				57,559
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,125,131)		100.38	%		3,440,427		7,697,309		(5,692,097	)		28,056			(223,729	)		40,425				5,249,966
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund		-			-		1,622,316		(1,622,297	)		-			(19	)		7		-		-
Invesco Private Prime Fund		-			-		385,532		(385,551	)		-			19			3		-		-
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		2,007,848		(2,007,848	)		-			-			10				-
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $5,125,131)		100.38	%	$	3,440,427	$	9,705,157	$	(7,699,945	)	$	28,056		$	(223,729	)	$	40,435			$	5,249,966
OTHER ASSETS LESS LIABILITIES		(0.38	)%																			(19,905	)
NET ASSETS		100.00	%																		$	5,230,061

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

27                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2040 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.61%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–4.93%
Invesco Global Real Estate Income Fund, Class R6		2.98	%	$	55,558	$	72,366	$	(5,465	)		$    (6,886	)	$	(60	)	$	1,306		15,179	$	115,513
Invesco Global Targeted Returns Fund, Class R6		-			40,233		35,019		(75,141	)		956			(1,067	)		-		-		-
Invesco Macro Allocation Strategy Fund, Class R6		1.95	%		29,393		55,079		(5,011	)		(2,939	)		(896	)		-		9,430		75,626
Total Alternative Funds					125,184		162,464		(85,617	)		(8,869	)		(2,023	)		1,306				191,139
Domestic Equity Funds–58.20%
Invesco Comstock Fund, Class R6		-			136,377		91,435		(200,178	)		(2,747	)		(24,887	)		923		-		-
Invesco Diversified Dividend Fund, Class R6		-			58,061		28,926		(78,186	)		(2,945	)		(5,856	)		427		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			131,483		68,855		(188,615	)		(4,830	)		(6,893	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			126,293		82,127		(182,820	)		(63	)		(25,537	)		969		-		-
Invesco Long/Short Equity Fund, Class R6(b)		-			50,272		29,740		(67,079	)		5,164			(18,097	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.08	%		-		366,063		-			24,864			-			-		13,664		390,927
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		6.07	%		-		229,023		-			6,298			-			-		16,654		235,321
Invesco PureBetaSM MSCI USA ETF		8.06	%		-		302,788		-			9,810			-			1,003		10,034		312,598
Invesco RAFI™ Strategic US Small Company ETF		-			87,849		70,989		(149,600	)		(4,592	)		(4,646	)		401		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		11.99	%		-		483,655		-			(18,611	)		-			1,676		15,637		465,044
Invesco S&P 500® Pure Growth ETF		-			136,035		50,254		(190,957	)		(7,183	)		11,851			323		-		-
Invesco S&P MidCap Low Volatility ETF		-			75,764		50,800		(110,536	)		(3,756	)		(12,272	)		706		-		-
Invesco S&P SmallCap Low Volatility ETF		4.06	%		55,459		132,381		(13,578	)		(15,664	)		(1,250	)		1,387		4,647		157,348
Invesco U.S. Managed Volatility Fund, Class R6		17.94	%		439,103		325,701		(87,915	)		14,928			4,187			-		59,897		696,004
Total Domestic Equity Funds					1,296,696		2,312,737		(1,269,464	)		673			(83,400	)		7,815				2,257,242
Fixed Income Funds–26.64%
Invesco Core Plus Bond Fund, Class R6		4.45	%		67,997		111,123		(11,917	)		4,652			589			1,491		15,113		172,444
Invesco Emerging Markets Sovereign Debt ETF		-			37,774		22,826		(56,351	)		(984	)		(3,265	)		1,002		-		-
Invesco Floating Rate Fund, Class R6		-			19,950		16,377		(33,754	)		151			(2,724	)		563		-		-
Invesco High Yield Fund, Class R6		-			20,232		16,190		(33,407	)		(244	)		(2,771	)		769		-		-
Invesco Income Fund, Class R6		2.46	%		-		89,476		-			5,847			-			482		13,112		95,323
Invesco Oppenheimer International Bond Fund, Class R6		1.98	%		-		74,423		-			2,524			-			244		14,629		76,947
Invesco Quality Income Fund, Class R6		-			199,293		108,409		(309,532	)		(232	)		2,062			3,746		-		-
Invesco Short Duration Inflation Protected Fund, Class R6		1.48	%		49,379		52,437		(45,312	)		762			136			479		5,467		57,402
Invesco Short Term Bond Fund, Class R6		-			75,690		40,142		(114,943	)		(285	)		(604	)		940		-		-
Invesco Taxable Municipal Bond ETF		6.39	%		117,781		144,595		(25,334	)		12,312			(1,476	)		2,877		7,532		247,878
Invesco Variable Rate Investment Grade ETF		9.88	%		-		375,829		-			7,496			-			429		15,576		383,325
Total Fixed Income Funds					588,096		1,051,827		(630,550	)		31,999			(8,053	)		13,022				1,033,319
Foreign Equity Funds–9.84%
Invesco Developing Markets Fund, Class R6		0.97	%		-		34,959		-			2,669			-			-		1,085		37,628
Invesco International Growth Fund, Class R6		-			95,924		45,737		(131,023	)		782			(11,420	)		-		-		-
Invesco International Select Equity Fund, Class R6		0.98	%		131,105		61,764		(149,450	)		(3,627	)		(1,813	)		-		3,251		37,979
Invesco Oppenheimer Developing Markets Fund, Class R6		0.98	%		-		34,758		-			3,241			-			-		913		37,999
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.96	%		-		74,145		-			1,857			-			-		1,615		76,002
Invesco PureBetaSM FTSE Developed ex-North America ETF		1.49	%		-		55,219		-			2,591			-			275		2,575		57,810
Invesco RAFI™ Strategic Developed ex-US ETF		1.99	%		203,061		146,166		(233,834	)		2,858			(40,991	)		2,523		3,548		77,260
Invesco RAFI™ Strategic Emerging Markets ETF		-			39,565		24,466		(54,701	)		(2,130	)		(7,200	)		54		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			37,944		20,436		(49,771	)		(246	)		(8,363	)		461		-		-
Invesco S&P International Developed Low Volatility ETF		1.47	%		-		56,342		-			542			-			373		2,061		56,884
Total Foreign Equity Funds					507,599		553,992		(618,779	)		8,537			(69,787	)		3,686				381,562

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

28                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement^™ 2040 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.61%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.36	%	$	24,478	$	579,451	$	(589,819	)		$            -		$              -	$	37		14,110	$	14,110
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.22	%		24,904		414,890		(431,424	)		-		5		58		8,369		8,375
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.42	%		27,975		662,229		(674,079	)		-		-		40		16,125		16,125
Total Money Market Funds					77,357		1,656,570		(1,695,322	)		-		5		135				38,610
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $3,796,770)		100.61	%	$	2,594,932	$	5,737,590	$	(4,299,732	)		$  32,340		$(163,258)	$	25,964			$	3,901,872
OTHER ASSETS LESS LIABILITIES		(0.61	)%																	(23,655	)
NET ASSETS		100.00	%																$	3,878,217

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

29                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2045 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.67%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–2.98%
Invesco Global Real Estate Income Fund, Class R6		2.98	%	$	64,034	$	51,824	$	(179	)		$  (10,264	)		$      (44	)	$	1,462		13,846	$	105,371
Domestic Equity Funds–65.14%
Invesco Comstock Fund, Class R6		-			166,926		108,097		(240,229	)		(4,454	)		(30,340	)		1,194		-		-
Invesco Diversified Dividend Fund, Class R6		-			84,587		46,250		(117,187	)		(4,481	)		(9,169	)		669		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			141,969		78,482		(208,530	)		(6,387	)		(5,534	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			112,061		76,094		(165,462	)		(416	)		(22,277	)		895		-		-
Invesco Long/Short Equity Fund, Class R6(b)		-			40,085		33,069		(61,671	)		4,380			(15,863	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.10	%		-		337,339		(3,792	)		23,069			8			-		12,465		356,624
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		7.64	%		-		262,980		-			6,804			-			-		19,093		269,784
Invesco PureBetaSM MSCI USA ETF		11.23	%		-		392,562		(8,704	)		12,706			(193	)		1,333		12,723		396,371
Invesco RAFI™ Strategic US Small Company ETF		-			79,381		51,057		(120,288	)		(4,622	)		(5,528	)		370		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		16.09	%		-		592,031		-			(23,700	)		-			2,114		19,110		568,331
Invesco S&P 500® Pure Growth ETF		-			216,794		92,598		(318,330	)		(12,207	)		21,145			596		-		-
Invesco S&P MidCap Low Volatility ETF		-			68,554		49,616		(104,006	)		(5,049	)		(9,115	)		648		-		-
Invesco S&P SmallCap Low Volatility ETF		5.10	%		68,484		142,101		(6,353	)		(22,058	)		(1,971	)		1,779		5,322		180,203
Invesco U.S. Managed Volatility Fund, Class R6		14.98	%		333,665		235,981		(54,570	)		12,323			1,691			-		45,533		529,090
Total Domestic Equity Funds					1,312,506		2,498,257		(1,409,122	)		(24,092	)		(77,146	)		9,598				2,300,403
Fixed Income Funds–18.77%
Invesco 1-30 Laddered Treasury ETF		4.91	%		-		183,025		(10,321	)		766			(11	)		103		4,407		173,459
Invesco Core Plus Bond Fund, Class R6		-			31,052		21,953		(53,701	)		(564	)		1,260			422		-		-
Invesco Emerging Markets Sovereign Debt ETF		-			31,591		24,862		(52,411	)		(750	)		(3,292	)		916		-		-
Invesco Quality Income Fund, Class R6		-			171,358		115,720		(288,926	)		340			1,508			3,280		-		-
Invesco Short Term Bond Fund, Class R6		-			54,831		59,838		(113,948	)		(134	)		(587	)		876		-		-
Invesco Taxable Municipal Bond ETF		2.97	%		78,700		60,694		(40,048	)		6,605			(1,133	)		1,702		3,185		104,818
Invesco Variable Rate Investment Grade ETF		10.89	%		-		389,151		(12,227	)		7,735			(29	)		439		15,629		384,630
Total Fixed Income Funds					367,532		855,243		(571,582	)		13,998			(2,284	)		7,738				662,907
Foreign Equity Funds–12.71%
Invesco Developing Markets Fund, Class R6		1.47	%		-		49,812		(1,885	)		3,671			145			-		1,492		51,743
Invesco International Growth Fund, Class R6		-			116,569		60,812		(163,642	)		2,383			(16,122	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.47	%		139,264		78,238		(160,034	)		(1,761	)		(3,654	)		-		4,456		52,053
Invesco Oppenheimer Developing Markets Fund, Class R6		1.48	%		-		49,453		(1,854	)		4,452			141			-		1,254		52,192
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.46	%		-		84,736		-			2,090			-			-		1,845		86,826
Invesco PureBetaSM FTSE Developed ex-North America ETF		1.96	%		-		65,933		-			3,259			-			339		3,082		69,192
Invesco RAFI™ Strategic Developed ex-US ETF		1.91	%		197,477		132,614		(224,793	)		528			(38,343	)		2,433		3,099		67,483
Invesco RAFI™ Strategic Emerging Markets ETF		-			44,793		29,958		(63,391	)		(2,531	)		(8,829	)		67		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			36,264		21,126		(49,593	)		(372	)		(7,425	)		410		-		-
Invesco S&P International Developed Low Volatility ETF		1.96	%		-		68,727		-			659			-			471		2,514		69,386
Total Foreign Equity Funds					534,367		641,409		(665,192	)		12,378			(74,087	)		3,720				448,875

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

30                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement™ 2045 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.67%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–1.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.27	%	$	16,534	$	568,462	$	(575,633	)		$           -		$	-		$	34		9,363	$	9,363
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.50	%		13,161		427,664		(423,222	)		-			20			63		17,611		17,623
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.30	%		18,896		649,671		(657,867	)		-			-			38		10,700		10,700
Total Money Market Funds					48,591		1,645,797		(1,656,722	)		-			20			135				37,686
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $3,479,064)		100.67	%	$	2,327,030	$	5,692,530	$	(4,302,797	)		$ (7,980	)	$	(153,541	)	$	22,653			$	3,555,242
OTHER ASSETS LESS LIABILITIES		(0.67	)%																			(23,789	)
NET ASSETS		100.00	%																		$	3,531,453

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

31                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2050 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.76%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–1.99%
Invesco Global Real Estate Income Fund, Class R6		1.99	%	$	36,694	$	33,801	$	(6,107	)	$	(5,660	)	$	(1,241	)	$	828		7,554	$	57,487
Domestic Equity Funds–68.96%
Invesco Comstock Fund, Class R6		-			188,324		108,247		(255,387	)		(3,506	)		(37,678	)		1,303		-		-
Invesco Diversified Dividend Fund, Class R6		-			103,843		46,958		(133,822	)		(5,597	)		(11,382	)		786		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			159,131		75,649		(220,063	)		(7,039	)		(7,678	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			74,696		79,184		(133,708	)		(109	)		(20,063	)		724		-		-
Invesco Long/Short Equity Fund, Class R6(b)		-			17,914		12,408		(25,068	)		2,379			(7,633	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.06	%		-		272,732		-			18,289			-			-		10,172		291,021
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		9.05	%		-		255,544		-			6,200			-			-		18,524		261,744
Invesco PureBetaSM MSCI USA ETF		13.90	%		-		390,282		-			12,008			-			1,301		12,913		402,290
Invesco RAFI™ Strategic US Small Company ETF		-			72,975		59,214		(121,559	)		(3,405	)		(7,225	)		333		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		16.96	%		-		511,711		-			(21,090	)		-			1,780		16,497		490,621
Invesco S&P 500® Pure Growth ETF		-			246,334		109,853		(363,180	)		(12,908	)		19,901			726		-		-
Invesco S&P MidCap Low Volatility ETF		-			62,581		39,920		(88,783	)		(4,918	)		(8,800	)		625		-		-
Invesco S&P SmallCap Low Volatility ETF		6.02	%		62,481		146,596		(11,665	)		(18,344	)		(4,791	)		1,717		5,147		174,277
Invesco U.S. Managed Volatility Fund, Class R6		12.97	%		265,560		175,125		(73,711	)		3,952			4,300			-		32,291		375,226
Total Domestic Equity Funds					1,253,839		2,283,423		(1,426,946	)		(34,088	)		(81,049	)		9,295				1,995,179
Fixed Income Funds–14.07%
Invesco 1-30 Laddered Treasury ETF		7.13	%		-		205,553		-			890			-			120		5,245		206,443
Invesco Core Plus Bond Fund, Class R6		-			20,206		9,510		(30,175	)		(736	)		1,195			206		-		-
Invesco Emerging Markets Sovereign Debt ETF		-			16,151		14,491		(28,055	)		(561	)		(2,026	)		558		-		-
Invesco Quality Income Fund, Class R6		-			143,776		97,172		(242,682	)		(323	)		2,057			2,953		-		-
Invesco Taxable Municipal Bond ETF		-			72,334		46,693		(120,126	)		(85	)		1,184			1,287		-		-
Invesco Variable Rate Investment Grade ETF		6.94	%		-		196,880		-			3,889			-			229		8,158		200,769
Total Fixed Income Funds					252,467		570,299		(421,038	)		3,074			2,410			5,353				407,212
Foreign Equity Funds–14.61%
Invesco Developing Markets Fund, Class R6		1.45	%		-		38,954		-			2,974			-			-		1,209		41,928
Invesco International Growth Fund, Class R6		-			117,085		56,619		(158,665	)		960			(15,999	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.46	%		138,974		63,760		(152,705	)		(3,350	)		(4,517	)		-		3,610		42,162
Invesco Oppenheimer Developing Markets Fund, Class R6		1.46	%		-		38,679		-			3,607			-			-		1,016		42,286
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.94	%		-		83,200		-			1,932			-			-		1,809		85,132
Invesco PureBetaSM FTSE Developed ex-North America ETF		2.45	%		-		67,765		-			3,089			-			341		3,156		70,854
Invesco RAFI™ Strategic Developed ex-US ETF		2.41	%		199,391		143,387		(232,645	)		4,445			(44,700	)		2,441		3,209		69,878
Invesco RAFI™ Strategic Emerging Markets ETF		-			40,804		27,580		(57,761	)		(1,428	)		(9,195	)		59		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			41,688		22,736		(54,510	)		463			(10,377	)		543		-		-
Invesco S&P International Developed Low Volatility ETF		2.44	%		-		69,954		-			536			-			474		2,554		70,490
Total Foreign Equity Funds					537,942		612,634		(656,286	)		13,228			(84,788	)		3,858				422,730

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

32                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement^™ 2050 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.76%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.40	%	$	12,971	$	491,008	$	(492,526	)		$            -		$	-		$	41		11,453	$	11,453
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.28	%		9,564		350,720		(352,123	)		-			5			40		8,161		8,166
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.45	%		14,824		561,152		(562,887	)		-			-			44		13,089		13,089
Total Money Market Funds					37,359		1,402,880		(1,407,536	)		-			5			125				32,708
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,858,545)		100.76	%	$	2,118,301	$	4,903,037	$	(3,917,913	)		$ (23,446	)	$	(164,663	)	$	19,459			$	2,915,316
OTHER ASSETS LESS LIABILITIES		(0.76	)%																			(22,094	)
NET ASSETS		100.00	%																		$	2,893,222

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

33                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2055 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)

	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		-	$	8,165	$	7,767	$	(14,080	)		$       29		$	(1,881	)	$	97		-	$	-
Domestic Equity Funds–72.78%
Invesco Comstock Fund, Class R6		-		125,152		69,105		(169,939	)		(77	)		(24,241	)		812		-		-
Invesco Diversified Dividend Fund, Class R6		-		76,842		34,616		(98,908	)		(2,006	)		(10,544	)		597		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-		114,278		45,269		(150,372	)		(3,224	)		(5,951	)		-		-		-
Invesco Long/Short Equity Fund, Class R6(b)		-		4,039		3,613		(6,503	)		478			(1,627	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.10%		-		162,119		-			10,285			-			-		6,026		172,404
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		10.07%		-		167,665		-			4,226			-			-		12,165		171,891
Invesco PureBetaSM MSCI USA ETF		16.10%		-		271,875		(4,611	)		7,949			(249	)		897		8,826		274,964
Invesco RAFI™ Strategic US Small Company ETF		-		37,667		20,345		(53,861	)		(1,508	)		(2,643	)		158		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		17.97%		-		319,838		-			(12,891	)		-			1,101		10,321		306,947
Invesco S&P 500® Pure Growth ETF		-		146,811		45,276		(197,577	)		(6,522	)		12,012			372		-		-
Invesco S&P MidCap Low Volatility ETF		-		32,286		16,431		(42,311	)		(2,523	)		(3,883	)		271		-		-
Invesco S&P SmallCap Low Volatility ETF		7.06%		32,207		101,742		(3,069	)		(9,312	)		(992	)		950		3,561		120,576
Invesco U.S. Managed Volatility Fund, Class R6		11.48%		122,885		87,265		(18,256	)		3,420			815			-		16,879		196,129
Total Domestic Equity Funds				692,167		1,345,159		(745,407	)		(11,705	)		(37,303	)		5,158				1,242,911
Fixed Income Funds–9.87%
Invesco 1-30 Laddered Treasury ETF		6.41%		-		111,078		(2,123	)		545			-			63		2,782		109,500
Invesco Core Plus Bond Fund, Class R6		-		8,102		6,925		(15,178	)		(211	)		362			139		-		-
Invesco Quality Income Fund, Class R6		-		42,366		29,291		(72,080	)		114			309			863		-		-
Invesco Taxable Municipal Bond ETF		-		36,927		16,943		(54,197	)		(61	)		388			611		-		-
Invesco Variable Rate Investment Grade ETF		3.46%		-		59,179		(1,084	)		1,068			(1	)		64		2,404		59,162
Total Fixed Income Funds				87,395		223,416		(144,662	)		1,455			1,058			1,740				168,662
Foreign Equity Funds–16.62%
Invesco Developing Markets Fund, Class R6		1.49%		-		23,735		-			1,651			-			-		732		25,386
Invesco International Growth Fund, Class R6		-		66,926		25,411		(84,636	)		3,516			(11,217	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.99%		83,300		35,058		(80,751	)		418			(4,115	)		-		2,903		33,910
Invesco Oppenheimer Developing Markets Fund, Class R6		1.97%		-		31,026		-			2,645			-			-		809		33,671
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.93%		-		49,044		-			1,075			-			-		1,065		50,119
Invesco PureBetaSM FTSE Developed ex-North America ETF		2.92%		-		47,958		-			1,972			-			240		2,224		49,930
Invesco RAFI™ Strategic Developed ex-US ETF		2.90%		108,976		60,544		(101,134	)		2,153			(21,065	)		1,326		2,272		49,474
Invesco RAFI™ Strategic Emerging Markets ETF		-		21,938		9,525		(26,479	)		(665	)		(4,319	)		29		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-		21,504		9,504		(26,231	)		560			(5,337	)		237		-		-
Invesco S&P International Developed Low Volatility ETF		2.42%		-		41,159		-			213			-			276		1,499		41,372
Total Foreign Equity Funds				302,644		332,964		(319,231	)		13,538			(46,053	)		2,108				283,862
Money Market Funds–1.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.57%		14,323		262,856		(267,455	)		-			-			9		9,724		9,724
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.42%		16,691		187,755		(197,255	)		-			-			33		7,185		7,191
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.65%		16,369		300,407		(305,663	)		-			-			11		11,113		11,113
Total Money Market Funds				47,383		751,018		(770,373	)		-			-			53				28,028
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,690,419)		100.91%	$	1,137,754	$	2,660,324	$	(1,993,753	)		$  3,317			$  (84,179	)	$	9,156			$	1,723,463
OTHER ASSETS LESS LIABILITIES		(0.91)%																			(15,595	)
NET ASSETS		100.00%																		$	1,707,868

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

34                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

35                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2060 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.63%^(a)

	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Domestic Equity Funds–76.68%
Invesco Comstock Fund, Class R6		-	$	163,463	$	113,390	$	(236,694	)		$    (498	)	$	(39,661	)	$	997		-	$	-
Invesco Diversified Dividend Fund, Class R6		-		88,077		51,481		(122,189	)		(3,230	)		(14,139	)		641		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-		151,079		82,234		(213,812	)		(5,830	)		(13,671	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.08%		-		173,328		-			11,979			-			-		6,477		185,307
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		11.52%		-		206,392		-			5,431			-			-		14,991		211,823
Invesco PureBetaSM MSCI USA ETF		18.27%		-		325,175		-			10,695			-			1,111		10,781		335,870
Invesco RAFI™ Strategic US Small Company ETF		-		44,222		25,166		(62,744	)		(2,287	)		(4,357	)		169		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		18.89%		-		362,118		-			(14,814	)		-			1,284		11,678		347,304
Invesco S&P 500® Pure Growth ETF		-		188,142		77,469		(263,238	)		(10,728	)		8,355			459		-		-
Invesco S&P MidCap Low Volatility ETF		-		37,344		23,440		(52,237	)		(2,940	)		(5,607	)		299		-		-
Invesco S&P SmallCap Low Volatility ETF		7.98%		37,397		123,337		(1,059	)		(12,345	)		(513	)		1,131		4,336		146,817
Invesco U.S. Managed Volatility Fund, Class R6		9.94%		125,664		85,098		(31,263	)		2,373			923			-		15,731		182,795
Total Domestic Equity Funds				835,388		1,648,628		(983,236	)		(22,194	)		(68,670	)		6,091				1,409,916
Fixed Income Funds–5.04%
Invesco 1-30 Laddered Treasury ETF		4.05%		-		74,238		-			270			-			43		1,893		74,508
Invesco Quality Income Fund, Class R6		-		21,483		10,769		(32,423	)		33			138			361		-		-
Invesco Taxable Municipal Bond ETF		-		41,329		24,775		(66,645	)		(94	)		635			630		-		-
Invesco Variable Rate Investment Grade ETF		0.99%		-		17,789		-			349			-			21		737		18,138
Total Fixed Income Funds				62,812		127,571		(99,068	)		558			773			1,055				92,646
Foreign Equity Funds–17.65%
Invesco Developing Markets Fund, Class R6		2.00%		-		34,218		-			2,612			-			-		1,062		36,830
Invesco International Growth Fund, Class R6		-		81,059		44,719		(113,712	)		3,701			(15,767	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.95%		100,609		54,746		(111,845	)		(2,715	)		(5,010	)		-		3,064		35,785
Invesco Oppenheimer Developing Markets Fund, Class R6		2.02%		-		33,997		-			3,170			-			-		893		37,167
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		3.41%		-		61,209		-			1,522			-			-		1,333		62,731
Invesco PureBetaSM FTSE Developed ex-North America ETF		2.92%		-		51,237		-			2,532			-			263		2,395		53,769
Invesco RAFI™ Strategic Developed ex-US ETF		2.89%		124,522		78,104		(124,005	)		(30	)		(25,502	)		1,377		2,438		53,089
Invesco RAFI™ Strategic Emerging Markets ETF		-		25,442		13,238		(32,320	)		(1,108	)		(5,252	)		31		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-		24,672		14,285		(33,128	)		117			(5,946	)		265		-		-
Invesco S&P International Developed Low Volatility ETF		2.46%		-		44,742		-			439			-			305		1,637		45,181
Total Foreign Equity Funds				356,304		430,495		(415,010	)		10,240			(57,477	)		2,241				324,552
Money Market Funds–1.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.45%		4,938		298,027		(294,692	)		-			-			19		8,273		8,273
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.30%		3,877		213,197		(211,565	)		-			11			22		5,516		5,520
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.51%		5,644		340,602		(336,792	)		-			-			21		9,454		9,454
Total Money Market Funds				14,459		851,826		(843,049	)		-			11			62				23,247
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,814,014)		100.63%	$	1,268,963	$	3,058,520	$	(2,340,363	)		$(11,396)		$	(125,363	)	$	9,449			$	1,850,361
OTHER ASSETS LESS LIABILITIES		(0.63)%																			(11,638	)
NET ASSETS		100.00%																		$	1,838,723

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

36                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

37                      Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2065 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.80%^(a)

	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Domestic Equity Funds–76.83%
Invesco Comstock Fund, Class R6		-	$	104,718	$	72,604	$	(156,631	)		$    599		$	(21,290	)	$	723		-	$	-
Invesco Diversified Dividend Fund, Class R6		-		56,350		33,118		(80,333	)		(1,855	)		(7,280	)		435		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-		96,744		53,776		(143,462	)		(4,044	)		(3,014	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		10.06%		-		123,648		(3,348	)		8,231			42			-		4,494		128,573
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		11.53%		-		153,403		(10,354	)		3,666			647			-		10,429		147,362
Invesco PureBetaSM MSCI USA ETF		18.34%		-		237,595		(10,477	)		7,159			187			783		7,526		234,464
Invesco RAFI™ Strategic US Small Company ETF		-		28,033		19,442		(45,156	)		(1,349	)		(970	)		121		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		18.91%		-		259,779		(8,506	)		(10,236	)		601			916		8,125		241,638
Invesco S&P 500® Pure Growth ETF		-		120,568		51,416		(178,503	)		(6,655	)		13,174			324		-		-
Invesco S&P MidCap Low Volatility ETF		-		24,107		15,516		(34,783	)		(2,515	)		(2,325	)		214		-		-
Invesco S&P SmallCap Low Volatility ETF		8.04%		24,117		93,339		(7,270	)		(5,465	)		(1,956	)		798		3,035		102,765
Invesco U.S. Managed Volatility Fund, Class R6		9.95%		80,494		61,088		(18,190	)		2,757			1,041			-		10,946		127,190
Total Domestic Equity Funds				535,131		1,174,724		(697,013	)		(9,707	)		(21,143	)		4,314				981,992
Fixed Income Funds–4.96%
Invesco 1-30 Laddered Treasury ETF		3.96%		-		50,440		-			177			-			30		1,286		50,617
Invesco Quality Income Fund, Class R6		-		13,678		7,274		(21,088	)		12			124			252		-		-
Invesco Taxable Municipal Bond ETF		-		26,381		16,061		(42,804	)		(121	)		483			462		-		-
Invesco Variable Rate Investment Grade ETF		1.00%		-		12,533		-			240			-			15		519		12,773
Total Fixed Income Funds				40,059		86,308		(63,892	)		308			607			759				63,390
Foreign Equity Funds–17.73%
Invesco Developing Markets Fund, Class R6		1.99%		-		23,649		-			1,806			-			-		734		25,455
Invesco International Growth Fund, Class R6		-		52,312		27,721		(74,339	)		3,117			(8,811	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.93%		64,331		35,166		(72,835	)		997			(2,927	)		-		2,117		24,732
Invesco Oppenheimer Developing Markets Fund, Class R6		1.99%		-		24,540		(1,318	)		2,071			137			-		611		25,430
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		3.44%		-		44,024		(1,194	)		1,064			13			-		933		43,907
Invesco PureBetaSM FTSE Developed ex-North America ETF		2.98%		-		36,400		-			1,676			-			186		1,696		38,076
Invesco RAFI™ Strategic Developed ex-US ETF		2.94%		79,956		58,149		(87,160	)		2,098			(15,480	)		972		1,725		37,563
Invesco RAFI™ Strategic Emerging Markets ETF		-		16,090		10,279		(22,789	)		(518	)		(3,062	)		22		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-		16,152		9,818		(22,592	)		606			(3,984	)		178		-		-
Invesco S&P International Developed Low Volatility ETF		2.46%		-		31,163		-			273			-			218		1,139		31,436
Total Foreign Equity Funds				228,841		300,909		(282,227	)		13,190			(34,114	)		1,576				226,599
Money Market Funds–1.28%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.21%		13,617		210,232		(221,171	)		-			-			23		2,678		2,678
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.83%		6,887		151,123		(147,455	)		-			12			13		10,560		10,567
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.24%		15,563		240,264		(252,767	)		-			-			25		3,060		3,060
Total Money Market Funds				36,067		601,619		(621,393	)		-			12			61				16,305
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,255,281)		100.80%	$	840,098	$	2,163,560	$	(1,664,525	)		$  3,791		$	(54,638	)		$6,710			$	1,288,286
OTHER ASSETS LESS LIABILITIES		(0.80)%																			(10,242	)
NET ASSETS		100.00%																		$	1,278,044

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

38                      Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser, unless otherwise noted.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

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

39                      Invesco Peak Retirement™ Funds

Portfolio Composition*

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ Now Fund

By fund type, based on total investments

Fixed Income Funds	61.41%
Equity Funds	22.50
Alternative Funds	9.97
Money Market Funds	6.12

Invesco Peak Retirement™ 2015 Fund

By fund type, based on total investments

Fixed Income Funds	61.13%
Equity Funds	22.47
Alternative Funds	10.02
Money Market Funds	6.38

Invesco Peak Retirement™ 2020 Fund

By fund type, based on total investments

Fixed Income Funds	60.62%
Equity Funds	29.35
Money Market Funds	5.05
Alternative Funds	4.98

Invesco Peak Retirement™ 2025 Fund

By fund type, based on total investments

Fixed Income Funds	60.64%
Equity Funds	32.64
Alternative Funds	4.87
Money Market Funds	1.85

Invesco Peak Retirement™ 2030 Fund

By fund type, based on total investments

Fixed Income Funds	47.46%
Equity Funds	43.34
Alternative Funds	4.74
Money Market Funds	4.46

Invesco Peak Retirement™ 2035 Fund

By fund type, based on total investments

Equity Funds	56.28%
Fixed Income Funds	37.78
Alternative Funds	4.84
Money Market Funds	1.10

Invesco Peak Retirement™ 2040 Fund

By fund type, based on total investments

Equity Funds	67.63%
Fixed Income Funds	26.48
Alternative Funds	4.90
Money Market Funds	0.99

Invesco Peak Retirement™ 2045 Fund

By fund type, based on total investments

Equity Funds	77.33%
Fixed Income Funds	18.65
Alternative Funds	2.96
Money Market Funds	1.06

Invesco Peak Retirement™ 2050 Fund

By fund type, based on total investments

Equity Funds	82.94%
Fixed Income Funds	13.97
Alternative Funds	1.97
Money Market Funds	1.12

Invesco Peak Retirement™ 2055 Fund

By fund type, based on total investments

Equity Funds	88.59%
Fixed Income Funds	9.78
Money Market Funds	1.63

Invesco Peak Retirement™ 2060 Fund

By fund type, based on total investments

Equity Funds	93.74%
Fixed Income Funds	5.01
Money Market Funds	1.25

Invesco Peak Retirement™ 2065 Fund

By fund type, based on total investments

Equity Funds	93.81%
Fixed Income Funds	4.92
Money Market Funds	1.27

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

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

40                      Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities

June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ Now Fund				Invesco Peak Retirement™ 2015 Fund				Invesco Peak Retirement™ 2020 Fund				Invesco Peak Retirement™ 2025 Fund			Invesco Peak Retirement™ 2030 Fund				Invesco Peak Retirement™ 2035 Fund
Assets:
Investments in affiliated underlying funds, at value 1		$	961,303			$	704,890			$	2,258,028			$	6,436,234		$	9,204,018			$	5,249,966
Cash			520				348				263				–			4,206				–
Receivable for:
Fund shares sold			114				–				–				1,477			3,785				13,214
Dividends - affiliated underlying funds			1,348				945				2,709				7,721			7,323				2,478
Investment for trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,118			6,117				6,117
Other assets			30,049				29,841				30,279				31,007			30,494				30,791
Total assets			999,450				742,140				2,297,395				6,482,557			9,255,943				5,302,566
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds			1,273				896				15,622				93,181			11,202				19,250
Collateral upon return of securities loaned			–				–				–				–			344,250				–
Accrued fees to affiliates			1,815				517				2,919				16,455			15,596				11,941
Accrued trustees’ and officers’ fees and benefits			3,522				3,419				3,417				3,403			3,419				3,420
Accrued other operating expenses			27,224				26,970				31,666				30,922			30,497				31,777
Trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,117			6,117				6,117
Total liabilities			39,950				37,918				59,740				150,078			411,081				72,505
Net assets applicable to shares outstanding		$	959,500			$	704,222			$	2,237,655			$	6,332,479		$	8,844,862			$	5,230,061
Net assets consist of:
Shares of beneficial interest		$	1,037,794			$	732,308			$	2,300,896			$	6,304,888		$	8,880,944			$	5,280,887
Distributable earnings (loss)			(78,294	)			(28,086	)			(63,241	)			27,591			(36,082	)			(50,826	)
		$	959,500			$	704,222			$	2,237,655			$	6,332,479		$	8,844,862			$	5,230,061

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

41                      Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ Now Fund			Invesco Peak Retirement™ 2015 Fund			Invesco Peak Retirement™ 2020 Fund			Invesco Peak Retirement™ 2025 Fund			Invesco Peak Retirement™ 2030 Fund			Invesco Peak Retirement™ 2035 Fund
Net Assets:
Class A		$	418,822		$	257,465		$	717,553		$	3,899,227		$	6,119,080		$	2,229,629
Class C		$	90,104		$	9,648		$	517,738		$	976,876		$	853,674		$	1,190,253
Class R		$	36,318		$	9,671		$	532,417		$	940,959		$	1,298,239		$	1,010,626
Class Y		$	37,667		$	38,867		$	69,201		$	103,859		$	166,402		$	393,131
Class R5		$	94,159		$	97,156		$	100,200		$	102,903		$	101,880		$	101,620
Class R6		$	282,430		$	291,415		$	300,546		$	308,655		$	305,587		$	304,802
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			44,523			26,580			72,018			380,534			603,252			220,384
Class C			9,574			1,001			52,325			96,488			84,966			118,860
Class R			3,858			1,001			53,552			92,090			128,428			100,315
Class Y			4,001			4,001			6,909			10,095			16,333			38,691
Class R5			10,001			10,001			10,001			10,001			10,001			10,001
Class R6			30,001			30,001			30,001			30,001			30,001			30,001
Class A:
Net asset value per share		$	9.41		$	9.69		$	9.96		$	10.25		$	10.14		$	10.12
Maximum offering price per share (Net asset value ÷ 94.50%)		$	9.96		$	10.25		$	10.54		$	10.85		$	10.73		$	10.71
Class C:
Net asset value and offering price per share		$	9.41		$	9.64		$	9.89		$	10.12		$	10.05		$	10.01
Class R:
Net asset value and offering price per share		$	9.41		$	9.66		$	9.94		$	10.22		$	10.11		$	10.07
Class Y:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Class R5:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Class R6:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Cost of Investments in affiliated underlying funds		$	936,191		$	722,977		$	2,241,282		$	6,297,055		$	9,074,579		$	5,125,131
1 Includes securities on loan with an aggregate value of:		$	–		$	–		$	–		$	–		$	335,988		$	–

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

42                      Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ 2040 Fund				Invesco Peak Retirement™ 2045 Fund				Invesco Peak Retirement™ 2050 Fund				Invesco Peak Retirement™ 2055 Fund				Invesco Peak Retirement™ 2060 Fund				Invesco Peak Retirement™ 2065 Fund
Assets:
Investments in affiliated underlying funds, at value 1		$	3,901,872			$	3,555,242			$	2,915,316			$	1,723,463			$	1,850,361			$	1,288,286
Cash			–				–				–				–				–				–
Receivable for:
Fund shares sold			4,215				5,782				3,564				6,438				5,583				1,392
Dividends - affiliated underlying funds			1,078				6				4				3				2				2
Investment for trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,116				6,116				6,116
Other assets			30,128				39,282				30,179				29,928				29,968				30,008
Total assets			3,943,409				3,606,428				2,955,179				1,765,948				1,892,030				1,325,804
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds			18,853				17,968				16,611				18,493				12,910				9,110
Collateral upon return of securities loaned			–				–				–				–				–				–
Accrued fees to affiliates			6,774				14,063				6,445				3,753				3,870				2,658
Accrued trustees’ and officers’ fees and benefits			3,437				3,560				3,401				3,403				3,618				3,403
Accrued other operating expenses			30,012				33,268				29,384				26,315				26,793				26,473
Trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,116				6,116				6,116
Total liabilities			65,192				74,975				61,957				58,080				53,307				47,760
Net assets applicable to shares outstanding		$	3,878,217			$	3,531,453			$	2,893,222			$	1,707,868			$	1,838,723			$	1,278,044
Net assets consist of:
Shares of beneficial interest		$	3,899,754			$	3,572,202			$	2,971,900			$	1,742,579			$	1,906,232			$	1,290,008
Distributable earnings (loss)			(21,537	)			(40,749	)			(78,678	)			(34,711	)			(67,509	)			(11,964	)
		$	3,878,217			$	3,531,453			$	2,893,222			$	1,707,868			$	1,838,723			$	1,278,044

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

43                      Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ 2040 Fund			Invesco Peak Retirement™ 2045 Fund			Invesco Peak Retirement™ 2050 Fund			Invesco Peak Retirement™ 2055 Fund			Invesco Peak Retirement™ 2060 Fund			Invesco Peak Retirement™ 2065 Fund
Net Assets:
Class A		$	2,021,977		$	1,402,850		$	1,223,846		$	843,533		$	693,683		$	594,291
Class C		$	621,437		$	798,215		$	513,815		$	195,352		$	139,622		$	78,159
Class R		$	733,369		$	843,471		$	600,494		$	238,393		$	552,100		$	163,512
Class Y		$	104,667		$	94,738		$	163,066		$	42,471		$	72,403		$	54,447
Class R5		$	99,205		$	98,058		$	98,015		$	97,042		$	95,241		$	96,921
Class R6		$	297,562		$	294,121		$	293,986		$	291,077		$	285,674		$	290,714
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			204,736			143,571			125,402			87,216			73,110			60,812
Class C			63,480			82,899			53,307			20,410			14,864			8,174
Class R			74,583			86,745			61,935			24,778			58,473			16,983
Class Y			10,552			9,664			16,639			4,381			7,602			5,619
Class R5			10,001			10,001			10,001			10,001			10,001			10,001
Class R6			30,001			30,001			30,001			30,001			30,001			30,001
Class A:
Net asset value per share		$	9.88		$	9.77		$	9.76		$	9.67		$	9.49		$	9.77
Maximum offering price per share (Net asset value ÷ 94.50%)		$	10.46		$	10.34		$	10.33		$	10.23		$	10.04		$	10.34
Class C:
Net asset value and offering price per share		$	9.79		$	9.63		$	9.64		$	9.57		$	9.39		$	9.56
Class R:
Net asset value and offering price per share		$	9.83		$	9.72		$	9.70		$	9.62		$	9.44		$	9.63
Class Y:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.69		$	9.52		$	9.69
Class R5:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.70		$	9.52		$	9.69
Class R6:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.70		$	9.52		$	9.69
Cost of Investments in affiliated underlying funds		$	3,796,770		$	3,479,064		$	2,858,545		$	1,690,419		$	1,814,014		$	1,255,281
1 Includes securities on loan with an aggregate value of:		$	–		$	–		$	–		$	–		$	–		$	–

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

44                      Invesco Peak Retirement™ Funds

Statements of Operations

For the six months ended June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ Now Fund				Invesco Peak Retirement™ 2015 Fund				Invesco Peak Retirement™ 2020 Fund				Invesco Peak Retirement™ 2025 Fund				Invesco Peak Retirement™ 2030 Fund				Invesco Peak Retirement™ 2035 Fund
Investment income:
Dividends from affiliated underlying funds		$	19,888			$	12,393			$	32,233			$	72,228			$	66,983			$	40,425
Dividends from unaffiliated underlying funds			674				471				–				–				–				–
Securities lending income			–				–				–				439				128				10
Total investment income			20,562				12,864				32,233				72,667				67,111				40,435
Expenses:
Administrative services fees			56				42				95				193				191				133
Custodian fees			563				317				324				1,174				943				823
Distribution fees:
Class A			701				277				905				4,319				4,324				2,079
Class C			444				48				1,877				4,096				3,659				4,876
Class R			27				24				1,484				1,855				2,351				2,526
Transfer agent fees – A, C, R and Y			676				293				896				3,382				7,794				6,295
Transfer agent fees – R5			3				4				3				3				3				3
Transfer agent fees – R6			8				10				8				8				9				8
Trustees’ and officers’ fees and benefits			8,817				8,694				8,695				8,690				8,705				8,704
Registration and filing fees			36,299				36,067				36,582				36,687				36,352				36,326
Reports to shareholders			21,971				6,767				9,261				6,896				7,110				7,338
Professional services fees			15,925				15,353				17,063				16,280				14,522				14,693
Taxes			72				19				–				–				–				–
Other			5,709				5,601				5,509				5,726				5,641				5,600
Total expenses			91,271				73,516				82,702				89,309				91,604				89,404
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)			(89,523	)			(72,734	)			(76,946	)			(74,956	)			(77,146	)			(76,425	)
Net expenses			1,748				782				5,756				14,353				14,458				12,979
Net investment income			18,814				12,082				26,477				58,314				52,653				27,456
Realized and unrealized gain (loss) from:
Net realized (loss) from: Affiliated underlying fund shares			(93,493	)			(17,177	)			(107,570	)			(185,885	)			(240,024	)			(223,729	)
Unaffiliated underlying fund shares			(10,000	)			(5,472	)			–				–				–				–
			(103,493	)			(22,649	)			(107,570	)			(185,885	)			(240,024	)			(223,729	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares			10,085				(34,036	)			(19,721	)			57,915				30,765				28,056
Net realized and unrealized gain (loss)			(93,408	)			(56,685	)			(127,291	)			(127,970	)			(209,259	)			(195,673	)
Net increase (decrease) in net assets resulting from operations		$	(74,594	)		$	(44,603	)		$	(100,814	)		$	(69,656	)		$	(156,606	)		$	(168,217	)

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

45                      Invesco Peak Retirement™ Funds

Statements of Operations–(continued)

For the six months ended June 30, 2020

(Unaudited)

	Invesco Peak Retirement™ 2040 Fund				Invesco Peak Retirement™ 2045 Fund				Invesco Peak Retirement™ 2050 Fund				Invesco Peak Retirement™ 2055 Fund				Invesco Peak Retirement™ 2060 Fund				Invesco Peak Retirement™ 2065 Fund
Investment income:
Dividends from affiliated underlying funds		$	25,964			$	22,653			$	19,459			$	9,156			$	9,449			$	6,710
Dividends from unaffiliated underlying funds			–				–				–				–				–				–
Securities lending income			–				–				–				–				–				–
Total investment income			25,964				22,653				19,459				9,156				9,449				6,710
Expenses:
Administrative services fees			129				95				98				44				76				45
Custodian fees			1,128				889				1,054				746				985				986
Distribution fees:
Class A			2,071				1,458				1,179				671				720				479
Class C			1,926				3,321				2,030				560				476				372
Class R			1,238				1,320				1,405				403				682				214
Transfer agent fees – A, C, R and Y			5,450				6,106				6,695				5,924				6,411				4,433
Transfer agent fees – R5			2				3				3				2				8				2
Transfer agent fees – R6			6				8				8				8				25				8
Trustees’ and officers’ fees and benefits			8,717				8,839				8,680				8,679				8,894				8,797
Registration and filing fees			36,230				37,670				36,107				36,099				36,135				36,012
Reports to shareholders			7,219				9,053				5,626				8,284				2,771				8,109
Professional services fees			14,388				16,100				15,546				14,820				13,024				16,242
Taxes			–				–				–				–				–				–
Other			5,655				5,876				5,726				5,575				5,661				5,549
Total expenses			84,159				90,738				84,157				81,815				75,868				81,248
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)			(76,315	)			(82,073	)			(77,316	)			(79,002	)			(72,667	)			(79,320	)
Net expenses			7,844				8,665				6,841				2,813				3,201				1,928
Net investment income			18,120				13,988				12,618				6,343				6,248				4,782
Realized and unrealized gain (loss) from:
Net realized (loss) from: Affiliated underlying fund shares			(163,258	)			(153,541	)			(164,663	)			(84,179	)			(125,363	)			(54,638	)
Unaffiliated underlying fund shares			–				–				–				–				–				–
			(163,258	)			(153,541	)			(164,663	)			(84,179	)			(125,363	)			(54,638	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares			32,340				(7,980	)			(23,446	)			3,317				(11,396	)			3,791
Net realized and unrealized gain (loss)			(130,918	)			(161,521	)			(188,109	)			(80,862	)			(136,759	)			(50,847	)
Net increase (decrease) in net assets resulting from operations		$	(112,798	)		$	(147,533	)		$	(175,491	)		$	(74,519	)		$	(130,511	)		$	(46,065	)

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

46                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ Now Fund							Invesco Peak Retirement™ 2015 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	18,814			$	27,328		$	12,082			$	22,748
Net realized gain (loss)		(103,493	)			3,699			(22,649	)			(272	)
Change in net unrealized appreciation (depreciation)		10,085				52,316			(34,036	)			61,388
Net increase (decrease) in net assets resulting from operations		(74,594	)			83,343			(44,603	)			83,864
Distributions to shareholders from distributable earnings:
Class A		(10,225	)			(9,549	)		–				(6,563	)
Class C		(1,344	)			(1,604	)		–				(256	)
Class R		(166	)			(401	)		–				(348	)
Class Y		(758	)			(1,798	)		–				(1,614	)
Class R5		(1,894	)			(4,495	)		–				(4,035	)
Class R6		(5,682	)			(13,486	)		–				(12,106	)
Total distributions from distributable earnings		(20,069	)			(31,333	)		–				(24,922	)
Share transactions–net:
Class A		(14,252	)			439,036			93,429				47,310
Class C		4,862				80,597			–				(102,540	)
Class R		27,088				–			–				–
Class Y		–				–			–				–
Net increase (decrease) in net assets resulting from share transactions		17,698				519,633			93,429				(55,230	)
Net increase (decrease) in net assets		(76,965	)			571,643			48,826				3,712
Net assets:
Beginning of period		1,036,465				464,822			655,396				651,684
End of period	$	959,500			$	1,036,465		$	704,222			$	655,396

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

47                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ 2020 Fund							Invesco Peak Retirement™ 2025 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	26,477			$	37,790		$	58,314			$	78,823
Net realized gain (loss)		(107,570	)			15,344			(185,885	)			46,884
Change in net unrealized appreciation (depreciation)		(19,721	)			83,426			57,915				139,235
Net increase (decrease) in net assets resulting from operations		(100,814	)			136,560			(69,656	)			264,942
Distributions to shareholders from distributable earnings:
Class A		–				(22,465	)		–				(77,726	)
Class C		–				(7,799	)		–				(14,343	)
Class R		–				(12,194	)		–				(11,974	)
Class Y		–				(1,307	)		–				(1,410	)
Class R5		–				(3,267	)		–				(2,570	)
Class R6		–				(9,798	)		–				(7,710	)
Total distributions from distributable earnings		–				(56,830	)		–				(115,733	)
Share transactions–net:
Class A		6,424				505,172			558,202				2,905,229
Class C		221,859				171,871			311,938				575,730
Class R		144,717				415,577			386,061				565,108
Class Y		28,221				(145	)		48,273				15,382
Net increase (decrease) in net assets resulting from share transactions		401,221				1,092,475			1,304,474				4,061,449
Net increase (decrease) in net assets		300,407				1,172,205			1,234,818				4,210,658
Net assets:
Beginning of period		1,937,248				765,043			5,097,661				887,003
End of period	$	2,237,655			$	1,937,248		$	6,332,479			$	5,097,661

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

48                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ 2030 Fund							Invesco Peak Retirement™ 2035 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	52,653			$	68,459		$	27,456			$	50,049
Net realized gain (loss)		(240,024	)			46,958			(223,729	)			40,427
Change in net unrealized appreciation (depreciation)		30,765				170,750			28,056				158,512
Net increase (decrease) in net assets resulting from operations		(156,606	)			286,167			(168,217	)			248,988
Distributions to shareholders from distributable earnings:
Class A		–				(58,554	)		–				(29,330	)
Class C		–				(11,264	)		–				(12,372	)
Class R		–				(15,836	)		–				(16,355	)
Class Y		–				(4,248	)		–				(8,407	)
Class R5		–				(2,815	)		–				(2,662	)
Class R6		–				(8,445	)		–				(7,986	)
Total distributions from distributable earnings		–				(101,162	)		–				(77,112	)
Share transactions–net:
Class A		3,861,958				1,883,840			1,020,865				1,086,381
Class C		309,222				548,575			637,211				478,342
Class R		657,852				602,383			239,872				731,543
Class Y		9,523				115,577			60,991				292,977
Net increase (decrease) in net assets resulting from share transactions		4,838,555				3,150,375			1,958,939				2,589,243
Net increase (decrease) in net assets		4,681,949				3,335,380			1,790,722				2,761,119
Net assets:
Beginning of period		4,162,913				827,533			3,439,339				678,220
End of period	$	8,844,862			$	4,162,913		$	5,230,061			$	3,439,339

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

49                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ 2040 Fund							Invesco Peak Retirement™ 2045 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	18,120			$	37,557		$	13,988			$	29,628
Net realized gain (loss)		(163,258	)			38,152			(153,541	)			45,591
Change in net unrealized appreciation (depreciation)		32,340				146,334			(7,980	)			150,925
Net increase (decrease) in net assets resulting from operations		(112,798	)			222,043			(147,533	)			226,144
Distributions to shareholders from distributable earnings:
Class A		–				(40,842	)		–				(24,105	)
Class C		–				(4,078	)		–				(15,375	)
Class R		–				(7,976	)		–				(8,612	)
Class Y		–				(2,767	)		–				(1,608	)
Class R5		–				(3,107	)		–				(3,215	)
Class R6		–				(9,321	)		–				(9,645	)
Total distributions from distributable earnings		–				(68,091	)		–				(62,560	)
Share transactions–net:
Class A		572,302				1,180,541			556,774				726,165
Class C		427,531				163,423			239,933				496,570
Class R		442,016				289,245			505,819				291,700
Class Y		15,290				52,273			41,880				10,931
Net increase (decrease) in net assets resulting from share transactions		1,457,139				1,685,482			1,344,406				1,525,366
Net increase (decrease) in net assets		1,344,341				1,839,434			1,196,873				1,688,950
Net assets:
Beginning of period		2,533,876				694,442			2,334,580				645,630
End of period	$	3,878,217			$	2,533,876		$	3,531,453			$	2,334,580

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

50                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ 2050 Fund							Invesco Peak Retirement™ 2055 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	12,618			$	28,248		$	6,343			$	14,558
Net realized gain (loss)		(164,663	)			44,219			(84,179	)			25,383
Change in net unrealized appreciation (depreciation)		(23,446	)			166,535			3,317				93,538
Net increase (decrease) in net assets resulting from operations		(175,491	)			239,002			(74,519	)			133,479
Distributions to shareholders from distributable earnings:
Class A		–				(26,413	)		–				(13,398	)
Class C		–				(7,605	)		–				(1,867	)
Class R		–				(12,288	)		–				(1,319	)
Class Y		–				(6,312	)		–				(2,721	)
Class R5		–				(3,914	)		–				(4,680	)
Class R6		–				(11,742	)		–				(14,040	)
Total distributions from distributable earnings		–				(68,274	)		–				(38,025	)
Share transactions–net:
Class A		380,300				638,042			476,613				315,510
Class C		256,792				147,206			122,462				49,888
Class R		199,747				376,856			101,872				137,788
Class Y		440				117,482			(17,354	)			21,103
Net increase (decrease) in net assets resulting from share transactions		837,279				1,279,586			683,593				524,289
Net increase (decrease) in net assets		661,788				1,450,314			609,074				619,743
Net assets:
Beginning of period		2,231,434				781,120			1,098,794				479,051
End of period	$	2,893,222			$	2,231,434		$	1,707,868			$	1,098,794

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

51                      Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	Invesco Peak Retirement™ 2060 Fund							Invesco Peak Retirement™ 2065 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	6,248			$	18,623		$	4,782			$	13,112
Net realized gain (loss)		(125,363	)			34,081			(54,638	)			24,409
Change in net unrealized appreciation (depreciation)		(11,396	)			110,563			3,791				93,475
Net increase (decrease) in net assets resulting from operations		(130,511	)			163,267			(46,065	)			130,996
Distributions to shareholders from distributable earnings:
Class A		–				(19,908	)		–				(7,752	)
Class C		–				(1,349	)		–				(1,054	)
Class R		–				(6,141	)		–				(2,665	)
Class Y		–				(1,650	)		–				(1,733	)
Class R5		–				(4,123	)		–				(4,330	)
Class R6		–				(12,369	)		–				(12,990	)
Total distributions from distributable earnings		–				(45,540	)		–				(30,524	)
Share transactions–net:
Class A		198,800				484,787			367,015				153,710
Class C		90,070				41,093			13,136				41,477
Class R		378,032				158,293			94,321				62,294
Class Y		38,359				–			17,298				–
Net increase (decrease) in net assets resulting from share transactions		705,261				684,173			491,770				257,481
Net increase (decrease) in net assets		574,750				801,900			445,705				357,953
Net assets:
Beginning of period		1,263,973				462,073			832,339				474,386
End of period	$	1,838,723			$	1,263,973		$	1,278,044			$	832,339

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

52                      Invesco Peak Retirement™ Funds

Financial Highlights

(Unaudited)

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Peak Retirement^™ Now Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.17		$	0.16		$	(0.74	)		$	(0.58	)		$	(0.18	)		$	–			$	(0.18	)		$	9.41		(5.68	)%		$	419		0.35	%(f)		17.11	%(f)		3.48	%(f)		168	%
Year ended 12/31/19			9.27			0.40			0.93				1.33				(0.37	)			(0.06	)			(0.43	)			10.17		14.50				486		0.37			21.66			3.97			30
Period ended 12/31/18(g)			10.00			0.34			(0.72	)			(0.38	)			(0.35	)			–				(0.35	)			9.27		(3.90	)			38		0.37	(h)		52.02	(h)		3.47	(h)		4
Class C
Six months ended 06/30/20			10.16			0.13			(0.74	)			(0.61	)			(0.14	)			–				(0.14	)			9.41		(5.95	)			90		1.10	(f)		17.86	(f)		2.73	(f)		168
Year ended 12/31/19			9.27			0.32			0.92				1.24				(0.29	)			(0.06	)			(0.35	)			10.16		13.53				93		1.12			22.41			3.22			30
Period ended 12/31/18(g)			10.00			0.26			(0.71	)			(0.45	)			(0.28	)			–				(0.28	)			9.27		(4.56	)			9		1.12	(h)		52.77	(h)		2.72	(h)		4
Class R
Six months ended 06/30/20			10.17			0.15			(0.74	)			(0.59	)			(0.17	)			–				(0.17	)			9.41		(5.80	)			36		0.60	(f)		17.36	(f)		3.23	(f)		168
Year ended 12/31/19			9.27			0.37			0.93				1.30				(0.34	)			(0.06	)			(0.40	)			10.17		14.21				10		0.62			21.91			3.72			30
Period ended 12/31/18(g)			10.00			0.31			(0.72	)			(0.41	)			(0.32	)			–				(0.32	)			9.27		(4.12	)			9		0.62	(h)		52.27	(h)		3.22	(h)		4
Class Y
Six months ended 06/30/20			10.17			0.17			(0.74	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			38		0.10	(f)		16.86	(f)		3.73	(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				41		0.12			21.41			4.22			30
Period ended 12/31/18(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			37		0.12	(h)		51.77	(h)		3.72	(h)		4
Class R5
Six months ended 06/30/20			10.17			0.18			(0.75	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			94		0.10	(f)		16.68	(f)		3.73	(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				102		0.12			21.26			4.22			30
Period ended 12/31/18(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			93		0.12	(h)		51.22	(h)		3.72	(h)		4
Class R6
Six months ended 06/30/20			10.17			0.18			(0.75	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			282		0.10	(f)		16.68	(f)		3.73	(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				305		0.12			21.26			4.22			30
Period ended 12/31/18(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			278		0.12	(h)		51.22	(h)		3.72	(h)		4

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.47%, 0.47% and 0.44% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $564, $89, $11, $38, $94 and $283 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

53                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2015 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.30		$	0.17		$	(0.78	)		$	(0.61	)		$	–			$	–			$	–			$	9.69		(5.92	)%		$	257		0.38	%(f)		22.41	%(f)		3.50	%(f)		75	%
Year ended 12/31/19			9.35			0.36			0.98				1.34				(0.33	)			(0.06	)			(0.39	)			10.30		14.25				181		0.39			23.68			3.54			68
Period ended 12/31/18(g)			10.00			0.31			(0.68	)			(0.37	)			(0.28	)			–				(0.28	)			9.35		(3.73	)			121		0.38	(h)		45.25	(h)		3.11	(h)		5
Class C
Six months ended 06/30/20			10.28			0.13			(0.77	)			(0.64	)			–				–				–				9.64		(6.23	)			10		1.13	(f)		23.16	(f)		2.75	(f)		75
Year ended 12/31/19			9.30			0.27			0.97				1.24				(0.20	)			(0.06	)			(0.26	)			10.28		13.29				10		1.14			24.43			2.79			68
Period ended 12/31/18(g)			10.00			0.23			(0.67	)			(0.44	)			(0.26	)			–				(0.26	)			9.30		(4.42	)			109		1.13	(h)		46.00	(h)		2.36	(h)		5
Class R
Six months ended 06/30/20			10.28			0.16			(0.78	)			(0.62	)			–				–				–				9.66		(6.03	)			10		0.63	(f)		22.66	(f)		3.25	(f)		75
Year ended 12/31/19			9.34			0.33			0.96				1.29				(0.29	)			(0.06	)			(0.35	)			10.28		13.78				10		0.64			23.93			3.29			68
Period ended 12/31/18(g)			10.00			0.28			(0.67	)			(0.39	)			(0.27	)			–				(0.27	)			9.34		(3.90	)			9		0.63	(h)		45.50	(h)		2.86	(h)		5
Class Y
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			39		0.13	(f)		22.16	(f)		3.75	(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				41		0.14			23.43			3.79			68
Period ended 12/31/18(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			37		0.13	(h)		45.00	(h)		3.36	(h)		5
Class R5
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			97		0.13	(f)		21.96	(f)		3.75	(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				103		0.14			23.43			3.79			68
Period ended 12/31/18(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			94		0.13	(h)		44.65	(h)		3.36	(h)		5
Class R6
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			291		0.13	(f)		21.96	(f)		3.75	(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				309		0.14			23.23			3.79			68
Period ended 12/31/18(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			281		0.13	(h)		44.65	(h)		3.36	(h)		5

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.46%, 0.46% and 0.41% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $223, $10, $10, $39, $97 and $290 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

54                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2020 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.35		$	0.13		$	(0.52	)		$	(0.39	)		$	–			$	–			$	–			$	9.96		(3.77	)%		$	718		0.39	%(f)		7.63	%(f)		2.64	%(f)		94	%
Year ended 12/31/19			9.39			0.36			0.92				1.28				(0.23	)			(0.09	)			(0.32	)			10.35		13.59				757		0.40			12.58			3.44			49
Period ended 12/31/18(g)			10.00			0.27			(0.62	)			(0.35	)			(0.25	)			(0.01	)			(0.26	)			9.39		(3.52	)			227		0.40	(h)		40.02	(h)		2.74	(h)		5
Class C
Six months ended 06/30/20			10.30			0.09			(0.50	)			(0.41	)			–				–				–				9.89		(3.98	)			518		1.14	(f)		8.38	(f)		1.89	(f)		94
Year ended 12/31/19			9.38			0.27			0.92				1.19				(0.18	)			(0.09	)			(0.27	)			10.30		12.74				302		1.15			13.33			2.69			49
Period ended 12/31/18(g)			10.00			0.19			(0.62	)			(0.43	)			(0.18	)			(0.01	)			(0.19	)			9.38		(4.27	)			115		1.15	(h)		40.77	(h)		1.99	(h)		5
Class R
Six months ended 06/30/20			10.33			0.11			(0.50	)			(0.39	)			–				–				–				9.94		(3.78	)			532		0.64	(f)		7.88	(f)		2.39	(f)		94
Year ended 12/31/19			9.39			0.33			0.92				1.25				(0.22	)			(0.09	)			(0.31	)			10.33		13.29				421		0.65			12.83			3.19			49
Period ended 12/31/18(g)			10.00			0.25			(0.62	)			(0.37	)			(0.23	)			(0.01	)			(0.24	)			9.39		(3.75	)			9		0.65	(h)		40.27	(h)		2.49	(h)		5
Class Y
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			69		0.14	(f)		7.38	(f)		2.89	(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				42		0.15			12.33			3.69			49
Period ended 12/31/18(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			38		0.15	(h)		39.77	(h)		2.99	(h)		5
Class R5
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			100		0.14	(f)		7.29	(f)		2.89	(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				104		0.15			12.21			3.69			49
Period ended 12/31/18(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			94		0.15	(h)		39.51	(h)		2.99	(h)		5
Class R6
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			301		0.14	(f)		7.29	(f)		2.89	(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				311		0.15			12.21			3.69			49
Period ended 12/31/18(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			282		0.15	(h)		39.51	(h)		2.99	(h)		5

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44%, 0.44% and 0.41% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $728, $378, $595, $46, $99 and $297 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

55                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2025 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.46		$	0.11		$	(0.32	)		$	(0.21	)		$	–			$	–			$	–			$	10.25		(2.01	)%		$	3,899		0.40	%(f)		3.13	%(f)		2.24	%(f)		80	%
Year ended 12/31/19			9.35			0.39			0.97				1.36				(0.19	)			(0.06	)			(0.25	)			10.46		14.53				3,358		0.42			7.05			3.75			42
Period ended 12/31/18(g)			10.00			0.25			(0.68	)			(0.43	)			(0.22	)			–				(0.22	)			9.35		(4.24	)			375		0.40	(h)		37.07	(h)		2.55	(h)		10
Class C
Six months ended 06/30/20			10.37			0.07			(0.32	)			(0.25	)			–				–				–				10.12		(2.41	)			977		1.15	(f)		3.88	(f)		1.49	(f)		80
Year ended 12/31/19			9.33			0.31			0.95				1.26				(0.16	)			(0.06	)			(0.22	)			10.37		13.56				680		1.17			7.80			3.00			42
Period ended 12/31/18(g)			10.00			0.18			(0.67	)			(0.49	)			(0.18	)			–				(0.18	)			9.33		(4.92	)			91		1.15	(h)		37.82	(h)		1.80	(h)		10
Class R
Six months ended 06/30/20			10.44			0.10			(0.32	)			(0.22	)			–				–				–				10.22		(2.11	)			941		0.65	(f)		3.38	(f)		1.99	(f)		80
Year ended 12/31/19			9.35			0.36			0.97				1.33				(0.18	)			(0.06	)			(0.24	)			10.44		14.24				582		0.67			7.30			3.50			42
Period ended 12/31/18(g)			10.00			0.23			(0.67	)			(0.44	)			(0.21	)			–				(0.21	)			9.35		(4.41	)			9		0.65	(h)		37.32	(h)		2.30	(h)		10
Class Y
Six months ended 06/30/20			10.49			0.12			(0.32	)			(0.20	)			–				–				–				10.29		(1.91	)			104		0.15	(f)		2.88	(f)		2.49	(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				58		0.17			6.80			4.00			42
Period ended 12/31/18(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			37		0.15	(h)		36.82	(h)		2.80	(h)		10
Class R5
Six months ended 06/30/20			10.49			0.13			(0.33	)			(0.20	)			–				–				–				10.29		(1.91	)			103		0.15	(f)		2.76	(f)		2.49	(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				105		0.17			6.66			4.00			42
Period ended 12/31/18(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			94		0.15	(h)		36.55	(h)		2.80	(h)		10
Class R6
Six months ended 06/30/20			10.49			0.12			(0.32	)			(0.20	)			–				–				–				10.29		(1.91	)			309		0.15	(f)		2.76	(f)		2.49	(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				315		0.17			6.66			4.00			42
Period ended 12/31/18(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			281		0.15	(h)		36.55	(h)		2.80	(h)		10

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.45%, 0.45% and 0.39% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $3,474, $824, $746, $93, $101 and $303 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

56                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2030 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.51		$	0.10		$	(0.47	)		$	(0.37	)		$	–			$	–			$	–			$	10.14		(3.52	)%		$	6,119		0.39	%(f)		3.14	%(f)		1.97	%(f)		73	%
Year ended 12/31/19			9.25			0.35			1.18				1.53				(0.21	)			(0.06	)			(0.27	)			10.51		16.55				2,357		0.42			7.35			3.37			37
Period ended 12/31/18(g)			10.00			0.23			(0.78	)			(0.55	)			(0.20	)			–				(0.20	)			9.25		(5.47	)			375		0.40	(h)		41.47	(h)		2.40	(h)		5
Class C
Six months ended 06/30/20			10.44			0.06			(0.45	)			(0.39	)			–				–				–				10.05		(3.74	)			854		1.14	(f)		3.89	(f)		1.22	(f)		73
Year ended 12/31/19			9.24			0.27			1.17				1.44				(0.18	)			(0.06	)			(0.24	)			10.44		15.62				571		1.17			8.10			2.62			37
Period ended 12/31/18(g)			10.00			0.16			(0.79	)			(0.63	)			(0.13	)			–				(0.13	)			9.24		(6.24	)			11		1.15	(h)		42.22	(h)		1.65	(h)		5
Class R
Six months ended 06/30/20			10.48			0.08			(0.45	)			(0.37	)			–				–				–				10.11		(3.53	)			1,298		0.64	(f)		3.39	(f)		1.72	(f)		73
Year ended 12/31/19			9.25			0.32			1.17				1.49				(0.20	)			(0.06	)			(0.26	)			10.48		16.14				651		0.67			7.60			3.12			37
Period ended 12/31/18(g)			10.00			0.21			(0.78	)			(0.57	)			(0.18	)			–				(0.18	)			9.25		(5.71	)			34		0.65	(h)		41.72	(h)		2.15	(h)		5
Class Y
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			166		0.14	(f)		2.89	(f)		2.22	(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				162		0.17			7.10			3.62			37
Period ended 12/31/18(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			37		0.15	(h)		41.22	(h)		2.65	(h)		5
Class R5
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			102		0.14	(f)		2.60	(f)		2.22	(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				105		0.17			6.84			3.62			37
Period ended 12/31/18(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			93		0.15	(h)		40.89	(h)		2.65	(h)		5
Class R6
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			306		0.14	(f)		2.60	(f)		2.22	(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				316		0.17			6.84			3.62			37
Period ended 12/31/18(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			278		0.15	(h)		40.89	(h)		2.65	(h)		5

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.45%, 0.45% and 0.39% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $3,478, $736, $946, $153, $100 and $300 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

57                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2035 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.53		$	0.07		$	(0.48	)		$	(0.41	)		$	–			$	–			$	–			$	10.12		(3.89	)%		$	2,230		0.41	%(f)		3.92	%(f)		1.43	%(f)		77	%
Year ended 12/31/19			9.12			0.33			1.33				1.66				(0.18	)			(0.07	)			(0.25	)			10.53		18.28				1,264		0.43			9.46			3.24			34
Period ended 12/31/18(g)			10.00			0.21			(0.87	)			(0.66	)			(0.21	)			(0.01	)			(0.22	)			9.12		(6.66	)			127		0.41	(h)		47.00	(h)		2.09	(h)		6
Class C
Six months ended 06/30/20			10.46			0.03			(0.48	)			(0.45	)			–				–				–				10.01		(4.30	)			1,190		1.16	(f)		4.67	(f)		0.68	(f)		77
Year ended 12/31/19			9.11			0.25			1.33				1.58				(0.16	)			(0.07	)			(0.23	)			10.46		17.32				588		1.18			10.21			2.49			34
Period ended 12/31/18(g)			10.00			0.13			(0.86	)			(0.73	)			(0.15	)			(0.01	)			(0.16	)			9.11		(7.35	)			84		1.16	(h)		47.75	(h)		1.34	(h)		6
Class R
Six months ended 06/30/20			10.50			0.06			(0.49	)			(0.43	)			–				–				–				10.07		(4.10	)			1,011		0.66	(f)		4.17	(f)		1.18	(f)		77
Year ended 12/31/19			9.11			0.31			1.33				1.64				(0.18	)			(0.07	)			(0.25	)			10.50		17.98				824		0.68			9.71			2.99			34
Period ended 12/31/18(g)			10.00			0.18			(0.86	)			(0.68	)			(0.20	)			(0.01	)			(0.21	)			9.11		(6.86	)			65		0.66	(h)		47.25	(h)		1.84	(h)		6
Class Y
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			393		0.16	(f)		3.67	(f)		1.68	(f)		77
Year ended 12/31/19			9.14			0.36			1.32				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				341		0.18			9.21			3.49			34
Period ended 12/31/18(g)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			37		0.16	(h)		46.75	(h)		2.34	(h)		6
Class R5
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			102		0.16	(f)		3.36	(f)		1.68	(f)		77
Year ended 12/31/19			9.14			0.35			1.33				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				106		0.18			8.98			3.49			34
Period ended 12/31/18(g)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			91		0.16	(h)		46.29	(h)		2.34	(h)		6
Class R6
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			305		0.16	(f)		3.36	(f)		1.68	(f)		77
Year ended 12/31/19			9.13			0.35			1.34				1.69				(0.19	)			(0.07	)			(0.26	)			10.56		18.58				317		0.18			8.98			3.49			34
Period ended 12/31/18(g)			10.00			0.23			(0.87	)			(0.64	)			(0.22	)			(0.01	)			(0.23	)			9.13		(6.44	)			274		0.16	(h)		46.29	(h)		2.34	(h)		6

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44%, 0.44% and 0.38% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,673, $981, $1,016, $348, $100 and $299 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

58                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2040 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.50		$	0.06		$	(0.68	)		$	(0.62	)		$	–			$	–			$	–			$	9.88		(5.90	)%		$	2,022		0.42	%(f)		5.52	%(f)		1.30	%(f)		86	%
Year ended 12/31/19			9.03			0.29			1.48				1.77				(0.19	)			(0.11	)			(0.30	)			10.50		19.61				1,538		0.44			11.33			2.83			51
Period ended 12/31/18(g)			10.00			0.20			(0.97	)			(0.77	)			(0.19	)			(0.01	)			(0.20	)			9.03		(7.72	)			278		0.40	(h)		47.00	(h)		2.06	(h)		5
Class C
Six months ended 06/30/20			10.45			0.03			(0.69	)			(0.66	)			–				–				–				9.79		(6.32	)			621		1.17	(f)		6.27	(f)		0.55	(f)		86
Year ended 12/31/19			9.03			0.21			1.48				1.69				(0.16	)			(0.11	)			(0.27	)			10.45		18.73				179		1.19			12.08			2.08			51
Period ended 12/31/18(g)			10.00			0.13			(0.98	)			(0.85	)			(0.11	)			(0.01	)			(0.12	)			9.03		(8.47	)			9		1.15	(h)		47.75	(h)		1.31	(h)		5
Class R
Six months ended 06/30/20			10.48			0.05			(0.70	)			(0.65	)			–				–				–				9.83		(6.20	)			733		0.67	(f)		5.77	(f)		1.05	(f)		86
Year ended 12/31/19			9.03			0.27			1.47				1.74				(0.18	)			(0.11	)			(0.29	)			10.48		19.32				301		0.69			11.58			2.58			51
Period ended 12/31/18(g)			10.00			0.18			(0.98	)			(0.80	)			(0.16	)			(0.01	)			(0.17	)			9.03		(7.97	)			9		0.65	(h)		47.25	(h)		1.81	(h)		5
Class Y
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			105		0.17	(f)		5.27	(f)		1.55	(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				95		0.19			11.08			3.08			51
Period ended 12/31/18(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			36		0.15	(h)		46.75	(h)		2.31	(h)		5
Class R5
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			99		0.17	(f)		4.86	(f)		1.55	(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				105		0.19			10.81			3.08			51
Period ended 12/31/18(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			90		0.15	(h)		46.29	(h)		2.31	(h)		5
Class R6
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			298		0.17	(f)		4.86	(f)		1.55	(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				316		0.19			10.81			3.08			51
Period ended 12/31/18(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			271		0.15	(h)		46.29	(h)		2.31	(h)		5

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.43%, 0.43% and 0.36% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,665, $388, $498, $99, $98 and $293 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

59                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2045 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.65		$	0.06		$	(0.94	)		$	(0.88	)		$	–			$	–			$	–			$	9.77		(8.26	)%		$	1,403		0.43	%(f)		6.35	%(f)		1.18	%(f)		94	%
Year ended 12/31/19			9.00			0.27			1.69				1.96				(0.18	)			(0.13	)			(0.31	)			10.65		21.81				915		0.45			12.89			2.66			45
Period ended 12/31/18(g)			10.00			0.18			(0.97	)			(0.79	)			(0.19	)			(0.02	)			(0.21	)			9.00		(7.90	)			142		0.41	(h)		44.98	(h)		1.84	(h)		3
Class C
Six months ended 06/30/20			10.53			0.02			(0.92	)			(0.90	)			–				–				–				9.63		(8.55	)			798		1.18	(f)		7.10	(f)		0.43	(f)		94
Year ended 12/31/19			8.94			0.20			1.67				1.87				(0.15	)			(0.13	)			(0.28	)			10.53		20.95				599		1.20			13.64			1.91			45
Period ended 12/31/18(g)			10.00			0.11			(0.99	)			(0.88	)			(0.16	)			(0.02	)			(0.18	)			8.94		(8.73	)			70		1.16	(h)		45.73	(h)		1.09	(h)		3
Class R
Six months ended 06/30/20			10.61			0.04			(0.93	)			(0.89	)			–				–				–				9.72		(8.39	)			843		0.68	(f)		6.60	(f)		0.93	(f)		94
Year ended 12/31/19			8.99			0.25			1.67				1.92				(0.17	)			(0.13	)			(0.30	)			10.61		21.39				340		0.70			13.14			2.41			45
Period ended 12/31/18(g)			10.00			0.16			(0.97	)			(0.81	)			(0.18	)			(0.02	)			(0.20	)			8.99		(8.09	)			37		0.66	(h)		45.23	(h)		1.59	(h)		3
Class Y
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			95		0.18	(f)		6.10	(f)		1.43	(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				54		0.20			12.64			2.91			45
Period ended 12/31/18(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			36		0.16	(h)		44.73	(h)		2.09	(h)		3
Class R5
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			98		0.18	(f)		5.60	(f)		1.43	(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				107		0.20			12.32			2.91			45
Period ended 12/31/18(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			90		0.16	(h)		44.37	(h)		2.09	(h)		3
Class R6
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			294		0.18	(f)		5.60	(f)		1.43	(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				320		0.20			12.32			2.91			45
Period ended 12/31/18(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			270		0.16	(h)		44.37	(h)		2.09	(h)		3

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.42% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,173, $668, $531, $62, $97 and $292 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

60                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2050 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.71		$	0.06		$	(1.01	)		$	(0.95	)		$	–			$	–			$	–			$	9.76		(8.87	)%		$	1,224		0.43	%(f)		6.83	%(f)		1.15	%(f)		103	%
Year ended 12/31/19			9.02			0.23			1.84				2.07				(0.19	)			(0.19	)			(0.38	)			10.71		22.93				913		0.44			11.49			2.22			59
Period ended 12/31/18(g)			10.00			0.20			(1.01	)			(0.81	)			(0.16	)			(0.01	)			(0.17	)			9.02		(8.04	)			222		0.40	(h)		45.97	(h)		2.07	(h)		10
Class C
Six months ended 06/30/20			10.62			0.02			(1.00	)			(0.98	)			–				–				–				9.64		(9.23	)			514		1.18	(f)		7.58	(f)		0.40	(f)		103
Year ended 12/31/19			8.96			0.15			1.83				1.98				(0.13	)			(0.19	)			(0.32	)			10.62		22.15				277		1.19			12.24			1.47			59
Period ended 12/31/18(g)			10.00			0.13			(1.01	)			(0.88	)			(0.15	)			(0.01	)			(0.16	)			8.96		(8.82	)			108		1.15	(h)		46.72	(h)		1.32	(h)		10
Class R
Six months ended 06/30/20			10.66			0.04			(1.00	)			(0.96	)			–				–				–				9.70		(9.01	)			600		0.68	(f)		7.08	(f)		0.90	(f)		103
Year ended 12/31/19			9.00			0.20			1.82				2.02				(0.17	)			(0.19	)			(0.36	)			10.66		22.50				433		0.69			11.74			1.97			59
Period ended 12/31/18(g)			10.00			0.18			(1.01	)			(0.83	)			(0.16	)			(0.01	)			(0.17	)			9.00		(8.32	)			43		0.65	(h)		46.22	(h)		1.82	(h)		10
Class Y
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			163		0.18	(f)		6.58	(f)		1.40	(f)		103
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				178		0.19			11.24			2.47			59
Period ended 12/31/18(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			47		0.15	(h)		45.72	(h)		2.32	(h)		10
Class R5
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			98		0.18	(f)		5.93	(f)		1.40	(f)		103
Year ended 12/31/19			9.03			0.25			1.83				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				107		0.19			10.83			2.47			59
Period ended 12/31/18(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			90		0.15	(h)		45.18	(h)		2.32	(h)		10
Class R6
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			294		0.18	(f)		5.93	(f)		1.40	(f)		103
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				322		0.19			10.83			2.47			59
Period ended 12/31/18(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			271		0.15	(h)		45.18	(h)		2.32	(h)		10

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.41%, 0.41% and 0.36% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $948, $408, $565, $162, $97 and $292 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

61                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2055 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.62		$	0.05		$	(1.00	)		$	(0.95	)		$	–			$	–			$	–			$	9.67		(8.95	)%		$	844		0.44	%(f)		13.59	%(f)		1.04	%(f)		97	%
Year ended 12/31/19			8.94			0.22			1.91				2.13				(0.20	)			(0.25	)			(0.45	)			10.62		23.92				382		0.45			23.79			2.15			54
Period ended 12/31/18(g)			10.00			0.16			(1.02	)			(0.86	)			(0.19	)			(0.01	)			(0.20	)			8.94		(8.59	)			53		0.42	(h)		49.71	(h)		1.63	(h)		6
Class C
Six months ended 06/30/20			10.55			0.01			(0.99	)			(0.98	)			–				–				–				9.57		(9.29	)			195		1.19	(f)		14.34	(f)		0.29	(f)		97
Year ended 12/31/19			8.90			0.14			1.92				2.06				(0.16	)			(0.25	)			(0.41	)			10.55		23.17				78		1.20			24.54			1.40			54
Period ended 12/31/18(g)			10.00			0.09			(1.03	)			(0.94	)			(0.15	)			(0.01	)			(0.16	)			8.90		(9.40	)			23		1.17	(h)		50.46	(h)		0.88	(h)		6
Class R
Six months ended 06/30/20			10.58			0.04			(1.00	)			(0.96	)			–				–				–				9.62		(9.07	)			238		0.69	(f)		13.84	(f)		0.79	(f)		97
Year ended 12/31/19			8.93			0.20			1.89				2.09				(0.19	)			(0.25	)			(0.44	)			10.58		23.43				149		0.70			24.04			1.90			54
Period ended 12/31/18(g)			10.00			0.14			(1.03	)			(0.89	)			(0.17	)			(0.01	)			(0.18	)			8.93		(8.86	)			9		0.67	(h)		49.96	(h)		1.38	(h)		6
Class Y
Six months ended 06/30/20			10.64			0.06			(1.01	)			(0.95	)			–				–				–				9.69		(8.93	)			42		0.19	(f)		13.34	(f)		1.29	(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				64		0.20			23.54			2.40			54
Period ended 12/31/18(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			36		0.17	(h)		49.46	(h)		1.88	(h)		6
Class R5
Six months ended 06/30/20			10.64			0.06			(1.00	)			(0.94	)			–				–				–				9.70		(8.83	)			97		0.19	(f)		11.97	(f)		1.29	(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				106		0.20			22.61			2.40			54
Period ended 12/31/18(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			89		0.17	(h)		48.81	(h)		1.88	(h)		6
Class R6
Six months ended 06/30/20			10.64			0.06			(1.00	)			(0.94	)			–				–				–				9.70		(8.83	)			291		0.19	(f)		11.97	(f)		1.29	(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				319		0.20			22.61			2.40			54
Period ended 12/31/18(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			268		0.17	(h)		48.81	(h)		1.88	(h)		6

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.40%, 0.40% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $540, $113, $162, $49, $96 and $288 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

62                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2060 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.72		$	0.04		$	(1.27	)		$	(1.23	)		$	–			$	–			$	–			$	9.49		(11.47	)%		$	694		0.44	%(f)		11.25	%(f)		0.92	%(f)		106	%
Year ended 12/31/19			8.91			0.24			1.97				2.21				(0.18	)			(0.22	)			(0.40	)			10.72		24.84				562		0.45			19.50			2.33			50
Period ended 12/31/18(g)			10.00			0.16			(1.05	)			(0.89	)			(0.18	)			(0.02	)			(0.20	)			8.91		(8.87	)			48		0.42	(h)		51.11	(h)		1.57	(h)		6
Class C
Six months ended 06/30/20			10.65			0.01			(1.27	)			(1.26	)			–				–				–				9.39		(11.83	)			140		1.19	(f)		12.00	(f)		0.17	(f)		106
Year ended 12/31/19			8.89			0.16			1.97				2.13				(0.15	)			(0.22	)			(0.37	)			10.65		23.97				56		1.20			20.25			1.58			50
Period ended 12/31/18(g)			10.00			0.08			(1.05	)			(0.97	)			(0.12	)			(0.02	)			(0.14	)			8.89		(9.66	)			12		1.17	(h)		51.86	(h)		0.82	(h)		6
Class R
Six months ended 06/30/20			10.69			0.03			(1.28	)			(1.25	)			–				–				–				9.44		(11.69	)			552		0.69	(f)		11.50	(f)		0.67	(f)		106
Year ended 12/31/19			8.90			0.22			1.96				2.18				(0.17	)			(0.22	)			(0.39	)			10.69		24.57				173		0.70			19.75			2.08			50
Period ended 12/31/18(g)			10.00			0.13			(1.05	)			(0.92	)			(0.16	)			(0.02	)			(0.18	)			8.90		(9.18	)			10		0.67	(h)		51.36	(h)		1.32	(h)		6
Class Y
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			72		0.19	(f)		11.00	(f)		1.17	(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				43		0.20			19.25			2.58			50
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			36		0.17	(h)		50.86	(h)		1.82	(h)		6
Class R5
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			95		0.19	(f)		9.75	(f)		1.17	(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				107		0.20			18.62			2.58			50
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			89		0.17	(h)		50.20	(h)		1.82	(h)		6
Class R6
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			286		0.19	(f)		9.75	(f)		1.17	(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				322		0.20			18.62			2.58			50
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			267		0.17	(h)		50.20	(h)		1.82	(h)		6

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.40%, 0.40% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $579, $96, $275, $66, $95 and $286 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

63                      Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2065 Fund

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	10.79		$	0.04		$	(1.06	)		$	(1.02	)		$	–			$	–			$	–			$	9.77		(9.45	)%		$	594		0.43	%(f)		17.24	%(f)		0.94	%(f)		106	%
Year ended 12/31/19			9.00			0.21			2.00				2.21				(0.19	)			(0.23	)			(0.42	)			10.79		24.56				216		0.43			23.83			2.00			49
Period ended 12/31/18(g)			10.00			0.16			(0.98	)			(0.82	)			(0.18	)			–				(0.18	)			9.00		(8.15	)			49		0.42	(h)		48.89	(h)		1.56	(h)		165
Class C
Six months ended 06/30/20			10.60			0.01			(1.05	)			(1.04	)			–				–				–				9.56		(9.81	)			78		1.18	(f)		17.99	(f)		0.19	(f)		106
Year ended 12/31/19			8.88			0.13			1.95				2.08				(0.13	)			(0.23	)			(0.36	)			10.60		23.46				71		1.18			24.58			1.25			49
Period ended 12/31/18(g)			10.00			0.08			(1.05	)			(0.97	)			(0.15	)			–				(0.15	)			8.88		(9.69	)			24		1.17	(h)		49.64	(h)		0.81	(h)		165
Class R
Six months ended 06/30/20			10.65			0.03			(1.05	)			(1.02	)			–				–				–				9.63		(9.58	)			164		0.68	(f)		17.49	(f)		0.69	(f)		106
Year ended 12/31/19			8.90			0.18			1.98				2.16				(0.18	)			(0.23	)			(0.41	)			10.65		24.23				75		0.68			24.08			1.75			49
Period ended 12/31/18(g)			10.00			0.13			(1.06	)			(0.93	)			(0.17	)			–				(0.17	)			8.90		(9.29	)			9		0.67	(h)		49.14	(h)		1.31	(h)		165
Class Y
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			54		0.18	(f)		16.99	(f)		1.19	(f)		106
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				43		0.18			23.58			2.25			49
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			36		0.17	(h)		48.64	(h)		1.81	(h)		165
Class R5
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			97		0.18	(f)		15.51	(f)		1.19	(f)		106
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				107		0.18			22.73			2.25			49
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			89		0.17	(h)		48.08	(h)		1.81	(h)		165
Class R6
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			291		0.18	(f)		15.51	(f)		1.19	(f)		106
Year ended 12/31/19			8.92			0.25			1.96				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				321		0.18			22.73			2.25			49
Period ended 12/31/18(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			268		0.17	(h)		48.08	(h)		1.81	(h)		165

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.39%, 0.39% and 0.38% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $386, $75, $86, $53, $96 and $287 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Commencement date of January 3, 2018.

^(h)  Annualized.

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

64                      Invesco Peak Retirement™ Funds

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

AIM Growth Series (Invesco Growth Series) (the “Trust”) is organized as a Delaware statutory trust and is 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. The Funds covered in this report, each a series portfolio of the Trust, are Invesco Peak Retirement™ Now Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or each class will be voted on exclusively by the shareholders of each Fund or each class.

The investment objective of each Fund is total return over time, consistent with its strategic target allocation.

Each Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”), exchange-traded funds advised by Invesco Capital Management (“Invesco Capital”), an affiliate of Invesco, or other unaffiliated advisers. The Adviser may change each Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Each 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.

Each 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 Funds in the preparation of their financial statements.

A. Security Valuations – Securities of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

65                      Invesco Peak Retirement™ Funds

occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

The Funds 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 of each Fund’s investments.

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

C. Distributions – Invesco Peak Retirement™ Now Fund generally declares and pays dividends from net investment income, if any, monthly. Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund generally declare and pay dividends from net investment income, if any, annually. Distributions from net realized capital gains, if any, are generally paid annually and recorded on the ex-dividend date. The Funds may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

D. Federal Income Taxes – The Funds intend 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 Funds’ taxable earnings to shareholders. As such, the Funds 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 Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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.

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

E. Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Funds and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class 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.

F. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the

66                      Invesco Peak Retirement™ Funds

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, each 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.

G. 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 Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Securities Lending – Each Fund may lend portfolio securities having a market value up to one-third of each 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 Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds 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, each 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 each 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 each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each 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. Each 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 each Fund. Some of these losses may be indemnified by the lending agent. Each 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 Securities Lending Income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statements of Assets and Liabilities.

I. Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Funds do not pay an advisory fee. However, each Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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 Funds, 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 Funds based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Invesco has contractually agreed, through at least April 30, 2021, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses and excluding certain items

67                      Invesco Peak Retirement™ Funds

discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):

	Class A			Class C			Class R			Class Y			Class R5			Class R6			Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Now Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.47	%
Invesco Peak Retirement™ 2015 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.46	%
Invesco Peak Retirement™ 2020 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.44	%
Invesco Peak Retirement™ 2025 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.45	%
Invesco Peak Retirement™ 2030 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.45	%
Invesco Peak Retirement™ 2035 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.44	%
Invesco Peak Retirement™ 2040 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.43	%
Invesco Peak Retirement™ 2045 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.42	%
Invesco Peak Retirement™ 2050 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.41	%
Invesco Peak Retirement™ 2055 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.40	%
Invesco Peak Retirement™ 2060 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.40	%
Invesco Peak Retirement™ 2065 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.39	%

In determining Invesco’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after 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 Funds have incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues each Fund’s fee waiver agreement, it will terminate on April 30, 2021. During its term, each 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.

For the six months ended June 30, 2020, the Adviser reimbursed the following expenses:

	Fund Level		Class A			Class C			Class R			Class Y			Class R5		Class R6
Invesco Peak Retirement™ Now Fund		$88,836		$	545		$	85		$	10		$	36		$3		$	8
Invesco Peak Retirement™ 2015 Fund		72,428			233			10			10			40		3			10
Invesco Peak Retirement™ 2020 Fund		76,038			373			193			306			24		3			9
Invesco Peak Retirement™ 2025 Fund		71,563			2,288			542			491			61		3			8
Invesco Peak Retirement™ 2030 Fund		69,340			5,102			1,080			1,388			224		3			9
Invesco Peak Retirement™ 2035 Fund		70,119			2,621			1,537			1,592			545		3			8
Invesco Peak Retirement™ 2040 Fund		70,856			3,426			797			1,024			203		2			7
Invesco Peak Retirement™ 2045 Fund		75,958			2,942			1,676			1,332			156		2			7
Invesco Peak Retirement™ 2050 Fund		70,540			3,046			1,312			1,815			521		3			7
Invesco Peak Retirement™ 2055 Fund		73,015			3,704			773			1,111			337		2			8
Invesco Peak Retirement™ 2060 Fund		66,164			3,658			604			1,733			416		8			25
Invesco Peak Retirement™ 2065 Fund		74,838			2,850			552			635			395		2			8

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as custodian and fund accountant and provides certain administrative services to the Funds.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statements 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 each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of each 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 each Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Funds. Front-end sales commissions are deducted from proceeds from the sales of each Fund’s shares prior to investment in Class A shares of the Funds. CDSC are deducted from

68                      Invesco Peak Retirement™ Funds

redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Funds that IDI retained the following front-end sales commissions from the sale of Class A shares and received the following in CDSC imposed on redemptions by shareholders:

	Front End Sales Charge		Contingent Deferred Sales Charges
			Class A		Class C
Invesco Peak Retirement™ Now Fund	$	272	$	0	$	0
Invesco Peak Retirement™ 2015 Fund		11		0		0
Invesco Peak Retirement™ 2020 Fund		352		0		0
Invesco Peak Retirement™ 2025 Fund		1,475		0		0
Invesco Peak Retirement™ 2030 Fund		6,163		0		0
Invesco Peak Retirement™ 2035 Fund		5,684		0		721
Invesco Peak Retirement™ 2040 Fund		4,190		0		0
Invesco Peak Retirement™ 2045 Fund		3,609		0		0
Invesco Peak Retirement™ 2050 Fund		3,509		0		0
Invesco Peak Retirement™ 2055 Fund		3,955		1		0
Invesco Peak Retirement™ 2060 Fund		1,576		0		0
Invesco Peak Retirement™ 2065 Fund		1,902		0		0

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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 each 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.

Except for the Fund listed below, as of June 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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.

Invesco Peak Retirement™ 2030 Fund

	Level 1			Level 2			Level 3			Total
Investments in Securities
Affiliated Issuers		$	8,793,217		$	–		$	–		$	8,793,217
Money Market Funds			66,542			344,259			–			410,801
Total Investments		$	8,859,759		$	344,259		$	–		$	9,204,018

69                      Invesco Peak Retirement™ Funds

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangements are comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Funds received credits from these arrangements, which resulted in the reduction of the Funds’ total expenses of:

	Transfer Agent Credits
Invesco Peak Retirement™ Now Fund		$  0
Invesco Peak Retirement™ 2015 Fund		0
Invesco Peak Retirement™ 2020 Fund		0
Invesco Peak Retirement™ 2025 Fund		0
Invesco Peak Retirement™ 2030 Fund		0
Invesco Peak Retirement™ 2035 Fund		0
Invesco Peak Retirement™ 2040 Fund		0
Invesco Peak Retirement™ 2045 Fund		0
Invesco Peak Retirement™ 2050 Fund		72
Invesco Peak Retirement™ 2055 Fund		52
Invesco Peak Retirement™ 2060 Fund		59
Invesco Peak Retirement™ 2065 Fund		40

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each 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. Obligations under the deferred compensation plans represent unsecured claims against the general assets of the Funds.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. 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 Funds did not have a capital loss carryforward as of December 31, 2019.

70                      Invesco Peak Retirement™ Funds

NOTE 8–Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

					At June 30, 2020
	For the six months ended June 30, 2020*				Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales
Invesco Peak Retirement™ Now Fund		$1,729,870		$1,709,006		$937,602		$24,421		$(720)			$23,701
Invesco Peak Retirement™ 2015 Fund		574,420		474,002		724,284		11,205		(30,599	)		(19,394	)
Invesco Peak Retirement™ 2020 Fund		2,291,220		1,884,394		2,247,085		48,603		(37,660	)		10,943
Invesco Peak Retirement™ 2025 Fund		5,843,263		4,462,592		6,305,378		192,145		(61,289	)		130,856
Invesco Peak Retirement™ 2030 Fund		9,116,660		4,234,682		9,080,375		208,499		(84,856	)		123,643
Invesco Peak Retirement™ 2035 Fund		5,381,661		3,385,024		5,132,198		171,479		(53,711	)		117,768
Invesco Peak Retirement™ 2040 Fund		4,081,020		2,604,410		3,807,601		137,946		(43,675	)		94,271
Invesco Peak Retirement™ 2045 Fund		4,046,733		2,646,075		3,486,201		121,767		(52,726	)		69,041
Invesco Peak Retirement™ 2050 Fund		3,500,157		2,510,377		2,868,906		87,932		(41,522	)		46,410
Invesco Peak Retirement™ 2055 Fund		1,909,306		1,223,380		1,693,672		50,248		(20,457	)		29,791
Invesco Peak Retirement™ 2060 Fund		2,206,694		1,497,314		1,817,846		57,479		(24,964	)		32,515
Invesco Peak Retirement™ 2065 Fund		1,561,941		1,043,132		1,262,319		39,858		(13,891	)		25,967

* Excludes U.S. Treasury obligations and money market funds, if any.

71                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information

Invesco Peak Retirement™ Now Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		118,756			$1,125,246			43,496			$437,011
Class C		6,365			64,473			8,787			87,410
Class R		2,857			27,088			-			-
Issued as reinvestment of dividends:
Class A		1,000			9,067			698			7,028
Class C		130			1,202			117			1,187
Reacquired:
Class A		(123,039	)		(1,148,565	)		(499	)		(5,003	)
Class C		(6,026	)		(60,813	)		(800	)		(8,000	)
Net increase (decrease) in share activity		43			$17,698			51,799			$519,633

^(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

72                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2015 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		14,968			$144,411			9,247			$97,438
Issued as reinvestment of dividends:
Class A		-			-			490			5,036
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			10,659			102,540
Class C		-			-			(10,726	)		(102,540	)
Reacquired:
Class A		(5,977	)		(50,982	)		(15,739	)		(157,704)
Net increase (decrease) in share activity		8,991			$93,429			(6,069	)		$(55,230)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% 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.

In addition, 93% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

73                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2020 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		19,005			$189,174			56,674			$576,504
Class C		23,161			223,136			17,692			178,060
Class R		63,629			622,918			39,241			409,741
Class Y		2,908			28,221			1,804			18,456
Issued as reinvestment of dividends:
Class A		-			-			2,052			21,201
Class C		-			-			731			7,524
Class R		-			-			1,153			11,886
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			178			1,713
Class C		-			-			(178	)		(1,713	)
Reacquired:
Class A		(20,190	)		(182,750	)		(9,879	)		(94,246)
Class C		(124	)		(1,277	)		(1,174	)		(12,000)
Class R		(50,887	)		(478,201	)		(585	)		(6,050)
Class Y		-			-			(1,804	)		(18,601)
Net increase (decrease) in share activity		37,502			$401,221			105,905			$1,092,475

^(a)  70% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

74                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2025 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		141,529			$1,363,158			297,039			$3,070,439
Class C		32,464			327,153			67,262			691,046
Class R		61,861			616,825			55,969			577,294
Class Y		4,573			48,273			1,485			15,000
Issued as reinvestment of dividends:
Class A		-			-			7,350			76,731
Class C		-			-			1,363			14,119
Class R		-			-			1,125			11,732
Class Y		-			-			36			382
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			820			7,894
Class C		-			-			(822	)		(7,894	)
Reacquired:
Class A		(82,083	)		(804,956	)		(24,192	)		(249,835)
Class C		(1,485	)		(15,215	)		(12,017	)		(121,541)
Class R		(25,528	)		(230,764	)		(2,338	)		(23,918)
Net increase (decrease) in share activity		131,331			$1,304,474			393,080			$4,061,449

^(a)  37% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

75                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2030 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		404,537			$4,118,905			182,351			$1,867,626
Class C		43,897			446,886			54,033			553,459
Class R		83,742			818,013			58,669			605,181
Class Y		1,137			11,519			11,127			112,843
Issued as reinvestment of dividends:
Class A		-			-			5,478			57,470
Class C		-			-			1,057			11,021
Class R		-			-			1,489			15,574
Class Y		-			-			297			3,121
Automatic conversion of Class C shares to Class A shares:
Class A		756			7,475			325			3,318
Class C		(761	)		(7,475	)		(327	)		(3,318	)
Reacquired:
Class A		(26,432	)		(264,422	)		(4,347	)		(44,574)
Class C		(12,856	)		(130,189	)		(1,225	)		(12,587)
Class R		(17,400	)		(160,161	)		(1,730	)		(18,372)
Class Y		(191	)		(1,996	)		(38	)		(387)
Net increase (decrease) in share activity		476,429			$4,838,555			307,159			$3,150,375

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% 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.

In addition, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

76                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2035 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		113,242			$1,144,834			109,919			$1,125,039
Class C		72,111			726,418			52,626			535,437
Class R		60,907			620,243			70,900			727,288
Class Y		6,406			61,022			27,591			285,646
Issued as reinvestment of dividends:
Class A		-			-			2,693			28,302
Class C		-			-			1,163			12,145
Class R		-			-			1,537			16,107
Class Y		-			-			697			7,341
Automatic conversion of Class C shares to Class A shares:
Class A		638			6,298			650			6,589
Class C		(644	)		(6,298	)		(653	)		(6,589	)
Reacquired:
Class A		(13,547	)		(130,267	)		(7,146	)		(73,549	)
Class C		(8,835	)		(82,909	)		(6,141	)		(62,651	)
Class R		(39,046	)		(380,371	)		(1,123	)		(11,852	)
Class Y		(3	)		(31	)		(1	)		(10)
Net increase (decrease) in share activity		191,229			$1,958,939			252,712			$2,589,243

^(a)  39% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

77                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2040 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		62,581			$611,762			132,863			$1,356,096
Class C		47,488			437,674			15,713			159,616
Class R		45,969			442,994			32,035			334,726
Class Y		1,554			15,744			4,907			50,777
Issued as reinvestment of dividends:
Class A		-			-			3,747			39,287
Class C		-			-			365			3,807
Class R		-			-			734			7,681
Class Y		-			-			145			1,524
Reacquired:
Class A		(4,244	)		(39,460	)		(21,003	)		(214,842)
Class C		(1,087	)		(10,143	)		-			-
Class R		(93	)		(978	)		(5,092	)		(53,162)
Class Y		(52	)		(454	)		(3	)		(28)
Net increase (decrease) in share activity		152,116			$1,457,139			164,411			$1,685,482

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% 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.

In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

78                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2045 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		71,583			$687,775			70,864			$732,550
Class C		27,646			256,062			51,726			522,967
Class R		62,441			574,936			27,164			283,421
Class Y		5,398			49,880			999			10,610
Issued as reinvestment of dividends:
Class A		-			-			1,922			20,415
Class C		-			-			1,436			15,092
Class R		-			-			785			8,309
Class Y		-			-			30			321
Automatic conversion of Class C shares to Class A shares:
Class A		673			6,457			271			2,884
Class C		(681	)		(6,457	)		(274	)		(2,884	)
Reacquired:
Class A		(14,669	)		(137,458	)		(2,867	)		(29,684	)
Class C		(920	)		(9,672	)		(3,859	)		(38,605	)
Class R		(7,777	)		(69,117	)		(3	)		(30	)
Class Y		(764	)		(8,000	)		-			-
Net increase (decrease) in share activity		142,930			$1,344,406			148,194			$1,525,366

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% 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.

In addition, 25% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

79                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2050 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		70,248			$674,326			69,054			$725,272
Class C		28,496			269,538			21,473			220,711
Class R		48,096			455,494			34,956			367,359
Class Y		270			2,605			12,857			132,136
Issued as reinvestment of dividends:
Class A		-			-			2,329			24,902
Class C		-			-			687			7,281
Class R		-			-			1,120			11,922
Class Y		-			-			443			4,746
Reacquired:
Class A		(30,106	)		(294,026	)		(10,785	)		(112,132	)
Class C		(1,308	)		(12,746	)		(8,056	)		(80,786	)
Class R		(26,767	)		(255,747	)		(227	)		(2,425	)
Class Y		(220	)		(2,165	)		(1,911	)		(19,400)
Net increase (decrease) in share activity		88,709			$837,279			121,940			$1,279,586

^(a)  19% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

80                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2055 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		52,278			$487,214			30,032			$316,099
Class C		13,086			123,212			7,383			76,296
Class R		10,690			102,327			14,084			147,987
Class Y		-			-			1,928			20,254
Issued as reinvestment of dividends:
Class A		-			-			1,091			11,569
Class C		-			-			138			1,455
Class R		-			-			83			876
Class Y		-			-			80			849
Reacquired:
Class A		(1,002	)		(10,601	)		(1,149	)		(12,158	)
Class C		(71	)		(750	)		(2,749	)		(27,863	)
Class R		(44	)		(455	)		(1,036	)		(11,075	)
Class Y		(1,628	)		(17,354	)		-			-
Net increase (decrease) in share activity		73,309			$683,593			49,885			$524,289

^(a)  30% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

81                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2060 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		30,557			$284,933			45,393			$467,230
Class C		9,695			91,200			4,103			42,978
Class R		43,531			388,119			14,873			156,200
Class Y		3,603			38,384			-			-
Issued as reinvestment of dividends:
Class A		-			-			1,710			18,299
Class C		-			-			92			977
Class R		-			-			539			5,744
Reacquired:
Class A		(9,862	)		(86,133	)		(71	)		(742	)
Class C		(117	)		(1,130	)		(275	)		(2,862	)
Class R		(1,239	)		(10,087	)		(355	)		(3,651	)
Class Y		(2	)		(25	)		-			-
Net increase (decrease) in share activity		76,166			$705,261			66,009			$684,173

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% 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.

In addition, 44% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

82                      Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2065 Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		46,504			$424,127			14,796			$155,215
Class C		5,227			48,398			4,792			50,364
Class R		9,985			94,536			5,804			60,034
Class Y		1,618			17,298			-			-
Issued as reinvestment of dividends:
Class A		-			-			564			6,074
Class C		-			-			65			690
Class R		-			-			213			2,260
Reacquired:
Class A		(5,744	)		(57,112	)		(735	)		(7,579	)
Class C		(3,705	)		(35,262	)		(935	)		(9,577	)
Class R		(20	)		(215	)		-			-
Net increase (decrease) in share activity		53,865			$491,770			24,564			$257,481

^(a)  58% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

83                      Invesco Peak Retirement™ Funds

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 distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the underlying funds in which the Funds invest. The amount of fees and expenses incurred indirectly by the Funds will vary because the underlying funds have varied expenses and fee levels and the Funds may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Funds. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Funds invest in. The effect of the estimated underlying fund expenses that the Funds bear indirectly are included in each Fund’s total return.

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 each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Funds. If transaction costs and indirect expenses were included, your costs would have been higher.

Invesco Peak Retirement™ Now Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$943.20	$1.69	$1,023.12	$1.76	0.35%
Class C	1,000.00	940.50	5.31	1,019.39	5.52	1.10
Class R	1,000.00	942.00	2.90	1,021.88	3.02	0.60
Class Y	1,000.00	944.40	0.48	1,024.37	0.50	0.10
Class R5	1,000.00	944.40	0.48	1,024.37	0.50	0.10
Class R6	1,000.00	944.40	0.48	1,024.37	0.50	0.10

84                      Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2015 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$940.80	$1.83	$1,022.97	$1.91	0.38%
Class C	1,000.00	937.70	5.44	1,019.24	5.67	1.13
Class R	1,000.00	939.70	3.04	1,021.73	3.17	0.63
Class Y	1,000.00	941.80	0.63	1,024.22	0.65	0.13
Class R5	1,000.00	941.80	0.63	1,024.22	0.65	0.13
Class R6	1,000.00	941.80	0.63	1,024.22	0.65	0.13

Invesco Peak Retirement™ 2020 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$962.30	$1.90	$1,022.92	$1.96	0.39%
Class C	1,000.00	960.20	5.56	1,019.19	5.72	1.14
Class R	1,000.00	962.20	3.12	1,021.68	3.22	0.64
Class Y	1,000.00	965.30	0.68	1,024.17	0.70	0.14
Class R5	1,000.00	965.30	0.68	1,024.17	0.70	0.14
Class R6	1,000.00	965.30	0.68	1,024.17	0.70	0.14

Invesco Peak Retirement™ 2025 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$979.90	$1.97	$1,022.87	$2.01	0.40%
Class C	1,000.00	975.90	5.65	1,019.14	5.77	1.15
Class R	1,000.00	978.90	3.20	1,021.63	3.27	0.65
Class Y	1,000.00	980.90	0.74	1,024.12	0.75	0.15
Class R5	1,000.00	980.90	0.74	1,024.12	0.75	0.15
Class R6	1,000.00	980.90	0.74	1,024.12	0.75	0.15

Invesco Peak Retirement™ 2030 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$964.80	$1.91	$1,022.92	$1.96	0.39%
Class C	1,000.00	962.60	5.56	1,019.19	5.72	1.14
Class R	1,000.00	964.70	3.13	1,021.68	3.22	0.64
Class Y	1,000.00	966.80	0.68	1,024.17	0.70	0.14
Class R5	1,000.00	966.80	0.68	1,024.17	0.70	0.14
Class R6	1,000.00	966.80	0.68	1,024.17	0.70	0.14

85                      Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2035 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$961.10	$2.00	$1,022.82	$2.06	0.41%
Class C	1,000.00	957.00	5.64	1,019.10	5.82	1.16
Class R	1,000.00	959.00	3.21	1,021.58	3.32	0.66
Class Y	1,000.00	962.10	0.78	1,024.07	0.81	0.16
Class R5	1,000.00	962.10	0.78	1,024.07	0.81	0.16
Class R6	1,000.00	962.10	0.78	1,024.07	0.81	0.16

Invesco Peak Retirement™ 2040 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$941.00	$2.03	$1,022.77	$2.11	0.42%
Class C	1,000.00	936.80	5.63	1,019.05	5.87	1.17
Class R	1,000.00	938.00	3.23	1,021.53	3.37	0.67
Class Y	1,000.00	941.20	0.82	1,024.02	0.86	0.17
Class R5	1,000.00	941.20	0.82	1,024.02	0.86	0.17
Class R6	1,000.00	941.20	0.82	1,024.02	0.86	0.17

Invesco Peak Retirement™ 2045 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$917.40	$2.05	$1,022.73	$2.16	0.43%
Class C	1,000.00	914.50	5.62	1,019.00	5.92	1.18
Class R	1,000.00	916.10	3.24	1,021.48	3.42	0.68
Class Y	1,000.00	918.50	0.86	1,023.97	0.91	0.18
Class R5	1,000.00	918.50	0.86	1,023.97	0.91	0.18
Class R6	1,000.00	918.50	0.86	1,023.97	0.91	0.18

Invesco Peak Retirement™ 2050 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$911.30	$2.04	$1,022.73	$2.16	0.43%
Class C	1,000.00	907.70	5.60	1,019.00	5.92	1.18
Class R	1,000.00	909.90	3.23	1,021.48	3.42	0.68
Class Y	1,000.00	912.50	0.86	1,023.97	0.91	0.18
Class R5	1,000.00	912.50	0.86	1,023.97	0.91	0.18
Class R6	1,000.00	912.50	0.86	1,023.97	0.91	0.18

86                      Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2055 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$910.50	$2.09	$1,022.68	$2.21	0.44%
Class C	1,000.00	907.10	5.64	1,018.95	5.97	1.19
Class R	1,000.00	909.30	3.28	1,021.43	3.47	0.69
Class Y	1,000.00	910.70	0.90	1,023.92	0.96	0.19
Class R5	1,000.00	911.70	0.90	1,023.92	0.96	0.19
Class R6	1,000.00	911.70	0.90	1,023.92	0.96	0.19

Invesco Peak Retirement™ 2060 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$885.30	$2.06	$1,022.68	$2.21	0.44%
Class C	1,000.00	881.70	5.57	1,018.95	5.97	1.19
Class R	1,000.00	883.10	3.23	1,021.43	3.47	0.69
Class Y	1,000.00	886.40	0.89	1,023.92	0.96	0.19
Class R5	1,000.00	886.40	0.89	1,023.92	0.96	0.19
Class R6	1,000.00	886.40	0.89	1,023.92	0.96	0.19

Invesco Peak Retirement™ 2065 Fund

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/20)	Ending     Account Value     (06/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$905.50	$2.04	$1,022.73	$2.16	0.43%
Class C	1,000.00	901.90	5.58	1,019.00	5.92	1.18
Class R	1,000.00	904.20	3.22	1,021.48	3.42	0.68
Class Y	1,000.00	905.60	0.85	1,023.97	0.91	0.18
Class R5	1,000.00	905.60	0.85	1,023.97	0.91	0.18
Class R6	1,000.00	905.60	0.85	1,023.97	0.91	0.18

¹  The actual ending account value is based on the actual total return of the Funds for the period January 1, 2020 through June 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

87                      Invesco Peak Retirement™ Funds

Approval of Investment Advisory and Sub-Advisory Contracts

(Invesco Peak Retirement^TM Now Fund, Invesco Peak Retirement^TM 2015 Fund, Invesco Peak Retirement^TM 2020 Fund,

Invesco Peak Retirement^TM 2025 Fund, Invesco Peak Retirement^TM 2030 Fund, Invesco Peak Retirement^TM 2035 Fund,

Invesco Peak Retirement^TM 2040 Fund, Invesco Peak Retirement^TM 2045 Fund, Invesco Peak Retirement^TM 2050 Fund,

Invesco Peak Retirement^TM 2055 Fund, Invesco Peak Retirement^TM 2060 Fund and Invesco Peak Retirement^TM 2065 Fund)

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of AIM Growth Series listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds

prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research

capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each Fund by Invesco Advisers are appropriate and satisfactory.

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

88                      Invesco Peak Retirement™ Funds

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.

Invesco Peak Retirement^TM Now Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement Now Benchmark. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the two year period. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2015 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2015 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the two year period. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more

recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2020 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2020 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2025 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2025 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2030 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2030 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2035 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2035 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2040 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the

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performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2040 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2045 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2045 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2050 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2050 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its

performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2055 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2055 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2060 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2060 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how

the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2065 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2065 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the second quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that each Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge each Fund any advisory fees pursuant to each Fund’s investment advisory agreement, although the underlying funds in which each Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge each Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also

90                      Invesco Peak Retirement™ Funds

considered comparative information regarding each Fund’s total expense ratio and its various components. For Invesco Peak Retirement^TM 2015 Fund and Invesco Peak Retirement^TM Now Fund, the Board noted that there were only four funds (including each Fund) in the respective expense group. For Invesco Peak Retirement^TM 2020 Fund, Invesco Peak Retirement^TM 2060 Fund and Invesco Peak Retirement^TM 2065 Fund, the Board noted that were only five funds (including each Fund) in the respective expense group.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge each Fund any fees pursuant to each Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to each Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge each Fund any advisory fees pursuant to each Fund’s investment advisory agreement, although the underlying funds in which each Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that each Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing a Fund because each Fund is a fund of funds and no advisory fee is charged to such Fund, although each Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered that the underlying holdings of each Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with each Fund.

91                      Invesco Peak Retirement™ Funds

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

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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.     

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc.                 PR-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Select Risk: Conservative Investor Fund
	Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Conservative Investor Fund was renamed Invesco Select Risk: Conservative Investor Fund. Nasdaq: A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                             Invesco Select Risk: Conservative Investor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-1.48	%
Class C Shares	-1.82
Class R Shares	-1.59
Class Y Shares	-1.26
Class R5 Shares	-1.27
Class R6 Shares	-1.27
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)	3.90
MSCI All Country World Index▼ (Broad Market Index)	-6.25
Custom Invesco Select Risk: Conservative Investor Index∎ (Style-Specific Index)	2.35
Source(s): ▼RIMES Technologies Corp.; ∎ Invesco, RIMES Technologies Corp. The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar. The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI All Country World Index and 80% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation. The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                             Invesco Select Risk: Conservative Investor Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	2.03%
10 Years	4.33
5 Years	2.48
1 Year	-4.06
Class C Shares
Inception (4/5/05)	1.87%
10 Years	4.14
5 Years	2.87
1 Year	-0.25
Class R Shares
Inception (4/5/05)	2.12%
10 Years	4.65
5 Years	3.40
1 Year	1.26
Class Y Shares
Inception (4/5/05)	2.69%
10 Years	5.19
5 Years	3.92
1 Year	1.76
Class R5 Shares
10 Years	4.97%
5 Years	3.73
1 Year	1.84
Class R6 Shares
10 Years	4.97%
5 Years	3.74
1 Year	1.86

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Conservative investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: Conservative Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

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

4                             Invesco Select Risk: Conservative Investor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                             Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Conservative Investor Fund

Schedule of Investments in Affiliated Issuers-99.66%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20
Alternative Funds-6.80%
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		2.18	%	$	11,963,976	$	–	$	–		$	(419,701	)	$	–		$	–			432,694	$	11,544,275
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		3.96	%		20,575,398		637,843		(1,048,143	)		741,760			–			630,786			1,322,918		20,906,858
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		0.66	%		5,598,941		286,898		(439,810	)		(1,961,403	)		–			(116,533	)		854,075		3,484,626
Total Alternative Funds					38,138,315		924,741		(1,487,953	)		(1,639,344	)		–			514,253					35,935,759
Domestic Equity Funds-6.27%
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		1.12	%		6,595,987		–		(1,244,268	)		414,234			156,921			–			207,021		5,922,874
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		1.05	%		6,201,919		–		–			(666,029	)		–			–			391,783		5,535,890
Invesco Oppenheimer Value Fund, Class R6		1.31	%		8,756,756		63,535		–			(1,892,593	)		–			63,541			299,123		6,927,698
Invesco Russell 1000 Dynamic Multifactor ETF		2.79	%		16,575,948		–		–			(1,851,674	)		–			108,511			495,100		14,724,274
Total Domestic Equity Funds					38,130,610		63,535		(1,244,268	)		(3,996,062	)		156,921			172,052					33,110,736
Fixed Income Funds-69.55%
Invesco Income Fund, Class R6		4.15	%		–		20,702,587		–			1,231,562			–			191,483			3,003,896		21,934,149
Invesco Oppenheimer International Bond Fund, Class R6		25.10	%		137,632,226		2,755,177		(1,129,853	)		(6,659,499	)		–			1,603,909			25,208,755		132,598,051
Invesco Oppenheimer Limited-Term Government Fund		–			34,081,166		–		(35,751,693	)		1,893,086			(222,559	)		361,443			–		–
Invesco Oppenheimer Master Inflation Protected Securities Fund		–			19,523,506		102,773		(22,496,897	)		535,485			2,335,133			115,130			–		–
Invesco Oppenheimer Master Loan Fund, Class R6		9.42	%		56,299,470		1,355,634		(6,864,060	)		(1,002,387	)		–			1,355,558			3,363,212		49,788,657
Invesco Oppenheimer Total Return Bond Fund, Class R6		24.91	%		139,342,843		1,804,632		(6,812,360	)		(2,740,538	)		(28,741	)		1,833,768			17,875,793		131,565,836
Invesco Quality Income Fund, Class R6		5.97	%		–		32,322,209		–			(808,252	)		–			158,974			2,648,193		31,513,957
Total Fixed Income Funds					386,879,211		59,043,012		(73,054,863	)		(7,550,543	)		2,083,833			5,620,265					367,400,650
Foreign Equity Funds-14.25%
Invesco Global Infrastructure Fund, Class R6		1.37	%		–		8,682,127		(1,489,753	)		87,832			(45,410	)		31,233			681,885		7,234,796
Invesco Oppenheimer Developing Markets Fund, Class R6		1.45	%		8,369,878		–		–			(728,853	)		–			–			183,590		7,641,025
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6(b)		0.59	%		3,203,799		–		–			(70,818	)		–			–			283,271		3,132,981
Invesco Oppenheimer Global Fund, Class R6		6.26	%		33,647,576		–		–			(566,147	)		–			–			349,476		33,081,429
Invesco Oppenheimer Global Infrastructure Fund		–			10,641,760		–		(8,650,893	)		(1,390,427	)		(600,440	)		–			–		–
Invesco Oppenheimer International Equity Fund, Class R6		1.67	%		9,408,543		–		(18	)		(594,543	)		–			–			433,973		8,813,982
Invesco Oppenheimer International Growth Fund, Class R6		1.74	%		9,522,564		–		–			(322,864	)		–			–			215,248		9,199,700
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.17	%		6,291,926		–		–			(114,208	)		–			–			131,273		6,177,718
Total Foreign Equity Funds					81,086,046		8,682,127		(10,140,664	)		(3,700,028	)		(645,850	)		31,233					75,281,631
Real Estate Funds-1.45%
Invesco Oppenheimer Real Estate Fund, Class Y		–			10,804,434		255,614		(8,688,887	)		(561,705	)		(1,809,456	)		255,614			–		–
Invesco Real Estate Fund, Class R6		1.45	%		–		8,725,935		(1,359,178	)		326,008			(54,198	)		37,053			437,991		7,638,567
Total Real Estate Funds					10,804,434		8,981,549		(10,048,065	)		(235,697	)		(1,863,654	)		292,667					7,638,567

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

6                             Invesco Select Risk: Conservative Investor Fund

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds-1.34%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.40	%	$	6,068,698	$	15,941,484	$	(19,895,641	)	$	–		$	–		$	21,959		2,114,541	$	2,114,541
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.48	%		–		4,745,260		(2,208,210	)		1,058			88			2,530		2,536,420		2,538,196
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.46	%		–		5,949,754		(3,533,136	)		–			–			497		2,416,619		2,416,618
Total Money Market Funds					6,068,698		26,636,498		(25,636,987	)		1,058			88			24,986				7,069,355
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $516,421,488)		99.66	%	$	561,107,314	$	104,331,462	$	(121,612,800	)	$	(17,120,616	)	$	(268,662	)	$	6,655,456			$	526,436,698
OTHER ASSETS LESS LIABILITIES		0.34	%																			1,776,077
NET ASSETS		100.00	%																		$	528,212,775

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Fixed Income Funds	69.79	%
Equity Funds	20.59
Alternative Funds	8.28
Money Market Funds	1.34

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		5		September-2020		$	772,550		$	7,015			$	7,015
Interest Rate Risk
Canada 10 Year Bonds		45		September-2020			5,098,630			(11,672	)			(11,672	)
Euro OAT		59		September-2020			11,112,927			172,238				172,238
Euro-BTP		54		September-2020			8,729,052			141,861				141,861
Euro-BUND		32		September-2020			6,346,245			106,007				106,007
Japanese Bonds, 10 yr.		29		September-2020			40,810,836			(5,484	)			(5,484	)
Long Gilt		72		September-2020			12,279,586			42,712				42,712
Subtotal										445,662				445,662
Total Futures Contracts									$	452,677			$	452,677

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

7                     Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $516,421,488)	$	526,436,698
Other investments:
Variation margin receivable – futures contracts		130,573
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,341,466
Cash		128,717
Foreign currencies, at value (Cost $0)		10,590
Receivable for:
Fund shares sold		530,220
Dividends - affiliated underlying funds		1,306,542
Investment for trustee deferred compensation and retirement plans		23,463
Other assets		98,918
Total assets		530,007,187
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		1,097,936
Fund shares reacquired		306,497
Accrued fees to affiliates		329,135
Accrued trustees’ and officers’ fees and benefits		10,617
Accrued other operating expenses		26,764
Trustee deferred compensation and retirement plans		23,463
Total liabilities		1,794,412
Net assets applicable to shares outstanding	$	528,212,775
Net assets consist of:
Shares of beneficial interest	$	545,373,201
Distributable earnings (loss)		(17,160,426	)
	$	528,212,775

Net Assets:
Class A	$	392,937,314
Class C	$	79,815,227
Class R	$	47,530,978
Class Y	$	7,909,615
Class R5	$	9,820
Class R6	$	9,821
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,157,039
Class C		8,691,292
Class R		5,117,963
Class Y		844,292
Class R5		1,053
Class R6		1,053
Class A:
Net asset value per share	$	9.32
Maximum offering price per share (Net asset value of $9.32 ÷ 94.50%)	$	9.86
Class C:
Net asset value and offering price per share	$	9.18
Class R:
Net asset value and offering price per share	$	9.29
Class Y:
Net asset value and offering price per share	$	9.37
Class R5:
Net asset value and offering price per share	$	9.33
Class R6:
Net asset value and offering price per share	$	9.33

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

8                             Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds	$	6,655,456
Interest		4,675
Total investment income		6,660,131
Expenses:
Custodian fees		1,242
Distribution fees:
Class A		458,614
Class C		408,543
Class R		117,524
Transfer agent fees – A, C, R and Y		371,072
Transfer agent fees – R5		5
Transfer agent fees – R6		3
Trustees’ and officers’ fees and benefits		9,069
Registration and filing fees		62,179
Reports to shareholders		21,637
Professional services fees		15,656
Taxes		19,516
Other		(13,919	)
Total expenses		1,471,141
Less: Expenses reimbursed and/or expense offset arrangement(s)		(263,968	)
Net expenses		1,207,173
Net investment income		5,452,958
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(268,662	)
Foreign currencies		2
Futures contracts		821,345
		552,685
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(17,120,616	)
Foreign currencies		(25,488	)
Futures contracts		970,760
		(16,175,344	)
Net realized and unrealized gain (loss)		(15,622,659	)
Net increase (decrease) in net assets resulting from operations	$	(10,169,701)

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

9                             Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)

	Six Months Ended				Eleven Months Ended				Year Ended
	June 30, 2020				December 31, 2019				January 31, 2019
Operations:
Net investment income		$	5,452,958			$	11,595,015			$	12,856,824
Net realized gain			552,685				1,225,105				33,129,939
Change in net unrealized appreciation (depreciation)			(16,175,344	)			31,197,520				(57,070,786	)
Net increase (decrease) in net assets resulting from operations			(10,169,701	)			44,017,640				(11,084,023	)
Distributions to shareholders from distributable earnings:
Class A			–				(25,456,508	)			(8,685,727	)
Class C			–				(4,845,071	)			(1,802,991	)
Class R			–				(2,864,623	)			(845,052	)
Class Y			–				(519,048	)			(156,417	)
Class R5			–				(678	)			–
Class R6			–				(681	)			–
Total distributions from distributable earnings			–				(33,686,609	)			(11,490,187	)
Share transactions-net:
Class A			(15,252,561	)			12,511,148				(33,682,311	)
Class B(1)			–				–				(1,830,823	)
Class C			(7,175,557	)			(39,499,854	)			(8,930,783	)
Class R			(432,465	)			4,186,436				52,916
Class Y			(166,953	)			1,442,905				687,591
Class R5			–				10,000				–
Class R6			–				10,000				–
Net increase (decrease) in net assets resulting from share transactions			(23,027,536	)			(21,339,365	)			(43,703,410	)
Net increase (decrease) in net assets			(33,197,237	)			(11,008,334	)			(66,277,620	)
Net assets:
Beginning of period			561,410,012				572,418,346				638,695,966
End of period		$	528,212,775			$	561,410,012			$	572,418,346

⁽¹⁾ Effective June 1, 2018, all Class B shares converted to Class A shares.

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

10                             Invesco Select Risk: Conservative Investor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(d)			Ratio of net investment income to average net assets			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	9.46		$	0.10		$	(0.24	)		$	(0.14	)		$	–			$	–			$	–			$	9.32		(1.48	)%		$	392,937		0.33	%(f)		0.42	%(f)		2.22	%(f)		9	%
Eleven months ended 12/31/19			9.31			0.21			0.56				0.77				(0.33	)			(0.29	)			(0.62	)			9.46		8.26				415,244		0.43	(g)		0.53	(g)		2.39	(g)		6
Year ended 01/31/19			9.67			0.22			(0.37	)			(0.15	)			(0.21	)			–				(0.21	)			9.31		(1.49	)			396,318		0.42			0.52			2.35			45
Year ended 01/31/18			9.02			0.17			0.69				0.86				(0.21	)			–				(0.21	)			9.67		9.53				445,732		0.42			0.53			1.82			7
Year ended 01/31/17			8.54			0.20			0.47				0.67				(0.19	)			–				(0.19	)			9.02		7.92				428,722		0.44			0.54			2.22			9
Year ended 01/31/16(h)			9.07			0.15			(0.48	)			(0.33	)			(0.20	)			–				(0.20	)			8.54		(3.68	)			381,636		0.44			0.54			1.70			10
Year ended 01/31/15(h)			8.74			0.17			0.31				0.48				(0.15	)			–				(0.15	)			9.07		5.54				377,253		0.43			0.53			1.84			14
Class C
Six months ended 06/30/20			9.35			0.07			(0.24	)			(0.17	)			–				–				–				9.18		(1.82	)			79,815		1.08	(f)		1.18	(f)		1.47	(f)		9
Eleven months ended 12/31/19			9.20			0.14			0.55				0.69				(0.25	)			(0.29	)			(0.54	)			9.35		7.48				88,939		1.19	(g)		1.29	(g)		1.63	(g)		6
Year ended 01/31/19			9.56			0.15			(0.38	)			(0.23	)			(0.13	)			–				(0.13	)			9.20		(2.30	)			125,385		1.17			1.27			1.60			45
Year ended 01/31/18			8.92			0.10			0.67				0.77				(0.13	)			–				(0.13	)			9.56		8.69				139,290		1.17			1.28			1.06			7
Year ended 01/31/17			8.43			0.13			0.48				0.61				(0.12	)			–				(0.12	)			8.92		7.28				147,359		1.19			1.29			1.47			9
Year ended 01/31/16(h)			8.96			0.08			(0.48	)			(0.40	)			(0.13	)			–				(0.13	)			8.43		(4.48	)			150,838		1.19			1.29			0.95			10
Year ended 01/31/15(h)			8.63			0.10			0.32				0.42				(0.09	)			–				(0.09	)			8.96		4.83				163,041		1.18			1.28			1.08			14
Class R
Six months ended 06/30/20			9.44			0.09			(0.24	)			(0.15	)			–				–				–				9.29		(1.59	)			47,531		0.58	(f)		0.68	(f)		1.97	(f)		9
Eleven months ended 12/31/19			9.29			0.19			0.55				0.74				(0.30	)			(0.29	)			(0.59	)			9.44		7.99				49,017		0.68	(g)		0.78	(g)		2.13	(g)		6
Year ended 01/31/19			9.65			0.20			(0.37	)			(0.17	)			(0.19	)			–				(0.19	)			9.29		(1.73	)			44,044		0.67			0.77			2.10			45
Year ended 01/31/18			9.01			0.15			0.67				0.82				(0.18	)			–				(0.18	)			9.65		9.18				45,605		0.66			0.77			1.59			7
Year ended 01/31/17			8.53			0.18			0.47				0.65				(0.17	)			–				(0.17	)			9.01		7.71				42,716		0.69			0.79			1.99			9
Year ended 01/31/16(h)			9.05			0.13			(0.48	)			(0.35	)			(0.17	)			–				(0.17	)			8.53		(3.89	)			35,442		0.69			0.79			1.44			10
Year ended 01/31/15(h)			8.72			0.14			0.32				0.46				(0.13	)			–				(0.13	)			9.05		5.28				42,872		0.68			0.78			1.58			14
Class Y
Six months ended 06/30/20			9.49			0.11			(0.23	)			(0.12	)			–				–				–				9.37		(1.26	)			7,910		0.08	(f)		0.18	(f)		2.47	(f)		9
Eleven months ended 12/31/19			9.34			0.23			0.56				0.79				(0.35	)			(0.29	)			(0.64	)			9.49		8.47				8,189		0.19	(g)		0.29	(g)		2.63	(g)		6
Year ended 01/31/19			9.71			0.24			(0.38	)			(0.14	)			(0.23	)			–				(0.23	)			9.34		(1.31	)			6,671		0.18			0.28			2.59			45
Year ended 01/31/18			9.06			0.20			0.68				0.88				(0.23	)			–				(0.23	)			9.71		9.78				6,195		0.17			0.28			2.14			7
Year ended 01/31/17			8.57			0.23			0.47				0.70				(0.21	)			–				(0.21	)			9.06		8.27				5,280		0.19			0.29			2.52			9
Year ended 01/31/16(h)			9.10			0.17			(0.49	)			(0.32	)			(0.21	)			–				(0.21	)			8.57		(3.54	)			5,078		0.19			0.29			1.93			10
Year ended 01/31/15(h)			8.77			0.20			0.31				0.51				(0.18	)			–				(0.18	)			9.10		5.85				6,947		0.18			0.28			2.22			14
Class R5
Six months ended 06/30/20			9.45			0.11			(0.23	)			(0.12	)			–				–				–				9.33		(1.27	)			10		0.04	(f)		0.14	(f)		2.51	(f)		9
Eleven months ended 12/31/19			9.50			0.16			0.43				0.59				(0.35	)			(0.29	)			(0.64	)			9.45		6.30				10		0.15	(g)		0.25	(g)		2.67	(g)		6
Class R6
Six months ended 06/30/20			9.45			0.11			(0.23	)			(0.12	)			–				–				–				9.33		(1.27	)			10		0.00	(f)(i)		0.10	(f)		2.55	(f)		9
Eleven months ended 12/31/19			9.50			0.16			0.44				0.60				(0.36	)			(0.29	)			(0.65	)			9.45		6.31				10		0.07	(g)		0.17	(g)		2.75	(g)		6

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.53% for the six months ended June 30, 2020.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48%, 0.53%, 0.54%, 0.53% and 0.53% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f) Ratios are annualized and based on average daily net assets (000’s omitted) of $388,216, $82,158, $47,268, $7,733, $10 and $10 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾  Amount represents less than 0.005%.

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

11                             Invesco Select Risk: Conservative Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Conservative Investor Fund, formerly Invesco Oppenheimer Portfolio Series Conservative Investor Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek total return.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

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

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

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

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

12                             Invesco Select Risk: Conservative Investor Fund

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. 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.

D. 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.

E. Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

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

I. 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.

13                             Invesco Select Risk: Conservative Investor Fund

J. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

L. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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 May 31, 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 (including estimated Acquired Fund Fees and Expenses of 0.53% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.20% and 0.15%, 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, 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 May 31, 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. 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.

For the six months ended June 30, 2020, the Adviser reimbursed Fund expenses of $261,261.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $27,577 in front-end sales commissions from the sale of Class A shares and $132 and $840 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.

14                             Invesco Select Risk: Conservative Investor Fund

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Affiliated Issuers	$	519,367,343			$–		$–	$	519,367,343
Money Market Funds		7,069,355			–		–		7,069,355
Total Investments in Securities		526,436,698			–		–		526,436,698
Other Investments - Assets*
Futures Contracts		469,833			–		–		469,833
Other Investments - Liabilities*
Futures Contracts		(17,156	)		–		–		(17,156	)
Total Other Investments		452,677			–		–		452,677
Total Investments	$	526,889,375			$–		$–	$	526,889,375

* Unrealized appreciation (depreciation).

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 June 30, 2020:

	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	7,015		$	462,818		$	469,833
Derivatives not subject to master netting agreements		(7,015	)		(462,818	)		(469,833	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

	Value
Derivative Liabilities	Equity Risk		Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-	$	(17,156	)	$	(17,156	)
Derivatives not subject to master netting agreements		-		17,156			17,156
Total Derivative Liabilities subject to master netting agreements	$	-	$	-		$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

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
	Equity Risk			Interest Rate Risk		Total
Realized Gain:
Futures contracts	$	627		$	820,718	$	821,345
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,237	)		971,997		970,760
Total	$	(610	)	$	1,792,715	$	1,792,105

15                             Invesco Select Risk: Conservative Investor Fund

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

	Futures Contracts
Average notional value	$	84,864,173

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,707.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $45,714,559 and $62,529,830, 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	$	–
Aggregate unrealized (depreciation) of investments		(21,900,349	)
Net unrealized appreciation (depreciation) of investments	$	(21,900,349	)

Cost of investments for tax purposes is $548,789,723.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended              June 30, 2020						Eleven Months Ended              December 31, 2019				Year ended         January 31, 2019
	Shares			Amount			Shares		Amount		Shares		Amount
Sold:
Class A		2,935,155		$	26,508,005			4,620,623	$	44,774,281		3,948,210	$	37,032,236
Class B(a)		-			-			-		-		1,000		9,621
Class C		1,048,589			9,282,963			1,584,516		15,070,820		2,105,838		19,435,041
Class R		873,690			7,966,835			1,239,073		11,865,408		1,320,170		12,350,680
Class Y		137,125			1,221,159			337,426		3,291,284		327,615		3,083,657
Class R5(b)		-			-			1,053		10,000		-		-
Class R6(b)		-			-			1,053		10,000		-		-
Issued as reinvestment of dividends:
Class A		(173	)		(1,625	)		2,674,813		25,169,990		953,425		8,514,084
Class C		342			3,181			514,911		4,793,825		202,257		1,787,955
Class R		124			1,166			295,194		2,771,869		90,471		806,093
Class Y		-			-			54,483		514,865		17,368		155,620

16                             Invesco Select Risk: Conservative Investor Fund

	Summary of Share Activity
	Six months ended              June 30, 2020						Eleven Months Ended              December 31, 2019						Year ended         January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		303,956		$	2,732,993			2,379,107		$	23,175,312			-		$	-
Class C		(307,967	)		(2,732,993	)		(2,414,321	)		(23,175,312	)		-			-
Reacquired:
Class A		(4,993,292	)		(44,491,934	)		(8,332,966	)		(80,608,435	)		(8,422,920	)		(79,228,631	)
Class B(a)		-			-			-			-			(191,749	)		(1,840,444	)
Class C		(1,559,674	)		(13,728,708	)		(3,800,672	)		(36,189,187	)		(3,258,602	)		(30,153,779	)
Class R		(950,683	)		(8,400,466	)		(1,081,750	)		(10,450,841	)		(1,394,615	)		(13,103,857	)
Class Y		(155,490	)		(1,388,112	)		(243,174	)		(2,363,244	)		(269,068	)		(2,551,686	)
Net increase (decrease) in share activity		(2,668,298	)	$	(23,027,536	)		(3,512,208	)	$	(33,850,513	)		(858,566	)	$	(8,190,276	)

^(a)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                             Invesco Select Risk: Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$985.20	$1.63	$1,023.22	$1.66		0.33	%
Class C	1,000.00	981.80	5.32	1,019.49	5.42		1.08
Class R	1,000.00	984.10	2.86	1,021.98	2.92		0.58
Class Y	1,000.00	987.40	0.40	1,024.47	0.40		0.08
Class R5	1,000.00	987.30	0.20	1,024.66	0.20		0.04
Class R6	1,000.00	987.30	0.00	1,024.86	0.00		0.00

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

18                             Invesco Select Risk: Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer Portfolio Series Conservative Investor Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative

19                             Invesco Select Risk: Conservative Investor Fund

information regarding the Fund’s total expense ratio and its various components.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

20                             Invesco Select Risk: Conservative Investor Fund

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Go paperless with eDelivery

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

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

∎	Fund reports and prospectuses
∎	Quarterly statements
∎	Daily confirmations
∎	Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.                 O-OPSCI-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Select Risk: Growth Investor Fund
	Effective May 15, 2020, Invesco Growth Allocation Fund was renamed Invesco Select Risk: Growth Investor Fund.
	Nasdaq: A: AADAX ⬛ C: AADCX ⬛ R: AADRX ⬛ S: AADSX ⬛ Y: AADYX ⬛ R5: AADIX ⬛ R6: AAESX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.

2                           Invesco Select Risk: Growth Investor Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, 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	-7.92%
Class C Shares	-8.25
Class R Shares	-8.00
Class S Shares	-7.86
Class Y Shares	-7.82
Class R5 Shares	-7.76
Class R6 Shares	-7.76
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)*	3.90
MSCI All Country World Index▼ (Broad Market Index)*	-6.25
S&P 500 Index▼ (Former Broad Market Index)*	-3.08
Custom Invesco Select Risk: Growth Investor Index∎ (Style-Specific Index)	-4.02
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
*The Fund has changed its broad market benchmark from the S&P 500 Index to the Bloomberg Barclays Global Aggregate Bond Index, Hedged and the MSCI All Country World Index, which it believes are more appropriate measures of the Fund’s performance. The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.   The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The Custom Invesco Select Risk: Growth Investor Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                           Invesco Select Risk: Growth Investor Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	4.94	%
10 Years	6.58
5 Years	2.85
1 Year	-7.87
Class C Shares
Inception (4/30/04)	4.83	%
10 Years	6.38
5 Years	3.24
1 Year	-4.14
Class R Shares
Inception (4/30/04)	5.05	%
10 Years	6.92
5 Years	3.76
1 Year	-2.78
Class S Shares
Inception (9/25/09)	6.77	%
10 Years	7.30
5 Years	4.12
1 Year	-2.43
Class Y Shares
Inception (10/3/08)	6.52	%
10 Years	7.45
5 Years	4.28
1 Year	-2.35
Class R5 Shares
Inception (4/30/04)	5.66	%
10 Years	7.55
5 Years	4.39
1 Year	-2.24
Class R6 Shares
10 Years	7.30	%
5 Years	4.25
1 Year	-2.24

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.

    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 S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                           Invesco Select Risk: Growth Investor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                           Invesco Select Risk: Growth Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.11%^(a)

	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–7.02%
Invesco Balanced-Risk Allocation Fund, Class R6		4.18%	$	44,531,147	$	2,433,527	$	(5,821,675	)	$	(1,524,062	)	$	(1,213,710	)	$	-		3,791,237	$	38,405,227
Invesco Global Real Estate Income Fund, Class R6		2.84%		29,392,143		2,154,913		(361,699	)		(5,047,149	)		(6,598	)		432,290		3,433,851		26,131,610
Total Alternative Funds				73,923,290		4,588,440		(6,183,374	)		(6,571,211	)		(1,220,308	)		432,290				64,536,837
Domestic Equity Funds–59.38%
Invesco All Cap Market Neutral Fund, Class R6(b)		3.00%		34,691,965		5,896,229		(9,715,525	)		1,880,648			(5,140,267	)		-		4,314,539		27,613,050
Invesco American Franchise Fund, Class R6(b)		6.15%		59,270,243		-		(8,234,271	)		4,517,023			1,017,052			-		2,211,495		56,570,047
Invesco Comstock Fund, Class R6		7.24%		72,071,283		7,582,238		(315,195	)		(12,817,076	)		6,567			768,725		3,387,364		66,527,817
Invesco Diversified Dividend Fund, Class R6		9.29%		97,538,324		3,801,335		(1,122,889	)		(14,885,881	)		17,669			1,273,896		4,907,910		85,348,558
Invesco Equally-Weighted S&P 500 Fund, Class R6		9.91%		95,107,675		5,886,086		(2,476,822	)		(7,497,250	)		96,748			-		1,588,225		91,116,437
Invesco Long/Short Equity Fund, Class R6(b)		2.44%		29,680,129		1,227,223		(1,933,114	)		(5,199,267	)		(1,381,848	)		-		3,461,070		22,393,123
Invesco S&P 500® Pure Growth ETF		10.61%		102,255,804		4,506,610		(13,028,033	)		3,374,695			410,101			337,930		753,102		97,519,177
Invesco S&P MidCap Low Volatility ETF		2.80%		29,747,137		2,320,598		-			(6,305,747	)		-			380,067		622,571		25,761,988
Invesco S&P SmallCap Low Volatility ETF		3.04%		30,120,349		6,750,610		-			(8,941,199	)		-			409,372		824,860		27,929,760
Invesco Small Cap Equity Fund, Class R6(b)		2.53%		23,089,336		2,130,488		(1,441,438	)		(383,217	)		(137,951	)		-		1,746,037		23,257,218
Invesco Small Cap Value Fund, Class R6(b)		2.37%		22,998,694		4,832,978		(3,410,919	)		(2,041,962	)		(628,061	)		-		1,911,312		21,750,730
Total Domestic Equity Funds				596,570,939		44,934,395		(41,678,206	)		(48,299,233	)		(5,739,990	)		3,169,990				545,787,905
Fixed Income Funds–9.85%
Invesco Core Plus Bond Fund, Class R6		4.05%		45,041,301		1,305,621		(10,005,588	)		1,219,890			(338,201	)		250,050		3,262,316		37,223,023
Invesco Quality Income Fund, Class R5		1.93%		21,427,655		2,666,093		(6,545,976	)		573,435			(390,423	)		399,584		1,488,731		17,730,784
Invesco Short Term Bond Fund, Class R6		2.41%		26,207,641		3,426,117		(7,077,699	)		(22,574	)		(355,183	)		341,807		2,581,874		22,178,302
Invesco Taxable Municipal Bond ETF(c)		1.46%		13,649,802		1,501,211		(2,109,962	)		475,991			(102,235	)		239,137		407,621		13,414,807
Total Fixed Income Funds				106,326,399		8,899,042		(25,739,225	)		2,246,742			(1,186,042	)		1,230,578				90,546,916
Foreign Equity Funds–23.45%
Invesco Developing Markets Fund, Class R6		1.57%		15,368,628		715,033		(357,763	)		(1,349,917	)		69,253			-		416,529		14,445,234
Invesco International Growth Fund, Class R6		6.37%		63,843,899		527,953		(776,188	)		(5,056,563	)		16,659			-		1,943,437		58,555,760
Invesco International Select Equity Fund, Class R6		6.14%		61,771,969		-		(2,585,713	)		(2,365,126	)		(437,382	)		-		4,827,376		56,383,748
Invesco Low Volatility Emerging Markets Fund, Class R6		2.02%		20,280,542		853,544		-			(2,531,749	)		-			-		3,369,988		18,602,337
Invesco RAFI™ Strategic Developed ex-US ETF		7.35%		73,588,284		4,785,288		-			(10,850,088	)		-			886,929		3,100,864		67,523,484
Total Foreign Equity Funds				234,853,322		6,881,818		(3,719,664	)		(22,153,443	)		(351,470	)		886,929				215,510,563

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

6                           Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.11%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–0.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)		0.10	%	$	2,138,666	$	9,558,271	$	(10,792,272	)	$	-		$	-		$	4,549		904,665	$	904,665
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)		0.20	%		1,579,905		10,442,062		(10,160,592	)		1,262			1,913			8,426		1,863,246		1,864,550
Invesco Treasury Portfolio, Institutional Class, 0.08%(d)		0.11	%		2,444,190		10,923,738		(12,334,026	)		-			-			5,075		1,033,902		1,033,902
Total Money Market Funds					6,162,761		30,924,071		(33,286,890	)		1,262			1,913			18,050				3,803,117
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $854,877,053)		100.11	%		1,017,836,711		96,227,766		(110,607,359	)		(74,775,883	)		(8,495,897	)		5,737,837				920,185,338
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.07%
Invesco Liquid Assets Portfolio, Institutional Class		-			-		10,046,318		(10,047,147	)		-			829			1,876		-		-
Invesco Government & Agency Portfolio, Institutional Class		-			-		43,492,110		(43,492,110	)		-			-			3,722		-		-
Invesco Private Government Fund, 0.05%(d)(e)		0.05	%		-		25,801,502		(25,298,953	)		-			-			178		502,549		502,549
Invesco Private Prime Fund, 0.11%(d)(e)		0.02	%		-		3,467,793		(3,300,542	)		-			265			48		167,483		167,516
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $670,065)		0.07	%		-		82,807,723		(82,138,752	)		-			1,094			5,824				670,065
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $855,547,118)		100.18	%	$	1,017,836,711	$	179,035,489	$	(192,746,111	)	$	(74,775,883	)	$	(8,494,803	)	$	5,743,661			$	920,855,403
OTHER ASSETS LESS LIABILITIES		(0.18	)%																			(1,643,711	)
NET ASSETS		100.00	%																		$	919,211,692

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  All or a portion of this security was out on loan at June 30, 2020.

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(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 1H.

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

7                           Invesco Select Risk: Growth Investor Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Equity Funds	82.68	%
Fixed Income Funds	9.83
Alternative Funds	7.01
Money Market Funds	0.48

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

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

8                           Invesco Select Risk: Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $855,547,118)*	$	920,855,403
Receivable for: Dividends - affiliated underlying funds		212,797
Fund shares sold		309,851
Investment for trustee deferred compensation and retirement plans		197,612
Other assets		84,247
Total assets		921,659,910
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		199,502
Fund shares reacquired		568,103
Collateral upon return of securities loaned		670,065
Accrued fees to affiliates		624,948
Accrued trustees’ and officers’ fees and benefits		4,463
Accrued other operating expenses		166,970
Trustee deferred compensation and retirement plans		214,167
Total liabilities		2,448,218
Net assets applicable to shares outstanding	$	919,211,692
Net assets consist of:
Shares of beneficial interest	$	831,100,455
Distributable earnings		88,111,237
	$	919,211,692

Net Assets:
Class A	$	807,632,140
Class C	$	63,160,963
Class R	$	19,238,078
Class S	$	20,006,015
Class Y	$	8,680,898
Class R5	$	33,147
Class R6	$	460,451
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		55,554,812
Class C		4,401,976
Class R		1,327,938
Class S		1,377,267
Class Y		598,125
Class R5		2,267
Class R6		31,505
Class A: Net asset value per share	$	14.54
Maximum offering price per share (Net asset value of $14.54 ÷ 94.50%)	$	15.39
Class C: Net asset value and offering price per share	$	14.35
Class R: Net asset value and offering price per share	$	14.49
Class S: Net asset value and offering price per share	$	14.53
Class Y: Net asset value and offering price per share	$	14.51
Class R5: Net asset value and offering price per share	$	14.62
Class R6: Net asset value and offering price per share	$	14.62

* At June 30, 2020, securities with an aggregate value of $648,918 were on loan to brokers.

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

9                           Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $5,824)	$	5,743,661
Expenses:
Administrative services fees		70,064
Custodian fees		1,945
Distribution fees:
Class A		992,883
Class C		321,342
Class R		46,989
Class S		14,879
Transfer agent fees – A, C, R, S and Y		818,350
Transfer agent fees – R5		15
Transfer agent fees – R6		12
Trustees’ and officers’ fees and benefits		12,450
Registration and filing fees		50,319
Reports to shareholders		48,427
Professional services fees		19,688
Other		11,226
Total expenses		2,408,589
Less: Expense offset arrangement(s)		(4,322	)
Net expenses		2,404,267
Net investment income		3,339,394
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(8,495,068	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(74,775,883	)
Net realized and unrealized gain (loss)		(83,270,951	)
Net increase (decrease) in net assets resulting from operations	$	(79,931,557	)

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

10                           Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30, 2020			December 31, 2019
Operations:
Net investment income	$	3,339,394		$	16,503,278
Net realized gain (loss)		(8,495,068	)		65,524,871
Change in net unrealized appreciation (depreciation)		(74,775,883	)		97,968,015
Net increase (decrease) in net assets resulting from operations		(79,931,557	)		179,996,164
Distributions to shareholders from distributable earnings:
Class A		-			(79,130,161	)
Class C		-			(6,127,673	)
Class R		-			(1,777,440	)
Class S		-			(2,050,560	)
Class Y		-			(941,627	)
Class R5		-			(3,119	)
Class R6		-			(1,074	)
Total distributions from distributable earnings		-			(90,031,654	)
Share transactions–net:
Class A		(12,673,867	)		75,370,582
Class C		(3,905,558	)		(55,723,556	)
Class R		198,770			546,071
Class S		(1,029,152	)		21,581
Class Y		(687,544	)		1,160,206
Class R5		2,789			5,171
Class R6		448,175			-
Net increase (decrease) in net assets resulting from share transactions		(17,646,387	)		21,380,055
Net increase (decrease) in net assets		(97,577,944	)		111,344,565
Net assets:
Beginning of period		1,016,789,636			905,445,071
End of period	$	919,211,692		$	1,016,789,636

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

11                           Invesco Select Risk: Growth Investor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)(b)		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(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover(e)
Class A
Six months ended 06/30/20		$15.79		$0.06		$(1.31	)		$(1.25	)		$      –		$      –		$      –		$14.54		(7.92	)%		$807,632		0.48	%(f)		0.48	%(f)		0.79	%(f)	7%
Year ended 12/31/19		14.37		0.28		2.68			2.96			(0.22)		(1.32)		(1.54)		15.79		20.59			889,968		0.49			0.49			1.76		32
Year ended 12/31/18		16.05		0.20		(1.53	)		(1.33	)		(0.20)		(0.15)		(0.35)		14.37		(8.27	)		739,240		0.50			0.50			1.26		16
Year ended 12/31/17		14.12		0.20		2.02			2.22			(0.29)		–		(0.29)		16.05		15.77			844,780		0.55			0.55			1.32		14
Year ended 12/31/16		13.09		0.16		1.03			1.19			(0.16)		–		(0.16)		14.12		9.08			793,403		0.54			0.54			1.21		52
Year ended 12/31/15		13.95		0.16		(0.81	)		(0.65	)		(0.21)		–		(0.21)		13.09		(4.68	)		787,598		0.53			0.53			1.15		15
Class C
Six months ended 06/30/20		15.64		0.00		(1.29	)		(1.29	)		–		–		–		14.35		(8.25	)		63,161		1.23	(f)		1.23	(f)		0.04	(f)	7
Year ended 12/31/19		14.26		0.16		2.64			2.80			(0.10)		(1.32)		(1.42)		15.64		19.64			73,066		1.24			1.24			1.01		32
Year ended 12/31/18		15.91		0.08		(1.51	)		(1.43	)		(0.07)		(0.15)		(0.22)		14.26		(8.95	)		118,925		1.25			1.25			0.51		16
Year ended 12/31/17		14.00		0.09		1.99			2.08			(0.17)		–		(0.17)		15.91		14.86			147,229		1.30			1.30			0.57		14
Year ended 12/31/16		12.97		0.06		1.02			1.08			(0.05)		–		(0.05)		14.00		8.30			144,077		1.29			1.29			0.46		52
Year ended 12/31/15		13.81		0.06		(0.80	)		(0.74	)		(0.10)		–		(0.10)		12.97		(5.40	)		149,087		1.28			1.28			0.40		15
Class R
Six months ended 06/30/20		15.75		0.04		(1.30	)		(1.26	)		–		–		–		14.49		(8.00	)		19,238		0.73	(f)		0.73	(f)		0.54	(f)	7
Year ended 12/31/19		14.34		0.24		2.66			2.90			(0.17)		(1.32)		(1.49)		15.75		20.26			20,690		0.74			0.74			1.51		32
Year ended 12/31/18		16.01		0.16		(1.52	)		(1.36	)		(0.16)		(0.15)		(0.31)		14.34		(8.49	)		18,275		0.75			0.75			1.01		16
Year ended 12/31/17		14.09		0.16		2.01			2.17			(0.25)		–		(0.25)		16.01		15.43			21,598		0.80			0.80			1.07		14
Year ended 12/31/16		13.06		0.13		1.02			1.15			(0.12)		–		(0.12)		14.09		8.82			22,386		0.79			0.79			0.96		52
Year ended 12/31/15		13.91		0.12		(0.80	)		(0.68	)		(0.17)		–		(0.17)		13.06		(4.89	)		24,382		0.78			0.78			0.90		15
Class S
Six months ended 06/30/20		15.77		0.06		(1.30	)		(1.24	)		–		–		–		14.53		(7.86	)		20,006		0.38	(f)		0.38	(f)		0.89	(f)	7
Year ended 12/31/19		14.35		0.30		2.67			2.97			(0.23)		(1.32)		(1.55)		15.77		20.73			22,788		0.39			0.39			1.86		32
Year ended 12/31/18		16.03		0.22		(1.53	)		(1.31	)		(0.22)		(0.15)		(0.37)		14.35		(8.17	)		20,700		0.40			0.40			1.36		16
Year ended 12/31/17		14.10		0.22		2.02			2.24			(0.31)		–		(0.31)		16.03		15.90			25,358		0.45			0.45			1.42		14
Year ended 12/31/16		13.08		0.18		1.01			1.19			(0.17)		–		(0.17)		14.10		9.12			23,344		0.44			0.44			1.31		52
Year ended 12/31/15		13.93		0.17		(0.80	)		(0.63	)		(0.22)		–		(0.22)		13.08		(4.51	)		23,234		0.43			0.43			1.25		15
Class Y
Six months ended 06/30/20		15.74		0.07		(1.30	)		(1.23	)		–		–		–		14.51		(7.82	)		8,681		0.23	(f)		0.23	(f)		1.04	(f)	7
Year ended 12/31/19		14.33		0.32		2.67			2.99			(0.26)		(1.32)		(1.58)		15.74		20.86			10,233		0.24			0.24			2.01		32
Year ended 12/31/18		16.02		0.24		(1.54	)		(1.30	)		(0.24)		(0.15)		(0.39)		14.33		(8.08	)		8,271		0.25			0.25			1.51		16
Year ended 12/31/17		14.09		0.24		2.02			2.26			(0.33)		–		(0.33)		16.02		16.08			10,561		0.30			0.30			1.57		14
Year ended 12/31/16		13.06		0.20		1.02			1.22			(0.19)		–		(0.19)		14.09		9.38			6,816		0.29			0.29			1.46		52
Year ended 12/31/15		13.92		0.19		(0.81	)		(0.62	)		(0.24)		–		(0.24)		13.06		(4.43	)		5,657		0.28			0.28			1.40		15
Class R5
Six months ended 06/30/20		15.86		0.08		(1.32	)		(1.24	)		–		–		–		14.62		(7.82	)		33		0.15	(f)		0.15	(f)		1.12	(f)	7
Year ended 12/31/19		14.42		0.34		2.69			3.03			(0.27)		(1.32)		(1.59)		15.86		21.05			33		0.15			0.15			2.10		32
Year ended 12/31/18		16.12		0.26		(1.56	)		(1.30	)		(0.25)		(0.15)		(0.40)		14.42		(8.02	)		25		0.16			0.16			1.60		16
Year ended 12/31/17		14.17		0.26		2.04			2.30			(0.35)		–		(0.35)		16.12		16.26			25		0.19			0.19			1.68		14
Year ended 12/31/16		13.14		0.21		1.03			1.24			(0.21)		–		(0.21)		14.17		9.45			12		0.16			0.16			1.59		52
Year ended 12/31/15		14.00		0.22		(0.82	)		(0.60	)		(0.26)		–		(0.26)		13.14		(4.28	)		11		0.16			0.16			1.52		15
Class R6
Six months ended 06/30/20		15.85		0.08		(1.31	)		(1.23	)		–		–		–		14.62		(7.76	)		460		0.15	(f)		0.15	(f)		1.12	(f)	7
Year ended 12/31/19		14.42		0.34		2.68			3.02			(0.27)		(1.32)		(1.59)		15.85		20.98			11		0.15			0.15			2.10		32
Year ended 12/31/18		16.11		0.26		(1.55	)		(1.29	)		(0.25)		(0.15)		(0.40)		14.42		(7.96	)		10		0.16			0.16			1.60		16
Year ended 12/31/17(g)		14.84		0.19		1.43			1.62			(0.35)		–		(0.35)		16.11		10.94			11		0.20	(h)		0.20	(h)		1.67	(h)	14

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds 0.58%, 0.58%, 0.55%, 0.58%, 0.61%, and 0.69% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $798,466, $64,600, $18,894, $19,942, $8,993, $31 and $24 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

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

^(h) Annualized.

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

12                           Invesco Select Risk: Growth Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 consistent with a higher level of risk relative to the broad stock market.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Each Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, 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 S, 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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

13                           Invesco Select Risk: Growth Investor Fund

The Funds 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 of each Fund’s investments.

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. 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.

D. 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.

E. Expenses - Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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

14                           Invesco Select Risk: Growth Investor Fund

“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 June 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 S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, 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 S, 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, Class R and Class S 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, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $72,158 in front-end sales commissions from the sale of Class A shares and $4,487 and $765 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 June 30, 2020. 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
Affiliated Issuers	$	916,382,221	$	–		$–	$	916,382,221
Money Market Funds		3,803,117		670,065		–		4,473,182
Total Investments	$	920,185,338	$	670,065		$–	$	920,855,403

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,322.

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

15                           Invesco Select Risk: Growth Investor Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of December 31, 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 six months ended June 30, 2020 was $65,592,412 and $77,216,798, 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	$	100,430,281
Aggregate unrealized (depreciation) of investments		(40,932,470	)
Net unrealized appreciation of investments	$	59,497,811

Cost of investments for tax purposes is $861,357,592.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		4,502,419		$	62,524,407			5,178,347		$	83,577,866
Class C		575,429			7,949,564			796,933			12,605,734
Class R		119,029			1,677,732			193,300			3,093,701
Class S		18,695			261,974			36,271			576,043
Class Y		100,189			1,445,714			228,067			3,665,260
Class R5		197			2,825			215			3,504
Class R6		30,830			448,175			-			-
Issued as reinvestment of dividends:
Class A		-			-			4,862,997			76,689,471
Class C		-			-			384,112			6,003,711
Class R		-			-			112,924			1,777,379
Class S		-			-			130,194			2,050,560
Class Y		-			-			53,818			846,018
Class R5		-			-			110			1,731
Automatic conversion of Class C shares to Class A shares:
Class A		157,989			2,226,245			3,518,470			53,798,632
Class C		(159,809	)		(2,226,245	)		(3,547,915	)		(53,798,632	)

16                           Invesco Select Risk: Growth Investor Fund

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(5,470,433	)	$	(77,424,519	)		(8,642,558	)	$	(138,695,387	)
Class C		(684,488	)		(9,628,877	)		(1,301,818	)		(20,534,369	)
Class R		(104,389	)		(1,478,962	)		(267,380	)		(4,325,009	)
Class S		(86,583	)		(1,291,126	)		(163,732	)		(2,605,022	)
Class Y		(152,061	)		(2,133,258	)		(209,032	)		(3,351,072	)
Class R5		(2	)		(36	)		(4	)		(64	)
Net increase (decrease) in share activity		(1,152,988	)	$	(17,646,387	)		1,363,319		$	21,380,055

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                           Invesco Select Risk: Growth Investor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning     Account Value     (01/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value       (06/30/20)1	Expenses     Paid During       Period2	Ending     Account Value       (06/30/20)	Expenses     Paid During       Period2
Class A	$1,000.00	$920.80	$2.29	$1,022.48	$2.41		0.48	%
Class C	1,000.00	917.50	5.86	1,018.75	6.17		1.23
Class R	1,000.00	920.00	3.48	1,021.23	3.67		0.73
Class S	1,000.00	921.40	1.82	1,022.97	1.91		0.38
Class Y	1,000.00	921.80	1.10	1,023.72	1.16		0.23
Class R5	1,000.00	922.40	0.72	1,024.12	0.75		0.15
Class R6	1,000.00	922.40	0.72	1,024.12	0.75		0.15

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

18                           Invesco Select Risk: Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Growth Allocation Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted the impact of the performance of certain underlying funds on Fund performance, and noted specifically that the Fund’s allocation to U.S. equities and alternatives through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

19                           Invesco Select Risk: Growth Investor Fund

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

20                           Invesco Select Risk: Growth Investor Fund

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

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

∎  Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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.

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. GAL-SAR-1                                    

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Select Risk: High Growth Investor Fund
	Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Growth Investor Fund was renamed Invesco Select Risk: High Growth Investor Fund.
	Nasdaq: A: OAAIX ⬛ C: OCAIX ⬛ R: ONAIX ⬛ Y: OYAIX ⬛ R5: PXQIX ⬛ R6: PXGGX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett

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

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services

Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Andrew Schlossberg Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.inves-co.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Select Risk: High Growth Investor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	–8.71	%
Class C Shares	–9.04
Class R Shares	–8.84
Class Y Shares	–8.60
Class R5 Shares	–8.60
Class R6 Shares	–8.60
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)	3.90
MSCI All Country World Index▼ (Broad Market Index)	–6.25
Custom Invesco Select Risk: High Growth Investor Index∎ (Style-Specific Index)	–5.13
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.
The Custom Invesco Select Risk: High Growth Investor Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 90% MSCI All Country World Index and 10% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Select Risk: High Growth Investor Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	5.52	%
10 Years	8.01
5 Years	3.29
1 Year	–6.57
Class C Shares
Inception (4/5/05)	5.38	%
10 Years	7.82
5 Years	3.69
1 Year	–2.73
Class R Shares
Inception (4/5/05)	5.67	%
10 Years	8.36
5 Years	4.21
1 Year	–1.43
Class Y Shares
Inception (4/5/05)	6.27	%
10 Years	8.94
5 Years	4.72
1 Year	–0.92
Class R5 Shares
10 Years	8.66	%
5 Years	4.53
1 Year	–0.85
Class R6 Shares
10 Years	8.67	%
5 Years	4.54
1 Year	–0.85

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Growth investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: High Growth Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

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

4                     Invesco Select Risk: High Growth Investor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Select Risk: High Growth Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.03%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20
Alternative Funds–6.79%
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		1.78	%	$	16,670,686	$	–	$	(2,601,599	)	$	(552,493	)	$	(19,099	)	$	–		505,903	$	13,497,495
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		2.15	%		17,036,668		513,806		(999,924	)		(269,785	)		15,111			508,305		1,031,150		16,295,876
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		1.34	%		16,343,205		837,451		–			(7,009,099	)		–			837,451		2,493,029		10,171,557
Invesco Real Estate Fund, Class R6		1.52	%		–		13,523,857		(2,365,390	)		492,742			(105,983	)		56,004		661,997		11,545,226
Total Alternative Funds					50,050,559		14,875,114		(5,966,913	)		(7,338,635	)		(109,971	)		1,401,760				51,510,154
Domestic Equity Funds–34.19%
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		3.16	%		25,358,918		–		(3,371,750	)		1,809,060			203,821			–		838,869		24,000,049
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		4.94	%		43,772,364		–		(1,768,923	)		(4,548,929	)		80,837			–		2,656,430		37,535,349
Invesco Oppenheimer Value Fund, Class R6		12.70	%		123,482,379		884,118		(1,622,375	)		(26,374,411	)		23,826			884,118		4,162,070		96,393,537
Invesco Russell 1000 Dynamic Multifactor ETF		13.39	%		122,891,253		–		(6,797,616	)		(14,262,565	)		(222,160	)		758,806		3,416,574		101,608,912
Total Domestic Equity Funds					315,504,914		884,118		(13,560,664	)		(43,376,845	)		86,324			1,642,924				259,537,847
Fixed Income Funds–1.92%
Invesco Oppenheimer Master Loan Fund, Class R6		1.92	%		16,461,794		396,384		–			(2,300,125	)		–			396,334		983,393		14,558,053
Foreign Equity Funds–56.30%
Invesco Global Infrastructure Fund, Class R6		1.74	%		–		14,042,971		(993,172	)		160,004			(30,274	)		56,897		1,242,180		13,179,529
Invesco Oppenheimer Developing Markets Fund, Class R6		7.89	%		70,442,713		–		(4,303,748	)		(5,863,446	)		(401,123	)		–		1,438,597		59,874,396
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6(b)		5.49	%		44,889,665		–		(2,239,769	)		(1,312,072	)		348,857			–		3,769,139		41,686,681
Invesco Oppenheimer Global Fund, Class R6		16.94	%		139,599,639		–		(8,038,295	)		(2,647,915	)		(305,707	)		–		1,358,628		128,607,722
Invesco Oppenheimer Global Infrastructure Fund		–			17,204,747		–		(13,986,075	)		(1,877,427	)		(1,341,245	)		–		–		–
Invesco Oppenheimer International Equity Fund, Class R6		8.30	%		70,432,516		–		(2,834,271	)		(4,905,053	)		336,150			–		3,103,365		63,029,342
Invesco Oppenheimer International Growth Fund, Class R6		8.33	%		70,363,694		–		(4,635,807	)		(4,245,735	)		1,712,088			–		1,478,574		63,194,240
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		7.61	%		60,024,874		–		(1,020,822	)		(1,077,985	)		(169,886	)		–		1,227,288		57,756,181
Total Foreign Equity Funds					472,957,848		14,042,971		(38,051,959	)		(21,769,629	)		148,860			56,897				427,328,091
Real Estate Funds–0.00%
Invesco Oppenheimer Real Estate Fund, Class Y		–			16,746,972		396,204		(13,467,854	)		(972,117	)		(2,703,205	)		396,204		–		–
Money Market Funds–0.83%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		0.21	%		1,895,144		23,588,773		(23,903,759	)		–			–			3,614		1,580,158		1,580,158
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.38	%		–		6,602,856		(3,709,328	)		1,590			1,041			4,141		2,894,133		2,896,159
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		0.24	%		–		7,740,820		(5,934,925	)		–			–			799		1,805,895		1,805,895
Total Money Market Funds					1,895,144		37,932,449		(33,548,012	)		1,590			1,041			8,554				6,282,212
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $617,434,320)		100.03	%	$	873,617,231	$	68,527,240	$	(104,595,402	)	$	(75,755,761	)	$	(2,576,951	)	$	3,902,673			$	759,216,357
OTHER ASSETS LESS LIABILITIES		(0.03	)%																			(254,185	)
NET ASSETS		100.00	%																		$	758,962,172
Investment Abbreviations:
ETF - Exchange-Traded Fund

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

6                     Invesco Select Risk: High Growth Investor Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Equity Funds	90.47%
Alternative Funds	6.78
Fixed Income Funds	1.92
Money Market Funds	0.83

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

Open Futures Contracts
											Unrealized
	Number of	Expiration		Notional							Appreciation
Long Futures Contracts	Contracts	Month		Value			Value				(Depreciation)
Equity Risk
E-Mini S&P 500 Index	27		September-2020		$	4,171,770		$	37,880			$	37,880
MSCI Emerging Market Index	6		September-2020			295,710			1,129				1,129
Nikkei 225 Index	1		September-2020			206,251			(4,626	)			(4,626	)
S&P/TSX 60 Index	1		September-2020			136,785			2,380				2,380
SPI 200 Index	1		September-2020			101,652			999				999
Stoxx Europe 600 Index	28		September-2020			564,514			(4,008	)			(4,008	)
Total Futures Contracts								$	33,754			$	33,754

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

7                     Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $617,434,320)	$	759,216,357
Other investments:
Variation margin receivable – futures contracts		140,228
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		509,553
Cash		10,000
Receivable for:
Dividends - affiliated underlying funds		121,836
Fund shares sold		234,061
Investment for trustee deferred compensation and retirement plans		32,136
Other assets		126,285
Total assets		760,390,456
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		125,967
Dividends		6,237
Fund shares reacquired		636,317
Accrued fees to affiliates		545,937
Accrued trustees’ and officers’ fees and benefits		14,479
Accrued other operating expenses		67,211
Trustee deferred compensation and retirement plans		32,136
Total liabilities		1,428,284
Net assets applicable to shares outstanding	$	758,962,172
Net assets consist of:
Shares of beneficial interest	$	589,708,202
Distributable earnings		169,253,970
	$	758,962,172

Net Assets:
Class A	$	579,149,750
Class C	$	106,263,004
Class R	$	62,276,602
Class Y	$	11,255,389
Class R5	$	8,714
Class R6	$	8,713
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		40,055,626
Class C		7,600,303
Class R		4,315,389
Class Y		773,054
Class R5		602
Class R6		602
Class A:
Net asset value per share	$	14.46
Maximum offering price per share (Net asset value of $14.46 ÷ 94.50%)	$	15.30
Class C:
Net asset value and offering price per share	$	13.98
Class R:
Net asset value and offering price per share	$	14.43
Class Y:
Net asset value and offering price per share	$	14.56
Class R5:
Net asset value and offering price per share	$	14.48
Class R6:
Net asset value and offering price per share	$	14.47

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

8                     Invesco Select Risk: High Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds	$	3,902,673
Interest		77
Total investment income		3,902,750
Expenses:
Custodian fees		1,537
Distribution fees:
Class A		678,368
Class C		540,991
Class R		149,311
Transfer agent fees – A, C, R and Y		634,125
Transfer agent fees – R5		4
Transfer agent fees – R6		4
Trustees’ and officers’ fees and benefits		9,625
Registration and filing fees		64,048
Reports to shareholders		25,530
Professional services fees		14,990
Other		5,165
Total expenses		2,123,698
Less: Expenses reimbursed and/or expense offset arrangement(s)		(5,417	)
Net expenses		2,118,281
Net investment income		1,784,469
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(2,576,951	)
Foreign currencies		22
Futures contracts		(277,478	)
		(2,854,407	)
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(75,755,760	)
Foreign currencies		(3,004	)
Futures contracts		(15,956	)
		(75,774,720	)
Net realized and unrealized gain (loss)		(78,629,127	)
Net increase (decrease) in net assets resulting from operations	$	(76,844,658	)

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

9                     Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)

	Six Months Ended				Eleven Months Ended				Year Ended
	June 30, 2020				December 31, 2019				January 31, 2019
Operations:
Net investment income		$	1,784,469			$	8,217,918			$	4,011,259
Net realized gain (loss)			(2,854,407	)			98,670,211				108,725,324
Change in net unrealized appreciation (depreciation)			(75,774,720	)			24,008,478				(216,478,243	)
Net increase (decrease) in net assets resulting from operations			(76,844,658	)			130,896,607				(103,741,660	)
Distributions to shareholders from distributable earnings:
Class A			–				(105,145,540	)			(37,591,204	)
Class C			–				(20,148,306	)			(10,025,817	)
Class R			–				(10,453,509	)			(3,476,706	)
Class Y			–				(3,518,568	)			(1,467,025	)
Class R5			–				(1,846	)			–
Class R6			–				(1,852	)			–
Total distributions from distributable earnings			–				(139,269,621	)			(52,560,752	)
Share transactions-net:
Class A			(20,811,222	)			92,349,253				8,115,281
Class B(1)			–				–				(4,030,402	)
Class C			(9,661,750	)			(42,992,013	)			(10,943,268	)
Class R			1,345,949				11,201,132				6,877,354
Class Y			(8,667,174	)			313,809				(33,926	)
Class R5			–				10,000				–
Class R6			–				10,000				–
Net increase (decrease) in net assets resulting from share transactions			(37,794,197	)			60,892,181				(14,961	)
Net increase (decrease) in net assets			(114,638,855	)			52,519,167				(156,317,373	)
Net assets:
Beginning of period			873,601,027				821,081,860				977,399,233
End of period		$	758,962,172			$	873,601,027			$	821,081,860

⁽¹⁾ Effective June 1, 2018, all Class B shares converted to Class A shares.

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

10                     Invesco Select Risk: High Growth Investor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average  net assets  with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	15.84		$	0.04			$	(1.42	)		$	(1.38	)		$	–			$	–			$	–			$	14.46		(8.71	)%		$	579,150		0.44	%(f)		0.44	%(f)		0.60	%(f)		4	%
Eleven months ended 12/31/19			16.13			0.19				2.53				2.72				(0.18	)			(2.83	)			(3.01	)			15.84		16.94				657,555		0.46	(g)		0.46	(g)		1.21	(g)		31
Year ended 01/31/19			19.46			0.11				(2.31	)			(2.20	)			(0.18	)			(0.95	)			(1.13	)			16.13		(10.71	)			574,046		0.45			0.45			0.62			38
Year ended 01/31/18			15.59			0.07				4.24				4.31				(0.27	)			(0.17	)			(0.44	)			19.46		27.83				674,845		0.46			0.47			0.42			8
Year ended 01/31/17			13.99			0.14				1.74				1.88				(0.16	)			(0.12	)			(0.28	)			15.59		13.52				537,926		0.48			0.48			0.93			6
Year ended 01/31/16(h)			14.87			0.07				(0.76	)			(0.69	)			(0.19	)			–				(0.19	)			13.99		(4.78	)			492,539		0.48			0.48			0.45			8
Year ended 01/31/ 15(h)			14.28			0.11				0.60				0.71				(0.12	)			–				(0.12	)			14.87		4.99				513,521		0.48			0.48			0.72			10
Class C
Six months ended 06/30/20			15.37			(0.01	)			(1.38	)			(1.39	)			–				–				–				13.98		(9.04	)			106,263		1.20	(f)		1.20	(f)		(0.16	)(f)		4
Eleven months ended 12/31/19			15.71			0.07				2.46				2.53				(0.04	)			(2.83	)			(2.87	)			15.37		16.16				127,666		1.22	(g)		1.22	(g)		0.45	(g)		31
Year ended 01/31/19			18.96			(0.02	)			(2.24	)			(2.26	)			(0.04	)			(0.95	)			(0.99	)			15.71		(11.39	)			169,142		1.20			1.20			(0.13	)		38
Year ended 01/31/18			15.21			(0.06	)			4.12				4.06				(0.14	)			(0.17	)			(0.31	)			18.96		26.83				212,996		1.21			1.22			(0.36	)		8
Year ended 01/31/17			13.65			0.02				1.71				1.73				(0.05	)			0.12				(0.17	)			15.21		12.71				180,365		1.23			1.23			0.16			6
Year ended 01/31/16(h)			14.52			(0.05	)			(0.75	)			(0.80	)			(0.07	)			–				(0.07	)			13.65		(5.51	)			172,605		1.23			1.23			(0.31	)		8
Year ended 01/31/15(h)			13.94			–				0.59				0.59				(0.01	)			–				(0.01	)			14.52		4.22				186,923		1.22			1.22			(0.02	)		10
Class R
Six months ended 06/30/20			15.83			0.02				(1.42	)			(1.40	)			–				–				–				14.43		(8.84	)			62,277		0.70	(f)		0.70	(f)		0.34	(f)		4
Eleven months ended 12/31/19			16.11			0.15				2.53				2.68				(0.13	)			(2.83	)			(2.96	)			15.83		16.72				66,628		0.72	(g)		0.72	(g)		0.96	(g)		31
Year ended 01/31/19			19.44			0.07				(2.31	)			(2.24	)			(0.14	)			(0.95	)			(1.09	)			16.11		(10.97	)			56,312		0.70			0.70			0.37			38
Year ended 01/31/18			15.59			0.04				4.21				4.25				(0.23	)			(0.17	)			(0.40	)			19.44		27.44				59,559		0.71			0.72			0.22			8
Year ended 01/31/17			13.98			0.10				1.75				1.85				(0.12	)			(0.12	)			(0.24	)			15.59		13.31				45,222		0.73			0.73			0.68			6
Year ended 01/31/16(h)			14.86			0.03				(0.77	)			(0.74	)			(0.14	)			–				(0.14	)			13.98		(5.02	)			41,159		0.73			0.73			0.19			8
Year ended 01/31/15(h)			14.25			0.06				0.62				0.68				(0.07	)			–				(0.07	)			14.86		4.77				49,122		0.73			0.73			0.43			10
Class Y
Six months ended 06/30/20			15.93			0.06				(1.43	)			(1.37	)			–				–				–				14.56		(8.60	)			11,255		0.20	(f)		0.20	(f)		0.84	(f)		4
Eleven months ended 12/31/19			16.20			0.23				2.55				2.78				(0.22	)			(2.83	)			(3.05	)			15.93		17.24				21,733		0.22	(g)		0.22	(g)		1.46	(g)		31
Year ended 01/31/19			19.55			0.16				(2.33	)			(2.17	)			(0.23	)			(0.95	)			(1.18	)			16.20		(10.50	)			21,582		0.21			0.21			0.87			38
Year ended 01/31/18			15.67			0.13				4.23				4.36				(0.31	)			(0.17	)			(0.48	)			19.55		28.04				25,773		0.22			0.23			0.72			8
Year ended 01/31/17			14.05			0.18				1.76				1.94				(0.20	)			(0.12	)			(0.32	)			15.67		13.88				19,517		0.23			0.23			1.18			6
Year ended 01/31/16(h)			14.94			0.11				(0.77	)			(0.66	)			(0.23	)			–				(0.23	)			14.05		(4.53	)			20,784		0.23			0.23			0.71			8
Year ended 01/31/15(h)			14.34			0.15				0.60				0.75				(0.15	)			–				(0.15	)			14.94		5.24				20,573		0.23			0.23			1.00			10
Class R5
Six months ended 06/30/20			15.82			0.06				(1.40	)			(1.34	)			–				–				–				14.48		(8.47	)			9		0.13	(f)		0.13	(f)		0.91	(f)		4
Period ended 12/31/19(i)			16.60			0.16				2.12				2.28				(0.23	)			(2.83	)			(3.06	)			15.82		13.83				10		0.14	(g)		0.14	(g)		1.53	(g)		31
Class R6
Six months ended 06/30/20			15.82			0.07				(1.42	)			(1.35	)			–				–				–				14.47		(8.53	)			9		0.10	(f)		0.12	(f)		0.94	(f)		4
Period ended 12/31/19(i)			16.60			0.17				2.12				2.29				(0.24	)			(2.83	)			(3.07	)			15.82		13.90				10		0.10	(g)		0.10	(g)		1.58	(g)		31

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.69% for the six months ended June 30, 2020.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71%, 0.70%, 0.70%, 0.68% and 0.69% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $573,362, $108,793, $60,052, $14,875, $8 and $8 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾  Commencement date after the close of business on May 24, 2019.

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

11                     Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: High Growth Investor Fund, formerly Invesco Oppenheimer Portfolio Series Growth Invesco Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek total return.

    The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

    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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

    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”).

    Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

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

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

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

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

    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for

12                     Invesco Select Risk: High Growth Investor Fund

revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

    The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. 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.

D. 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.

E. Expenses - Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

    Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

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

I. 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.

J. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or

13                     Invesco Select Risk: High Growth Investor Fund

delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

L. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

    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 May 31, 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 (including estimated Acquired Fund Fees and Expenses of 0.69% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.15% and 0.10%, 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, 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 May 31, 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. 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.

    For the six months ended June 30, 2020, the Adviser reimbursed class level expenses of $1 of Class R6 shares.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $85,257 in front-end sales commissions from the sale of Class A shares and $461 and $3,129 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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.

14                     Invesco Select Risk: High Growth Investor Fund

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

    The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Affiliated Issuers	$	752,934,145			$–		$–	$	752,934,145
Money Market Funds		6,282,212			–		–		6,282,212
Total Investments in Securities		759,216,357			–		–		759,216,357
Other Investments - Assets*
Futures Contracts		42,388			–		–		42,388
Other Investments - Liabilities*
Futures Contracts		(8,634	)		–		–		(8,634	)
Total Other Investments		33,754			–		–		33,754
Total Investments	$	759,250,111			$–		$–	$	759,250,111

* Unrealized appreciation (depreciation).

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 June 30, 2020:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	42,388
Derivatives not subject to master netting agreements		(42,388	)
Total Derivative Assets subject to master netting agreements	$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(8,634	)
Derivatives not subject to master netting agreements		8,634
Total Derivative Liabilities subject to master netting agreements	$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

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
	Equity Risk
Realized Gain (Loss):
Futures contracts		$(277,478)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(15,956)
Total		$(293,434)

15                     Invesco Select Risk: High Growth Investor Fund

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

	Futures
	Contracts
Average notional value	$	5,270,725

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,416.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $30,594,791 and $71,047,731, 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	$	148,952,391
Aggregate unrealized (depreciation) of investments		(11,603,309	)
Net unrealized appreciation of investments	$	137,349,082

    Cost of investments for tax purposes is $ 621,901,029.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended              June 30, 2020					Eleven Months Ended           December 31, 2019				Year ended         January 31, 2019
	Shares			Amount		Shares		Amount		Shares		Amount
Sold:
Class A		2,130,649		$	29,730,423		3,077,676	$	52,885,914		3,382,506	$	60,652,621
Class B(a)		-			-		-		-		1,300		23,534
Class C		715,846			9,718,785		897,611		14,924,690		1,208,629		20,887,085
Class R		504,949			6,990,122		827,790		14,163,435		934,269		16,635,893
Class Y		162,551			2,308,774		258,427		4,422,149		320,289		5,876,474
Class R5(b)		-			-		602		10,000		-		-
Class R6(b)		-			-		602		10,000		-		-
Issued as reinvestment of dividends:
Class A		(2,345	)		-		6,639,492		104,704,791		2,546,191		37,352,617
Class C		74			1,141		1,312,389		20,092,675		698,214		9,991,408
Class R		2,373			37,409		657,923		10,368,872		231,695		3,398,976
Class Y		-			-		221,428		3,511,844		99,331		1,464,129

16                     Invesco Select Risk: High Growth Investor Fund

	Summary of Share Activity
	Six months ended              June 30, 2020						Eleven Months Ended           December 31, 2019						Year ended         January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		324,375		$	4,555,947			2,457,872		$	42,305,287			-		$	-
Class C		(334,874	)		(4,555,947	)		(2,530,402	)		(42,305,287	)		-			-
Reacquired:
Class A		(3,914,177	)		(55,097,592	)		(6,255,775	)		(107,546,739	)		(5,011,396	)		(89,889,957	)
Class B(a)		-			-			-			-			(221,037	)		(4,053,936	)
Class C		(1,085,614	)		(14,825,729	)		(2,139,298	)		(35,704,091	)		(2,374,231	)		(41,821,761	)
Class R		(401,774	)		(5,681,582	)		(770,638	)		(13,331,175	)		(734,930	)		(13,157,515	)
Class Y		(753,785	)		(10,975,948	)		(447,600	)		(7,620,184	)		(405,596	)		(7,374,529	)
Net increase (decrease) in share activity		(2,651,752	)	$	(37,794,197	)		4,208,099		$	60,892,181			675,234		$	(14,961	)

^(a)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                     Invesco Select Risk: High Growth Investor 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 distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

    In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$912.90	$2.09	$1,022.68	$2.21		0.44	%
Class C	1,000.00	909.60	5.70	1,018.90	6.02		1.20
Class R	1,000.00	911.60	3.33	1,021.38	3.52		0.70
Class Y	1,000.00	914.00	0.95	1,023.87	1.01		0.20
Class R5	1,000.00	914.00	0.62	1,024.22	0.65		0.13
Class R6	1,000.00	914.00	0.48	1,024.37	0.50		0.10

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

18                     Invesco Select Risk: High Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: High Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory. B. Fund Investment Performance

    The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the one and three year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to alternative asset classes, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in

19                     Invesco Select Risk: High Growth Investor Fund

providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

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

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

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

    The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

20                     Invesco Select Risk: High Growth Investor Fund

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

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

^∎  Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.                 O-OPSGI-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Select Risk: Moderate Investor Fund
	Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Moderate Investor Fund was renamed Invesco Select Risk: Moderate Investor Fund.
	Nasdaq:
	A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Fund Expenses
21	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders
Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services.
Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                           Invesco Select Risk: Moderate Investor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.23%
Class C Shares	-5.68
Class R Shares	-5.35
Class S Shares*	-5.14
Class Y Shares	-5.11
Class R5 Shares	-5.06
Class R6 Shares	-5.06
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)	3.90
MSCI All Country World Index▼ (Broad Market Index)	-6.25
Custom Invesco Select Risk: Moderate Investor Index∎ (Style-Specific Index)	-1.49
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
*Class S shares incepted May 15, 2020,. See page 4 for more information.
The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Bond Index Hedged. The composition of the index may change based on the Fund’s target asset allocation.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                           Invesco Select Risk: Moderate Investor Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/05/05)	3.38	%
10 Years	6.22
5 Years	3.16
1 Year	-5.02
Class C Shares
Inception (4/05/05)	3.23	%
10 Years	6.02
5 Years	3.55
1 Year	-1.16
Class R Shares
Inception (4/05/05)	3.49	%
10 Years	6.56
5 Years	4.09
1 Year	0.26
Class S Shares
10 Years	6.83	%
5 Years	4.36
1 Year	0.62
Class Y Shares
Inception (4/05/05)	4.06	%
10 Years	7.09
5 Years	4.60
1 Year	0.75
Class R5 Shares
10 Years	6.86	%
5 Years	4.42
1 Year	0.83
Class R6 Shares
10 Years	6.87	%
5 Years	4.43
1 Year	0.87

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Moderate investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: Moderate Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class S shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s and predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R5 shares incepted on May 24, 2019. Performance shown is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

4                           Invesco Select Risk: Moderate Investor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                           Invesco Select Risk: Moderate Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.93%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–8.48%
Invesco Balanced-Risk Allocation Fund, Class R6		1.42	%	$	-	$	28,935,930	$	-		$	456,364		$	-		$	-		2,901,510	$	29,392,294
Invesco Global Real Estate Income Fund, Class R6		0.93	%		-		21,270,309		-			(1,991,075	)		(8	)		138,364		2,533,407		19,279,226
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		1.50	%		32,163,622		-		-			(1,128,340	)		-			-		1,163,241		31,035,282
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		2.72	%		55,314,313		1,714,759		-			(823,652	)		-			1,695,789		3,556,495		56,205,420
Invesco Oppenheimer Real Estate Fund, Class Y		-			34,546,135		765,600		(28,349,115	)		(10,686,421	)		3,723,801			765,600		-		-
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		0.80	%		26,531,391		1,359,510		-			(11,378,499	)		-			1,359,510		4,047,157		16,512,402
Invesco Real Estate Fund, Class R6		1.11	%		-		26,135,877		(3,979,903	)		980,681			(158,700	)		111,462		1,317,543		22,977,955
Total Alternative Funds					148,555,461		80,181,985		(32,329,018	)		(24,570,942	)		3,565,093			4,070,725				175,402,579
Domestic Equity Funds–31.86%
Invesco All Cap Market Neutral Fund, Class R6(b)		0.67	%		-		18,491,836		-			(4,712,071	)		(6	)		-		2,153,088		13,779,759
Invesco American Franchise Fund, Class R6(b)		1.45	%		-		8,163,886		-			21,930,958			(8	)		-		1,176,499		30,094,836
Invesco Comstock Fund, Class R6		1.61	%		-		29,888,221		-			3,316,211			(1	)		207,184		1,690,653		33,204,431
Invesco Diversified Dividend Fund, Class R6		2.18	%		-		29,934,432		-			15,261,926			(15	)		345,654		2,598,985		45,196,343
Invesco Equally-Weighted S&P 500 Fund, Class R6		2.81	%		-		48,423,572		-			9,690,980			(51	)		-		1,012,977		58,114,501
Invesco Long/Short Equity Fund, Class R6(b)		0.54	%		-		17,459,418		-			(6,299,152	)		(3	)		-		1,724,925		11,160,263
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6(b)		1.99	%		45,124,049		-		(7,528,603	)		2,939,739			585,229			-		1,437,274		41,120,414
Invesco Oppenheimer Main Street Small Cap Fund, Class R6(b)		2.54	%		58,951,677		-		-			(6,330,879	)		1			-		3,724,048		52,620,799
Invesco Oppenheimer Value Fund, Class R6		6.21	%		165,225,581		1,177,325		(2,994,468	)		(35,140,716	)		93,514			1,177,325		5,542,368		128,361,236
Invesco Russell 1000 Dynamic Multifactor ETF		6.89	%		165,162,130		-		(4,071,118	)		(18,746,887	)		172,661			1,065,007		4,792,091		142,516,786
Invesco S&P 500® Pure Growth ETF		2.89	%		-		53,740,484		-			5,963,859			-			76,626		461,073		59,704,343
Invesco S&P MidCap Low Volatility ETF		0.63	%		-		10,621,496		-			2,375,093			-			88,165		314,079		12,996,589
Invesco S&P SmallCap Low Volatility ETF		0.42	%		-		11,163,996		-			(2,371,773	)		-			42,188		259,664		8,792,223
Invesco Small Cap Equity Fund, Class R6(b)		0.69	%		-		11,642,130		-			2,659,144			-			-		1,073,669		14,301,274
Invesco Small Cap Value Fund, Class R6(b)		0.34	%		-		8,218,327		-			(1,102,784	)		-			-		625,267		7,115,543
Total Domestic Equity Funds					434,463,437		248,925,123		(14,594,189	)		(10,566,352	)		851,321			3,002,149				659,079,340

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

6                           Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.93%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Fixed Income Funds–31.37%
Invesco Core Plus Bond Fund, Class R6		3.06	%	$	-	$	57,572,221	$	-		$	5,680,612		$	-		$	323,007		5,543,631	$	63,252,833
Invesco Emerging Markets Sovereign Debt ETF		0.48	%		-		10,158,552		-			(245,828	)		-			83,081		370,154		9,912,724
Invesco Floating Rate Fund, Class R6		1.01	%		-		22,664,262		-			(1,748,502	)		-			150,244		3,098,631		20,915,760
Invesco High Yield Fund, Class R6		1.04	%		-		20,568,309		-			952,415			-			249,916		5,848,023		21,520,724
Invesco Income Fund, Class R6		1.64	%		-		31,945,194		-			1,900,364			-			295,468		4,655,510		33,845,558
Invesco Oppenheimer Emerging Markets Local Debt Fund, Class R6		0.49	%		-		10,856,496		-			(678,862	)		-			46,352		1,558,596		10,177,634
Invesco Oppenheimer International Bond Fund, Class R6		5.93	%		130,802,159		2,597,274		(3,045,066	)		(7,234,144	)		(510,442	)		2,634,462		23,309,844		122,609,781
Invesco Oppenheimer Limited-Term Government Fund		-			74,283,585		641,068		(76,620,910	)		2,171,517			(475,260	)		779,873		-		-
Invesco Oppenheimer Master Inflation Protected Securities Fund		-			32,986,038		169,581		(34,604,437	)		(5,866,790	)		7,315,608			188,649		-		-
Invesco Oppenheimer Master Loan Fund, Class R6		2.61	%		61,083,231		1,470,822		-			(8,534,861	)		-			122,833		3,648,984		54,019,192
Invesco Oppenheimer Total Return Bond Fund, Class R6		8.08	%		187,004,350		2,318,775		(21,736,362	)		(953,200	)		622,544			358,022		22,725,015		167,256,107
Invesco Quality Income Fund, Class R5		0.97	%		-		20,004,656		-			21,453			-			137,765		1,681,453		20,026,109
Invesco Quality Income Fund, Class R6		3.17	%		-		65,320,364		-			208,733			-			330,566		5,497,408		65,529,097
Invesco Short Duration Inflation Protected Fund, Class R6		0.97	%		-		19,746,233		-			284,943			-			49,478		1,907,731		20,031,176
Invesco Short Term Bond Fund, Class R6		0.99	%		-		20,283,679		-			244,899			(3	)		91,904		2,389,823		20,528,575
Invesco Taxable Municipal Bond ETF		0.93	%		-		17,676,065		-			1,503,718			-			108,184		582,795		19,179,783
Total Fixed Income Funds					486,159,363		303,993,551		(136,006,775	)		(12,293,533	)		6,952,447			5,949,804				648,805,053
Foreign Equity Funds-28.17%
Invesco Developing Markets Fund, Class R6		0.25	%		-		4,248,437		-			1,027,222			(7	)		-		152,124		5,275,652
Invesco Global Infrastructure Fund, Class R6		1.14	%		-		24,921,348		(1,489,752	)		287,404			(45,411	)		102,201		2,231,252		23,673,589
Invesco International Growth Fund, Class R6		1.59	%		-		25,707,124		-			7,102,541			-			-		1,088,937		32,809,665
Invesco International Select Equity Fund, Class R6		1.52	%		-		27,874,255		-			3,558,207			-			-		2,691,135		31,432,462
Invesco Low Volatility Emerging Markets Fund, Class R6		0.24	%		-		6,052,121		-			(1,062,774	)		(3	)		-		903,867		4,989,344
Invesco Oppenheimer Developing Markets Fund, Class R6		3.68	%		83,322,488		-		-			(7,255,785	)		-			-		1,827,648		76,066,703
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6(b)		1.23	%		26,102,901		-		-			(576,987	)		-			-		2,307,949		25,525,914
Invesco Oppenheimer Global Fund, Class R6		6.88	%		148,431,689		-		(3,775,934	)		(2,582,966	)		200,708			-		1,502,995		142,273,497
Invesco Oppenheimer Global Infrastructure Fund		-			30,530,881		-		(24,819,147	)		(3,951,952	)		(1,759,782	)		-		-		-
Invesco Oppenheimer International Equity Fund, Class R6		3.69	%		81,373,862		-		-			(5,142,177	)		-			-		3,753,406		76,231,685
Invesco Oppenheimer International Growth Fund, Class R6		3.90	%		83,473,002		-		-			(2,830,250	)		-			-		1,886,822		80,642,752
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.36	%		49,638,797		-		-			(901,047	)		-			-		1,035,651		48,737,750
Invesco RAFI™ Strategic Developed ex-US ETF		1.69	%		-		38,101,529		-			(3,090,755	)		-			202,469		1,607,791		35,010,774
Total Foreign Equity Funds					502,873,620		126,904,814		(30,084,833	)		(15,419,319	)		(1,604,495	)		304,670				582,669,787

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

7                           Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.93%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)		-		$	6,007,491	$	27,881,750	$	(33,836,662	)	$	-		$	-	$	11,463		52,579	$	52,579
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)		0.05	%		-		9,212,332		(8,243,894	)		475			3,241		5,300		971,473		972,154
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)		-			-		11,559,144		(11,499,054	)		-			-		1,034		60,090		60,090
Total Money Market Funds					6,007,491		48,653,226		(53,579,610	)		475			3,241		17,797				1,084,823
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,870,853,002)		99.93	%	$	1,578,059,372	$	808,658,699	$	(266,594,425	)	$	(62,849,671	)	$	9,767,607	$	13,345,145			$	2,067,041,582
OTHER ASSETS LESS LIABILITIES		0.07	%																		1,517,696
NET ASSETS		100.00	%																	$	2,068,559,278

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b) Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Equity Funds	60.08	%
Fixed Income Funds	31.39
Alternative Funds	8.48
Money Market Funds	0.05

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		45		September-2020	$	6,952,950	$	63,134		$	63,134
MSCI Emerging Market Index		6		September-2020		295,710		1,128			1,128
Nikkei 225 Index		1		September-2020		206,251		(4,626	)		(4,626	)
S&P/TSX 60 Index		1		September-2020		136,785		2,380			2,380
SPI 200 Index		1		September-2020		101,652		999			999
Stoxx Europe 600 Index		23		September-2020		463,708		(3,292	)		(3,292	)
Subtotal								59,723			59,723

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

8                           Invesco Select Risk: Moderate Investor Fund

Open Futures Contracts–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		69		September-2020	$	7,817,899	$	(17,896	)	$	(17,896	)
Euro OAT		92		September-2020		17,328,632		268,574			268,574
Euro-BTP		83		September-2020		13,416,877		218,045			218,045
Euro-BUND		49		September-2020		9,717,687		162,324			162,324
Japanese Bonds, 10 yr.		45		September-2020		63,327,159		(8,510	)		(8,510	)
Long Gilt		111		September-2020		18,931,028		65,847			65,847
Subtotal								688,384			688,384
Total Futures Contracts							$	748,107		$	748,107

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

9                           Invesco Select Risk: Moderate Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $1,870,853,002)	$2,067,041,582
Other investments:
Variation margin receivable – futures contracts	344,380
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	2,700,739
Cash	27,774
Receivable for:
Fund shares sold	747,989
Dividends - affiliated underlying funds	2,343,524
Investment for trustee deferred compensation and retirement plans	190,298
Other assets	133,481
Total assets	2,073,529,767
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds	1,983,663
Dividends	43
Fund shares reacquired	1,164,711
Accrued fees to affiliates	1,213,028
Accrued trustees’ and officers’ fees and benefits	24,572
Accrued other operating expenses	381,418
Trustee deferred compensation and retirement plans	203,054
Total liabilities	4,970,489
Net assets applicable to shares outstanding	$2,068,559,278
Net assets consist of:
Shares of beneficial interest	$1,892,224,754
Distributable earnings	176,334,524
	$2,068,559,278

Net Assets:
Class A	$	1,599,627,225
Class C	$	286,544,089
Class R	$	132,645,225
Class S	$	23,864,532
Class Y	$	24,656,780
Class R5	$	22,077
Class R6	$	1,199,350
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		145,680,136
Class C		26,773,929
Class R		12,184,439
Class S		2,171,485
Class Y		2,228,726
Class R5		2,009
Class R6		109,095
Class A:
Net asset value per share	$	10.98
Maximum offering price per share (Net asset value of $10.98 ÷ 94.50%)	$	11.62
Class C:
Net asset value and offering price per share	$	10.70
Class R:
Net asset value and offering price per share	$	10.89
Class S:
Net asset value and offering price per share	$	10.99
Class Y:
Net asset value and offering price per share	$	11.06
Class R5:
Net asset value and offering price per share	$	10.99
Class R6:
Net asset value and offering price per share	$	10.99

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

10                           Invesco Select Risk: Moderate Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds	$	13,345,145
Interest		7,321
Total investment income		13,352,466
Expenses:
Custodian fees		3,627
Distribution fees:
Class A		1,359,390
Class C		1,255,700
Class R		304,182
Class S		4,270
Transfer agent fees - A, C, R, S and Y		1,128,925
Transfer agent fees - R5		6
Transfer agent fees - R6		23
Trustees’ and officers’ fees and benefits		12,282
Registration and filing fees		67,030
Reports to shareholders		44,149
Professional services fees		18,305
Other		8,789
Total expenses		4,206,678
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(556,720	)
Net expenses		3,649,958
Net investment income		9,702,508
Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares		9,767,607
Foreign currencies		33
Futures contracts		957,429
		10,725,069
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(62,849,671	)
Foreign currencies		(58,441	)
Futures contracts		1,481,511
		(61,426,601	)
Net realized and unrealized gain (loss)		(50,701,532	)
Net increase (decrease) in net assets resulting from operations	$	(40,999,024	)

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

11                           Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)

	Six Months Ended June 30, 2020			Eleven Months Ended December 31, 2019			Year Ended January 31, 2019
Operations:
Net investment income	$	9,702,508		$	25,195,616		$	22,680,800
Net realized gain		10,725,069			97,577,472			77,973,283
Change in net unrealized appreciation (depreciation)		(61,426,601	)		66,624,855			(182,545,894	)
Net increase (decrease) in net assets resulting from operations		(40,999,024	)		189,397,943			(81,927,811	)
Distributions to shareholders from distributable earnings:
Class A		(30,614,756	)		(113,072,823	)		(29,193,711	)
Class C		(7,085,456	)		(25,373,404	)		(7,444,350	)
Class R		(3,504,159	)		(12,538,267	)		(2,967,500	)
Class Y		(478,483	)		(1,817,824	)		(429,520	)
Class R5		(272	)		(1,106	)		–
Class R6		(273	)		(1,111	)		–
Total distributions from distributable earnings		(41,683,399	)		(152,804,535	)		(40,035,081	)
Share transactions–net:
Class A		497,637,480			95,794,166			(48,223,970	)
Class B		–			–			(6,160,529	)
Class C		33,066,125			(96,796,919	)		(21,711,027	)
Class R		10,873,467			12,286,885			1,510,659
Class S		22,154,500			–			–
Class Y		7,082,296			2,391,626			(844,964	)
Class R5		12,020			10,000			–
Class R6		1,178,886			10,000			–
Net increase (decrease) in net assets resulting from share transactions		572,004,774			13,695,758			(75,429,831	)
Net increase (decrease) in net assets		489,322,351			50,289,166			(197,392,723	)
Net assets:
Beginning of period		1,579,236,927			1,528,947,761			1,726,340,484
End of period	$	2,068,559,278		$	1,579,236,927		$	1,528,947,761

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

12                           Invesco Select Risk: Moderate Investor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(d)			Ratio of net investment income to average net assets			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$11.96		$0.07		$(0.72)		$(0.65)		$       –		$(0.33)		$(0.33)		$10.98		(5.23	)%		$1,599,627		0.32	%(f)		0.39	%(f)		1.36	%(f)		7	%
Eleven months ended 12/31/19		11.72		0.22		1.32		1.54		(0.36)		(0.94)		(1.30)		11.96		13.13			1,156,291		0.40	(g)		0.47	(g)		1.95	(g)		16
Year ended 01/31/19		12.66		0.20		(0.80)		(0.60)		(0.21)		(0.13)		(0.34)		11.72		(4.59	)		1,037,833		0.41			0.48			1.61			40
Year ended 01/31/18		11.06		0.14		1.69		1.83		(0.23)		–		(0.23)		12.66		16.59			1,169,055		0.41			0.49			1.20			6
Year ended 01/31/17		10.13		0.18		0.93		1.11		(0.18)		–		(0.18)		11.06		10.95			1,050,230		0.44			0.51			1.63			7
Year ended 01/31/16(h)		10.66		0.12		(0.57)		(0.45)		(0.08)		–		(0.08)		10.13		(4.24	)		965,539		0.43			0.50			1.15			5
Year ended 01/31/15(h)		10.23		0.14		0.54		0.68		(0.25)		–		(0.25)		10.66		6.67			989,811		0.43			0.50			1.34			14
Class C
Six months ended 06/30/20		11.72		0.03		(0.72)		(0.69)		–		(0.33)		(0.33)		10.70		(5.68	)		286,544		1.09	(f)		1.16	(f)		0.59	(f)		7
Eleven months ended 12/31/19		11.49		0.13		1.29		1.42		(0.25)		(0.94)		(1.19)		11.72		12.44			273,048		1.16	(g)		1.23	(g)		1.19	(g)		16
Year ended 01/31/19		12.41		0.10		(0.78)		(0.68)		(0.11)		(0.13)		(0.24)		11.49		(5.33	)		358,746		1.17			1.24			0.86			40
Year ended 01/31/18		10.85		0.05		1.65		1.70		(0.14)		–		(0.14)		12.41		15.69			409,418		1.16			1.25			0.43			6
Year ended 01/31/17		9.94		0.09		0.91		1.00		(0.09)		–		(0.09)		10.85		10.12			383,848		1.19			1.26			0.87			7
Year ended 01/31/16(h)		10.46		0.04		(0.56)		(0.52)		(0.00)		–		(0.00)		9.94		(4.96	)		370,818		1.18			1.25			0.42			5
Year ended 01/31/15(h)		10.04		0.06		0.54		0.60		(0.18)		–		(0.18)		10.46		5.93			388,409		1.18			1.25			0.57			14
Class R
Six months ended 06/30/20		11.88		0.06		(0.72)		(0.66)		–		(0.33)		(0.33)		10.89		(5.35	)		132,645		0.59	(f)		0.66	(f)		1.09	(f)		7
Eleven months ended 12/31/19		11.65		0.19		1.30		1.49		(0.32)		(0.94)		(1.26)		11.88		12.84			131,445		0.66	(g)		0.73	(g)		1.69	(g)		16
Year ended 01/31/19		12.59		0.16		(0.79)		(0.63)		(0.18)		(0.13)		(0.31)		11.65		(4.86	)		116,637		0.66			0.73			1.36			40
Year ended 01/31/18		11.00		0.11		1.68		1.79		(0.20)		–		(0.20)		12.59		16.33			123,884		0.66			0.74			0.96			6
Year ended 01/31/17		10.08		0.15		0.92		1.07		(0.15)		–		(0.15)		11.00		10.64			105,976		0.69			0.76			1.38			7
Year ended 01/31/16(h)		10.60		0.10		(0.57)		(0.47)		(0.05)		–		(0.05)		10.08		(4.45	)		92,429		0.69			0.76			0.97			5
Year ended 01/31/15(h)		10.17		0.11		0.54		0.65		(0.22)		–		(0.22)		10.60		6.40			106,271		0.68			0.75			1.02			14
Class S
Period ended 06/30/20(i)		10.46		0.09		0.44		0.53		–		–		–		10.99		5.07			23,865		0.24	(f)		0.31	(f)		1.44	(f)		7
Class Y
Six months ended 06/30/20		12.03		0.09		(0.73)		(0.64)		–		(0.33)		(0.33)		11.06		(5.11	)		24,657		0.09	(f)		0.16	(f)		1.59	(f)		7
Eleven months ended 12/31/19		11.78		0.25		1.32		1.57		(0.38)		(0.94)		(1.32)		12.03		13.39			18,433		0.16	(g)		0.23	(g)		2.19	(g)		16
Year ended 01/31/19		12.73		0.23		(0.82)		(0.59)		(0.23)		(0.13)		(0.36)		11.78		(4.41	)		15,732		0.17			0.24			1.85			40
Year ended 01/31/18		11.12		0.20		1.67		1.87		(0.26)		–		(0.26)		12.73		16.91			17,618		0.17			0.25			1.63			6
Year ended 01/31/17		10.19		0.21		0.92		1.13		(0.20)		–		(0.20)		11.12		11.16			9,343		0.19			0.26			1.94			7
Year ended 01/31/16(h)		10.72		0.17		(0.59)		(0.42)		(0.11)		–		(0.11)		10.19		(3.97	)		9,499		0.19			0.26			1.61			5
Year ended 01/31/15(h)		10.28		0.15		0.57		0.72		(0.28)		–		(0.28)		10.72		6.95			9,678		0.19			0.25			1.41			14
Class R5
Six months ended 06/30/20		11.95		0.09		(0.72)		(0.63)		–		(0.33)		(0.33)		10.99		(5.06	)		22		0.04	(f)		0.11	(f)		1.64	(f)		7
Period ended 12/31/19(j)		12.03		0.17		1.08		1.25		(0.39)		(0.94)		(1.33)		11.95		10.45			10		0.09	(g)		0.16	(g)		2.26	(g)		16
Class R6
Six months ended 06/30/20		11.95		0.07		(0.70)		(0.63)		–		(0.33)		(0.33)		10.99		(5.06	)		1,199		0.04	(f)		0.11	(f)		1.64	(f)		7
Period ended 12/31/19(j)		12.03		0.18		1.08		1.26		(0.40)		(0.94)		(1.34)		11.95		10.49			10		0.04	(g)		0.11	(g)		2.31	(g)		16

^(a)  Calculated using average shares outstanding.

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

^(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.60% for the six months ended June 30, 2020.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57%, 0.58%, 0.59%, 0.57% and 0.58% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Moderate Allocation Fund into the Fund.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,177,254, $252,520, $122,341, $23,679, $18,747, $12 and $51 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾  Commencement date of May 15, 2020.

^(j)  Commencement date after the close of business on May 24, 2019.

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

13                           Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderate Investor Fund, formerly Invesco Oppenheimer Portfolio Series Moderate Investor Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek total return.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, 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 S, 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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

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

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

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

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

14                           Invesco Select Risk: Moderate Investor Fund

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. 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.

D. 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.

E. Expenses - Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

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

I. 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.

15                           Invesco Select Risk: Moderate Investor Fund

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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 May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (including estimated Acquired Fund Fees and Expenses of 0.60% and excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.23%, 0.72%, 0.37%, 0.22%, 0.17% and 0.12%, respectively, of the Fund’s average daily net assets (the “expense limits”). In addition, Invesco has contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.07%, as calculated on the daily net assets of the Fund. 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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 six months ended June 30, 2020, the Adviser reimbursed class level expenses of $409,824, $87,866, $42,576, $1,993, $6,525, $4 and $18 of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, 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 S, 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, Class R and Class S 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, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $129,143 in front-end sales commissions from the sale of Class A shares and $2,946 and $6,122 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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.

16                           Invesco Select Risk: Moderate Investor Fund

Level 2 -

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

Level 3 -

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

As of June 30, 2020, 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.

	Level 1			Level 2	Level 3	Total
Investments in Securities
Affiliated Issuers		$2,065,956,759		$-	$-		$  2,065,956,759
Money Market Funds		1,084,823		-	-		1,084,823
Total Investments in Securities		2,067,041,582		-	-		2,067,041,582
Other Investments - Assets*
Futures Contracts		782,431		-	-		782,431
Other Investments - Liabilities*
Futures Contracts		(34,324	)	-	-		(34,324	)
Total Other Investments		748,107		-	-		748,107
Total Investments		$2,067,789,689		$-	$-		$2,067,789,689

*   Unrealized appreciation (depreciation).

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 June 30, 2020:

	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	67,641		$	714,790		$	782,431
Derivatives not subject to master netting agreements		(67,641	)		(714,790	)		(782,431	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

^(a)   The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(7,918	)	$	(26,406	)	$	(34,324	)
Derivatives not subject to master netting agreements		7,918			26,406			34,324
Total Derivative Liabilities subject to master netting agreements	$	-		$	-		$	-

^(a)   The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

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
	Equity     Risk			Interest     Rate Risk		Total
Realized Gain (Loss):
Futures contracts	$	(304,464	)	$	1,261,893	$	957,429
Change in Net Unrealized Appreciation (Depreciation): Futures contracts		(19,378	)		1,500,889		1,481,511
Total	$	(323,842	)	$	2,762,782	$	2,438,940

17                           Invesco Select Risk: Moderate Investor Fund

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

	Futures Contracts
Average notional value	$	137,991,091

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,914.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $97,242,114 and $157,526,526, 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	$	210,914,512
Aggregate unrealized (depreciation) of investments		(55,243,905	)
Net unrealized appreciation of investments	$	155,670,607
Cost of investments for tax purposes is $1,912,119,082.

NOTE 10–Share Information

					Summary of Share Activity
	Six months ended June 30, 2020(a)				Eleven Months Ended December 31, 2019				Year ended January 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		6,420,944	$	70,519,531		8,511,960	$	105,164,554		8,290,291	$	100,348,444
Class B(b)		-		-		-		-		789		9,766
Class C		1,697,176		18,073,688		3,203,096		38,620,780		4,171,781		49,343,633
Class R		1,074,304		11,634,840		2,058,677		25,223,351		2,550,765		30,646,424
Class S(c)		8,467		92,649		-		-		-		-
Class Y		339,044		3,678,332		585,437		7,289,202		601,002		7,164,319
Class R5(d)		-		-		831		10,000		-		-
Class R6(d)		96,831		1,062,250		831		10,000		-		-

18                           Invesco Select Risk: Moderate Investor Fund

							Summary of Share Activity
	Six months ended June 30, 2020(a)						Eleven Months Ended December 31, 2019						Year ended January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		2,962,547		$	30,070,208			9,412,776		$	112,200,369			2,624,370		$	28,763,097
Class C		709,171			7,020,805			2,164,056			25,254,533			689,202			7,415,802
Class R		346,851			3,492,766			1,030,071			12,196,037			261,334			2,845,923
Class Y		44,228			452,013			150,804			1,808,141			38,944			429,166
Issued in connection with acquisitions:(e)
Class A		50,447,810			514,365,956			-			-			-			-
Class C		5,131,231			51,047,872			-			-			-			-
Class R		1,408,979			14,251,643			-			-			-			-
Class S(c)		2,184,197			22,270,081			-			-			-			-
Class Y		777,850			7,986,783			-			-			-			-
Class R5(d)		1,178			12,020			-			-			-			-
Class R6(d)		11,444			116,719			-			-			-			-
Reacquired:
Class A		(10,810,775	)		(117,318,215	)		(15,402,663	)		(190,680,965	)		(15,165,229	)		(183,496,040	)
Class B(b)		-			-			-			-			(501,184	)		(6,170,295	)
Class C		(4,070,193	)		(43,076,240	)		(7,581,591	)		(91,562,024	)		(6,622,556	)		(78,470,462	)
Class R		(1,707,935	)		(18,505,782	)		(2,042,217	)		(25,132,503	)		(2,638,778	)		(31,981,688	)
Class S(c)		(21,179	)		(208,230	)		-			-			-			-
Class Y		(464,129	)		(5,034,832	)		(539,813	)		(6,705,717	)		(688,378	)		(8,438,449	)
Class R6(d)		(11	)		(83	)		-			-			-			-
Net increase (decrease) in share activity		56,588,030		$	572,004,774			1,422,722		$	13,695,758			(5,887,252	)	$	(75,429,831	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% 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)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)  Commencement date of May 15, 2020.

^(d)  Commencement date after the close of business on May 24, 2019.

^(e)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Moderate Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 59,962,690 shares of the Fund for 55,694,016 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $610,051,073, including $12,599,533 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,330,094,502 and $1,940,145,574 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	11,881,442
Net realized/unrealized gains (losses)		(146,538,878	)
Change in net assets resulting from operations	$	(134,657,436	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

19                           Invesco Select Risk: Moderate Investor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (01/01/20)	Ending       Account Value       (06/30/20)1	Expenses       Paid During       Period2	Ending       Account Value       (06/30/20)	Expenses       Paid During       Period2	Annualized     Expense     Ratio
Class A	$1,000.00	$947.70	$1.55	$1,023.27	$1.61	0.32%
Class C	1,000.00	943.20	5.27	1,019.44	5.47	1.09
Class R	1,000.00	946.50	2.86	1,021.93	2.97	0.59
Class S	1,000.00	1,077.40	0.30	1,023.67	1.21	0.24
Class Y	1,000.00	948.90	0.44	1,024.42	0.45	0.09
Class R5	1,000.00	949.40	0.19	1,024.66	0.20	0.04
Class R6	1,000.00	949.40	0.19	1,024.66	0.20	0.04

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

20                           Invesco Select Risk: Moderate Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderate Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer Portfolio Series Moderate Investor Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement

21                           Invesco Select Risk: Moderate Investor Fund

of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The

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

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

22                           Invesco Select Risk: Moderate Investor Fund

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

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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.

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc.                          O-OPSMI-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Select Risk: Moderately Conservative Investor Fund
	Effective May 15, 2020, Invesco Conservative Allocation Fund was renamed Invesco Select Risk: Moderately Conservative Investor Fund. Nasdaq:
	A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely, Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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, Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                               Invesco Select Risk: Moderately Conservative Investor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-3.08	%
Class C Shares	-3.40
Class R Shares	-3.13
Class S Shares	-2.94
Class Y Shares	-2.88
Class R5 Shares	-2.93
Class R6 Shares	-2.85
Bloomberg Barclays Global Aggregate Bond Index, Hedged▼ (Broad Market Index)*	3.90
MSCI All Country World Index▼ (Broad Market Index)*	-6.25
S&P 500 Index▼ (Former Broad Market Index)*	-3.08
Custom Invesco Select Risk: Moderately Conservative Investor Index∎ (Style-Specific Index)	0.15
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
*The Fund has changed its broad market benchmark from the S&P 500 Index to the Bloomberg Barclays Global Aggregate Bond Index, Hedged and the MSCI All Country World Index, which it believes are more appropriate measures of the Fund’s performance. The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.     The MSCI All Country World Index (net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Custom Invesco Select Risk: Moderately Conservative Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 40% MSCI All Country World Index and 60% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                               Invesco Select Risk: Moderately Conservative Investor Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (4/29/05)	3.85	%
10 Years	4.59
5 Years	2.15
1 Year	-4.80
Class C Shares
Inception (4/29/05)	3.75	%
10 Years	4.39
5 Years	2.53
1 Year	-0.95
Class R Shares
Inception (4/29/05)	3.98	%
10 Years	4.93
5 Years	3.06
1 Year	0.51
Class S Shares
10 Years	5.29	%
5 Years	3.42
1 Year	0.87
Class Y Shares
Inception (10/3/08)	5.33	%
10 Years	5.43
5 Years	3.58
1 Year	1.02
Class R5 Shares
Inception (4/29/05)	4.53	%
10 Years	5.48
5 Years	3.60
1 Year	1.06
Class R6 Shares
10 Years	5.28	%
5 Years	3.51
1 Year	1.06

Class S shares incepted on June 3, 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.

    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 S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

4                               Invesco Select Risk: Moderately Conservative Investor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                               Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers-100.07%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20
Alternative Funds-9.58%
Invesco Balanced-Risk Allocation Fund, Class R6		3.43	%	$	10,741,520	$	434,468	$	–		$	(480,289	)        $		–		$	–			1,055,844	$	10,695,699
Invesco Global Real Estate Income Fund, Class R6		3.00	%		9,065,070		1,988,727		(401,522	)		(1,209,531	)		(75,606	)		142,228			1,230,898		9,367,138
Invesco Global Targeted Returns Fund, Class R6		3.15	%		10,575,368		1,060,073		(1,652,011	)		(37,952	)		(109,078	)		–			1,047,540		9,836,400
Total Alternative Funds					30,381,958		3,483,268		(2,053,533	)		(1,727,772	)		(184,684	)		142,228					29,899,237
Domestic Equity Funds-27.10%
Invesco American Franchise Fund, Class R6(b)		2.75	%		7,997,510		823,938		(1,214,511	)		899,340			77,380			–			335,561		8,583,657
Invesco Diversified Dividend Fund, Class R6		5.56	%		17,352,035		2,659,973		–			(2,656,533	)		–			257,237			998,015		17,355,475
Invesco Equally-Weighted S&P 500 Fund, Class R6		6.86	%		20,603,996		4,279,667		(1,825,177	)		(1,503,518	)		(142,305	)		–			373,238		21,412,663
Invesco Growth and Income Fund, Class R6		4.66	%		14,218,219		3,742,196		(658,671	)		(2,590,683	)		(169,914	)		186,500			780,523		14,541,147
Invesco S&P 500® Pure Growth ETF		5.83	%		17,341,349		2,897,613		(2,856,759	)		792,857			33,047			66,934			140,614		18,208,107
Invesco S&P MidCap Low Volatility ETF(c)		1.44	%		4,599,840		935,223		–			(1,022,036	)		–			69,809			109,063		4,513,027
Total Domestic Equity Funds					82,112,949		15,338,610		(6,555,118	)		(6,080,573	)		(201,792	)		580,480					84,614,076
Fixed Income Funds-55.35%
Invesco Core Plus Bond Fund, Class R6		16.57	%		51,852,777		3,146,188		(5,152,210	)		1,955,726			(63,778	)		796,710			4,534,505		51,738,703
Invesco Emerging Markets Sovereign Debt ETF(c)		2.31	%		6,946,626		1,230,739		(487,471	)		(379,116	)		(94,987	)		183,232			269,447		7,215,791
Invesco Floating Rate Fund, Class R6		3.81	%		12,284,464		605,549		–			(999,205	)		–			286,939			1,761,601		11,890,808
Invesco High Yield Fund, Class R6		7.57	%		23,214,707		2,873,047		(205,300	)		(2,234,845	)		(4,282	)		727,907			6,424,817		23,643,327
Invesco Oppenheimer Emerging Markets Local Debt Fund, Class R6		2.25	%		7,058,735		460,720		–			(482,793	)		–			146,687			1,077,590		7,036,662
Invesco Quality Income Fund, Class R5		5.55	%		18,349,222		1,480,582		(2,909,956	)		365,059			53,467			360,947			1,455,783		17,338,374
Invesco Short Duration Inflation Protected Fund, Class R6		3.95	%		12,816,927		1,217,401		(1,855,015	)		202,159			(60,670	)		98,743			1,173,410		12,320,802
Invesco Short Term Bond Fund, Class R6		5.69	%		18,142,424		2,135,478		(2,449,322	)		14,501			(85,089	)		(252,326	)		2,067,287		17,757,992
Invesco Taxable Municipal Bond ETF Invesco Variable Rate Investment		4.15	%		12,719,464		2,057,678		(2,635,600	)		733,684			92,959			228,345			394,050		12,968,185
Grade ETF		3.50	%		10,511,205		1,510,447		(967,563	)		(28,785	)		(115,396	)		121,514			443,312		10,909,908
Total Fixed Income Funds					173,896,551		16,717,829		(16,662,437	)		(853,615	)		(277,776	)		2,698,698					172,820,552
Foreign Equity Funds-7.48%
Invesco International Growth Fund, Class R6		2.95	%		8,796,781		1,363,784		(511,850	)		(412,134	)		(41,514	)		–			305,180		9,195,067
Invesco RAFI™ Strategic Developed ex-US ETF		4.53	%		13,281,358		3,014,997		–			(2,141,453	)		–			196,817			650,032		14,154,902
Total Foreign Equity Funds					22,078,139		4,378,781		(511,850	)		(2,553,587	)		(41,514	)		196,817					23,349,969
Money Market Funds-0.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(d)		0.18	%		671,427		9,842,414		(9,937,336	)		–			–			2,085			576,505		576,505
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(d)		0.17	%		594,136		7,311,535		(7,386,859	)		111			262			2,484			518,822		519,185
Invesco Treasury Portfolio,
Institutional Class, 0.08%(d)		0.21	%		767,345		11,248,473		(11,356,955	)		–			–			2,244			658,863		658,863
Total Money Market Funds					2,032,908		28,402,422		(28,681,150	)		111			262			6,813					1,754,553
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $294,846,558)		100.07	%		310,502,505		68,320,910		(54,464,088	)		(11,215,436	)		(705,504	)		3,625,036					312,438,387

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

6                               Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers-100.07%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.06%
Invesco Liquid Assets Portfolio, Institutional Class		–		$	–	$	14,149,202	$	(14,147,848	)	$	–		$	(1,354	)	$	4,535		–	$	–
Invesco Government & Agency Portfolio, Institutional Class		–			–		45,576,270		(45,576,270	)		–			–			10,526		–		–
Invesco Private Government Fund, 0.05%(d)(e)		0.80	%		–		19,370,910		(16,877,398	)		–			–			103		2,493,512		2,493,512
Invesco Private Prime Fund, 0.11%(d)(e)		0.26	%		–		3,012,772		(2,181,733	)		–			132			27		831,004		831,171
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,324,683)		1.06	%		–		82,109,154		(78,783,249	)		–			(1,222	)		15,191				3,324,683
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $298,171,241)		101.13	%	$	310,502,505	$	150,430,064	$	(133,247,337	)	$	(11,215,436	)	$	(706,726	)	$	3,640,227			$	315,763,070
OTHER ASSETS LESS LIABILITIES		(1.13	)%																			(3,529,554	)
NET ASSETS		100.00	%																		$	312,233,516

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)  All or a portion of this security was out on loan at June 30, 2020.

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(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 1H.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020

Fixed Income Funds	54.73	%
Equity Funds	34.19
Alternative Funds	9.47
Money Market Funds	1.61

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

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

7                               Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $298,171,241)*	$315,763,070
Receivable for:
Fund shares sold	102,290
Dividends - affiliated underlying funds	442,231
Investment for trustee deferred compensation and retirement plans	88,005
Other assets	81,314
Total assets	316,476,910
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds	415,652
Fund shares reacquired	185,175
Collateral upon return of securities loaned	3,324,683
Accrued fees to affiliates	163,124
Accrued trustees’ and officers’ fees and benefits	1,298
Accrued other operating expenses	57,137
Trustee deferred compensation and retirement plans	96,325
Total liabilities	4,243,394
Net assets applicable to shares outstanding	$312,233,516
Net assets consist of:
Shares of beneficial interest	$298,177,242
Distributable earnings	14,056,274
	$312,233,516

Net Assets:
Class A	$259,079,270
Class C	$  30,144,375
Class R	$    6,958,788
Class S	$    1,786,452
Class Y	$  14,244,105
Class R5	$         10,477
Class R6	$         10,049
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	23,567,572
Class C	2,772,075
Class R	635,630
Class S	162,287
Class Y	1,297,334
Class R5	949
Class R6	910
Class A:
Net asset value per share	$           10.99
Maximum offering price per share (Net asset value of $10.99 ÷ 94.50%)	$           11.63
Class C:
Net asset value and offering price per share	$           10.87
Class R:
Net asset value and offering price per share	$           10.95
Class S:
Net asset value and offering price per share	$           11.01
Class Y:
Net asset value and offering price per share	$           10.98
Class R5:
Net asset value and offering price per share	$           11.04
Class R6:
Net asset value and offering price per share	$           11.04

* At June 30, 2020, securities with an aggregate value of $3,251,643 were on loan to brokers.

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

8                      Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $15,191)	$	3,640,227
Expenses:
Administrative services fees		21,225
Custodian fees		1,752
Distribution fees:
Class A		312,597
Class C		153,107
Class R		17,596
Class S		1,310
Transfer agent fees – A, C, R, S and Y		199,533
Transfer agent fees – R5		5
Transfer agent fees – R6		5
Trustees’ and officers’ fees and benefits		7,562
Registration and filing fees		41,301
Reports to shareholders		22,672
Professional services fees		16,578
Other		10,276
Total expenses		805,519
Less: Expense offset arrangement(s)		(906	)
Net expenses		804,613
Net investment income		2,835,614
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(706,858	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(11,215,436	)
Net realized and unrealized gain (loss)		(11,922,294	)
Net increase (decrease) in net assets resulting from operations	$	(9,086,680	)

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

9                      Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)

	June 30, 2020				December 31, 2019
Operations:
Net investment income		$	2,835,614			$	8,640,444
Net realized gain (loss)			(706,858	)			10,797,034
Change in net unrealized appreciation (depreciation)			(11,215,436	)			19,685,915
Net increase (decrease) in net assets resulting from operations			(9,086,680	)			39,123,393
Distributions to shareholders from distributable earnings:
Class A			(2,784,787	)			(15,739,764	)
Class C			(225,923	)			(1,798,827	)
Class R			(70,726	)			(470,227	)
Class S			(20,070	)			(118,320	)
Class Y			(165,851	)			(623,354	)
Class R5			(127	)			(735	)
Class R6			(120	)			(681	)
Total distributions from distributable earnings			(3,267,604	)			(18,751,908	)
Share transactions-net:
Class A			12,117,703				31,401,541
Class C			(1,687,141	)			(26,851,515	)
Class R			(514,822	)			(188,658	)
Class S			(15,570	)			(70,180	)
Class Y			4,569,671				2,634,664
Class R6			316				–
Net increase in net assets resulting from share transactions			14,470,157				6,925,852
Net increase in net assets			2,115,873				27,297,337
Net assets:
Beginning of period			310,117,643				282,820,306
End of period		$	312,233,516			$	310,117,643

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

10                      Invesco Select Risk: Moderately Conservative Investor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)(b)			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 (c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets(b)			Portfolio turnover (e)
Class A
Six months ended 06/30/20		$	11.47		$	0.11		$	(0.47	)		$	(0.36	)		$	(0.12	)		$	–			$	(0.12	)		$	10.99		(3.08	)%		$	259,079		0.46	%(f)		0.46	%(f)		1.96	%(f)		8	%
Year ended 12/31/19			10.68			0.35			1.18				1.53				(0.35	)			(0.39	)			(0.74	)			11.47		14.39				257,703		0.48			0.48			3.01			28
Year ended 12/31/18			11.63			0.28			(0.80	)			(0.52	)			(0.28	)			(0.15	)			(0.43	)			10.68		(4.50	)			210,248		0.50			0.50			2.43			23
Year ended 12/31/17			11.13			0.24			0.63				0.87				(0.34	)			(0.03	)			(0.37	)			11.63		7.87				233,998		0.53			0.53			2.11			11
Year ended 12/31/16			10.70			0.23			0.47				0.70				(0.22	)			(0.05	)			(0.27	)			11.13		6.63				239,626		0.50			0.50			2.16			45
Year ended 12/31/15			11.34			0.26			(0.60	)			(0.34	)			(0.30	)			–				(0.30	)			10.70		(3.07	)			246,518		0.51			0.51			2.24			12
Class C
Six months ended 06/30/20			11.34			0.06			(0.45	)			(0.39	)			(0.08	)			–				(0.08	)			10.87		(3.40	)			30,144		1.21	(f)		1.21	(f)		1.21	(f)		8
Year ended 12/31/19			10.57			0.26			1.16				1.42				(0.26	)			(0.39	)			(0.65	)			11.34		13.45				33,282		1.23			1.23			2.26			28
Year ended 12/31/18			11.51			0.19			(0.79	)			(0.60	)			(0.19	)			(0.15	)			(0.34	)			10.57		(5.21	)			57,060		1.25			1.25			1.68			23
Year ended 12/31/17			11.02			0.16			0.61				0.77				(0.25	)			(0.03	)			(0.28	)			11.51		7.02				69,800		1.28			1.28			1.36			11
Year ended 12/31/16			10.59			0.15			0.47				0.62				(0.14	)			(0.05	)			(0.19	)			11.02		5.88				70,906		1.25			1.25			1.41			45
Year ended 12/31/15			11.23			0.17			(0.60	)			(0.43	)			(0.21	)			–				(0.21	)			10.59		(3.86	)			73,617		1.26			1.26			1.49			12
Class R
Six months ended 06/30/20			11.42			0.09			(0.45	)			(0.36	)			(0.11	)			–				(0.11	)			10.95		(3.13	)			6,959		0.71	(f)		0.71	(f)		1.71	(f)		8
Year ended 12/31/19			10.64			0.32			1.17				1.49				(0.32	)			(0.39	)			(0.71	)			11.42		14.05				7,777		0.73			0.73			2.76			28
Year ended 12/31/18			11.58			0.25			(0.79	)			(0.54	)			(0.25	)			(0.15	)			(0.40	)			10.64		(4.68	)			7,410		0.75			0.75			2.18			23
Year ended 12/31/17			11.09			0.21			0.62				0.83				(0.31	)			(0.03	)			(0.34	)			11.58		7.52				8,359		0.78			0.78			1.86			11
Year ended 12/31/16			10.66			0.21			0.47				0.68				(0.20	)			(0.05	)			(0.25	)			11.09		6.38				9,534		0.75			0.75			1.91			45
Year ended 12/31/15			11.30			0.23			(0.60	)			(0.37	)			(0.27	)			–				(0.27	)			10.66		(3.34	)			10,448		0.76			0.76			1.99			12
Class S
Six months ended 06/30/20			11.48			0.11			(0.46	)			(0.35	)			(0.12	)			–				(0.12	)			11.01		(2.94	)			1,786		0.36	(f)		0.36	(f)		2.06	(f)		8
Year ended 12/31/19			10.70			0.36			1.17				1.53				(0.36	)			(0.39	)			(0.75	)			11.48		14.39				1,877		0.38			0.38			3.11			28
Year ended 12/31/18			11.64			0.29			(0.79	)			(0.50	)			(0.29	)			(0.15	)			(0.44	)			10.70		(4.31	)			1,814		0.40			0.40			2.53			23
Year ended 12/31/17			11.14			0.26			0.62				0.88				(0.35	)			(0.03	)			(0.38	)			11.64		7.97				2,106		0.43			0.43			2.21			11
Year ended 12/31/16			10.71			0.25			0.46				0.71				(0.23	)			(0.05	)			(0.28	)			11.14		6.73				2,162		0.40			0.40			2.26			45
Year ended 12/31/15			11.36			0.26			(0.60	)			(0.34	)			(0.31	)			–				(0.31	)			10.71		(3.05	)			2,226		0.41			0.41			2.34			12
Class Y
Six months ended 06/30/20			11.45			0.12			(0.46	)			(0.34	)			(0.13	)			–				(0.13	)			10.98		(2.88	)			14,244		0.21	(f)		0.21	(f)		2.21	(f)		8
Year ended 12/31/19			10.67			0.37			1.18				1.55				(0.38	)			(0.39	)			(0.77	)			11.45		14.59				9,457		0.23			0.23			3.26			28
Year ended 12/31/18			11.62			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.67		(4.27	)			6,268		0.25			0.25			2.68			23
Year ended 12/31/17			11.12			0.27			0.63				0.90				(0.37	)			(0.03	)			(0.40	)			11.62		8.15				6,232		0.28			0.28			2.36			11
Year ended 12/31/16			10.69			0.26			0.47				0.73				(0.25	)			(0.05	)			(0.30	)			11.12		6.90				4,767		0.25			0.25			2.41			45
Year ended 12/31/15			11.33			0.28			(0.60	)			(0.32	)			(0.32	)			–				(0.32	)			10.69		(2.83	)			4,498		0.26			0.26			2.49			12
Class R5
Six months ended 06/30/20			11.52			0.12			(0.47	)			(0.35	)			(0.13	)			–				(0.13	)			11.04		(2.93	)			10		0.18	(f)		0.18	(f)		2.24	(f)		8
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				11		0.19			0.20			3.30			28
Year ended 12/31/18			11.68			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.18	)			10		0.21			0.21			2.72			23
Year ended 12/31/17			11.18			0.28			0.62				0.90				(0.37	)			(0.03	)			(0.40	)			11.68		8.16				11		0.24			0.24			2.40			11
Year ended 12/31/16			10.74			0.27			0.48				0.75				(0.26	)			(0.05	)			(0.31	)			11.18		7.03				14		0.20			0.20			2.46			45
Year ended 12/31/15			11.40			0.29			(0.62	)			(0.33	)			(0.33	)			–				(0.33	)			10.74		(2.92	)			13		0.20			0.20			2.55			12
Class R6
Six months ended 06/30/20			11.52			0.12			(0.47	)			(0.35	)			(0.13	)			–				(0.13	)			11.04		(2.93	)			10		0.18	(f)		0.18	(f)		2.24	(f)		8
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				10		0.19			0.20			3.30			28
Year ended 12/31/18			11.67			0.31			(0.79	)			(0.48	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.10	)			9		0.21			0.21			2.72			23
Year ended 12/31/17(g)			11.40			0.21			0.40				0.61				(0.31	)			(0.03	)			(0.34	)			11.67		5.38				10		0.24	(h)		0.24	(h)		2.40	(h)		11

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds 0.51%, 0.51%, 0.53%, 0.53%, 0.55% and 0.63% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $251,506, $30,792, $7,079, $1,757, $11,554, $10 and $10 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

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

^(h) Annualized.

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

11                               Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderately Conservative Investor Fund, formerly Invesco Conservative Allocation Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 total return consistent with a lower level of risk relative to the broad stock market.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Each Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, 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 S, 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 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 of 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. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

12                               Invesco Select Risk: Moderately Conservative Investor Fund

The Funds 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 of each Fund’s investments.

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

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

C. Distributions – Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from 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.

D. 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.

E. Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. 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. 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.

F. 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.

G. 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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

13                               Invesco Select Risk: Moderately Conservative Investor Fund

“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 June 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 S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, 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, 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $20,422 in front-end sales commissions from the sale of Class A shares and $9,671 and $1,417 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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
Affiliated Issuers		$	310,683,834		$	–		$	–		$	310,683,834
Money Market Funds			1,754,553			3,324,683			–			5,079,236
Total Investments		$	312,438,387		$	3,324,683		$	–		$	315,763,070

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $906.

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

14                      Invesco Select Risk: Moderately Conservative Investor Fund

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of December 31, 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 six months ended June 30, 2020 was $39,918,487 and $25,233,117, 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	$	18,131,141
Aggregate unrealized (depreciation) of investments		(6,775,865	)
Net unrealized appreciation of investments	$	11,355,276

Cost of investments for tax purposes is $304,407,794.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended              June 30, 2020(a)						Year ended           December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		4,512,288		$	48,665,333			3,647,941		$	42,214,594
Class C		527,547			5,602,751			787,692			8,977,542
Class R		82,670			895,866			203,322			2,333,044
Class S		470			5,100			4,052			46,992
Class Y		736,457			7,371,521			871,556			9,962,084
Class R6		33			356			-			-
Issued as reinvestment of dividends:
Class A		244,550			2,543,712			1,274,839			14,610,530
Class C		20,738			212,463			151,745			1,721,123
Class R		6,787			70,226			40,539			463,185
Class S		1,927			20,070			10,285			118,133
Class Y		15,215			158,304			51,860			594,040
Automatic conversion of Class C shares to Class A shares:
Class A		116,531			1,264,553			2,390,182			26,453,324
Class C		(117,858	)		(1,264,553	)		(2,416,618	)		(26,453,324	)

15                               Invesco Select Risk: Moderately Conservative Investor Fund

	Summary of Share Activity
	Six months ended              June 30, 2020(a)						Year ended           December 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(3,780,239	)	$	(40,355,895	)		(4,517,172	)	$	(51,876,907	)
Class C		(592,390	)		(6,237,802	)		(984,631	)		(11,096,856	)
Class R		(134,747	)		(1,480,914	)		(259,143	)		(2,984,887	)
Class S		(3,624	)		(40,740	)		(20,392	)		(235,305	)
Class Y		(280,022	)		(2,960,154	)		(685,014	)		(7,921,460	)
Class R6		(3	)		(40	)		-			-
Net increase (decrease) in share activity		1,356,330		$	14,470,157			551,043		$	6,925,852

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                               Invesco Select Risk: Moderately Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$969.20	$2.25	$1,022.58	$2.31	0.46%
Class C	1,000.00	966.00	5.91	1,018.85	6.07	1.21
Class R	1,000.00	968.70	3.48	1,021.33	3.57	0.71
Class S	1,000.00	970.60	1.76	1,023.07	1.81	0.36
Class Y	1,000.00	971.20	1.03	1,023.82	1.06	0.21
Class R5	1,000.00	970.70	0.88	1,023.97	0.91	0.18
Class R6	1,000.00	971.50	0.88	1,023.97	0.91	0.18

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

17                               Invesco Select Risk: Moderately Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderately Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Conservative Allocation Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary

18                               Invesco Select Risk: Moderately Conservative Investor Fund

to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are

provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

19                      Invesco Select Risk: Moderately Conservative Investor Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.  

SEC file numbers: 811-02699 and 002-57526                        Invesco Distributors, Inc.                                                                                     CAL-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Oppenheimer International Diversified Fund
	Nasdaq:
	A: OIDAX ∎ C: OIDCX ∎ R: OIDNX ∎ Y: OIDYX ∎ R5: INDFX ∎ R6: OIDIX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

    Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer International Diversified Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-5.15	%
Class C Shares	-5.55
Class R Shares	-5.28
Class Y Shares	-5.04
Class R5 Shares	-5.04
Class R6 Shares	-4.97
MSCI ACWI ex USA Indexq	-11.00
Source(s): qRIMES Technologies Corp.
The MSCI ACWI ex USA® Index (Net) is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Oppenheimer International Diversified Fund

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (9/27/05)	5.67	%
10 Years	6.80
5 Years	3.80
1 Year	-3.66
Class C Shares
Inception (9/27/05)	5.53	%
10 Years	6.60
5 Years	4.19
1 Year	0.13
Class R Shares
Inception (9/27/05)	5.77	%
10 Years	7.12
5 Years	4.72
1 Year	1.66
Class Y Shares
Inception (9/27/05)	6.39	%
10 Years	7.68
5 Years	5.26
1 Year	2.18
Class R5 Shares
10 Years	7.45	%
5 Years	5.07
1 Year	2.25
Class R6 Shares
Inception (8/28/12)	7.86	%
5 Years	5.43
1 Year	2.34

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer International Diversified Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer International Diversified Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                     Invesco Oppenheimer International Diversified Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

5                     Invesco Oppenheimer International Diversified Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Oppenheimer International Diversified Fund

Schedule of Investments in Affiliated Issuers-99.42%^(a)

	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Foreign Equity Funds-99.42%
Invesco Developing Markets Fund, Class R6		–		$	–	$	4,683,556	$	(4,477,440	)	$	–		$	(206,116	)		$–		–	$	–
Invesco International Companies Fund, Class R6		–			–		13,626,027		(12,582,992	)		–			(1,043,035	)		–		–		–
Invesco International Core Equity Fund, Class R6		–			–		6,270,884		(5,375,060	)		–			(895,824	)		–		–		–
Invesco International Growth Fund, Class R6		–			–		14,551,416		(12,518,254	)		–			(2,033,162	)		–		–		–
Invesco International Small Company Fund, Class R6		–			–		7,066,921		(6,156,039	)		–			(910,882	)		–		–		–
Invesco Low Volatility Emerging Markets Fund, Class R6		–			–		6,196,083		(3,576,930	)		–			(2,619,153	)		–		–		–
Invesco Oppenheimer Developing Markets Fund, Class R6		24.74	%		1,217,931,305		81,920,459		(215,195,841	)		(76,270,478	)		(12,735,977	)		–		23,922,380		995,649,468
Invesco Oppenheimer International Equity Fund, Class R6		24.92	%		1,225,434,044		34,162,962		(164,943,055	)		(62,257,878	)		(29,354,047	)		–		49,386,609		1,003,042,026
Invesco Oppenheimer International Growth Fund, Class R6		24.94	%		1,226,907,619		46,036,226		(212,643,957	)		(34,506,873	)		(21,914,061	)		–		23,488,043		1,003,878,954
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		24.82	%		1,223,427,877		52,933,737		(223,189,366	)		(14,022,704	)		(40,475,112	)		–		21,221,301		998,674,432
Invesco RAFI™ Strategic Developed ex-US ETF		–			–		21,641,315		(17,707,660	)		–			(3,933,655	)		–		–		–
Invesco RAFI™ Strategic Developed ex-US Small Company ETF		–			–		10,639,139		(8,790,271	)		–			(1,848,868	)		–		–		–
Invesco RAFI™ Strategic Emerging Markets ETF		–			–		5,508,494		(4,430,833	)		–			(1,077,661	)		–		–		–
Invesco S&P International Developed Low Volatility ETF		–			–		13,042,191		(11,234,615	)		–			(1,807,576	)		–		–		–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $3,015,423,867)		99.42	%	$	4,893,700,845	$	318,279,410	$	(902,822,313	)	$	(187,057,933	)	$	(120,855,129	)		$–			$	4,001,244,880
OTHER ASSETS LESS LIABILITIES		0.58	%																			23,315,551
NET ASSETS		100.00	%																		$	4,024,560,431

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

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

6                     Invesco Oppenheimer International Diversified Fund

Portfolio Composition

% of total investments as of June 30, 2020

Invesco Oppenheimer International Growth Fund, Class R6	25.09	%
Invesco Oppenheimer International Equity Fund, Class R6	25.07
Invesco Oppenheimer International Small-Mid Company Fund, Class R6	24.96
Invesco Oppenheimer Developing Markets Fund, Class R6	24.88

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

7                     Invesco Oppenheimer International Diversified Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in affiliated underlying funds, at value (Cost $3,015,423,867)	$	4,001,244,880
Cash		36,080,584
Receivable for:
Interest		1,185
Fund shares sold		2,153,353
Investment for trustee deferred compensation and retirement plans		175,478
Other assets		134,353
Total assets		4,039,789,833
Liabilities:
Payable for:
Dividends		372
Fund shares reacquired		12,746,384
Accrued fees to affiliates		1,741,660
Accrued trustees’ and officers’ fees and benefits		40,173
Accrued other operating expenses		517,848
Trustee deferred compensation and retirement plans		182,965
Total liabilities		15,229,402
Net assets applicable to shares outstanding	$	4,024,560,431
Net assets consist of:
Shares of beneficial interest	$	3,236,162,894
Distributable earnings		788,397,537
	$	4,024,560,431

Net Assets:
Class A	$	1,183,513,895
Class C	$	225,750,596
Class R	$	170,893,209
Class Y	$	1,698,045,612
Class R5	$	31,417
Class R6	$	746,325,702
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		67,124,641
Class C		13,317,110
Class R		9,850,418
Class Y		95,088,987
Class R5		1,775
Class R6		41,555,907
Class A:
Net asset value per share	$	17.63
Maximum offering price per share (Net asset value of $17.63 ÷ 94.50%)	$	18.66
Class C:
Net asset value and offering price per share	$	16.95
Class R:
Net asset value and offering price per share	$	17.35
Class Y:
Net asset value and offering price per share	$	17.86
Class R5:
Net asset value and offering price per share	$	17.70
Class R6:
Net asset value and offering price per share	$	17.96

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Oppenheimer International Diversified Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Interest	$	75,548
Expenses:
Custodian fees		10,638
Distribution fees:
Class A		1,378,750
Class C		1,172,661
Class R		417,031
Transfer agent fees – A, C, R and Y		2,852,659
Transfer agent fees – R5		6
Transfer agent fees – R6		17,890
Trustees’ and officers’ fees and benefits		22,568
Registration and filing fees		73,003
Reports to shareholders		153,909
Professional services fees		26,929
Other		15,588
Total expenses		6,141,632
Less: Expense offset arrangement(s)		(8,300	)
Net expenses		6,133,332
Net investment income (loss)		(6,057,784	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(120,855,129	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(187,057,933	)
Net realized and unrealized gain (loss)		(307,913,062	)
Net increase (decrease) in net assets resulting from operations	$	(313,970,846	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Oppenheimer International Diversified Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended April 30, 2019

(Unaudited)

	Six Months Ended June 30, 2020			Eight Months Ended December 31, 2019			Year Ended April 30, 2019
Operations:
Net investment income (loss)		$      (6,057,784	)		$      41,470,221			$    39,846,449
Net realized gain (loss)		(120,855,129	)		49,096,715			61,797,642
Change in net unrealized appreciation (depreciation)		(187,057,933	)		242,001,602			(165,754,338	)
Net increase (decrease) in net assets resulting from operations		(313,970,846	)		332,568,538			(64,110,247	)
Distributions to shareholders from distributable earnings:
Class A		(15,806,187	)		(27,038,986	)		(9,024,145	)
Class C		(3,364,997	)		(6,226,149	)		–
Class R		(2,464,879	)		(4,048,838	)		(1,013,445	)
Class Y		(24,562,099	)		(49,236,307	)		(23,341,642	)
Class R5		(147	)		(238	)		–
Class R6		(10,243,028	)		(16,842,332	)		(7,383,520	)
Total distributions from distributable earnings		(56,441,337	)		(103,392,850	)		(40,762,752	)
Share transactions-net:
Class A		(14,088,570	)		(5,395,367	)		(140,795,623	)
Class B		–			–			(1,525,600	)
Class C		(34,643,303	)		(144,127,334	)		(48,097,923	)
Class R		(3,310,491	)		(21,144,118	)		(9,226,616	)
Class Y		(452,970,176	)		(148,013,557	)		461,261,248
Class R5		17,794			10,000			–
Class R6		(5,094,076	)		29,275,576			275,131,274
Net increase (decrease) in net assets resulting from share transactions		(510,088,822	)		(289,394,800	)		536,746,760
Net increase (decrease) in net assets		(880,501,005	)		(60,219,112	)		431,873,761
Net assets:
Beginning of period		4,905,061,436			4,965,280,548			4,533,406,787
End of period		$4,024,560,431			$4,905,061,436			$4,965,280,548

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Oppenheimer International Diversified Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period	Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed (c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (e)
Class A
Six months ended 06/30/20	$18.88		$	(0.04	)		$	(0.96	)		$	(1.00	)		$	(0.19	)		$	(0.06	)		$	(0.25	)		$	17.63		(5.15	)%		$	1,183,514		0.43	%(f)		0.43	%(f)		(0.43	)%(f)		5	%
Eight months ended 12/31/19	18.00			0.14				1.14				1.28				(0.18	)			(0.22	)			(0.40	)			18.88		7.16				1,279,901		0.44	(g)		0.44	(g)		1.16	(g)		5
Year ended 04/30/19	18.47			0.13				(0.47	)			(0.34	)			(0.13	)			–				(0.13	)			18.00		(1.73	)			1,226,049		0.45			0.45			0.76			7
Year ended 04/30/18	15.75			0.08				2.71				2.79				(0.07	)			–				(0.07	)			18.47		17.73				1,406,336		0.47			0.48			0.48			30
Year ended 04/30/17	14.01			0.10				1.70				1.80				(0.06	)			–				(0.06	)			15.75		12.89				1,302,414		0.62			0.62			0.72			16
Year ended 04/30/16(h)	14.96			0.07				0.89				(0.82	)			(0.13	)			–				(0.13	)			14.01		(5.45	)			1,343,636		0.65			0.65			0.52			3
Year ended 04/30/15	14.73			0.10				0.22				0.32				(0.09	)			–				(0.09	)			14.96		2.21				1,527,713		0.65			0.65			0.70			7
Class C
Six months ended 06/30/20	18.24			(0.10	)			(0.94	)			(1.04	)			(0.19	)			(0.06	)			(0.25	)			16.95		(5.55	)			225,751		1.18	(f)		1.18	(f)		(1.18	)(f)		5
Eight months ended 12/31/19	17.48			0.05				1.11				1.16				(0.18	)			(0.22	)			(0.40	)			18.24		6.68				282,376		1.19	(g)		1.19	(g)		0.40	(g)		5
Year ended 04/30/19	17.92			0.00				(0.44	)			(0.44	)			–				–				–				17.48		(2.46	)			417,155		1.20			1.20			0.01			7
Year ended 04/30/18	15.34			(0.05	)			2.63				2.58				–				–				–				17.92		16.82				480,204		1.22			1.23			(0.27	)		30
Year ended 04/30/17	13.69			(0.01	)			1.66				1.65				–				–				–				15.34		12.05				394,497		1.37			1.37			(0.04	)		16
Year ended 04/30/16(h)	14.62			(0.03	)			(0.87	)			(0.90	)			(0.03	)			–				(0.03	)			13.69		(6.19	)			428,917		1.40			1.40			(0.24	)		3
Year ended 04/30/15	14.41			(0.00	)			0.21				0.21				–				–				–				14.62		1.46				500,310		1.40			1.40			(0.02	)		7
Class R
Six months ended 06/30/20	18.61			(0.06	)			(0.95	)			(1.01	)			(0.19	)			(0.06	)			(0.25	)			17.35		(5.28	)			170,893		0.68	(f)		0.68	(f)		(0.68	)(f)		5
Eight months ended 12/31/19	17.77			0.11				1.13				1.24				(0.18	)			(0.22	)			(0.40	)			18.61		7.03				187,607		0.69	(g)		0.69	(g)		0.90	(g)		5
Year ended 04/30/19	18.23			0.09				(0.46	)			(0.37	)			(0.09	)			–				(0.09	)			17.77		(1.96	)			200,643		0.70			0.70			0.51			7
Year ended 04/30/18	15.56			0.04				2.66				2.70				(0.03	)			–				(0.03	)			18.23		17.38				215,588		0.72			0.73			0.23			30
Year ended 04/30/17	13.84			0.07				1.68				1.75				(0.03	)			–				(0.03	)			15.56		12.64				180,808		0.87			0.87			0.47			16
Year ended 04/30/16(h)	14.78			0.04				(0.89	)			(0.85	)			(0.09	)			–				(0.09	)			13.84		(5.73	)			165,915		0.90			0.90			0.26			3
Year ended 04/30/15	14.56			0.07				0.21				0.28				(0.06	)			–				(0.06	)			14.78		1.96				175,025		0.90			0.90			0.49			7
Class Y
Six months ended 06/30/20	19.10			(0.02	)			(0.97	)			(0.99	)			(0.19	)			(0.06	)			(0.25	)			17.86		(5.04	)			1,698,046		0.18	(f)		0.18	(f)		(0.18	)(f)		5
Eight months ended 12/31/19	18.17			0.17				1.16				1.33				(0.18	)			(0.22	)			(0.40	)			19.10		7.37				2,349,592		0.17	(g)		0.19	(g)		1.43	(g)		5
Year ended 04/30/19	18.65			0.18				(0.48	)			(0.30	)			(0.18	)			–				(0.18	)			18.17		(1.41	)			2,386,585		0.16			0.20			1.05			7
Year ended 04/30/18	15.91			0.13				2.73				2.86				(0.12	)			–				(0.12	)			18.65		18.00				1,968,444		0.22			0.23			0.73			30
Year ended 04/30/17	14.16			0.15				1.70				1.85				(0.10	)			–				(0.10	)			15.91		13.16				825,180		0.37			0.37			1.00			16
Year ended 04/30/16(h)	15.13			0.11				(0.91	)			(0.80	)			(0.17	)			–				(0.17	)			14.16		(5.27	)			542,294		0.40			0.40			0.77			3
Year ended 04/30/15	14.89			0.15				0.22				0.37				(0.13	)			–				(0.13	)			15.13		2.56				537,066		0.40			0.40			1.00			7
Class R5
Six months ended 06/30/20	18.93			(0.01	)			(0.97	)			(0.98	)			(0.19	)			(0.06	)			(0.25	)			17.70		(5.04	)			31		0.08	(f)		0.08	(f)		(0.08	)(f)		5
Period ended 12/31/19(i)	17.05			0.16				2.12				2.28				(0.18	)			(0.22	)			(0.40	)			18.93		13.42				11		0.07	(g)		0.07	(g)		1.52	(g)		5
Class R6
Six months ended 06/30/20	19.19			(0.00	)			(0.98	)			(0.98	)			(0.19	)			(0.06	)			(0.25	)			17.96		(4.97	)			746,326		0.02	(f)		0.02	(f)		(0.02	)(f)		5
Eight months ended 12/31/19	18.23			0.19				1.17				1.36				(0.18	)			(0.22	)			(0.40	)			19.19		7.51				805,573		0.03	(g)		0.03	(g)		1.57	(g)		5
Year ended 04/30/19	18.73			0.20				(0.49	)			(0.29	)			(0.21	)			–				(0.21	)			18.23		(1.37	)			734,849		0.04			0.04			1.17			7
Year ended 04/30/18	15.96			0.16				2.75				2.91				(0.14	)			–				(0.14	)			18.73		18.28				461,321		0.05			0.05			0.90			30
Year ended 04/30/17	14.20			0.17				1.71				1.88				(0.12	)			–				(0.12	)			15.96		13.39				197,537		0.18			0.18			1.15			16
Year ended 04/30/16(h)	15.17			0.14				(0.91	)			(0.77	)			(0.20	)			–				(0.20	)			14.20		(5.07	)			124,159		0.21			0.21			0.99			3
Year ended 04/30/15	14.94			0.17				0.22				0.39				(0.16	)			–				(0.16	)			15.17		2.68				90,659		0.21			0.21			1.16			7

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.80% for the six months ended June 30, 2020.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.80%, 0.83%, 0.83%, 0.70%, 0.61% and 0.61% for the eight months ended December 31, 2019, and the years ended April 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,129,543, $235,821, $167,729, $1,871,656, $17 and $719,580 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  The last business day of the reporting period was April 29, 2016.

⁽ⁱ⁾  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Oppenheimer International Diversified Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer International Diversified Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek capital appreciation.

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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form

12                     Invesco Oppenheimer International Diversified Fund

of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to the Fund’s 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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

NOTE 2-Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Funds do not pay an advisory fee. However, each Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.

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 May 31, 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 (including Acquired Fund Fees and Expenses of 0.80% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.04%, 1.54%, 0.99%, 0.91% and 0.88%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, 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

13                     Invesco Oppenheimer International Diversified Fund

monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $62,941 in front-end sales commissions from the sale of Class A shares and $5,527 and $6,120 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.

As of June 30, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,300.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 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 six months ended June 30, 2020 was $318,279,410 and $902,822,313, 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	$	1,056,158,966
Aggregate unrealized (depreciation) of investments		–
Net unrealized appreciation of investments	$	1,056,158,966

14                     Invesco Oppenheimer International Diversified Fund

    Cost of investments for tax purposes is $2,945,085,914.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Eight Months Ended December 31, 2019						Year ended April 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		3,579,713		$	60,350,353			6,465,842		$	114,865,387			13,475,477		$	233,470,075
Class B(b)		-			-			-			-			5			101
Class C		593,030			9,984,275			782,010			13,505,054			3,783,862			63,954,851
Class R		1,176,596			20,259,303			1,058,274			18,559,246			2,928,378			50,041,807
Class Y		12,914,926			220,031,184			21,409,286			383,804,109			71,086,639			1,237,747,429
Class R5(c)		-			-			587			10,000			-			-
Class R6		6,438,649			110,829,190			9,533,780			171,148,378			24,567,400			430,789,901
Issued as reinvestment of dividends:
Class A		914,080			14,588,934			1,346,796			25,279,390			551,633			8,445,496
Class C		200,784			3,084,046			320,909			5,818,071			-			-
Class R		156,261			2,454,903			211,615			3,912,769			62,565			946,600
Class Y		1,234,280			19,945,958			2,344,166			44,492,266			1,372,910			21,183,991
Class R6		608,892			9,894,488			830,038			15,828,822			446,441			6,910,915
Automatic conversion of Class C shares to Class A shares:
Class A		589,084			9,992,667			5,051,847			89,676,020			-			-
Class C		(611,251	)		(9,992,667	)		(5,209,541	)		(89,676,020	)		-			-
Issued in connection with acquisitions:(d)
Class A		4,474,858			70,953,506			-			-			-			-
Class C		337,421			5,148,589			-			-			-			-
Class R		178,785			2,790,224			-			-			-			-
Class Y		340,735			5,470,330			-			-			-			-
Class R5(c)		1,945			30,967			-			-			-			-
Class R6		71,883			1,160,426			-			-			-			-
Reacquired:
Class A		(10,207,833	)		(169,974,030	)		(13,209,948	)		(235,216,164	)		(22,057,206	)		(382,711,194	)
Class B(b)		-			-			-			-			(84,325	)		(1,525,701	)
Class C		(2,687,383	)		(42,867,546	)		(4,273,421	)		(73,774,439	)		(6,712,974	)		(112,052,774	)
Class R		(1,742,259	)		(28,814,921	)		(2,478,394	)		(43,616,133	)		(3,524,190	)		(60,215,023	)
Class Y		(42,417,839	)		(698,417,648	)		(32,113,528	)		(576,309,932	)		(46,617,520	)		(797,670,172	)
Class R5(c)		(757	)		(13,173	)		-			-			-			-
Class R6		(7,539,074	)		(126,978,180	)		(8,688,962	)		(157,701,624	)		(9,349,077	)		(162,569,542	)
Net increase (decrease) in share activity		(31,394,474	)	$	(510,088,822	)		(16,618,644	)	$	(289,394,800	)		29,930,018		$	536,746,760

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)  Commencement date after the close of business on May 24, 2019.

^(d)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco International Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 5,405,627 shares of the Fund for 9,055,913 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $85,554,042, including $(19,010,969) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,633,326,283 and $3,718,880,324 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

15                     Invesco Oppenheimer International Diversified Fund

Net investment income (loss)	$	(6,088,529	)
Net realized/unrealized gains (losses)		(332,026,889	)
Change in net assets resulting from operations	$	(338,115,418	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer International Diversified Fund to Invesco International Diversified Fund.

16                     Invesco Oppenheimer International Diversified Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$948.50	$2.08	$1,022.73	$2.16	0.43%
Class C	1,000.00	944.50	5.70	1,019.00	5.92	1.18
Class R	1,000.00	947.20	3.29	1,021.48	3.42	0.68
Class Y	1,000.00	949.60	0.87	1,023.97	0.91	0.18
Class R5	1,000.00	949.60	0.39	1,024.47	0.40	0.08
Class R6	1,000.00	950.30	0.10	1,024.76	0.10	0.02

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

17                     Invesco Oppenheimer International Diversified Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer International Diversified Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.   Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.   Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI EAFE^® Growth Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund is a fund of funds that invests primarily in four underlying affiliated funds, and discussed how the performance of the underlying funds contributed to or detracted from the Fund’s performance. The Board specifically noted that stock selection in certain sectors and exposure to certain emerging market securities through investments in the underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.   Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon

18                     Invesco Oppenheimer International Diversified Fund

any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only four funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D.   Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.   Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have

the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.   Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.

19                     Invesco Oppenheimer International Diversified Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers:811-02699 and 002-57526         Invesco Distributors, Inc.                             O-IDIV-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Oppenheimer Main Street Mid Cap Fund®
	Nasdaq:
	A: OPMSX  ∎  C: OPMCX  ∎  R: OPMNX  ∎  Y: OPMYX  ∎  R5: MSMJX  ∎  R6: OPMIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.      We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.      Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.33	%
Class C Shares	-11.66
Class R Shares	-11.43
Class Y Shares	-11.22
Class R5 Shares	-11.15
Class R6 Shares	-11.14
Russell Midcap Index▼	-9.13
Source(s): ▼RIMES Technologies Corp.
The Russell Midcap® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges
Class A Shares
Inception (8/2/99)	8.99	%
10 Years	9.59
5 Years	2.79
1 Year	-8.72
Class C Shares
Inception (8/2/99)	8.91	%
10 Years	9.38
5 Years	3.18
1 Year	-4.96
Class R Shares
Inception (3/1/01)	7.75	%
10 Years	9.92
5 Years	3.69
1 Year	-3.62
Class Y Shares
Inception (8/2/99)	9.69	%
10 Years	10.53
5 Years	4.21
1 Year	-3.14
Class R5 Shares
10 Years	10.25	%
5 Years	4.04
1 Year	-3.02
Class R6 Shares
Inception (10/26/12)	9.53	%
5 Years	4.40
1 Year	-2.96

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Mid Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Mid Cap Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Schedule of Investments^(a)

June 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.48%
Aerospace & Defense-1.40%
L3Harris Technologies, Inc.		197,202		$     33,459,263
Apparel Retail-1.26%
Ross Stores, Inc.(b)		352,498		30,046,929
Application Software-3.59%
Manhattan Associates, Inc.(b)		158,327		14,914,403
Q2 Holdings, Inc.(b)		131,515		11,282,672
Synopsys, Inc.(b)		305,656		59,602,920
				85,799,995
Asset Management & Custody Banks-1.87%
Northern Trust Corp.		564,664		44,800,442
Auto Parts & Equipment-1.40%
Visteon Corp.(b)		490,674		33,611,169
Automotive Retail-1.41%
Advance Auto Parts, Inc.		236,657		33,711,790
Biotechnology-2.20%
Neurocrine Biosciences, Inc.(b)		166,683		20,335,326
Seattle Genetics, Inc.(b)		189,987		32,282,591
				52,617,917
Building Products-1.58%
Trane Technologies PLC		423,868		37,715,775
Cable & Satellite-1.27%
Liberty Broadband Corp., Class C(b)		245,280		30,404,909
Communications Equipment-1.49%
Motorola Solutions, Inc.		254,763		35,699,939
Construction Machinery & Heavy Trucks-0.90%
Wabtec Corp.		372,813		21,462,844
Construction Materials-1.44%
Vulcan Materials Co.		297,193		34,429,809
Data Processing & Outsourced Services-2.43%
Fiserv, Inc.(b)		596,050		58,186,401
Distillers & Vintners-1.03%
Constellation Brands, Inc., Class A		140,283		24,542,511
Diversified Chemicals-1.71%
Eastman Chemical Co.		585,796		40,794,833
Diversified Support Services-1.29%
Cintas Corp.		115,819		30,849,549
Electric Utilities-0.93%
Eversource Energy		265,903		22,141,743
Electronic Equipment & Instruments-2.21%
Keysight Technologies, Inc.(b)		524,188		52,827,667
Environmental & Facilities Services-2.09%
Republic Services, Inc.		608,634		49,938,420

	Shares		Value
Financial Exchanges & Data-1.75%
Intercontinental Exchange, Inc.		335,438		$     30,726,121
Tradeweb Markets, Inc., Class A		191,471		11,132,124
				41,858,245
Gas Utilities-1.65%
Atmos Energy Corp.		225,504		22,455,688
Southwest Gas Holdings, Inc.		212,085		14,644,469
UGI Corp.		76,486		2,432,255
				39,532,412
General Merchandise Stores-1.84%
Target Corp.		366,291		43,929,280
Gold-0.53%
Franco-Nevada Corp. (Canada)		90,223		12,598,740
Health Care Equipment-5.75%
Boston Scientific Corp.(b)		489,581		17,189,189
DexCom, Inc.(b)		58,831		23,850,087
Hill-Rom Holdings, Inc.		273,779		30,055,459
STERIS PLC		106,536		16,346,884
Teleflex, Inc.		83,281		30,312,618
Zimmer Biomet Holdings, Inc.		165,033		19,698,339
				137,452,576
Health Care Facilities-1.03%
HCA Healthcare, Inc.(b)		254,881		24,738,750
Health Care Services-2.54%
Guardant Health, Inc.(b)		185,616		15,059,026
LHC Group, Inc.(b)		261,849		45,645,518
				60,704,544
Health Care Supplies-0.62%
Alcon, Inc. (Switzerland)(b)		260,352		14,923,377
Homebuilding-1.19%
D.R. Horton, Inc.		514,409		28,523,979
Human Resource & Employment Services-1.37%
Korn Ferry		1,066,941		32,787,097
Hypermarkets & Super Centers-2.01%
BJ’s Wholesale Club Holdings, Inc.(b)		1,290,396		48,093,059
Industrial Machinery-2.89%
ITT, Inc.		469,715		27,591,059
Stanley Black & Decker, Inc.		298,217		41,565,486
				69,156,545
Industrial REITs-1.80%
Prologis, Inc.		461,243		43,047,809
Insurance Brokers-1.54%
Arthur J. Gallagher & Co.		377,507		36,803,157
Interactive Home Entertainment-1.78%
Zynga, Inc., Class A(b)		4,473,077		42,673,155

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Oppenheimer Main Street Mid Cap Fund^®

	Shares		Value
IT Consulting & Other Services-4.16%
Amdocs Ltd.		521,907		$     31,773,698
CACI International, Inc., Class A(b)		198,720		43,098,394
KBR, Inc.		1,087,299		24,518,592
				99,390,684
Leisure Products-0.38%
Peloton Interactive, Inc., Class A(b)		156,402		9,035,343
Managed Health Care-1.22%
Humana, Inc.		75,519		29,282,492
Multi-Utilities-2.83%
CMS Energy Corp.		395,092		23,081,275
Consolidated Edison, Inc.		336,918		24,234,512
Public Service Enterprise Group, Inc.		412,022		20,255,001
				67,570,788
Office REITs-0.87%
Alexandria Real Estate Equities, Inc.		128,534		20,854,641
Oil & Gas Equipment & Services-1.21%
Schlumberger Ltd.		1,568,238		28,839,898
Oil & Gas Refining & Marketing-1.01%
Valero Energy Corp.		410,315		24,134,728
Oil & Gas Storage & Transportation-2.63%
Magellan Midstream Partners L.P.		1,008,933		43,555,638
Shell Midstream Partners L.P.		1,571,567		19,283,127
				62,838,765
Packaged Foods & Meats-1.27%
Conagra Brands, Inc.		862,842		30,346,153
Pharmaceuticals-2.09%
Catalent, Inc.(b)		315,501		23,126,223
Elanco Animal Health, Inc.(b)		1,251,641		26,847,700
				49,973,923
Property & Casualty Insurance-0.65%
Fidelity National Financial, Inc.		504,603		15,471,128
Railroads-2.31%
Canadian Pacific Railway Ltd. (Canada)		216,197		55,203,742
Regional Banks-3.87%
PNC Financial Services Group, Inc. (The)		335,272		35,273,967
SVB Financial Group(b)		138,831		29,922,246
TCF Financial Corp.		931,415		27,402,229
				92,598,442

Investment Abbreviations:

REIT - Real Estate Investment Trust

	Shares		Value
Residential REITs-1.08%
American Homes 4 Rent, Class A		956,945		$     25,741,820
Restaurants-1.17%
Wendy’s Co. (The)		1,288,608		28,065,882
Semiconductor Equipment-2.80%
KLA Corp.		176,887		34,400,984
MKS Instruments, Inc.		287,803		32,590,811
				66,991,795
Semiconductors-2.32%
Analog Devices, Inc.		268,113		32,881,378
Microchip Technology, Inc.		214,598		22,599,316
				55,480,694
Soft Drinks-1.29%
Coca-Cola European Partners PLC (United Kingdom)		818,668		30,912,904
Specialized REITs-2.64%
Equinix, Inc.		28,877		20,280,317
Lamar Advertising Co., Class A		641,362		42,817,327
				63,097,644
Specialty Stores-1.71%
Tractor Supply Co.		310,860		40,968,239
Trading Companies & Distributors-1.18%
Fastenal Co.		660,670		28,303,103
Total Common Stocks & Other Equity Interests (Cost $2,078,900,197)				2,354,967,438
Money Market Funds-1.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)(d)		8,925,167		8,925,167
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)(d)		6,369,279		6,373,737
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)(d)		10,200,191		10,200,191
Total Money Market Funds (Cost $25,498,041)				25,499,095
TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $2,104,398,238)				2,380,466,533
OTHER ASSETS LESS LIABILITIES-0.45%				10,801,696
NET ASSETS-100.00%				$2,391,268,229

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Oppenheimer Main Street Mid Cap Fund^®

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

	Value December 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value June 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,429,689		$246,134,667		$(249,639,189)		$        -		$       -		$  8,925,167		$90,653
Invesco Liquid Assets Portfolio, Institutional Class		-		17,164,350		(10,790,828)		1,054		(839)		6,373,737		4,020
Invesco Treasury Portfolio, Institutional Class		-		26,842,386		(16,642,195)		-		-		10,200,191		1,257
Total		$12,429,689		$290,141,403		$(277,072,212)		$1,054		$(839)		$25,499,095		$95,930

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020

Information Technology	19.00%
Health Care	15.46
Industrials	15.01
Consumer Discretionary	10.37
Financials	9.68
Real Estate	6.39
Consumer Staples	5.60
Utilities	5.40
Energy	4.84
Materials	3.67
Communication Services	3.06
Money Market Funds Plus Other Assets Less Liabilities	1.52

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 2,078,900,197)	$	2,354,967,438
Investments in affiliated money market funds, at value (Cost $ 25,498,041)		25,499,095
Cash		2,645,085
Receivable for:
Investments sold		21,520,858
Fund shares sold		776,066
Dividends		2,323,861
Investment for trustee deferred compensation and retirement plans		661,712
Other assets		116,145
Total assets		2,408,510,260
Liabilities:
Payable for:
Investments purchased		10,917,692
Fund shares reacquired		3,176,216
Accrued fees to affiliates		1,711,828
Accrued trustees’ and officers’ fees and benefits		5,348
Accrued other operating expenses		728,771
Trustee deferred compensation and retirement plans		702,176
Total liabilities		17,242,031
Net assets applicable to shares outstanding	$	2,391,268,229
Net assets consist of:
Shares of beneficial interest	$	2,176,719,832
Distributable earnings		214,548,397
	$	2,391,268,229

Net Assets:
Class A	$	1,698,653,563
Class C	$	104,291,153
Class R	$	145,941,269
Class Y	$	352,201,589
Class R5	$	12,570,803
Class R6	$	77,609,852
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		75,970,670
Class C		6,057,489
Class R		7,012,167
Class Y		14,280,048
Class R5		559,666
Class R6		3,150,952
Class A:
Net asset value per share	$	22.36
Maximum offering price per share (Net asset value of $22.36 ÷ 94.50%)	$	23.66
Class C:
Net asset value and offering price per share	$	17.22
Class R:
Net asset value and offering price per share	$	20.81
Class Y:
Net asset value and offering price per share	$	24.66
Class R5:
Net asset value and offering price per share	$	22.46
Class R6:
Net asset value and offering price per share	$	24.63

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $39,243)	$	17,582,402
Dividends from affiliated money market funds		95,930
Total investment income		17,678,332
Expenses:
Advisory fees		5,997,766
Administrative services fees		135,836
Custodian fees		2,782
Distribution fees:
Class A		1,502,614
Class C		476,447
Class R		318,932
Transfer agent fees - A, C, R and Y		1,989,588
Transfer agent fees - R5		1,527
Transfer agent fees - R6		11,370
Trustees’ and officers’ fees and benefits		17,175
Registration and filing fees		66,146
Reports to shareholders		61,432
Professional services fees		22,004
Other		6,528
Total expenses		10,610,147
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(234,260	)
Net expenses		10,375,887
Net investment income		7,302,445
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(47,791,320	)
Foreign currencies		(565	)
		(47,791,885	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(140,313,043	)
Foreign currencies		363
		(140,312,680	)
Net realized and unrealized gain (loss)		(188,104,565	)
Net increase (decrease) in net assets resulting from operations	$	(180,802,120	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended June 30, 2019

(Unaudited)

	Six Months Ended June 30, 2020			Six Months Ended December 31, 2019			Year Ended June 30, 2019
Operations:
Net investment income	$	7,302,445		$	5,777,427		$	7,073,358
Net realized gain (loss)		(47,791,885	)		85,583,265			182,530,480
Change in net unrealized appreciation (depreciation)		(140,312,680	)		90,440,095			(152,875,082	)
Net increase (decrease) in net assets resulting from operations		(180,802,120	)		181,800,787			36,728,756
Distributions to shareholders from distributable earnings:
Class A		(34,584,368	)		(63,196,401	)		(129,236,446	)
Class C		(3,523,476	)		(6,727,260	)		(31,252,854	)
Class R		(3,913,346	)		(7,447,588	)		(17,143,063	)
Class Y		(9,035,832	)		(20,574,164	)		(47,435,484	)
Class R5		(536	)		(543	)		–
Class R6		(1,554,864	)		(2,773,998	)		(21,243,038	)
Total distributions from distributable earnings		(52,612,422	)		(100,719,954	)		(246,310,885	)
Share transactions–net:
Class A		505,893,341			(86,584,010	)		81,517,124
Class C		7,874,662			(15,004,302	)		(115,465,588	)
Class R		19,345,225			(12,265,226	)		(4,836,902	)
Class Y		(46,275,825	)		(38,953,232	)		(81,549,877	)
Class R5		11,451,188			–			10,000
Class R6		19,931,420			(64,825,608	)		(185,852,891	)
Net increase (decrease) in net assets resulting from share transactions		518,220,011			(217,632,378	)		(306,178,134	)
Net increase (decrease) in net assets		284,805,469			(136,551,545	)		(515,760,263	)
Net assets:
Beginning of period		2,106,462,760			2,243,014,305			2,758,774,568
End of period	$	2,391,268,229		$	2,106,462,760		$	2,243,014,305

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 06/30/20		$	26.13		$	0.09			$	(3.13	)		$	(3.04	)		$	-			$	(0.73	)		$	(0.73	)		$	22.36		(11.33	)%		$	1,698,654		1.10	%(e)		1.12	%(e)		0.76	%(e)		45	%
Six months ended 12/31/19			25.18			0.07				2.18				2.25				-				(1.30	)			(1.30	)			26.13		8.95				1,326,188		1.10	(f)		1.12	(f)		0.51	(f)		27
Year ended 06/30/19			27.59			0.08				0.25				0.33				-				(2.74	)			(2.74	)			25.18		2.50				1,364,726		1.09			1.09			0.30			59
Year ended 06/30/18			28.59			0.02				2.84				2.86				(0.12	)			(3.74	)			(3.86	)			27.59		10.67				1,383,592		1.09			1.10			0.08			60
Year ended 06/30/17			25.57			0.10				3.72				3.82				(0.23	)			(0.57	)			(0.80	)			28.59		15.17				1,486,121		1.10			1.11			0.37			68
Year ended 06/30/16			30.15			0.11				(1.44	)			(1.33	)			(0.11	)			(3.14	)			(3.25	)			25.57		(3.80	)			1,521,154		1.11			1.11			0.43			87
Year ended 06/30/15			33.30			0.14				1.47				1.61				(0.19	)			(4.57	)			(4.76	)			30.15		5.58				1,806,592		1.10			1.10			0.46			82
Class C
Six months ended 06/30/20			20.41			0.00				(2.46	)			(2.46	)			-				(0.73	)			(0.73	)			17.22		(11.66	)			104,291		1.84	(e)		1.88	(e)		0.02	(e)		45
Six months ended 12/31/19			20.00			(0.02	)			1.73				1.71				-				(1.30	)			(1.30	)			20.41		8.56				111,246		1.84	(f)		1.88	(f)		(0.23	)(f)		27
Year ended 06/30/19			22.69			(0.09	)			0.14				0.05				-				(2.74	)			(2.74	)			20.00		1.75				123,764		1.84			1.85			(0.46	)		59
Year ended 06/30/18			24.22			(0.16	)			2.37				2.21				-				(3.74	)			(3.74	)			22.69		9.84				269,651		1.84			1.85			(0.68	)		60
Year ended 06/30/17			21.79			(0.09	)			3.17				3.08				(0.08	)			(0.57	)			(0.65	)			24.22		14.32				301,630		1.85			1.86			(0.38	)		68
Year ended 06/30/16			26.29			(0.07	)			(1.29	)			(1.36	)			-				(3.14	)			(3.14	)			21.79		(4.54	)			320,353		1.86			1.86			(0.33	)		87
Year ended 06/30/15			29.66			(0.08	)			1.28				1.20				-				(4.57	)			(4.57	)			26.29		4.78				386,109		1.85			1.85			(0.29	)		82
Class R
Six months ended 06/30/20			24.41			0.05				(2.92	)			(2.87	)			-				(0.73	)			(0.73	)			20.81		(11.43	)			145,941		1.34	(e)		1.38	(e)		0.52	(e)		45
Six months ended 12/31/19			23.63			0.03				2.05				2.08				-				(1.30	)			(1.30	)			24.41		8.81				145,346		1.34	(f)		1.38	(f)		0.27	(f)		27
Year ended 06/30/19			26.13			0.01				0.23				0.24				-				(2.74	)			(2.74	)			23.63		2.28				152,799		1.34			1.35			0.05			59
Year ended 06/30/18			27.28			(0.05	)			2.69				2.64				(0.05	)			(3.74	)			(3.79	)			26.13		10.37				171,923		1.34			1.35			(0.18	)		60
Year ended 06/30/17			24.44			0.03				3.55				3.58				(0.17	)			(0.57	)			(0.74	)			27.28		14.88				179,018		1.35			1.36			0.12			68
Year ended 06/30/16			28.97			0.04				(1.40	)			(1.36	)			(0.03	)			(3.14	)			(3.17	)			24.44		(4.08	)			176,639		1.36			1.36			0.17			87
Year ended 06/30/15			32.18			0.06				1.42				1.48				(0.12	)			(4.57	)			(4.69	)			28.97		5.33				222,755		1.35			1.35			0.21			82
Class Y
Six months ended 06/30/20			28.69			0.13				(3.43	)			(3.30	)			-				(0.73	)			(0.73	)			24.66		(11.22	)			352,202		0.84	(e)		0.88	(e)		1.02	(e)		45
Six months ended 12/31/19			27.49			0.11				2.39				2.50				-				(1.30	)			(1.30	)			28.69		9.11				458,670		0.84	(f)		0.88	(f)		0.77	(f)		27
Year ended 06/30/19			29.84			0.15				0.30				0.45				(0.06	)			(2.74	)			(2.80	)			27.49		2.73				477,999		0.84			0.85			0.55			59
Year ended 06/30/18			30.62			0.10				3.05				3.15				(0.19	)			(3.74	)			(3.93	)			29.84		10.96				596,309		0.84			0.85			0.32			60
Year ended 06/30/17			27.33			0.18				3.98				4.16				(0.30	)			(0.57	)			(0.87	)			30.62		15.44				637,592		0.85			0.86			0.62			68
Year ended 06/30/16			31.99			0.19				(1.53	)			(1.34	)			(0.18	)			(3.14	)			(3.32	)			27.33		(3.57	)			545,648		0.86			0.86			0.67			87
Year ended 06/30/15			35.05			0.24				1.55				1.79				(0.28	)			(4.57	)			(4.85	)			31.99		5.86				688,662		0.85			0.85			0.72			82
Class R5
Six months ended 06/30/20			26.19			0.13				(3.13	)			(3.00	)			-				(0.73	)			(0.73	)			22.46		(11.15	)			12,571		0.72	(e)		0.76	(e)		1.14	(e)		45
Six months ended 12/31/19			25.18			0.11				2.20				2.31				-				(1.30	)			(1.30	)			26.19		9.19				11		0.72	(f)		0.72	(f)		0.88	(f)		27
Period ended 06/30/19(g)			23.91			0.02				1.25				1.27				-				-				-				25.18		5.31				11		0.72	(f)		0.74	(f)		0.66	(f)		59
Class R6
Six months ended 06/30/20			28.63			0.15				(3.42	)			(3.27	)			-				(0.73	)			(0.73	)			24.63		(11.14	)			77,610		0.67	(e)		0.70	(e)		1.19	(e)		45
Six months ended 12/31/19			27.41			0.13				2.39				2.52				-				(1.30	)			(1.30	)			28.63		9.21				65,001		0.67	(f)		0.69	(f)		0.94	(f)		27
Year ended 06/30/19			29.77			0.20				0.29				0.49				(0.11	)			(2.74	)			(2.85	)			27.41		2.92				123,716		0.67			0.68			0.71			59
Year ended 06/30/18			30.57			0.15				3.03				3.18				(0.24	)			(3.74	)			(3.98	)			29.77		11.11				337,300		0.67			0.67			0.49			60
Year ended 06/30/17			27.28			0.23				3.98				4.21				(0.35	)			(0.57	)			(0.92	)			30.57		15.72				383,913		0.67			0.67			0.79			68
Year ended 06/30/16			31.95			0.24				(1.53	)			(1.29	)			(0.24	)			(3.14	)			(3.38	)			27.28		(3.43	)			377,123		0.67			0.67			0.87			87
Year ended 06/30/15			35.00			0.28				1.58				1.86				(0.34	)			(4.57	)			(4.91	)			31.95		6.08				491,236		0.66			0.66			0.84			82

^(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)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended December 31, 2019 and the years ended June 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,267,159, $95,813, $128,274, $360,555, $3,072 and $61,297 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer Main Street Mid Cap Fund^® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek capital appreciation.

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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. 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

13                      Invesco Oppenheimer Main Street Mid Cap Fund^®

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital – Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. 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.

H. 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.

I. 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.

J. 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.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

14                      Invesco Oppenheimer Main Street Mid Cap Fund^®

L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

M. Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

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”). Effective May 15, 2020, 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 $ 200 million	0.735%
Next $200 million	0.730%
Next $200 million	0.690%
Next $200 million	0.660%
Next $4.2 billion	0.600%
Over $5 billion	0.580%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

Prior to May 15, 2020, the Fund accrued daily and paid 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 $ 200 million	0.750%
Next $200 million	0.720%
Next $200 million	0.690%
Next $200 million	0.660%
Next $4.2 billion	0.600%
Over $5 billion	0.580%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.63%.

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 May 31, 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 1.10%, 1.84%, 1.34%, 0.84%, 0.72% and 0.67%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $8,085 and reimbursed class level expenses of $97,836, $17,795, $23,762, $67,373, $587 and $9,041 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, 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

15                      Invesco Oppenheimer Main Street Mid Cap Fund^®

(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $60,085 in front-end sales commissions from the sale of Class A shares and $219 and $3,422 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2020, the Fund incurred $1,142 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in securities purchases of $5,761,814.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,781.

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

16                      Invesco Oppenheimer Main Street Mid Cap Fund^®

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 did not have a capital loss carryforward as of December 31, 2019.

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 six months ended June 30, 2020 was $787,575,513 and $1,025,244,633, 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	$	391,367,173
Aggregate unrealized (depreciation) of investments		(136,078,409	)
Net unrealized appreciation of investments	$	255,288,764

Cost of investments for tax purposes is $2,125,177,769.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Six Months Ended December 31, 2019						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		1,967,223		$	43,466,038			1,558,827		$	40,015,071			9,663,663	$	238,429,303
Class C		352,825			6,090,485			289,167			5,872,269			1,128,632		23,267,775
Class R		593,899			12,067,873			357,499			8,586,020			1,086,912		25,742,401
Class Y		2,254,280			54,117,083			981,331			27,581,608			3,273,397		89,558,219
Class R5(b)		12,668			286,514			-			-			418		10,000
Class R6		342,863			8,505,446			347,707			9,715,322			1,251,452		33,432,010
Issued as reinvestment of dividends:
Class A		1,663,715			33,404,737			2,359,300			61,436,535			5,602,034		124,813,298
Class C		223,491			3,457,373			315,978			6,430,256			1,713,876		30,455,614
Class R		209,257			3,910,991			294,230			7,158,621			764,107		16,000,417
Class Y		367,016			8,125,743			677,773			19,377,538			1,832,844		44,538,103
Class R5		12			232			-			-			-		-
Class R6		69,895			1,544,682			88,219			2,516,900			875,229		21,180,541
Automatic conversion of Class C shares to Class A shares:
Class A		201,475			4,500,889			456,476			11,789,093			-		-
Class C		(259,551	)		(4,500,889	)		(575,749	)		(11,789,093	)		-		-
Issued in connection with acquisitions:(c)
Class A		27,899,990			570,126,566			-			-			-		-
Class C		1,278,483			20,135,590			-			-			-		-
Class R		1,480,209			28,155,567			-			-			-		-
Class Y		1,581,831			35,642,900			-			-			-		-
Class R5		572,078			11,736,265			-			-			-		-
Class R6		1,083,493			24,374,640			-			-			-		-

17                      Invesco Oppenheimer Main Street Mid Cap Fund^®

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Six Months Ended December 31, 2019						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(6,509,602	)	$	(145,604,889	)		(7,829,773	)	$	(199,824,709	)		(11,216,071	)	$	(281,725,477	)
Class C		(987,892	)		(17,307,897	)		(767,084	)		(15,517,734	)		(8,539,435	)		(169,188,977	)
Class R		(1,225,157	)		(24,789,206	)		(1,164,854	)		(28,009,867	)		(1,962,244	)		(46,579,720	)
Class Y		(5,907,584	)		(144,161,551	)		(3,060,937	)		(85,912,378	)		(7,705,151	)		(215,646,199	)
Class R5		(25,510	)		(571,823	)		-			-			-			-
Class R6		(615,520	)		(14,493,348	)		(2,679,391	)		(77,057,830	)		(8,943,360	)		(240,465,442	)
Net increase (decrease) in share activity		26,623,887		$	518,220,011			(8,351,281	)	$	(217,632,378	)		(11,173,697	)	$	(306,178,134	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Mid Cap Core Equity Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 33,896,084 shares of the Fund for 51,582,605 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $690,171,528, including $31,812,390 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,532,015,423 and $2,222,186,951 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	8,244,602
Net realized/unrealized gains (losses)		(358,454,490	)
Change in net assets resulting from operations	$	(350,209,888	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Main Street Mid Cap Fund^® to Invesco Main Street Mid Cap Fund^®.

18                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

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.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class A	$1,000.00	$886.70	$5.16	$1,019.39	$5.52	1.10%
Class C	1,000.00	883.40	8.62	1,015.71	9.22	1.84
Class R	1,000.00	885.70	6.28	1,018.20	6.72	1.34
Class Y	1,000.00	887.80	3.94	1,020.69	4.22	0.84
Class R5	1,000.00	888.50	3.38	1,021.28	3.62	0.72
Class R6	1,000.00	888.60	3.15	1,021.53	3.37	0.67

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

19                      Invesco Oppenheimer Main Street Mid Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Main Street Mid Cap Fund^®’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.  Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.  Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in

20                      Invesco Oppenheimer Main Street Mid Cap Fund^®

providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from Invesco representing that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules

under the federal securities laws and consistent with best execution obligations.

21                      Invesco Oppenheimer Main Street Mid Cap Fund^®

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                         Invesco Distributors, Inc.                                                                                      O-MSM-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Oppenheimer Main Street Small Cap Fund®
	Nasdaq:
	A: OSCAX  ∎  C: OSCCX  ∎  R: OSCNX  ∎  Y: OSCYX  ∎  R5: MNSQX  ∎  R6: OSSIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

    Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.

    For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Oppenheimer Main Street Small Cap Fund^®

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, 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	-10.90	%
Class C Shares	-11.24
Class R Shares	-11.07
Class Y Shares	-10.77
Class R5 Shares	-10.76
Class R6 Shares	-10.74
Russell 2000 Index▼	-12.98
Source(s): ▼RIMES Technologies Corp.
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 Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Oppenheimer Main Street Small Cap Fund^®

Average Annual Total Returns
As of 6/30/20, including maximum applicable  sales charges
Class A Shares
Inception (5/17/13)	6.15	%
5 Years	2.80
1 Year	-8.35
Class C Shares
Inception (5/17/13)	6.15	%
5 Years	3.19
1 Year	-4.77
Class R Shares
Inception (5/17/13)	6.67	%
5 Years	3.69
1 Year	-3.34
Class Y Shares
Inception (5/17/13)	7.33	%
5 Years	4.28
1 Year	-2.73
Class R5 Shares
Inception	7.05	%
5 Years	4.05
1 Year	-2.68
Class R6 Shares
Inception (5/17/13)	7.45	%
5 Years	4.40
1 Year	-2.66

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Small Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Small Cap Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Oppenheimer Main Street Small Cap Fund^®

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Oppenheimer Main Street Small Cap Fund^®

Schedule of Investments^(a)

June 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.70%
Air Freight & Logistics-0.58%
Hub Group, Inc., Class A(b)		57,660	$	2,759,608
Aluminum-1.01%
Kaiser Aluminum Corp.		65,711		4,837,644
Application Software-6.33%
Bottomline Technologies (DE), Inc.(b)		157,345		7,988,406
Envestnet, Inc.(b)		48,965		3,600,886
j2 Global, Inc.(b)		106,130		6,708,477
Paylocity Holding Corp.(b)		37,431		5,460,808
Q2 Holdings, Inc.(b)		74,630		6,402,508
				30,161,085
Asset Management & Custody Banks-1.42%
Federated Hermes, Inc., Class B		101,892		2,414,840
Focus Financial Partners, Inc., Class A(b)		131,455		4,344,588
				6,759,428
Auto Parts & Equipment-2.66%
Dorman Products, Inc.(b)		81,865		5,490,686
Visteon Corp.(b)		105,252		7,209,762
				12,700,448
Automotive Retail-2.72%
AutoNation, Inc.(b)		178,346		6,702,243
Monro, Inc.		114,167		6,272,335
				12,974,578
Biotechnology-3.56%
Emergent BioSolutions, Inc.(b)		112,351		8,884,717
G1 Therapeutics, Inc.(b)		62,392		1,513,630
Twist Bioscience Corp.(b)		60,780		2,753,334
uniQure N.V. (Netherlands)(b)		47,660		2,147,560
Zai Lab Ltd., ADR (China)(b)		20,340		1,670,524
				16,969,765
Building Products-1.19%
Masonite International Corp.(b)		73,248		5,697,229
Construction & Engineering-0.94%
Comfort Systems USA, Inc.		51,778		2,109,954
Valmont Industries, Inc.		20,712		2,353,297
				4,463,251
Construction Materials-1.19%
Summit Materials, Inc., Class A(b)		352,807		5,673,137
Diversified Banks-0.99%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		193,538		4,720,392
Diversified Metals & Mining-1.02%
Compass Minerals International, Inc.		100,214		4,885,432
Electrical Components & Equipment-2.75%
Atkore International Group, Inc.(b)		149,050		4,076,517
EnerSys		60,960		3,924,605

	Shares		Value
Electrical Components & Equipment-(continued)
Generac Holdings, Inc.(b)		41,744	$	5,089,846
				13,090,968
Environmental & Facilities Services-0.46%
US Ecology, Inc.(b)		64,636		2,189,868
Gas Utilities-3.54%
National Fuel Gas Co.		84,480		3,542,246
South Jersey Industries, Inc.		277,878		6,944,171
Suburban Propane Partners L.P.		447,092		6,393,416
				16,879,833
General Merchandise Stores-0.66%
Ollie’s Bargain Outlet Holdings, Inc.(b)		32,182		3,142,572
Health Care Equipment-3.39%
AtriCure, Inc.(b)		106,610		4,792,120
CryoPort, Inc.(b)		108,656		3,286,844
Tandem Diabetes Care, Inc.(b)		81,760		8,087,699
				16,166,663
Health Care Facilities-0.54%
Tenet Healthcare Corp.(b)		141,764		2,567,346
Health Care Services-4.69%
1Life Healthcare, Inc.(b)		65,733		2,387,423
Addus HomeCare Corp.(b)		74,255		6,873,043
LHC Group, Inc.(b)		75,260		13,119,323
				22,379,789
Health Care Supplies-1.83%
OraSure Technologies, Inc.(b)		138,751		1,613,674
Quidel Corp.(b)		31,816		7,118,512
				8,732,186
Health Care Technology-1.50%
Inspire Medical Systems, Inc.(b)		81,916		7,128,330
Homebuilding-1.04%
TopBuild Corp.(b)		43,677		4,969,132
Hotel & Resort REITs-0.98%
DiamondRock Hospitality Co.(b)		847,993		4,689,401
Household Products-1.20%
Energizer Holdings, Inc.		120,860		5,739,641
Human Resource & Employment Services-3.64%
ASGN, Inc.(b)		148,096		9,875,041
Korn Ferry		242,886		7,463,887
				17,338,928
Hypermarkets & Super Centers-2.06%
BJ’s Wholesale Club Holdings, Inc.(b)		262,957		9,800,407
Industrial Machinery-4.45%
Chart Industries, Inc.(b)		67,652		3,280,446
EnPro Industries, Inc.		79,524		3,919,738
Evoqua Water Technologies Corp.(b)		236,604		4,400,834

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Oppenheimer Main Street Small Cap Fund^®

	Shares		Value
Industrial Machinery-(continued)
Mayville Engineering Co., Inc.(b)		184,486	$	1,457,439
Rexnord Corp.		280,414		8,174,068
				21,232,525
Insurance Brokers-0.44%
Selectquote, Inc.(b)		82,863		2,098,920
Interactive Home Entertainment-2.06%
Zynga, Inc., Class A(b)		1,027,657		9,803,848
Investment Banking & Brokerage-1.06%
Stifel Financial Corp.		106,197		5,036,924
IT Consulting & Other Services-4.12%
CACI International, Inc., Class A(b)		29,979		6,501,846
KBR, Inc.		309,482		6,978,819
Perspecta, Inc.		265,263		6,162,059
				19,642,724
Leisure Facilities-0.29%
Cedar Fair L.P.(b)		50,317		1,383,717
Life Sciences Tools & Services-2.47%
Adaptive Biotechnologies Corp.(b)		64,335		3,112,527
NeoGenomics, Inc.(b)		115,734		3,585,440
Repligen Corp.(b)		41,266		5,100,890
				11,798,857
Multi-Utilities-0.96%
Avista Corp.		126,179		4,591,654
Office REITs-1.17%
Brandywine Realty Trust		510,851		5,563,167
Office Services & Supplies-1.54%
ACCO Brands Corp.		1,032,419		7,330,175
Oil & Gas Refining & Marketing-1.32%
Renewable Energy Group, Inc.(b)		253,694		6,286,537
Oil & Gas Storage & Transportation-0.45%
Noble Midstream Partners L.P.		254,280		2,151,209
Packaged Foods & Meats-0.82%
Simply Good Foods Co. (The)(b)		209,771		3,897,545
Paper Products-0.60%
Schweitzer-Mauduit International, Inc., Class A		85,287		2,849,439
Personal Products-0.86%
BellRing Brands, Inc., Class A(b)		206,319		4,114,001
Pharmaceuticals-1.26%
Axsome Therapeutics, Inc.(b)		23,773		1,956,043
Collegium Pharmaceutical, Inc.(b)		130,820		2,289,350
Intersect ENT, Inc.(b)		129,080		1,747,743
				5,993,136

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

	Shares		Value
Property & Casualty Insurance-0.40%
ProSight Global, Inc.(b)		215,033	$	1,913,794
Regional Banks-7.44%
BankUnited, Inc.		201,448		4,079,322
Berkshire Hills Bancorp, Inc.		175,697		1,936,181
Cathay General Bancorp		118,246		3,109,870
CIT Group, Inc.		141,039		2,923,738
Heritage Financial Corp.		229,855		4,597,100
IBERIABANK Corp.		101,812		4,636,518
OceanFirst Financial Corp.		224,370		3,955,643
Pacific Premier Bancorp, Inc.		213,523		4,629,179
Signature Bank		22,842		2,442,267
Sterling Bancorp		268,741		3,149,645
				35,459,463
Restaurants-3.91%
Jack in the Box, Inc.(b)		81,576		6,043,966
Texas Roadhouse, Inc.(b)		125,506		6,597,850
Wendy’s Co. (The)		274,705		5,983,075
				18,624,891
Semiconductor Equipment-4.02%
Brooks Automation, Inc.		192,417		8,512,528
MKS Instruments, Inc.		94,273		10,675,475
				19,188,003
Semiconductors-1.65%
Semtech Corp.(b)		150,641		7,866,473
Specialized REITs-3.74%
EPR Properties(b)		162,827		5,394,458
Four Corners Property Trust, Inc.		331,487		8,088,283
National Storage Affiliates Trust		151,615		4,345,286
				17,828,027
Thrifts & Mortgage Finance-1.78%
WSFS Financial Corp.		295,540		8,481,998
Total Common Stocks & Other Equity Interests (Cost $411,972,034)				470,554,088
Money Market Funds-1.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%(c)(d)		1,688,071		1,688,071
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%(c)(d)		1,204,498		1,205,342
Invesco Treasury Portfolio, Institutional Class, 0.08%(c)(d)		1,929,223		1,929,223
Total Money Market Funds (Cost $4,822,684)				4,822,636
TOTAL INVESTMENTS IN SECURITIES-99.71% (Cost $416,794,718)				475,376,724
OTHER ASSETS LESS LIABILITIES–0.29%				1,393,633
NET ASSETS-100.00%			$	476,770,357

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Oppenheimer Main Street Small Cap Fund^®

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,581,422		$	85,462,222		$	(86,355,573	)		$	-			$	-			$	1,688,071		$	22,509
Invesco Liquid Assets Portfolio, Institutional Class			-			4,239,697			(3,033,932	)			(48	)			(375	)			1,205,342			475
Invesco Treasury Portfolio, Institutional Class			-			6,783,515			(4,854,292	)			-				-				1,929,223			157
Total		$	2,581,422		$	96,485,434		$	(94,243,797	)		$	(48	)		$	(375	)		$	4,822,636		$	23,141

(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020

Health Care	19.24	%
Information Technology	16.12
Industrials	15.54
Financials	13.52
Consumer Discretionary	11.28
Real Estate	5.89
Consumer Staples	4.94
Utilities	4.51
Materials	3.83
Communication Services	2.06
Energy	1.77
Money Market Funds Plus Other Assets Less Liabilities	1.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 411,972,034)	$	470,554,088
Investments in affiliated money market funds, at value (Cost $ 4,822,684)		4,822,636
Cash		499,847
Receivable for:
Investments sold		780,813
Fund shares sold		324,526
Dividends		322,478
Investment for trustee deferred compensation and retirement plans		23,384
Other assets		117,574
Total assets		477,445,346
Liabilities:
Payable for:
Fund shares reacquired		312,132
Accrued fees to affiliates		273,925
Accrued trustees’ and officers’ fees and benefits		3,615
Accrued other operating expenses		61,933
Trustee deferred compensation and retirement plans		23,384
Total liabilities		674,989
Net assets applicable to shares outstanding	$	476,770,357
Net assets consist of:
Shares of beneficial interest	$	437,570,165
Distributable earnings		39,200,192
	$	476,770,357

Net Assets:
Class A	$	123,652,464
Class C	$	29,511,806
Class R	$	24,395,145
Class Y	$	106,981,597
Class R5	$	10,095
Class R6	$	192,219,250
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,850,332
Class C		2,223,713
Class R		1,775,257
Class Y		7,593,150
Class R5		720
Class R6		13,598,994
Class A:
Net asset value per share	$	13.97
Maximum offering price per share (Net asset value of $13.97 ÷ 94.50%)	$	14.78
Class C:
Net asset value and offering price per share	$	13.27
Class R:
Net asset value and offering price per share	$	13.74
Class Y:
Net asset value and offering price per share	$	14.09
Class R5:
Net asset value and offering price per share	$	14.02
Class R6:
Net asset value and offering price per share	$	14.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Dividends	$	3,893,777
Dividends from affiliated money market funds		23,141
Total investment income		3,916,918
Expenses:
Advisory fees		1,780,612
Administrative services fees		35,494
Custodian fees		132
Distribution fees:
Class A		140,229
Class C		151,025
Class R		57,928
Transfer agent fees – A, C, R and Y		371,008
Transfer agent fees – R5		3
Transfer agent fees – R6		14,579
Trustees’ and officers’ fees and benefits		10,315
Registration and filing fees		61,063
Reports to shareholders		2,787
Professional services fees		15,016
Other		172
Total expenses		2,640,363
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(126,372	)
Net expenses		2,513,991
Net investment income		1,402,927
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $ 1,546,449)		(14,399,271	)
Change in net unrealized appreciation (depreciation) of investment securities		(72,339,537	)
Net realized and unrealized gain (loss)		(86,738,808	)
Net increase (decrease) in net assets resulting from operations	$	(85,335,881	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended April 30, 2019

(Unaudited)

	Six Months Ended June 30, 2020			Eight Months Ended December 31, 2019			Year Ended April 30, 2019
Operations:
Net investment income	$	1,402,927		$	1,254,061		$	1,328,781
Net realized gain (loss)		(14,399,271	)		3,092,827			32,473,081
Change in net unrealized appreciation (depreciation)		(72,339,537	)		41,619,903			(11,157,957	)
Net increase (decrease) in net assets resulting from operations		(85,335,881	)		45,966,791			22,643,905
Distributions to shareholders from distributable earnings:
Class A		–			(434,695	)		(9,643,377	)
Class C		–			(118,822	)		(3,160,847	)
Class R		–			(81,727	)		(1,513,150	)
Class Y		–			(454,477	)		(13,798,110	)
Class R5		–			(34	)		–
Class R6		–			(815,542	)		(18,887,741	)
Total distributions from distributable earnings		–			(1,905,297	)		(47,003,225	)
Share transactions–net:
Class A		(2,426,211	)		(8,207,218	)		34,741,385
Class C		(3,605,664	)		(8,988,822	)		8,289,219
Class R		416,277			951,881			6,159,774
Class Y		(22,446,491	)		(27,158,509	)		31,112,299
Class R5		–			10,000			–
Class R6		(40,238,688	)		(37,091,372	)		34,914,388
Net increase (decrease) in net assets resulting from share transactions		(68,300,777	)		(80,484,040	)		115,217,065
Net increase (decrease) in net assets		(153,636,658	)		(36,422,546	)		90,857,745
Net assets:
Beginning of period		630,407,015			666,829,561			575,971,816
End of period	$	476,770,357		$	630,407,015		$	666,829,561

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Oppenheimer Main Street Small Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 06/30/20		$	15.68		$	0.02			$	(1.73	)		$	(1.71	)		$	–			$	–			$	–			$	13.97		(10.90	)%		$	123,652		1.20	%(e)		1.25	%(e)		0.37	%(e)		20	%
Eight months ended 12/31/19			14.62			0.01				1.10				1.11				–				(0.05	)			(0.05	)			15.68		7.58				141,880		1.20	(f)		1.25	(f)		0.09	(f)		19
Year ended 04/30/19			15.09			0.00				0.58				0.58				–				(1.05	)			(1.05	)			14.62		4.46				140,651		1.17			1.17			0.01			46
Year ended 04/30/18			14.87			(0.01	)			1.08				1.07				(0.04	)			(0.81	)			(0.85	)			15.09		7.08				112,937		1.20			1.21			(0.06	)		52
Year ended 04/30/17			12.08			0.00				2.82				2.82				(0.03	)			–				(0.03	)			14.87		23.49				108,776		1.22			1.23			0.02			67
Year ended 04/30/16(g)			12.76			0.05				(0.69	)			(0.64	)			(0.04	)			–				(0.04	)			12.08		(5.06	)			49,494		1.25			1.25			0.44			53
Year ended 04/30/15			11.57			0.03				1.20				1.23				(0.00	)			(0.04	)			(0.04	)			12.76		10.67				34,343		1.25			1.30			0.25			55
Class C
Six months ended 06/30/20			14.95			(0.02	)			(1.66	)			(1.68	)			–				–				–				13.27		(11.24	)			29,512		1.94	(e)		2.01	(e)		(0.37	)(e)		20
Eight months ended 12/31/19			14.01			(0.06	)			1.05				0.99				–				(0.05	)			(0.05	)			14.95		7.06				37,488		1.94	(f)		2.01	(f)		(0.66	)(f)		19
Year ended 04/30/19			14.62			(0.11	)			0.55				0.44				–				(1.05	)			(1.05	)			14.01		3.62				44,391		1.93			1.93			(0.74	)		46
Year ended 04/30/18			14.50			(0.12	)			1.05				0.93				–				(0.81	)			(0.81	)			14.62		6.31				38,424		1.95			1.96			(0.83	)		52
Year ended 04/30/17			11.84			(0.10	)			2.76				2.66				–				–				–				14.50		22.55				33,274		1.97			1.98			(0.74	)		67
Year ended 04/30/16(g)			12.57			(0.04	)			(0.69	)			(0.73	)			–				–				–				11.84		(5.81	)			14,441		2.01			2.01			(0.34	)		53
Year ended 04/30/15			11.49			(0.07	)			1.19				1.12				–				(0.04	)			(0.04	)			12.57		9.77				9,878		2.13			2.13			(0.59	)		55
Class R
Six months ended 06/30/20			15.45			0.01				(1.72	)			(1.71	)			–				–				–				13.74		(11.07	)			24,395		1.45	(e)		1.51	(e)		0.12	(e)		20
Eight months ended 12/31/19			14.43			(0.02	)			1.09				1.07				–				(0.05	)			(0.05	)			15.45		7.41				26,910		1.45	(f)		1.51	(f)		(0.16	)(f)		19
Year ended 04/30/19			14.95			(0.04	)			0.57				0.53				–				(1.05	)			(1.05	)			14.43		4.16				24,188		1.43			1.43			(0.24	)		46
Year ended 04/30/18			14.75			(0.05	)			1.08				1.03				(0.02	)			(0.81	)			(0.83	)			14.95		6.79				18,749		1.45			1.46			(0.35	)		52
Year ended 04/30/17			12.00			(0.03	)			2.79				2.76				(0.01	)			–				(0.01	)			14.75		23.17				10,343		1.48			1.49			(0.25	)		67
Year ended 04/30/16(g)			12.68			0.02				(0.69	)			(0.67	)			(0.01	)			–				(0.01	)			12.00		(5.31	)			4,060		1.51			1.51			0.15			53
Year ended 04/30/15			11.53			(0.01	)			1.20				1.19				–				(0.04	)			(0.04	)			12.68		10.34				3,027		1.60			1.61			(0.09	)		55
Class Y
Six months ended 06/30/20			15.79			0.05				(1.75	)			(1.70	)			–				–				–				14.09		(10.77	)			106,982		0.90	(e)		1.01	(e)		0.67	(e)		20
Eight months ended 12/31/19			14.69			0.04				1.11				1.15				–				(0.05	)			(0.05	)			15.79		7.82				152,406		0.90	(f)		1.01	(f)		0.38	(f)		19
Year ended 04/30/19			15.16			0.04				0.58				0.62				(0.04	)			(1.05	)			(1.09	)			14.69		4.73				169,801		0.90			0.93			0.28			46
Year ended 04/30/18			14.93			0.03				1.09				1.12				(0.08	)			(0.81	)			(0.89	)			15.16		7.35				149,641		0.90			0.96			0.18			52
Year ended 04/30/17			12.13			0.05				2.82				2.87				(0.07	)			–				(0.07	)			14.93		23.85				81,433		0.90			0.98			0.38			67
Year ended 04/30/16(g)			12.81			0.09				(0.69	)			(0.60	)			(0.08	)			–				(0.08	)			12.13		(4.72	)			59,422		0.90			1.00			0.76			53
Year ended 04/30/15			11.59			0.04				1.24				1.28				(0.02	)			(0.04	)			(0.06	)			12.81		11.05				47,128		0.88			1.01			0.33			55
Class R5
Six months ended 06/30/20			15.71			0.05				(1.74	)			(1.69	)			–				–				–				14.02		(10.76	)			10		0.82	(e)		0.82	(e)		0.75	(e)		20
Period ended 12/31/19(h)			13.89			0.04				1.83				1.87				–				(0.05	)			(0.05	)			15.71		13.45				11		0.82	(f)		0.82	(f)		0.47	(f)		19
Class R6
Six months ended 06/30/20			15.83			0.05				(1.75	)			(1.70	)			–				–				–				14.13		(10.74	)			192,219		0.77	(e)		0.77	(e)		0.80	(e)		20
Eight months ended 12/31/19			14.72			0.05				1.11				1.16				–				(0.05	)			(0.05	)			15.83		7.87				271,711		0.77	(f)		0.78	(f)		0.52	(f)		19
Year ended 04/30/19			15.19			0.07				0.57				0.64				(0.06	)			(1.05	)			(1.11	)			14.72		4.85				287,799		0.76			0.76			0.43			46
Year ended 04/30/18			14.95			0.06				1.08				1.14				(0.09	)			(0.81	)			(0.90	)			15.19		7.58				256,221		0.77			0.77			0.38			52
Year ended 04/30/17			12.14			0.07				2.82				2.89				(0.08	)			–				(0.08	)			14.95		23.97				353,945		0.78			0.78			0.51			67
Year ended 04/30/16(g)			12.82			0.11				(0.70	)			(0.59	)			(0.09	)			–				(0.09	)			12.14		(4.63	)			294,108		0.80			0.80			0.91			53
Year ended 04/30/15			11.58			0.10				1.20				1.30				(0.02	)			(0.04	)			(0.06	)			12.82		11.26				187,997		0.79			0.80			0.80			55

^(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)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eight months ended December 31, 2019 and the years ended April 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $119,626, $30,371, $23,298, $120,496, $10 and $209,412 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  The last business day of the reporting period was April 29, 2016.

^(h) Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco Oppenheimer Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Oppenheimer Main Street Small Cap Fund^® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek capital appreciation.

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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. 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

13                      Invesco Oppenheimer Main Street Small Cap Fund^®

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. 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.

H. 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.

I. 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.

J. 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.

K. Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

14                      Invesco Oppenheimer Main Street Small Cap Fund^®

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.71%.

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 May 31, 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 1.20%, 1.94%, 1.45%, 0.90%, 082% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $2,638 and reimbursed class level expenses of $29,288, $11,099, $7,358, $68,034, $0 and $5,101 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $30,784 in front-end sales commissions from the sale of Class A shares and $0 and $1,091 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.

15                      Invesco Oppenheimer Main Street Small Cap Fund^®

    Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.  

As of June 30, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in securities purchases of $3,654,924 and securities sales of $2,934,198, which resulted in net realized gains of $1,546,449.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,854.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	3,672,227	$–	$	3,672,227

* Capital loss carryforward 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 six months ended June 30, 2020 was $98,214,713 and $168,904,052, 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	$	114,225,756
Aggregate unrealized (depreciation) of investments		(60,726,566	)
Net unrealized appreciation of investments	$	53,499,190

Cost of investments for tax purposes is $421,877,534.

16                      Invesco Oppenheimer Main Street Small Cap Fund^®

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended June 30, 2020(a)						Eight Months Ended December 31, 2019						Year ended April 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		1,295,747		$	16,883,028			1,118,748		$	16,370,400			5,020,727		$	78,539,366
Class C		281,861			3,401,697			292,738			4,074,086			1,112,608			16,709,353
Class R		243,587			3,170,843			319,692			4,591,186			654,514			9,850,067
Class Y		2,492,484			32,019,905			2,170,101			31,798,799			7,307,710			112,911,128
Class R5(b)		-			-			720			10,000			-			-
Class R6		511,691			6,098,897			677,398			9,796,250			4,142,433			59,270,062
Issued as reinvestment of dividends:
Class A		-			-			28,327			433,968			716,429			9,628,806
Class C		-			-			8,126			118,721			243,961			3,151,975
Class R		-			-			5,379			81,173			113,704			1,510,194
Class Y		-			-			29,445			454,335			1,021,525			13,790,591
Class R6		-			-			44,213			683,967			1,233,835			16,681,452
Automatic conversion of Class C shares to Class A shares:
Class A		50,002			675,012			378,825			5,348,743			-			-
Class C		(52,540	)		(675,012	)		(395,832	)		(5,348,743	)		-			-
Reacquired:
Class A		(1,544,201	)		(19,984,251	)		(2,100,050	)		(30,360,329	)		(3,598,215	)		(53,426,787	)
Class C		(512,721	)		(6,332,349	)		(566,443	)		(7,832,886	)		(816,867	)		(11,572,109	)
Class R		(210,360	)		(2,754,566	)		(259,641	)		(3,720,478	)		(345,969	)		(5,200,487	)
Class Y		(4,549,682	)		(54,466,396	)		(4,106,523	)		(59,411,643	)		(6,639,579	)		(95,589,420	)
Class R6		(4,072,542	)		(46,337,585	)		(3,116,077	)		(47,571,589	)		(2,693,773	)		(41,037,126	)
Net increase (decrease) in share activity		(6,066,674	)	$	(68,300,777	)		(5,470,854	)	$	(80,484,040	)		7,473,043		$	115,217,065

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% 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.

In addition, 36% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Main Street Small Cap Fund^® to Invesco Main Street Small Cap Fund^® .

17                      Invesco Oppenheimer Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)1	Expenses Paid During Period2	Ending Account Value (06/30/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$891.00	$5.64	$1,018.90	$6.02	1.20%
Class C	1,000.00	887.60	9.10	1,015.22	9.72	1.94
Class R	1,000.00	889.30	6.81	1,017.65	7.27	1.45
Class Y	1,000.00	892.30	4.23	1,020.39	4.52	0.90
Class R5	1,000.00	892.40	3.86	1,020.79	4.12	0.82
Class R6	1,000.00	892.60	3.62	1,021.03	3.87	0.77

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

18                      Invesco Oppenheimer Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Main Street Small Cap Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The

19                      Invesco Oppenheimer Main Street Small Cap Fund^®

Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the

services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from Invesco representing that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize

information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20                      Invesco Oppenheimer Main Street Small Cap Fund^®

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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.  

SEC file numbers: 811-02699 and 002-57526                         Invesco Distributors, Inc.                                                                                      O-MSS-SAR-1

	Semiannual Report to Shareholders	June 30, 2020
	Invesco Oppenheimer Master Event-Linked Bond Fund
	Nasdaq: MELBX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
12	Statement of Assets and Liabilities
15	Financial Highlights
16	Notes to Financial Statements
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

Shares of Oppenheimer Master Event-Linked Bond Fund are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”), as amended. Investments in the Fund may only be made by certain “accredited investors” within the meaning of Regulation D under the Securities Act, including other investment companies. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any “security” within the meaning of the Securities Act.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. 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, you can obtain timely updates to help you stay informed 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 with information you want, when and where you want it.
For questions about your account, feel free to 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,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Oppenheimer Master Event-Linked Bond Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20
Class R6 Shares	1.59	%
Swiss Re Global Cat Bond Index▼	1.77
Source(s): ▼Bloomberg L.P.
The Swiss Re Global Cat Bond Index tracks outstanding US dollar denominated catastro-phe bonds.
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.

3                     Invesco Oppenheimer Master Event-Linked Bond Fund

Average Annual Total Returns
As of 6/30/20
Class R6 Shares
Inception (6/16/08)	4.14	%
10 Years	4.37
5 Years	2.11
1 Year	5.60

Effective May 24, 2019, Class E shares of the Oppenheimer Master Event-Linked Bond Fund, LLC (the predecessor fund), were reorganized into Class R6 shares, of the Invesco Oppenheimer Master Event-Linked Bond Fund (the Fund). Returns shown above, prior to May 24, 2019, are returns of Class E shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

4                     Invesco Oppenheimer Master Event-Linked Bond Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

^∎  The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎  The Fund’s investment strategy remained appropriate for an open-end fund;

^∎  The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎  The Fund did not breach the 15% limit on Illiquid Investments; and

^∎  The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

5                     Invesco Oppenheimer Master Event-Linked Bond Fund

Schedule of Investments

June 30, 2020

(Unaudited)

	Principal Amount		Value
Event-Linked Bonds–96.61%
Earthquake–28.23%
Acorn Re Ltd., Catastrophe Linked Notes, 3.73% (3 mo. USD LIBOR + 2.75%), 11/10/2021(a)(b)	$	5,000,000	$	4,971,250
Golden State Re II Ltd., Catastrophe Linked Notes, 3.54% (3 mo. USD LIBOR + 2.20%), 01/08/2023(a)(b)		1,910,000		1,882,401
International Bank for Reconstruction & Development (The) (Supranational), Catastrophe Linked Notes,
8.37%, (6 mo. USD LIBOR + 6.90%), 07/15/2020(a)(b)		833,300		838,091
2.69%, (3 mo. USD LIBOR + 2.50%), 02/15/2021(a)(b)		4,750,000		4,682,312
6.19%, (3 mo. USD LIBOR + 6.00%), 02/15/2021(a)(b)		2,800,000		2,754,500
3.19%, (3 mo. USD LIBOR + 3.00%), 02/15/2021(a)(b)		4,250,000		4,189,012
5.74%, (3 mo. USD LIBOR + 5.50%), 12/02/2022(a)(b)		1,650,000		1,644,555
5.89%, (3 mo. USD LIBOR + 5.65%), 12/02/2022(a)(b)		2,400,000		2,334,240
3.73%, (3 mo. USD LIBOR + 3.50%), 03/13/2024(a)(b)		2,450,000		2,419,436
9.23%, (3 mo. USD LIBOR + 9.00%), 03/13/2024 (Acquired 02/28/2020; Cost $1,750,000)(a)(b)		1,750,000		1,711,413
10.23%, (3 mo. USD LIBOR + 10.00%), 03/13/2024(a)(b)		2,000,000		1,970,750
6.73%, (3 mo. USD LIBOR + 6.50%), 03/13/2024 (Acquired 02/28/2020; Cost $1,742,571.03)(a)(b)		1,750,000		1,722,306
Kizuna Re II Ltd. (Japan), Catastrophe Linked Notes,
2.01%, (3 mo. U.S. Treasury Bill Rate + 1.88%), 04/11/2023(a)(b)		3,500,000		3,458,175
2.63%, (3 mo. U.S. Treasury Bill Rate + 2.50%), 04/11/2023(a)(b)		2,550,000		2,519,782
Merna Reinsurance II Ltd.,
Catastrophe Linked Notes, 6.83% (3 mo. U.S. Treasury Bill Rate + 2.00%), 04/07/2022(a)(b)		5,000,000		4,917,500
Series A, Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 04/07/2023(a)(b)		4,500,000		4,509,900

	Principal Amount		Value
Earthquake–(continued)
Nakama Re Ltd. (Bermuda), Catastrophe Linked Notes,
3.39%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 01/14/2021(a)(b)	$	1,300,000	$	1,302,145
3.01%, (3 mo. U.S. Treasury Bill Rate + 2.88%), 01/14/2021(a)(b)		3,000,000		2,998,350
2.20%, (6 mo. USD LIBOR + 2.20%), 10/13/2021(a)(b)		3,850,000		3,845,187
3.25%, (6 mo. USD LIBOR + 3.25%), 10/13/2021(a)(b)		2,750,000		2,747,662
2.14%, (3 mo. USD LIBOR + 2.00%), 04/13/2023(a)(b)		4,500,000		4,429,575
3.14%, (3 mo. USD LIBOR + 3.00%), 04/13/2023(a)(b)		3,250,000		3,199,787
2.33%, (3 mo. U.S. Treasury Bill Rate + 2.20%), 01/14/2025(a)(b)		2,000,000		1,956,800
Sierra Ltd., Catastrophe Linked Notes,
3.41%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 12/28/2022(a)(b)		750,000		746,813
5.91%, (3 mo. U.S. Treasury Bill Rate + 5.75%), 12/28/2022(a)(b)		750,000		746,963
Sutter Re Ltd., Series A, Catastrophe Linked Notes,
5.14%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 06/06/2022(a)(b)		1,250,000		1,261,313
5.14%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 05/23/2023(a)(b)		1,250,000		1,264,938
Series F, Catastrophe Linked Notes, 8.64%, (3 mo. U.S. Treasury Bill Rate + 8.50%), 06/06/2022(a)(b)		1,000,000		1,008,450
8.64%, (3 mo. U.S. Treasury Bill Rate + 8.50%), 05/23/2023(a)(b)		1,250,000		1,263,438
Ursa Re Ltd., Catastrophe Linked Notes,
5.59%, (3 mo. U.S. Treasury Bill Rate + 5.47%), 12/10/2020(a)(b)		3,200,000		3,195,040
5.40%, (3 mo. U.S. Treasury Bill Rate + 5.24%), 09/24/2021(a)(b)		1,350,000		1,321,043
5.87%, (3 mo. U.S. Treasury Bill Rate + 5.75%), 12/10/2022(a)(b)		4,000,000		3,915,000
				81,728,127
Fire–0.10%
Cal Phoenix Re Ltd., Catastrophe Linked Notes, 0.73% (3 mo. USD LIBOR + 0.50%), 08/13/2021(a)(b)		5,400,000		283,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Oppenheimer Master Event-Linked Bond Fund

	Principal Amount		Value
Flood–3.17%
FloodSmart Re Ltd. (Bermuda), Catastrophe Linked Notes,
11.39%, (3 mo. U.S. Treasury Bill Rate + 11.25%), 08/06/2021(a)(b)	$	2,250,000	$	2,214,787
13.64%, (3 mo. U.S. Treasury Bill Rate + 13.50%), 08/06/2021(a)(b)		750,000		725,738
11.97%, (3 mo. U.S. Treasury Bill Rate + 11.83%), 03/07/2022(a)(b)		2,500,000		2,474,625
15.22%, (3 mo. U.S. Treasury Bill Rate + 15.08%), 03/07/2022(a)(b)		500,000		494,925
11.12%, (3 mo. U.S. Treasury Bill Rate + 11.00%), 02/27/2023(a)(b)		2,000,000		1,867,900
14.64%, (3 mo. U.S. Treasury Bill Rate + 14.50%), 02/27/2023(a)(b)		1,500,000		1,400,925
				9,178,900
Longevity–0.81%
Vita Capital VI Ltd. (Multinational), Catastrophe Linked Notes, 4.61% (6 mo. USD LIBOR + 2.90%), 01/08/2021(a)(b)		2,750,000		2,347,812
Multiple Event–47.38%
3264 re Ltd. (Multinational), Catastrophe Linked Notes, 9.75% (3 mo. U.S. Treasury Bill Rate + 9.75%), 02/07/2023(a)(b)		750,000		742,613
Akibare Re Pte. Ltd. (Japan), Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 04/07/2024(a)(b)		1,250,000		1,230,156
Alamo Re Ltd., Catastrophe Linked Notes,
3.64%, (3 mo. U.S. Treasury Bill Rate + 3.48%), 06/07/2021(a)(b)		2,000,000		1,996,700
4.66%, (1 mo. U.S. Treasury Bill Rate + 4.50%), 06/08/2022(a)(b)		500,000		494,725
Alturas Re Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 03/10/2023 (Acquired 12/27/2019; Cost $2,339,000)(a)(c)(d)		2,339,000		1,960,915
Armor Re II Ltd., Catastrophe Linked Notes, 6.49% (3 mo. U.S. Treasury Bill Rate + 5.90%), 06/08/2022(a)(b)		1,500,000		1,468,875
Atlas Capital Reinsurance 2020 DAC, Catastrophe Linked Notes, 8.37% (3 mo. U.S. Treasury Bill Rate + 8.25%), 06/10/2024(a)(b)		1,250,000		1,258,687
Atlas Capital UK PLC (Multinational), Catastrophe Linked Notes,
6.33%, (3 mo. USD LIBOR + 6.06%), 06/07/2022(a)(b)		1,500,000		1,463,625
12.37%, (3 mo. USD LIBOR + 11.75%), 06/07/2023(a)(b)		1,000,000		965,950
Atlas IX Capital DAC, Catastrophe Linked Notes, 1.32% (3 mo. USD LIBOR + 0.10%), 01/07/2021(a)(b)		451,659		424,559
Atmos Re DAC (Ireland), Catastrophe Linked Notes, 4.50% (3 mo. EURIBOR + 4.50%), 02/14/2022(a)(b)		1,550,000		23,945
Baltic PCC Ltd. (United Kingdom), Catastrophe Linked Notes, 6.04% (3 mo. U.S. Treasury Bill Rate + 5.90%), 03/07/2022(b)		2,500,000		3,100,230

	Principal Amount		Value
Multiple Event–(continued)
Blue Halo Re Ltd. (Bermuda), Catastrophe Linked Notes,
16.00%, (3 mo. U.S. Treasury Bill Rate + 16.00%), 06/30/2021(a)(b)	$	250,000	$	250,350
0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/21/2022(a)(b)		4,500,000		4,381,875
Series A, Catastrophe Linked Notes, 13.40% (3 mo. U.S. Treasury Bill Rate + 13.25%), 06/28/2023(a)(b)		500,000		501,200
Bowline Re Ltd. (Multinational),
Series 2018-1, Catastrophe Linked Notes, 4.89% (3 mo. U.S. Treasury Bill Rate + 4.50%), 05/23/2022(a)(b)		1,250,000		1,215,563
Series 2019-1, Catastrophe Linked Notes, 4.62%, (3 mo. U.S. Treasury Bill Rate + 4.50%), 03/20/2023(a)(b)		1,250,000		1,229,062
8.85%, (3 mo. U.S. Treasury Bill Rate + 8.85%), 03/20/2023(a)(b)		1,250,000		1,229,063
Caelus Re V Ltd., Catastrophe Linked Notes,
3.19%, (3 mo. U.S. Treasury Bill Rate + 3.93%), 06/07/2021(a)(b)		1,750,000		1,683,500
4.16%, (3 mo. U.S. Treasury Bill Rate + 4.64%), 06/07/2021(a)(b)		1,500,000		1,416,375
7.24%, (3 mo. U.S. Treasury Bill Rate + 7.82%), 06/07/2021(a)(b)		2,500,000		2,318,750
10.83%, (3 mo. U.S. Treasury Bill Rate + 10.90%), 06/07/2021(a)(b)		1,250,000		1,018,500
0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/05/2024(a)(b)		1,625,000		1,566,094
0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/05/2024(a)(b)		1,656,705		16,898
Caelus Re VI Ltd., Catastrophe Linked Notes,
5.63%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2023(a)(b)		1,500,000		1,450,350
5.63%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023(a)(b)		1,000,000		968,300
7.88%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023(a)(b)		1,000,000		981,200
12.88%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023(a)(b)		1,000,000		982,600
5.63%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2024(a)(b)		1,250,000		1,193,500
Cape Lookout Re Ltd., Catastrophe Linked Notes,
4.38%, (1 mo. U.S. Treasury Bill Rate + 4.24%), 02/25/2022(a)(b)		5,250,000		5,190,412
6.63%, (1 mo. U.S. Treasury Bill Rate + 6.75%), 05/09/2022(a)(b)		1,250,000		1,223,313
Citrus Re Ltd., Catastrophe Linked Notes,
6.08%, (6 mo. USD LIBOR + 5.31%), 03/20/2023(a)(b)		550,208		154,498
0.25%, (3 mo. U.S. Treasury Bill Rate + 0.10%), 12/31/2049(a)(b)		1,022,747		184,810
Cranberry Re Ltd., Catastrophe Linked Notes, 2.01% (6 mo. USD LIBOR + 1.98%), 07/13/2020(a)(b)		2,000,000		2,006,500
Eden Re II Ltd. (Bermuda), Catastrophe Linked Notes, 0.00%, 03/22/2024 (Acquired 12/16/2019; Cost $2,500,000)(a)(c)(d)		2,500,000		2,534,018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Oppenheimer Master Event-Linked Bond Fund

	Principal Amount		Value
Multiple Event–(continued)
First Coast Re II Pte. Ltd. (Bermuda), Catastrophe Linked Notes,
4.04%, (3 mo. U.S. Treasury Bill Rate + 3.92%), 06/07/2021(a)(b)(c)	$	2,000,000	$	1,977,100
5.37%, (3 mo. U.S. Treasury Bill Rate + 5.25%), 06/07/2023(a)(b)		500,000		486,375
Fortius Re II Ltd. (Supranational), Catastrophe Linked Notes, 4.91% (6 mo. USD LIBOR + 3.42%), 07/07/2021(a)(b)		2,000,000		1,977,100
Galilei Re Ltd. (Multinational), Catastrophe Linked Notes,
14.76%, (6 mo. USD LIBOR + 13.84%), 01/08/2021(a)(b)		3,500,000		3,396,225
10.20%, (6 mo. USD LIBOR + 8.63%), 01/08/2021(a)(b)		1,000,000		978,850
6.70%, (6 mo. USD LIBOR + 5.13%), 01/08/2021(a)(b)		2,000,000		1,964,900
Galileo Re Ltd. (Multinational), Catastrophe Linked Notes,
17.82%, (3 mo. USD LIBOR + 17.50%), 11/06/2020(a)(b)		2,050,000		1,991,677
7.82%, (3 mo. USD LIBOR + 7.50%), 11/06/2020(a)(b)		600,000		584,610
9.36%, (3 mo. U.S. Treasury Bill Rate + 9.25%), 01/08/2024(a)(b)		1,500,000		1,475,700
7.56%, (3 mo. U.S. Treasury Bill Rate + 7.45%), 01/08/2024(a)(b)		500,000		491,600
Herbie Re Ltd., Series A, Catastrophe Linked Notes, 9.16% (3 mo. U.S. Treasury Bill Rate + 9.00%), 07/08/2024(a)(b)		1,000,000		999,600
Kendall Re Ltd. (Multinational), Catastrophe Linked Notes, 5.59% (3 mo. USD LIBOR + 5.25%), 05/06/2021(a)(b)		1,250,000		1,216,438
Kilimanjaro II Re Ltd. (Supranational), Catastrophe Linked Notes, 10.68% (6 mo. USD LIBOR + 10.61%), 04/20/2021(a)(b)		2,250,000		2,220,412
Series 2017, Catastrophe Linked Notes, 7.98% (6 mo. USD LIBOR + 7.91%), 04/20/2021(a)(b)		1,000,000		986,750
Kilimanjaro III Re Ltd. (Supranational), Catastrophe Linked Notes,
15.89%, (3 mo. USD LIBOR + 15.75%), 12/19/2023(a)(b)		2,500,000		2,432,125
9.64%, (3 mo. USD LIBOR + 9.50%), 12/19/2023(a)(b)		1,000,000		970,450
15.89%, (3 mo. USD LIBOR + 15.75%), 12/19/2024(a)(b)		3,000,000		2,883,750
9.64%, (3 mo. USD LIBOR + 9.50%), 12/19/2024(a)(b)		1,250,000		1,195,688
Kilimanjaro Re Ltd. (Supranational), Catastrophe Linked Notes,
13.71%, (3 mo. USD LIBOR + 13.61%), 05/06/2022(a)(b)		2,000,000		1,961,700
5.04%, (3 mo. USD LIBOR + 4.94%), 05/06/2022(a)(b)		1,250,000		1,221,813
13.73%, (3 mo. USD LIBOR + 13.61%), 05/05/2023(a)(b)		3,000,000		2,902,050
5.06%, (3 mo. USD LIBOR + 4.94%), 05/05/2023(a)(b)		1,250,000		1,203,938

	Principal Amount		Value
Multiple Event–(continued)
Limestone Re Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 03/01/2024 (Acquired 12/27/2019; Cost $2,456,000)(a)(c)(d)	$	2,456,000	$	2,595,944
Lion II Re DAC (Ireland), Catastrophe Linked Notes, 3.57% (3 mo. EURIBOR + 3.57%), 07/15/2021(a)(b)		3,500,000		3,911,702
Loma Reinsurance Bermuda Ltd. (Multinational), Catastrophe Linked Notes, 0.68% (3 mo. U.S. Treasury Bill Rate + 0.50%), 10/08/2020(a)(b)		3,750,000		900,000
Manatee Re III Pte. Ltd., Catastrophe Linked Notes, 5.50% (3 mo. U.S. Treasury Bill Rate + 5.25%), 06/07/2022(a)(b)		1,000,000		977,950
MetroCat Re Ltd. (Bermuda), Catastrophe Linked Notes, 5.61% (3 mo. U.S. Treasury Bill Rate + 5.50%), 05/28/2024(a)(b)		1,500,000		1,499,100
Mona Lisa Re Ltd., Catastrophe Linked Notes,
7.63%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 01/09/2023(a)(b)		1,250,000		1,245,062
8.13%, (3 mo. U.S. Treasury Bill Rate + 8.00%), 01/09/2023(a)(b)		750,000		746,513
Northshore Re II Ltd. (Bermuda), Catastrophe Linked Notes,
7.53%, (3 mo. U.S. Treasury Bill Rate + 7.53%), 07/06/2020(a)(b)		2,000,000		2,007,700
8.16%, (3 mo. USD LIBOR + 7.99%), 07/08/2022(a)(b)		1,250,000		1,251,187
7.63%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 07/07/2023(a)(b)		1,250,000		1,242,812
Residential Reinsurance 2016 Ltd., Catastrophe Linked Notes, 5.74% (3 mo. U.S. Treasury Bill Rate + 5.60%), 12/06/2020(a)(b)		1,750,000		1,710,187
Residential Reinsurance 2017 Ltd., Catastrophe Linked Notes,
5.31%, (3 mo. U.S. Treasury Bill Rate + 5.05%), 06/06/2021(a)(b)		1,000,000		995,900
3.41%, (3 mo. U.S. Treasury Bill Rate + 3.17%), 06/06/2021(a)(b)		1,375,000		1,350,869
13.18%, (3 mo. U.S. Treasury Bill Rate + 12.72%), 12/06/2021(a)(b)		250,000		238,188
Residential Reinsurance 2018 Ltd., Catastrophe Linked Notes,
3.50%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 06/06/2022(a)(b)		2,000,000		1,927,900
11.93%, (3 mo. U.S. Treasury Bill Rate + 11.00%), 12/06/2022(a)(b)		2,500,000		2,395,375
Residential Reinsurance 2019 Ltd. (Cayman Islands), Catastrophe Linked Notes, 0.00%, 12/06/2020(a)(d)		1,250,000		1,004,813
4.79%, (3 mo. U.S. Treasury Bill Rate + 4.50%), 06/06/2023(a)(b)		500,000		492,625
12.51%, (3 mo. U.S. Treasury Bill Rate + 11.50%), 12/06/2023(a)(b)		1,000,000		983,950
Residential Reinsurance 2020 Ltd. (Cayman Islands), Series 13, Catastrophe Linked Notes, 0.62% (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/06/2024(a)(b)		500,000		501,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Oppenheimer Master Event-Linked Bond Fund

	Principal Amount		Value
Multiple Event–(continued)
Riverfront Re Ltd. (Supranational), Catastrophe Linked Notes,
4.99%, (3 mo. U.S. Treasury Bill Rate + 4.91%), 01/15/2021(a)(b)	$	2,500,000	$	2,466,875
6.83%, (3 mo. U.S. Treasury Bill Rate + 6.51%), 01/15/2021(a)(b)		2,000,000		1,972,500
Sanders RE II Ltd. (Bermuda), Catastrophe Linked Notes,
12.36%, (3 mo. USD LIBOR + 12.25%), 04/07/2023(a)(b)		3,750,000		3,566,812
4.50%, (3 mo. USD LIBOR + 4.50%), 04/07/2024(a)(b)		2,250,000		2,219,231
12.75%, (3 mo. USD LIBOR + 12.75%), 04/07/2024(a)(b)		1,000,000		986,525
Series A, Catastrophe Linked Notes, 5.63% (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2023(a)(b)		1,250,000		1,252,187
Sanders Re Ltd., Catastrophe Linked Notes,
2.97%, (6 mo. USD LIBOR + 2.99%), 12/06/2021(a)(b)		1,500,000		1,431,375
5.64%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 04/07/2022(a)(b)		4,500,000		4,222,575
SD Re Ltd., Catastrophe Linked Notes, 4.98% (3 mo. USD LIBOR + 4.00%), 10/19/2021(a)(b)		2,400,000		2,280,120
Spectrum Capital Ltd. (Bermuda), Catastrophe Linked Notes, 5.97% (6 mo. USD LIBOR + 5.75%), 06/08/2021(a)(b)		1,000,000		980,850
Stratosphere Re Ltd., Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 02/07/2023(a)(b)		1,500,000		1,488,675
Tailwind Re Ltd., Series 2017-1, Catastrophe Linked Notes,
9.23%, (3 mo. U.S. Treasury Bill Rate + 9.10%), 01/08/2022(a)(b)		1,250,000		1,214,063
11.19%, (3 mo. U.S. Treasury Bill Rate + 11.06%), 01/08/2022(a)(b)		750,000		728,813
				137,136,065
Other–1.73%
Vitality Re IX Ltd., Catastrophe Linked Notes, 1.89% (3 mo. U.S. Treasury Bill Rate + 1.75%), 01/10/2022(a)(b)		500,000		431,875
Vitality Re VIII Ltd., Catastrophe Linked Notes, 2.13% (3 mo. U.S. Treasury Bill Rate + 2.00%), 01/08/2021(a)(b)		750,000		632,813
Vitality Re X Ltd., Catastrophe Linked Notes,
2.14%, (3 mo. U.S. Treasury Bill Rate + 2.00%), 01/10/2023(a)(b)		500,000		426,875
1.75%, (3 mo. U.S. Treasury Bill Rate + 1.75%), 01/10/2023(a)(b)		1,250,000		1,192,187
Vitality Re XI Ltd., Catastrophe Linked Notes,
1.63%, (3 mo. U.S. Treasury Bill Rate + 1.50%), 01/09/2024(a)(b)		2,000,000		1,907,500
1.93%, (3 mo. U.S. Treasury Bill Rate + 1.80%), 01/09/2024(a)(b)		500,000		421,875
				5,013,125

	Principal Amount		Value
Windstorm–15.19%
Akibare Re Ltd. (Japan), Catastrophe Linked Notes,
2.19%, (3 mo. USD LIBOR + 1.90%), 04/07/2022(a)(b)	$	3,250,000	$	3,188,900
2.19%, (3 mo. USD LIBOR + 1.90%), 04/07/2022(a)(b)		2,000,000		1,963,400
0.10%, (6 mo. USD LIBOR + 0.50%), 04/07/2023(a)(b)		2,365,519		5,618
Alamo Re II Pte Ltd. (Singapore), Series A, Catastrophe Linked Notes, 5.92% (3 mo. U.S. Treasury Bill Rate + 5.75%), 06/08/2023(a)(b)		2,000,000		2,004,500
Aozora Re Ltd. (Japan), Catastrophe Linked Notes, 3.51% (6 mo. USD LIBOR + 2.00%), 04/07/2021(a)(b)		5,500,000		5,423,000
Bonanza Re Ltd. (Bermuda), Catastrophe Linked Notes, 4.87% (3 mo. U.S. Treasury Bill Rate + 4.75%), 02/20/2024(a)(b)		2,500,000		2,439,375
Casablanca Re Ltd., Catastrophe Linked Notes, 15.58% (6 mo. USD LIBOR + 15.49%), 06/04/2023(a)(b)(c)		312,757		250,000
Casablanca Re Pte. Ltd. (Singapore), Series A, Catastrophe Linked Notes, 0.00%, 06/07/2021(a)(d)		750,000		692,438
Series B, Catastrophe Linked Notes, 0.00%, 06/07/2021(a)(d)		500,000		438,850
Catahoula Re Pte. Ltd. (Singapore), Catastrophe Linked Notes, 3.74% (3 mo. USD LIBOR + 3.50%), 05/09/2023(a)(b)		750,000		750,037
Everglades Re II Ltd., Catastrophe Linked Notes, 6.39% (3 mo. U.S. Treasury Bill Rate + 6.25%), 05/04/2023(a)(b)		1,000,000		1,002,650
Frontline Re Ltd., Catastrophe Linked Notes,
7.88%, (3 mo. U.S. Treasury Bill Rate + 7.74%), 07/06/2022(a)(b)		4,250,000		1,955,000
0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 07/06/2022(a)(b)		224,179		25,265
Hexagon II Reinsurance DAC (France), Catastrophe Linked Notes, 4.93% (3 mo. EURIBOR + 5.15%), 01/17/2024(a)(b)		2,000,000		2,228,293
Hexagon Reinsurance DAC (Ireland), Catastrophe Linked Notes,
8.75%, (3 mo. EURIBOR + 8.75%), 01/19/2022(a)(b)		2,650,000		2,945,343
7.11%, (3 mo. EURIBOR + 7.11%), 01/19/2022(a)(b)		1,800,000		2,002,936
Integrity Re II Ltd. (Bermuda), Catastrophe Linked Notes, 7.46% (3 mo. USD LIBOR + 7.25%), 04/12/2023(a)(b)		1,500,000		1,496,287
Integrity Re Ltd., Catastrophe Linked Notes,
5.08%, (3 mo. USD LIBOR + 4.01%), 06/10/2022(a)(b)		1,000,000		962,950
4.96%, (3 mo. USD LIBOR + 4.75%), 06/12/2023(a)(b)		500,000		485,725
Long Point Re III Ltd., Catastrophe Linked Notes, 2.87% (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/01/2022(a)(b)		2,450,000		2,398,182

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Oppenheimer Master Event-Linked Bond Fund

	Principal Amount		Value
Windstorm–(continued)
Manatee Re II Ltd., Catastrophe Linked Notes, 8.42% (3 mo. U.S. Treasury Bill Rate + 8.34%), 06/07/2021(a)(b)	$	1,750,000	$	1,712,987
Matterhorn Re Ltd. (Bermuda), Catastrophe Linked Notes,
0.00%, 12/07/2020(a)(d)		1,000,000		952,650
0.00%, 12/07/2020(a)(d)		750,000		686,063
5.37%, (3 mo. U.S. Treasury Bill Rate + 5.25%), 12/07/2021(a)(b)		1,000,000		985,250
7.50%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 12/07/2021(a)(b)		750,000		735,188
6.39%, (3 mo. U.S. Treasury Bill Rate + 6.25%), 12/07/2021(a)(b)		1,000,000		980,500
7.11%, (3 mo. U.S. Treasury Bill Rate + 7.00%), 12/07/2021(a)(b)		750,000		753,637
5.00%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 01/08/2024(a)(b)		1,750,000		1,732,500
Series A, Catastrophe Linked Notes, 10.00% (3 mo. U.S. Treasury Bill Rate + 10.00%), 12/07/2021(a)(b)		750,000		750,000
Pelican IV Re Ltd., Catastrophe Linked Notes, 2.02% (3 mo. USD LIBOR + 2.29%), 05/07/2021(a)(b)		1,500,000		1,464,075

	Principal Amount		Value
Windstorm–(continued)
Windmill II Re Ltd. (Europe), Catastrophe Linked Notes, 4.00% (3 mo. EURIBOR + 4.00%), 07/05/2024(a)(b)	$	500,000	$	561,750
				43,973,349
Total Event-Linked Bonds (Cost $302,436,513)				279,660,878
	Shares
Preferred Stocks–1.69%
Multiple Event–1.69%
Kinesis Re Ltd., Series 2020, Pfd.(c)		249,377		2,623,927
Lorenz Re Ltd., Series 2020, Pfd.(c)		22,500		2,280,131
Total Preferred Stocks (Cost $4,750,000)				4,904,058
Money Market Funds–1.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.09% (Cost $3,717,252)(e)(f)		3,717,252		3,717,252
TOTAL INVESTMENTS IN SECURITIES–99.59% (Cost $310,903,765)				288,282,188
OTHER ASSETS LESS LIABILITIES–0.41%				1,185,910
NET ASSETS–100.00%			$	289,468,098

Investment Abbreviations:

DAC          – Designated Activity Co.

EURIBOR – Euro Interbank Offered Rate

LIBOR       – London Interbank Offered Rate

Pfd.           – Preferred

USD          – U.S. Dollar

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $276,560,648, which represented 95.54% of the Fund’s Net Assets.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2020.

(^c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

(^d)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.

Change in

Value

Purchases

Proceeds

Unrealized

Realized

Value

Dividend

December 31, 2019

at Cost

from Sales

Appreciation

Gain

June 30, 2020

Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

$5,119,156

$123,331,077

$(124,732,981)

$–

$–

$3,717,252

$34,606

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By event type, based on Net Assets

as of June 30, 2020

Multiple Event	49.07	%
Earthquake	28.23
Windstorm	15.19
Flood	3.17
Other	1.73
Event Type Each Less Than 1% of Net Assets	0.91
Money Market Funds Plus Other Assets Less Liabilities	1.70

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Oppenheimer Master Event-Linked Bond Fund

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
09/23/2020	Barclays Capital	USD	1,100,598	EUR	1,000,000	$	24,960
Currency Risk
09/23/2020	Citibank N.A.	GBP	2,500,000	USD	3,041,997		(57,246)
09/23/2020	Morgan Stanley & Co.	EUR	500,000	USD	561,900		(879)
09/23/2020	Royal Bank of Canada	EUR	10,950,000	USD	11,901,862		(423,004)
Subtotal–Depreciation							(481,129)
Total Forward Foreign Currency Contracts						$	(456,169)

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $307,186,513)	$	284,564,936
Investments in affiliated money market funds, at value (Cost $3,717,252)		3,717,252
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		24,960
Cash		13,497
Receivable for:
Dividends		458
Interest		2,458,328
Investment for trustee deferred compensation and retirement plans		24,833
Other assets		31,885
Total assets		290,836,149
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		481,129
Payable for:
Investments purchased		750,000
Dividends		54,294
Accrued fees to affiliates		26,489
Accrued trustees’ and officers’ fees and benefits		3,171
Accrued other operating expenses		28,135
Trustee deferred compensation and retirement plans		24,833
Total liabilities		1,368,051
Net assets applicable to shares outstanding	$	289,468,098

Net assets consist of:
Shares of beneficial interest	$	159,753,457
Distributable earnings		129,714,641
	$	289,468,098
Net Assets:
Class R6	$	289,468,098
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		18,316,273
Class R6:
Net asset value and offering price per share	$	15.80

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,641)	$	11,046,712
Dividends from affiliated money market funds		34,606
Total investment income		11,081,318
Expenses:
Advisory fees		641,356
Administrative services fees		23,703
Custodian fees		2,797
Transfer agent fees – R6		8,313
Trustees’ and officers’ fees and benefits		9,261
Registration and filing fees		16,992
Reports to shareholders		4,870
Professional services fees		39,509
Other		4,336
Total expenses		751,137
Less: Fees waived and/or expenses reimbursed		(6,635	)
Net expenses		744,502
Net investment income		10,336,816
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(15,891,101	)
Foreign currencies		(11,153	)
Forward foreign currency contracts		649,215
		(15,253,039	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		9,854,054
Foreign currencies		12
Forward foreign currency contracts		(25,344	)
		9,828,722
Net realized and unrealized gain (loss)		(5,424,317	)
Net increase in net assets resulting from operations	$	4,912,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended September 30, 2019

(Unaudited)

	Six Months Ended June 30, 2020				Three Months Ended December 31, 2019				Year Ended September 30, 2019
Operations:
Net investment income		$	10,336,816			$	5,867,292			$	27,572,378
Net realized gain (loss)			(15,253,039	)			(4,051,280	)			(14,430,615	)
Change in net unrealized appreciation (depreciation)			9,828,722				3,147,522				(12,803,422	)
Net increase in net assets resulting from operations			4,912,499				4,963,534				338,341
Distributions to shareholders from distributable earnings:
Class R6			(10,292,644	)			–				–
Share transactions–net:
Class R6			(61,566,617	)			(7,402,506	)			(14,721,776	)
Net increase (decrease) in net assets			(66,946,762	)			(2,438,972	)			(14,383,435	)
Net assets:
Beginning of period			356,414,860				358,853,832				373,237,267
End of period		$	289,468,098			$	356,414,860			$	358,853,832

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Oppenheimer Master Event-Linked Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			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(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class R6
Six months ended 06/30/20		$16.04		$0.49		$(0.24	)		$0.25			$(0.49	)		$15.80		1.59	%		$289,468		0.45	%(e)		0.45	%(e)		6.21	%(e)		22	%
Three months ended 12/31/19		15.82		0.26		(0.04	)		0.22			–			16.04		1.39			356,415		0.45			0.49			6.53			12
Year ended 09/30/19		15.79		1.19		(1.16	)		0.03			–			15.82		0.19			358,854		0.45			0.45			7.64			14
Year ended 09/30/18		15.23		1.04		(0.48	)		0.56			–			15.79		3.68			373,237		0.45			0.45			6.70			33
Year ended 09/30/17		15.93		0.94		(1.64	)		(0.70	)		–			15.23		(4.39	)		259,458		0.46			0.46			5.84			53
Year ended 09/30/16		15.10		0.80		0.03			0.83			–			15.93		5.50			294,575		0.45			0.45			5.22			43
Year ended 09/30/15		14.39		0.79		(0.08	)		0.71			–			15.10		4.93			307,778		0.43			0.43			5.40			42

^(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)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the three months ended December 31, 2019 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $334,357 for Class R6.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Oppenheimer Master Event-Linked Bond Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Oppenheimer Master Event-Linked Bond Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (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 to seek total return.

Shares of the Fund are sold only to other investment companies. The Fund currently offers Class R6. Class R6 shares are sold at net asset value.

For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “passthrough” entity, the Fund pays no dividends or capital gain distributions.

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Event-linked bonds are generally valued at the mean between the bid and ask prices utilizing evaluated prices obtained from third party pricing services or broker dealers. 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.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

16                     Invesco Oppenheimer Master Event-Linked Bond Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. 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.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), it distributive share of all items of Fund income, gains, losses and deduction for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.

Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code to fail that qualification.

The Fund has analyzed its tax positions, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

F. 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.

G. 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.

H. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

I. 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.

J. Event-Linked Bonds – The Fund invests in event-linked, which are fixed income securities for which the return of principal and payment of interest are contingent on the non-occurrence of a specific trigger event that leads to economic loss, such as an earthquake or hurricane. In most cases, the trigger event will not be deemed to have occurred unless the event happened in a geographic area and was of a certain magnitude or caused a certain amount of actual or modeled

17                     Invesco Oppenheimer Master Event-Linked Bond Fund

loss. If the trigger event occurs prior to a bond’s maturity, the Fund may lose all or a portion of its principal and additional interest. If the trigger event does not occur, the Fund will recover its principal plus interest. The Fund records the net change in market value of event-linked bonds on the Statement of Operation as a change in unrealized appreciation/depreciation on investments. The Fund records a realized gain/loss in the Statement of Operation upon the sale or maturity of the investment.

K. Other Risks – The Fund’s investment are concentrated in event-linked bonds, rather than a broad spectrum of investments, make the Fund’s share price particularly sensitive to market, economic and natural and non-natural events that may affect this investment type.

The Fund’s investment in event-linked bonds may be speculative and subject to greater price volatility than other types of investments.

The Fund may invest in event-linked bonds that are below investment grade (sometimes referred to as “high yield” or “junk” bonds. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

L. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 annual fee of 0.39% based on the average daily net assets of the 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. 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). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) to 0.45% of average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit 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 limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $6,635.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2020. 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.

18                     Invesco Oppenheimer Master Event-Linked Bond Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended June 30, 2020, there were transfers from Level 2 to Level 3 of $12,244,935, due to either the lack of availability of market data or the evaluated price provided by pricing vendor.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Event-Linked Bonds	$	–	$	272,320,001		$	7,340,877	$	279,660,878
Preferred Stocks		–		–			4,904,058		4,904,058
Money Market Funds		3,717,252		–			–		3,717,252
Total Investments in Securities		3,717,252		272,320,001			12,244,935		288,282,188
Other Investments - Assets*
Forward Foreign Currency Contracts		–		24,960			–		24,960
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(481,129	)		–		(481,129	)
Total Other Investments		–		(456,169	)		–		(456,169	)
Total Investments	$	3,717,252	$	271,863,832		$	12,244,935	$	287,826,019

* Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended June 30, 2020:

Value 12/31/19

Purchases at Cost

Proceeds from Sales

Accrued Discounts/ Premiums

Realized Gain (Loss)

Change in Unrealized Appreciation

Transfers into Level 3

Transfers out of Level 3

Value 06/30/20

Event-Linked Bonds

$–

$–

$–

$–

$–

$–

$  7,340,877

$

$  7,340,877

Preferred Stocks

–

–

–

–

–

$–

$  4,904,058

–

$  4,904,058

Total

$–

$–

$–

$–

$–

$–

$12,244,935

$

$12,244,935

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 June 30, 2020:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	24,960
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	24,960
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(481,129	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(481,129	)

19                     Invesco Oppenheimer Master Event-Linked Bond 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 June 30, 2020.

	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
Citibank N.A.		$	–		$	(57,246	)		$	(57,246	)		$–		$–		$	(57,246	)
Barclays Capital			24,960			–				24,960			–		–			24,960
Morgan Stanley & Co.			–			(879	)			(879	)		–		–			(879	)
Royal Bank of Canada			–			(423,004	)			(423,004	)		–		–			(423,004	)
Total		$	24,960		$	(481,129	)		$	(456,169	)		$–		$–		$	(456,169	)

Effect of Derivative Investments for the six months ended June 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$649,215
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(25,344	)
Total		$623,871

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$	21,223,501

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 may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—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 six months ended June 30, 2020 was $82,687,600 and $148,892,255, 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	$	684,599
Aggregate unrealized (depreciation) of investments		(23,762,345	)
Net unrealized appreciation (depreciation) of investments	$	(23,077,746	)

Cost of investments for tax purposes is $310,903,765.

20                     Invesco Oppenheimer Master Event-Linked Bond Fund

NOTE 8—Share Information

							Summary of Share Activity
	Six months ended						Three Months Ended						Year ended
	June 30, 2020(a)						December 31, 2019						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class R6		1,201,982		$	19,353,927			967		$	15,464			8,298,231		$	127,534,469
Issued as reinvestment of dividends:
Class R6		624,033			9,924,264			–			–			–			–
Reacquired:
Class R6		(5,730,110	)		(90,844,808	)		(462,998	)		(7,417,970	)		(9,258,288	)		(142,256,245	)
Net increase (decrease) in share activity		(3,904,095	)	$	(61,566,617	)		(462,031	)	$	(7,402,506	)		(960,057	)	$	(14,721,776	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 36% 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.

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 9—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 10—Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Master Event-Linked Bond Fund to Invesco Master Event-Linked Bond Fund.

21                     Invesco Oppenheimer Master Event-Linked Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)1	Period2	(06/30/20)	Period2	Ratio
Class R6	$1,000.00	$1,015.90	$2.26	$1,022.63	$2.26		0.45	%

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2020 through June 30, 2020, 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 182/366 to reflect the most recent fiscal half year.

22                     Invesco Oppenheimer Master Event-Linked Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Master Event-Linked Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Swiss Re Global Cat Bond Index. The Board noted that performance of Class R6 shares of the Fund was in the fourth quintile of its performance universe for the one year period, fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that exposure to certain categories of event-linked bonds, including those tied to atmospheric risks and certain multi-peril bonds, negatively impacted Fund performance. The Board also noted that the Fund currently is not sold directly to retail shareholders, but rather is only available for purchase by other Invesco funds or pooled vehicles. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class R6 shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative

23                     Invesco Oppenheimer Master Event-Linked Bond Fund

services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

24                     Invesco Oppenheimer Master Event-Linked Bond Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment

documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the 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.

SEC file numbers: 811-02699 and 002-57526                 Invesco Distributors, Inc.             O-MELB-SAR-1     

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of August 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 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 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) Not applicable.

13(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3) Not applicable.

13(a) (4) Not applicable.

13(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Growth Series (Invesco Growth Series)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 4, 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:	September 4, 2020

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	September 4, 2020